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

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSRS

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-09253

Wells Fargo Funds Trust

(Exact name of registrant as specified in charter)

525 Market St., San Francisco, CA 94105

(Address of principal executive offices) (Zip code)

C. David Messman

Wells Fargo Funds Management, LLC

525 Market St., San Francisco, CA 94105

(Name and address of agent for service)

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

Date of fiscal year end: Registrant is making a filing for 11 of its series, Wells Fargo Advantage Dow Jones Target Today Fund, Wells Fargo Advantage Dow Jones Target 2010 Fund, Wells Fargo Advantage Dow Jones Target 2015 Fund, Wells Fargo Advantage Dow Jones Target 2020 Fund, Wells Fargo Advantage Dow Jones Target 2025 Fund, Wells Fargo Advantage Dow Jones Target 2030 Fund, Wells Fargo Advantage Dow Jones Target 2035 Fund, Wells Fargo Advantage Dow Jones Target 2040 Fund, Wells Fargo Advantage Dow Jones Target 2045 Fund, Wells Fargo Advantage Dow Jones Target 2050 Fund, Wells Fargo Advantage Dow Jones Target 2055 Fund. Each series has a February 28 fiscal year end.

Date of reporting period: August 31, 2014

ITEM 1.

REPORT TO STOCKHOLDERS

Wells Fargo Advantage

Dow Jones Target Date Funds^SM

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Semi-Annual Report

August 31, 2014

Wells Fargo Advantage Dow Jones Target Today Fund^SM

Wells Fargo Advantage Dow Jones Target 2010 Fund^SM

Wells Fargo Advantage Dow Jones Target 2015 Fund^SM

Wells Fargo Advantage Dow Jones Target 2020 Fund^SM

Wells Fargo Advantage Dow Jones Target 2025 Fund^SM

Wells Fargo Advantage Dow Jones Target 2030 Fund^SM

Wells Fargo Advantage Dow Jones Target 2035 Fund^SM

Wells Fargo Advantage Dow Jones Target 2040 Fund^SM

Wells Fargo Advantage Dow Jones Target 2045 Fund^SM

Wells Fargo Advantage Dow Jones Target 2050 Fund^SM

Wells Fargo Advantage Dow Jones Target 2055 Fund^SM

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Contents



Letter to shareholders			2

Performance highlights			4

Fund expenses			19

Portfolios of investments
Wells Fargo Advantage Dow Jones Target Today Fund			25
Wells Fargo Advantage Dow Jones Target 2010 Fund			25
Wells Fargo Advantage Dow Jones Target 2015 Fund			26
Wells Fargo Advantage Dow Jones Target 2020 Fund			26
Wells Fargo Advantage Dow Jones Target 2025 Fund			27
Wells Fargo Advantage Dow Jones Target 2030 Fund			27
Wells Fargo Advantage Dow Jones Target 2035 Fund			28
Wells Fargo Advantage Dow Jones Target 2040 Fund			28
Wells Fargo Advantage Dow Jones Target 2045 Fund			29
Wells Fargo Advantage Dow Jones Target 2050 Fund			29
Wells Fargo Advantage Dow Jones Target 2055 Fund			30

Financial statements
Statements of assets and liabilities			32
Statements of operations			34
Statements of changes in net assets			36
Financial highlights			54

Notes to financial statements			76



Master portfolios

Portfolio of investments
Wells Fargo Advantage Diversified Fixed Income Portfolio (Summary portfolio of investments)			82
Wells Fargo Advantage Diversified Stock Portfolio (Summary portfolio of investments)			91
Wells Fargo Advantage Short-Term Investment Portfolio			101

Financial statements
Statements of assets and liabilities			109
Statements of operations			110
Statements of changes in net assets			111
Financial highlights			114

Notes to financial statements			115

Other information			122

List of abbreviations			129

Dow Jones® and Dow Jones Target Date Indexes^SM are service marks of Dow Jones Trademark Holdings LLC (Dow Jones); have been licensed to CME Group Index Services LLC (CME Indexes); and have been sublicensed for use for certain purposes by Global Index Advisors, Inc., and Wells Fargo Funds Management, LLC. The Wells Fargo Advantage Dow Jones Target Date Funds^SM, based on the Dow Jones Target Date Indexes, are not sponsored, endorsed, sold, or promoted by Dow Jones, CME Indexes, or their respective affiliates, and none of them makes any representation regarding the advisability of investing in such product(s).

The views expressed and any forward-looking statements are as of August 31, 2014, unless otherwise noted, and are those of the Fund managers and/or Wells Fargo Funds Management, LLC. Discussions of individual securities, or the markets generally, or any Wells Fargo Advantage Fund are not intended as individual recommendations. Future events or results may vary significantly from those expressed in any forward-looking statements; the views expressed are subject to change at any time in response to changing circumstances in the market. Wells Fargo Funds Management, LLC and the Fund disclaim any obligation to publicly update or revise any views expressed or forward-looking statements.

NOT FDIC INSURED ¡ NO BANK GUARANTEE ¡ MAY LOSE VALUE


2		Wells Fargo Advantage Dow Jones Target Date Funds		Letter to shareholders (unaudited)

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Karla M. Rabusch

President

Wells Fargo Advantage Funds

Improving U.S. economic data contributed to a strong domestic stock market.

Emerging markets rallied on a combination of improved economic data in China and an investor-friendly election in India.

Dear Valued Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Advantage Dow Jones Target Date Funds for the six-month period that ended August 31, 2014. The three main asset classes underlying our target date funds had the following results: Equity performance was strong in the U.S. and in emerging markets, but European stock markets lagged; fixed-income results were solid because interest rates generally declined, which supported bond prices; and short-term investment returns remained low as a result of the ultra-low short-term interest-rate environment.

Major central banks continued to provide stimulus.

Throughout the reporting period, the Federal Open Market Committee (FOMC)—the U.S. Federal Reserve’s monetary policymaking body—kept its key interest rate near zero. Beginning in January 2014, the FOMC began to reduce (or taper) its bond-buying program by $10 billion per month. Although some anticipated this action would lead to higher interest rates, instead interest rates followed a downward trend for the remainder of the period, despite short-term volatility. European markets continued to benefit from the European Central Bank’s (ECB’s) actions. In June 2014, the ECB announced a variety of measures aimed at encouraging lending, including cutting its key rate to a then-historic low of 0.15% and imposing a negative interest rate on bank deposits held at the central bank.

Returns by asset class were generally favorable.

Improving U.S. economic data contributed to a strong domestic stock market. The unemployment rate continued its slow improvement, declining from 6.7% in March 2014 to 6.1% in August 2014. Although investors received a negative surprise when gross domestic product (GDP) growth for the first quarter of 2014 declined by 2.1% on an annualized basis, several commentators suggested that harsh winter weather may have dampened economic activity. Economic growth did accelerate in the second quarter of 2014, with an annualized GDP growth rate of 4.2%. U.S. equities, as measured by the Russell 3000^® Index¹, gained 7.68% for the reporting period.

The European Union’s economic data continued to show sluggish growth, with GDP rising by 0.3% in the first quarter of 2014 compared with the previous quarter, and by 0.2% in the second quarter. (European growth rates are not annualized.) Partly as a result, European stocks lagged, contributing to a modest 1.24% gain for the MSCI EAFE Index (Net)², which measures developed international markets excluding the U.S. Emerging markets rallied on a combination of improved economic data in China and an investor-friendly election in India. The MSCI Emerging Markets Index (Net)³, which measures emerging markets equity performance, gained 14.52%.

1.	The Russell 3000^® Index measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. You cannot invest directly in an index.

The Morgan Stanley Capital International Europe, Australasia, and Far East (MSCI EAFE) Index (Net) 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. 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.

The Morgan Stanley Capital International (MSCI) Emerging Markets Index is a free float-adjusted market-capitalization-weighted index designed to measure the equity market performance in the global emerging markets. The index is currently composed of 21 emerging markets country indexes. You cannot invest directly in an index.


Letter to shareholders (unaudited)		Wells Fargo Advantage Dow Jones Target Date Funds			3

On the bond front, 10-year U.S. Treasury bond yields declined, ending the period at a yield of 2.35%. Lower interest rates aided bond prices, and the Barclays U.S. Aggregate Bond Index⁴ returned 2.74% during the period.

Our target date funds provided exposure to the broader market.

Our target date series is passively managed across nine equity and four fixed-income asset allocations. The target date represents the year in which investors may likely begin withdrawing assets. The funds gradually seek to reduce market risk as the target date approaches and after it arrives by decreasing equity exposure and increasing fixed-income exposure. The principal value is not guaranteed at any time, including at the target date.

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,

LOGO

Karla M. Rabusch

President

Wells Fargo Advantage Funds

The Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid ARM passthroughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index.


4		Wells Fargo Advantage Dow Jones Target Date Funds		Performance highlights (unaudited)

Wells Fargo Advantage Dow Jones Target Date Funds¹

Investment objective

Each Fund’s objective is to approximate, before fees and expenses, the total return of the appropriate Dow Jones Global Target Date Index as specified in the following table:


Wells Fargo Advantage Dow Jones Target Date Funds		Corresponding Dow Jones Global Target Date Index
Target Today Fund		Dow Jones Global Target Today Index
Target 2010 Fund		Dow Jones Global Target 2010 Index
Target 2015 Fund		Dow Jones Global Target 2015 Index
Target 2020 Fund		Dow Jones Global Target 2020 Index
Target 2025 Fund		Dow Jones Global Target 2025 Index
Target 2030 Fund		Dow Jones Global Target 2030 Index
Target 2035 Fund		Dow Jones Global Target 2035 Index
Target 2040 Fund		Dow Jones Global Target 2040 Index
Target 2045 Fund		Dow Jones Global Target 2045 Index
Target 2050 Fund		Dow Jones Global Target 2050 Index
Target 2055 Fund		Dow Jones Global Target 2055 Index

Adviser

Wells Fargo Funds Management, LLC

Subadviser

Global Index Advisors, Inc.

Portfolio managers

Rodney H. Alldredge

James P. Lauder

Paul T. Torregrosa, Ph.D.

The target date represents the year in which investors may likely begin withdrawing assets. The Funds gradually seek to reduce market risk as the target date approaches and after it arrives by decreasing equity exposure and increasing fixed income exposure. The principal value is not guaranteed at any time, including at the target date.

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). These Funds are exposed to foreign investment risk, mortgage- and asset-backed securities risk, smaller-company investment risk, and allocation methodology risk (risk that the allocation methodology of the Dow Jones Target Date Index, whose total returns the Funds seek to approximate, before fees and expenses, will not meet an investor’s goals). Consult the prospectus for additional information on these and other risks.

Please see footnotes on pages 17-18.


Performance highlights (unaudited)		Wells Fargo Advantage Dow Jones Target Date Funds			5

Target Today Fund

Average annual total returns² (%) as of August 31, 2014


		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 (STWRX)	3-1-1994		0.57		3.40		3.71		6.73		4.62		4.33		1.01		0.81
Class B (WFOKX)*	8-1-1998		0.97		3.50		3.79		5.97		3.84		3.79		1.76		1.56
Class C (WFODX)	12-1-1998		4.95		3.84		3.54		5.95		3.84		3.54		1.76		1.56
Class R (WFRRX)	6-28-2013		–		–		–		6.48		4.51		4.27		1.26		1.06
Class R4 (WOTRX)	11-30-2012		–		–		–		7.05		5.11		4.84		0.68		0.45
Class R6 (WOTDX)	6-30-2004		–		–		–		7.28		5.15		4.87		0.53		0.30
Administrator Class (WFLOX)	11-8-1999		–		–		–		6.91		4.79		4.57		0.85		0.65
Investor Class (WFBTX)	1-31-2007		–		–		–		6.64		4.70		4.50		1.07		0.86
Dow Jones Global Target Today Index⁵	–		–		–		–		7.59		5.62		5.31		–		–
Russell 3000^® Index⁶	–		–		–		–		24.74		17.22		8.83		–		–
Barclays U.S. Aggregate Bond Index⁷	–		–		–		–		5.66		4.48		4.72		–		–

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

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

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

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

Please see footnotes on pages 17-18.


6		Wells Fargo Advantage Dow Jones Target Date Funds		Performance highlights (unaudited)

Target 2010 Fund

Average annual total returns⁸ (%) as of August 31, 2014


		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 (STNRX)	3-1-1994		1.53		4.22		4.00		7.70		5.47		4.61		1.01		0.83
Class B (SPTBX)*	3-1-1997		1.91		4.35		4.07		6.91		4.68		4.07		1.76		1.58
Class C (WFOCX)	12-1-1998		5.91		4.68		3.84		6.91		4.68		3.84		1.76		1.58
Class R (WFARX)	6-28-2013		–		–		–		7.48		5.34		4.55		1.26		1.08
Class R4 (WFORX)	11-30-2012		–		–		–		8.13		5.95		5.12		0.68		0.47
Class R6 (WFOAX)	6-30-2004		–		–		–		8.28		6.00		5.15		0.53		0.32
Administrator Class (WFLGX)	11-8-1999		–		–		–		7.92		5.64		4.86		0.85		0.67
Investor Class (WFCTX)	1-31-2007		–		–		–		7.66		5.54		4.79		1.07		0.88
Dow Jones Global Target 2010 Index⁵	–		–		–		–		8.63		6.49		5.84		–		–
Russell 3000^® Index⁶	–		–		–		–		24.74		17.22		8.83		–		–
Barclays U.S. Aggregate Bond Index⁷	–		–		–		–		5.66		4.48		4.72		–		–

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

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

Please see footnotes on pages 17-18.


Performance highlights (unaudited)		Wells Fargo Advantage Dow Jones Target Date Funds			7

Target 2015 Fund

Average annual total returns⁹ (%) as of August 31, 2014


		Including sales charge						Excluding sales charge							Expense ratios³ (%)
	Inception date	1 year		5 year		Since inception		1 year		5 year		Since inception			Gross		Net⁴
Class A (WFACX)	11-30-2012		2.68		5.34		3.05		8.93		6.59		3.91			1.01		0.84
Class R (WFBRX)	6-28-2013		–		–		–		8.70		6.35		3.69			1.26		1.09
Class R4 (WFSRX)	11-30-2012		–		–		–		9.32		6.98		4.22			0.68		0.48
Class R6 (WFSCX)	6-29-2007		–		–		–		9.50		7.00		4.24			0.53		0.33
Administrator Class (WFFFX)	6-29-2007		–		–		–		9.10		6.66		3.94			0.85		0.68
Investor Class (WFQEX)	6-29-2007		–		–		–		8.93		6.55		3.87			1.07		0.89
Dow Jones Global Target 2015 Index⁵	–		–		–		–		9.92		7.52		4.74	*		–		–
Russell 3000^® Index⁶	–		–		–		–		24.74		17.22		6.63	*		–		–
Barclays U.S. Aggregate Bond Index⁷	–		–		–		–		5.66		4.48		5.34	*		–		–

Based on the inception date of the oldest class.

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%. Class R, Class R4, Class R6, Administrator Class, and Investor Class shares are sold without a front-end sales charge or contingent deferred sales charge.

Please see footnotes on pages 17-18.


8		Wells Fargo Advantage Dow Jones Target Date Funds		Performance highlights (unaudited)

Target 2020 Fund

Average annual total returns² (%) as of August 31, 2014


		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 (STTRX)	3-1-1994		4.67		6.56			4.90		11.04		7.82		5.53		0.98		0.86
Class B (STPBX)*	3-1-1997		5.24		6.70			4.98		10.24		7.00		4.98		1.73		1.61
Class C (WFLAX)	12-1-1998		9.19		7.03			4.74		10.19		7.03		4.74		1.73		1.61
Class R (WFURX)	6-28-2013		–		–			–		10.80		7.70		5.47		1.23		1.11
Class R4 (WFLRX)	11-30-2012		–		–			–		11.39		8.34		6.06		0.65		0.50
Class R6 (WFOBX)	6-30-2004		–		–	��		–		11.61		8.38		6.09		0.50		0.35
Administrator Class (WFLPX)	11-8-1999		–		–			–		11.22		8.00		5.78		0.82		0.70
Investor Class (WFDTX)	1-31-2007		–		–			–		10.98		7.91		5.72		1.04		0.91
Dow Jones Global Target 2020 Index⁵	–		–		–			–		11.99		8.85		7.03		–		–
Russell 3000^® Index⁶	–		–		–			–		24.74		17.22		8.83		–		–
Barclays U.S. Aggregate Bond Index⁷	–		–		–			–		5.66		4.48		4.72		–		–

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

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

Please see footnotes on pages 17-18.


Performance highlights (unaudited)		Wells Fargo Advantage Dow Jones Target Date Funds			9

Target 2025 Fund

Average annual total returns¹⁰ (%) as of August 31, 2014


		Including sales charge						Excluding sales charge							Expense ratios³ (%)
	Inception date	1 year		5 year		Since inception		1 year		5 year		Since inception			Gross		Net⁴
Class A (WFAYX)	11-30-2012		6.76		8.09		3.26		13.22		9.37		4.12			0.98		0.86
Class R (WFHRX)	6-28-2013		–		–		–		12.90		9.11		3.90			1.23		1.11
Class R4 (WFGRX)	11-30-2012		–		–		–		13.65		9.77		4.44			0.65		0.50
Class R6 (WFTYX)	6-29-2007		–		–		–		13.71		9.80		4.46			0.50		0.35
Administrator Class (WFTRX)	6-29-2007		–		–		–		13.29		9.43		4.16			0.82		0.70
Investor Class (WFGYX)	6-29-2007		–		–		–		13.14		9.33		4.09			1.04		0.91
Dow Jones Global Target 2025 Index⁵	–		–		–		–		14.12		10.28		4.86	*		–		–
Russell 3000^® Index⁶	–		–		–		–		24.74		17.22		6.63	*		–		–
Barclays U.S. Aggregate Bond Index⁷	–		–		–		–		5.66		4.48		5.34	*		–		–

Based on the inception date of the oldest class.

Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on fund distributions or the redemption of fund shares. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. 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 and 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.

Please see footnotes on pages 17-18.


10		Wells Fargo Advantage Dow Jones Target Date Funds		Performance highlights (unaudited)

Target 2030 Fund

Average annual total returns²(%) as of August 31, 2014


		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 (STHRX)	3-1-1994		8.52		9.24		5.81		15.17		10.55		6.44		0.98		0.87
Class B (SGPBX)*	3-1-1997		9.34		9.44		5.88		14.34		9.72		5.88		1.73		1.62
Class C (WFDMX)	12-1-1998		13.32		9.72		5.65		14.32		9.72		5.65		1.73		1.62
Class R (WFJRX)	6-28-2013		–		–		–		14.91		10.43		6.38		1.23		1.12
Class R4 (WTHRX)	11-30-2012		–		–		–		15.59		11.08		6.98		0.65		0.51
Class R6 (WFOOX)	6-30-2004		–		–		–		15.77		11.12		6.99		0.50		0.36
Administrator Class (WFLIX)	11-8-1999		–		–		–		15.37		10.73		6.70		0.82		0.71
Investor Class (WFETX)	1-31-2007		–		–		–		15.12		10.62		6.62		1.04		0.92
Dow Jones Global Target 2030 Index⁵	–		–		–		–		16.18		11.57		8.27		–		–
Russell 3000^® Index⁶	–		–		–		–		24.74		17.22		8.83		–		–
Barclays U.S. Aggregate Bond Index⁷	–		–		–		–		5.66		4.48		4.72		–		–

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

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

Please see footnotes on pages 17-18.


Performance highlights (unaudited)		Wells Fargo Advantage Dow Jones Target Date Funds			11

Target 2035 Fund

Average annual total returns¹⁰ (%) as of August 31, 2014


		Including sales charge						Excluding sales charge							Expense ratios³ (%)
	Inception date	1 year		5 year		Since inception		1 year		5 year		Since inception			Gross		Net⁴
Class A (WFQBX)	11-30-2012		10.28		10.47		3.64		17.02		11.77		4.50			1.01		0.88
Class R (WFKRX)	6-28-2013		–		–		–		16.73		11.41		4.22			1.26		1.13
Class R4 (WTTRX)	11-30-2012		–		–		–		17.38		12.15		4.81			0.68		0.52
Class R6 (WFQRX)	6-29-2007		–		–		–		17.55		12.20		4.84			0.53		0.37
Administrator Class (WFQWX)	6-29-2007		–		–		–		17.10		11.73		4.48			0.85		0.72
Investor Class (WFQTX)	6-29-2007		–		–		–		16.84		11.62		4.40			1.07		0.93
Dow Jones Global Target 2035 Index⁵	–		–		–		–		17.99		12.63		5.12	*		–		–
Russell 3000^® Index⁶	–		–		–		–		24.74		17.22		6.63	*		–		–
Barclays U.S. Aggregate Bond Index⁷	–		–		–		–		5.66		4.48		5.34	*		–		–

Based on the inception date of the oldest class.

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.

Please see footnotes on pages 17-18.


12		Wells Fargo Advantage Dow Jones Target Date Funds		Performance highlights (unaudited)

Target 2040 Fund

Average annual total returns² (%) as of August 31, 2014


		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 (STFRX)	3-1-1994	11.53	11.05	6.62		18.32		12.37		7.25	0.99	0.88
Class B (SLPBX)*	3-1-1997	12.40	11.23	6.68		17.40		11.49		6.68	1.74	1.63
Class C (WFOFX)	7-1-1998	16.49	11.52	6.45		17.49		11.52		6.45	1.74	1.63
Class R (WFMRX)	6-28-2013	–	–	–		18.05		12.23		7.19	1.24	1.13
Class R4 (WTFRX)	11-30-2012	–	–	–		18.73		12.87		7.78	0.66	0.52
Class R6 (WFOSX)	6-30-2004	–	–	–		18.90		12.92		7.80	0.51	0.37
Administrator Class (WFLWX)	11-8-1999	–	–	–		18.54		12.55		7.50	0.83	0.72
Investor Class (WFFTX)	1-31-2007	–	–	–		18.28		12.44		7.43	1.05	0.93
Dow Jones Global Target 2040 Index⁵	–	–	–	–		19.36		13.37		8.94	–	–
Russell 3000^® Index⁶	–	–	–	–		24.74		17.22		8.83	–	–
Barclays U.S. Aggregate Bond Index⁷	–	–	–	–		5.66		4.48		4.72	–	–

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

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

Please see footnotes on pages 17-18.


Performance highlights (unaudited)		Wells Fargo Advantage Dow Jones Target Date Funds			13

Target 2045 Fund

Average annual total returns¹⁰ (%) as of August 31, 2014


		Including sales charge			Excluding sales charge							Expense ratios³ (%)
	Inception date	1 year	5 year	Since inception	1 year		5 year		Since inception			Gross	Net⁴
Class A (WFQVX)	11-30-2012	12.23	11.46	4.08		19.11		12.79		4.95		1.04	0.88
Class R (WFNRX)	6-28-2013	–	–	–		18.76		12.50		4.68		1.29	1.13
Class R4 (WFFRX)	11-30-2012	–	–	–		19.54		13.21		5.28		0.71	0.52
Class R6 (WFQPX)	6-29-2007	–	–	–		19.75		13.22		5.29		0.56	0.37
Administrator Class (WFQYX)	6-29-2007	–	–	–		19.24		12.81		4.98		0.88	0.72
Investor Class (WFQSX)	6-29-2007	–	–	–		19.06		12.71		4.86		1.10	0.93
Dow Jones Global Target 2045 Index⁵	–	–	–	–		20.12		13.72		5.52	*	–	–
Russell 3000^® Index⁶	–	–	–	–		24.74		17.22		6.63	*	–	–
Barclays U.S. Aggregate Bond Index⁷	–	–	–	–		5.66		4.48		5.34	*	–	–

Based on the inception date of the oldest class.

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.

Please see footnotes on pages 17-18.


14		Wells Fargo Advantage Dow Jones Target Date Funds		Performance highlights (unaudited)

Target 2050 Fund

Average annual total returns¹¹ (%) as of August 31, 2014


		Including sales charge						Excluding sales charge							Expense ratios³ (%)
	Inception date	1 year		5 year		Since inception		1 year		5 year		Since inception			Gross		Net⁴
Class A (WFQAX)	11-30-2012		12.35		11.54		4.08		19.23		12.86		4.95			1.01		0.88
Class C (WFQCX)	11-30-2012		17.38		12.03		4.17		18.38		12.03		4.17			1.76		1.63
Class R (WFWRX)	6-28-2013		–		–		–		18.96		12.60		4.69			1.26		1.13
Class R4 (WQFRX)	11-30-2012		–		–		–		19.69		13.27		5.27			0.68		0.52
Class R6 (WFQFX)	6-29-2007		–		–		–		19.87		13.32		5.31			0.53		0.37
Administrator Class (WFQDX)	6-29-2007		–		–		–		19.41		12.92		4.97			0.85		0.72
Investor Class (WFQGX)	6-29-2007		–		–		–		19.22		12.82		4.88			1.07		0.93
Dow Jones Global Target 2050 Index⁵	–		–		–		–		20.26		13.77		5.55	*		–		–
Russell 3000^® Index⁶	–		–		–		–		24.74		17.22		6.63	*		–		–
Barclays U.S. Aggregate Bond Index⁷	–		–		–		–		5.66		4.48		5.34	*		–		–

Based on the inception date of the oldest class.

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

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

Please see footnotes on pages 17-18.


Performance highlights (unaudited)		Wells Fargo Advantage Dow Jones Target Date Funds			15

Target 2055 Fund

Average annual total returns¹⁰ (%) as of August 31, 2014


		Including sales charge				Excluding sales charge					Expense ratios³ (%)
	Inception date	1 year		Since inception		1 year		Since inception			Gross		Net⁴
Class A (WFQZX)	11-30-2012		12.42		8.56		19.24		10.61			1.21		0.88
Class R (WFYRX)	6-28-2013		–		–		18.94		10.14			1.46		1.13
Class R4 (WFVRX)	11-30-2012		–		–		19.63		11.00			0.88		0.52
Class R6 (WFQUX)	6-30-2011		–		–		19.84		11.06			0.73		0.37
Administrator Class (WFLHX)	6-30-2011		–		–		19.36		10.68			1.05		0.72
Investor Class (WFQHX)	6-30-2011		–		–		19.23		10.58			1.27		0.93
Dow Jones Global Target 2055 Index⁵	–		–		–		20.26		11.28	*		–		–
Russell 3000^® Index⁶	–		–		–		24.74		16.28	*		–		–
Barclays U.S. Aggregate Bond Index⁷	–		–		–		5.66		3.74	*		–		–

Based on the inception date of the oldest class.

Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on fund distributions or the redemption of fund shares. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. 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.

Please see footnotes on pages 17-18.


16		Wells Fargo Advantage Dow Jones Target Date Funds		Performance highlights (unaudited)

Portfolio allocation¹² as of August 31, 2014


Target Today Fund	Target 2010 Fund	Target 2015 Fund


Target 2020 Fund	Target 2025 Fund	Target 2030 Fund


Target 2035 Fund	Target 2040 Fund	Target 2045 Fund

Please see footnotes on pages 17-18.


Performance highlights (unaudited)		Wells Fargo Advantage Dow Jones Target Date Funds			17

Portfolio allocation¹² as of August 31, 2014 (continued)


Target 2050 Fund		Target 2055 Fund

The Funds are gateway funds that invest in various affiliated master portfolios which in turn invest in a combination of equity, fixed income, and money market securities using an asset allocation strategy designed to replicate, before fees and expenses, the total return of the Dow Jones Global Target Date Indexes that have the same target year as the Funds. References to the investment activities of the Funds are intended to refer to the investment activities of the underlying affiliated master portfolios in which the Funds invest.

Historical performance shown for Class R shares prior to their inception reflects the performance of the Class A shares and has been adjusted to reflect the higher expenses applicable to Class R shares. Historical performance shown for Class R4 shares prior to their inception reflects the performance of Class R6 shares and includes the expenses applicable to Class R6. Effective June 1, 2013, Institutional Class was renamed Class R6 and modified to assume the features and attributes of Class R6. Historical performance shown for Class R6 shares from inception through May 31, 2013, reflects Institutional Class performance and expenses. Historical performance shown for Investor Class shares prior to their inception reflects the performance of Administrator Class shares and has been adjusted to reflect the higher expenses applicable to Investor Class shares (except during those periods in which expenses of the Investor Class would have been lower than those of Administrator Class no such adjustment is reflected).

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

The Adviser has committed through June 30, 2015, to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waiver, excluding certain expenses, at the amounts shown. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses, and extraordinary expenses are excluded from the cap. Fees from the underlying affiliated master portfolios are included in the cap. Without this cap, the Fund’s returns would have been lower.

The Dow Jones Global Target Date Indexes (each an “index” or collectively the “indexes”) are a series of indexes designed as benchmarks for multi-asset class portfolios with risk profiles that became more conservative over time. The index weightings among the major asset classes are adjusted monthly based on a published set of index rules. The indexes with longer time horizons have higher allocations to equity securities, while the indexes with shorter time horizons replace some of their stock allocations with allocations to fixed income securities and money market instruments. 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.

The Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, MBS (agency fixed-rate and hybrid ARM pass throughs), ABS, and CMBS. You cannot invest directly in an index.

Historical performance shown for Class R shares prior to their inception reflects the performance of Class A shares and has been adjusted to reflect the higher expenses applicable to Class R shares. Historical performance shown for Class R4 shares prior to their inception reflects the performance of Class R6 shares, and has been adjusted to reflect the higher expenses applicable to Class R6 shares at that time. If these expenses had not been included, returns would be higher. Effective June 1, 2013, Institutional Class was renamed Class R6 and modified to assume the features and attributes of Class R6. Historical performance shown for Class R6 shares from inception through May 31, 2013, reflects Institutional Class performance and expenses. Historical performance shown for Investor Class shares prior to their inception reflects the performance of Administrator Class shares and has been adjusted to reflect the higher expenses applicable to Investor Class shares (except during those periods in which expenses of Investor Class would have been lower than those of Administrator Class no such adjustment is reflected).


18		Wells Fargo Advantage Dow Jones Target Date Funds		Performance highlights (unaudited)

Historical performance shown for Class A shares prior to their inception reflects the performance of Class R6 shares and has been adjusted to reflect the higher expenses applicable to Class A shares. Historical performance shown for Class R shares prior to their inception reflects the performance of Investor Class shares and has been adjusted to reflect the higher expenses applicable to Class R shares. Historical performance shown for Class R4 shares prior to their inception reflects the performance of Class R6 shares, and has been adjusted to reflect the higher expenses applicable to Class R6 shares at that time. If these expenses had not been included, returns would be higher. Effective June 1, 2013, Institutional Class was renamed Class R6 and modified to assume the features and attributes of Class R6. Historical performance shown for Class R6 shares from inception through May 31, 2013, reflects Institutional Class performance and expenses.

10.

Historical performance shown for Class A shares prior to their inception reflects the performance of Class R6 shares and has been adjusted to reflect the higher expenses applicable to Class A shares. Historical performance shown for Class R shares prior to their inception reflects the performance of Investor Class shares and has been adjusted to reflect the higher expenses applicable to Class R shares. Historical performance shown for Class R4 shares prior to their inception reflects the performance of Class R6 shares and includes the expenses applicable to Class R6. Effective June 1, 2013, Institutional Class was renamed Class R6 and modified to assume the features and attributes of Class R6. Historical performance shown for Class R6 shares from inception through May 31, 2013, reflects Institutional Class performance and expenses.

11.

Historical performance shown for Class A and Class C shares prior to their inception reflects the performance of Class R6 shares and has been adjusted to reflect the higher expenses applicable to Class A and Class C shares. Historical performance shown for Class R shares prior to their inception reflects the performance of Investor Class shares and has been adjusted to reflect the higher expenses applicable to Class R shares. Historical performance shown for Class R4 shares prior to their inception reflects the performance of Class R6 shares and includes the expenses applicable to Class R6. Effective June 1, 2013, Institutional Class was renamed Class R6 and modified to assume the features and attributes of Class R6. Historical performance shown for Class R6 shares from inception through May 31, 2013, reflects Institutional Class performance and expenses.

12.

Each chart represents the composite of the portfolio allocations of the affiliated master portfolios in which the Fund invests and is calculated based on the total investments of the affiliated master portfolios. Portfolio holdings are subject to change and may have changed since the date specified. See the Portfolio of investments or Summary portfolio of investments of each affiliated master portfolio which is also included in this report.


Fund expenses (unaudited)		Wells Fargo Advantage Dow Jones Target Date Funds			19

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 March 1, 2014 to August 31, 2014.

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.


Target Today Fund	Beginning account value 3-1-2014		Ending account value 8-31-2014		Expenses paid during the period¹		Net annualized expense ratio
Class A
Actual	$	1,000.00	$	1,023.21	$	4.13		0.81	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.12	$	4.13		0.81	%
Class B
Actual	$	1,000.00	$	1,019.43	$	7.94		1.56	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.34	$	7.93		1.56	%
Class C
Actual	$	1,000.00	$	1,019.19	$	7.94		1.56	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.34	$	7.93		1.56	%
Class R
Actual	$	1,000.00	$	1,021.81	$	5.40		1.06	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.86	$	5.40		1.06	%
Class R4
Actual	$	1,000.00	$	1,024.34	$	2.30		0.45	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.94	$	2.29		0.45	%
Class R6
Actual	$	1,000.00	$	1,025.61	$	1.53		0.30	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.69	$	1.53		0.30	%
Administrator Class
Actual	$	1,000.00	$	1,023.98	$	3.32		0.65	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.93	$	3.31		0.65	%
Investor Class
Actual	$	1,000.00	$	1,022.67	$	4.38		0.86	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.87	$	4.38		0.86	%


20		Wells Fargo Advantage Dow Jones Target Date Funds		Fund expenses (unaudited)


Target 2010 Fund	Beginning account value 3-1-2014		Ending account value 8-31-2014		Expenses paid during the period¹		Net annualized expense ratio
Class A
Actual	$	1,000.00	$	1,025.23	$	4.24		0.83	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.02	$	4.23		0.83	%
Class B
Actual	$	1,000.00	$	1,021.98	$	8.05		1.58	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.24	$	8.03		1.58	%
Class C
Actual	$	1,000.00	$	1,021.85	$	8.05		1.58	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.24	$	8.03		1.58	%
Class R
Actual	$	1,000.00	$	1,024.86	$	5.51		1.08	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.76	$	5.50		1.08	%
Class R4
Actual	$	1,000.00	$	1,027.25	$	2.40		0.47	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.84	$	2.40		0.47	%
Class R6
Actual	$	1,000.00	$	1,028.35	$	1.64		0.32	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.59	$	1.63		0.32	%
Administrator Class
Actual	$	1,000.00	$	1,026.07	$	3.42		0.67	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.83	$	3.41		0.67	%
Investor Class
Actual	$	1,000.00	$	1,025.73	$	4.49		0.88	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.77	$	4.48		0.88	%
Target 2015 Fund
Class A
Actual	$	1,000.00	$	1,028.40	$	4.29		0.84	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.97	$	4.28		0.84	%
Class R
Actual	$	1,000.00	$	1,027.70	$	5.57		1.09	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.71	$	5.55		1.09	%
Class R4
Actual	$	1,000.00	$	1,030.83	$	2.46		0.48	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.79	$	2.45		0.48	%
Class R6
Actual	$	1,000.00	$	1,031.56	$	1.69		0.33	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.54	$	1.68		0.33	%
Administrator Class
Actual	$	1,000.00	$	1,029.54	$	3.48		0.68	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.78	$	3.47		0.68	%
Investor Class
Actual	$	1,000.00	$	1,028.52	$	4.55		0.89	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.72	$	4.53		0.89	%


Fund expenses (unaudited)		Wells Fargo Advantage Dow Jones Target Date Funds			21


Target 2020 Fund	Beginning account value 3-1-2014		Ending account value 8-31-2014		Expenses paid during the period¹		Net annualized expense ratio
Class A
Actual	$	1,000.00	$	1,033.73	$	4.41		0.86	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.87	$	4.38		0.86	%
Class B
Actual	$	1,000.00	$	1,029.86	$	8.24		1.61	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.09	$	8.19		1.61	%
Class C
Actual	$	1,000.00	$	1,029.91	$	8.24		1.61	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.09	$	8.19		1.61	%
Class R
Actual	$	1,000.00	$	1,033.00	$	5.69		1.11	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.61	$	5.65		1.11	%
Class R4
Actual	$	1,000.00	$	1,035.64	$	2.57		0.50	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.68	$	2.55		0.50	%
Class R6
Actual	$	1,000.00	$	1,036.32	$	1.80		0.35	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.44	$	1.79		0.35	%
Administrator Class
Actual	$	1,000.00	$	1,034.81	$	3.59		0.70	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.68	$	3.57		0.70	%
Investor Class
Actual	$	1,000.00	$	1,033.95	$	4.67		0.91	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.62	$	4.63		0.91	%
Target 2025 Fund
Class A
Actual	$	1,000.00	$	1,038.87	$	4.42		0.86	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.87	$	4.38		0.86	%
Class R
Actual	$	1,000.00	$	1,038.24	$	5.70		1.11	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.61	$	5.65		1.11	%
Class R4
Actual	$	1,000.00	$	1,041.14	$	2.57		0.50	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.68	$	2.55		0.50	%
Class R6
Actual	$	1,000.00	$	1,041.88	$	1.80		0.35	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.44	$	1.79		0.35	%
Administrator Class
Actual	$	1,000.00	$	1,039.18	$	3.60		0.70	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.68	$	3.57		0.70	%
Investor Class
Actual	$	1,000.00	$	1,038.25	$	4.68		0.91	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.62	$	4.63		0.91	%


22		Wells Fargo Advantage Dow Jones Target Date Funds		Fund expenses (unaudited)


Target 2030 Fund	Beginning account value 3-1-2014		Ending account value 8-31-2014		Expenses paid during the period¹		Net annualized expense ratio
Class A
Actual	$	1,000.00	$	1,043.61	$	4.48		0.87	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.82	$	4.43		0.87	%
Class B
Actual	$	1,000.00	$	1,039.90	$	8.33		1.62	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.04	$	8.24		1.62	%
Class C
Actual	$	1,000.00	$	1,039.75	$	8.33		1.62	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.04	$	8.24		1.62	%
Class R
Actual	$	1,000.00	$	1,042.26	$	5.77		1.12	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.56	$	5.70		1.12	%
Class R4
Actual	$	1,000.00	$	1,045.42	$	2.63		0.51	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.63	$	2.60		0.51	%
Class R6
Actual	$	1,000.00	$	1,046.75	$	1.86		0.36	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.39	$	1.84		0.36	%
Administrator Class
Actual	$	1,000.00	$	1,044.52	$	3.66		0.71	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.63	$	3.62		0.71	%
Investor Class
Actual	$	1,000.00	$	1,043.75	$	4.74		0.92	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.57	$	4.69		0.92	%
Target 2035 Fund
Class A
Actual	$	1,000.00	$	1,048.06	$	4.54		0.88	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.77	$	4.48		0.88	%
Class R
Actual	$	1,000.00	$	1,046.34	$	5.83		1.13	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.51	$	5.75		1.13	%
Class R4
Actual	$	1,000.00	$	1,049.48	$	2.69		0.52	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.58	$	2.65		0.52	%
Class R6
Actual	$	1,000.00	$	1,050.17	$	1.91		0.37	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.34	$	1.89		0.37	%
Administrator Class
Actual	$	1,000.00	$	1,048.39	$	3.72		0.72	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.58	$	3.67		0.72	%
Investor Class
Actual	$	1,000.00	$	1,047.22	$	4.80		0.93	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.52	$	4.74		0.93	%


Fund expenses (unaudited)		Wells Fargo Advantage Dow Jones Target Date Funds			23


Target 2040 Fund	Beginning account value 3-1-2014		Ending account value 8-31-2014		Expenses paid during the period¹		Net annualized expense ratio
Class A
Actual	$	1,000.00	$	1,051.58	$	4.55		0.88	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.77	$	4.48		0.88	%
Class B
Actual	$	1,000.00	$	1,047.25	$	8.41		1.63	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,016.99	$	8.29		1.63	%
Class C
Actual	$	1,000.00	$	1,047.24	$	8.41		1.63	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,016.99	$	8.29		1.63	%
Class R
Actual	$	1,000.00	$	1,049.57	$	5.84		1.13	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.51	$	5.75		1.13	%
Class R4
Actual	$	1,000.00	$	1,052.79	$	2.69		0.52	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.58	$	2.65		0.52	%
Class R6
Actual	$	1,000.00	$	1,054.01	$	1.92		0.37	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.34	$	1.89		0.37	%
Administrator Class
Actual	$	1,000.00	$	1,051.95	$	3.72		0.72	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.58	$	3.67		0.72	%
Investor Class
Actual	$	1,000.00	$	1,051.18	$	4.81		0.93	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.52	$	4.74		0.93	%
Target 2045 Fund
Class A
Actual	$	1,000.00	$	1,053.59	$	4.56		0.88	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.77	$	4.48		0.88	%
Class R
Actual	$	1,000.00	$	1,051.71	$	5.84		1.13	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.51	$	5.75		1.13	%
Class R4
Actual	$	1,000.00	$	1,055.65	$	2.69		0.52	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.58	$	2.65		0.52	%
Class R6
Actual	$	1,000.00	$	1,056.43	$	1.92		0.37	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.34	$	1.89		0.37	%
Administrator Class
Actual	$	1,000.00	$	1,053.59	$	3.73		0.72	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.58	$	3.67		0.72	%
Investor Class
Actual	$	1,000.00	$	1,052.39	$	4.81		0.93	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.52	$	4.74		0.93	%


24		Wells Fargo Advantage Dow Jones Target Date Funds		Fund expenses (unaudited)


Target 2050 Fund	Beginning account value 3-1-2014		Ending account value 8-31-2014		Expenses paid during the period¹		Net annualized expense ratio
Class A
Actual	$	1,000.00	$	1,053.70	$	4.56		0.88	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.77	$	4.48		0.88	%
Class C
Actual	$	1,000.00	$	1,050.34	$	8.42		1.63	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,016.99	$	8.29		1.63	%
Class R
Actual	$	1,000.00	$	1,052.25	$	5.85		1.13	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.51	$	5.75		1.13	%
Class R4
Actual	$	1,000.00	$	1,054.93	$	2.69		0.52	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.58	$	2.65		0.52	%
Class R6
Actual	$	1,000.00	$	1,056.57	$	1.92		0.37	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.34	$	1.89		0.37	%
Administrator Class
Actual	$	1,000.00	$	1,055.17	$	3.73		0.72	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.58	$	3.67		0.72	%
Investor Class
Actual	$	1,000.00	$	1,053.09	$	4.81		0.93	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.52	$	4.74		0.93	%
Target 2055 Fund
Class A
Actual	$	1,000.00	$	1,053.61	$	4.56		0.88	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.77	$	4.48		0.88	%
Class R
Actual	$	1,000.00	$	1,052.64	$	5.85		1.13	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.51	$	5.75		1.13	%
Class R4
Actual	$	1,000.00	$	1,055.52	$	2.69		0.52	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.58	$	2.65		0.52	%
Class R6
Actual	$	1,000.00	$	1,056.28	$	1.92		0.37	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.34	$	1.89		0.37	%
Administrator Class
Actual	$	1,000.00	$	1,054.75	$	3.73		0.72	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.58	$	3.67		0.72	%
Investor Class
Actual	$	1,000.00	$	1,053.52	$	4.81		0.93	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.52	$	4.74		0.93	%

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).


