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: The registrant is making a filing for 17 of its series.

Wells Fargo Advantage Growth Balanced Fund, Wells Fargo Advantage Moderate Balanced Fund, Wells Fargo Advantage C&B Large Cap Value Fund, Wells Fargo Advantage Diversified Equity Fund, Wells Fargo Advantage Emerging Growth Fund, Wells Fargo Advantage Index Fund, Wells Fargo Advantage International Value Fund, Wells Fargo Advantage Small Company Growth Fund, Wells Fargo Advantage Small Company Value Fund, Wells Fargo Advantage Core Bond Fund, Wells Fargo Advantage Real Return Fund (formerly, Wells Fargo Advantage Inflation-Protected Bond Fund), Wells Fargo Advantage WealthBuilder Conservative Allocation Portfolio, Wells Fargo Advantage WealthBuilder Moderate Balanced Portfolio, Wells Fargo Advantage WealthBuilder Growth Balanced Portfolio, Wells Fargo Advantage WealthBuilder Growth Allocation Portfolio, Wells Fargo Advantage WealthBuilder Equity Portfolio, and Wells Fargo Advantage WealthBuilder Tactical Equity Portfolio. Each series has a May 31 fiscal year end.

Date of reporting period: November 30, 2014

ITEM 1.

REPORT TO STOCKHOLDERS

Wells Fargo Advantage Allocation Funds

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Semi-Annual Report

November 30, 2014

Wells Fargo Advantage Growth Balanced Fund

Wells Fargo Advantage Moderate Balanced Fund

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Reduce clutter. Save trees.

Contents



Letter to shareholders			2

Performance highlights			4

Fund expenses			8

Portfolio of investments
Wells Fargo Advantage Growth Balanced Fund			9
Wells Fargo Advantage Moderate Balanced Fund			10

Financial statements
Statements of assets and liabilities			11
Statements of operations			12
Statements of changes in net assets			13
Financial highlights			16

Notes to financial statements			20

Master portfolios

Portfolio of investments
Wells Fargo Advantage C&B Large Cap Value Portfolio			28
Wells Fargo Advantage Diversified Large Cap Growth Portfolio			31
Wells Fargo Advantage Emerging Growth Portfolio			37
Wells Fargo Advantage Index Portfolio (Summary portfolio of investments)			42
Wells Fargo Advantage International Growth Portfolio			49
Wells Fargo Advantage International Value Portfolio			53
Wells Fargo Advantage Large Company Value Portfolio			60


Wells Fargo Advantage Small Company Growth Portfolio			65
Wells Fargo Advantage Small Company Value Portfolio			71
Wells Fargo Advantage Core Bond Portfolio (Summary portfolio of investments)			76
Wells Fargo Advantage Managed Fixed Income Portfolio			83
Wells Fargo Advantage Real Return Portfolio (formerly, Wells Fargo Advantage Inflation-Protected Bond Portfolio)			92
Wells Fargo Advantage Stable Income Portfolio			94

Financial statements
Statements of assets and liabilities			102
Statements of operations			106
Statements of changes in net assets			110
Financial highlights			123

Notes to financial statements			126

Other information			139

List of abbreviations			142

The views expressed and any forward-looking statements are as of November 30, 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 Funds disclaim any obligation to publicly update or revise any views expressed or forward-looking statements.

NOT FDIC INSURED ¡ NO BANK GUARANTEE ¡ MAY LOSE VALUE


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

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Karla M. Rabusch

President

Wells Fargo Advantage Funds

Major central banks continued to inject liquidity into global banks and markets through various accommodative monetary policies, including quantitative easing.

Dear Valued Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Advantage Allocation Funds for the six-month period that ended November 30, 2014. The period was marked by continued accommodative monetary policy in developed countries, broader economic growth, low inflation, and equity market gains.

The U.S. stock market outperformed most international markets; the S&P 500 Index¹, a proxy for U.S. large-cap stocks, ended the period with an 8.58% gain. The MSCI EAFE Index (Net)², a proxy for international developed markets, ended the period with a 5.07% loss. The U.S. was the fastest-growing developed country, which benefited U.S. companies. In addition, a strong U.S. dollar held back the returns of non-U.S. investments in dollar terms. Most bond sectors gained modestly amid renewed confidence in economic growth that drove outperformance in credit-sensitive sectors as solid economic growth boosted company revenue and profits and kept default rates low. The Barclays U.S. Aggregate Bond Index³ returned 1.91% during the period. Short-term interest rates remained ultralow.

Major central banks continued to provide stimulus.

Major central banks continued to inject liquidity into global banks and markets through various accommodative monetary policies, including quantitative easing. In the U.S., the Federal Reserve (Fed) kept its key interest rate effectively near zero in order to support the economy and the financial system. It tapered the size of its quantitative easing program each month until the program ended in October 2014 and also discussed changes to its forward guidance as it begins to normalize monetary policy.

Meanwhile, European markets continued to benefit from the European Central Bank’s (ECB’s) willingness to maintain low interest rates. In September 2014, the ECB cut its key rate to a historic low of 0.05%. In addition to its targeted longer-term refinancing operations that are designed to increase bank lending, the ECB released details of its asset-backed securities purchase program and the new covered bond purchase program, which are scheduled to begin in the fourth quarter of 2014. In Japan, the Bank of Japan maintained an aggressive monetary program aimed at combating deflation.

Challenging geopolitical situations and concerns about slowing global growth remained.

Geopolitical events were major negatives throughout the reporting period. The ongoing standoff between the West (the U.S., Europe, and their allies) and Russia over Ukraine continued throughout the reporting period. As of November 2014, most investors believed that the situation would not result in a war. However, economic sanctions from the West against Russia and from Russia against the West contributed to slower growth in Europe, a key Russian trading partner. In the Middle East, the advance of Islamic militants in Syria and Iraq led to airstrikes by the U.S. and its allies and fears of a prolonged regional war.

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

²^.

The Morgan Stanley Capital International 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.

³^.

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 passthroughs), ABS, and CMBS. You cannot invest directly in an index.


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

Economic news out of Europe trended lower for most of 2014. Slower European growth and expectations of higher U.S. interest rates sent the euro lower during the quarter, pressuring European returns for U.S. dollar-denominated investors. Returns in Asia were dampened by a sluggish Japanese economy as well as a late-period decline in the yen. Among countries in the MSCI EAFE Index (Net), most of the major markets (such as Japan, Germany, and France) ended the period with losses. By contrast, U.S. economic news remained favorable; gross domestic product grew at a 3.9% annualized gain, pushing the U.S. stock market to a solid gain. Meanwhile, 10-year U.S. Treasury yields trended lower over the period, reaching 2.20% by the end of November.

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

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


4		Wells Fargo Advantage Allocation Funds		Performance highlights (unaudited)

Wells Fargo Advantage Growth Balanced Fund¹

Investment objective

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

Adviser

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Subadvisers for the master portfolios

Artisan Partners Limited Partnership

Cooke & Bieler, L.P.

Galliard Capital Management, Inc.

Golden Capital Management, LLC

LSV Asset Management

Peregrine Capital Management, Inc.

Phocas Financial Corporation

Wells Capital Management Incorporated

Portfolio managers

Thomas C. Biwer, CFA

Erik J. Sens, CFA

Aldo Ceccarelli, CFA

Kandarp R. Acharya, CFA, FRM

Christian L. Chan, CFA

Average annual total returns (%) as of November 30, 2014


		Including sales charge						Excluding sales charge							Expense ratios² (%)
	Inception date	1 year		5 year		10 year		1 year			5 year		10 year		Gross		Net³
Class A (WFGBX)	10-14-1998		2.81		10.40		5.49		9.08			11.72		6.11		1.39		1.20
Class B (NVGRX)*	10-1-1998		3.24		10.60		5.55		8.24			10.87		5.55		2.14		1.95
Class C (WFGWX)	10-1-1998		7.27		10.88		5.32		8.27			10.88		5.32		2.14		1.95
Administrator Class (NVGBX)	11-11-1994		–		–		–		9.32			12.00		6.38		1.23		0.95
Growth Balanced Composite Index⁴	–		–		–		–		10.19			11.20		7.07		–		–
Barclays U.S. Aggregate Bond Index⁵	–		–		–		–		5.27			4.10		4.79		–		–
MSCI EAFE Index (Net)⁶	–		–		–		–		(0.02	)		6.38		5.25		–		–
Russell 1000^® Growth Index⁷	–		–		–		–		17.50			16.77		9.02		–		–
Russell 1000^® Value Index⁸	–		–		–		–		15.62			15.69		7.59		–		–
Russell 2000^® Index⁹	–		–		–		–		3.99			16.69		7.78		–		–
S&P 500 Index¹⁰	–		–		–		–		16.86			15.96		8.06		–		–

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

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

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

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

Balanced funds may invest in stocks and bonds. Stock values fluctuate in response to the activities of individual companies and general market and economic conditions. Bond values fluctuate in response to the financial condition of individual issuers, general market and economic conditions, and changes in interest rates. Changes in market conditions and government policies may lead to periods of heightened volatility in the bond market and reduced liquidity for certain bonds held by the Fund. In general, when interest rates rise, bond values fall and investors may lose principal value. Interest rate changes and their impact on the Fund and its share price can be sudden and unpredictable. The use of derivatives may reduce returns and/or increase volatility. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). This Fund is exposed to mortgage- and asset-backed securities risk, and smaller-company securities risk. Consult the Fund’s prospectus for additional information on these and other risks.

Please see footnotes on page 5.


Performance highlights (unaudited)		Wells Fargo Advantage Allocation Funds			5

Wells Fargo Advantage Growth Balanced Fund (continued)


Ten largest long-term holdings¹¹ (%) as of November 30, 2014
Apple Incorporated			1.42
Facebook Incorporated Class A			0.63
JPMorgan Chase & Company			0.63
Exxon Mobil Corporation			0.61
U.S. Treasury Bond, 4.25%, 11-15-2040			0.55
FNMA Series 2002 W4 Class A4, 6.25%, 5-25-2042			0.54
FNMA, 3.50%, 9-1-2032			0.53
Johnson & Johnson			0.52
Bank of America Corporation			0.50
American Express Company			0.49

Neutral target allocation¹² as of November 30, 2014

Current target allocation¹² as of November 30, 2014

^1.

The Fund is a gateway blended fund that invests all of its assets in two or more affiliated master portfolios of the Wells Fargo Master Trust (the “Master Trust”) in varying proportions. References to the investment activities of the Fund are intended to refer to the investment activities of the affiliated master portfolios in which it invests. See Notes to Financial Statements for a discussion of the Master Trust.

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

^3.

The Adviser has committed through September 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 affiliated master portfolios are included in the cap. Without this cap, the Fund’s returns would have been lower.

^4.

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

^5.

^6.

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

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

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

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

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

^12.

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


6		Wells Fargo Advantage Allocation Funds		Performance highlights (unaudited)

Wells Fargo Advantage Moderate Balanced Fund¹

Investment objective

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

Adviser

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Subadvisers for the master portfolios

Artisan Partners Limited Partnership

Cooke & Bieler, L.P.

Galliard Capital Management, Inc.

Golden Capital Management, LLC

LSV Asset Management

Peregrine Capital Management, Inc.

Phocas Financial Corporation

Wells Capital Management Incorporated

Portfolio managers

Thomas C. Biwer, CFA

Erik J. Sens, CFA

Aldo Ceccarelli, CFA

Kandarp R. Acharya, CFA, FRM

Christian L. Chan, CFA

Average annual total returns (%) as of November 30, 2014


		Including sales charge						Excluding sales charge							Expense ratios² (%)
	Inception date	1 year		5 year		10 year		1 year			5 year		10 year		Gross		Net³
Class A (WFMAX)	1-30-2004		1.01		7.58		4.72		7.17			8.86		5.34		1.36		1.15
Class B (WMOBX)*	1-30-2004		1.34		7.75		4.79		6.34			8.05		4.79		2.11		1.90
Class C (WFBCX)	1-30-2004		5.37		8.05		4.55		6.37			8.05		4.55		2.11		1.90
Administrator Class (NVMBX)	11-11-1994		–		–		–		7.41			9.13		5.60		1.20		0.90
Moderate Balanced Composite Index⁴	–		–		–		–		7.52			7.93		5.89		–		–
Barclays Short Treasury 9–12 Months Index⁵	–		–		–		–		0.24			0.35		2.01		–		–
Barclays U.S. Aggregate Bond Index⁶	–		–		–		–		5.27			4.10		4.79		–		–
MSCI EAFE Index (Net)⁷	–		–		–		–		(0.02	)		6.38		5.25		–		–
Russell 1000^® Growth Index⁸	–		–		–		–		17.50			16.77		9.02		–		–
Russell 1000^® Value Index⁹	–		–		–		–		15.62			15.69		7.59		–		–
Russell 2000^® Index¹⁰	–		–		–		–		3.99			16.69		7.78		–		–
S&P 500 Index¹¹	–		–		–		–		16.86			15.96		8.06		–		–

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.

Balanced funds may invest in stocks and bonds. Stock values fluctuate in response to the activities of individual companies and general market and economic conditions. Bond values fluctuate in response to the financial condition of individual issuers, general market and economic conditions, and changes in interest rates. Changes in market conditions and government policies may lead to periods of heightened volatility in the bond market and reduced liquidity for certain bonds held by the Fund. In general, when interest rates rise, bond values fall and investors may lose principal value. Interest rate changes and their impact on the Fund and its share price can be sudden and unpredictable. The use of derivatives may reduce returns and/or increase volatility. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). The Fund is exposed to mortgage- and asset-backed securities risk. Consult the Fund’s prospectus for additional information on these and other risks.

Please see footnotes on page 7.


Performance highlights (unaudited)		Wells Fargo Advantage Allocation Funds			7

Wells Fargo Advantage Moderate Balanced Fund (continued)


Ten largest long-term holdings¹² (%) as of November 30, 2014
FHLMC Structured Pass-Through Securities Series T-58 Class 4A, 7.50%, 9-25-2043			0.92
Apple Incorporated			0.88
U.S. Treasury Bond, 4.25%, 11-15-2040			0.73
FNMA Series 2002-W4 Class A4, 6.25%, 5-25-2042			0.70
FNMA, 3.50%, 9-1-2032			0.70
FNMA Series 2006-M2 Class A2F, 5.26%, 5-25-2020			0.55
FHLMC Structured Pass-Through Securities Series T-55 Class 1A2, 7.00%, 3-25-2043			0.44
FNMA Series 2004-T3 Class A1, 6.00%, 2-25-2044			0.43
FNMA Series 2004-W11 Class 1A3, 7.00%, 5-25-2044			0.42
U.S. Treasury Note, 0.88%, 8-15-2017			0.42

Neutral target allocation¹³ as of November 30, 2014

Current target allocation¹³ as of November 30, 2014

^1.