Portfolios of investments—August 31, 2014 (unaudited)		Wells Fargo Advantage Dow Jones Target Date Funds			25

TARGET TODAY FUND


Security name	Value


Investment Companies: 100.05%

Affiliated Master Portfolios: 100.05%
Wells Fargo Advantage Diversified Fixed Income Portfolio	$	624,018,462
Wells Fargo Advantage Diversified Stock Portfolio		123,775,369
Wells Fargo Advantage Short-Term Investment Portfolio		60,409,584

Total Investment Companies (Cost $743,744,393)		808,203,415


Total investments in securities
(Cost $743,744,393) *	100.05	%		808,203,415
Other assets and liabilities, net	(0.05	)		(416,923	)

Total net assets	100.00	%	$	807,786,492


*	Cost for federal income tax purposes is $745,145,422 and unrealized gains (losses) consists of:
	Gross unrealized gains	$	63,057,993
	Gross unrealized losses		0

	Net unrealized gains	$	63,057,993

TARGET 2010 FUND


Security name	Value


Investment Companies: 99.87%

Affiliated Master Portfolios: 99.87%
Wells Fargo Advantage Diversified Fixed Income Portfolio	$	529,478,247
Wells Fargo Advantage Diversified Stock Portfolio		128,267,990
Wells Fargo Advantage Short-Term Investment Portfolio		27,053,875

Total Investment Companies (Cost $600,258,505)		684,800,112


Total investments in securities
(Cost $600,258,505) *	99.87	%		684,800,112
Other assets and liabilities, net	0.13			861,047

Total net assets	100.00	%	$	685,661,159


*	Cost for federal income tax purposes is $608,139,896 and unrealized gains (losses) consists of:
	Gross unrealized gains	$	76,660,216
	Gross unrealized losses		0

	Net unrealized gains	$	76,660,216

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


26		Wells Fargo Advantage Dow Jones Target Date Funds		Portfolios of investments—August 31, 2014 (unaudited)

TARGET 2015 FUND


Security name	Value


Investment Companies: 99.97%

Affiliated Master Portfolios: 99.97%
Wells Fargo Advantage Diversified Fixed Income Portfolio	$	663,131,261
Wells Fargo Advantage Diversified Stock Portfolio		258,132,884
Wells Fargo Advantage Short-Term Investment Portfolio		37,816,583

Total Investment Companies (Cost $847,733,676)		959,080,728


Total investments in securities
(Cost $847,733,676) *	99.97	%		959,080,728
Other assets and liabilities, net	0.03			301,425

Total net assets	100.00	%	$	959,382,153


*	Cost for federal income tax purposes is $849,259,668 and unrealized gains (losses) consists of:
	Gross unrealized gains	$	109,821,060
	Gross unrealized losses		0

	Net unrealized gains	$	109,821,060

TARGET 2020 FUND


Security name	Value


Investment Companies: 99.91%

Affiliated Master Portfolios: 99.91%
Wells Fargo Advantage Diversified Fixed Income Portfolio	$	1,690,979,692
Wells Fargo Advantage Diversified Stock Portfolio		1,173,098,935
Wells Fargo Advantage Short-Term Investment Portfolio		117,207,003

Total Investment Companies (Cost $2,553,010,659)		2,981,285,630


Total investments in securities
(Cost $2,553,010,659) *	99.91	%		2,981,285,630
Other assets and liabilities, net	0.09			2,590,149

Total net assets	100.00	%	$	2,983,875,779


*	Cost for federal income tax purposes is $2,572,499,086 and unrealized gains (losses) consists of:
	Gross unrealized gains	$	408,786,544
	Gross unrealized losses		0

	Net unrealized gains	$	408,786,544

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


Portfolios of investments—August 31, 2014 (unaudited)		Wells Fargo Advantage Dow Jones Target Date Funds			27

TARGET 2025 FUND


Security name	Value


Investment Companies: 99.93%

Affiliated Master Portfolios: 99.93%
Wells Fargo Advantage Diversified Fixed Income Portfolio	$	1,074,847,903
Wells Fargo Advantage Diversified Stock Portfolio		1,281,915,994
Wells Fargo Advantage Short-Term Investment Portfolio		96,139,109

Total Investment Companies (Cost $2,014,175,144)		2,452,903,006


Total investments in securities
(Cost $2,014,175,144) *	99.93	%		2,452,903,006
Other assets and liabilities, net	0.07			1,813,269

Total net assets	100.00	%	$	2,454,716,275


*	Cost for federal income tax purposes is $2,019,401,887 and unrealized gains (losses) consists of:
	Gross unrealized gains	$	433,501,119
	Gross unrealized losses		0

	Net unrealized gains	$	433,501,119

TARGET 2030 FUND


Security name	Value


Investment Companies: 99.94%

Affiliated Master Portfolios: 99.94%
Wells Fargo Advantage Diversified Fixed Income Portfolio	$	957,177,059
Wells Fargo Advantage Diversified Stock Portfolio		1,980,261,138
Wells Fargo Advantage Short-Term Investment Portfolio		119,455,580

Total Investment Companies (Cost $2,474,339,232)		3,056,893,777


Total investments in securities
(Cost $2,474,339,232) *	99.94	%		3,056,893,777
Other assets and liabilities, net	0.06			1,849,497

Total net assets	100.00	%	$	3,058,743,274


*	Cost for federal income tax purposes is $2,490,361,544 and unrealized gains (losses) consists of:
	Gross unrealized gains	$	566,532,233
	Gross unrealized losses		0

	Net unrealized gains	$	566,532,233

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


28		Wells Fargo Advantage Dow Jones Target Date Funds		Portfolios of investments—August 31, 2014 (unaudited)

TARGET 2035 FUND


Security name	Value


Investment Companies: 99.83%

Affiliated Master Portfolios: 99.83%
Wells Fargo Advantage Diversified Fixed Income Portfolio	$	282,055,229
Wells Fargo Advantage Diversified Stock Portfolio		1,053,499,443
Wells Fargo Advantage Short-Term Investment Portfolio		54,163,955

Total Investment Companies (Cost $1,084,343,372)		1,389,718,627


Total investments in securities
(Cost $1,084,343,372) *	99.83	%		1,389,718,627
Other assets and liabilities, net	0.17			2,415,000

Total net assets	100.00	%	$	1,392,133,627


*	Cost for federal income tax purposes is $1,088,041,749 and unrealized gains (losses) consists of:
	Gross unrealized gains	$	301,676,878
	Gross unrealized losses		0

	Net unrealized gains	$	301,676,878

TARGET 2040 FUND


Security name	Value


Investment Companies: 99.89%

Affiliated Master Portfolios: 99.89%
Wells Fargo Advantage Diversified Fixed Income Portfolio	$	263,920,089
Wells Fargo Advantage Diversified Stock Portfolio		1,872,399,081
Wells Fargo Advantage Short-Term Investment Portfolio		86,457,717

Total Investment Companies (Cost $1,721,747,792)		2,222,776,887


Total investments in securities
(Cost $1,721,747,792) *	99.89	%		2,222,776,887
Other assets and liabilities, net	0.11			2,546,193

Total net assets	100.00	%	$	2,225,323,080


*	Cost for federal income tax purposes is $1,732,150,765 and unrealized gains (losses) consists of:
	Gross unrealized gains	$	490,626,122
	Gross unrealized losses		0

	Net unrealized gains	$	490,626,122

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


Portfolios of investments—August 31, 2014 (unaudited)		Wells Fargo Advantage Dow Jones Target Date Funds			29

TARGET 2045 FUND


Security name	Value


Investment Companies: 99.63%

Affiliated Master Portfolios: 99.63%
Wells Fargo Advantage Diversified Fixed Income Portfolio	$	53,213,879
Wells Fargo Advantage Diversified Stock Portfolio		685,806,935
Wells Fargo Advantage Short-Term Investment Portfolio		29,871,548

Total Investment Companies (Cost $588,201,148)		768,892,362


Total investments in securities
(Cost $588,201,148) *	99.63	%		768,892,362
Other assets and liabilities, net	0.37			2,849,476

Total net assets	100.00	%	$	771,741,838


*	Cost for federal income tax purposes is $590,130,153 and unrealized gains (losses) consists of:
	Gross unrealized gains	$	178,762,209
	Gross unrealized losses		0

	Net unrealized gains	$	178,762,209

TARGET 2050 FUND


Security name	Value


Investment Companies: 99.69%

Affiliated Master Portfolios: 99.69%
Wells Fargo Advantage Diversified Fixed Income Portfolio	$	81,264,946
Wells Fargo Advantage Diversified Stock Portfolio		1,262,725,359
Wells Fargo Advantage Short-Term Investment Portfolio		54,309,643

Total Investment Companies (Cost $1,073,140,501)		1,398,299,948


Total investments in securities
(Cost $1,073,140,501) *	99.69	%		1,398,299,948
Other assets and liabilities, net	0.31			4,315,825

Total net assets	100.00	%	$	1,402,615,773


*	Cost for federal income tax purposes is $1,078,123,359 and unrealized gains (losses) consists of:
	Gross unrealized gains	$	320,176,589
	Gross unrealized losses		0

	Net unrealized gains	$	320,176,589

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


30		Wells Fargo Advantage Dow Jones Target Date Funds		Portfolios of investments—August 31, 2014 (unaudited)

TARGET 2055 FUND


Security name	Value


Investment Companies: 99.03%

Affiliated Master Portfolios: 99.03%
Wells Fargo Advantage Diversified Fixed Income Portfolio	$	8,370,409
Wells Fargo Advantage Diversified Stock Portfolio		130,062,572
Wells Fargo Advantage Short-Term Investment Portfolio		5,593,973

Total Investment Companies (Cost $124,064,970)		144,026,954


Total investments in securities
(Cost $124,064,970) *	99.03	%		144,026,954
Other assets and liabilities, net	0.97			1,407,737

Total net assets	100.00	%	$	145,434,691


*	Cost for federal income tax purposes is $123,814,687 and unrealized gains (losses) consists of:
	Gross unrealized gains	$	20,212,267
	Gross unrealized losses		0

	Net unrealized gains	$	20,212,267

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

This page is intentionally left blank.


32		Wells Fargo Advantage Dow Jones Target Date Funds		Statements of assets and liabilities—August 31, 2014 (unaudited)


	Target Today Fund		Target 2010 Fund			Target 2015 Fund		Target 2020 Fund

Assets
Investments in affiliated Master Portfolios, at value (see cost below)	$	808,203,415	$	684,800,112		$	959,080,728	$	2,981,285,630
Receivable for Fund shares sold		1,050,380		1,911,086			1,571,747		6,259,309
Prepaid expenses and other assets		32,887		37,914			44,689		45,492

Total assets		809,286,682		686,749,112			960,697,164		2,987,590,431


Liabilities
Payable for Fund shares redeemed		1,269,753		858,002			1,027,827		2,763,477
Advisory fee payable		29,831		36,712			59,156		274,951
Distribution fees payable		2,690		1,914			6		3,733
Administration fees payable		100,650		89,090			118,517		354,193
Shareholder report expenses payable		14,059		15,432			12,867		7,822
Shareholder servicing fees payable		75,428		77,099			87,901		292,796
Professional fees payable		7,227		8,192			7,335		7,344
Accrued expenses and other liabilities		552		1,512			1,402		10,336

Total liabilities		1,500,190		1,087,953			1,315,011		3,714,652

Total net assets	$	807,786,492	$	685,661,159		$	959,382,153	$	2,983,875,779


NET ASSETS CONSIST OF
Paid-in capital	$	737,584,825	$	598,136,694		$	843,435,418	$	2,550,163,804
Undistributed net investment income		4,436,122		3,809,576			3,023,871		8,182,335
Accumulated net realized gains (losses) on investments		1,306,523		(826,718	)		1,575,812		(2,745,331	)
Net unrealized gains on investments		64,459,022		84,541,607			111,347,052		428,274,971

Total net assets	$	807,786,492	$	685,661,159		$	959,382,153	$	2,983,875,779


COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	16,493,469	$	28,759,880		$	666,390	$	68,498,874
Shares outstanding – Class A¹		1,490,971		2,112,558			62,852		4,398,506
Net asset value per share – Class A		$11.06		$13.61			$10.60		$15.57
Maximum offering price per share – Class A²		$11.73		$14.44			$11.25		$16.52
Net assets – Class B	$	29,326	$	30,514			N/A	$	169,099
Shares outstanding – Class B¹		2,551		2,217			N/A		10,859
Net asset value per share – Class B		$11.50		$13.76			N/A		$15.57
Net assets – Class C	$	3,854,684	$	2,829,375			N/A	$	5,586,559
Shares outstanding – Class C¹		341,046		205,279			N/A		360,456
Net asset value per share – Class C		$11.30		$13.78			N/A		$15.50
Net assets – Class R	$	26,712	$	26,991		$	27,369	$	41,585
Shares outstanding – Class R¹		2,418		1,991			2,545		2,680
Net asset value per share – Class R		$11.05		$13.56			$10.75		$15.52
Net assets – Class R4	$	352,897,314	$	163,977,900		$	182,750,611	$	784,097,878
Share outstanding – Class R4¹		31,162,012		11,913,438			17,185,941		49,492,714
Net asset value per share – Class R4		$11.32		$13.76			$10.63		$15.84
Net assets – Class R6	$	250,581,104	$	236,165,517		$	446,577,413	$	1,165,669,722
Share outstanding – Class R6¹		22,147,411		17,159,808			42,038,333		73,604,436
Net asset value per share – Class R6		$11.31		$13.76			$10.62		$15.84
Net assets – Administrator Class	$	113,192,584	$	192,549,920		$	208,620,741	$	750,821,625
Shares outstanding – Administrator Class¹		10,026,970		14,001,514			19,401,343		47,534,798
Net asset value per share – Administrator Class		$11.29		$13.75			$10.75		$15.80
Net assets – Investor Class	$	70,711,299	$	61,321,062		$	120,739,629	$	208,990,437
Shares outstanding – Investor Class¹		6,277,712		4,472,547			11,218,046		13,247,517
Net asset value per share – Investor Class		$11.26		$13.71			$10.76		$15.78

Investments in affiliated Master Portfolios, at cost	$	743,744,393	$	600,258,505		$	847,733,676	$	2,553,010,659

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—August 31, 2014 (unaudited)		Wells Fargo Advantage Dow Jones Target Date Funds			33


Target 2025 Fund		Target 2030 Fund		Target 2035 Fund		Target 2040 Fund		Target 2045 Fund		Target 2050 Fund		Target 2055 Fund


$	2,452,903,006	$	3,056,893,777	$	1,389,718,627	$	2,222,776,887	$	768,892,362	$	1,398,299,948	$	144,026,954
	4,433,883		7,052,130		3,350,376		7,666,442		3,332,099		6,389,821		1,480,676
	45,913		67,515		36,389		70,962		47,537		77,701		50,073

	2,457,382,802		3,064,013,422		1,393,105,392		2,230,514,291		772,271,998		1,404,767,470		145,557,703



	1,992,486		4,294,201		512,017		4,451,827		272,136		1,759,935		81,872
	216,889		306,849		144,888		238,590		75,122		139,836		2,112
	6		3,108		6		3,784		7		288		7
	271,811		360,491		175,515		267,265		97,609		140,397		13,131
	4,277		0		4,134		1,932		5,108		6,123		11,720
	166,824		291,924		124,694		213,734		69,777		92,276		5,863
	7,189		7,229		7,604		7,726		7,600		7,757		7,304
	7,045		6,346		2,907		6,353		2,801		5,085		1,003

	2,666,527		5,270,148		971,765		5,191,211		530,160		2,151,697		123,012

$	2,454,716,275	$	3,058,743,274	$	1,392,133,627	$	2,225,323,080	$	771,741,838	$	1,402,615,773	$	145,434,691



$	2,000,988,270	$	2,466,686,083	$	1,078,147,304	$	1,715,845,275	$	585,980,215	$	1,069,756,088	$	124,451,154
	6,107,842		6,941,432		3,075,709		4,196,989		1,639,576		2,735,909		390,221
	8,892,301		2,561,214		5,535,359		4,251,721		3,430,833		4,964,329		631,332
	438,727,862		582,554,545		305,375,255		501,029,095		180,691,214		325,159,447		19,961,984

$	2,454,716,275	$	3,058,743,274	$	1,392,133,627	$	2,225,323,080	$	771,741,838	$	1,402,615,773	$	145,434,691



$	2,622,021	$	61,860,556	$	1,085,127	$	112,579,712	$	506,957	$	1,320,162	$	396,870
	240,410		3,585,911		94,475		5,692,734		42,324		115,281		29,985
	$10.91		$17.25		$11.49		$19.78		$11.98		$11.45		$13.24
	$11.58		$18.30		$12.19		$20.99		$12.71		$12.15		$14.05
	N/A	$	173,462		N/A	$	194,815		N/A		N/A		N/A
	N/A		10,200		N/A		10,301		N/A		N/A		N/A
	N/A		$17.01		N/A		$18.91		N/A		N/A		N/A
	N/A	$	4,492,148		N/A	$	5,660,185		N/A	$	455,535		N/A
	N/A		266,404		N/A		303,556		N/A		39,900		N/A
	N/A		$16.86		N/A		$18.65		N/A		$11.42		N/A
$	28,611	$	35,008	$	29,755	$	30,170	$	30,375	$	30,425	$	30,437
	2,618		2,031		2,574		1,527		2,512		2,651		2,320
	$10.93		$17.24		$11.56		$19.76		$12.09		$11.48		$13.12
$	357,294,329	$	887,341,927	$	310,895,560	$	671,239,255	$	184,343,952	$	343,599,617	$	27,646,870
	32,675,331		50,756,101		27,036,213		33,272,397		15,343,345		29,903,561		2,082,980
	$10.93		$17.48		$11.50		$20.17		$12.01		$11.49		$13.27
$	1,469,138,349	$	1,175,364,525	$	628,806,848	$	831,600,528	$	337,105,825	$	764,989,491	$	101,155,530
	134,434,113		67,290,080		54,681,309		41,225,132		28,102,521		66,605,649		7,633,168
	$10.93		$17.47		$11.50		$20.17		$12.00		$11.49		$13.25
$	376,855,313	$	710,720,851	$	250,171,233	$	469,685,579	$	137,255,765	$	229,308,295	$	10,126,995
	34,406,647		40,683,645		21,694,895		23,322,267		11,377,128		20,016,747		764,795
	$10.95		$17.47		$11.53		$20.14		$12.06		$11.46		$13.24
$	248,777,652	$	218,754,797	$	201,145,104	$	134,332,836	$	112,498,964	$	62,912,248	$	6,077,989
	22,738,595		12,559,119		17,380,777		6,685,071		9,296,735		5,476,344		462,988
	$10.94		$17.42		$11.57		$20.09		$12.10		$11.49		$13.13

$	2,014,175,144	$	2,474,339,232	$	1,084,343,372	$	1,721,747,792	$	588,201,148	$	1,073,140,501	$	124,064,970

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


34		Wells Fargo Advantage Dow Jones Target Date Funds		Statements of operations—six months ended August 31, 2014 (unaudited)


	Target Today Fund			Target 2010 Fund			Target 2015 Fund			Target 2020 Fund

Investment income
Interest allocated from affiliated Master Portfolios*	$	7,314,038		$	6,576,859		$	8,010,057		$	19,968,506
Dividends allocated from affiliated Master Portfolios**		1,367,863			1,475,278			2,921,222			13,019,668
Affiliated income allocated from affiliated Master Portfolios		54,548			47,387			63,975			187,571
Securities lending income allocated from affiliated Master Portfolios		38,306			40,880			78,708			342,960
Expenses allocated from affiliated Master Portfolios		(640,223	)		(565,039	)		(770,189	)		(2,339,972	)

Total investment income		8,134,532			7,575,365			10,303,773			31,178,733


Expenses
Advisory fee		981,543			859,945			1,155,644			3,225,204
Administration fees
Fund level		202,479			176,045			240,327			732,094
Class A		21,835			38,970			464			91,799
Class B		47			105			N/A			235
Class C		5,358			3,852			N/A			6,936
Class R		35			35			35			47
Class R4		144,182			69,950			75,131			313,421
Class R6		36,248			35,629			66,301			167,840
Administrator Class		57,554			98,837			104,500			374,023
Investor Class		114,756			97,697			195,344			322,675
Shareholder servicing fees
Class A		20,996			37,472			446			88,269
Class B		45			101			N/A			227
Class C		5,152			3,704			N/A			6,669
Class R		33			33			34			46
Class R4		179,846			86,620			91,886			388,505
Administrator Class		143,884			247,091			261,249			934,794
Investor Class		89,653			76,326			152,612			252,088
Distribution fees
Class B		135			301			N/A			680
Class C		15,455			11,112			N/A			20,008
Class R		33			33			34			46
Custody and accounting fees		16,050			13,327			18,954			55,463
Professional fees		16,016			15,031			15,905			15,901
Registration fees		41,830			50,047			70,142			79,640
Shareholder report expenses		15,639			12,975			18,373			34,602
Trustees’ fees and expenses		4,443			6,012			4,694			4,696
Other fees and expenses		10,355			9,405			11,292			23,094

Total expenses		2,123,602			1,950,655			2,483,367			7,139,002
Less: Fee waivers and/or expense reimbursements		(807,221	)		(645,234	)		(817,911	)		(1,677,930	)

Net expenses		1,316,381			1,305,421			1,665,456			5,461,072

Net investment income		6,818,151			6,269,944			8,638,317			25,717,661


REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on securities transaction allocated from affiliated Master Portfolios		1,225,997			1,929,446			1,422,931			5,313,968
Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolios		11,719,343			10,585,017			18,948,258			71,136,196

Net realized and unrealized gains (losses) on investments		12,945,340			12,514,463			20,371,189			76,450,164

Net increase in net assets resulting from operations	$	19,763,491		$	18,784,407		$	29,009,506		$	102,167,825


* Net of foreign interest withholding taxes allocated from affiliated Master Portfolios in the amount of		$108,788			$101,739			$181,079			$806,769
** Net of foreign dividend withholding taxes allocated from affiliated Master Portfolios in the amount of		$84,603			$91,553			$122,075			$300,944

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


Statements of operations—six months ended August 31, 2014 (unaudited)		Wells Fargo Advantage Dow Jones Target Date Funds			35


Target 2025 Fund			Target 2030 Fund			Target 2035 Fund			Target 2040 Fund			Target 2045 Fund			Target 2050 Fund			Target 2055 Fund


$	12,646,335		$	11,118,167		$	3,313,510		$	3,087,690		$	640,279		$	990,890		$	94,770
	14,140,429			21,468,831			11,490,837			20,098,762			7,359,668			13,370,343			1,271,374
	144,676			168,640			71,997			109,446			36,698			66,265			6,825
	367,806			554,226			295,486			514,879			188,392			341,669			32,295
	(1,913,132	)		(2,344,332	)		(1,071,490	)		(1,686,907	)		(583,875	)		(1,049,005	)		(100,346	)

	25,386,114			30,965,532			14,100,340			22,123,870			7,641,162			13,720,162			1,304,918



	2,671,934			3,247,661			1,570,028			2,389,444			899,917			1,544,534			158,657

	600,363			737,627			338,004			533,103			184,735			331,934			31,731
	2,424			81,716			857			146,105			364			954			284
	N/A			289			N/A			311			N/A			N/A			N/A
	N/A			5,781			N/A			6,846			N/A			416			N/A
	36			39			38			38			38			38			38
	144,180			344,913			123,653			258,681			71,807			129,886			9,776
	214,940			167,032			90,279			117,235			47,373			108,818			13,214
	180,734			348,352			120,343			228,961			65,269			107,838			4,433
	391,531			336,664			319,435			205,277			180,403			97,302			8,449

	2,331			78,573			824			140,485			350			917			273
	N/A			278			N/A			300			N/A			N/A			N/A
	N/A			5,559			N/A			6,583			N/A			400			N/A
	35			37			36			37			37			37			37
	177,651			427,428			151,812			320,864			88,372			161,707			12,220
	451,834			870,880			300,859			572,402			163,173			269,596			10,869
	305,883			263,019			249,558			160,372			140,940			76,017			6,601

	N/A			834			N/A			899			N/A			N/A			N/A
	N/A			16,676			N/A			19,749			N/A			1,201			N/A
	35			37			36			37			37			37			37
	45,501			55,866			25,493			40,449			14,529			25,934			2,843
	16,044			16,014			15,566			15,504			15,575			16,476			15,687
	82,465			83,657			60,661			78,478			48,608			66,855			41,453
	26,908			30,627			18,483			27,754			16,034			20,154			5,876
	4,696			4,696			6,414			4,441			4,469			6,414			5,756
	21,357			27,621			11,315			16,013			5,982			13,230			1,901

	5,340,882			7,151,876			3,403,694			5,290,368			1,948,012			2,980,695			330,135
	(1,458,529	)		(1,540,365	)		(760,100	)		(1,065,299	)		(485,239	)		(778,140	)		(146,566	)

	3,882,353			5,611,511			2,643,594			4,225,069			1,462,773			2,202,555			183,569

	21,503,761			25,354,021			11,456,746			17,898,801			6,178,389			11,517,607			1,121,349




	4,472,891			5,149,967			2,535,480			3,837,782			1,355,484			2,374,130			65,873

	70,185,127			101,501,654			52,087,643			89,409,213			32,331,549			59,231,983			6,098,734

	74,658,018			106,651,621			54,623,123			93,246,995			33,687,033			61,606,113			6,164,607

$	96,161,779		$	132,005,642		$	66,079,869		$	111,145,796		$	39,865,422		$	73,123,720		$	7,285,956


	$875,527			$1,328,679			$711,324			$1,243,470			$455,080			$14,045			$1,288

	$188,474			$164,288			$48,531			$44,489			$9,058			$826,310			$78,046

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


36		Wells Fargo Advantage Dow Jones Target Date Funds		Statements of changes in net assets


	Target Today Fund
	Six months ended August 31, 2014 (unaudited)					Year ended February 28, 2014

Operations
Net investment income			$	6,818,151					$	14,119,597
Net realized gains on investments				1,225,997						8,682,816
Net change in unrealized gains (losses) on investments				11,719,343						1,063,802

Net increase in net assets resulting from operations				19,763,491						23,866,215


Distributions to shareholders from
Net investment income
Class A				(65,716	)					(221,471	)
Class B				(78	)					(175	)
Class C				(8,515	)					(17,109	)
Class R				(86	)					(141	)¹
Class R4				(1,603,294	)					(5,817,304	)
Class R6²				(1,100,688	)					(4,363,729	)
Administrator Class				(463,087	)					(1,652,726	)
Investor Class				(259,626	)					(1,019,076	)
Net realized gains
Class A				0						(235,169	)
Class B				0						(836	)
Class C				0						(55,391	)
Class R				0						(339	)¹
Class R4				0						(4,756,127	)
Class R6²				0						(3,049,103	)
Administrator Class				0						(1,508,581	)
Investor Class				0						(956,544	)

Total distributions to shareholders				(3,501,090	)					(23,653,821	)


Capital share transactions		Shares					Shares
Proceeds from shares sold
Class A		57,961		635,362			65,901			708,822
Class B		0		0			1,199			13,415
Class C		10,516		117,748			42,423			469,925
Class R		0		0			2,365	¹		25,000	¹
Class R4		2,649,897		29,610,503			40,044,322			443,504,825
Class R6²		4,390,089		48,934,435			9,419,589			103,495,757
Administrator Class		961,916		10,716,830			2,977,611			32,656,347
Investor Class		866,290		9,599,723			1,345,823			14,802,612

				99,614,601						595,676,703

Reinvestment of distributions
Class A		5,925		63,807			41,970			445,973
Class B		7		78			91			1,011
Class C		719		7,933			6,430			70,009
Class R		8		86			45	¹		480	¹
Class R4		145,153		1,598,130			971,366			10,544,661
Class R6²		100,136		1,100,495			684,137			7,411,486
Administrator Class		42,067		461,901			291,198			3,153,750
Investor Class		23,610		259,006			182,457			1,971,286

				3,491,436						23,598,656

Please see footnotes on page 37.

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


Statements of changes in net assets		Wells Fargo Advantage Dow Jones Target Date Funds			37


	Target Today Fund
	Six months ended August 31, 2014 (unaudited)						Year ended February 28, 2014

Capital share transactions (continued)		Shares						Shares
Payment for shares redeemed
Class A		(182,193	)	$	(1,984,778	)		(326,131	)	$	(3,497,069	)
Class B		(1,935	)		(21,891	)		(6,375	)		(71,529	)
Class C		(55,932	)		(626,878	)		(109,050	)		(1,198,485	)
Class R4		(4,717,174	)		(52,743,523	)		(8,208,872	)		(89,929,968	)
Class R6²		(3,445,577	)		(38,395,751	)		(49,652,297	)		(549,066,240	)
Administrator Class		(1,533,027	)		(17,070,316	)		(5,359,301	)		(58,759,727	)
Investor Class		(1,202,485	)		(13,340,886	)		(4,694,452	)		(51,323,539	)

					(124,184,023	)					(753,846,557	)

Net decrease in net assets resulting from capital share transactions					(21,077,986	)					(134,571,198	)

Total decrease in net assets					(4,815,585	)					(134,358,804	)


Net assets
Beginning of period					812,602,077						946,960,881

End of period				$	807,786,492					$	812,602,077

Undistributed net investment income				$	4,436,122					$	1,119,061

1.	For the period from June 28, 2013 (commencement of class operations) to February 28, 2014

2.	On June 1, 2013, Institutional Class was renamed Class R6.

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


38		Wells Fargo Advantage Dow Jones Target Date Funds		Statements of changes in net assets


	Target 2010 Fund
	Six months ended August 31, 2014 (unaudited)					Year ended February 28, 2014

Operations
Net investment income			$	6,269,944					$	13,355,509
Net realized gains on investments				1,929,446						14,076,090
Net change in unrealized gains (losses) on investments				10,585,017						3,291,595

Net increase in net assets resulting from operations				18,784,407						30,723,194


Distributions to shareholders from
Net investment income
Class A				(128,497	)					(420,087	)
Class B				(215	)					(569	)
Class C				(7,632	)					(13,585	)
Class R				(97	)					(356	)¹
Class R4				(879,221	)					(3,475,371	)
Class R6²				(1,221,365	)					(4,452,553	)
Administrator Class				(872,941	)					(3,008,539	)
Investor Class				(242,019	)					(738,857	)
Net realized gains
Class A				0						(743,622	)
Class B				0						(3,992	)
Class C				0						(65,273	)
Class R				0						(586	)¹
Class R4				0						(4,648,601	)
Class R6²				0						(5,398,326	)
Administrator Class				0						(4,635,950	)
Investor Class				0						(1,316,593	)

Total distributions to shareholders				(3,351,987	)					(28,922,860	)


Capital share transactions		Shares					Shares
Proceeds from shares sold
Class A		56,556		756,999			186,965			2,491,029
Class B		0		0			3,363			44,329
Class C		25,703		347,207			25,945			349,596
Class R		0		0			1,912	¹		25,000	¹
Class R4		1,261,005		17,067,568			18,932,424			254,451,944
Class R6²		2,273,394		30,753,748			6,718,727			90,118,259
Administrator Class		1,047,593		14,156,213			3,536,386			47,359,770
Investor Class		556,570		7,511,625			1,096,534			14,613,247

				70,593,360						409,453,174

Reinvestment of distributions
Class A		9,499		125,480			86,893			1,139,249
Class B		16		215			345			4,557
Class C		549		7,370			5,799			76,934
Class R		7		97			72	¹		942	¹
Class R4		65,615		875,301			611,034			8,094,076
Class R6²		91,537		1,220,182			743,043			9,841,864
Administrator Class		65,438		872,941			577,304			7,644,489
Investor Class		18,136		241,394			155,233			2,049,385

				3,342,980						28,851,496

Please see footnotes on page 39.

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


Statements of changes in net assets		Wells Fargo Advantage Dow Jones Target Date Funds			39


	Target 2010 Fund
	Six months ended August 31, 2014 (unaudited)						Year ended February 28, 2014

Capital share transactions (continued)		Shares						Shares
Payment for shares redeemed
Class A		(355,474	)	$	(4,754,928	)		(613,342	)	$	(8,128,647	)
Class B		(6,550	)		(88,803	)		(20,384	)		(272,691	)
Class C		(39,247	)		(533,299	)		(55,929	)		(751,971	)
Class R4		(4,230,339	)		(57,218,836	)		(5,139,968	)		(68,558,326	)
Class R6²		(3,210,416	)		(43,384,725	)		(25,658,126	)		(344,966,121	)
Administrator Class		(2,061,129	)		(27,918,402	)		(7,120,077	)		(95,456,027	)
Investor Class		(601,238	)		(8,123,033	)		(1,541,753	)		(20,603,446	)

					(142,022,026	)					(538,737,229	)

Net decrease in net assets resulting from capital share transactions					(68,085,686	)					(100,432,559	)

Total decrease in net assets					(52,653,266	)					(98,632,225	)


Net assets
Beginning of period					738,314,425						836,946,650

End of period				$	685,661,159					$	738,314,425

Undistributed net investment income				$	3,809,576					$	891,619

1.	For the period from June 28, 2013 (commencement of class operations) to February 28, 2014

2.	On June 1, 2013, Institutional Class was renamed Class R6.

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


40		Wells Fargo Advantage Dow Jones Target Date Funds		Statements of changes in net assets


	Target 2015 Fund
	Six months ended August 31, 2014 (unaudited)						Year ended February 28, 2014

Operations
Net investment income				$	8,638,317					$	16,643,519
Net realized gains on investments					1,422,931						11,759,028
Net change in unrealized gains (losses) on investments					18,948,258						26,231,734

Net increase in net assets resulting from operations					29,009,506						54,634,281


Distributions to shareholders from
Net investment income
Class A					(2,389	)					(1,472	)
Class R					(151	)					(121	)¹
Class R4					(1,593,745	)					(1,872,389	)
Class R6²					(4,011,515	)					(8,668,426	)
Administrator Class					(1,558,546	)					(2,619,376	)
Investor Class					(795,065	)					(1,915,991	)
Net realized gains
Class A					0						(3,136	)
Class R					0						(403	)¹
Class R4					0						(2,830,275	)
Class R6²					0						(6,755,256	)
Administrator Class					0						(2,930,526	)
Investor Class					0						(1,886,766	)

Total distributions to shareholders					(7,961,411	)					(29,484,137	)


Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		35,949			379,967			30,534			310,034
Class R		0			0			2,480	¹		25,000	¹
Class R4		2,276,414			23,825,453			22,186,745			226,451,576
Class R6²		5,452,424			56,940,033			13,146,464			133,987,804
Administrator Class		1,640,442			17,317,042			5,756,165			59,448,415
Investor Class		2,517,743			26,555,754			4,076,014			42,086,072

					125,018,249						462,308,901

Reinvestment of distributions
Class A		213			2,201			455			4,608
Class R		14			151			51	¹		523	¹
Class R4		149,203			1,548,045			451,357			4,565,772
Class R6²		386,732			4,007,502			1,522,530			15,372,352
Administrator Class		148,431			1,557,231			542,194			5,544,864
Investor Class		75,738			791,199			371,511			3,796,948

					7,906,329						29,285,067

Payment for shares redeemed
Class A		(5,300	)		(55,794	)		(2	)		(20	)
Class R4		(3,413,236	)		(35,813,572	)		(4,722,416	)		(47,893,656	)
Class R6²		(5,908,463	)		(61,707,899	)		(33,194,972	)		(338,474,671	)
Administrator Class		(2,531,883	)		(26,738,505	)		(5,102,619	)		(52,590,045	)
Investor Class		(2,997,467	)		(31,661,213	)		(12,383,089	)		(127,689,010	)

					(155,976,983	)					(566,647,402	)

Net decrease in net assets resulting from capital share transactions					(23,052,405	)					(75,053,434	)

Total decrease in net assets					(2,004,310	)					(49,903,290	)


Net assets
Beginning of period					961,386,463						1,011,289,753

End of period				$	959,382,153					$	961,386,463

Undistributed net investment income				$	3,023,871					$	2,346,965

1.	For the period from June 28, 2013 (commencement of class operations) to February 28, 2014

2.	On June 1, 2013, Institutional Class was renamed Class R6.

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


Statements of changes in net assets		Wells Fargo Advantage Dow Jones Target Date Funds			41


	Target 2020 Fund
	Six months ended August 31, 2014 (unaudited)					Year ended February 28, 2014

Operations
Net investment income			$	25,717,661					$	45,018,203
Net realized gains on investments				5,313,968						62,921,001
Net change in unrealized gains (losses) on investments				71,136,196						116,854,570

Net increase in net assets resulting from operations				102,167,825						224,793,774


Distributions to shareholders from
Net investment income
Class A				(349,081	)					(848,095	)
Class B				(128	)					0
Class C				(10,656	)					(26,330	)
Class R				(206	)					(328	)¹
Class R4				(5,409,965	)					(11,995,972	)
Class R6²				(8,562,426	)					(16,490,821	)
Administrator Class				(4,483,650	)					(8,943,484	)
Investor Class				(1,045,249	)					(2,097,428	)
Net realized gains
Class A				0						(1,931,750	)
Class B				0						(7,082	)
Class C				0						(136,823	)
Class R				0						(673	)¹
Class R4				0						(19,990,722	)
Class R6²				0						(25,396,743	)
Administrator Class				0						(17,581,975	)
Investor Class				0						(4,694,484	)

Total distributions to shareholders				(19,861,361	)					(110,142,710	)


Capital share transactions		Shares					Shares
Proceeds from shares sold
Class A		216,890		3,305,174			381,332			5,665,364
Class B		1,217		18,882			7,689			115,370
Class C		60,865		921,933			95,488			1,408,791
Class R		872		13,211			1,727	¹		25,000	¹
Class R4		6,846,734		106,582,128			61,845,368			933,243,115
Class R6²		10,812,853		168,113,113			25,893,661			390,548,771
Administrator Class		3,647,861		56,490,668			11,485,723			173,180,938
Investor Class		2,087,499		32,311,747			3,325,177			50,141,197

				367,756,856						1,554,328,546

Reinvestment of distributions
Class A		21,941		337,897			182,740			2,705,853
Class B		8		128			482			7,082
Class C		648		9,943			10,470			153,948
Class R		13		206			68	¹		1,001	¹
Class R4		340,408		5,330,786			2,096,194			31,585,843
Class R6²		546,647		8,555,032			2,777,511			41,847,708
Administrator Class		287,017		4,483,209			1,765,757			26,520,064
Investor Class		66,877		1,043,286			452,006			6,779,910

				19,760,487						109,601,409

Please see footnotes on page 42.

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


42		Wells Fargo Advantage Dow Jones Target Date Funds		Statements of changes in net assets


	Target 2020 Fund
	Six months ended August 31, 2014 (unaudited)						Year ended February 28, 2014

Capital share transactions (continued)		Shares						Shares
Payment for shares redeemed
Class A		(850,511	)	$	(12,935,370	)		(695,637	)	$	(10,358,666	)
Class B		(6,085	)		(92,470	)		(33,856	)		(496,951	)
Class C		(46,407	)		(702,359	)		(72,151	)		(1,067,554	)
Class R4		(9,835,371	)		(152,942,206	)		(13,361,264	)		(202,124,932	)
Class R6²		(6,954,275	)		(108,115,861	)		(68,157,904	)		(1,028,360,308	)
Administrator Class		(5,029,648	)		(77,950,931	)		(11,344,715	)		(171,003,496	)
Investor Class		(1,501,927	)		(23,270,484	)		(2,988,908	)		(45,095,889	)

					(376,009,681	)					(1,458,507,796	)

Net increase in net assets resulting from capital share transactions					11,507,662						205,422,159

Total increase in net assets					93,814,126						320,073,223


Net assets
Beginning of period					2,890,061,653						2,569,988,430

End of period				$	2,983,875,779					$	2,890,061,653

Undistributed net investment income				$	8,182,335					$	2,326,035

1.	For the period from June 28, 2013 (commencement of class operations) to February 28, 2014

2.	On June 1, 2013, Institutional Class was renamed Class R6.

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


Statements of changes in net assets		Wells Fargo Advantage Dow Jones Target Date Funds			43


	Target 2025 Fund
	Six months ended August 31, 2014 (unaudited)						Year ended February 28, 2014

Operations
Net investment income				$	21,503,761					$	37,642,278
Net realized gains on investments					4,472,891						64,593,224
Net change in unrealized gains (losses) on investments					70,185,127						141,573,121

Net increase in net assets resulting from operations					96,161,779						243,808,623


Distributions to shareholders from
Net investment income
Class A					(9,825	)					(7,226	)
Class R					(112	)					(151	)¹
Class R4					(2,488,250	)					(3,928,874	)
Class R6²					(10,729,559	)					(24,006,569	)
Administrator Class					(2,124,499	)					(4,044,987	)
Investor Class					(1,224,327	)					(3,423,839	)
Net realized gains
Class A					0						(25,245	)
Class R					0						(829	)¹
Class R4					0						(10,223,463	)
Class R6²					0						(42,604,116	)
Administrator Class					0						(9,739,683	)
Investor Class					0						(7,057,112	)

Total distributions to shareholders					(16,576,572	)					(105,062,094	)


Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		126,414			1,350,650			113,377			1,171,607
Class R		0			0			2,513	¹		25,000	¹
Class R4		6,003,049			64,292,857			39,680,782			407,782,676
Class R6²		11,717,715			125,232,833			25,675,029			263,320,679
Administrator Class		2,866,359			30,687,305			9,015,723			92,999,031
Investor Class		5,210,971			55,451,689			9,032,104			92,517,461

					277,015,334						857,816,454

Reinvestment of distributions
Class A		816			8,679			3,181			32,471
Class R		10			112			95	¹		980	¹
Class R4		223,510			2,379,351			1,324,321			13,531,626
Class R6²		1,008,160			10,720,068			6,525,712			66,498,781
Administrator Class		199,167			2,124,499			1,347,162			13,784,670
Investor Class		114,799			1,223,068			1,028,723			10,474,958

					16,455,777						104,323,486

Payment for shares redeemed
Class A		(17,432	)		(185,983	)		(1,900	)		(19,969	)
Class R4		(7,024,109	)		(75,414,945	)		(7,954,405	)		(81,226,361	)
Class R6²		(11,583,064	)		(123,561,513	)		(57,249,274	)		(588,311,107	)
Administrator Class		(2,064,516	)		(22,041,258	)		(4,161,001	)		(42,888,028	)
Investor Class		(4,943,860	)		(52,724,174	)		(25,548,837	)		(263,230,570	)

					(273,927,873	)					(975,676,035	)

Net increase (decrease) in net assets resulting from capital share transactions					19,543,238						(13,536,095	)

Total increase in net assets					99,128,445						125,210,434


Net assets
Beginning of period					2,355,587,830						2,230,377,396

End of period				$	2,454,716,275					$	2,355,587,830

Undistributed net investment income				$	6,107,842					$	1,180,653

1.	For the period from June 28, 2013 (commencement of class operations) to February 28, 2014

2.	On June 1, 2013, Institutional Class was renamed Class R6.

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


44		Wells Fargo Advantage Dow Jones Target Date Funds		Statements of changes in net assets


	Target 2030 Fund
	Six months ended August 31, 2014 (unaudited)					Year ended February 28, 2014

Operations
Net investment income			$	25,354,021					$	40,255,984
Net realized gains on investments				5,149,967						83,191,358
Net change in unrealized gains (losses) on investments				101,501,654						213,867,560

Net increase in net assets resulting from operations				132,005,642						337,314,902


Distributions to shareholders from
Net investment income
Class A				(298,099	)					(753,808	)
Class B				(33	)					(1,322	)
Class C				(9,728	)					(18,981	)
Class R				(128	)					(145	)¹
Class R4				(5,759,665	)					(10,506,452	)
Class R6²				(8,181,982	)					(17,254,545	)
Administrator Class				(3,971,208	)					(8,239,275	)
Investor Class				(1,025,263	)					(2,107,127	)
Net realized gains
Class A				0						(2,145,006	)
Class B				0						(9,608	)
Class C				0						(127,152	)
Class R				0						(883	)¹
Class R4				0						(26,616,234	)
Class R6²				0						(31,425,726	)
Administrator Class				0						(20,595,520	)
Investor Class				0						(6,080,463	)

Total distributions to shareholders				(19,246,106	)					(125,882,247	)


Capital share transactions		Shares					Shares
Proceeds from shares sold
Class A		165,349		2,773,480			331,644			5,341,788
Class B		1,388		22,742			2,188			34,029
Class C		38,028		622,768			67,915			1,062,508
Class R		335		5,691			1,624	¹		25,000	¹
Class R4		7,752,625		132,225,713			59,309,204			957,805,590
Class R6²		10,279,602		174,832,661			25,555,483			412,411,956
Administrator Class		3,840,364		65,307,861			10,722,176			173,822,315
Investor Class		1,847,978		31,337,547			3,592,266			58,138,567

				407,128,463						1,608,641,753

Reinvestment of distributions
Class A		16,706		284,168			175,867			2,802,729
Class B		2		33			690			10,837
Class C		568		9,461			9,165			143,233
Class R		8		128			64	¹		1,028	¹
Class R4		327,252		5,638,560			2,254,868			36,426,981
Class R6²		473,826		8,154,546			3,009,497			48,437,168
Administrator Class		230,606		3,971,037			1,786,991			28,833,518
Investor Class		59,614		1,024,173			507,909			8,173,431

				19,082,106						124,828,925

Please see footnotes on page 45.

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


Statements of changes in net assets		Wells Fargo Advantage Dow Jones Target Date Funds			45


	Target 2030 Fund
	Six months ended August 31, 2014 (unaudited)						Year ended February 28, 2014

Capital share transactions (continued)		Shares						Shares
Payment for shares redeemed
Class A		(547,400	)	$	(9,148,073	)		(531,200	)	$	(8,566,705	)
Class B		(8,930	)		(147,487	)		(15,867	)		(246,816	)
Class C		(24,263	)		(402,628	)		(56,044	)		(890,332	)
Class R4		(7,880,152	)		(134,248,445	)		(12,270,195	)		(199,466,650	)
Class R6²		(5,857,216	)		(99,698,838	)		(61,584,877	)		(992,955,497	)
Administrator Class		(4,136,290	)		(70,435,089	)		(8,724,794	)		(141,601,556	)
Investor Class		(1,361,445	)		(23,157,281	)		(2,344,121	)		(37,966,958	)

					(337,237,841	)					(1,381,694,514	)

Net increase in net assets resulting from capital share transactions					88,972,728						351,776,164

Total increase in net assets					201,732,264						563,208,819


Net assets
Beginning of period					2,857,011,010						2,293,802,191

End of period				$	3,058,743,274					$	2,857,011,010

Undistributed net investment income				$	6,941,432					$	833,517

1.	For the period from June 28, 2013 (commencement of class operations) to February 28, 2014

2.	On June 1, 2013, Institutional Class was renamed Class R6.

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


46		Wells Fargo Advantage Dow Jones Target Date Funds		Statements of changes in net assets


	Target 2035 Fund
	Six months ended August 31, 2014 (unaudited)						Year ended February 28, 2014

Operations
Net investment income				$	11,456,746					$	18,232,663
Net realized gains on investments					2,535,480						40,792,425
Net change in unrealized gains (losses) on investments					52,087,643						123,107,143

Net increase in net assets resulting from operations					66,079,869						182,132,231


Distributions to shareholders from
Net investment income
Class A					(3,414	)					(1,313	)
Class R					(110	)					(146	)¹
Class R4					(2,052,057	)					(3,045,599	)
Class R6²					(4,336,265	)					(9,292,853	)
Administrator Class					(1,348,942	)					(2,618,775	)
Investor Class					(933,329	)					(2,752,692	)
Net realized gains
Class A					0						(8,537	)
Class R					0						(961	)¹
Class R4					0						(9,598,764	)
Class R6²					0						(18,937,078	)
Administrator Class					0						(7,463,212	)
Investor Class					0						(6,459,798	)

Total distributions to shareholders					(8,674,117	)					(60,179,728	)


Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		53,027			598,055			50,687			543,909
Class R		0			0			2,460	¹		25,000	¹
Class R4		5,063,301			56,666,560			30,965,261			326,263,128
Class R6²		8,608,577			96,077,760			18,746,064			197,025,603
Administrator Class		2,106,695			23,529,167			6,528,515			69,163,434
Investor Class		3,804,909			42,476,492			6,621,217			69,840,903

					219,348,034						662,861,977

Reinvestment of distributions
Class A		305			3,414			931			9,850
Class R		10			110			104	¹		1,107	¹
Class R4		173,905			1,944,221			1,134,557			11,975,355
Class R6²		384,657			4,296,459			2,655,958			27,917,096
Administrator Class		120,273			1,348,942			953,950			10,081,987
Investor Class		82,508			929,784			871,772			9,194,844

					8,522,930						59,180,239

Payment for shares redeemed
Class A		(7,176	)		(78,398	)		(7,392	)		(78,342	)
Class R4		(5,192,354	)		(58,366,456	)		(5,302,659	)		(55,733,386	)
Class R6²		(6,054,576	)		(67,657,236	)		(34,578,765	)		(364,266,333	)
Administrator Class		(1,894,106	)		(21,127,390	)		(3,380,366	)		(35,699,097	)
Investor Class		(3,960,999	)		(44,503,147	)		(20,902,940	)		(222,879,942	)

					(191,732,627	)					(678,657,100	)

Net increase in net assets resulting from capital share transactions					36,138,337						43,385,116

Total increase in net assets					93,544,089						165,337,619


Net assets
Beginning of period					1,298,589,538						1,133,251,919

End of period				$	1,392,133,627					$	1,298,589,538

Undistributed net investment income				$	3,075,709					$	293,080

1.	For the period from June 28, 2013 (commencement of class operations) to February 28, 2014

2.	On June 1, 2013, Institutional Class was renamed Class R6.

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


Statements of changes in net assets		Wells Fargo Advantage Dow Jones Target Date Funds			47


	Target 2040 Fund
	Six months ended August 31, 2014 (unaudited)					Year ended February 28, 2014

Operations
Net investment income			$	17,898,801					$	26,808,352
Net realized gains on investments				3,837,782						70,738,587
Net change in unrealized gains (losses) on investments				89,409,213						202,146,445

Net increase in net assets resulting from operations				111,145,796						299,693,384


Distributions to shareholders from
Net investment income
Class A				(535,965	)					(1,249,141	)
Class B				(41	)					(1,369	)
Class C				(12,701	)					(22,264	)
Class R				(115	)					(145	)¹
Class R4				(4,166,930	)					(8,687,334	)
Class R6²				(5,586,703	)					(10,187,015	)
Administrator Class				(2,533,318	)					(5,232,524	)
Investor Class				(608,444	)					(1,165,069	)
Net realized gains
Class A				0						(4,314,692	)
Class B				0						(17,629	)
Class C				0						(182,291	)
Class R				0						(1,058	)¹
Class R4				0						(23,015,224	)
Class R6²				0						(25,143,406	)
Administrator Class				0						(16,072,193	)
Investor Class				0						(4,180,142	)

Total distributions to shareholders				(13,444,217	)					(99,471,496	)


Capital share transactions		Shares					Shares
Proceeds from shares sold
Class A		106,564		2,031,505			314,725			5,707,950
Class B		2,234		40,962			4,478			77,549
Class C		51,856		931,786			73,135			1,251,963
Class R		0		0			1,454	¹		25,000	¹
Class R4		5,266,556		103,021,495			37,995,130			694,786,592
Class R6²		7,635,611		149,163,050			17,335,713			317,174,208
Administrator Class		2,722,994		53,085,694			6,918,087			126,930,235
Investor Class		1,244,949		24,143,864			2,255,008			41,425,696

				332,418,356						1,187,379,193

Reinvestment of distributions
Class A		26,908		523,362			303,660			5,465,678
Class B		2		39			1,068			18,474
Class C		670		12,313			11,548			196,937
Class R		7		115			66	¹		1,203	¹
Class R4		202,474		4,015,072			1,669,778			30,608,589
Class R6²		280,788		5,565,211			1,919,410			35,170,537
Administrator Class		127,939		2,533,189			1,162,659			21,303,576
Investor Class		30,713		607,178			292,062			5,342,839

				13,256,479						98,107,833

Please see footnotes on page 48.

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


48		Wells Fargo Advantage Dow Jones Target Date Funds		Statements of changes in net assets


	Target 2040 Fund
	Six months ended August 31, 2014 (unaudited)						Year ended February 28, 2014

Capital share transactions (continued)		Shares						Shares
Payment for shares redeemed
Class A		(483,739	)	$	(9,213,553	)		(771,510	)	$	(13,994,022	)
Class B		(10,988	)		(200,406	)		(32,641	)		(554,904	)
Class C		(18,637	)		(338,280	)		(67,116	)		(1,130,102	)
Class R4		(5,147,501	)		(100,605,717	)		(7,505,844	)		(139,005,076	)
Class R6²		(4,298,137	)		(84,046,765	)		(39,273,128	)		(717,215,596	)
Administrator Class		(3,037,462	)		(59,295,809	)		(5,520,196	)		(101,231,819	)
Investor Class		(825,771	)		(16,129,593	)		(1,359,490	)		(24,914,511	)

					(269,830,123	)					(998,046,030	)

Net increase in net assets resulting from capital share transactions					75,844,712						287,440,996

Total increase in net assets					173,546,291						487,662,884


Net assets
Beginning of period					2,051,776,789						1,564,113,905

End of period				$	2,225,323,080					$	2,051,776,789

Undistributed (overdistributed) net investment income				$	4,196,989					$	(257,595	)

1.	For the period from June 28, 2013 (commencement of class operations) to February 28, 2014

2.	On June 1, 2013, Institutional Class was renamed Class R6.

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


Statements of changes in net assets		Wells Fargo Advantage Dow Jones Target Date Funds			49


	Target 2045 Fund
	Six months ended August 31, 2014 (unaudited)						Year ended February 28, 2014

Operations
Net investment income				$	6,178,389					$	9,335,908
Net realized gains on investments					1,355,484						24,679,343
Net change in unrealized gains (losses) on investments					32,331,549						77,537,929

Net increase in net assets resulting from operations					39,865,422						111,553,180


Distributions to shareholders from
Net investment income
Class A					(1,430	)					(610	)
Class R					(114	)					(145	)¹
Class R4					(1,166,597	)					(1,885,715	)
Class R6²					(2,244,047	)					(4,464,186	)
Administrator Class					(719,606	)					(1,344,736	)
Investor Class					(511,836	)					(1,619,215	)
Net realized gains
Class A					0						(3,345	)
Class R					0						(1,074	)¹
Class R4					0						(6,285,965	)
Class R6²					0						(10,492,142	)
Administrator Class					0						(4,267,535	)
Investor Class					0						(4,047,659	)

Total distributions to shareholders					(4,643,630	)					(34,412,327	)


Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		31,201			363,305			13,113			146,324
Class R		0			0			2,392	¹		25,000	¹
Class R4		3,179,694			37,014,110			17,678,020			191,966,356
Class R6²		6,300,850			73,135,525			12,559,086			136,282,053
Administrator Class		1,379,838			16,085,271			3,813,799			41,792,561
Investor Class		2,372,360			27,633,780			5,025,015			54,655,093

					154,231,991						424,867,387

Reinvestment of distributions
Class A		122			1,430			361			3,955
Class R		10			114			110	¹		1,219	¹
Class R4		95,378			1,112,956			716,178			7,822,173
Class R6²		192,585			2,242,768			1,375,388			14,935,305
Administrator Class		61,313			719,606			512,517			5,612,271
Investor Class		43,413			511,762			519,969			5,665,832

					4,588,636						34,040,755

Payment for shares redeemed
Class A		(3,607	)		(41,612	)		(139	)		(1,526	)
Class R4		(3,163,209	)		(36,845,604	)		(3,285,143	)		(35,801,148	)
Class R6²		(3,848,085	)		(44,640,049	)		(20,376,807	)		(220,646,049	)
Administrator Class		(1,057,195	)		(12,320,432	)		(1,699,798	)		(18,525,010	)
Investor Class		(2,700,938	)		(31,690,835	)		(13,323,334	)		(147,299,430	)

					(125,538,532	)					(422,273,163	)

Net increase in net assets resulting from capital share transactions					33,282,095						36,634,979

Total increase in net assets					68,503,887						113,775,832


Net assets
Beginning of period					703,237,951						589,462,119

End of period				$	771,741,838					$	703,237,951

Undistributed net investment income				$	1,639,576					$	104,817

1.	For the period from June 28, 2013 (commencement of class operations) to February 28, 2014

2.	On June 1, 2013, Institutional Class was renamed Class R6.

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


50		Wells Fargo Advantage Dow Jones Target Date Funds		Statements of changes in net assets


	Target 2050 Fund
	Six months ended August 31, 2014 (unaudited)					Year ended February 28, 2014

Operations
Net investment income			$	11,517,607					$	16,884,882
Net realized gains on investments				2,374,130						45,429,823
Net change in unrealized gains (losses) on investments				59,231,983						130,295,644

Net increase in net assets resulting from operations				73,123,720						192,610,349


Distributions to shareholders from
Net investment income
Class A				(6,091	)					(645	)
Class C				(1,231	)					(182	)
Class R				(109	)					(145	)¹
Class R4				(2,076,473	)					(3,438,176	)
Class R6²				(5,106,683	)					(10,603,275	)
Administrator Class				(1,204,195	)					(2,195,687	)
Investor Class				(281,911	)					(552,152	)
Net realized gains
Class A				0						(3,757	)
Class C				0						(1,770	)
Class R				0						(1,096	)¹
Class R4				0						(11,544,946	)
Class R6²				0						(25,762,292	)
Administrator Class				0						(7,268,750	)
Investor Class				0						(2,117,703	)

Total distributions to shareholders				(8,676,693	)					(63,490,576	)


Capital share transactions		Shares					Shares
Proceeds from shares sold
Class A		104,925		1,167,610			17,874			191,063
Class C		26,063		287,617			13,605			144,627
Class R		0		0			2,523	¹		25,000	¹
Class R4		6,328,361		70,396,647			32,693,178			338,904,173
Class R6²		10,001,026		111,161,503			21,384,126			221,409,343
Administrator Class		3,820,486		42,347,491			7,841,666			81,546,121
Investor Class		883,377		9,795,320			2,115,731			22,005,330

				235,156,188						664,225,657

Reinvestment of distributions
Class A		535		6,027			421			4,402
Class C		104		1,154			187			1,952
Class R		10		109			118	¹		1,241	¹
Class R4		175,850		1,985,347			1,378,903			14,387,975
Class R6²		452,509		5,104,300			3,497,414			36,326,764
Administrator Class		106,944		1,204,195			910,558			9,463,169
Investor Class		24,932		281,487			255,875			2,667,544

				8,582,619						62,853,047

Please see footnotes on page 51.

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


Statements of changes in net assets		Wells Fargo Advantage Dow Jones Target Date Funds			51


	Target 2050 Fund
	Six months ended August 31, 2014 (unaudited)						Year ended February 28, 2014

Capital share transactions (continued)		Shares						Shares
Payment for shares redeemed
Class A		(9,387	)	$	(103,353	)		(233	)	$	(2,450	)
Class C		(1,212	)		(13,688	)		(637	)		(6,913	)
Class R4		(4,653,091	)		(51,956,174	)		(6,691,551	)		(70,531,191	)
Class R6²		(7,199,457	)		(80,075,174	)		(39,102,784	)		(403,743,930	)
Administrator Class		(2,426,869	)		(26,984,000	)		(4,791,764	)		(49,741,513	)
Investor Class		(779,067	)		(8,667,539	)		(1,052,072	)		(10,997,257	)

					(167,799,928	)					(535,023,254	)

Net increase in net assets resulting from capital share transactions					75,938,879						192,055,450

Total increase in net assets					140,385,906						321,175,223


Net assets
Beginning of period					1,262,229,867						941,054,644

End of period				$	1,402,615,773					$	1,262,229,867

Undistributed (overdistributed) net investment income				$	2,735,909					$	(105,005	)

1.	For the period from June 28, 2013 (commencement of class operations) to February 28, 2014

2.	On June 1, 2013, Institutional Class was renamed Class R6.

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


52		Wells Fargo Advantage Dow Jones Target Date Funds		Statements of changes in net assets


	Target 2055 Fund
	Six months ended August 31, 2014 (unaudited)						Year ended February 28, 2014

Operations
Net investment income				$	1,121,349					$	1,176,544
Net realized gains on investments					65,873						1,588,573
Net change in unrealized gains (losses) on investments					6,098,734						10,516,963

Net increase in net assets resulting from operations					7,285,956						13,282,080


Distributions to shareholders from
Net investment income
Class A					(1,307	)					(286	)
Class R					(110	)					(138	)¹
Class R4					(153,431	)					(186,529	)
Class R6²					(598,166	)					(811,744	)
Administrator Class					(47,045	)					(77,457	)
Investor Class					(24,195	)					(26,900	)
Net realized gains
Class A					0						(480	)
Class R					0						(349	)¹
Class R4					0						(235,580	)
Class R6²					0						(766,930	)
Administrator Class					0						(90,033	)
Investor Class					0						(42,050	)

Total distributions to shareholders					(824,254	)					(2,238,476	)


Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		26,735			342,656			4,048			49,156
Class R		0			0			2,270	¹		25,000	¹
Class R4		856,183			10,979,126			2,171,972			25,571,996
Class R6²		3,237,810			41,415,852			6,059,606			70,856,116
Administrator Class		287,620			3,687,718			487,291			5,753,225
Investor Class		248,594			3,155,745			297,719			3,493,119

					59,581,097						105,748,612

Reinvestment of distributions
Class A		100			1,295			64			766
Class R		9			110			41	¹		487	¹
Class R4		11,010			142,060			33,678			401,965
Class R6²		46,486			598,166			133,432			1,578,247
Administrator Class		3,651			47,045			14,139			167,490
Investor Class		1,888			24,167			5,830			68,854

					812,843						2,217,809

Payment for shares redeemed
Class A		(2,057	)		(26,610	)		(146	)		(1,765	)
Class R4		(411,641	)		(5,316,518	)		(581,266	)		(7,002,425	)
Class R6²		(1,543,355	)		(19,752,292	)		(3,635,426	)		(42,481,310	)
Administrator Class		(196,781	)		(2,520,476	)		(266,045	)		(3,151,208	)
Investor Class		(117,334	)		(1,510,502	)		(89,744	)		(1,053,130	)

					(29,126,398	)					(53,689,838	)

Net increase in net assets resulting from capital share transactions					31,267,542						54,276,583

Total increase in net assets					37,729,244						65,320,187


Net assets
Beginning of period					107,705,447						42,385,260

End of period				$	145,434,691					$	107,705,447

Undistributed net investment income				$	390,221					$	93,126

1.	For the period from June 28, 2013 (commencement of class operations) to February 28, 2014

2.	On June 1, 2013, Institutional Class was renamed Class R6.

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

This page is intentionally left blank.


54		Wells Fargo Advantage Dow Jones Target Date Funds		Financial highlights


Target Today Fund	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			Ending net asset value per share
Class A
Six months ended August 31, 2014 (unaudited)	$	10.85		0.07	⁴			0.18			(0.04	)		0.00		$	11.06
Year ended February 28, 2014	$	10.84		0.15				0.13			(0.13	)		(0.14	)	$	10.85
Year ended February 28, 2013	$	10.86		0.15	⁴			0.08			(0.17	)		(0.08	)	$	10.84
Year ended February 29, 2012	$	10.56		0.18	⁴			0.39			(0.22	)		(0.05	)	$	10.86
Year ended February 28, 2011	$	10.04		0.18	⁴			0.57			(0.23	)		0.00		$	10.56
Year ended February 28, 2010	$	8.86		0.22	⁴			1.20			(0.24	)		0.00		$	10.04
Class B
Six months ended August 31, 2014 (unaudited)	$	11.30		0.03	⁴			0.19			(0.02	)		0.00		$	11.50
Year ended February 28, 2014	$	11.26		0.07	⁴			0.14			(0.03	)		(0.14	)	$	11.30
Year ended February 28, 2013	$	11.22		0.07	⁴			0.08			(0.03	)		(0.08	)	$	11.26
Year ended February 29, 2012	$	10.87		0.10	⁴			0.41			(0.11	)		(0.05	)	$	11.22
Year ended February 28, 2011	$	10.31		0.11	⁴			0.58			(0.13	)		0.00		$	10.87
Year ended February 28, 2010	$	9.08		0.16	⁴			1.22			(0.15	)		0.00		$	10.31
Class C
Six months ended August 31, 2014 (unaudited)	$	11.11		0.03	⁴			0.18			(0.02	)		0.00		$	11.30
Year ended February 28, 2014	$	11.09		0.06	⁴			0.14			(0.04	)		(0.14	)	$	11.11
Year ended February 28, 2013	$	11.11		0.07				0.08			(0.09	)		(0.08	)	$	11.09
Year ended February 29, 2012	$	10.78		0.10	⁴			0.41			(0.13	)		(0.05	)	$	11.11
Year ended February 28, 2011	$	10.25		0.11	⁴			0.57			(0.15	)		0.00		$	10.78
Year ended February 28, 2010	$	9.04		0.15	⁴			1.23			(0.17	)		0.00		$	10.25
Class R
Six months ended August 31, 2014 (unaudited)	$	10.85		0.06				0.18			(0.04	)		0.00		$	11.05
Year ended February 28, 2014⁵	$	10.57		0.07				0.41			(0.06	)		(0.14	)	$	10.85
Class R4
Six months ended August 31, 2014 (unaudited)	$	11.10		0.09				0.18			(0.05	)		0.00		$	11.32
Year ended February 28, 2014	$	11.08		0.18	⁴			0.15			(0.17	)		(0.14	)	$	11.10
Year ended February 28, 2013⁶	$	11.24		0.05	⁴			(0.06	)		(0.07	)		(0.08	)	$	11.08
Class R6⁷
Six months ended August 31, 2014 (unaudited)	$	11.08		0.10				0.18			(0.05	)		0.00		$	11.31
Year ended February 28, 2014	$	11.07		0.20	⁴			0.14			(0.19	)		(0.14	)	$	11.08
Year ended February 28, 2013	$	11.09		0.21				0.08			(0.23	)		(0.08	)	$	11.07
Year ended February 29, 2012	$	10.77		0.24				0.40			(0.27	)		(0.05	)	$	11.09
Year ended February 28, 2011	$	10.24		0.24	⁴			0.58			(0.29	)		0.00		$	10.77
Year ended February 28, 2010	$	9.03		0.27	⁴			1.22			(0.28	)		0.00		$	10.24
Administrator Class						��
Six months ended August 31, 2014 (unaudited)	$	11.07		0.08	⁴			0.18			(0.04	)		0.00		$	11.29
Year ended February 28, 2014	$	11.05		0.16				0.14			(0.14	)		(0.14	)	$	11.07
Year ended February 28, 2013	$	11.07		0.17				0.08			(0.19	)		(0.08	)	$	11.05
Year ended February 29, 2012	$	10.75		0.20				0.40			(0.23	)		(0.05	)	$	11.07
Year ended February 28, 2011	$	10.19		0.20	⁴			0.58			(0.22	)		0.00		$	10.75
Year ended February 28, 2010	$	9.03		0.25	⁴			1.21			(0.30	)		0.00		$	10.19
Investor Class
Six months ended August 31, 2014 (unaudited)	$	11.05		0.07				0.18			(0.04	)		0.00		$	11.26
Year ended February 28, 2014	$	11.04		0.14				0.14			(0.13	)		(0.14	)	$	11.05
Year ended February 28, 2013	$	11.05		0.16				0.09			(0.18	)		(0.08	)	$	11.04
Year ended February 29, 2012	$	10.74		0.19				0.40			(0.23	)		(0.05	)	$	11.05
Year ended February 28, 2011	$	10.21		0.20	⁴			0.58			(0.25	)		0.00		$	10.74
Year ended February 28, 2010	$	9.01		0.24	⁴			1.22			(0.26	)		0.00		$	10.21

1.	Includes net expenses allocated from 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 period from June 28, 2013 (commencement of class operations) to February 28, 2014

6.	For the period from November 30, 2012 (commencement of class operations) to February 28, 2013

7.	On June 1, 2013, Institutional Class was renamed Class R6.

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


Financial highlights		Wells Fargo Advantage Dow Jones Target Date Funds			55


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			Total return²			Portfolio turnover rate³			Net assets at end of period (000s omitted)

	1.36	%		0.99	%		0.81	%		2.32	%		18	%	$	16,493
	1.29	%		1.01	%		0.85	%		2.67	%		40	%	$	17,467
	1.39	%		1.08	%		0.96	%		2.15	%		39	%	$	19,815
	1.69	%		1.08	%		0.96	%		5.47	%		46	%	$	21,822
	1.82	%		1.10	%		0.97	%		7.56	%		51	%	$	22,862
	2.29	%		1.24	%		1.13	%		16.13	%		91	%	$	22,145

	0.60	%		1.71	%		1.56	%		1.94	%		18	%	$	29
	0.62	%		1.76	%		1.61	%		1.90	%		40	%	$	51
	0.66	%		1.82	%		1.71	%		1.39	%		39	%	$	108
	0.97	%		1.82	%		1.70	%		4.73	%		46	%	$	242
	1.08	%		1.85	%		1.72	%		6.78	%		51	%	$	865
	1.58	%		2.00	%		1.89	%		15.23	%		91	%	$	2,155

	0.60	%		1.74	%		1.56	%		1.92	%		18	%	$	3,855
	0.54	%		1.76	%		1.60	%		1.89	%		40	%	$	4,287
	0.64	%		1.83	%		1.71	%		1.36	%		39	%	$	4,945
	0.94	%		1.83	%		1.71	%		4.81	%		46	%	$	5,100
	1.07	%		1.85	%		1.72	%		6.69	%		51	%	$	5,605
	1.56	%		1.93	%		1.82	%		15.30	%		91	%	$	5,498

	1.12	%		1.28	%		1.06	%		2.18	%		18	%	$	27
	1.02	%		1.27	%		1.06	%		4.61	%		40	%	$	26

	1.72	%		0.66	%		0.45	%		2.43	%		18	%	$	352,897
	1.66	%		0.66	%		0.45	%		3.09	%		40	%	$	367,184
	2.06	%		0.75	%		0.45	%		(0.09	)%		39	%	$	3,073

	1.87	%		0.51	%		0.30	%		2.56	%		18	%	$	250,581
	1.79	%		0.57	%		0.37	%		3.23	%		40	%	$	233,894
	1.90	%		0.65	%		0.45	%		2.63	%		39	%	$	671,576
	2.20	%		0.65	%		0.45	%		6.09	%		46	%	$	700,645
	2.31	%		0.66	%		0.45	%		8.14	%		51	%	$	580,536
	2.73	%		0.72	%		0.53	%		16.67	%		91	%	$	254,513

	1.52	%		0.83	%		0.65	%		2.40	%		18	%	$	113,193
	1.45	%		0.85	%		0.69	%		2.87	%		40	%	$	116,854
	1.54	%		0.92	%		0.80	%		2.29	%		39	%	$	139,771
	1.84	%		0.92	%		0.80	%		5.74	%		46	%	$	121,886
	1.99	%		0.93	%		0.80	%		7.70	%		51	%	$	77,216
	2.53	%		1.00	%		0.82	%		16.30	%		91	%	$	63,796

	1.31	%		1.05	%		0.86	%		2.27	%		18	%	$	70,711
	1.28	%		1.08	%		0.86	%		2.61	%		40	%	$	72,839
	1.48	%		1.14	%		0.86	%		2.32	%		39	%	$	107,673
	1.79	%		1.15	%		0.86	%		5.59	%		46	%	$	107,779
	1.91	%		1.18	%		0.86	%		7.72	%		51	%	$	86,784
	2.41	%		1.28	%		0.89	%		16.33	%		91	%	$	39,395

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


56		Wells Fargo Advantage Dow Jones Target Date Funds		Financial highlights


Target 2010 Fund	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			Ending net asset value per share
Class A
Six months ended August 31, 2014 (unaudited)	$	13.33		0.10	⁴		0.23			(0.05	)		0.00		$	13.61
Year ended February 28, 2014	$	13.30		0.19	⁴		0.31			(0.17	)		(0.30	)	$	13.33
Year ended February 28, 2013	$	13.26		0.19	⁴		0.19			(0.21	)		(0.13	)	$	13.30
Year ended February 29, 2012	$	12.86		0.21	⁴		0.43			(0.24	)		0.00		$	13.26
Year ended February 28, 2011	$	12.04		0.22	⁴		0.88			(0.28	)		0.00		$	12.86
Year ended February 28, 2010	$	10.15		0.25	⁴		1.93			(0.29	)		(0.00	)⁵	$	12.04
Class B
Six months ended August 31, 2014 (unaudited)	$	13.49		0.05	⁴		0.25			(0.03	)		0.00		$	13.76
Year ended February 28, 2014	$	13.43		0.08	⁴		0.32			(0.04	)		(0.30	)	$	13.49
Year ended February 28, 2013	$	13.37		0.09	⁴		0.19			(0.09	)		(0.13	)	$	13.43
Year ended February 29, 2012	$	12.93		0.12	⁴		0.44			(0.12	)		0.00		$	13.37
Year ended February 28, 2011	$	12.10		0.12	⁴		0.88			(0.17	)		0.00		$	12.93
Year ended February 28, 2010	$	10.18		0.17	⁴		1.93			(0.18	)		(0.00	)⁵	$	12.10
Class C
Six months ended August 31, 2014 (unaudited)	$	13.52		0.05	⁴		0.24			(0.03	)		0.00		$	13.78
Year ended February 28, 2014	$	13.48		0.09	⁴		0.31			(0.06	)		(0.30	)	$	13.52
Year ended February 28, 2013	$	13.44		0.09			0.19			(0.11	)		(0.13	)	$	13.48
Year ended February 29, 2012	$	13.03		0.12	⁴		0.43			(0.14	)		0.00		$	13.44
Year ended February 28, 2011	$	12.19		0.12	⁴		0.91			(0.19	)		0.00		$	13.03
Year ended February 28, 2010	$	10.27		0.16	⁴		1.96			(0.20	)		(0.00	)⁵	$	12.19
Class R
Six months ended August 31, 2014 (unaudited)	$	13.28		0.08	⁴		0.25			(0.05	)		0.00		$	13.56
Year ended February 28, 2014⁶	$	13.08		0.10	⁴		0.58			(0.18	)		(0.30	)	$	13.28
Class R4
Six months ended August 31, 2014 (unaudited)	$	13.46		0.13	⁴		0.23			(0.06	)		0.00		$	13.76
Year ended February 28, 2014	$	13.43		0.24	⁴		0.31			(0.22	)		(0.30	)	$	13.46
Year ended February 28, 2013⁷	$	13.56		0.08			0.00	⁵		(0.08	)		(0.13	)	$	13.43
Class R6⁸
Six months ended August 31, 2014 (unaudited)	$	13.45		0.14			0.24			(0.07	)		0.00		$	13.76
Year ended February 28, 2014	$	13.43		0.25	⁴		0.32			(0.25	)		(0.30	)	$	13.45
Year ended February 28, 2013	$	13.39		0.26			0.19			(0.28	)		(0.13	)	$	13.43
Year ended February 29, 2012	$	12.97		0.28			0.45			(0.31	)		0.00		$	13.39
Year ended February 28, 2011	$	12.15		0.28			0.88			(0.34	)		0.00		$	12.97
Year ended February 28, 2010	$	10.24		0.31	⁴		1.95			(0.35	)		(0.00	)⁵	$	12.15
Administrator Class
Six months ended August 31, 2014 (unaudited)	$	13.46		0.11			0.24			(0.06	)		0.00		$	13.75
Year ended February 28, 2014	$	13.42		0.21	⁴		0.32			(0.19	)		(0.30	)	$	13.46
Year ended February 28, 2013	$	13.38		0.21	⁴		0.19			(0.23	)		(0.13	)	$	13.42
Year ended February 29, 2012	$	12.97		0.24			0.43			(0.26	)		0.00		$	13.38
Year ended February 28, 2011	$	12.14		0.24			0.89			(0.30	)		0.00		$	12.97
Year ended February 28, 2010	$	10.24		0.27	⁴		1.95			(0.32	)		(0.00	)⁵	$	12.14
Investor Class
Six months ended August 31, 2014 (unaudited)	$	13.42		0.10			0.24			(0.05	)		0.00		$	13.71
Year ended February 28, 2014	$	13.40		0.19	⁴		0.30			(0.17	)		(0.30	)	$	13.42
Year ended February 28, 2013	$	13.36		0.20			0.19			(0.22	)		(0.13	)	$	13.40
Year ended February 29, 2012	$	12.95		0.23			0.43			(0.25	)		0.00		$	13.36
Year ended February 28, 2011	$	12.12		0.22	⁴		0.90			(0.29	)		0.00		$	12.95
Year ended February 28, 2010	$	10.22		0.27	⁴		1.94			(0.31	)		(0.00	)⁵	$	12.12

1.	Includes net expenses allocated from 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.	Amount is less than $0.005.