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

^3.

^4.

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

^5.	The Barclays U.S. Short Treasury: 9–12 Months Index is an unmanaged index that includes aged U.S. Treasury bills, notes, and bonds with a remaining maturity from 9 up to (but not including) 12 months. It excludes zero-coupon STRIPS. You cannot invest directly in an index.

^6.

^7.

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

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

^10.	The Russell 2000^® Index measures the performance of the 2,000 smallest companies in the Russell 3000^® Index, which represents approximately 8% of the total market capitalization of the Russell 3000 Index. You cannot invest directly in an index.

^11.	The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock’s weight in the index proportionate to its market value. You cannot invest directly in an index.

^12.	The ten largest long-term holdings are calculated based on the value of the securities of the affiliated master portfolios allocable to the Fund divided by the total net assets of the Fund. Holdings are subject to change and may have changed since the date specified.

^13.

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


8		Wells Fargo Advantage Allocation Funds		Fund expenses (unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from June 1, 2014 to November 30, 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.


Wells Fargo Advantage Growth Balanced Fund	Beginning account value 6-1-2014		Ending account value 11-30-2014		Expenses paid during the period¹		Net annualized expense ratio
Class A
Actual	$	1,000.00	$	1,045.84	$	6.15		1.20	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.05	$	6.07		1.20	%
Class B
Actual	$	1,000.00	$	1,041.80	$	9.98		1.95	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.29	$	9.85		1.95	%
Class C
Actual	$	1,000.00	$	1,042.00	$	9.98		1.95	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.29	$	9.85		1.95	%
Administrator Class
Actual	$	1,000.00	$	1,046.79	$	4.87		0.95	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.31	$	4.81		0.95	%
Wells Fargo Advantage Moderate Balanced Fund
Class A
Actual	$	1,000.00	$	1,034.07	$	5.86		1.15	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.30	$	5.82		1.15	%
Class B
Actual	$	1,000.00	$	1,030.22	$	9.67		1.90	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.54	$	9.60		1.90	%
Class C
Actual	$	1,000.00	$	1,029.84	$	9.67		1.90	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.54	$	9.60		1.90	%
Administrator Class
Actual	$	1,000.00	$	1,035.50	$	4.59		0.90	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.56	$	4.56		0.90	%

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


Portfolio of investments—November 30, 2014 (unaudited)		Wells Fargo Advantage Allocation Funds			9

GROWTH BALANCED FUND


Security name								Value

Investment Companies: 99.53%

Affiliated Master Portfolios: 99.53%
Wells Fargo Advantage C&B Large Cap Value Portfolio								$	13,978,816
Wells Fargo Advantage Core Bond Portfolio									17,329,092
Wells Fargo Advantage Diversified Large Cap Growth Portfolio									41,963,301
Wells Fargo Advantage Emerging Growth Portfolio									4,174,204
Wells Fargo Advantage Index Portfolio									41,898,638
Wells Fargo Advantage International Growth Portfolio									12,561,468
Wells Fargo Advantage International Value Portfolio									11,882,416
Wells Fargo Advantage Large Company Value Portfolio									27,704,476
Wells Fargo Advantage Managed Fixed Income Portfolio									60,671,936
Wells Fargo Advantage Real Return Portfolio									8,654,899
Wells Fargo Advantage Small Company Growth Portfolio									4,119,429
Wells Fargo Advantage Small Company Value Portfolio									8,183,087

Total Investment Companies (Cost $214,493,934)									253,121,762


	Yield			Maturity date		Principal

Short-Term Investments: 0.51%

U.S. Treasury Securities: 0.51%
U.S. Treasury Bill #(z)		0.02	%		12-4-2014	$	420,000		419,999
U.S. Treasury Bill #(z)		0.02			12-11-2014		870,000		869,995

Total Short-Term Investments (Cost $1,289,994)									1,289,994


Total investments in securities (Cost $215,783,928) *	100.04	%		254,411,756
Other assets and liabilities, net	(0.04	)		(103,321	)

Total net assets	100.00	%	$	254,308,435

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

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

*	Cost for federal income tax purposes is $216,728,230 and unrealized gains (losses) consists of:


Gross unrealized gains	$	37,683,526
Gross unrealized losses		0

Net unrealized gains	$	37,683,526

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


10		Wells Fargo Advantage Allocation Funds		Portfolio of investments—November 30, 2014 (unaudited)

MODERATE BALANCED FUND


Security name								Value

Investment Companies: 99.49%

Affiliated Master Portfolios: 99.49%
Wells Fargo Advantage C&B Large Cap Value Portfolio								$	5,838,603
Wells Fargo Advantage Core Bond Portfolio									15,309,634
Wells Fargo Advantage Diversified Large Cap Growth Portfolio									17,471,151
Wells Fargo Advantage Emerging Growth Portfolio									1,710,762
Wells Fargo Advantage Index Portfolio									17,449,921
Wells Fargo Advantage International Growth Portfolio									5,272,142
Wells Fargo Advantage International Value Portfolio									5,044,709
Wells Fargo Advantage Large Company Value Portfolio									11,566,901
Wells Fargo Advantage Managed Fixed Income Portfolio									53,586,889
Wells Fargo Advantage Real Return Portfolio									7,662,398
Wells Fargo Advantage Small Company Growth Portfolio									1,726,291
Wells Fargo Advantage Small Company Value Portfolio									3,389,909
Wells Fargo Advantage Stable Income Portfolio									25,378,474

Total Investment Companies (Cost $155,084,202)									171,407,784


	Yield			Maturity date		Principal

Short-Term Investments: 0.50%

U.S. Treasury Securities: 0.50%
U.S. Treasury Bill #(z)		0.02	%		12-11-2014	$	570,000		569,997
U.S. Treasury Bill #(z)		0.03			12-4-2014		290,000		289,999

Total Short-Term Investments (Cost $859,996)									859,996


Total investments in securities (Cost $155,944,198) *	99.99	%		172,267,780
Other assets and liabilities, net	0.01			11,981

Total net assets	100.00	%	$	172,279,761

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

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

*	Cost for federal income tax purposes is $155,112,410 and unrealized gains (losses) consists of:


Gross unrealized gains	$	17,155,370
Gross unrealized losses		0

Net unrealized gains	$	17,155,370

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


Statements of assets and liabilities—November 30, 2014 (unaudited)		Wells Fargo Advantage Allocation Funds			11


	Growth Balanced Fund			Moderate Balanced Fund

Assets
Investments
In affiliated Master Portfolios, at value (see cost below)	$	253,121,762		$	171,407,784
In unaffiliated securities, at value (see cost below)		1,289,994			859,996

Total investments, at value (see cost below)		254,411,756			172,267,780
Receivable for Fund shares sold		148,779			153,638
Prepaid expenses and other assets		38,364			25,876

Total assets		254,598,899			172,447,294


Liabilities
Payable for Fund shares redeemed		75,830			26,313
Payable for daily variation margin on open futures contracts		91,000			63,000
Distribution fees payable		8,390			3,207
Administration fees payable		39,334			19,767
Shareholder report expenses payable		14,011			11,330
Shareholder servicing fees payable		51,728			35,109
Accrued expenses and other liabilities		10,171			8,807