6.	For the period from June 28, 2013 (commencement of class operations) to February 28, 2014

7.	For the period from November 30, 2012 (commencement of class operations) to February 28, 2013

8.	On June 1, 2013, Institutional Class was renamed Class R6.

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


Financial highlights		Wells Fargo Advantage Dow Jones Target Date Funds			57


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			Total return²			Portfolio turnover rate³			Net assets at end of period (000s omitted)

	1.48	%		0.99	%		0.83	%		2.52	%		17	%	$	28,760
	1.39	%		1.02	%		0.87	%		3.87	%		40	%	$	32,012
	1.39	%		1.08	%		0.99	%		2.92	%		37	%	$	36,462
	1.63	%		1.08	%		0.99	%		5.05	%		43	%	$	39,691
	1.72	%		1.10	%		1.00	%		9.24	%		47	%	$	42,615
	2.16	%		1.16	%		1.10	%		21.64	%		86	%	$	42,316

	0.74	%		1.74	%		1.58	%		2.20	%		17	%	$	31
	0.62	%		1.77	%		1.63	%		3.05	%		40	%	$	118
	0.67	%		1.83	%		1.74	%		2.12	%		37	%	$	341
	0.90	%		1.83	%		1.74	%		4.35	%		43	%	$	748
	0.98	%		1.85	%		1.75	%		8.45	%		47	%	$	1,542
	1.45	%		1.92	%		1.86	%		20.69	%		86	%	$	2,716

	0.73	%		1.75	%		1.58	%		2.18	%		17	%	$	2,829
	0.64	%		1.77	%		1.62	%		3.07	%		40	%	$	2,952
	0.64	%		1.83	%		1.74	%		2.10	%		37	%	$	3,269
	0.88	%		1.83	%		1.74	%		4.28	%		43	%	$	3,323
	0.96	%		1.85	%		1.75	%		8.48	%		47	%	$	3,114
	1.42	%		1.91	%		1.85	%		20.76	%		86	%	$	2,580

	1.23	%		1.27	%		1.08	%		2.49	%		17	%	$	27
	0.00	%		1.29	%		1.08	%		5.36	%		40	%	$	26

	1.84	%		0.66	%		0.47	%		2.73	%		17	%	$	163,978
	1.79	%		0.67	%		0.47	%		4.24	%		40	%	$	199,432
	2.03	%		0.75	%		0.47	%		0.63	%		37	%	$	5,555

	1.99	%		0.52	%		0.32	%		2.83	%		17	%	$	236,166
	1.89	%		0.57	%		0.38	%		4.35	%		40	%	$	242,218
	1.91	%		0.65	%		0.48	%		3.43	%		37	%	$	486,113
	2.14	%		0.65	%		0.48	%		5.61	%		43	%	$	563,343
	2.23	%		0.66	%		0.48	%		9.90	%		47	%	$	455,447
	2.63	%		0.71	%		0.59	%		22.15	%		86	%	$	359,320

	1.64	%		0.84	%		0.67	%		2.61	%		17	%	$	192,550
	1.55	%		0.86	%		0.71	%		4.08	%		40	%	$	201,159
	1.54	%		0.92	%		0.83	%		3.08	%		37	%	$	241,045
	1.79	%		0.92	%		0.83	%		5.25	%		43	%	$	190,863
	1.88	%		0.93	%		0.83	%		9.44	%		47	%	$	191,943
	2.36	%		0.98	%		0.86	%		21.86	%		86	%	$	172,322

	1.43	%		1.06	%		0.88	%		2.57	%		17	%	$	61,321
	1.39	%		1.08	%		0.88	%		3.78	%		40	%	$	60,396
	1.49	%		1.14	%		0.89	%		3.01	%		37	%	$	64,161
	1.73	%		1.15	%		0.89	%		5.21	%		43	%	$	61,766
	1.79	%		1.18	%		0.89	%		9.40	%		47	%	$	53,646
	2.27	%		1.26	%		0.92	%		21.86	%		86	%	$	25,103

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


58		Wells Fargo Advantage Dow Jones Target Date Funds		Financial highlights


Target 2015 Fund	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			Ending net asset value per share
Class A
Six months ended August 31, 2014 (unaudited)	$	10.38		0.08			0.21		(0.07	)		0.00		$	10.60
Year ended February 28, 2014	$	10.13		0.15	⁴		0.40		(0.14	)		(0.16	)	$	10.38
Year ended February 28, 2013⁵	$	10.11		0.03	⁴		0.13		(0.04	)		(0.10	)	$	10.13
Class R
Six months ended August 31, 2014 (unaudited)	$	10.52		0.06			0.23		(0.06	)		0.00		$	10.75
Year ended February 28, 2014⁶	$	10.08		0.08	⁴		0.57		(0.05	)		(0.16	)	$	10.52
Class R4
Six months ended August 31, 2014 (unaudited)	$	10.40		0.09	⁴		0.23		(0.09	)		0.00		$	10.63
Year ended February 28, 2014	$	10.14		0.20			0.38		(0.16	)		(0.16	)	$	10.40
Year ended February 28, 2013⁵	$	10.11		0.05	⁴		0.13		(0.05	)		(0.10	)	$	10.14
Class R6⁷
Six months ended August 31, 2014 (unaudited)	$	10.39		0.10			0.23		(0.10	)		0.00		$	10.62
Year ended February 28, 2014	$	10.13		0.21			0.39		(0.18	)		(0.16	)	$	10.39
Year ended February 28, 2013	$	9.98		0.18	⁴		0.27		(0.20	)		(0.10	)	$	10.13
Year ended February 29, 2012	$	9.81		0.19			0.29		(0.20	)		(0.11	)	$	9.98
Year ended February 28, 2011	$	9.05		0.19			0.85		(0.23	)		(0.05	)	$	9.81
Year ended February 28, 2010	$	7.23		0.21	⁴		1.77		(0.16	)		0.00		$	9.05
Administrator Class
Six months ended August 31, 2014 (unaudited)	$	10.52		0.09			0.22		(0.08	)		0.00		$	10.75
Year ended February 28, 2014	$	10.24		0.16			0.42		(0.14	)		(0.16	)	$	10.52
Year ended February 28, 2013	$	10.10		0.15	⁴		0.26		(0.17	)		(0.10	)	$	10.24
Year ended February 29, 2012	$	9.92		0.17			0.29		(0.17	)		(0.11	)	$	10.10
Year ended February 28, 2011	$	9.15		0.17			0.85		(0.20	)		(0.05	)	$	9.92
Year ended February 28, 2010	$	7.31		0.17	⁴		1.82		(0.15	)		0.00		$	9.15
Investor Class
Six months ended August 31, 2014 (unaudited)	$	10.53		0.08			0.22		(0.07	)		0.00		$	10.76
Year ended February 28, 2014	$	10.26		0.14	⁴		0.41		(0.12	)		(0.16	)	$	10.53
Year ended February 28, 2013	$	10.11		0.14			0.27		(0.16	)		(0.10	)	$	10.26
Year ended February 29, 2012	$	9.93		0.16			0.29		(0.16	)		(0.11	)	$	10.11
Year ended February 28, 2011	$	9.16		0.16	⁴		0.85		(0.19	)		(0.05	)	$	9.93
Year ended February 28, 2010	$	7.32		0.15	⁴		1.83		(0.14	)		0.00		$	9.16

1.	Includes net expenses allocated from 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 period from November 30, 2012 (commencement of class operations) to February 28, 2013

6.	For the period from June 28, 2013 (commencement of class operations) to February 28, 2014

7.	On June 1, 2013, Institutional Class was renamed Class R6.

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


Financial highlights		Wells Fargo Advantage Dow Jones Target Date Funds			59


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			Total return²			Portfolio turnover rate³			Net assets at end of period (000s omitted)

	1.46	%		0.99	%		0.84	%		2.84	%		16	%	$	666
	1.45	%		0.99	%		0.84	%		5.56	%		38	%	$	332
	1.28	%		1.05	%		0.84	%		1.60	%		35	%	$	10

	1.22	%		1.25	%		1.09	%		2.77	%		16	%	$	27
	1.14	%		1.26	%		1.09	%		6.51	%		38	%	$	27

	1.82	%		0.66	%		0.48	%		3.08	%		16	%	$	182,751
	1.76	%		0.66	%		0.48	%		5.90	%		38	%	$	189,078
	1.90	%		0.75	%		0.48	%		1.72	%		35	%	$	2,614

	1.97	%		0.51	%		0.33	%		3.16	%		16	%	$	446,577
	1.88	%		0.55	%		0.38	%		6.04	%		38	%	$	437,620
	1.87	%		0.65	%		0.49	%		4.56	%		35	%	$	613,945
	2.05	%		0.65	%		0.49	%		5.06	%		40	%	$	536,453
	2.11	%		0.66	%		0.49	%		11.68	%		44	%	$	387,146
	2.43	%		0.72	%		0.54	%		27.56	%		77	%	$	235,807

	1.62	%		0.83	%		0.68	%		2.95	%		16	%	$	208,621
	1.54	%		0.85	%		0.72	%		5.79	%		38	%	$	211,930
	1.47	%		0.92	%		0.84	%		4.06	%		35	%	$	194,125
	1.70	%		0.92	%		0.84	%		4.74	%		40	%	$	84,759
	1.76	%		0.93	%		0.84	%		11.28	%		44	%	$	61,227
	1.89	%		1.03	%		0.86	%		27.28	%		77	%	$	42,190

	1.43	%		1.05	%		0.89	%		2.85	%		16	%	$	120,740
	1.36	%		1.08	%		0.89	%		5.49	%		38	%	$	122,400
	1.46	%		1.14	%		0.90	%		4.08	%		35	%	$	200,596
	1.65	%		1.15	%		0.90	%		4.67	%		40	%	$	165,774
	1.69	%		1.18	%		0.90	%		11.22	%		44	%	$	142,622
	1.75	%		1.31	%		0.93	%		27.19	%		77	%	$	43,004

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


60		Wells Fargo Advantage Dow Jones Target Date Funds		Financial highlights


Target 2020 Fund	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			Ending net asset value per share
Class A
Six months ended August 31, 2014 (unaudited)	$	15.14		0.11	⁴		0.40		(0.08	)		0.00		$	15.57
Year ended February 28, 2014	$	14.53		0.20			0.97		(0.17	)		(0.39	)	$	15.14
Year ended February 28, 2013	$	14.25		0.20			0.50		(0.21	)		(0.21	)	$	14.53
Year ended February 29, 2012	$	13.97		0.21			0.33		(0.22	)		(0.04	)	$	14.25
Year ended February 28, 2011	$	12.54		0.20			1.46		(0.23	)		0.00		$	13.97
Year ended February 28, 2010	$	9.58		0.21	⁴		2.97		(0.22	)		(0.00	)⁵	$	12.54
Class B
Six months ended August 31, 2014 (unaudited)	$	15.13		0.05	⁴		0.40		(0.01	)		0.00		$	15.57
Year ended February 28, 2014	$	14.47		0.08	⁴		0.97		0.00			(0.39	)	$	15.13
Year ended February 28, 2013	$	14.16		0.09	⁴		0.51		(0.08	)		(0.21	)	$	14.47
Year ended February 29, 2012	$	13.85		0.10	⁴		0.33		(0.08	)		(0.04	)	$	14.16
Year ended February 28, 2011	$	12.41		0.09	⁴		1.46		(0.11	)		0.00		$	13.85
Year ended February 28, 2010	$	9.50		0.12	⁴		2.95		(0.16	)		(0.00	)⁵	$	12.41
Class C
Six months ended August 31, 2014 (unaudited)	$	15.08		0.05			0.40		(0.03	)		0.00		$	15.50
Year ended February 28, 2014	$	14.49		0.08			0.97		(0.07	)		(0.39	)	$	15.08
Year ended February 28, 2013	$	14.20		0.09			0.51		(0.10	)		(0.21	)	$	14.49
Year ended February 29, 2012	$	13.93		0.08			0.35		(0.12	)		(0.04	)	$	14.20
Year ended February 28, 2011	$	12.51		0.08			1.48		(0.14	)		0.00		$	13.93
Year ended February 28, 2010	$	9.58		0.12	⁴		2.98		(0.17	)		(0.00	)⁵	$	12.51
Class R
Six months ended August 31, 2014 (unaudited)	$	15.10		0.09	⁴		0.41		(0.08	)		0.00		$	15.52
Year ended February 28, 2014⁶	$	14.48		0.10	⁴		1.10		(0.19	)		(0.39	)	$	15.10
Class R4
Six months ended August 31, 2014 (unaudited)	$	15.40		0.14			0.41		(0.11	)		0.00		$	15.84
Year ended February 28, 2014	$	14.77		0.19			1.06		(0.23	)		(0.39	)	$	15.40
Year ended February 28, 2013⁷	$	14.66		0.09			0.31		(0.08	)		(0.21	)	$	14.77
Class R6⁸
Six months ended August 31, 2014 (unaudited)	$	15.40		0.15			0.41		(0.12	)		0.00		$	15.84
Year ended February 28, 2014	$	14.77		0.27	⁴		1.00		(0.25	)		(0.39	)	$	15.40
Year ended February 28, 2013	$	14.47		0.27			0.52		(0.28	)		(0.21	)	$	14.77
Year ended February 29, 2012	$	14.19		0.27	⁴		0.35		(0.30	)		(0.04	)	$	14.47
Year ended February 28, 2011	$	12.73		0.26			1.50		(0.30	)		0.00		$	14.19
Year ended February 28, 2010	$	9.73		0.27	⁴		3.01		(0.28	)		(0.00	)⁵	$	12.73
Administrator Class
Six months ended August 31, 2014 (unaudited)	$	15.36		0.12			0.41		(0.09	)		0.00		$	15.80
Year ended February 28, 2014	$	14.73		0.22			0.99		(0.19	)		(0.39	)	$	15.36
Year ended February 28, 2013	$	14.44		0.21			0.52		(0.23	)		(0.21	)	$	14.73
Year ended February 29, 2012	$	14.15		0.23			0.35		(0.25	)		(0.04	)	$	14.44
Year ended February 28, 2011	$	12.70		0.21			1.50		(0.26	)		0.00		$	14.15
Year ended February 28, 2010	$	9.71		0.23	⁴		3.01		(0.25	)		(0.00	)⁵	$	12.70
Investor Class
Six months ended August 31, 2014 (unaudited)	$	15.34		0.11			0.41		(0.08	)		0.00		$	15.78
Year ended February 28, 2014	$	14.72		0.20			0.98		(0.17	)		(0.39	)	$	15.34
Year ended February 28, 2013	$	14.43		0.21			0.51		(0.22	)		(0.21	)	$	14.72
Year ended February 29, 2012	$	14.14		0.22			0.35		(0.24	)		(0.04	)	$	14.43
Year ended February 28, 2011	$	12.70		0.20	⁴		1.49		(0.25	)		0.00		$	14.14
Year ended February 28, 2010	$	9.71		0.22	⁴		3.02		(0.25	)		(0.00	)⁵	$	12.70

1.	Includes net expenses allocated from 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.	Amount is less than $0.005.

6.	For the period from June 28, 2013 (commencement of class operations) to February 28, 2014

7.	For the period from November 30, 2012 (commencement of class operations) to February 28, 2013

8.	On June 1, 2013, Institutional Class was renamed Class R6.

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


Financial highlights		Wells Fargo Advantage Dow Jones Target Date Funds			61


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			Total return²			Portfolio turnover rate³			Net assets at end of period (000s omitted)

	1.43	%		0.95	%		0.86	%		3.37	%		13	%	$	68,499
	1.32	%		0.98	%		0.90	%		8.16	%		35	%	$	75,871
	1.36	%		1.06	%		1.01	%		5.00	%		32	%	$	74,720
	1.45	%		1.05	%		1.01	%		3.97	%		35	%	$	74,955
	1.46	%		1.08	%		1.02	%		13.41	%		39	%	$	77,784
	1.77	%		1.15	%		1.11	%		33.45	%		66	%	$	72,653

	0.68	%		1.70	%		1.61	%		2.99	%		13	%	$	169
	0.58	%		1.74	%		1.66	%		7.34	%		35	%	$	238
	0.63	%		1.81	%		1.76	%		4.27	%		32	%	$	599
	0.78	%		1.80	%		1.76	%		3.11	%		35	%	$	1,048
	0.73	%		1.83	%		1.77	%		12.57	%		39	%	$	2,428
	1.04	%		1.90	%		1.86	%		32.44	%		66	%	$	5,030

	0.68	%		1.70	%		1.61	%		2.99	%		13	%	$	5,587
	0.57	%		1.73	%		1.65	%		7.36	%		35	%	$	5,208
	0.61	%		1.81	%		1.76	%		4.28	%		32	%	$	4,514
	0.68	%		1.81	%		1.76	%		3.14	%		35	%	$	4,600
	0.70	%		1.83	%		1.77	%		12.65	%		39	%	$	3,922
	1.00	%		1.90	%		1.86	%		32.35	%		66	%	$	2,752

	1.16	%		1.23	%		1.11	%		3.30	%		13	%	$	42
	1.07	%		1.24	%		1.11	%		8.37	%		35	%	$	27

	1.79	%		0.62	%		0.50	%		3.56	%		13	%	$	784,098
	1.70	%		0.63	%		0.50	%		8.58	%		35	%	$	803,141
	1.72	%		0.73	%		0.50	%		2.79	%		32	%	$	23,050

	1.93	%		0.47	%		0.35	%		3.63	%		13	%	$	1,165,670
	1.88	%		0.53	%		0.40	%		8.72	%		35	%	$	1,065,417
	1.85	%		0.63	%		0.50	%		5.60	%		32	%	$	1,605,032
	1.95	%		0.63	%		0.50	%		4.47	%		35	%	$	1,540,045
	1.96	%		0.64	%		0.50	%		14.03	%		39	%	$	1,250,249
	2.22	%		0.69	%		0.60	%		33.98	%		66	%	$	822,479

	1.60	%		0.79	%		0.70	%		3.48	%		13	%	$	750,822
	1.52	%		0.82	%		0.74	%		8.35	%		35	%	$	746,910
	1.47	%		0.90	%		0.85	%		5.19	%		32	%	$	688,261
	1.63	%		0.90	%		0.85	%		4.17	%		35	%	$	468,494
	1.62	%		0.91	%		0.85	%		13.60	%		39	%	$	439,314
	1.96	%		0.97	%		0.88	%		33.64	%		66	%	$	342,078

	1.37	%		1.01	%		0.91	%		3.40	%		13	%	$	208,990
	1.35	%		1.04	%		0.91	%		8.14	%		35	%	$	193,249
	1.43	%		1.12	%		0.91	%		5.12	%		32	%	$	173,813
	1.54	%		1.13	%		0.91	%		4.12	%		35	%	$	144,478
	1.53	%		1.15	%		0.91	%		13.56	%		39	%	$	119,297
	1.84	%		1.24	%		0.94	%		33.51	%		66	%	$	53,535

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


62		Wells Fargo Advantage Dow Jones Target Date Funds		Financial highlights


Target 2025 Fund	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			Ending net asset value per share
Class A
Six months ended August 31, 2014 (unaudited)	$	10.56		0.07			0.34		(0.06	)		0.00		$	10.91
Year ended February 28, 2014	$	9.95		0.15			0.92		(0.13	)		(0.33	)	$	10.56
Year ended February 28, 2013⁴	$	9.83		0.04			0.33		(0.05	)		(0.20	)	$	9.95
Class R
Six months ended August 31, 2014 (unaudited)	$	10.57		0.06			0.34		(0.04	)		0.00		$	10.93
Year ended February 28, 2014⁵	$	9.95		0.07			0.94		(0.06	)		(0.33	)	$	10.57
Class R4
Six months ended August 31, 2014 (unaudited)	$	10.58		0.09			0.33		(0.07	)		0.00		$	10.93
Year ended February 28, 2014	$	9.97		0.15			0.95		(0.16	)		(0.33	)	$	10.58
Year ended February 28, 2013⁴	$	9.83		0.06			0.33		(0.05	)		(0.20	)	$	9.97
Class R6⁶
Six months ended August 31, 2014 (unaudited)	$	10.57		0.10			0.34		(0.08	)		0.00		$	10.93
Year ended February 28, 2014	$	9.96		0.19			0.92		(0.17	)		(0.33	)	$	10.57
Year ended February 28, 2013	$	9.71		0.18			0.45		(0.18	)		(0.20	)	$	9.96
Year ended February 29, 2012	$	9.79		0.17	⁷		0.16		(0.18	)		(0.23	)	$	9.71
Year ended February 28, 2011	$	8.68		0.16			1.26		(0.19	)		(0.12	)	$	9.79
Year ended February 28, 2010	$	6.24		0.18	⁷		2.39		(0.13	)		0.00		$	8.68
Administrator Class
Six months ended August 31, 2014 (unaudited)	$	10.60		0.08			0.33		(0.06	)		0.00		$	10.95
Year ended February 28, 2014	$	9.98		0.15			0.94		(0.14	)		(0.33	)	$	10.60
Year ended February 28, 2013	$	9.74		0.14	⁷		0.45		(0.15	)		(0.20	)	$	9.98
Year ended February 29, 2012	$	9.81		0.14	⁷		0.17		(0.15	)		(0.23	)	$	9.74
Year ended February 28, 2011	$	8.69		0.13	⁷		1.26		(0.15	)		(0.12	)	$	9.81
Year ended February 28, 2010	$	6.25		(0.04	)⁷		2.61		(0.13	)		0.00		$	8.69
Investor Class
Six months ended August 31, 2014 (unaudited)	$	10.59		0.07			0.33		(0.05	)		0.00		$	10.94
Year ended February 28, 2014	$	9.97		0.11			0.96		(0.12	)		(0.33	)	$	10.59
Year ended February 28, 2013	$	9.72		0.14			0.46		(0.15	)		(0.20	)	$	9.97
Year ended February 29, 2012	$	9.80		0.14	⁷		0.15		(0.14	)		(0.23	)	$	9.72
Year ended February 28, 2011	$	8.68		0.13	⁷		1.25		(0.14	)		(0.12	)	$	9.80
Year ended February 28, 2010	$	6.25		(0.08	)⁷		2.64		(0.13	)		0.00		$	8.68

1.	Includes net expenses allocated from 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.	For the period from November 30, 2012 (commencement of class operations) to February 28, 2013

5.	For the period from June 28, 2013 (commencement of class operations) to February 28, 2014

6.	On June 1, 2013, Institutional Class was renamed Class R6.

7.	Calculated based upon average shares outstanding

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


Financial highlights		Wells Fargo Advantage Dow Jones Target Date Funds			63


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			Total return²			Portfolio turnover rate³			Net assets at end of period (000s omitted)

	1.41	%		0.96	%		0.86	%		3.89	%		11	%	$	2,622
	1.28	%		0.97	%		0.86	%		10.99	%		32	%	$	1,379
	1.01	%		1.06	%		0.86	%		3.92	%		28	%	$	159

	1.16	%		1.21	%		1.11	%		3.82	%		11	%	$	29
	0.96	%		1.22	%		1.11	%		10.27	%		32	%	$	28

	1.77	%		0.63	%		0.50	%		4.11	%		11	%	$	357,294
	1.60	%		0.63	%		0.50	%		11.29	%		32	%	$	354,137
	1.51	%		0.73	%		0.50	%		4.13	%		28	%	$	4,210

	1.92	%		0.48	%		0.35	%		4.19	%		11	%	$	1,469,138
	1.78	%		0.52	%		0.39	%		11.42	%		32	%	$	1,409,281
	1.83	%		0.63	%		0.50	%		6.74	%		28	%	$	1,577,058
	1.83	%		0.64	%		0.50	%		3.77	%		31	%	$	1,431,120
	1.83	%		0.64	%		0.50	%		16.75	%		33	%	$	1,290,513
	2.07	%		0.66	%		0.53	%		41.46	%		54	%	$	1,057,514

	1.57	%		0.80	%		0.70	%		3.92	%		11	%	$	376,855
	1.43	%		0.82	%		0.74	%		11.11	%		32	%	$	354,050
	1.42	%		0.90	%		0.85	%		6.27	%		28	%	$	271,593
	1.47	%		0.91	%		0.85	%		3.49	%		31	%	$	111,673
	1.46	%		0.91	%		0.85	%		16.32	%		33	%	$	69,590
	(0.51	)%		1.01	%		0.89	%		41.33	%		54	%	$	39,111

	1.37	%		1.02	%		0.91	%		3.83	%		11	%	$	248,778
	1.28	%		1.05	%		0.91	%		10.91	%		32	%	$	236,714
	1.41	%		1.12	%		0.91	%		6.31	%		28	%	$	377,357
	1.42	%		1.14	%		0.91	%		3.32	%		31	%	$	300,434
	1.39	%		1.15	%		0.91	%		16.22	%		33	%	$	256,544
	(0.93	)%		1.29	%		0.95	%		41.19	%		54	%	$	70,228

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


64		Wells Fargo Advantage Dow Jones Target Date Funds		Financial highlights


Target 2030 Fund	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			Ending net asset value per share
Class A
Six months ended August 31, 2014 (unaudited)	$	16.61		0.13			0.59		(0.08	)		0.00		$	17.25
Year ended February 28, 2014	$	15.31		0.20			1.83		(0.19	)		(0.54	)	$	16.61
Year ended February 28, 2013	$	14.74		0.20			0.85		(0.20	)		(0.28	)	$	15.31
Year ended February 29, 2012	$	14.81		0.17	⁴		0.13		(0.18	)		(0.19	)	$	14.74
Year ended February 28, 2011	$	12.65		0.15	⁴		2.19		(0.18	)		0.00		$	14.81
Year ended February 28, 2010	$	8.65		0.15	⁴		4.00		(0.15	)		(0.00	)⁵	$	12.65
Class B
Six months ended August 31, 2014 (unaudited)	$	16.36		0.05			0.60		(0.00	)⁸		0.00		$	17.01
Year ended February 28, 2014	$	15.08		0.08	⁴		1.80		(0.06	)		(0.54	)	$	16.36
Year ended February 28, 2013	$	14.49		0.08	⁴		0.86		(0.07	)		(0.28	)	$	15.08
Year ended February 29, 2012	$	14.53		0.07	⁴		0.12		(0.04	)		(0.19	)	$	14.49
Year ended February 28, 2011	$	12.41		0.06	⁴		2.14		(0.08	)		0.00		$	14.53
Year ended February 28, 2010	$	8.49		0.07	⁴		3.91		(0.06	)		(0.00	)⁵	$	12.41
Class C
Six months ended August 31, 2014 (unaudited)	$	16.25		0.06			0.59		(0.04	)		0.00		$	16.86
Year ended February 28, 2014	$	15.00		0.08			1.79		(0.08	)		(0.54	)	$	16.25
Year ended February 28, 2013	$	14.45		0.08			0.85		(0.10	)		(0.28	)	$	15.00
Year ended February 29, 2012	$	14.53		0.06	⁴		0.14		(0.09	)		(0.19	)	$	14.45
Year ended February 28, 2011	$	12.43		0.05	⁴		2.14		(0.09	)		0.00		$	14.53
Year ended February 28, 2010	$	8.50		0.06	⁴		3.93		(0.06	)		(0.00	)⁵	$	12.43
Class R
Six months ended August 31, 2014 (unaudited)	$	16.61		0.09			0.61		(0.07	)		0.00		$	17.24
Year ended February 28, 2014⁶	$	15.39		0.10			1.75		(0.09	)		(0.54	)	$	16.61
Class R4
Six months ended August 31, 2014 (unaudited)	$	16.83		0.15			0.61		(0.11	)		0.00		$	17.48
Year ended February 28, 2014	$	15.50		0.23			1.89		(0.25	)		(0.54	)	$	16.83
Year ended February 28, 2013⁷	$	15.07		0.08			0.71		(0.08	)		(0.28	)	$	15.50
Class R6⁸
Six months ended August 31, 2014 (unaudited)	$	16.81		0.16			0.62		(0.12	)		0.00		$	17.47
Year ended February 28, 2014	$	15.49		0.29	⁴		1.86		(0.27	)		(0.54	)	$	16.81
Year ended February 28, 2013	$	14.91		0.27			0.86		(0.27	)		(0.28	)	$	15.49
Year ended February 29, 2012	$	14.98		0.25	⁴		0.12		(0.25	)		(0.19	)	$	14.91
Year ended February 28, 2011	$	12.79		0.23	⁴		2.21		(0.25	)		0.00		$	14.98
Year ended February 28, 2010	$	8.75		0.21	⁴		4.03		(0.20	)		(0.00	)⁵	$	12.79
Administrator Class
Six months ended August 31, 2014 (unaudited)	$	16.82		0.13			0.62		(0.10	)		0.00		$	17.47
Year ended February 28, 2014	$	15.49		0.23			1.86		(0.22	)		(0.54	)	$	16.82
Year ended February 28, 2013	$	14.91		0.21			0.88		(0.23	)		(0.28	)	$	15.49
Year ended February 29, 2012	$	14.98		0.20	⁴		0.13		(0.21	)		(0.19	)	$	14.91
Year ended February 28, 2011	$	12.79		0.18	⁴		2.21		(0.20	)		0.00		$	14.98
Year ended February 28, 2010	$	8.74		0.17	⁴		4.06		(0.18	)		(0.00	)⁵	$	12.79
Investor Class
Six months ended August 31, 2014 (unaudited)	$	16.77		0.11			0.62		(0.08	)		0.00		$	17.42
Year ended February 28, 2014	$	15.46		0.20			1.84		(0.19	)		(0.54	)	$	16.77
Year ended February 28, 2013	$	14.88		0.21			0.87		(0.22	)		(0.28	)	$	15.46
Year ended February 29, 2012	$	14.95		0.19	⁴		0.13		(0.20	)		(0.19	)	$	14.88
Year ended February 28, 2011	$	12.77		0.17	⁴		2.21		(0.20	)		0.00		$	14.95
Year ended February 28, 2010	$	8.74		0.16	⁴		4.04		(0.17	)		(0.00	)⁵	$	12.77

1.	Includes net expenses allocated from 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.	Amount is less than $0.005.

6.	For the period from June 28, 2013 (commencement of class operations) to February 28, 2014

7.	For the period from November 30, 2012 (commencement of class operations) to February 28, 2013

8.	On June 1, 2013, Institutional Class was renamed Class R6.

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


Financial highlights		Wells Fargo Advantage Dow Jones Target Date Funds			65


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			Total return²			Portfolio turnover rate³			Net assets at end of period (000s omitted)

	1.39	%		0.95	%		0.87	%		4.36	%		8	%	$	61,861
	1.22	%		0.98	%		0.91	%		13.52	%		29	%	$	65,634
	1.29	%		1.06	%		1.02	%		7.28	%		25	%	$	60,857
	1.21	%		1.06	%		1.02	%		2.27	%		26	%	$	60,087
	1.15	%		1.09	%		1.03	%		18.71	%		28	%	$	62,209
	1.32	%		1.16	%		1.12	%		48.17	%		43	%	$	55,735

	0.66	%		1.70	%		1.62	%		3.99	%		8	%	$	173
	0.50	%		1.74	%		1.67	%		12.65	%		29	%	$	290
	0.57	%		1.81	%		1.77	%		6.54	%		25	%	$	463
	0.50	%		1.81	%		1.77	%		1.43	%		26	%	$	872
	0.42	%		1.84	%		1.78	%		17.88	%		28	%	$	1,962
	0.60	%		1.92	%		1.88	%		46.98	%		43	%	$	3,173

	0.64	%		1.70	%		1.62	%		3.97	%		8	%	$	4,492
	0.47	%		1.73	%		1.66	%		12.64	%		29	%	$	4,097
	0.53	%		1.82	%		1.77	%		6.52	%		25	%	$	3,465
	0.45	%		1.82	%		1.77	%		1.47	%		26	%	$	3,120
	0.38	%		1.84	%		1.78	%		17.80	%		28	%	$	2,456
	0.58	%		1.91	%		1.87	%		47.11	%		43	%	$	1,671

	1.15	%		1.23	%		1.12	%		4.23	%		8	%	$	35
	0.87	%		1.22	%		1.12	%		12.19	%		29	%	$	28

	1.75	%		0.62	%		0.51	%		4.54	%		8	%	$	887,342
	1.53	%		0.63	%		0.51	%		13.99	%		29	%	$	850,913
	1.35	%		0.73	%		0.51	%		5.34	%		25	%	$	19,568

	1.90	%		0.47	%		0.36	%		4.67	%		8	%	$	1,175,365
	1.76	%		0.53	%		0.41	%		14.08	%		29	%	$	1,049,122
	1.80	%		0.64	%		0.51	%		7.82	%		25	%	$	1,478,163
	1.71	%		0.64	%		0.51	%		2.78	%		26	%	$	1,335,729
	1.65	%		0.65	%		0.51	%		19.35	%		28	%	$	1,048,222
	1.74	%		0.71	%		0.61	%		48.76	%		43	%	$	639,598

	1.55	%		0.79	%		0.71	%		4.45	%		8	%	$	710,721
	1.38	%		0.82	%		0.75	%		13.74	%		29	%	$	685,421
	1.43	%		0.91	%		0.86	%		7.46	%		25	%	$	572,735
	1.37	%		0.91	%		0.86	%		2.41	%		26	%	$	395,067
	1.30	%		0.92	%		0.86	%		18.85	%		28	%	$	373,853
	1.49	%		0.98	%		0.89	%		48.60	%		43	%	$	254,340

	1.34	%		1.01	%		0.92	%		4.37	%		8	%	$	218,755
	1.21	%		1.04	%		0.92	%		13.47	%		29	%	$	201,506
	1.38	%		1.13	%		0.92	%		7.41	%		25	%	$	158,551
	1.30	%		1.14	%		0.92	%		2.36	%		26	%	$	124,145
	1.21	%		1.17	%		0.92	%		18.84	%		28	%	$	99,234
	1.36	%		1.25	%		0.94	%		48.33	%		43	%	$	46,963

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


66		Wells Fargo Advantage Dow Jones Target Date Funds		Financial highlights


Target 2035 Fund	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			Ending net asset value per share
Class A
Six months ended August 31, 2014 (unaudited)	$	11.02		0.08	⁴		0.45		(0.06	)		0.00		$	11.49
Year ended February 28, 2014	$	9.99		0.14			1.41		(0.13	)		(0.39	)	$	11.02
Year ended February 28, 2013⁵	$	9.60		0.02	⁴		0.58		(0.05	)		(0.16	)	$	9.99
Class R
Six months ended August 31, 2014 (unaudited)	$	11.09		0.06			0.45		(0.04	)		0.00		$	11.56
Year ended February 28, 2014⁶	$	10.16		0.06	⁴		1.32		(0.06	)		(0.39	)	$	11.09
Class R4
Six months ended August 31, 2014 (unaudited)	$	11.03		0.10			0.44		(0.07	)		0.00		$	11.50
Year ended February 28, 2014	$	9.99		0.15			1.44		(0.16	)		(0.39	)	$	11.03
Year ended February 28, 2013⁵	$	9.60		0.03	⁴		0.57		(0.05	)		(0.16	)	$	9.99
Class R6⁷
Six months ended August 31, 2014 (unaudited)	$	11.03		0.10			0.45		(0.08	)		0.00		$	11.50
Year ended February 28, 2014	$	9.99		0.19			1.41		(0.17	)		(0.39	)	$	11.03
Year ended February 28, 2013	$	9.50		0.17			0.65		(0.17	)		(0.16	)	$	9.99
Year ended February 29, 2012	$	9.61		0.15	⁴		0.02		(0.14	)		(0.14	)	$	9.50
Year ended February 28, 2011	$	8.19		0.13			1.58		(0.16	)		(0.13	)	$	9.61
Year ended February 28, 2010	$	5.36		0.11	⁴		2.82		(0.10	)		0.00		$	8.19
Administrator Class
Six months ended August 31, 2014 (unaudited)	$	11.06		0.09			0.44		(0.06	)		0.00		$	11.53
Year ended February 28, 2014	$	10.02		0.14			1.43		(0.14	)		(0.39	)	$	11.06
Year ended February 28, 2013	$	9.53		0.13			0.66		(0.14	)		(0.16	)	$	10.02
Year ended February 29, 2012	$	9.65		0.12	⁴		0.01		(0.11	)		(0.14	)	$	9.53
Year ended February 28, 2011	$	8.22		0.10			1.59		(0.13	)		(0.13	)	$	9.65
Year ended February 28, 2010	$	5.40		0.09	⁴		2.81		(0.08	)		0.00		$	8.22
Investor Class
Six months ended August 31, 2014 (unaudited)	$	11.10		0.07			0.45		(0.05	)		0.00		$	11.57
Year ended February 28, 2014	$	10.05		0.13			1.43		(0.12	)		(0.39	)	$	11.10
Year ended February 28, 2013	$	9.56		0.13			0.65		(0.13	)		(0.16	)	$	10.05
Year ended February 29, 2012	$	9.67		0.11	⁴		0.02		(0.10	)		(0.14	)	$	9.56
Year ended February 28, 2011	$	8.24		0.10			1.58		(0.12	)		(0.13	)	$	9.67
Year ended February 28, 2010	$	5.42		0.08	⁴		2.82		(0.08	)		0.00		$	8.24

1.	Includes net expenses allocated from 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 period from November 30, 2012 (commencement of class operations) to February 28, 2013

6.	For the period from June 28, 2013 (commencement of class operations) to February 28, 2014

7.	On June 1, 2013, Institutional Class was renamed Class R6.

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


Financial highlights		Wells Fargo Advantage Dow Jones Target Date Funds			67


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			Total return²			Portfolio turnover rate³			Net assets at end of period (000s omitted)

	1.36	%		0.97	%		0.88	%		4.81	%		6	%	$	1,085
	1.11	%		0.98	%		0.88	%		15.82	%		26	%	$	532
	1.04	%		1.07	%		0.88	%		6.36	%		22	%	$	41

	1.13	%		1.22	%		1.13	%		4.63	%		6	%	$	30
	0.79	%		1.26	%		1.13	%		13.76	%		26	%	$	28

	1.72	%		0.64	%		0.52	%		4.95	%		6	%	$	310,896
	1.45	%		0.65	%		0.52	%		16.28	%		26	%	$	297,612
	1.30	%		0.75	%		0.52	%		6.38	%		22	%	$	1,940

	1.87	%		0.49	%		0.37	%		5.02	%		6	%	$	628,807
	1.71	%		0.55	%		0.41	%		16.41	%		26	%	$	570,482
	1.76	%		0.66	%		0.52	%		8.86	%		22	%	$	648,345
	1.60	%		0.66	%		0.52	%		1.96	%		22	%	$	481,784
	1.52	%		0.68	%		0.52	%		21.21	%		24	%	$	338,577
	1.40	%		0.75	%		0.57	%		54.85	%		34	%	$	170,172

	1.52	%		0.81	%		0.72	%		4.84	%		6	%	$	250,171
	1.33	%		0.85	%		0.75	%		15.96	%		26	%	$	236,217
	1.36	%		0.93	%		0.87	%		8.48	%		22	%	$	172,860
	1.26	%		0.93	%		0.87	%		1.55	%		22	%	$	77,039
	1.17	%		0.94	%		0.87	%		20.87	%		24	%	$	50,226
	1.20	%		1.06	%		0.89	%		53.96	%		34	%	$	25,950

	1.32	%		1.03	%		0.93	%		4.72	%		6	%	$	201,145
	1.21	%		1.08	%		0.93	%		15.77	%		26	%	$	193,717
	1.35	%		1.15	%		0.93	%		8.38	%		22	%	$	310,066
	1.21	%		1.16	%		0.93	%		1.60	%		22	%	$	244,138
	1.09	%		1.19	%		0.93	%		20.74	%		24	%	$	204,364
	1.09	%		1.34	%		0.95	%		53.70	%		34	%	$	60,611

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


68		Wells Fargo Advantage Dow Jones Target Date Funds		Financial highlights


Target 2040 Fund	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			Ending net asset value per share
Class A
Six months ended August 31, 2014 (unaudited)	$	18.90		0.14			0.83			(0.09	)		0.00		$	19.78
Year ended February 28, 2014	$	16.92		0.21			2.71			(0.21	)		(0.73	)	$	18.90
Year ended February 28, 2013	$	16.07		0.21			1.19			(0.21	)		(0.34	)	$	16.92
Year ended February 29, 2012	$	16.40		0.17			(0.07	)		(0.16	)		(0.27	)	$	16.07
Year ended February 28, 2011	$	13.60		0.15			2.81			(0.16	)		0.00		$	16.40
Year ended February 28, 2010	$	8.73		0.12	⁴		4.87			(0.12	)		(0.00	)⁵	$	13.60
Class B
Six months ended August 31, 2014 (unaudited)	$	18.06		0.06	⁴		0.79			(0.00	)⁸		0.00		$	18.91
Year ended February 28, 2014	$	16.18		0.07	⁴		2.59			(0.05	)		(0.73	)	$	18.06
Year ended February 28, 2013	$	15.36		0.09	⁴		1.13			(0.06	)		(0.34	)	$	16.18
Year ended February 29, 2012	$	15.67		0.05	⁴		(0.06	)		(0.03	)		(0.27	)	$	15.36
Year ended February 28, 2011	$	12.99		0.03	⁴		2.70			(0.05	)		0.00		$	15.67
Year ended February 28, 2010	$	8.35		0.10	⁴		4.57			(0.03	)		(0.00	)⁵	$	12.99
Class C
Six months ended August 31, 2014 (unaudited)	$	17.85		0.05	⁴		0.79			(0.04	)		0.00		$	18.65
Year ended February 28, 2014	$	16.03		0.07	⁴		2.57			(0.09	)		(0.73	)	$	17.85
Year ended February 28, 2013	$	15.26		0.09	⁴		1.12			(0.10	)		(0.34	)	$	16.03
Year ended February 29, 2012	$	15.60		0.04	⁴		(0.05	)		(0.06	)		(0.27	)	$	15.26
Year ended February 28, 2011	$	12.95		0.03	⁴		2.69			(0.07	)		0.00		$	15.60
Year ended February 28, 2010	$	8.33		0.05	⁴		4.61			(0.04	)		(0.00	)⁵	$	12.95
Class R
Six months ended August 31, 2014 (unaudited)	$	18.90		0.09			0.85			(0.08	)		0.00		$	19.76
Year ended February 28, 2014⁶	$	17.19		0.09	⁴		2.45			(0.10	)		(0.73	)	$	18.90
Class R4
Six months ended August 31, 2014 (unaudited)	$	19.28		0.17			0.85			(0.13	)		0.00		$	20.17
Year ended February 28, 2014	$	17.24		0.27	⁴		2.78			(0.28	)		(0.73	)	$	19.28
Year ended February 28, 2013⁷	$	16.52		0.09			1.06			(0.09	)		(0.34	)	$	17.24
Class R6⁸
Six months ended August 31, 2014 (unaudited)	$	19.27		0.18	⁴		0.86			(0.14	)		0.00		$	20.17
Year ended February 28, 2014	$	17.24		0.31	⁴		2.75			(0.30	)		(0.73	)	$	19.27
Year ended February 28, 2013	$	16.37		0.29			1.21			(0.29	)		(0.34	)	$	17.24
Year ended February 29, 2012	$	16.69		0.24			(0.05	)		(0.24	)		(0.27	)	$	16.37
Year ended February 28, 2011	$	13.84		0.22			2.87			(0.24	)		0.00		$	16.69
Year ended February 28, 2010	$	8.88		0.18	⁴		4.95			(0.17	)		(0.00	)⁵	$	13.84
Administrator Class
Six months ended August 31, 2014 (unaudited)	$	19.25		0.15			0.85			(0.11	)		0.00		$	20.14
Year ended February 28, 2014	$	17.21		0.24			2.77			(0.24	)		(0.73	)	$	19.25
Year ended February 28, 2013	$	16.34		0.22			1.22			(0.23	)		(0.34	)	$	17.21
Year ended February 29, 2012	$	16.67		0.19			(0.06	)		(0.19	)		(0.27	)	$	16.34
Year ended February 28, 2011	$	13.82		0.16			2.88			(0.19	)		0.00		$	16.67
Year ended February 28, 2010	$	8.88		0.16	⁴		4.93			(0.15	)		(0.00	)⁵	$	13.82
Investor Class
Six months ended August 31, 2014 (unaudited)	$	19.21		0.13			0.84			(0.09	)		0.00		$	20.09
Year ended February 28, 2014	$	17.19		0.21			2.75			(0.21	)		(0.73	)	$	19.21
Year ended February 28, 2013	$	16.32		0.22			1.22			(0.23	)		(0.34	)	$	17.19
Year ended February 29, 2012	$	16.65		0.18			(0.06	)		(0.18	)		(0.27	)	$	16.32
Year ended February 28, 2011	$	13.81		0.16			2.86			(0.18	)		0.00		$	16.65
Year ended February 28, 2010	$	8.87		0.15	⁴		4.93			(0.14	)		(0.00	)⁵	$	13.81

1.	Includes net expenses allocated from 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.	Amount is less than $0.005.

6.	For the period from June 28, 2013 (commencement of class operations) to February 28, 2014

7.	For the period from November 30, 2012 (commencement of class operations) to February 28, 2013

8.	On June 1, 2013, Institutional Class was renamed Class R6.

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


Financial highlights		Wells Fargo Advantage Dow Jones Target Date Funds			69


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			Total return²			Portfolio turnover rate³			Net assets at end of period (000s omitted)

	1.36	%		0.96	%		0.88	%		5.16	%		5	%	$	112,580
	1.15	%		0.99	%		0.92	%		17.54	%		25	%	$	114,233
	1.25	%		1.08	%		1.03	%		8.99	%		20	%	$	104,836
	1.06	%		1.08	%		1.03	%		0.85	%		20	%	$	103,841
	0.95	%		1.10	%		1.04	%		21.98	%		21	%	$	113,494
	1.03	%		1.17	%		1.12	%		57.33	%		29	%	$	100,278

	0.64	%		1.70	%		1.63	%		4.72	%		5	%	$	195
	0.42	%		1.75	%		1.68	%		16.63	%		25	%	$	344
	0.54	%		1.83	%		1.78	%		8.15	%		20	%	$	747
	0.34	%		1.83	%		1.78	%		0.12	%		20	%	$	1,564
	0.23	%		1.86	%		1.79	%		21.08	%		21	%	$	2,863
	0.86	%		1.93	%		1.89	%		56.01	%		29	%	$	3,876

	0.60	%		1.71	%		1.63	%		4.72	%		5	%	$	5,660
	0.40	%		1.74	%		1.67	%		16.68	%		25	%	$	4,813
	0.50	%		1.83	%		1.78	%		8.18	%		20	%	$	4,040
	0.30	%		1.83	%		1.78	%		0.14	%		20	%	$	3,623
	0.19	%		1.85	%		1.79	%		21.08	%		21	%	$	3,038
	0.41	%		1.92	%		1.87	%		56.02	%		29	%	$	2,226

	1.11	%		1.25	%		1.13	%		4.96	%		5	%	$	30
	0.75	%		1.24	%		1.13	%		14.96	%		25	%	$	29

	1.71	%		0.63	%		0.52	%		5.28	%		5	%	$	671,239
	1.42	%		0.64	%		0.52	%		18.02	%		25	%	$	635,241
	1.12	%		0.75	%		0.52	%		7.13	%		20	%	$	13,651

	1.86	%		0.48	%		0.37	%		5.40	%		5	%	$	831,601
	1.70	%		0.54	%		0.42	%		18.14	%		25	%	$	724,856
	1.76	%		0.65	%		0.52	%		9.50	%		20	%	$	993,528
	1.55	%		0.65	%		0.52	%		1.37	%		20	%	$	846,499
	1.44	%		0.67	%		0.52	%		22.66	%		21	%	$	654,804
	1.42	%		0.72	%		0.62	%		58.11	%		29	%	$	377,937

	1.51	%		0.80	%		0.72	%		5.19	%		5	%	$	469,686
	1.30	%		0.83	%		0.76	%		17.79	%		25	%	$	452,487
	1.39	%		0.92	%		0.87	%		9.14	%		20	%	$	360,567
	1.22	%		0.92	%		0.87	%		1.00	%		20	%	$	256,378
	1.11	%		0.94	%		0.87	%		22.21	%		21	%	$	260,524
	1.26	%		0.99	%		0.90	%		57.54	%		29	%	$	176,917

	1.30	%		1.02	%		0.93	%		5.12	%		5	%	$	134,333
	1.13	%		1.05	%		0.93	%		17.53	%		25	%	$	119,774
	1.33	%		1.14	%		0.93	%		9.10	%		20	%	$	86,745
	1.14	%		1.15	%		0.93	%		0.96	%		20	%	$	64,452
	1.01	%		1.18	%		0.93	%		22.10	%		21	%	$	48,906
	1.16	%		1.27	%		0.96	%		57.54	%		29	%	$	20,959

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


70		Wells Fargo Advantage Dow Jones Target Date Funds		Financial highlights


Target 2045 Fund	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			Ending net asset value per share
Class A
Six months ended August 31, 2014 (unaudited)	$	11.43		0.08			0.53			(0.06	)		0.00		$	11.98
Year ended February 28, 2014	$	10.17		0.12	⁴		1.73			(0.14	)		(0.45	)	$	11.43
Year ended February 28, 2013⁵	$	9.64		0.03			0.68			(0.05	)		(0.13	)	$	10.17
Class R
Six months ended August 31, 2014 (unaudited)	$	11.54		0.06			0.54			(0.05	)		0.00		$	12.09
Year ended February 28, 2014⁶	$	10.45		0.05			1.55			(0.06	)		(0.45	)	$	11.54
Class R4
Six months ended August 31, 2014 (unaudited)	$	11.46		0.10			0.53			(0.08	)		0.00		$	12.01
Year ended February 28, 2014	$	10.18		0.14			1.76			(0.17	)		(0.45	)	$	11.46
Year ended February 28, 2013⁵	$	9.64		0.06			0.66			(0.05	)		(0.13	)	$	10.18
Class R6⁷
Six months ended August 31, 2014 (unaudited)	$	11.44		0.11			0.53			(0.08	)		0.00		$	12.00
Year ended February 28, 2014	$	10.17		0.19			1.71			(0.18	)		(0.45	)	$	11.44
Year ended February 28, 2013	$	9.55		0.16			0.76			(0.17	)		(0.13	)	$	10.17
Year ended February 29, 2012	$	9.62		0.14			(0.05	)		(0.12	)		(0.04	)	$	9.55
Year ended February 28, 2011	$	8.08		0.13			1.70			(0.18	)		(0.11	)	$	9.62
Year ended February 28, 2010	$	5.19		0.10	⁴		2.90			(0.09	)		(0.02	)	$	8.08
Administrator Class
Six months ended August 31, 2014 (unaudited)	$	11.51		0.09			0.52			(0.06	)		0.00		$	12.06
Year ended February 28, 2014	$	10.23		0.14			1.73			(0.14	)		(0.45	)	$	11.51
Year ended February 28, 2013	$	9.59		0.12			0.77			(0.12	)		(0.13	)	$	10.23
Year ended February 29, 2012	$	9.66		0.11			(0.05	)		(0.09	)		(0.04	)	$	9.59
Year ended February 28, 2011	$	8.12		0.09			1.72			(0.16	)		(0.11	)	$	9.66
Year ended February 28, 2010	$	5.21		0.08	⁴		2.92			(0.07	)		(0.02	)	$	8.12
Investor Class
Six months ended August 31, 2014 (unaudited)	$	11.55		0.08			0.52			(0.05	)		0.00		$	12.10
Year ended February 28, 2014	$	10.26		0.13			1.73			(0.12	)		(0.45	)	$	11.55
Year ended February 28, 2013	$	9.62		0.12			0.77			(0.12	)		(0.13	)	$	10.26
Year ended February 29, 2012	$	9.69		0.11			(0.05	)		(0.09	)		(0.04	)	$	9.62
Year ended February 28, 2011	$	8.14		0.08			1.73			(0.15	)		(0.11	)	$	9.69
Year ended February 28, 2010	$	5.23		0.09	⁴		2.91			(0.07	)		(0.02	)	$	8.14

1.	Includes net expenses allocated from 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 period from November 30, 2012 (commencement of class operations) to February 28, 2013

6.	For the period from June 28, 2013 (commencement of class operations) to February 28, 2014

7.	On June 1, 2013, Institutional Class was renamed Class R6.

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


Financial highlights		Wells Fargo Advantage Dow Jones Target Date Funds			71


Ratio to average net assets (annualized)									Total return²			Portfolio turnover rate³			Net assets at end of period (000s omitted)
Net investment income ¹			Gross expenses¹			Net expenses¹			Total return²			Portfolio turnover rate³			Net assets at end of period (000s omitted)

	1.35	%		0.99	%		0.88	%		5.36	%		4	%	$	507
	1.09	%		1.01	%		0.88	%		18.54	%		24	%	$	167
	1.08	%		1.10	%		0.88	%		7.41	%		19	%	$	13

	1.10	%		1.26	%		1.13	%		5.17	%		4	%	$	30
	0.68	%		1.30	%		1.13	%		15.52	%		24	%	$	29

	1.70	%		0.66	%		0.52	%		5.56	%		4	%	$	184,344
	1.39	%		0.68	%		0.52	%		18.99	%		24	%	$	174,582
	1.29	%		0.78	%		0.52	%		7.55	%		19	%	$	1,246

	1.85	%		0.51	%		0.37	%		5.64	%		4	%	$	337,106
	1.67	%		0.57	%		0.42	%		19.07	%		24	%	$	291,293
	1.74	%		0.69	%		0.52	%		9.85	%		19	%	$	324,476
	1.51	%		0.67	%		0.52	%		1.16	%		19	%	$	215,067
	1.26	%		0.70	%		0.52	%		23.08	%		20	%	$	141,871
	1.26	%		0.95	%		0.59	%		58.02	%		27	%	$	51,776

	1.51	%		0.83	%		0.72	%		5.36	%		4	%	$	137,256
	1.28	%		0.87	%		0.75	%		18.65	%		24	%	$	126,533
	1.35	%		0.96	%		0.87	%		9.49	%		19	%	$	85,590
	1.18	%		0.94	%		0.87	%		0.85	%		19	%	$	39,964
	1.02	%		0.97	%		0.87	%		22.56	%		20	%	$	27,698
	1.11	%		1.22	%		0.89	%		57.87	%		27	%	$	14,948

	1.31	%		1.05	%		0.93	%		5.24	%		4	%	$	112,499
	1.18	%		1.10	%		0.93	%		18.44	%		24	%	$	110,633
	1.32	%		1.18	%		0.93	%		9.39	%		19	%	$	178,137
	1.12	%		1.17	%		0.93	%		0.80	%		19	%	$	115,546
	0.98	%		1.21	%		0.93	%		22.58	%		20	%	$	84,881
	1.12	%		1.51	%		0.95	%		57.49	%		27	%	$	12,352

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


72		Wells Fargo Advantage Dow Jones Target Date Funds		Financial highlights


Target 2050 Fund	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			Ending net asset value per share
Class A
Six months ended August 31, 2014 (unaudited)	$	10.93		0.07	⁴		0.52			(0.07	)		0.00		$	11.45
Year ended February 28, 2014	$	9.72		0.15			1.62			(0.13	)		(0.43	)	$	10.93
Year ended February 28, 2013⁵	$	9.29		0.03			0.65			(0.05	)		(0.20	)	$	9.72
Class C
Six months ended August 31, 2014 (unaudited)	$	10.91		0.03			0.52			(0.04	)		0.00		$	11.42
Year ended February 28, 2014	$	9.71		0.08			1.61			(0.06	)		(0.43	)	$	10.91
Year ended February 28, 2013⁵	$	9.29		0.02			0.64			(0.04	)		(0.20	)	$	9.71
Class R
Six months ended August 31, 2014 (unaudited)	$	10.95		0.06			0.51			(0.04	)		0.00		$	11.48
Year ended February 28, 2014⁶	$	9.91		0.05			1.48			(0.06	)		(0.43	)	$	10.95
Class R4
Six months ended August 31, 2014 (unaudited)	$	10.96		0.10			0.50			(0.07	)		0.00		$	11.49
Year ended February 28, 2014	$	9.73		0.15	⁴		1.67			(0.16	)		(0.43	)	$	10.96
Year ended February 28, 2013⁵	$	9.29		0.05			0.64			(0.05	)		(0.20	)	$	9.73
Class R6⁷
Six months ended August 31, 2014 (unaudited)	$	10.95		0.10			0.52			(0.08	)		0.00		$	11.49
Year ended February 28, 2014	$	9.72		0.17	⁴		1.66			(0.17	)		(0.43	)	$	10.95
Year ended February 28, 2013	$	9.20		0.16			0.72			(0.16	)		(0.20	)	$	9.72
Year ended February 29, 2012	$	9.50		0.14			(0.07	)		(0.12	)		(0.25	)	$	9.20
Year ended February 28, 2011	$	8.10		0.12	⁴		1.72			(0.17	)		(0.27	)	$	9.50
Year ended February 28, 2010	$	5.20		0.10			2.92			(0.09	)		(0.03	)	$	8.10
Administrator Class
Six months ended August 31, 2014 (unaudited)	$	10.92		0.08			0.52			(0.06	)		0.00		$	11.46
Year ended February 28, 2014	$	9.70		0.13	⁴		1.65			(0.13	)		(0.43	)	$	10.92
Year ended February 28, 2013	$	9.18		0.12	⁴		0.73			(0.13	)		(0.20	)	$	9.70
Year ended February 29, 2012	$	9.48		0.11			(0.07	)		(0.09	)		(0.25	)	$	9.18
Year ended February 28, 2011	$	8.10		0.09	⁴		1.71			(0.15	)		(0.27	)	$	9.48
Year ended February 28, 2010	$	5.20		0.09			2.91			(0.07	)		(0.03	)	$	8.10
Investor Class
Six months ended August 31, 2014 (unaudited)	$	10.96		0.07			0.51			(0.05	)		0.00		$	11.49
Year ended February 28, 2014	$	9.73		0.11			1.67			(0.12	)		(0.43	)	$	10.96
Year ended February 28, 2013	$	9.21		0.12			0.73			(0.13	)		(0.20	)	$	9.73
Year ended February 29, 2012	$	9.51		0.10			(0.06	)		(0.09	)		(0.25	)	$	9.21
Year ended February 28, 2011	$	8.11		0.09	⁴		1.71			(0.13	)		(0.27	)	$	9.51
Year ended February 28, 2010	$	5.21		0.07			2.93			(0.07	)		(0.03	)	$	8.11

1.	Includes net expenses allocated from 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 period from November 30, 2012 (commencement of class operations) to February 28, 2013

6.	For the period from June 28, 2013 (commencement of class operations) to February 28, 2014

7.	On June 1, 2013, Institutional Class was renamed Class R6.

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


Financial highlights		Wells Fargo Advantage Dow Jones Target Date Funds			73


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			Total return²			Portfolio turnover rate³			Net assets at end of period (000s omitted)

	1.22	%		0.97	%		0.88	%		5.37	%		4	%	$	1,320
	1.00	%		0.98	%		0.88	%		18.62	%		23	%	$	210
	1.07	%		1.05	%		0.88	%		7.49	%		19	%	$	11

	0.54	%		1.72	%		1.63	%		5.03	%		4	%	$	456
	0.39	%		1.73	%		1.63	%		17.68	%		23	%	$	163
	0.16	%		1.81	%		1.63	%		7.31	%		19	%	$	17

	1.09	%		1.26	%		1.13	%		5.23	%		4	%	$	30
	0.69	%		1.27	%		1.13	%		15.67	%		23	%	$	29

	1.70	%		0.64	%		0.52	%		5.49	%		4	%	$	343,600
	1.39	%		0.65	%		0.52	%		19.10	%		23	%	$	307,320
	1.03	%		0.76	%		0.52	%		7.63	%		19	%	$	6,538

	1.86	%		0.49	%		0.37	%		5.66	%		4	%	$	764,989
	1.66	%		0.55	%		0.41	%		19.28	%		23	%	$	693,648
	1.75	%		0.67	%		0.52	%		9.94	%		19	%	$	754,088
	1.53	%		0.66	%		0.52	%		1.11	%		19	%	$	651,308
	1.43	%		0.67	%		0.52	%		23.17	%		20	%	$	560,746
	1.19	%		0.71	%		0.57	%		58.33	%		27	%	$	389,918

	1.50	%		0.81	%		0.72	%		5.52	%		4	%	$	229,308
	1.28	%		0.85	%		0.75	%		18.79	%		23	%	$	202,276
	1.38	%		0.94	%		0.87	%		9.59	%		19	%	$	141,212
	1.18	%		0.93	%		0.87	%		0.81	%		19	%	$	89,984
	1.07	%		0.94	%		0.87	%		22.58	%		20	%	$	69,492
	1.49	%		1.04	%		0.90	%		57.99	%		27	%	$	37,853

	1.30	%		1.03	%		0.93	%		5.31	%		4	%	$	62,912
	1.10	%		1.07	%		0.93	%		18.67	%		23	%	$	58,583
	1.33	%		1.16	%		0.93	%		9.49	%		19	%	$	39,188
	1.12	%		1.16	%		0.93	%		0.75	%		19	%	$	28,615
	1.02	%		1.19	%		0.93	%		22.54	%		20	%	$	24,771
	1.00	%		1.28	%		0.95	%		57.89	%		27	%	$	19,359

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


74		Wells Fargo Advantage Dow Jones Target Date Funds		Financial highlights


Target 2055 Fund	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			Ending net asset value per share
Class A
Six months ended August 31, 2014 (unaudited)	$	12.63		0.07			0.61			(0.07	)		0.00		$	13.24
Year ended February 28, 2014	$	10.90		0.14			1.87			(0.13	)		(0.15	)	$	12.63
Year ended February 28, 2013⁴	$	10.19		0.03	⁵		0.72			(0.04	)		0.00		$	10.90
Class R
Six months ended August 31, 2014 (unaudited)	$	12.51		0.07			0.59			(0.05	)		0.00		$	13.12
Year ended February 28, 2014⁶	$	11.01		0.06			1.65			(0.06	)		(0.15	)	$	12.51
Class R4
Six months ended August 31, 2014 (unaudited)	$	12.65		0.11			0.59			(0.08	)		0.00		$	13.27
Year ended February 28, 2014	$	10.91		0.15			1.90			(0.16	)		(0.15	)	$	12.65
Year ended February 28, 2013⁴	$	10.19		0.04	⁵		0.72			(0.04	)		0.00		$	10.91
Class R6⁷
Six months ended August 31, 2014 (unaudited)	$	12.63		0.12	⁵		0.59			(0.09	)		0.00		$	13.25
Year ended February 28, 2014	$	10.90		0.19			1.87			(0.18	)		(0.15	)	$	12.63
Year ended February 28, 2013	$	10.08		0.15			0.83			(0.16	)		0.00		$	10.90
Year ended February 29, 2012⁸	$	10.00		0.08	⁵		0.00	⁹		0.00			0.00		$	10.08
Administrator Class
Six months ended August 31, 2014 (unaudited)	$	12.62		0.09			0.60			(0.07	)		0.00		$	13.24
Year ended February 28, 2014	$	10.90		0.14			1.87			(0.14	)		(0.15	)	$	12.62
Year ended February 28, 2013	$	10.06		0.14	⁵		0.81			(0.11	)		0.00		$	10.90
Year ended February 29, 2012⁸	$	10.00		0.06	⁵		0.00	⁹		0.00			0.00		$	10.06
Investor Class
Six months ended August 31, 2014 (unaudited)	$	12.52		0.08			0.59			(0.06	)		0.00		$	13.13
Year ended February 28, 2014	$	10.81		0.14			1.85			(0.13	)		(0.15	)	$	12.52
Year ended February 28, 2013	$	10.05		0.13			0.80			(0.17	)		0.00		$	10.81
Year ended February 29, 2012⁸	$	10.00		0.06	⁵		(0.01	)		0.00			0.00		$	10.05

1.	Includes net expenses allocated from 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.	For the period from November 30, 2012 (commencement of class operations) to February 28, 2013

5.	Calculated based upon average shares outstanding

6.	For the period from June 28, 2013 (commencement of class operations) to February 28, 2014

7.	On June 1, 2013, Institutional Class was renamed Class R6.

8.	For the period from June 30, 2011 (commencement of class operations) to February 29, 2012

9.	Amount is less than $0.005.

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


Financial highlights		Wells Fargo Advantage Dow Jones Target Date Funds			75


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			Total return²			Portfolio turnover rate³			Net assets at end of period (000s omitted)

	1.34	%		1.08	%		0.88	%		5.36	%		4	%	$	397
	1.10	%		1.19	%		0.88	%		18.69	%		23	%	$	66
	1.05	%		1.44	%		0.88	%		7.39	%		19	%	$	14

	1.08	%		1.38	%		1.13	%		5.26	%		4	%	$	30
	0.73	%		1.48	%		1.13	%		15.66	%		23	%	$	29

	1.70	%		0.75	%		0.52	%		5.55	%		4	%	$	27,647
	1.40	%		0.86	%		0.52	%		19.06	%		23	%	$	20,591
	1.51	%		1.09	%		0.52	%		7.51	%		19	%	$	33

	1.85	%		0.60	%		0.37	%		5.63	%		4	%	$	101,156
	1.63	%		0.75	%		0.40	%		19.18	%		23	%	$	74,427
	1.69	%		1.17	%		0.52	%		9.90	%		19	%	$	36,345
	1.33	%		4.06	%		0.52	%		0.80	%		19	%	$	8,963

	1.38	%		0.92	%		0.72	%		5.48	%		4	%	$	10,127
	1.28	%		1.05	%		0.75	%		18.70	%		23	%	$	8,462
	1.36	%		1.45	%		0.87	%		9.52	%		19	%	$	4,739
	0.87	%		2.14	%		0.87	%		0.60	%		19	%	$	1,794

	1.31	%		1.14	%		0.93	%		5.35	%		4	%	$	6,078
	1.06	%		1.27	%		0.93	%		18.62	%		23	%	$	4,130
	1.23	%		1.64	%		0.93	%		9.52	%		19	%	$	1,254
	0.94	%		6.32	%		0.93	%		0.50	%		19	%	$	256

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


76		Wells Fargo Advantage Dow Jones Target Date 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: Wells Fargo Advantage Dow Jones Target Today Fund (“Target Today Fund”), Wells Fargo Advantage Dow Jones Target 2010 Fund (“Target 2010 Fund”), Wells Fargo Advantage Dow Jones Target 2015 Fund (“Target 2015 Fund” ), Wells Fargo Advantage Dow Jones Target 2020 Fund (“Target 2020 Fund”), Wells Fargo Advantage Dow Jones Target 2025 Fund (“Target 2025 Fund”), Wells Fargo Advantage Dow Jones Target 2030 Fund (“Target 2030 Fund”), Wells Fargo Advantage Dow Jones Target 2035 Fund (“Target 2035 Fund”), Wells Fargo Advantage Dow Jones Target 2040 Fund (“Target 2040 Fund”), Wells Fargo Advantage Dow Jones Target 2045 Fund (“Target 2045 Fund”), Wells Fargo Advantage Dow Jones Target 2050 Fund (“Target 2050 Fund”), and Wells Fargo Advantage Dow Jones Target 2055 Fund (“Target 2055 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 August 31, 2014 are included in this report and should be read in conjunction with each Fund’s financial statements. As of August 31, 2014, the Funds own the following percentages of the affiliated Master Portfolios:


	Target Today Fund			Target 2010 Fund			Target 2015 Fund			Target 2020 Fund			Target 2025 Fund			Target 2030 Fund			Target 2035 Fund			Target 2040 Fund			Target 2045 Fund			Target 2050 Fund			Target 2055 Fund
Wells Fargo Advantage Diversified Fixed Income Portfolio		10	%		9	%		11	%		27	%		17	%		15	%		5	%		4	%		1	%		1	%		0	%*
Wells Fargo Advantage Diversified Stock Portfolio		1			1			3			12			13			20			10			19			7			13			1
Wells Fargo Advantage Short-Term Investment Portfolio		9			4			5			17			14			17			8			13			4			8			1

*	The amount owned 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.

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.


Notes to financial statements (unaudited)		Wells Fargo Advantage Dow Jones Target Date Funds			77

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.

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.

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

Fair value measurements of investments are determined within a framework that has established a fair value hierarchy based upon the various data inputs utilized in determining the value of 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:

Level 1 – quoted prices in active markets for identical securities

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

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

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

At August 31, 2014, 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 August 31, 2014, the Funds did not have any transfers into/out of Level 1, Level 2, or Level 3.


78		Wells Fargo Advantage Dow Jones Target Date Funds		Notes to financial statements (unaudited)

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.

Pursuant to the contract, Funds Management is entitled to receive an annual advisory fee starting at 0.25% and declining to 0.17% as the average daily net assets of each Fund increase. Prior to July 1, 2014, Funds Management received an annual advisory fee which started at 0.25% and declined to 0.19% as the average daily net assets of each Fund increased. For the six months ended August 31, 2014, the advisory fee was equivalent to an annual rate for each Fund as follows:


	Advisory fee
Target Today Fund		0.24	%
Target 2010 Fund		0.24
Target 2015 Fund		0.24
Target 2020 Fund		0.22
Target 2025 Fund		0.22
Target 2030 Fund		0.22
Target 2035 Fund		0.23
Target 2040 Fund		0.22
Target 2045 Fund		0.24
Target 2050 Fund		0.23
Target 2055 Fund		0.25

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.

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Funds. The fees for subadvisory services are borne by Funds Management. Global Index Advisors, Inc. is the subadviser to each Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.06% and declining to 0.04% as the average daily net assets of each Fund increase.

Administration 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, Class R		0.26	%
Class R4		0.08
Class R6		0.03
Administrator Class		0.10
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


Notes to financial statements (unaudited)		Wells Fargo Advantage Dow Jones Target Date Funds			79

specific expenses. Funds Management has committed through June 30, 2015 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			Investor Class
Target Today Fund		0.81	%		1.56	%		1.56	%		1.06	%		0.45	%		0.30	%		0.65	%		0.86	%
Target 2010 Fund		0.83			1.58			1.58			1.08			0.47			0.32			0.67			0.88
Target 2015 Fund		0.84			N/A			N/A			1.09			0.48			0.33			0.68			0.89
Target 2020 Fund		0.86			1.61			1.61			1.11			0.50			0.35			0.70			0.91
Target 2025 Fund		0.86			N/A			N/A			1.11			0.50			0.35			0.70			0.91
Target 2030 Fund		0.87			1.62			1.62			1.12			0.51			0.36			0.71			0.92
Target 2035 Fund		0.88			N/A			N/A			1.13			0.52			0.37			0.72			0.93
Target 2040 Fund		0.88			1.63			1.63			1.13			0.52			0.37			0.72			0.93
Target 2045 Fund		0.88			N/A			N/A			1.13			0.52			0.37			0.72			0.93
Target 2050 Fund		0.88			N/A			1.63			1.13			0.52			0.37			0.72			0.93
Target 2055 Fund		0.88			N/A			N/A			1.13			0.52			0.37			0.72			0.93

After June 30, 2015, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

Distribution fees

The Trust has adopted a Distribution Plan for Class B, Class C, and Class R shares of the 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 (“Funds Distributor”), 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.

In addition, Funds Distributor is entitled to receive the front-end sales charges from purchases of Class A shares and the contingent deferred sales charges from redemptions of Class A, Class B, and Class C shares. For the six months ended August 31, 2014, Funds Distributor received the following amounts in front-end sales charges and contingent deferred sales charges.



	Front-end sales charges Class A		Contingent deferred sales charges
	Front-end sales charges Class A		Class B		Class C
Target Today Fund	$	513	$	0	$	0
Target 2010 Fund		111		0		0
Target 2015 Fund		612		N/A		N/A
Target 2020 Fund		1,077		0		0
Target 2025 Fund		1,697		N/A		N/A
Target 2030 Fund		3,075		0		48
Target 2035 Fund		862		N/A		N/A
Target 2040 Fund		1,761		0		0
Target 2045 Fund		831		N/A		N/A
Target 2050 Fund		3,117		N/A		15
Target 2055 Fund		392		N/A		N/A

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 is charged a fee at an annual rate of 0.10% of its average daily net assets.