Total liabilities		290,464			167,533

Total net assets	$	254,308,435		$	172,279,761


NET ASSETS CONSIST OF
Paid-in capital	$	366,376,302		$	147,886,545
Undistributed net investment income		2,412,552			3,473,186
Accumulated net realized gains (losses) on investments		(153,878,367	)		4,053,773
Net unrealized gains on investments		39,397,948			16,866,257

Total net assets	$	254,308,435		$	172,279,761


COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	63,676,829		$	19,262,556
Shares outstanding – Class A¹		1,603,907			803,394
Net asset value per share – Class A		$39.70			$23.98
Maximum offering price per share – Class A²		$42.12			$25.44
Net assets – Class B	$	288,424		$	235,219
Shares outstanding – Class B¹		8,149			9,860
Net asset value per share – Class B		$35.39			$23.86
Net assets – Class C	$	13,463,591		$	5,081,686
Shares outstanding – Class C¹		387,668			216,500
Net asset value per share – Class C		$34.73			$23.47
Net assets – Administrator Class	$	176,879,591		$	147,700,300
Shares outstanding – Administrator Class¹		4,971,945			6,100,921
Net asset value per share – Administrator Class		$35.58			$24.21

Investments in affiliated Master Portfolios, at cost	$	214,493,934		$	155,084,202

Investments in unaffiliated securities, at cost	$	1,289,994		$	859,996

Total investments, at cost	$	215,783,928		$	155,944,198

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

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

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


12		Wells Fargo Advantage Allocation Funds		Statements of operations—six months ended November 30, 2014 (unaudited)


	Growth Balanced Fund			Moderate Balanced Fund

Investment income
Interest allocated from affiliated Master Portfolios**	$	1,385,894		$	1,409,241
Dividends allocated from affiliated Master Portfolios*		1,228,763			510,549
Securities lending income allocated from affiliated Master Portfolios		16,679			7,527
Interest		105			70
Expenses allocated from affiliated Master Portfolios		(696,170	)		(460,415	)
Waivers allocated from affiliated Master Portfolios		54,598			67,135

Total investment income		1,989,869			1,534,107


Expenses
Advisory fee		312,390			210,584
Administration fees
Fund level		62,478			42,117
Class A		80,048			24,253
Class B		496			349
Class C		16,808			6,284
Administrator Class		87,513			72,355
Shareholder servicing fees
Class A		76,969			23,321
Class B		477			335
Class C		16,162			6,041
Administrator Class		218,566			180,887
Distribution fees
Class B		1,432			1,006
Class C		48,485			18,128
Custody and accounting fees		5,186			3,728
Professional fees		14,713			15,244
Registration fees		25,578			23,541
Shareholder report expenses		33,888			17,098
Trustees’ fees and expenses		6,423			5,537
Other fees and expenses		5,110			5,254

Total expenses		1,012,722			656,062
Less: Fee waivers and/or expense reimbursements		(323,687	)		(242,406	)

Net expenses		689,035			413,656

Net investment income		1,300,834			1,120,451


REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS

Net realized gains on:
Securities transactions allocated from affiliated Master Portfolios		6,126,830			2,828,494
Futures transactions		786,354			507,024

Net realized gains on investments		6,913,184			3,335,518


Net change in unrealized gains (losses) on:
Securities transactions allocated from affiliated Master Portfolios		2,768,405			1,135,700
Futures transactions		313,666			246,014

Net change in unrealized gains (losses) on investments		3,082,071			1,381,714

Net realized and unrealized gains (losses) on investments		9,995,255			4,717,232

Net increase in net assets resulting from operations	$	11,296,089		$	5,837,683


** Net of foreign interest withholding taxes allocated from affiliated Master Portfolios in the amount of		$638			$560
* Net of foreign dividend withholding taxes allocated from affiliated Master Portfolios in the amount of		$30,842			$12,733

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


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


	Growth Balanced Fund
	Six months ended November 30, 2014 (unaudited)						Year ended May 31, 2014

Operations
Net investment income				$	1,300,834					$	2,929,153
Net realized gains on investments					6,913,184						15,766,495
Net change in unrealized gains (losses) on investments					3,082,071						15,973,472

Net increase in net assets resulting from operations					11,296,089						34,669,120


Distributions to shareholders from
Net investment income
Class A					0						(546,500	)
Class B					0						(1,163	)
Class C					0						(55,253	)
Administrator Class					0						(2,226,393	)

Total distributions to shareholders					0						(2,829,309	)


Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		94,960			3,656,115			194,629			6,998,960
Class B		1,549			53,164			3,979			128,300
Class C		34,232			1,156,156			99,662			3,144,748
Administrator Class		228,684			7,900,052			686,725			22,150,590

					12,765,487						32,422,598

Reinvestment of distributions
Class A		0			0			14,849			539,599
Class B		0			0			35			1,141
Class C		0			0			1,637			52,395
Administrator Class		0			0			67,509			2,193,375

					0						2,786,510

Payment for shares redeemed
Class A		(100,948	)		(3,880,078	)		(271,847	)		(9,792,448	)
Class B		(7,409	)		(255,364	)		(22,505	)		(727,480	)
Class C		(25,680	)		(864,666	)		(39,648	)		(1,259,505	)
Administrator Class		(410,197	)		(14,077,311	)		(1,460,577	)		(47,159,492	)

					(19,077,419	)					(58,938,925	)

Net decrease in net assets resulting from capital share transactions					(6,311,932	)					(23,729,817	)

Total increase in net assets					4,984,157						8,109,994


Net assets
Beginning of period					249,324,278						241,214,284

End of period				$	254,308,435					$	249,324,278

Undistributed net investment income				$	2,412,552					$	1,111,718

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


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


	Moderate Balanced Fund
	Six months ended November 30, 2014 (unaudited)						Year ended May 31, 2014

Operations
Net investment income				$	1,120,451					$	2,438,190
Net realized gains on investments					3,335,518						6,681,099
Net change in unrealized gains (losses) on investments					1,381,714						7,084,717

Net increase in net assets resulting from operations					5,837,683						16,204,006


Distributions to shareholders from
Net investment income
Class A					0						(97,654	)
Class B					0						(736	)
Class C					0						(14,477	)
Administrator Class					0						(970,104	)

Total distributions to shareholders					0						(1,082,971	)


Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		78,248			1,836,614			452,763			9,968,564
Class B		1,074			24,957			3,798			81,897
Class C		45,631			1,047,302			83,699			1,821,475
Administrator Class		225,847			5,340,875			814,765			18,218,885

					8,249,748						30,090,821

Reinvestment of distributions
Class A		0			0			4,246			94,771
Class B		0			0			30			668
Class C		0			0			559			12,306
Administrator Class		0			0			42,641			958,985

					0						1,066,730

Payment for shares redeemed
Class A		(58,431	)		(1,374,871	)		(161,021	)		(3,577,396	)
Class B		(7,622	)		(178,419	)		(16,252	)		(358,633	)
Class C		(25,283	)		(580,140	)		(11,008	)		(242,512	)
Administrator Class		(293,542	)		(6,940,696	)		(1,559,569	)		(35,094,813	)

					(9,074,126	)					(39,273,354	)

Net decrease in net assets resulting from capital share transactions					(824,378	)					(8,115,803	)

Total increase in net assets					5,013,305						7,005,232


Net assets
Beginning of period					167,266,456						160,261,224

End of period				$	172,279,761					$	167,266,456

Undistributed net investment income				$	3,473,186					$	2,352,735

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

This page is intentionally left blank.


16		Wells Fargo Advantage Allocation Funds		Financial highlights


Growth Balanced 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 November 30, 2014 (unaudited)	$	37.96		0.17			1.57			0.00			0.00		$	39.70
Year ended May 31, 2014	$	33.35		0.35			4.60			(0.34	)		0.00		$	37.96
Year ended May 31, 2013	$	27.77		0.32			5.70			(0.44	)		0.00		$	33.35
Year ended May 31, 2012	$	29.34		0.39	⁴		(1.73	)		(0.23	)		0.00		$	27.77
Year ended May 31, 2011⁵	$	25.89		0.23			4.11			(0.89	)		0.00		$	29.34
Year ended September 30, 2010	$	24.12		0.40	⁴		1.75			(0.38	)		0.00		$	25.89
Year ended September 30, 2009	$	25.63		0.41	⁴		(1.32	)		(0.52	)		(0.08	)	$	24.12
Class B
Six months ended November 30, 2014 (unaudited)	$	33.97		0.03	⁴		1.39			0.00			0.00		$	35.39
Year ended May 31, 2014	$	29.84		0.08	⁴		4.10			(0.05	)		0.00		$	33.97
Year ended May 31, 2013	$	24.80		0.12	⁴		5.05			(0.13	)		0.00		$	29.84
Year ended May 31, 2012	$	26.17		0.15	⁴		(1.52	)		0.00			0.00		$	24.80
Year ended May 31, 2011⁵	$	23.07		0.12	⁴		3.62			(0.64	)		0.00		$	26.17
Year ended September 30, 2010	$	21.46		0.22	⁴		1.53			(0.14	)		0.00		$	23.07
Year ended September 30, 2009	$	22.70		0.22	⁴		(1.13	)		(0.25	)		(0.08	)	$	21.46
Class C
Six months ended November 30, 2014 (unaudited)	$	33.33		0.03	⁴		1.37			0.00			0.00		$	34.73
Year ended May 31, 2014	$	29.38		0.10	⁴		4.00			(0.15	)		0.00		$	33.33
Year ended May 31, 2013	$	24.52		0.13	⁴		4.98			(0.25	)		0.00		$	29.38
Year ended May 31, 2012	$	25.94		0.16	⁴		(1.53	)		(0.05	)		0.00		$	24.52
Year ended May 31, 2011⁵	$	22.93		0.12	⁴		3.60			(0.71	)		0.00		$	25.94
Year ended September 30, 2010	$	21.42		0.19	⁴		1.56			(0.24	)		0.00		$	22.93
Year ended September 30, 2009	$	22.77		0.23	⁴		(1.17	)		(0.33	)		(0.08	)	$	21.42
Administrator Class
Six months ended November 30, 2014 (unaudited)	$	33.98		0.23			1.37			0.00			0.00		$	35.58
Year ended May 31, 2014	$	29.89		0.41	⁴		4.10			(0.42	)		0.00		$	33.98
Year ended May 31, 2013	$	24.93		0.65	⁴		4.82			(0.51	)		0.00		$	29.89
Year ended May 31, 2012	$	26.39		0.41	⁴		(1.57	)		(0.30	)		0.00		$	24.93
Year ended May 31, 2011⁵	$	23.39		0.31	⁴		3.64			(0.95	)		0.00		$	26.39
Year ended September 30, 2010	$	21.81		0.46	⁴		1.55			(0.43	)		0.00		$	23.39
Year ended September 30, 2009	$	23.29		0.41	⁴		(1.21	)		(0.60	)		(0.08	)	$	21.81

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

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

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

^4.	Calculated based upon average shares outstanding

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

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


Financial highlights		Wells Fargo Advantage Allocation Funds			17


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)

	0.91	%		1.40	%		1.20	%		4.58	%		35	%	$	63,677
	1.05	%		1.39	%		1.20	%		14.87	%		77	%	$	61,117
	1.23	%		1.39	%		1.20	%		21.85	%		80	%	$	55,777
	1.40	%		1.36	%		1.20	%		(4.53	)%		107	%	$	49,403
	1.43	%		1.35	%		1.20	%		17.02	%		70	%	$	60,055
	1.61	%		1.38	%		1.20	%		9.00	%		94	%	$	55,284
	1.95	%		1.32	%		1.20	%		(2.95	)%		105	%	$	55,318

	0.15	%		2.14	%		1.95	%		4.18	%		35	%	$	288
	0.25	%		2.14	%		1.95	%		14.00	%		77	%	$	476
	0.45	%		2.12	%		1.95	%		20.91	%		80	%	$	970
	0.61	%		2.10	%		1.95	%		(5.23	)%		107	%	$	1,704
	0.62	%		2.09	%		1.95	%		16.43	%		70	%	$	4,163
	0.96	%		2.12	%		1.95	%		8.19	%		94	%	$	6,924
	1.21	%		2.08	%		1.95	%		(3.66	)%		105	%	$	13,869

	0.16	%		2.14	%		1.95	%		4.20	%		35	%	$	13,464
	0.31	%		2.14	%		1.95	%		13.99	%		77	%	$	12,637
	0.48	%		2.14	%		1.95	%		20.97	%		80	%	$	9,326
	0.65	%		2.11	%		1.95	%		(5.26	)%		107	%	$	7,656
	0.68	%		2.10	%		1.95	%		16.45	%		70	%	$	8,388
	0.84	%		2.12	%		1.95	%		8.20	%		94	%	$	7,665
	1.21	%		2.06	%		1.95	%		(3.69	)%		105	%	$	7,738

	1.15	%		1.24	%		0.95	%		4.68	%		35	%	$	176,880
	1.29	%		1.23	%		0.95	%		15.16	%		77	%	$	175,094
	1.47	%		1.22	%		0.95	%		22.18	%		80	%	$	175,142
	1.64	%		1.20	%		0.95	%		(4.30	)%		107	%	$	220,021
	1.66	%		1.19	%		0.95	%		17.19	%		70	%	$	273,174
	2.04	%		1.19	%		0.95	%		9.32	%		94	%	$	287,073
	2.18	%		1.14	%		0.95	%		(2.68	)%		105	%	$	861,399