80		Wells Fargo Advantage Dow Jones Target Date Funds		Notes to financial statements (unaudited)

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding short-term securities, for the six months ended August 31, 2014 were as follows:


	Purchases at cost*				Sales proceeds*
	U.S. government		Non-U.S. government		U.S. government		Non-U.S. government
Target Today Fund	$	148,338,015	$	43,350,657	$	108,253,040	$	19,385,100
Target 2010 Fund		125,864,469		37,363,653		91,852,459		17,123,636
Target 2015 Fund		157,635,680		49,230,618		115,038,223		24,278,717
Target 2020 Fund		401,969,791		138,400,319		293,346,598		76,870,813
Target 2025 Fund		255,506,550		101,369,243		186,461,717		64,443,661
Target 2030 Fund		227,534,526		111,224,242		166,048,496		81,758,128
Target 2035 Fund		67,048,518		44,515,938		48,930,181		37,747,785
Target 2040 Fund		62,737,538		63,804,234		45,784,146		61,083,584
Target 2045 Fund		12,649,692		20,566,354		9,231,400		21,273,778
Target 2050 Fund		19,317,827		36,789,012		14,097,624		38,746,944
Target 2055 Fund		1,989,765		3,789,322		1,452,076		3,990,992

Each Fund seeks to achieve its investment objective by investing all of its investable assets in multiple affiliated Master Portfolios. 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.

6. 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 August 31, 2014, the Funds paid the following amounts in commitment fees:


	Commitment fee
Target Today Fund	$	994
Target 2010 Fund		882
Target 2015 Fund		1,172
Target 2020 Fund		3,553
Target 2025 Fund		3,872
Target 2030 Fund		4,729
Target 2035 Fund		2,156
Target 2040 Fund		3,409
Target 2045 Fund		1,172
Target 2050 Fund		2,109
Target 2055 Fund		192

For the six months ended August 31, 2014, there were no borrowings by the Funds under the agreement.


Notes to financial statements (unaudited)		Wells Fargo Advantage Dow Jones Target Date Funds			81

7. INDEMNIFICATION

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

8. SUBSEQUENT DISTRIBUTIONS

On September 24, 2014, the Funds declared distributions from net investment income to shareholders of record on September 23, 2014. The per share amounts payable on September 25, 2014 were as follows:


Net investment income	Target 2015 Fund		Target 2020 Fund		Target 2025 Fund		Target 2030 Fund		Target 2035 Fund		Target 2040 Fund		Target 2045 Fund		Target 2050 Fund		Target 2055 Fund
Class A		$0.04143	$	0.05154	$	0.03582	$	0.05050	$	0.03548	$	0.05321	$	0.03431	$	0.03126	$	0.03400
Class B		N/A		0.02008		N/A		0.01235		N/A		0.00511		N/A		N/A		N/A
Class C		N/A		0.02397		N/A		0.02107		N/A		0.02028		N/A		0.01152		N/A
Class R		0.03100		0.04348		0.02736		0.04421		0.02466		0.04362		0.02353		0.02291		0.02514
Class R4		0.04702		0.06557		0.04363		0.06627		0.04203		0.07113		0.04158		0.03944		0.04362
Class R6		0.05105		0.07150		0.04777		0.07278		0.04636		0.07861		0.04604		0.04368		0.04830
Administrator Class		0.04164		0.05762		0.03831		0.05753		0.03639		0.06097		0.03568		0.03389		0.03739
Investor Class		0.03568		0.04959		0.03257		0.04861		0.03024		0.05093		0.02933		0.02789		0.03146

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.


82		Wells Fargo Advantage Dow Jones Target Date Funds		Summary portfolio of investments—August 31, 2014 (unaudited)

DIVERSIFIED FIXED INCOME 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/diversifiedfixedincome.pdf or by calling Wells Fargo Advantage Funds at 1-800-222-8222. This complete schedule, filed on the 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: 27.93%
FHLB		0.38-6.00	%		2-19-2016 to 11-1-2043	$	152,596,737	$	158,450,780		2.57	%
FHLMC		0.50-6.75			9-10-2015 to 6-1-2044		244,518,026		259,130,183		4.13
FHLMC %%		2.50			9-1-2029		20,000,000		20,247,060		0.33
FHLMC		3.50			2-1-2042		13,546,326		13,929,034		0.22
FHLMC %%		3.50			9-1-2044		13,000,000		13,353,438		0.22
FHLMC %%		4.00			9-1-2044		20,000,000		21,146,484		0.34
FNMA		0.00-7.25			11-1-2014 to 7-1-2044		633,380,348		666,564,731		10.68
FNMA		3.00			8-1-2027		14,524,343		15,088,524		0.24
FNMA %%		3.00			9-1-2044		15,000,000		14,926,466		0.24
FNMA %%		3.50			9-1-2026		12,000,000		12,670,597		0.20
FNMA		3.50			9-1-2042		12,551,012		12,932,948		0.21
FNMA %%		3.50			9-1-2044		40,000,000		41,170,624		0.66
FNMA %%		4.00			9-1-2044		41,750,000		44,230,300		0.71
FNMA %%		4.50			9-1-2041		14,000,000		15,115,625		0.24
GNMA		3.00-7.00			11-15-2023 to 9-1-2044		343,490,280		365,170,546		5.89
GNMA		3.50			4-20-2043		18,602,849		19,369,847		0.31
GNMA %%		3.50			9-1-2044		25,000,000		25,987,313		0.42
GNMA		4.50			3-15-2039		10,797,003		11,744,036		0.19
Other securities									8,388,651		0.13

Total Agency Securities (Cost $1,706,740,562)									1,739,617,187		27.93


Corporate Bonds and Notes: 20.94%

Consumer Discretionary: 1.93%

Auto Components: 0.05%
Other securities									3,327,818		0.05


Automobiles: 0.03%
Other securities									1,611,696		0.03


Diversified Consumer Services: 0.04%
Other securities									2,573,542		0.04


Hotels, Restaurants & Leisure: 0.15%
Other securities									9,310,776		0.15


Household Durables: 0.04%
Other securities									2,197,907		0.04


Internet & Catalog Retail: 0.06%
Other securities									3,510,869		0.06


Leisure Products: 0.01%
Other securities									929,794		0.01


Media: 1.12%
Other securities									69,699,804		1.12

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


Summary portfolio of investments—August 31, 2014 (unaudited)		Wells Fargo Advantage Dow Jones Target Date Funds			83

DIVERSIFIED FIXED INCOME PORTFOLIO


Security name								Value		Percent of net assets


Multiline Retail: 0.16%
Other securities								$	10,105,677		0.16	%


Specialty Retail: 0.26%
Other securities									16,369,002		0.26


Textiles, Apparel & Luxury Goods: 0.01%
Other securities									817,395		0.01


Consumer Staples: 1.82%

Beverages: 0.50%
Other securities									31,089,862		0.50


Food & Staples Retailing: 0.50%
Other securities									31,317,121		0.50


Food Products: 0.42%
Other securities									25,768,624		0.42


Household Products: 0.12%
Other securities									7,600,050		0.12


Personal Products: 0.02%
Other securities									980,449		0.02


Tobacco: 0.26%
Other securities									16,298,325		0.26


Energy: 1.67%

Energy Equipment & Services: 0.14%
Other securities									8,475,457		0.14


Oil, Gas & Consumable Fuels: 1.53%
Other securities									95,505,074		1.53


	Interest rate			Maturity date		Principal

Financials: 7.15%

Banks: 2.03%
Wachovia Bank NA (l)		5.85	%		2-1-2037	$	1,000,000		1,263,090		0.02
Wachovia Bank NA (l)		6.60			1-15-2038		600,000		830,614		0.01
Wachovia Corporation (l)		5.50			8-1-2035		700,000		808,523		0.01
Wachovia Corporation (l)		5.63			10-15-2016		1,200,000		1,312,466		0.02
Wachovia Corporation (l)		5.75			6-15-2017		1,000,000		1,120,411		0.02
Wachovia Corporation (l)		5.75			2-1-2018		1,000,000		1,136,636		0.02
Wells Fargo & Company (l)		1.25			7-20-2016		1,250,000		1,259,985		0.02
Wells Fargo & Company (l)		1.50			1-16-2018		1,000,000		998,255		0.02
Wells Fargo & Company (l)		2.63			12-15-2016		1,000,000		1,037,110		0.02
Wells Fargo & Company (l)		3.45			2-13-2023		750,000		755,295		0.01
Wells Fargo & Company (l)		3.50			3-8-2022		1,000,000		1,041,738		0.02
Wells Fargo & Company (l)		3.68			6-15-2016		1,000,000		1,051,384		0.02
Wells Fargo & Company (l)		4.10			6-3-2026		1,000,000		1,025,008		0.02
Wells Fargo & Company (l)		4.13			8-15-2023		1,000,000		1,051,139		0.02

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


84		Wells Fargo Advantage Dow Jones Target Date Funds		Summary portfolio of investments—August 31, 2014 (unaudited)

DIVERSIFIED FIXED INCOME PORTFOLIO


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


Banks (continued)
Wells Fargo & Company (l)		4.60	%		4-1-2021	$	1,250,000	$	1,395,925		0.02	%
Wells Fargo & Company (l)		5.38			11-2-2043		1,000,000		1,139,161		0.02
Wells Fargo & Company (l)		5.61			1-15-2044		1,000,000		1,178,845		0.02
Wells Fargo & Company (l)		5.63			12-11-2017		1,500,000		1,695,932		0.03
Wells Fargo Bank NA (l)		5.95			8-26-2036		350,000		446,033		0.01
Wells Fargo Capital X (l)		5.95			12-1-2086		500,000		510,000		0.01
Other securities									105,049,750		1.67

									126,107,300		2.03


Capital Markets: 1.27%
Other securities									78,776,356		1.27


Consumer Finance: 0.92%
Other securities									57,374,106		0.92


Diversified Financial Services: 1.32%
Other securities									82,021,687		1.32


Insurance: 0.92%
Other securities									57,431,280		0.92


Real Estate Management & Development: 0.01%
Other securities									695,638		0.01


REITs: 0.66%
Other securities									41,262,298		0.66


Thrifts & Mortgage Finance: 0.02%
Other securities									1,343,044		0.02


Health Care: 1.82%

Biotechnology: 0.28%
Other securities									17,345,486		0.28


Health Care Equipment & Supplies: 0.20%
Other securities									12,568,389		0.20


Health Care Providers & Services: 0.50%
Other securities									31,418,383		0.50


Life Sciences Tools & Services: 0.07%
Other securities									4,387,459		0.07


Pharmaceuticals: 0.77%
Other securities									47,786,576		0.77


Industrials: 1.56%

Aerospace & Defense: 0.37%
Other securities									22,848,377		0.37

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


Summary portfolio of investments—August 31, 2014 (unaudited)		Wells Fargo Advantage Dow Jones Target Date Funds			85

DIVERSIFIED FIXED INCOME PORTFOLIO


Security name	Value		Percent of net assets


Air Freight & Logistics: 0.08%
Other securities	$	5,391,956		0.08	%


Airlines: 0.07%
Other securities		4,183,046		0.07


Building Products: 0.01%
Other securities		332,495		0.01


Commercial Services & Supplies: 0.16%
Other securities		9,899,005		0.16


Construction & Engineering: 0.01%
Other securities		776,181		0.01


Electrical Equipment: 0.09%
Other securities		5,672,240		0.09


Industrial Conglomerates: 0.20%
Other securities		12,630,046		0.20


Machinery: 0.22%
Other securities		13,629,135		0.22


Professional Services: 0.01%
Other securities		635,582		0.01


Road & Rail: 0.32%
Other securities		19,875,872		0.32


Trading Companies & Distributors: 0.02%
Other securities		1,268,750		0.02


Information Technology: 1.35%

Communications Equipment: 0.17%
Other securities		10,538,278		0.17


Electronic Equipment, Instruments & Components: 0.05%
Other securities		2,951,447		0.05


Internet Software & Services: 0.06%
Other securities		3,617,255		0.06


IT Services: 0.27%
Other securities		17,088,533		0.27


Semiconductors & Semiconductor Equipment: 0.13%
Other securities		8,404,691		0.13


Software: 0.35%
Other securities		21,550,874		0.35

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


86		Wells Fargo Advantage Dow Jones Target Date Funds		Summary portfolio of investments—August 31, 2014 (unaudited)

DIVERSIFIED FIXED INCOME PORTFOLIO


Security name								Value		Percent of net assets


Technology Hardware, Storage & Peripherals: 0.32%
Other securities								$	20,127,201		0.32	%


Materials: 0.76%

Chemicals: 0.43%
Other securities									26,748,842		0.43


Construction Materials: 0.00%
Other securities									142,484		0.00


Containers & Packaging: 0.01%
Other securities									379,711		0.01


Metals & Mining: 0.21%
Other securities									12,838,504		0.21


Paper & Forest Products: 0.11%
Other securities									6,986,755		0.11


Telecommunication Services: 1.01%

Diversified Telecommunication Services: 1.00%
Other securities									62,559,153		1.00


Wireless Telecommunication Services: 0.01%
Other securities									609,660		0.01


Utilities: 1.87%

Electric Utilities: 1.43%
Other securities									89,341,186		1.43


Gas Utilities: 0.10%
Other securities									6,356,441		0.10


Independent Power & Renewable Electricity Producers: 0.01%
Other securities									816,984		0.01


Multi-Utilities: 0.31%
Other securities									19,104,655		0.31


Water Utilities: 0.02%
Other securities									1,148,845		0.02


Total Corporate Bonds and Notes (Cost $1,215,487,401)									1,304,461,428		20.94


	Interest rate			Maturity date		Principal
Foreign Government Bonds @: 25.60%
Bundesrepublik Deutschland (EUR)		1.50-6.50	%		1- 4-2016 to 8-15-2046	$	62,955,000		100,886,209		1.62
France Government Bond (EUR)		0.25-8.50			10-25-2015 to 4-25-2060		94,300,000		148,816,384		2.38
Italy Buoni Poliennali del Tesoro (EUR)		1.50-9.00			11- 1-2015 to 9-1-2044		108,105,000		165,199,796		2.68
Japan Government Five Year Bond Series 066 (JPY)		0.40			9-20-2016		1,525,000,000		14,754,736		0.24
Japan Government Five Year Bond (JPY)		0.20-0.60			9- 20-2015 to 3-20-2019		8,019,000,000		77,450,116		1.24
Japan Government Ten Year Bond (JPY)		0.60-2.00			12-20-2015 to 3-20-2024		24,239,000,000		242,934,101		3.91
Japan Government Ten Year Bond Series 282 (JPY)		1.70			9-20-2016		1,745,000,000		17,329,077		0.28

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


Summary portfolio of investments—August 31, 2014 (unaudited)		Wells Fargo Advantage Dow Jones Target Date Funds			87

DIVERSIFIED FIXED INCOME PORTFOLIO


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

Foreign Government Bonds @ (continued)
Japan Government Ten Year Bond Series 305 (JPY)		1.30	%		12-20-2019	$	1,250,000,000	$	12,723,281		0.20	%
Japan Government Ten Year Bond Series 308 (JPY)		1.30			6-20-2020		1,158,000,000		11,836,297		0.19
Japan Government Ten Year Bond Series 312 (JPY)		1.20			12-20-2020		1,200,000,000		12,236,471		0.20
Japan Government Thirty Year Bond (JPY)		1.70-2.90			5-20-2030 to 3-20-2044		6,367,500,000		69,892,604		1.12
Japan Government Twenty Year Bond (JPY)		0.80-3.10			9-20-2017 to 6-20-2034		17,943,500,000		193,940,463		3.14
United Kingdom Gilt (GBP)		1.00-8.75			9- 7-2015 to 7-22-2068		102,700,000		195,312,839		3.13
Other securities									330,846,406		5.27

Total Foreign Government Bonds (Cost $1,592,576,107)									1,594,158,780		25.60


U.S. Treasury Securities: 23.38%
U.S. Treasury Bond		2.75-7.50			8-15-2023 to 8-15-2044		158,850,000		181,713,152		2.92
U.S. Treasury Note		0.25-9.13			9-15-2015 to 8-15-2024		650,900,000		669,995,783		10.76
U.S. Treasury Note		0.25			10-15-2015		15,000,000		15,014,070		0.24
U.S. Treasury Note		0.25			11-30-2015		34,000,000		34,021,250		0.55
U.S. Treasury Note		0.25			2-29-2016		15,000,000		14,988,870		0.24
U.S. Treasury Note		0.38			5-31-2016		13,000,000		12,993,396		0.21
U.S. Treasury Note		0.63			7-15-2016		25,000,000		25,080,162		0.40
U.S. Treasury Note		0.63			9-30-2017		24,000,000		23,711,256		0.38
U.S. Treasury Note		0.75			6-30-2017		15,000,000		14,934,375		0.24
U.S. Treasury Note		0.75			12-31-2017		14,000,000		13,822,816		0.22
U.S. Treasury Note		1.00			3-31-2017		12,000,000		12,062,808		0.19
U.S. Treasury Note		1.00			6-30-2019		25,000,000		24,273,450		0.39
U.S. Treasury Note		1.25			4-30-2019		12,000,000		11,827,500		0.19
U.S. Treasury Note		1.50			7-31-2016		15,000,000		15,287,700		0.25
U.S. Treasury Note		1.50			8-31-2018		12,000,000		12,051,564		0.19
U.S. Treasury Note		1.50			5-31-2019		25,000,000		24,888,675		0.40
U.S. Treasury Note		1.63			3-31-2019		20,000,000		20,057,820		0.32
U.S. Treasury Note		1.63			11-15-2022		12,500,000		11,964,850		0.19
U.S. Treasury Note		1.75			5-15-2023		12,500,000		12,002,925		0.19
U.S. Treasury Note		2.00			11-15-2021		16,000,000		15,926,256		0.26
U.S. Treasury Note		2.13			12-31-2015		24,000,000		24,597,192		0.40
U.S. Treasury Note		2.38			3-31-2016		22,500,000		23,213,678		0.37
U.S. Treasury Note		2.50			8-15-2023		14,250,000		14,521,634		0.23
U.S. Treasury Note		2.50			5-15-2024		13,000,000		13,186,875		0.21
U.S. Treasury Note		2.63			8-15-2020		12,000,000		12,514,692		0.20
U.S. Treasury Note		2.75			11-30-2016		24,000,000		25,132,512		0.40
U.S. Treasury Note		2.75			2-15-2019		16,950,000		17,842,519		0.29
U.S. Treasury Note		2.75			11-15-2023		15,500,000		16,094,565		0.26
U.S. Treasury Note		2.75			2-15-2024		25,000,000		25,933,600		0.42
U.S. Treasury Note		3.63			2-15-2020		38,000,000		41,740,644		0.67
U.S. Treasury Note		3.63			2-15-2021		20,000,000		22,056,240		0.35
U.S. Treasury Note		4.63			11-15-2016		25,000,000		27,179,700		0.44
U.S. Treasury Note		4.75			8-15-2017		23,000,000		25,528,206		0.41

Total U.S. Treasury Securities (Cost $1,423,396,502)									1,456,160,735		23.38


Yankee Corporate Bonds and Notes: 3.98%

Consumer Discretionary: 0.03%

Media: 0.03%
Other securities									1,998,816		0.03

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


88		Wells Fargo Advantage Dow Jones Target Date Funds		Summary portfolio of investments—August 31, 2014 (unaudited)

DIVERSIFIED FIXED INCOME PORTFOLIO


Security name	Value		Percent of net assets


Consumer Staples: 0.08%

Beverages: 0.08%
Other securities	$	4,845,876		0.08	%


Energy: 0.69%

Energy Equipment & Services: 0.03%
Other securities		1,838,653		0.03


Oil, Gas & Consumable Fuels: 0.66%
Other securities		41,074,283		0.66


Financials: 1.83%

Banks: 1.18%
Other securities		73,407,415		1.18


Capital Markets: 0.06%
Other securities		3,639,656		0.06


Diversified Financial Services: 0.53%
Other securities		33,115,236		0.53


Insurance: 0.06%
Other securities		3,730,692		0.06


Real Estate Management & Development: 0.00%
Other securities		137,723		0.00


Health Care: 0.19%

Biotechnology: 0.01%
Other securities		505,858		0.01


Health Care Equipment & Supplies: 0.03%
Other securities		1,725,092		0.03


Pharmaceuticals: 0.15%
Other securities		9,472,475		0.15


Industrials: 0.11%

Aerospace & Defense: 0.00%
Other securities		214,250		0.00


Industrial Conglomerates: 0.06%
Other securities		3,402,250		0.06


Machinery: 0.01%
Other securities		579,692		0.01


Road & Rail: 0.04%
Other securities		2,736,975		0.04


Information Technology: 0.06%

Communications Equipment: 0.01%
Other securities		419,947		0.01

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


Summary portfolio of investments—August 31, 2014 (unaudited)		Wells Fargo Advantage Dow Jones Target Date Funds			89

DIVERSIFIED FIXED INCOME PORTFOLIO


Security name						Value		Percent of net assets


Internet Software & Services: 0.02%
Other securities						$	1,349,039		0.02	%


Technology Hardware, Storage & Peripherals: 0.03%
Other securities							2,052,500		0.03


Materials: 0.45%

Chemicals: 0.09%
Other securities							5,474,265		0.09


Metals & Mining: 0.34%
Other securities							21,254,130		0.34


Paper & Forest Products: 0.02%
Other securities							929,855		0.02


Telecommunication Services: 0.52%

Diversified Telecommunication Services: 0.28%
Other securities							17,555,621		0.28


Wireless Telecommunication Services: 0.24%
Other securities							14,644,221		0.24


Utilities: 0.02%

Electric Utilities: 0.00%
Other securities							174,762		0.00


Independent Power & Renewable Electricity Producers: 0.01%
Other securities							321,391		0.01


Multi-Utilities: 0.01%
Other securities							549,909		0.01


Water Utilities: 0.00%
Other securities							275,717		0.00


Total Yankee Corporate Bonds and Notes (Cost $233,165,600)							247,426,299		3.98


Yankee Government Bonds: 0.03%
Other securities							1,999,000		0.03


Total Yankee Government Bonds (Cost $2,001,242)							1,999,000		0.03


	Yield			Shares
Short-Term Investments: 4.22%

Investment Companies: 4.22%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)##		0.07	%		261,304,361		261,304,361		4.19
Wells Fargo Securities Lending Cash Investments, LLC (l)(u)(r)		0.11			1,719,240		1,719,240		0.03

Total Short-Term Investments (Cost $263,023,601)							263,023,601		4.22

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


90		Wells Fargo Advantage Dow Jones Target Date Funds		Summary portfolio of investments—August 31, 2014 (unaudited)

DIVERSIFIED FIXED INCOME PORTFOLIO


Security name	Value			Percent of net assets

Total investments in securities
(Cost $6,436,391,015) *	$	6,606,847,030			106.08	%
Other assets and liabilities, net		(378,389,854	)		(6.08	)

Total net assets	$	6,228,457,176			100.00	%

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

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

@	Foreign bond principal is denominated in the local currency of the issuer.

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

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

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

*	Cost for federal income tax purposes is $6,437,953,907 and unrealized gains (losses) consists of:


Gross unrealized gains	$	266,784,608
Gross unrealized losses		(97,891,485	)

Net unrealized gains	$	168,893,123

The following table shows the percent of total long-term investments by geographic location as of August 31, 2014 (unaudited):


United States	70.74	%
Japan	10.72
United Kingdom	3.93
France	2.93
Italy	2.68
Germany	2.20
Canada	1.51
Spain	1.48
Netherlands	1.12
Other	2.69

	100.00	%

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


Summary portfolio of investments—August 31, 2014 (unaudited)		Wells Fargo Advantage Dow Jones Target Date Funds			91

DIVERSIFIED STOCK PORTFOLIO

http://a584.g.akamai.net/f/584/1326/1d/www.wellsfargoadvantagefunds.com/pdf/semi/holdings/diversifiedstock.pdf or by calling Wells Fargo Advantage Funds at 1-800-222-8222. This complete schedule, filed on the Form N-CSRS, is also available on the SEC’s website at sec.gov.


Security name	Shares		Value		Percent of net assets


Common Stocks: 95.84%

Consumer Discretionary: 12.45%

Auto Components: 1.10%
Other securities			$	109,695,049		1.10	%


Automobiles: 1.34%
Toyota Motor Corporation		537,214		30,607,954		0.31
Other securities				102,646,538		1.03

				133,254,492		1.34


Distributors: 0.13%
Other securities				13,075,884		0.13


Diversified Consumer Services: 0.40%
Other securities				39,288,031		0.40


Hotels, Restaurants & Leisure: 2.01%
McDonald’s Corporation		214,414		20,094,880		0.20
Other securities				180,023,704		1.81

				200,118,584		2.01


Household Durables: 0.84%
Other securities				83,491,905		0.84


Internet & Catalog Retail: 0.95%
Amazon.com Incorporated †		81,027		27,471,394		0.28
Netflix Incorporated †		35,726		17,064,167		0.17
Other securities				50,459,315		0.50

				94,994,876		0.95


Leisure Products: 0.32%
Other securities				32,108,842		0.32


Media: 1.69%
Other securities				167,741,959		1.69


Multiline Retail: 0.44%
Other securities				44,234,790		0.44


Specialty Retail: 2.17%
The Home Depot Incorporated		297,430		27,809,705		0.28
Other securities				187,614,457		1.89

				215,424,162		2.17


Textiles, Apparel & Luxury Goods: 1.06%
Other securities				105,676,638		1.06

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


92		Wells Fargo Advantage Dow Jones Target Date Funds		Summary portfolio of investments—August 31, 2014 (unaudited)

DIVERSIFIED STOCK PORTFOLIO


Security name	Shares		Value		Percent of net assets


Consumer Staples: 6.53%

Beverages: 1.41%
PepsiCo Incorporated		198,163	$	18,328,096		0.19	%
The Coca-Cola Company		481,166		20,074,246		0.20
Other securities				102,299,955		1.02

				140,702,297		1.41


Food & Staples Retailing: 1.41%
Other securities				139,981,356		1.41


Food Products: 2.03%
Nestle SA		284,669		22,093,204		0.22
Other securities				180,264,504		1.81

				202,357,708		2.03


Household Products: 0.74%
The Procter & Gamble Company		345,482		28,713,009		0.29
Other securities				44,558,267		0.45

				73,271,276		0.74


Personal Products: 0.28%
Other securities				27,819,154		0.28


Tobacco: 0.66%
Philip Morris International Incorporated		205,550		17,590,969		0.18
Other securities				48,373,510		0.48

				65,964,479		0.66


Energy: 7.22%

Energy Equipment & Services: 1.54%
Schlumberger Limited		283,405		31,072,524		0.31
Other securities				122,116,069		1.23

				153,188,593		1.54


Oil, Gas & Consumable Fuels: 5.68%
Chevron Corporation		243,123		31,472,272		0.32
Exxon Mobil Corporation		549,931		54,696,137		0.55
Other securities				479,284,727		4.81

				565,453,136		5.68


Financials: 20.90%

Banks: 8.09%
Bank of America Corporation		1,339,566		21,553,617		0.22
Citigroup Incorporated		397,069		20,508,614		0.21
Commonwealth Bank of Australia		299,797		22,769,229		0.23
HSBC Holdings plc		1,676,122		18,142,649		0.18
JPMorgan Chase & Company		483,177		28,724,873		0.29
Wells Fargo & Company (l)		612,220		31,492,597		0.32

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


Summary portfolio of investments—August 31, 2014 (unaudited)		Wells Fargo Advantage Dow Jones Target Date Funds			93

DIVERSIFIED STOCK PORTFOLIO


Security name	Shares		Value		Percent of net assets


Banks (continued)
Westpac Banking Corporation		574,844	$	18,812,122		0.19	%
Other securities				642,964,774		6.45

				804,968,475		8.09


Capital Markets: 1.57%
Other securities				156,340,810		1.57


Consumer Finance: 0.28%
Other securities				28,003,833		0.28


Diversified Financial Services: 1.08%
Berkshire Hathaway Incorporated Class B †		230,000		31,567,500		0.32
Other securities				75,590,305		0.76

				107,157,805		1.08


Insurance: 3.99%
Other securities				396,792,057		3.99


Real Estate Management & Development: 0.96%
Other securities				95,547,545		0.96


REITs: 4.59%
American Realty Capital Properties Incorporated		1,928,485		25,378,863		0.26
Other securities				430,986,309		4.33

				456,365,172		4.59


Thrifts & Mortgage Finance: 0.34%
Other securities				34,291,114		0.34


Health Care: 9.46%

Biotechnology: 1.76%
Biogen Idec Incorporated †		51,407		17,634,657		0.18
Gilead Sciences Incorporated †		334,400		35,974,752		0.36
Incyte Corporation †		344,900		18,693,580		0.19
Other securities				103,043,015		1.03

				175,346,004		1.76


Health Care Equipment & Supplies: 1.30%
Other securities				129,729,218		1.30


Health Care Providers & Services: 1.93%
Other securities				191,433,002		1.93


Health Care Technology: 0.22%
Other securities				22,045,923		0.22


Life Sciences Tools & Services: 0.70%
Other securities				69,588,890		0.70

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


94		Wells Fargo Advantage Dow Jones Target Date Funds		Summary portfolio of investments—August 31, 2014 (unaudited)

DIVERSIFIED STOCK PORTFOLIO


Security name	Shares		Value		Percent of net assets


Pharmaceuticals: 3.55%
Johnson & Johnson		361,776	$	37,527,024		0.38	%
Mallinckrodt plc †		245,073		19,971,007		0.20
Merck & Company Incorporated		372,358		22,382,439		0.23
Novartis AG		238,838		21,424,007		0.22
Pfizer Incorporated		813,155		23,898,625		0.24
Roche Holding AG Genusschein		61,846		18,034,066		0.18
Other securities				209,717,407		2.10

				352,954,575		3.55


Industrials: 12.79%

Aerospace & Defense: 1.58%
United Technologies Corporation		182,959		19,755,913		0.20
Other securities				137,576,239		1.38

				157,332,152		1.58


Air Freight & Logistics: 0.48%
Other securities				47,986,718		0.48


Airlines: 1.08%
American Airlines Group Incorporated		1,517,222		59,035,108		0.59
Other securities				48,034,061		0.49

				107,069,169		1.08


Building Products: 0.55%
Other securities				55,003,075		0.55


Commercial Services & Supplies: 1.06%
Other securities				105,092,518		1.06


Construction & Engineering: 0.52%
Other securities				51,960,757		0.52


Electrical Equipment: 1.08%
Other securities				107,736,811		1.08


Industrial Conglomerates: 0.95%
General Electric Company		1,281,407		33,290,954		0.34
Other securities				60,904,182		0.61

				94,195,136		0.95


Machinery: 2.61%
Other securities				259,961,828		2.61


Marine: 0.15%
Other securities				14,379,705		0.15


Professional Services: 0.46%
Other securities				45,165,031		0.46

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


Summary portfolio of investments—August 31, 2014 (unaudited)		Wells Fargo Advantage Dow Jones Target Date Funds			95

DIVERSIFIED STOCK PORTFOLIO


Security name	Shares		Value		Percent of net assets


Road & Rail: 1.27%
Union Pacific Corporation		196,500	$	20,685,555		0.21	%
Other securities				106,036,062		1.06

				126,721,617		1.27


Trading Companies & Distributors: 0.83%
Other securities				82,854,547		0.83


Transportation Infrastructure: 0.17%
Other securities				17,257,708		0.17


Information Technology: 14.64%

Communications Equipment: 1.12%
QUALCOMM Incorporated		367,097		27,936,082		0.28
Other securities				83,617,262		0.84

				111,553,344		1.12


Electronic Equipment, Instruments & Components: 1.52%
Other securities				151,257,517		1.52


Internet Software & Services: 2.07%
Facebook Incorporated Class A †		373,953		27,979,163		0.28
Google Incorporated Class A †		61,742		35,956,071		0.36
Google Incorporated Class C †		61,704		35,270,006		0.35
Tencent Holdings Limited		1,262,725		20,610,798		0.21
Other securities				85,630,031		0.87

				205,446,069		2.07


IT Services: 2.30%
International Business Machines Corporation		207,346		39,872,636		0.40
Visa Incorporated		109,211		23,209,522		0.23
Other securities				165,950,830		1.67

				229,032,988		2.30


Semiconductors & Semiconductor Equipment: 3.06%
Intel Corporation		634,334		22,150,943		0.22
Samsung Electronics Company Limited		28,570		34,770,334		0.35
Taiwan Semiconductor Manufacturing Company Limited		4,332,298		17,972,431		0.18
Other securities				229,956,504		2.31

				304,850,212		3.06


Software: 2.22%
Microsoft Corporation		961,771		43,693,257		0.44
Other securities				176,858,487		1.78

				220,551,744		2.22


Technology Hardware, Storage & Peripherals: 2.35%
Apple Incorporated		1,318,416		135,137,640		1.36
Other securities				98,547,201		0.99

				233,684,841		2.35

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


96		Wells Fargo Advantage Dow Jones Target Date Funds		Summary portfolio of investments—August 31, 2014 (unaudited)

DIVERSIFIED STOCK PORTFOLIO


Security name	Shares		Value		Percent of net assets


Materials: 5.52%

Chemicals: 2.61%
Other securities			$	259,994,750		2.61	%


Construction Materials: 0.45%
Other securities				44,469,004		0.45


Containers & Packaging: 0.37%
Other securities				36,695,102		0.37


Metals & Mining: 1.91%
BHP Billiton Limited		593,407		20,322,974		0.21
Other securities				170,378,006		1.70

				190,700,980		1.91


Paper & Forest Products: 0.18%
Other securities				17,614,649		0.18


Telecommunication Services: 2.43%

Diversified Telecommunication Services: 1.33%
AT&T Incorporated		661,498		23,125,970		0.23
Verizon Communications Incorporated		528,237		26,316,767		0.27
Other securities				82,704,940		0.83

				132,147,677		1.33


Wireless Telecommunication Services: 1.10%
Other securities				109,556,576		1.10


Utilities: 3.90%

Electric Utilities: 1.60%
Other securities				159,401,514		1.60


Gas Utilities: 0.73%
Other securities				71,999,647		0.73


Independent Power & Renewable Electricity Producers: 0.24%
Other securities				23,852,608		0.24


Multi-Utilities: 1.20%
Other securities				119,732,264		1.20


Water Utilities: 0.13%
Other securities				12,730,149		0.13


Total Common Stocks (Cost $6,669,047,680)				9,536,396,041		95.84


Preferred Stocks: 0.65%

Consumer Discretionary: 0.08%

Automobiles: 0.07%
Other securities				7,120,266		0.07

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


Summary portfolio of investments—August 31, 2014 (unaudited)		Wells Fargo Advantage Dow Jones Target Date Funds			97

DIVERSIFIED STOCK PORTFOLIO


Security name	Value		Percent of net assets


Media: 0.00%
Other securities	$	29,099		0.00	%


Multiline Retail: 0.01%
Other securities		865,061		0.01


Consumer Staples: 0.03%

Beverages: 0.00%
Other securities		79,625		0.00


Food & Staples Retailing: 0.01%
Other securities		1,133,755		0.01


Household Products: 0.02%
Other securities		1,785,336		0.02


Energy: 0.12%

Oil, Gas & Consumable Fuels: 0.12%
Other securities		11,864,791		0.12


Financials: 0.25%

Banks: 0.25%
Other securities		25,177,765		0.25


Capital Markets: 0.00%
Other securities		46,422		0.00


Insurance: 0.00%
Other securities		927		0.00


Health Care: 0.00%

Life Sciences Tools & Services: 0.00%
Other securities		378		0.00


Information Technology: 0.05%

Semiconductors & Semiconductor Equipment: 0.05%
Other securities		5,266,236		0.05


Materials: 0.09%

Chemicals: 0.02%
Other securities		1,463,948		0.02


Metals & Mining: 0.07%
Other securities		7,113,610		0.07


Telecommunication Services: 0.01%

Diversified Telecommunication Services: 0.01%
Other securities		1,405,595		0.01

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


98		Wells Fargo Advantage Dow Jones Target Date Funds		Summary portfolio of investments—August 31, 2014 (unaudited)

DIVERSIFIED STOCK PORTFOLIO


Security name	Value		Percent of net assets


Utilities: 0.02%

Electric Utilities: 0.02%
Other securities	$	1,432,391		0.02	%


Multi-Utilities: 0.00%
Other securities		114,543		0.00


Total Preferred Stocks (Cost $60,752,699)		64,899,748		0.65


Rights: 0.00%

Consumer Staples: 0.00%

Food Products: 0.00%
Other securities		449		0.00


Energy: 0.00%

Oil, Gas & Consumable Fuels: 0.00%
Other securities		611		0.00


Financials: 0.00%

Banks: 0.00%
Other securities		113,303		0.00


Health Care: 0.00%

Biotechnology: 0.00%
Other securities		0		0.00


Information Technology: 0.00%

Software: 0.00%
Other securities		812		0.00


Total Rights (Cost $8,021)		115,175		0.00


Warrants: 0.00%

Consumer Discretionary: 0.00%

Automobiles: 0.00%
Other securities		68,603		0.00


Media: 0.00%
Other securities		453		0.00


Consumer Staples: 0.00%

Food Products: 0.00%
Other securities		2,252		0.00


Energy: 0.00%

Energy Equipment & Services: 0.00%
Other securities		4,744		0.00

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


Summary portfolio of investments—August 31, 2014 (unaudited)		Wells Fargo Advantage Dow Jones Target Date Funds			99

DIVERSIFIED STOCK PORTFOLIO


Security name						Value			Percent of net assets


Oil, Gas & Consumable Fuels: 0.00%
Other securities						$	794			0.00	%


Financials: 0.00%

Real Estate Management & Development: 0.00%
Other securities							74,592			0.00


Health Care: 0.00%

Health Care Equipment & Supplies: 0.00%
Other securities							137			0.00


Industrials: 0.00%

Construction & Engineering: 0.00%
Other securities							8,944			0.00


Materials: 0.00%

Chemicals: 0.00%
Other securities							0			0.00


Metals & Mining: 0.00%
Other securities							7			0.00


Utilities: 0.00%

Water Utilities: 0.00%
Other securities							1,021			0.00


Total Warrants (Cost $140,398)							161,547			0.00


	Yield			Shares
Short-Term Investments: 5.17%

Investment Companies: 5.17%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)		0.07	%		280,013,775		280,013,775			2.82
Wells Fargo Securities Lending Cash Investments, LLC (l)(u)(r)		0.11			233,979,502		233,979,502			2.35