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


18		Wells Fargo Advantage Allocation Funds		Financial highlights


Moderate Balanced 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 November 30, 2014 (unaudited)	$	23.19		0.14			0.65			0.00			0.00		$	23.98
Year ended May 31, 2014	$	21.21		0.29	⁴		1.82			(0.13	)		0.00		$	23.19
Year ended May 31, 2013	$	18.84		0.21			2.50			(0.34	)		0.00		$	21.21
Year ended May 31, 2012	$	19.64		0.32			(0.54	)		(0.58	)		0.00		$	18.84
Year ended May 31, 2011⁵	$	17.97		0.28			1.80			(0.41	)		0.00		$	19.64
Year ended September 30, 2010	$	17.12		0.38	⁴		1.03			(0.56	)		0.00		$	17.97
Year ended September 30, 2009	$	17.85		0.38			(0.36	)		(0.57	)		(0.18	)	$	17.12
Class B
Six months ended November 30, 2014 (unaudited)	$	23.16		0.05	⁴		0.65			0.00			0.00		$	23.86
Year ended May 31, 2014	$	21.25		0.11	⁴		1.83			(0.03	)		0.00		$	23.16
Year ended May 31, 2013	$	18.86		0.13	⁴		2.43			(0.17	)		0.00		$	21.25
Year ended May 31, 2012	$	19.58		0.18	⁴		(0.53	)		(0.37	)		0.00		$	18.86
Year ended May 31, 2011⁵	$	17.85		0.14	⁴		1.84			(0.25	)		0.00		$	19.58
Year ended September 30, 2010	$	16.99		0.30			0.97			(0.41	)		0.00		$	17.85
Year ended September 30, 2009	$	17.67		0.26	⁴		(0.34	)		(0.42	)		(0.18	)	$	16.99
Class C
Six months ended November 30, 2014 (unaudited)	$	22.79		0.04	⁴		0.64			0.00			0.00		$	23.47
Year ended May 31, 2014	$	20.96		0.12	⁴		1.80			(0.09	)		0.00		$	22.79
Year ended May 31, 2013	$	18.63		0.11			2.42			(0.20	)		0.00		$	20.96
Year ended May 31, 2012	$	19.45		0.18	⁴		(0.53	)		(0.47	)		0.00		$	18.63
Year ended May 31, 2011⁵	$	17.77		0.14	⁴		1.83			(0.29	)		0.00		$	19.45
Year ended September 30, 2010	$	16.96		0.28	⁴		0.99			(0.46	)		0.00		$	17.77
Year ended September 30, 2009	$	17.64		0.26	⁴		(0.34	)		(0.42	)		(0.18	)	$	16.96
Administrator Class
Six months ended November 30, 2014 (unaudited)	$	23.38		0.17			0.66			0.00			0.00		$	24.21
Year ended May 31, 2014	$	21.36		0.38			1.79			(0.15	)		0.00		$	23.38
Year ended May 31, 2013	$	18.96		0.41			2.38			(0.39	)		0.00		$	21.36
Year ended May 31, 2012	$	19.77		0.40			(0.58	)		(0.63	)		0.00		$	18.96
Year ended May 31, 2011⁵	$	18.11		0.29			1.83			(0.46	)		0.00		$	19.77
Year ended September 30, 2010	$	17.23		0.52	⁴		0.95			(0.59	)		0.00		$	18.11
Year ended September 30, 2009	$	17.98		0.42	⁴		(0.37	)		(0.62	)		(0.18	)	$	17.23

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

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

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

^4.	Calculated based upon average shares outstanding

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

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


Financial highlights		Wells Fargo Advantage Allocation Funds			19


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)

	1.14	%		1.36	%		1.15	%		3.41	%		39	%	$	19,263
	1.29	%		1.36	%		1.15	%		9.94	%		89	%	$	18,169
	1.41	%		1.36	%		1.15	%		14.57	%		86	%	$	10,344
	1.68	%		1.33	%		1.15	%		(0.93	)%		115	%	$	9,935
	1.89	%		1.34	%		1.15	%		11.72	%		70	%	$	10,702
	2.42	%		1.37	%		1.15	%		8.41	%		103	%	$	7,992
	2.47	%		1.31	%		1.15	%		0.94	%		116	%	$	8,669

	0.39	%		2.10	%		1.90	%		3.02	%		39	%	$	235
	0.50	%		2.11	%		1.90	%		9.15	%		89	%	$	380
	0.65	%		2.11	%		1.90	%		13.65	%		86	%	$	613
	0.94	%		2.08	%		1.90	%		(1.66	)%		115	%	$	807
	1.11	%		2.09	%		1.90	%		11.16	%		70	%	$	1,097
	1.65	%		2.12	%		1.90	%		7.58	%		103	%	$	1,257
	1.72	%		2.06	%		1.90	%		0.19	%		116	%	$	1,720

	0.39	%		2.11	%		1.90	%		2.98	%		39	%	$	5,082
	0.54	%		2.11	%		1.90	%		9.15	%		89	%	$	4,469
	0.66	%		2.11	%		1.90	%		13.65	%		86	%	$	2,576
	0.92	%		2.08	%		1.90	%		(1.67	)%		115	%	$	2,319
	1.16	%		2.09	%		1.90	%		11.17	%		70	%	$	2,364
	1.59	%		2.12	%		1.90	%		7.58	%		103	%	$	1,726
	1.72	%		2.05	%		1.90	%		0.21	%		116	%	$	1,445

	1.39	%		1.20	%		0.90	%		3.55	%		39	%	$	147,700
	1.52	%		1.20	%		0.90	%		10.18	%		89	%	$	144,248
	1.66	%		1.20	%		0.90	%		14.81	%		86	%	$	146,729
	1.92	%		1.17	%		0.90	%		(0.66	)%		115	%	$	172,587
	2.14	%		1.18	%		0.90	%		11.93	%		70	%	$	192,305
	3.06	%		1.18	%		0.90	%		8.65	%		103	%	$	176,179
	2.72	%		1.13	%		0.90	%		1.14	%		116	%	$	330,340

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


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

1. ORGANIZATION

Each Fund seeks to achieve its investment objective by investing all investable assets in separate diversified portfolios (each, an “affiliated Master Portfolio”, collectively, the “affiliated Master Portfolios”) of Wells Fargo Master Trust, a registered open-end management investment company. Each affiliated Master Portfolio directly acquires portfolio securities, and a Fund investing in an affiliated Master Portfolio acquires an indirect interest in those securities. Each Fund accounts for its investment in the affiliated Master Portfolios as partnership investments and records on a daily basis its share of the affiliated Master Portfolio’s income, expense and realized and unrealized gains and losses. The financial statements of the affiliated Master Portfolios for the six months ended November 30, 2014 are included in this report and should be read in conjunction with each Fund’s financial statements. As of November 30, 2014, the Funds own the following percentages of the affiliated Master Portfolios:


	Growth Balanced Fund			Moderate Balanced Fund
Wells Fargo Advantage C&B Large Cap Value Portfolio		4	%		2	%
Wells Fargo Advantage Core Bond Portfolio		1			1
Wells Fargo Advantage Diversified Large Cap Growth Portfolio		31			13
Wells Fargo Advantage Emerging Growth Portfolio		0	*		0	*
Wells Fargo Advantage Index Portfolio		1			1
Wells Fargo Advantage International Growth Portfolio		8			3
Wells Fargo Advantage International Value Portfolio		2			1
Wells Fargo Advantage Large Company Value Portfolio		31			13
Wells Fargo Advantage Managed Fixed Income Portfolio		53			47
Wells Fargo Advantage Real Return Portfolio		20			17
Wells Fargo Advantage Small Company Growth Portfolio		1			0	*
Wells Fargo Advantage Small Company Value Portfolio		4			2
Wells Fargo Advantage Stable Income Portfolio		N/A			100

*	The amount invested is less than 1%.

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

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


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

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

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

Futures contracts

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

The aggregate principal amounts of the contracts are not recorded in the financial statements. Fluctuations in the value of the contracts are recorded in the 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 Fund since futures are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default.

Security transactions and income recognition

Securities transactions are recorded on a trade date basis in 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 Fund and each affiliated Master Portfolio. To the extent debt obligations are placed on non-accrual status, any related interest income may be reduced by writing off interest receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. If the issuer subsequently resumes interest payments or when the collectability of interest is reasonably assured, the debt obligation is removed from non-accrual status.

Dividend income in each affiliated Master Portfolio is recognized on the ex-dividend date, except for certain dividends from foreign securities which are recorded as soon as the custodian verifies the ex-dividend date.