Total Short-Term Investments (Cost $513,993,277)							513,993,277			5.17

Total investments in securities (Cost $7,243,942,075) *							10,115,565,788			101.66
Other assets and liabilities, net							(165,620,090	)		(1.66	)

Total net assets						$	9,949,945,698			100.00	%

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


100		Wells Fargo Advantage Dow Jones Target Date Funds		Summary portfolio of investments—August 31, 2014 (unaudited)

DIVERSIFIED STOCK PORTFOLIO

†	Non-income-earning security

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

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

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

*	Cost for federal income tax purposes is $7,309,245,558 and unrealized gains (losses) consists of:


Gross unrealized gains	$	3,138,047,515
Gross unrealized losses		(331,727,285	)

Net unrealized gains	$	2,806,320,230

The following table shows percent of total long-term investments by geographic locations as of August 31, 2014 (unaudited):


United States	64.61	%
Japan	7.03
United Kingdom	3.14
Australia	2.27
South Korea	1.86
Canada	1.68
China	1.56
Switzerland	1.38
Taiwan	1.35
France	1.31
Germany	1.16
Brazil	1.09
Bermuda	1.08
Ireland	1.04
Other	9.44

	100.00	%

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


Portfolio of investments—August 31, 2014 (unaudited)		Wells Fargo Advantage Dow Jones Target Date Funds			101

SHORT-TERM INVESTMENT PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value


Certificates of Deposit: 38.64%
Abbey National Treasury Services plc		0.09	%		9-2-2014	$	14,000,000	$	14,000,000
Abbey National Treasury Services plc ±		0.31			3-4-2015		5,000,000		4,999,500
Agricultural Bank of China		0.26			9-8-2014		6,000,000		5,999,820
Banco del Estado de Chile		0.23			9-5-2014		2,000,000		2,000,020
Banco del Estado de Chile ±		0.30			12-10-2014		2,000,000		2,000,120
Bank of Montreal		0.17			9-5-2014		2,000,000		2,000,020
Bank of Montreal		0.17			10-2-2014		2,000,000		2,000,080
Bank of Montreal		0.18			9-17-2014		3,000,000		3,000,120
Bank of Montreal		0.18			10-14-2014		2,000,000		2,000,120
Bank of Montreal		0.18			10-15-2014		1,000,000		1,000,070
Bank of Montreal		0.18			11-20-2014		1,000,000		1,000,070
Bank of Montreal ±		0.95			12-22-2014		2,000,000		2,004,780
Bank of Nova Scotia ±		0.24			3-4-2015		3,000,000		3,000,030
Bank of Nova Scotia ±		0.24			12-17-2014		2,000,000		2,000,200
Bank of Nova Scotia ±		0.24			6-29-2015		3,000,000		2,999,490
Bank of Nova Scotia		0.42			2-19-2015		1,000,000		1,000,930
Bank of Tokyo-Mitsubishi LLC		0.11			9-3-2014		3,000,000		2,999,970
Barclays Bank (Grand Cayman)		0.08			9-2-2014		8,000,000		8,000,000
China Construction Bank Corporation		0.22			9-3-2014		2,000,000		1,999,960
China Construction Bank Corporation ±		0.41			3-25-2015		4,000,000		4,000,000
Commonwealth Bank of Australia		0.22			12-29-2014		2,000,000		2,000,280
Cooperatieve Centrale ±		0.28			2-3-2015		2,000,000		2,000,020
Cooperatieve Centrale ±		0.28			4-13-2015		2,000,000		1,999,740
Cooperatieve Centrale ±		0.29			2-27-2015		2,000,000		2,000,480
Credit Agricole		0.09			9-2-2014		14,000,000		14,000,000
Credit Industriel et Commercial (New York)		0.10			9-2-2014		9,000,000		9,000,000
Credit Industriel et Commercial (New York)		0.13			9-4-2014		10,000,000		10,000,000
DG Bank (New York)		0.20			11-26-2014		2,000,000		1,999,860
DNB Nor Bank ASA		0.05			9-2-2014		5,000,000		5,000,000
DNB Nor Bank ASA		0.07			9-2-2014		13,000,000		13,000,000
KBC Bank		0.13			9-2-2014		8,000,000		8,000,000
KBC Bank		0.13			9-5-2014		3,000,000		2,999,983
Mitsubishi UFJ Trust & Banking Corporation		0.20			10-1-2014		2,000,000		2,000,040
Mitsubishi UFJ Trust & Banking Corporation		0.20			10-2-2014		2,000,000		2,000,040
Mitsubishi UFJ Trust & Banking Corporation		0.21			11-6-2014		3,000,000		2,999,940
Mitsubishi UFJ Trust & Banking Corporation		0.21			11-13-2014		1,000,000		999,980
Mitsubishi UFJ Trust & Banking Corporation		0.21			11-25-2014		1,000,000		999,980
Mitsubishi UFJ Trust & Banking Corporation 144A(z)		0.21			11-7-2014		3,000,000		2,998,860
Mizuho Bank Limited		0.15			9-25-2014		2,000,000		1,999,960
Mizuho Bank Limited		0.15			9-26-2014		1,000,000		999,980
Mizuho Bank Limited		0.20			9-5-2014		4,000,000		4,000,000
Mizuho Bank Limited		0.20			10-28-2014		3,000,000		3,000,000
Mizuho Bank Limited		0.21			11-26-2014		2,000,000		1,999,960
National Bank of Kuwait		0.11			9-2-2014		6,000,000		6,000,000
Nordea Bank plc		0.20			9-29-2014		6,000,000		6,000,540
Nordea Bank plc		0.06			9-2-2014		11,000,000		11,000,000
Nordea Bank plc		0.18			11-3-2014		2,000,000		2,000,080
Norinchukin Bank		0.20			9-5-2014		2,000,000		2,000,020
Norinchukin Bank		0.20			9-29-2014		3,000,000		3,000,090
Norinchukin Bank		0.20			10-3-2014		2,000,000		2,000,040

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


102		Wells Fargo Advantage Dow Jones Target Date Funds		Portfolio of investments—August 31, 2014 (unaudited)

SHORT-TERM INVESTMENT PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value


Certificates of Deposit (continued)
Norinchukin Bank		0.20	%		10-31-2014	$	2,000,000	$	2,000,060
Norinchukin Bank		0.20			11-13-2014		1,000,000		999,940
Norinchukin Bank		0.21			11-26-2014		2,000,000		1,999,900
Royal Bank of Canada ±		0.26			10-17-2014		2,000,000		2,000,160
Skandinaviska Enskilda Banken AG		0.05			9-2-2014		6,000,000		6,000,000
Societe Generale ±		0.28			10-31-2014		2,000,000		1,999,940
Societe Generale ±		0.37			9-12-2014		2,000,000		2,000,020
Standard Chartered Bank		0.18			10-28-2014		3,000,000		3,000,090
Standard Chartered Bank		0.22			10-16-2014		2,000,000		2,000,160
Standard Chartered Bank		0.24			11-3-2014		1,000,000		1,000,110
Standard Chartered Bank		0.28			12-29-2014		2,000,000		2,000,400
Sumitomo Mitsui Banking Corporation ±		0.22			9-19-2014		2,000,000		2,000,040
Sumitomo Mitsui Banking Corporation		0.22			11-7-2014		1,000,000		1,000,000
Sumitomo Trust & Banking Company		0.21			9-2-2014		1,000,000		1,000,000
Svenska Handlesbanken		0.05			9-2-2014		5,000,000		5,000,000
Swedbank		0.05			9-2-2014		6,000,000		6,000,000
Swedbank		0.06			9-2-2014		8,000,000		8,000,000
Swedbank		0.18			10-9-2014		2,000,000		2,000,060
Swedbank		0.20			11-10-2014		2,000,000		2,000,120
Swedbank (z)		0.22			12-22-2014		1,000,000		999,400
Toronto-Dominion Bank		0.16			9-8-2014		2,000,000		2,000,020
Toronto-Dominion Bank		0.17			11-20-2014		1,000,000		1,000,020
Toronto-Dominion Bank ±		0.22			12-19-2014		2,000,000		2,000,060
Toronto-Dominion Bank ±		0.23			6-16-2015		3,000,000		2,999,520
Toronto-Dominion Bank ±		0.23			4-15-2015		3,000,000		2,999,610
Toronto-Dominion Bank ±		0.24			2-6-2015		4,000,000		3,999,680
Westpac Banking Corporation ±		0.23			2-18-2015		2,000,000		2,000,020

Total Certificates of Deposit (Cost $266,004,262)									266,004,503


Commercial Paper: 48.79%
Anglesea Funding LLC 144A(z)(p)		0.15			9-3-2014		2,000,000		1,999,960
Anglesea Funding LLC 144A±(p)		0.29			11-13-2014		2,000,000		1,999,920
Antalis US Funding Corporation 144A(z)(p)		0.25			9-30-2014		3,000,000		2,999,580
ANZ New Zealand International Limited 144A±		0.23			9-16-2014		1,000,000		1,000,020
ASB Finance Limited 144A±		0.23			4-29-2015		1,000,000		999,937
Aspen Funding Corporation 144A(z)		0.20			9-2-2014		2,000,000		1,999,960
Aspen Funding Corporation 144A(z)		0.22			9-3-2014		1,000,000		999,970
Atlantic Asset Securitization LLC 144A(z)		0.20			9-10-2014		1,000,000		999,960
Australia & New Zealand Banking Group 144A±		0.23			11-18-2014		1,000,000		1,000,080
Banco de Credito e Inversiones 144A(z)		0.42			10-27-2014		1,000,000		999,480
Banco del Estado de Chile 144A(z)		0.27			9-3-2014		1,000,000		999,990
Banco del Estado de Chile 144A(z)		0.27			9-10-2014		1,000,000		999,960
Banco del Estado de Chile 144A(z)		0.27			9-15-2014		1,000,000		999,950
Banco del Estado de Chile 144A(z)		0.28			9-26-2014		1,000,000		999,900
Banco del Estado de Chile 144A(z)		0.30			10-8-2014		1,000,000		999,840
Banco Santander Chile 144A(z)		0.32			9-12-2014		1,000,000		999,960
Bedford Row Funding Corporation 144A±		0.24			12-5-2014		1,000,000		1,000,030
Bedford Row Funding Corporation 144A±		0.25			4-24-2015		2,000,000		1,999,700
Bedford Row Funding Corporation 144A±		0.25			1-9-2015		1,000,000		1,000,040

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


Portfolio of investments—August 31, 2014 (unaudited)		Wells Fargo Advantage Dow Jones Target Date Funds			103

SHORT-TERM INVESTMENT PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value


Commercial Paper (continued)
Bennington Sark Capital Company 144A±		0.37	%		5-6-2015	$	2,000,000	$	1,999,720
Caisse Centrale Desjardins du Quebec 144A(z)		0.11			9-5-2014		2,000,000		1,999,961
Caisse Centrale Desjardins du Quebec 144A(z)		0.16			9-8-2014		1,000,000		999,970
Caisse Centrale Desjardins du Quebec 144A(z)		0.18			9-26-2014		3,000,000		2,999,700
Caisse Centrale Desjardins du Quebec 144A(z)		0.18			9-29-2014		2,000,000		1,999,780
Caisse Centrale Desjardins du Quebec 144A(z)		0.18			9-30-2014		1,000,000		999,880
Caisse Centrale Desjardins du Quebec 144A(z)		0.18			10-6-2014		1,000,000		999,850
Caisse Centrale Desjardins du Quebec 144A(z)		0.18			10-9-2014		2,000,000		1,999,660
Caisse Centrale Desjardins du Quebec 144A(z)		0.20			10-30-2014		1,000,000		999,710
Caisse Centrale Desjardins du Quebec 144A±		0.25			10-23-2014		2,000,000		2,000,100
Caisse Des Depots et Consignations 144A(z)		0.16			9-26-2014		2,000,000		1,999,820
Caisse Des Depots et Consignations 144A(z)		0.17			11-17-2014		4,000,000		3,998,480
Caisse Des Depots et Consignations 144A(z)		0.17			10-6-2014		2,000,000		1,999,720
Caisse Des Depots et Consignations 144A(z)		0.18			10-17-2014		3,000,000		2,999,400
Caisse Des Depots et Consignations 144A(z)		0.18			10-20-2014		2,000,000		1,999,560
Caisse Des Depots et Consignations 144A(z)		0.20			12-19-2014		1,000,000		999,420
Caisse Des Depots et Consignations 144A(z)		0.20			12-22-2014		2,000,000		1,998,800
CDP Financial Incorporated 144A(z)		0.15			9-8-2014		2,000,000		1,999,940
CDP Financial Incorporated 144A(z)		0.15			9-16-2014		2,000,000		1,999,900
CDP Financial Incorporated 144A(z)		0.15			11-19-2014		1,000,000		999,570
CDP Financial Incorporated 144A(z)		0.19			11-3-2014		3,000,000		2,999,070
China International Marine Containers Group (z)		0.38			9-3-2014		3,000,000		2,999,970
China International Marine Containers Group (z)		0.38			9-10-2014		2,000,000		1,999,920
China International Marine Containers Group (z)		0.38			9-12-2014		1,000,000		999,960
China Shipping Container Lines (z)		0.38			9-12-2014		1,000,000		999,958
CNPC Finance 144A(z)		0.38			9-3-2014		1,000,000		999,990
CNPC Finance 144A(z)		0.38			9-9-2014		2,000,000		1,999,940
CNPC Finance 144A(z)		0.38			9-10-2014		1,000,000		999,960
CNPC Finance 144A(z)		0.38			9-15-2014		2,000,000		1,999,900
CNPC Finance 144A(z)		0.38			9-22-2014		1,000,000		999,920
CNPC Finance 144A(z)		0.38			9-26-2014		1,000,000		999,900
COFCO Capital Corporation (z)		0.16			9-2-2014		1,000,000		999,990
COFCO Capital Corporation (z)		0.16			9-9-2014		1,000,000		999,960
Collateralized Commercial Paper Company LLC 144A(z)		0.41			2-27-2015		1,000,000		998,530
Commonwealth Bank of Australia 144A±		0.24			5-22-2015		2,000,000		1,999,700
Commonwealth Bank of Australia 144A±		0.24			5-20-2015		2,000,000		1,999,720
Commonwealth Bank of Australia 144A±		0.24			7-2-2015		1,000,000		999,830
Commonwealth Bank of Australia 144A±		0.24			6-18-2015		4,000,000		3,999,680
Concord Minutemen Capital Company 144A(z)(p)		0.21			9-3-2014		1,000,000		999,980
Concord Minutemen Capital Company 144A(z)(p)		0.21			9-8-2014		4,000,000		3,999,800
Concord Minutemen Capital Company 144A(z)(p)		0.21			9-10-2014		2,000,000		1,999,880
Concord Minutemen Capital Company 144A(z)(p)		0.21			10-3-2014		1,000,000		999,790
Concord Minutemen Capital Company 144A(z)(p)		0.21			10-7-2014		2,000,000		1,999,520
Concord Minutemen Capital Company 144A(z)(p)		0.21			10-9-2014		2,000,000		1,999,480
Concord Minutemen Capital Company 144A(z)(p)		0.21			10-14-2014		1,000,000		999,710
CPPIB Capital Incorporated 144A(z)		0.14			11-12-2014		2,000,000		1,999,300
CPPIB Capital Incorporated 144A(z)		0.14			11-24-2014		4,000,000		3,998,279
Crown Point Capital Company LLC 144A(z)(p)		0.21			9-3-2014		1,000,000		999,980
Crown Point Capital Company LLC 144A(z)(p)		0.21			9-4-2014		2,000,000		1,999,960
Crown Point Capital Company LLC 144A(z)(p)		0.21			9-10-2014		2,000,000		1,999,900

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


104		Wells Fargo Advantage Dow Jones Target Date Funds		Portfolio of investments—August 31, 2014 (unaudited)

SHORT-TERM INVESTMENT PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value


Commercial Paper (continued)
Crown Point Capital Company LLC 144A(z)(p)		0.21	%		9-11-2014	$	4,000,000	$	3,999,800
Crown Point Capital Company LLC 144A(z)(p)		0.21			9-15-2014		2,000,000		1,999,860
Crown Point Capital Company LLC 144A(z)(p)		0.21			10-7-2014		1,000,000		999,820
Crown Point Capital Company LLC 144A(z)(p)		0.21			10-14-2014		1,000,000		999,780
DBS Bank Limited 144A(z)		0.22			12-10-2014		1,000,000		999,490
DBS Bank Limited 144A(z)		0.22			12-9-2014		3,000,000		2,998,500
Erste Abwicklungsanstalt 144A(z)		0.17			10-14-2014		1,000,000		999,810
Gotham Funding Corporation 144A(z)(p)		0.11			9-2-2014		1,000,000		999,985
Gotham Funding Corporation 144A(z)(p)		0.17			9-4-2014		1,000,000		999,980
Gotham Funding Corporation 144A(z)(p)		0.17			9-8-2014		1,000,000		999,960
Gotham Funding Corporation 144A(z)(p)		0.17			9-10-2014		2,000,000		1,999,900
Gotham Funding Corporation 144A(z)(p)		0.17			9-18-2014		1,000,000		999,920
Gotham Funding Corporation 144A(z)(p)		0.17			10-1-2014		1,000,000		999,850
Gotham Funding Corporation 144A(z)(p)		0.17			10-2-2014		1,000,000		999,846
Hannover Funding Company LLC 144A(z)(p)		0.16			9-11-2014		1,000,000		999,950
Hannover Funding Company LLC 144A(z)(p)		0.16			9-18-2014		2,000,000		1,999,840
Hannover Funding Company LLC 144A(z)(p)		0.16			9-19-2014		1,000,000		999,910
Hannover Funding Company LLC 144A(z)(p)		0.21			11-12-2014		1,000,000		999,580
HSBC Bank plc 144A±		0.25			10-2-2014		2,000,000		2,000,040
Institutional Secured Funding LLC 144A(z)(p)		0.21			9-2-2014		1,000,000		999,989
Institutional Secured Funding LLC 144A(z)(p)		0.38			10-3-2014		2,000,000		1,999,740
Institutional Secured Funding LLC 144A(z)(p)		0.39			9-8-2014		1,000,000		999,970
JPMorgan Securities Incorporated 144A±		0.33			9-10-2014		2,000,000		2,000,040
Kells Funding LLC 144A±(p)		0.23			12-11-2014		1,000,000		1,000,010
Kells Funding LLC 144A±(p)		0.23			12-12-2014		2,000,000		2,000,020
Kells Funding LLC 144A±(p)		0.23			10-28-2014		2,000,000		2,000,100
Kells Funding LLC 144A±(p)		0.23			10-8-2014		1,000,000		1,000,040
Kells Funding LLC 144A±(p)		0.23			10-20-2014		1,000,000		1,000,050
Kells Funding LLC 144A±(p)		0.24			10-10-2014		1,000,000		1,000,040
Kells Funding LLC 144A±(p)		0.24			5-15-2015		3,000,000		2,999,580
Kells Funding LLC 144A±(p)		0.25			2-5-2015		1,000,000		999,970
Lexington Parker Capital Company LLC 144A(z)(p)		0.21			9-3-2014		3,000,000		2,999,940
Lexington Parker Capital Company LLC 144A(z)(p)		0.21			9-9-2014		2,000,000		1,999,920
Lexington Parker Capital Company LLC 144A(z)(p)		0.21			9-10-2014		1,000,000		999,950
Lexington Parker Capital Company LLC 144A(z)(p)		0.21			9-11-2014		2,000,000		1,999,900
Lexington Parker Capital Company LLC 144A(z)(p)		0.21			9-15-2014		1,000,000		999,930
Lexington Parker Capital Company LLC 144A(z)(p)		0.21			10-9-2014		2,000,000		1,999,620
Liberty Street Funding LLC 144A(z)(p)		0.15			9-2-2014		1,000,000		999,990
Liberty Street Funding LLC 144A(z)(p)		0.15			9-4-2014		1,000,000		999,980
Liberty Street Funding LLC 144A(z)(p)		0.15			9-8-2014		1,000,000		999,960
Liberty Street Funding LLC 144A(z)(p)		0.15			9-19-2014		2,000,000		1,999,820
Liberty Street Funding LLC 144A(z)(p)		0.15			9-23-2014		2,000,000		1,999,780
Liberty Street Funding LLC 144A(z)(p)		0.19			9-24-2014		1,000,000		999,890
Liberty Street Funding LLC 144A(z)(p)		0.19			10-1-2014		2,000,000		1,999,700
Liberty Street Funding LLC 144A(z)(p)		0.19			10-3-2014		1,000,000		999,840
Lloyds Bank Plc (z)		0.05			9-2-2014		18,000,000		17,999,840
LMA Americas LLC 144A(z)		0.26			10-7-2014		3,000,000		2,999,460
LMA Americas LLC 144A(z)		0.26			10-8-2014		1,000,000		999,810
Macquarie Bank Limited 144A(z)		0.20			9-25-2014		2,000,000		1,999,800
Macquarie Bank Limited 144A(z)		0.20			9-26-2014		2,000,000		1,999,800

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


Portfolio of investments—August 31, 2014 (unaudited)		Wells Fargo Advantage Dow Jones Target Date Funds			105

SHORT-TERM INVESTMENT PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value


Commercial Paper (continued)
Manhattan Asset Funding LLC 144A(z)		0.18	%		9-4-2014	$	1,000,000	$	999,980
Manhattan Asset Funding LLC 144A(z)		0.19			9-18-2014		2,000,000		1,999,840
Manhattan Asset Funding LLC 144A(z)		0.20			9-23-2014		1,000,000		999,890
Manhattan Asset Funding LLC 144A(z)		0.22			10-6-2014		1,000,000		999,830
Manhattan Asset Funding LLC 144A(z)		0.22			10-10-2014		1,000,000		999,800
Mountcliff Funding LLC 144A(z)(p)		0.15			9-2-2014		5,000,000		4,999,928
National Australia Funding Incorporated 144A±		0.23			3-10-2015		2,000,000		1,999,800
Nederlandse Waterschapsbank NV 144A±		0.24			10-29-2014		2,000,000		2,000,060
Nederlandse Waterschapsbank NV 144A±		0.25			12-23-2014		1,000,000		999,970
Nederlandse Waterschapsbank NV 144A±		0.29			10-27-2014		2,000,000		2,000,260
Newport Funding Corporation 144A(z)(p)		0.20			9-2-2014		1,000,000		999,990
Nieuw Amsterdam Receivables Corporation 144A(z)		0.20			11-6-2014		1,000,000		999,660
NRW Bank 144A(z)		0.11			9-17-2014		1,000,000		999,954
NRW Bank 144A(z)		0.13			9-15-2014		3,000,000		2,999,880
NRW Bank 144A(z)		0.13			9-29-2014		1,000,000		999,913
NRW Bank 144A(z)		0.14			9-5-2014		1,000,000		999,990
NRW Bank 144A(z)		0.14			9-9-2014		4,000,000		3,999,920
NV Bank Nederlandse Gemeenten 144A(z)		0.20			12-10-2014		5,000,000		4,997,450
Old Line Funding LLC 144A(z)(p)		0.22			12-16-2014		1,000,000		999,610
Oversea-Chinese Banking Corporation Limited (z)		0.20			9-9-2014		2,000,000		1,999,940
Prudential Funding LLC (z)		0.15			9-2-2014		1,000,000		999,990
PSP Capital Incorporated 144A(z)		0.15			10-15-2014		4,000,000		3,999,360
PSP Capital Incorporated 144A(z)		0.15			11-18-2014		1,000,000		999,610
PSP Capital Incorporated 144A(z)		0.16			11-4-2014		1,000,000		999,690
Regency Markets No.1 LLC 144A(z)(p)		0.14			9-10-2014		3,000,000		2,999,850
Regency Markets No.1 LLC 144A(z)(p)		0.14			9-16-2014		1,000,000		999,930
Regency Markets No.1 LLC 144A(z)(p)		0.14			9-22-2014		3,000,000		2,999,700
Rhein-Main Security Limited 144A(z)		0.32			9-5-2014		1,000,000		999,940
Ridgefield Funding Company LLC 144A(z)(p)		0.12			9-2-2014		1,000,000		999,984
Ridgefield Funding Company LLC 144A±(p)		0.21			2-17-2015		1,000,000		999,910
Ridgefield Funding Company LLC 144A(z)(p)		0.21			9-15-2014		2,000,000		1,999,860
Scaldis Capital LLC 144A(z)		0.25			9-24-2014		1,000,000		999,900
Scaldis Capital LLC 144A(z)		0.25			11-17-2014		1,000,000		999,590
Shagang South Asia (z)		0.45			9-8-2014		1,000,000		999,970
Sinochem Company Limited (z)		0.18			9-5-2014		1,000,000		999,990
Sinochem Company Limited (z)		0.20			10-8-2014		1,000,000		999,870
Sinochem Company Limited (z)		0.20			11-7-2014		1,000,000		999,710
Skandinaviska Enskilda Banken AG 144A(z)		0.20			12-23-2014		2,000,000		1,998,620
State Street Bank & Trust Company (z)		0.17			9-9-2014		3,000,000		2,999,940
State Street Bank & Trust Company ±		0.23			3-17-2015		2,000,000		1,997,520
State Street Bank & Trust Company ±		0.23			4-10-2015		5,000,000		4,999,450
Sumitomo Mitsui Banking Corporation 144A(z)		0.21			9-2-2014		4,000,000		3,999,960
Sumitomo Mitsui Banking Corporation 144A(z)		0.21			9-3-2014		3,000,000		2,999,940
Sumitomo Mitsui Banking Corporation 144A(z)		0.21			10-2-2014		3,000,000		2,999,520
Sumitomo Mitsui Banking Corporation 144A(z)		0.21			10-3-2014		1,000,000		999,830
Suncorp Group Limited 144A(z)		0.26			9-18-2014		3,000,000		2,999,790
Suncorp Group Limited 144A(z)		0.28			10-15-2014		2,000,000		1,999,600
Suncorp Group Limited 144A(z)		0.30			11-10-2014		1,000,000		999,640
Sydney Capital Corporation 144A(z)(p)		0.20			9-24-2014		2,000,000		1,999,820
Thunder Bay Funding LLC 144A(z)(p)		0.23			9-3-2014		1,000,000		999,980

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


106		Wells Fargo Advantage Dow Jones Target Date Funds		Portfolio of investments—August 31, 2014 (unaudited)

SHORT-TERM INVESTMENT PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value


Commercial Paper (continued)
Toyota Motor Credit Corporation ±		0.23	%		3-6-2015	$	3,000,000	$	2,999,700
Toyota Motor Credit Corporation ±		0.21			9-10-2014		5,000,000		5,000,000
United Overseas Bank Limited 144A(z)		0.21			10-10-2014		2,000,000		1,999,720
United Overseas Bank Limited 144A(z)		0.23			11-19-2014		1,000,000		999,650
United Overseas Bank Limited 144A(z)		0.23			11-21-2014		1,000,000		999,640
United Overseas Bank Limited 144A(z)		0.28			2-9-2015		1,000,000		998,870
United Overseas Bank Limited 144A(z)		0.28			2-11-2015		1,000,000		998,840
United Overseas Bank Limited 144A(z)		0.28			2-25-2015		2,000,000		1,997,300
United Overseas Bank Limited 144A(z)		0.28			3-16-2015		4,000,000		3,993,600
Victory Receivables Corporation 144A(z)(p)		0.11			9-2-2014		1,000,000		999,986
Victory Receivables Corporation 144A(z)(p)		0.17			9-3-2014		1,000,000		999,980
Victory Receivables Corporation 144A(z)(p)		0.17			9-5-2014		1,000,000		999,970
Victory Receivables Corporation 144A(z)(p)		0.17			9-22-2014		1,000,000		999,900
Victory Receivables Corporation 144A(z)(p)		0.17			10-1-2014		1,000,000		999,850
Victory Receivables Corporation 144A(z)(p)		0.17			10-2-2014		1,000,000		999,846
Victory Receivables Corporation 144A(z)(p)		0.18			10-10-2014		1,000,000		999,800
Westpac Securities NZ Limited 144A±		0.23			9-4-2014		1,000,000		1,000,000
White Plains Capital 144A(z)		0.28			9-2-2014		1,000,000		1,000,000
Working Capital Management Company 144A(z)		0.17			9-26-2014		1,000,000		999,890

Total Commercial Paper (Cost $335,948,649)									335,947,626


Corporate Bonds and Notes: 0.70%

Consumer Discretionary: 0.15%

Diversified Consumer Services: 0.15%
Smithsonian Institution ±§		0.10			9-1-2018		1,000,000		1,000,000


Financials: 0.22%

Diversified Financial Services: 0.22%
GBG LLC Custody Receipts 144A±§		0.20			9-1-2027		179,000		179,000
LTF Real Estate LLC 144A±§		0.22			6-1-2033		365,000		365,000
Overseas Private Investment Corporation ±§		0.11			7-9-2026		1,000,000		1,000,000

									1,544,000


Health Care: 0.33%

Health Care Providers & Services: 0.33%
ACTS Retirement Life Communities Incorporated ±§		0.11			11-15-2029		333,000		333,000
Keep Memory Alive ±§		0.11			5-1-2037		975,000		975,000
Providence Health & Services ±§		0.12			10-1-2042		990,000		990,000

									2,298,000


Total Corporate Bonds and Notes (Cost $4,842,000)									4,842,000


Municipal Obligations: 3.49%

California: 0.51%
California Affordable Housing PFOTER Class A Series MT-846 (Housing Revenue, Bank of America NA LIQ) 144Aø		0.55			3-31-2016		2,500,000		2,500,000
Oakland Alameda County CA (Miscellaneous Revenue) ø		0.16			9-15-2014		1,000,000		1,000,000

									3,500,000

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


Portfolio of investments—August 31, 2014 (unaudited)		Wells Fargo Advantage Dow Jones Target Date Funds			107

SHORT-TERM INVESTMENT PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value


Colorado: 0.17%
Colorado HFA Class I Series A-1 (Housing Revenue, FHLB SPA) ø		0.12	%		10-1-2033	$	925,000	$	925,000
Colorado HFA MFHR Project B-2 (Housing Revenue, FHLB SPA) ø		0.10			5-1-2050		240,000		240,000

									1,165,000


Illinois: 0.12%
Illinois Regional Transportation Authority Series A1 (Tax Revenue, JPMorgan Chase & Company LIQ) 144Aø		0.11			4-1-2016		860,000		860,000


Maine: 0.29%
Maine Housing Authority Series F (Housing Revenue, Citibank NA LIQ) ø		0.12			11-15-2032		1,000,000		1,000,000
Maine Housing Authority Series G (Housing Revenue, Bank of New York Mellon SPA) ø		0.11			11-15-2041		1,000,000		1,000,000

									2,000,000


Maryland: 0.57%
Baltimore MD Package Systems Facilities (Transportation Revenue, Bank of America NA LOC) ø		0.10			7-1-2032		1,940,000		1,940,000
Maryland CDA Series E (Housing Revenue, GNMA/FNMA/FHLMC Insured, Royal Bank of Canada SPA) ø		0.10			7-1-2045		2,000,000		2,000,000

									3,940,000


Massachusetts: 0.14%
Massachusetts Development Finance Agency Wentworth Institute Technology Series A (Education Revenue, JPMorgan Chase & Company LOC) ø		0.20			10-1-2033		980,000		980,000


Michigan: 0.15%
Michigan Finance Authority Series A (Miscellaneous Revenue, JPMorgan Chase & Company LOC) ø		0.09			9-1-2053		1,000,000		1,000,000


New York: 0.59%
New York Mortgage Agency Homeowner ROC RR-II-R-11703 (Housing Revenue, Citibank NA LIQ) 144Aø		0.11			10-1-2031		600,000		600,000
Puttable Floating Option Taxable Notes Series TNP-1006 (Miscellaneous Revenue, Bank of America NA LIQ) 144Aø		0.45			11-1-2039		2,430,000		2,430,000
Westchester County NY Healthcare Corporation Series D (Health Revenue, TD Bank NA LOC) ø		0.08			11-1-2034		1,000,000		1,000,000

									4,030,000


Ohio: 0.03%
Ohio HFA Residential Management Series I (Housing Revenue, GNMA/FNMA/FHLMC Insured, FHLB SPA) ø		0.12			9-1-2039		184,000		184,000


Oregon: 0.15%
Oregon PFOTER (Miscellaneous Revenue, Bank of America NA LIQ) 144Aø		0.40			5-1-2035		1,000,000		1,000,000


Pennsylvania: 0.14%
Montgomery County PA IDA Series 3238 (Health Revenue, FHA Insured, Credit Suisse LIQ) 144Aø		0.11			8-1-2030		996,000		996,000


South Carolina: 0.14%
York County SC PCR Series 2000-B3 (Utilities Revenue)		0.25			9-2-2014		1,000,000		1,000,010

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


108		Wells Fargo Advantage Dow Jones Target Date Funds		Portfolio of investments—August 31, 2014 (unaudited)

SHORT-TERM INVESTMENT PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value


Texas: 0.34%
Pasadena TX Independent School District Series B (GO, AGM Insured, JPMorgan Chase & Company SPA) ø		0.20	%		2-1-2035	$	1,000,000	$	1,000,000
Texas Municipal Gas Acquisition & Supply Corporation Series 2848 (Utilities Revenue, Morgan Stanley Bank LIQ) 144Aø		0.35			12-15-2026		365,803		365,803
Texas PFOTER (Transportation Revenue, Bank of America NA LIQ) 144Aø		0.36			2-1-2030		1,000,000		1,000,000

									2,365,803


Wisconsin: 0.15%
Wisconsin PFA Housing Project (Housing Revenue, Bank of America NA LOC) ø		0.12			1-1-2042		1,000,000		1,000,000


Total Municipal Obligations (Cost $24,020,800)									24,020,813


Repurchase Agreements ^^: 7.94%
Bank of America Corporation, dated 8-29-2014, maturity value $12,000,080 (1)		0.06			9-2-2014		12,000,000		12,000,000
Credit Agricole, dated 8-29-2014, maturity value $40,642,679 (2)		0.06			9-2-2014		40,642,408		40,642,408
GX Clarke Company, dated 8-29-2014, maturity value $2,000,033 (3)		0.15			9-2-2014		2,000,000		2,000,000

Total Repurchase Agreements (Cost $54,642,408)									54,642,408


Total investments in securities
(Cost $685,458,119) *	99.56	%		685,457,350
Other assets and liabilities, net	0.44			3,021,221

Total net assets	100.00	%	$	688,478,571

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

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

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

(p)	Asset-backed commercial paper

§	The security is subject to a demand feature which reduces the effective maturity.

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

^^	Collateralized by:

(1)

U.S. government securities, 3.00% to 4.00%, 2-1-2042 to 10-1-2043, fair value including accrued interest is $12,360,000.

(2)

U.S. government securities, 0.38% to 6.50%, 3-1-2018 to 9-1-2044, fair value including accrued interest is $41,861,615.

(3)

U.S. government securities, 0.00% to 11.25%, 8-31-2014 to 8-15-2044, fair value including accrued interest is $2,040,029.