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

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

Distributions to shareholders

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


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

Federal and other taxes

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

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

As of May 31, 2014, Growth Balanced Fund had capital loss carryforwards that are available to offset future net realized capital gains in the amount of $159,605,297 with $7,499,740 expiring in 2016; $69,527,330 expiring in 2017; and $82,578,227 expiring in 2018.

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.

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of November 30, 2014:


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

Affiliated master portfolios	$	0	$	253,121,762	$	0	$	253,121,762

Short-term investments
U.S. Treasury securities		869,995		419,999		0		1,289,994
Total assets	$	869,995	$	253,541,761	$	0	$	254,411,756
Liabilities
Futures contracts	$	91,000	$	0	$	0	$	91,000
Total liabilities	$	91,000	$	0	$	0	$	91,000


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


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

Affiliated master portfolios	$	0	$	171,407,784	$	0	$	171,407,784

Short-term investments
U.S. Treasury securities		569,997		289,999		0		859,996
Total assets	$	569,997	$	171,697,783	$	0	$	172,267,780
Liabilities
Futures contracts	$	63,000	$	0	$	0	$	63,000
Total liabilities	$	63,000	$	0	$	0	$	63,000

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

Transfers in and transfers out are recognized at the end of the reporting period. At November 31, 2014, the Funds did not have any transfers into/out of Level 1, Level 2, or Level 3.

4. TRANSACTIONS WITH AFFILIATES

Advisory fees

Funds Management is entitled to receive an annual advisory fee starting at 0.25% and declining to 0.19% as the average daily net assets of each Fund increase. For the six months ended November 30, 2014, the advisory fee was equivalent to an annual rate of 0.25% of each Fund’s average daily net assets.

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

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

Administration fees

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


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

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


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

specific expenses. Funds Management has committed through September 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			Administrator Class
Growth Balanced Fund		1.20	%		1.95	%		1.95	%		0.95	%
Moderate Balanced Fund		1.15	%		1.90	%		1.90	%		0.90	%

After September 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 and Class C shares of the Funds pursuant to Rule 12b-1 under the 1940 Act. Distribution fees are charged to the Class B and Class C shares and paid to Wells Fargo Funds Distributor, LLC (“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.

In addition, Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class B and Class C shares. For the six months ended November 30, 2014, Funds Distributor received the following amounts in front-end sales charges and contingent deferred sales charges.


	Front-end sales charges		Contingent deferred sales charges
	Class A		Class C
Growth Balanced Fund	$	8,789	$	0
Moderate Balanced Fund		2,502		50

Shareholder servicing fees

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

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding short-term securities, for the six months ended November 30, 2014 were as follows:


	Purchases at cost*				Sales proceeds*
	U.S. government		Non-U.S. government		U.S. government		Non-U.S. government
Growth Balanced Fund	$	46,759,923	$	48,433,826	$	51,121,835	$	49,598,498
Moderate Balanced Fund		41,310,840		31,673,375		45,164,453		27,952,383

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

6. DERIVATIVE TRANSACTIONS

During the six months ended November 30, 2014, the Funds entered into futures contracts to gain market exposure to certain asset classes consistent with an active asset allocation strategy.


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

At November 30, 2014, the Funds had long and short futures contracts outstanding as follows:


	Expiration date		Counterparty		Contracts		Type		Contract value at November 30, 2014		Unrealized gains (losses)
Growth Balanced Fund		12-18-2014		Goldman Sachs		24 Long		S&P 500 Index	$	12,397,800	$	951,805
		3-20-2015		Goldman Sachs		88 Short		U.S. Treasury Bond		12,551,000		(181,685	)
Moderate Balanced Fund		12-18-2014		Goldman Sachs		17 Long		S&P 500 Index		8,781,775		666,551
		3-20-2015		Goldman Sachs		60 Short		U.S. Treasury Bond		8,557,500		(123,876	)

The Funds had average notional amounts in futures contracts outstanding during the six months ended November 30, 2014 as follows:


	Long contracts		Short contracts
Growth Balanced Fund	$	13,227,685	$	13,972,425
Moderate Balanced Fund		9,064,761		9,222,818

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

The fair value of derivative instruments as of November 30, 2014 was as follows for Growth Balanced Fund:


	Asset derivatives			Liability derivatives
	Statements of Assets and Liabilities location	Fair value		Statements of Assets and Liabilities location	Fair value
Interest rate contracts	Receivable for daily variation margin on open futures contracts	$	0	Payable for daily variation margin on open futures contracts	$	55,000	*
Equity contracts	Receivable for daily variation margin on open futures contracts		0	Payable for daily variation margin on open futures contracts		36,000	*
		$	0		$	91,000

*	Only the current day’s variation margin as of November 30, 2014 is reported separately on the Statements of Assets and Liabilities.

The effect of derivative instruments on the Statements of Operations for the six months ended November 30, 2014 was as follows for Growth Balanced Fund:


	Amount of realized gains (losses) on derivatives			Change in unrealized gains (losses) on derivatives
Interest rate contracts	$	(456,989	)	$	(106,881	)
Equity contracts		1,243,343			420,547
	$	786,354		$	313,666

The fair value of derivative instruments as of November 30, 2014 was as follows for Moderate Balanced Fund:


	Asset derivatives			Liability derivatives
	Statements of Assets and Liabilities location	Fair value		Statements of Assets and Liabilities location	Fair value
Interest rate contracts	Receivable for daily variation margin on open futures contracts	$	0	Payable for daily variation margin on open futures contracts	$	37,500	*
Equity contracts	Receivable for daily variation margin on open futures contracts		0	Payable for daily variation margin on open futures contracts		25,500	*
		$	0		$	63,000

*	Only the current day’s variation margin as of November 30, 2014 is reported separately on the Statements of Assets and Liabilities.


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

The effect of derivative instruments on the Statements of Operations for the six months ended November 30, 2014 was as follows for Moderate Balanced Fund:


	Amount of realized gains (losses) on derivatives			Change in unrealized gains (losses) on derivatives
Interest rate contracts	$	(302,813	)	$	319,190
Equity contracts		809,837			(73,176	)
	$	507,024		$	246,014

For certain types of derivative transactions, the Funds have entered into International Swaps and Derivatives Association, Inc. master agreements (“ISDA Master Agreements”) or similar agreements with approved counterparties. The ISDA Master Agreements or similar agreements may have requirements to deliver/deposit securities or cash to/with an exchange or broker-dealer as collateral and allows the Funds 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 Funds 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 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 Funds 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 liabilities in the Statements of Assets and Liabilities		Amounts subject to netting agreements		Collateral pledged¹			Net amount of liabilities
Growth Balanced Fund	Futures – variation margin	Goldman Sachs	$	91,000	$	0	$	(91,000	)	$	0
Moderate Balanced Fund	Futures – variation margin	Goldman Sachs		63,000		0		(63,000	)		0

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

7. BANK BORROWINGS

Each Fund and certain funds in the Trust are party to a $25,000,000 revolving credit agreement whereby each Fund is permitted to use bank borrowings for temporary or emergency purposes, such as to fund shareholder redemption requests. Interest under the credit agreement is charged to each Fund based on a borrowing rate equal to the higher of the Federal Funds rate in effect on that day plus 1.25% or the overnight LIBOR rate in effect on that day plus 1.25%. In addition, an annual commitment fee equal to 0.15% of the unused balance is allocated to each participating fund. For the six months ended November 30, 2015, the Funds paid the following amounts in commitment fees:


	Commitment fee
Growth Balanced Fund	$	302
Moderate Balanced Fund		151

For the six months ended November 30, 2014, there were no borrowings by the Funds under the agreement.