*	Cost for federal income tax purposes is $685,458,119 and unrealized gains (losses) consists of:


Gross unrealized gains	$	11,324
Gross unrealized losses		(12,093	)

Net unrealized losses	$	(769	)

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


Statements of assets and liabilities—August 31, 2014 (unaudited)		Wells Fargo Advantage Dow Jones Target Date Funds			109


	Diversified Fixed Income Portfolio		Diversified Stock Portfolio		Short-Term Investment Portfolio

Assets
Investments
In unaffiliated securities (including securities on loan), at value (see cost below)	$	6,322,765,879	$	9,570,079,914	$	685,457,350
In affiliated securities, at value (see cost below)		284,081,151		545,485,874		0

Total investments, at value (see cost below)		6,606,847,030		10,115,565,788		685,457,350

Cash		0		0		2,000,000
Segregated cash		0		14,338,972		0
Foreign currency, at value (see cost below)		8,112,669		34,377,805		0
Receivable for investments sold		1,430,194		4,707,622		1,005,003
Principal paydown receivable		529		0		0
Receivable for dividends and interest		44,130,442		16,207,667		91,264
Receivable for daily variation margin on open futures contracts		0		88,560		0
Receivable for securities lending income		2,379		216,431		0
Prepaid expenses and other assets		0		0		4,248

Total assets		6,660,523,243		10,185,502,845		688,557,865


Liabilities
Payable for investments purchased		429,431,704		212,830		0
Payable upon receipt of securities loaned		1,719,240		233,979,502		0
Payable for daily variation margin on open futures contracts		0		47,800		0
Due to custodian bank		0		4,607		0
Advisory fee payable		820,671		1,177,487		60,713
Custodian and accounting fees payable		57,046		69,404		6,766
Professional fees payable		13,392		16,417		11,815
Accrued expenses and other liabilities		24,014		49,100		0

Total liabilities		432,066,067		235,557,147		79,294

Total net assets	$	6,228,457,176	$	9,949,945,698	$	688,478,571


Investments in unaffiliated securities, at cost	$	6,154,008,822	$	6,711,579,131	$	685,458,119

Investments in affiliated securities, at cost	$	282,382,193	$	532,362,944	$	0

Total investments, at cost	$	6,436,391,015	$	7,243,942,075	$	685,458,119

Securities on loan, at value	$	1,683,412	$	226,405,007	$	0

Foreign currency, at cost	$	8,229,433	$	34,466,089	$	0

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


110		Wells Fargo Advantage Dow Jones Target Date Funds		Statements of operations—six months ended August 31, 2014 (unaudited)


	Diversified Fixed Income Portfolio		Diversified Stock Portfolio			Short-Term Investment Portfolio

Investment income
Interest*	$	73,091,188	$	9,605		$	660,308
Income from affiliated securities		485,827		472,201			0
Securities lending income, net		33,340		2,762,267			0
Dividends**		0		107,984,275			0

Total investment income		73,610,355		111,228,348			660,308


Expenses
Advisory fee		4,597,261		6,662,725			355,087
Custody and accounting fees		243,467		842,873			44,933
Professional fees		44,184		32,951			26,050
Shareholder report expenses		8,334		10,663			1,609
Trustees’ fees and expenses		4,694		4,694			4,460
Other fees and expenses		46,033		124,375			10,117

Total expenses		4,943,973		7,678,281			442,256

Net investment income		68,666,382		103,550,067			218,052


REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS

Net realized gains (losses) on:
Unaffiliated securities		6,420,653		5,806,769			3,510
Affiliated securities		7,465		193,189			0
Futures transactions		0		17,250,820			0

Net realized gains on investments		6,428,118		23,250,778			3,510


Net change in unrealized gains (losses) on:
Unaffiliated securities		60,946,513		463,504,887			(11,258	)
Affiliated securities		326,768		3,028,891			0
Futures transactions		0		(4,561,083	)		0

Net change in unrealized gains (losses) on investments		61,273,281		461,972,695			(11,258	)

Net realized and unrealized gains (losses) on investments		67,701,399		485,223,473			(7,748	)

Net increase in net assets resulting from operations	$	136,367,781	$	588,773,540		$	210,304


* Net of foreign interest withholding taxes in the amount of		$1,103,721		$0			$0
** Net of foreign dividend withholding taxes in the amount of		$0		$6,682,440			$0

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


Statements of changes in net assets		Wells Fargo Advantage Dow Jones Target Date Funds			111


	Diversified Fixed Income Portfolio
	Six months ended August 31, 2014 (unaudited)			Year ended February 28, 2014

Operations
Net investment income	$	68,666,382		$	124,899,679
Net realized gains (losses) on investments		6,428,118			(10,397,892	)
Net change in unrealized gains (losses) on investments		61,273,281			(80,376,125	)

Net increase in net assets resulting from operations		136,367,781			34,125,662


Capital share transactions
Transactions in investors’ beneficial interests
Contributions		607,886,913			1,357,068,342
Withdrawals		(330,614,664	)		(898,747,707	)

Net increase in net assets resulting from capital share transactions		277,272,249			458,320,635

Total increase in net assets		413,640,030			492,446,297


Net assets
Beginning of period		5,814,817,146			5,322,370,849

End of period	$	6,228,457,176		$	5,814,817,146

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


112		Wells Fargo Advantage Dow Jones Target Date Funds		Statements of changes in net assets


	Diversified Stock Portfolio
	Six months ended August 31, 2014 (unaudited)			Year ended February 28, 2014

Operations
Net investment income	$	103,550,067		$	169,257,059
Net realized gains on investments		23,250,778			438,942,966
Net change in unrealized gains (losses) on investments		461,972,695			1,126,909,882

Net increase in net assets resulting from operations		588,773,540			1,735,109,907


Capital share transactions
Transactions in investors’ beneficial interests
Contributions		597,837,941			1,354,845,934
Withdrawals		(758,798,009	)		(1,857,847,901	)

Net decrease in net assets resulting from capital share transactions		(160,960,068	)		(503,001,967	)

Total increase in net assets		427,813,472			1,232,107,940


Net assets
Beginning of period		9,522,132,226			8,290,024,286

End of period	$	9,949,945,698		$	9,522,132,226

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


Statements of changes in net assets		Wells Fargo Advantage Dow Jones Target Date Funds			113


	Short-Term Investment Portfolio
	Six months ended August 31, 2014 (unaudited)			Year ended February 28, 2014

Operations
Net investment income	$	218,052		$	579,262
Net realized gains on investments		3,510			17,485
Net change in unrealized gains (losses) on investments		(11,258	)		(47,254	)

Net increase in net assets resulting from operations		210,304			549,493


Capital share transactions
Transactions in investors’ beneficial interests
Contributions		82,583,446			283,271,026
Withdrawals		(76,566,537	)		(176,386,431	)

Net increase in net assets resulting from capital share transactions		6,016,909			106,884,595

Total increase in net assets		6,227,213			107,434,088


Net assets
Beginning of period		682,251,358			574,817,270

End of period	$	688,478,571		$	682,251,358

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


114		Wells Fargo Advantage Dow Jones Target Date Funds		Financial highlights


	Ratio to average net assets (annualized)
	Net investment income			Gross expenses			Net expenses			Total return¹			Portfolio turnover rate

Diversified Fixed Income Portfolio
Six months ended August 31, 2014 (unaudited)		2.26	%		0.16	%		0.16	%		2.28	%		21	%
Year ended February 28, 2014		2.25	%		0.19	%		0.19	%		0.47	%		44	%
Year ended February 28, 2013		2.24	%		0.27	%		0.26	%		1.50	%		43	%
Year ended February 29, 2012		2.66	%		0.27	%		0.26	%		7.41	%		52	%
Year ended February 28, 2011		2.84	%		0.28	%		0.26	%		5.58	%		57	%
Year ended February 28, 2010		3.47	%		0.31	%		0.28	%		10.44	%		113	%

Diversified Stock Portfolio
Six months ended August 31, 2014 (unaudited)		2.15	%		0.16	%		0.16	%		6.16	%		3	%
Year ended February 28, 2014		1.92	%		0.20	%		0.19	%		21.82	%		22	%
Year ended February 28, 2013		2.06	%		0.33	%		0.28	%		11.12	%		18	%
Year ended February 29, 2012		1.79	%		0.33	%		0.28	%		0.86	%		17	%
Year ended February 28, 2011		1.65	%		0.34	%		0.28	%		25.76	%		18	%
Year ended February 28, 2010		1.66	%		0.38	%		0.31	%		66.83	%		22	%

Short-Term Investment Portfolio
Six months ended August 31, 2014 (unaudited)		0.09	%		0.12	%		0.12	%		0.00	%		N/A
Year ended February 28, 2014		0.09	%		0.12	%		0.12	%		0.00	%		N/A
Year ended February 28, 2013		0.14	%		0.12	%		0.12	%		0.00	%		N/A
Year ended February 29, 2012		0.13	%		0.12	%		0.12	%		0.00	%		N/A
Year ended February 28, 2011		0.20	%		0.14	%		0.14	%		0.00	%		N/A
Year ended February 28, 2010		0.24	%		0.17	%		0.16	%		0.45	%		N/A

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 Dow Jones Target Date Funds			115

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 funds: the Wells Fargo Advantage Diversified Fixed Income Portfolio (“Diversified Fixed Income Portfolio”), the Wells Fargo Advantage Diversified Stock Portfolio (“Diversified Stock Portfolio”), and the Wells Fargo Advantage Short-Term Investment Portfolio (“Short-Term Investment Portfolio” ) (each, a “Portfolio”, collectively, the “Portfolios”).

The Portfolios, which are master portfolios in a master/feeder structure, offer their shares to multiple feeder funds 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 are translated into U.S. dollars at rates provided by an independent foreign currency pricing source at a time each business day specified by the Management Valuation Team of Wells Fargo Funds Management, LLC (“Funds Management”).

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 August 31, 2014 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, values will be obtained from an independent broker-dealer.

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


116		Wells Fargo Advantage Dow Jones Target Date Funds		Notes to financial statements (unaudited)

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

Repurchase agreements

The Portfolios may invest in repurchase agreements and may participate in pooled repurchase agreement transactions with other portfolios advised by Funds Management. The repurchase agreements must be fully collateralized based on values that are marked-to-market daily. The collateral may be held by an agent bank under a tri-party agreement. It is the custodian’s responsibility to value collateral daily and to take action to obtain additional collateral as necessary to maintain market value equal to or greater than the resale price. The repurchase agreements are collateralized by instruments such as U.S. Treasury, federal agency, or high-grade corporate obligations. There could be potential loss to a Portfolio in the event that such Portfolio is delayed or prevented from exercising its rights to dispose of the collateral, including the risk of a possible decline in the value of the underlying obligations during the period in which a Portfolio seeks to assert its rights.

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 sub-advised 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


Notes to financial statements (unaudited)		Wells Fargo Advantage Dow Jones Target Date Funds			117

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

Diversified Stock Portfolio is subject to equity price risk and 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.

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.

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.

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.


118		Wells Fargo Advantage Dow Jones Target Date Funds		Notes to financial statements (unaudited)

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:

Level 1 – quoted prices in active markets for identical securities

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

Level 3 – significant unobservable inputs (including the 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.

The following is a summary of the inputs used in valuing each Portfolio’s assets and liabilities as of August 31, 2014:


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

Agency securities	$	0	$	1,739,617,187	$	0	$	1,739,617,187

Corporate bonds and notes		0		1,304,461,428		0		1,304,461,428

Foreign government bonds		0		1,594,158,780		0		1,594,158,780

U.S. Treasury securities		1,456,160,735		0		0		1,456,160,735

Yankee corporate bonds and notes		0		247,426,299		0		247,426,299

Yankee government bonds		0		1,999,000		0		1,999,000

Short-term investments
Investment companies		261,304,361		1,719,240		0		263,023,601
Total assets	$	1,717,465,096	$	4,889,381,934	$	0	$	6,606,847,030


Notes to financial statements (unaudited)		Wells Fargo Advantage Dow Jones Target Date Funds			119


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

Common stocks
Consumer discretionary	$	1,238,755,359	$	349,853	$	0	$	1,239,105,212
Consumer staples		650,096,270		0		0		650,096,270
Energy		716,238,140		2,403,589		0		718,641,729
Financials		2,079,408,777		58,034		0		2,079,466,811
Health care		941,097,612		0		0		941,097,612
Industrials		1,272,677,835		38,937		0		1,272,716,772
Information technology		1,456,327,751		48,964		0		1,456,376,715
Materials		547,651,584		1,812,723		10,178		549,474,485
Telecommunication services		241,470,085		234,168		0		241,704,253
Utilities		387,716,182		0		0		387,716,182

Preferred stocks
Consumer discretionary		8,014,426		0		0		8,014,426
Consumer staples		2,998,716		0		0		2,998,716
Energy		11,864,791		0		0		11,864,791
Financials		25,225,114		0		0		25,225,114
Health care		378		0		0		378
Information technology		5,266,236		0		0		5,266,236
Materials		8,577,558		0		0		8,577,558
Telecommunication services		1,405,595		0		0		1,405,595
Utilities		1,546,934		0		0		1,546,934

Rights
Consumer staples		0		449		0		449
Energy		0		611		0		611
Financials		0		113,303		0		113,303
Health care		0		0		0		0
Information technology		0		812		0		812

Warrants
Consumer discretionary		0		69,056		0		69,056
Consumer staples		0		2,252		0		2,252
Energy		0		5,538		0		5,538
Financials		0		74,592		0		74,592
Health care		0		137		0		137
Industrials		0		8,944		0		8,944
Materials		0		7		0		7
Utilities		0		1,021		0		1,021

Short-term investments
Investment companies		280,013,775		233,979,502		0		513,993,277
		9,876,353,118		239,202,492		10,178		10,115,565,788
Futures contracts		88,560		0		0		88,560
Total assets	$	9,876,441,678	$	239,202,492	$	10,178	$	10,115,654,348
Liabilities
Futures contracts	$	47,800	$	0	$	0	$	47,800
Total liabilities	$	47,800	$	0	$	0	$	47,800


120		Wells Fargo Advantage Dow Jones Target Date Funds		Notes to financial statements (unaudited)


Short-Term Investment Portfolio	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:

Certificates of deposit	$	0	$	266,004,503	$	0	$	266,004,503

Commercial paper		0		335,947,626		0		335,947,626

Corporate bonds and notes		0		4,842,000		0		4,842,000

Repurchase agreements		0		24,020,813		0		24,020,813

Yankee corporate bonds and notes		0		54,642,408		0		54,642,408
Total assets	$	0	$	685,457,350	$	0	$	685,457,350

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

Transfers in and transfers out are recognized at the end of the reporting period. For the six months ended August 31, 2014, 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 fees

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.

Pursuant to the contract, Funds Management is entitled to receive an annual advisory fee from Diversified Fixed Income Portfolio and Diversified Stock Portfolio starting at 0.20% and declining to 0.10% as the average daily net assets of each respective Portfolio increase. Fund Management is entitled to receive an annual advisory fee of 0.10% of the average daily net assets of Short-Term Investment Portfolio. For the six months ended August 31, 2014, the advisory fee was equivalent to an annual rate for each Portfolio as follows:


	Advisory fee
Diversified Fixed Income Portfolio		0.15	%
Diversified Stock Portfolio		0.14
Short-Term Investment Portfolio		0.10

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 Short-Term Investment Portfolio and is entitled to receive a fee from Funds Management at an annual rate starting at 0.05% and declining to 0.01% as the average daily net assets of Short-Term Investment Portfolio increase. SSgA Funds Management Incorporated is the subadviser to both Diversified Fixed Income Portfolio and Diversified Stock Portfolio and is entitled to receive an annual subadvisory fee starting at 0.07% and declining to 0.025% as the average daily net assets of each Portfolio increase.

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding short-term securities, for the six months ended August 31, 2014 were as follows:


	Purchases at cost				Sales proceeds
	U.S. government		Non-U.S. government		U.S. government		Non-U.S. government
Diversified Fixed Income Portfolio	$	1,480,592,370	$	401,827,618	$	1,080,495,960	$	157,589,051
Diversified Stock Portfolio		0		248,575,975		0		289,114,086


Notes to financial statements (unaudited)		Wells Fargo Advantage Dow Jones Target Date Funds			121

6. DERIVATIVE TRANSACTIONS

During the six months ended August 31, 2014, Diversified Stock Portfolio used uninvested cash to enter into futures contracts to gain market exposure.

At August 31, 2014, Diversified Stock Portfolio had long futures contracts outstanding as follows:


Expiration date	Counterparty	Contracts	Type	Contract value at August 31, 2014		Unrealized gains (losses)
9-19-2014	UBS	292 Long	MSCI EAFE Index	$	28,043,680	$	(534,731	)
9-19-2014	UBS	450 Long	MSCI Emerging Markets Index		24,430,500		1,098,152
9-19-2014	UBS	60 Long	Russell 2000 Index		7,040,400		5,961
9-19-2014	UBS	84 Long	S&P 500 E-Mini Index		8,405,880		14,580
9-19-2014	UBS	46 Long	S&P Midcap 400 Index		6,610,660		21,652

Diversified Stock Portfolio had an average notional amount of $182,525,343 in long futures contracts during the six months ended August 31, 2014. As of August 31, 2014, Diversified Stock Portfolio had segregated $14,338,972 as cash collateral for open futures contracts.

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

For certain types of derivative transactions, Diversified Stock Portfolio has entered into International Swaps and Derivatives Association, Inc. master agreements (“ISDA Master Agreements”) or similar agreements with approved counterparties. The ISDA Master Agreements or similar agreements may have requirements to deliver/deposit securities or cash to/with an exchange or broker-dealer as collateral and allows the Diversified Stock 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 derivatives. Cash collateral that has been pledged to cover obligations of the Diversified Stock Portfolio under ISDA Master Agreements or similar agreements, 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 Summary Portfolio of Investments. With respect to balance sheet offsetting, absent an event of default by the counterparty or a termination of the agreement, the reported amounts of financial assets and financial liabilities in the Statements of Assets and Liabilities are not offset across transactions between the Diversified Stock Portfolio and the applicable counterparty. 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:


Derivative type	Counterparty	Gross amounts of assets in the Statement of Assets and Liabilities	Amounts subject to netting agreements			Collateral received		Net amount
Futures – variation margin	UBS	$88,560	$	(47,800	)	$	0	$	40,760


Derivative type	Counterparty	Gross amounts of liabilities in the Statement of Assets and Liabilities	Amounts subject to netting agreements			Collateral pledged		Net amount
Futures – variation margin	UBS	$47,800	$	(47,800	)	$	0	$	0

7. INDEMNIFICATION


122		Wells Fargo Advantage Dow Jones Target Date 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.

SPECIAL MEETING OF SHAREHOLDERS

On May 5, 2014, a Special Meeting of Shareholders for each Fund was held to consider the following proposal. The results of the proposal are indicated below.

Proposal – To approve a new investment sub-advisory agreement with Global Index Advisors, Inc.:


	Net assets voted “For”		Net assets voted “Against”		Net assets voted “Abstain”
Dow Jones Target Today Fund	$	497,986,944	$	1,083,040	$	33,615,798
Dow Jones Target 2010 Fund		335,948,810		2,184,546		53,200,850
Dow Jones Target 2015 Fund		485,190,864		8,440,350		80,468,245
Dow Jones Target 2020 Fund		1,310,578,751		8,586,121		181,494,401
Dow Jones Target 2025 Fund		1,466,359,100		3,296,299		108,098,506
Dow Jones Target 2030 Fund		1,316,435,791		4,406,421		177,784,709
Dow Jones Target 2035 Fund		668,368,913		2,937,014		81,013,788
Dow Jones Target 2040 Fund		895,817,212		17,117,749		136,784,027
Dow Jones Target 2045 Fund		374,348,109		1,858,290		41,590,080
Dow Jones Target 2050 Fund		758,370,644		1,921,244		63,128,430
Dow Jones Target 2055 Fund		64,287,169		112,420		14,790,814

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 Dow Jones Target Date Funds			123

BOARD OF TRUSTEES AND OFFICERS

Each of the Trustees and Officers¹ listed in the table below acts in identical capacities for each fund in the Wells Fargo Advantage family of funds, which consists of 133 mutual funds comprising the Wells Fargo Funds Trust, Wells Fargo Variable Trust, Wells Fargo Master Trust and four closed-end funds (collectively the “Fund Complex”). This table should be read in conjunction with the Prospectus and the Statement of Additional Information². The mailing address of each Trustee and Officer is 525 Market Street, 12th Floor, San Francisco, CA 94105. Each Trustee and Officer serves an indefinite term, however, each Trustee serves such term until reaching the mandatory retirement age established by the Trustees.

Independent Trustees


Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Other 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. Mr. Harris is a certified public accountant.	CIGNA Corporation; Asset Allocation Trust
Judith M. Johnson (Born 1949)	Trustee, since 2008; Audit Committee Chairman, since 2008	Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant.	Asset Allocation Trust
Leroy Keith, Jr. (Born 1939)	Trustee, since 2010	Chairman, Bloc Global Services (development and construction). Trustee of the Evergreen Funds complex (and its predecessors) 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 50 portfolios as of 12/16/2013); 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


124		Wells Fargo Advantage Dow Jones Target Date Funds		Other information (unaudited)


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

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

Officers


Name and year of birth	Position held and length of service	Principal occupations during past five years or longer
Karla M. Rabusch (Born 1959)	President, since 2003	Executive Vice President of Wells Fargo Bank, N.A. and President of Wells Fargo Funds Management, LLC since 2003.
Jeremy DePalma¹ (Born 1974)	Treasurer, since 2012	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	Assistant General Counsel of Wells Fargo Bank, N.A. since 2013 and Vice President and Managing Counsel of Wells Fargo Bank N.A. from 1996 to 2013. Senior Vice President and Secretary of Wells Fargo Funds Management , LLC since 2001.
Debra Ann Early (Born 1964)	Chief Compliance Officer, since 2007	Senior Vice President and 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 60 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.


Other information (unaudited)		Wells Fargo Advantage Dow Jones Target Date Funds			125

BOARD CONSIDERATION OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS:

Wells Fargo Advantage Dow Jones Target Today Fund, Wells Fargo Advantage Dow Jones Target 2010 Fund, Wells Fargo Advantage Dow Jones Target 2015 Fund, Wells Fargo Advantage Dow Jones Target 2020 Fund, Wells Fargo Advantage Dow Jones Target 2025 Fund, Wells Fargo Advantage Dow Jones Target 2030 Fund, Wells Fargo Advantage Dow Jones Target 2035 Fund, Wells Fargo Advantage Dow Jones Target 2040 Fund, Wells Fargo Advantage Dow Jones Target 2045 Fund, Wells Fargo Advantage Dow Jones Target 2050 Fund, Wells Fargo Advantage Dow Jones Target 2055 Fund, Wells Fargo Advantage Diversified Fixed Income Portfolio, Wells Fargo Advantage Diversified Stock Portfolio, Wells Fargo Advantage Short-Term

Investment Portfolio

Under Section 15 of the Investment Company Act of 1940 (the “1940 Act”), the Board of Trustees (each, a “Board” and collectively, the “Boards”) of each of Wells Fargo Funds Trust (“Funds Trust”) and Wells Fargo Master Trust (“Master Trust”) (collectively, the “Trusts”), all the members of which have no direct or indirect interest in the investment advisory and sub-advisory agreements and are not “interested persons” of the Trusts, as defined in the 1940 Act (the “Independent Trustees”), must determine whether to approve the continuation of the Trusts’ investment advisory and sub-advisory agreements. In this regard, at in-persons meetings held on March 27-28, 2014 (the “March Meeting”) and May 15-16, 2014 (the “May Meeting”, and together with the March Meeting, the “Meetings”), the Funds Trust Board reviewed an investment advisory agreement with Wells Fargo Funds Management, LLC (“Funds Management”) for each of the Wells Fargo Advantage Dow Jones Target Today Fund, Wells Fargo Advantage Dow Jones Target 2010 Fund, Wells Fargo Advantage Dow Jones Target 2015 Fund, Wells Fargo Advantage Dow Jones Target 2020 Fund, Wells Fargo Advantage Dow Jones Target 2025 Fund, Wells Fargo Advantage Dow Jones Target 2030 Fund, Wells Fargo Advantage Dow Jones Target 2035 Fund, Wells Fargo Advantage Dow Jones Target 2040 Fund, Wells Fargo Advantage Dow Jones Target 2045 Fund, Wells Fargo Advantage Dow Jones Target 2050 Fund and Wells Fargo Advantage Dow Jones Target 2055 Fund (individually, the “Target Date Fund” and collectively, the “Target Date Funds”). The Master Trust Board reviewed an investment advisory agreement with Funds Management for each of Wells Fargo Advantage Diversified Fixed Income Portfolio, Wells Fargo Advantage Diversified Stock Portfolio and Wells Fargo Advantage Short-Term Investment Portfolio (the “Master Portfolios”). The Target Date Funds and the Master Portfolios are collectively referred to as the “Funds.”

The Funds Trust Board also reviewed an investment sub-advisory agreement with Global Index Advisors, Inc. (“GIA”) for the Target Date Funds. The Master Trust Board also reviewed: an investment sub-advisory agreement with (i) SSgA Funds Management, Inc. (“SSgA”) for Wells Fargo Advantage Diversified Fixed Income Portfolio and Wells Fargo Advantage Diversified Stock Portfolio; and (ii) Wells Capital Management Incorporated (“WellsCap”) for the Wells Fargo Advantage Short-Term Investment Portfolio. The investment advisory agreements with Funds Management and the investment sub-advisory agreements with WellsCap, GIA and SSgA (collectively, the “Sub-Advisers”) are collectively referred to as the “Advisory Agreements.” The Target Date Funds are gateway blended funds that each invests all of their assets in the Master Portfolios.

At each of the March Meeting and the May Meeting, the Boards received the information, considered the factors and reached the conclusions discussed below, and unanimously approved the renewal of the Advisory Agreements.

At the Meetings, the Boards considered the factors and reached the conclusions described below relating to the selection of Funds Management and the Sub-Advisers and the continuation of the Advisory Agreements. Prior to the Meetings, the Trustees conferred extensively among themselves and with representatives of Funds Management about these matters. Also, the Boards have adopted a team-based approach, with each team consisting of a sub-set of Trustees, to assist the Boards in the discharge of their duties in reviewing performance and other matters throughout the year. The Independent Trustees were assisted in their evaluation of the Advisory Agreements by independent legal counsel, from whom they received separate legal advice and with whom they met separately.

In providing information to the Boards, Funds Management and the Sub-Advisers were guided by a detailed set of requests for information submitted to them by independent legal counsel on behalf of the Independent Trustees at the start of the Boards’ annual contract renewal process earlier in 2014. In considering and approving the Advisory Agreements, the Trustees considered the information they believed relevant, including but not limited to the information discussed below. The Boards considered not only the specific information presented in connection with the Meetings, but also the knowledge gained over time through interaction with Funds Management and the Sub-Advisers about various topics. In this regard, the Boards reviewed reports of Funds Management at each of their quarterly meetings, which included, among other things, portfolio reviews and performance reports. In addition, the Boards and the teams mentioned above confer with portfolio managers at various times throughout the year. The Boards did not identify any particular information or consideration that was all-important or controlling, and each individual Trustee may have attributed different weights to various factors.


126		Wells Fargo Advantage Dow Jones Target Date Funds		Other information (unaudited)

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

Nature, extent and quality of services

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

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

Fund performance and expenses

The Boards considered the performance results for each of the Funds over various time periods ended December 31, 2013. The Boards also considered these results in comparison to the performance of funds in a universe that was determined by Lipper Inc. (“Lipper”) to be similar to the respective Funds (each, a “Universe”), and in comparison to each Fund’s benchmark index and to other comparative data. Lipper is an independent provider of investment company data. The Boards received a description of the methodology used by Lipper to select the mutual funds in each performance Universe.

The Funds Trust Board noted that the performance of each Target Date Fund (Administrator Class) relative to its respective Universe was as follows: (i) the performance of each of the Target 2015 Fund, the Target 2020 Fund and the Target 2025 Fund was lower than the average performance of its respective Universe for all periods under review; (ii) the performance of each of the Target 2010 Fund, the Target 2030 Fund and the Target Today Fund was higher than or in range of the average performance of its respective Universe for the ten-year period under review, but lower than the average performance of its respective universe for all other periods under review; (iii) the performance of the Target 2035 Fund was in range of the average performance of its respective Universe for the five-year period under review, but lower than the average performance of its respective universe for all other periods under review; (iv) and the performance of each of the Target 2040 Fund, the Target 2045 Fund, the Target 20500 Fund and the Target 2055 Fund was higher than or in range of the average performance of its respective Universe for all periods under review.

The Funds Trust Board also noted that the performance of each Target Date Fund (Administrator Class) was lower than the performance of its respective benchmark index for all periods under review.

The Funds Trust Board noted that the underperformance of the Target Date Funds relative to the respective Universe and benchmark for the periods noted above warranted further discussion. As part of its further review, the Funds Trust Board received information concerning, and discussed factors contributing to, the underperformance for those periods. Funds Management advised the Funds Trust Board that the nearer-dated Target Date Funds have some of the more conservative glidepaths in the industry, and as a result had a lower allocation to equities compared to funds in each respective Target Date Fund’s Universe. Thus, the Funds Trust Board was advised that underperformance of the nearer-dated Target Date Funds relative to their respective Universes was to be expected during periods in which the equity markets posted strong gains. The Funds Trust Board noted that the Target Date Funds’ underperformance relative to their benchmarks was largely attributable to fees charged to the Target Date Funds (which are not charged to a benchmark index).

The Master Trust Board took note of the performance of the Master Portfolios. The Master Trust Board noted that the performance of the Diversified Stock Portfolio was in range of the average performance of its Universe for the five-year period under review and lower than the average performance of its Universe for the one- and three-year periods under review. The Master Trust Board also noted that the performance of the Diversified Stock Portfolio was in range of the performance of its benchmark, the Dow Jones Stock CMAC, for all periods under review. The Master Trust Board was apprised that the underperformance of the Diversified Fixed Stock Portfolio relative to its Universe for the periods noted was largely attributable to sector allocation.

The Master Trust Board noted that the performance of the Diversified Fixed Income Portfolio was lower than the average performance of its Universe and its benchmark, the Dow Jones Bond CMAC Index, for all periods under review. The


Other information (unaudited)		Wells Fargo Advantage Dow Jones Target Date Funds			127

Master Trust Board was apprised that the underperformance of the Diversified Fixed Income Portfolio relative to its Universe and benchmark for all periods under review was largely attributable to sector allocation and the narrow performance range of the Universe.

The Master Trust Board also noted that the performance of the Short-Term Investment Portfolio was lower than the average performance of its Universe for all periods under review and in range of the performance of its benchmark, the Barclays U.S. T-Bill 1-3 Month Index, for all periods under review. The Master Trust Board was apprised that the underperformance of the Short-Term Investment Portfolio relative to its Universe for all periods under review was largely attributable to the fact that the Fund is managed using a money market strategy which is different than the ultra-short bond funds in its Universe.

The Funds Trust Board also received and considered information regarding each Target Date Fund’s net operating expense ratios, which include fees and expenses of the corresponding Master Portfolio, and their various components, including actual management fees assessed at both the Target Date Fund level and the Master Portfolio level (which reflect fee waivers, if any, and include advisory, administration and transfer agent fees), custodian and other non-management fees, Rule 12b-1 and non-Rule 12b-1 service fees and fee waiver and expense reimbursement arrangements. The Funds Trust Board considered these ratios in comparison to the median ratios of funds in class-specific expense groups that were determined by Lipper to be similar to each Target Date Fund (the “Groups”). The Funds Trust Board received a description of the methodology used by Lipper to select the mutual funds in the expense Groups and an explanation of year-to-year variations in the funds comprising such expense Groups and their expense ratios. Based on the Lipper reports, the Funds Trust Board noted that the net operating expense ratios of each Target Date Fund were lower than or in range of the median net operating expense ratios of its respective expense Groups for all share classes.

With respect to the Master Portfolios, the Master Trust Board reviewed the fee rates that are payable to Funds Management for investment advisory services (as discussed below), which are the only fees charged at the Master Portfolio level, relative to a corresponding expense Group.

Based on their consideration of the factors and information they deemed relevant, including those described here, the Boards concluded that the overall performance and expense structure of the Funds supported the re-approval of the Advisory Agreements.

Investment advisory and sub-advisory fee rates

The Boards reviewed and considered the contractual investment advisory fee rates that are payable by the Funds to Funds Management for investment advisory services (the “Advisory Agreement Rates”), both on a stand-alone basis and, with respect to the Target Date Funds, on a combined basis with each Target Date Fund’s fund-level and class-level contractual administration fee rates (the “Management Rates”). The Funds Trust Board noted that the administration fees payable to Funds Management include transfer agency and sub-transfer agency costs. The Boards also reviewed and considered the contractual investment sub-advisory fee rates that are payable by Funds Management to the Sub-Advisers for investment sub-advisory services (the “Sub-Advisory Agreement Rates”).

Among other information reviewed by the Funds Trust Board was a comparison of the Management Rates of each Target Date Fund, which do not include the advisory fees paid at the Master Portfolio level, with those of other funds in the expense Groups at a common asset level. The Funds Trust Board noted that the Management Rates of each Target Date Fund were lower than or in range of the average rates for its respective expense Groups for all share classes.

The Master Trust Board reviewed a comparison of the Advisory Agreement Rates of each Master Portfolio with those of other funds in each Master Portfolio’s respective expense Group at a common asset level. The Master Trust Board noted that the Advisory Agreement Rates of each Master Portfolio were lower than the median rate for the Master Portfolio’s respective expense Group.

The Boards also received and considered information about the portions of the total advisory fees that were retained by Funds Management after payment of the fees to the Sub-Advisers for sub-advisory services. With respect to the Target Date Funds, the Diversified Fixed Income Portfolio and the Diversified Stock Portfolio, the Boards considered this amount in comparison to the median amount retained by advisers to funds in a sub-advised expense universe that was determined by Lipper to be similar to the respective Fund. In assessing the reasonableness of these amounts, the Boards received and evaluated information about the nature and extent of responsibilities retained and risks assumed by Funds Management and not delegated to or assumed by the Sub-Advisers, and about Funds Management’s on-going oversight services. With respect to the Short-Term Investment Portfolio, given the affiliation between Funds Management and WellsCap, the Master Trust Board ascribed limited relevance to the allocation of the advisory fee between them. With respect to GIA and SSgA, the Boards considered that the Sub-Advisory Agreement Rates paid to each of these Sub-Advisers had been negotiated by Funds Management on an arm’s-length basis.


128		Wells Fargo Advantage Dow Jones Target Date Funds		Other information (unaudited)

The Boards also received and considered information about the nature and extent of services offered and fee rates charged by Funds Management and the Sub-Advisers to other types of clients with investment strategies similar to those of the Funds. In this regard, the Boards received information about the significantly greater scope of services, and compliance, reporting and other legal burdens and risks of managing mutual funds compared with those associated with managing assets of non-mutual fund clients such as collective funds or institutional separate accounts.

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

Profitability

The Boards received and considered information concerning the profitability of Funds Management, as well as the profitability of Wells Fargo as a whole, from providing services to the Funds and the fund family as a whole. The Boards did not receive or consider to be necessary separate profitability information with respect to WellsCap because, as an affiliate of Funds Management, its profitability information was subsumed in the collective Wells Fargo profitability analysis. The Boards did not receive or consider profitability information with respect to GIA or SSgA, as the sub-advisory fees paid to them had been negotiated by Funds Management on an arm’s-length basis.

Funds Management explained the methodologies and estimates that it used in calculating profitability. Among other things, the Boards noted that the levels of profitability reported on a fund-by-fund basis varied widely, depending on factors such as the size and type of fund. Based on their review, the Boards did not deem the profits reported by Funds Management to be at a level that would prevent them from approving the continuation of the Advisory Agreements.

Economies of scale

With respect to possible economies of scale, the Boards noted the existence of breakpoints in each Fund’s advisory fee and administration fee structure (except Short-Term Investment Portfolio), which operate generally to reduce the Funds’ expense ratios as the Funds grow in size. They considered that, for a small fund or a fund that shrinks in size, breakpoints conversely can result in higher fee levels. The Funds Trust Board also took into account an agreed-upon revision to the advisory fee schedule for each Target Date Fund that adds an additional break point. The Boards also considered that fee waiver and expense reimbursement arrangements and competitive fee rates at the outset are means of sharing potential economies of scale with shareholders of the Funds and the fund family as a whole. The Boards considered Funds Management’s view that any analyses of potential economies of scale in managing a particular fund are inherently limited in light of the joint and common costs and investments that Funds Management incurs across the fund family as a whole.

The Boards concluded that the Funds’ fee and expense arrangements, including contractual breakpoints, constituted a reasonable approach to sharing potential economies of scale with the Funds and their shareholders.

Other benefits to Funds Management and the Sub-Advisers

The Boards received and considered information regarding potential “fall-out” or ancillary benefits received by Funds Management and its affiliates, including WellsCap, or GIA or SSgA as a result of their relationships with the Funds. Ancillary benefits could include, among others, benefits directly attributable to other relationships with the Funds and benefits potentially derived from an increase in Funds Management’s and the Sub-Advisers’ business as a result of their relationships with the Funds. The Boards noted that various affiliates of Funds Management may receive distribution-related fees, shareholder servicing payments and sub-transfer agency fees in respect of shares sold or held through them and services provided.

The Boards also reviewed information about soft dollar credits earned and utilized by the Sub-Advisers, fees earned by Funds Management and WellsCap from managing a private investment vehicle for the fund family’s securities lending collateral and commissions earned by an affiliated broker from portfolio transactions.

Based on their consideration of the factors and information they deemed relevant, including those described here, the Boards did not find that any ancillary benefits received by Funds Management and its affiliates, including WellsCap, or GIA or SSgA or were unreasonable.

Conclusion

After considering the above-described factors and based on their deliberations and their evaluation of the information described above, the Boards unanimously approved the continuation of the Advisory Agreements for an additional one-year period and determined that the compensation payable to Funds Management and the Sub-Advisers is reasonable.


List of abbreviations		Wells Fargo Advantage Dow Jones Target Date Funds			129

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	— Columbian Peso

CLP	— Chilean peso

DKK	— Danish krone

DRIVER

— Derivative inverse tax-exempt receipts

DW&P	— Department of Water & Power

DWR	— Department of Water Resources

ECFA	— Educational & Cultural Facilities Authority

EDA	— Economic Development Authority

EDFA	— Economic Development Finance Authority

ETF	— Exchange-traded fund

EUR

— Euro

FDIC	— Federal Deposit Insurance Corporation

FFCB	— Federal Farm Credit Banks

FGIC	— Financial Guaranty Insurance Corporation

FHA	— Federal Housing Administration

FHLB	— Federal Home Loan Bank

FHLMC

— Federal Home Loan Mortgage Corporation

FICO	— The Financing Corporation

FNMA	— Federal National Mortgage Association

FSA	— Farm Service Agency

GBP	— Great British pound

GDR	— Global depositary receipt

GNMA	— Government National Mortgage Association

GO	— General obligation

HCFR	— Healthcare facilities revenue

HEFA	— Health & Educational Facilities Authority

HEFAR

— Higher education facilities authority revenue

HFA	— Housing Finance Authority

HFFA	— Health Facilities Financing Authority

HKD	— Hong Kong dollar

HUD	— Department of Housing and Urban Development

HUF	— Hungarian forint

IDA	— Industrial Development Authority

IDAG	— Industrial Development Agency

IDR	— Indonesian rupiah

IEP	— Irish pound

JPY	— Japanese yen

KRW	— Republic of Korea won

LIBOR

— London Interbank Offered Rate

LIQ	— Liquidity agreement

LLC	— Limited liability company

LLLP	— Limited liability limited partnership

LLP	— Limited liability partnership

LOC	— Letter of credit

LP	— Limited partnership

MBIA	— Municipal Bond Insurance Association

MFHR	— Multifamily housing revenue

MSTR	— Municipal securities trust receipts

MTN	— Medium-term note

MUD	— Municipal Utility District

MXN	— Mexican peso

MYR	— Malaysian ringgit

National

— National Public Finance Guarantee Corporation

NGN	— Nigerian naira

NOK	— Norwegian krone

NZD	— New Zealand dollar

PCFA	— Pollution Control Financing Authority

PCL	— Public Company Limited

PCR	— Pollution control revenue

PFA	— Public Finance Authority

PFFA	— Public Facilities Financing Authority

PFOTER

— Puttable floating option tax-exempt receipts

plc	— Public limited company

PLN	— Polish zloty

PUTTER

— Puttable tax-exempt receipts

R&D	— Research & development

Radian

— Radian Asset Assurance

RAN	— Revenue anticipation notes

RDA	— Redevelopment Authority

RDFA	— Redevelopment Finance Authority

REIT	— Real estate investment trust

ROC	— Reset option certificates

RON	— Romanian lei

RUB	— Russian ruble

SAVRS

— Select auction variable rate securities

SBA	— Small Business Authority

SEK	— Swedish krona

SFHR	— Single-family housing revenue

SFMR	— Single-family mortgage revenue

SGD	— Singapore dollar

SPA	— Standby purchase agreement

SPDR	— Standard & Poor’s Depositary Receipts

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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LOGO

For more information

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

Wells Fargo Advantage Funds

P.O. Box 8266

Boston, MA 02266-8266

Email: wfaf@wellsfargo.com

Website: wellsfargoadvantagefunds.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

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

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

NOT FDIC INSURED ¡ NO BANK GUARANTEE ¡ MAY LOSE VALUE

227666 10-14

SOFLD/SAR101 08-14

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 MANAGEMEENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS

Not applicable.

ITEM 10.

SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

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

ITEM 11.

CONTROLS AND PROCEDURES

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

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

ITEM 12.

EXHIBITS

(a)(1) Not applicable.

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

(a)(3) Not applicable.

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

SIGNATURES

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


Wells Fargo Funds Trust

By:

		/s/ Karla M. Rabusch

		Karla M. Rabusch
		President

Date: October 27, 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: October 27, 2014

By:

		/s/ Jeremy DePalma

		Jeremy DePalma
		Treasurer

Date: October 27, 2014

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