8. 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.


Notes to financial statements (unaudited)		Wells Fargo Advantage Allocation Funds			27

9. SUBSEQUENT DISTRIBUTIONS

On December 19, 2014, the Funds declared distributions from net investment income to shareholders of record on December 18, 2014. The per share amounts payable on December 22, 2014 were as follows:


Net investment income	Growth Balanced Fund		Moderate Balanced Fund
Class A	$	0.16692	$	0.44320
Class B		0.00000		0.00000
Class C		0.07508		0.23375
Administrator Class		0.20618		0.52200

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.


28		Wells Fargo Advantage Allocation Funds		Portfolio of investments—November 30, 2014 (unaudited)

C&B LARGE CAP VALUE PORTFOLIO


Security name	Shares		Value

Common Stocks: 91.51%

Consumer Discretionary: 12.57%

Hotels, Restaurants & Leisure: 5.01%
Carnival Corporation		210,400	$	9,291,264
McDonald’s Corporation		79,000		7,647,990

				16,939,254


Media: 5.16%
Omnicom Group Incorporated		127,500		9,851,925
Twenty-First Century Fox Incorporated		206,700		7,606,560

				17,458,485


Multiline Retail: 2.40%
Kohl’s Corporation		135,900		8,102,358


Consumer Staples: 10.64%

Beverages: 1.34%
Diageo plc ADR		36,800		4,533,760


Food Products: 2.07%
Unilever NV ADR		172,600		7,014,464


Household Products: 4.70%
Colgate-Palmolive Company		67,800		4,718,202
Henkel AG & Company KGaA ADR		51,200		5,067,776
The Procter & Gamble Company		67,600		6,113,068

				15,899,046


Tobacco: 2.53%
Philip Morris International		98,300		8,545,219


Energy: 8.69%

Oil, Gas & Consumable Fuels: 8.69%
Chevron Corporation		60,440		6,580,103
Devon Energy Corporation		117,300		6,917,181
Exxon Mobil Corporation		85,350		7,727,589
Noble Energy Incorporated		75,600		3,718,008
World Fuel Services Corporation		98,600		4,464,608

				29,407,489


Financials: 23.88%

Banks: 7.12%
Bank of America Corporation		334,100		5,693,064
JPMorgan Chase & Company		174,800		10,515,968
PNC Financial Services Group Incorporated		90,000		7,872,300

				24,081,332

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


Portfolio of investments—November 30, 2014 (unaudited)		Wells Fargo Advantage Allocation Funds			29

C&B LARGE CAP VALUE PORTFOLIO


Security name	Shares		Value

Capital Markets: 3.92%
State Street Corporation		172,700	$	13,251,271


Consumer Finance: 2.23%
American Express Company		81,400		7,522,988


Diversified Financial Services: 1.52%
Berkshire Hathaway Incorporated Class B †		34,600		5,144,674


Insurance: 9.09%
Axis Capital Holdings Limited		33,700		1,686,685
FNF Group		233,900		7,578,360
RenaissanceRe Holdings Limited		79,200		7,755,264
The Progressive Corporation		333,600		9,087,264
Willis Group Holdings plc		108,500		4,634,035

				30,741,608


Health Care: 13.79%

Health Care Equipment & Supplies: 4.49%
Baxter International Incorporated		98,900		7,219,700
Becton Dickinson & Company		56,700		7,956,711

				15,176,411


Health Care Providers & Services: 6.76%
Cardinal Health Incorporated		81,300		6,682,047
Laboratory Corporation of America Holdings †		84,300		8,821,152
UnitedHealth Group Incorporated		74,700		7,367,661

				22,870,860


Pharmaceuticals: 2.54%
Johnson & Johnson		79,400		8,595,050


Industrials: 9.45%

Air Freight & Logistics: 2.68%
United Parcel Service Incorporated Class B		82,600		9,079,392


Electrical Equipment: 1.09%
Eaton Corporation plc		54,100		3,669,603


Industrial Conglomerates: 2.52%
3M Company		53,200		8,516,788


Machinery: 3.16%
Illinois Tool Works Incorporated		28,000		2,658,040
Parker Hannifin Corporation		62,200		8,025,666

				10,683,706


Information Technology: 6.64%

Communications Equipment: 2.09%
QUALCOMM Incorporated		97,000		7,071,300

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


30		Wells Fargo Advantage Allocation Funds		Portfolio of investments—November 30, 2014 (unaudited)

C&B LARGE CAP VALUE PORTFOLIO


Security name				Shares		Value

IT Services: 4.55%
Fiserv Incorporated †					99,700	$	7,127,553
The Western Union Company					444,000		8,249,520

							15,377,073


Materials: 5.85%

Containers & Packaging: 5.85%
Ball Corporation					69,500		4,661,365
Crown Holdings Incorporated †					222,800		11,028,600
Rock-Tenn Company Class A					71,900		4,084,639

							19,774,604


Total Common Stocks (Cost $214,789,569)							309,456,735


	Dividend yield

Preferred Stocks: 0.45%

Consumer Staples: 0.45%

Household Products: 0.45%
Henkel AG & Company KGaA ADR ±		1.51	%		13,600		1,507,315


Total Preferred Stocks (Cost $597,017)							1,507,315


	Yield

Short-Term Investments: 7.34%

Investment Companies: 7.34%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)		0.08			24,831,887		24,831,887


Total Short-Term Investments (Cost $24,831,887)							24,831,887


Total investments in securities (Cost $240,218,473) *	99.30	%		335,795,937
Other assets and liabilities, net	0.70			2,369,039

Total net assets	100.00	%	$	338,164,976

†	Non-income-earning security

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

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

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

*	Cost for federal income tax purposes is $249,058,432 and unrealized gains (losses) consists of:


Gross unrealized gains	$	96,955,131
Gross unrealized losses		(10,217,626	)

Net unrealized gains	$	86,737,505

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


Portfolio of investments—November 30, 2014 (unaudited)		Wells Fargo Advantage Allocation Funds			31

DIVERSIFIED LARGE CAP GROWTH PORTFOLIO


Security name	Shares		Value

Common Stocks: 99.14%

Consumer Discretionary: 25.59%

Auto Components: 1.17%
BorgWarner Incorporated		2,560	$	144,794
Delphi Automotive plc		19,530		1,424,714

				1,569,508


Distributors: 0.52%
LKQ Corporation †		23,900		694,295


Hotels, Restaurants & Leisure: 4.78%
Chipotle Mexican Grill Incorporated †		3,130		2,077,131
Hilton Worldwide Holdings Incorporated †		7,368		193,189
Las Vegas Sands Corporation		13,660		870,005
Marriott International Incorporated Class A		8,700		685,473
Starbucks Corporation		21,214		1,722,789
Wynn Resorts Limited		4,860		868,045

				6,416,632


Internet & Catalog Retail: 2.92%
Amazon.com Incorporated †		7,460		2,526,254
Netflix Incorporated †		280		97,045
The Priceline Group Incorporated †		1,120		1,299,413

				3,922,712


Media: 5.94%
CBS Corporation Class B		14,780		811,126
Comcast Corporation Class A		36,450		2,079,108
Liberty Global plc Class C †		31,320		1,563,494
The Walt Disney Company		15,900		1,470,909
Time Warner Incorporated		10,610		903,123
Twenty-First Century Fox Incorporated		31,320		1,152,576

				7,980,336


Multiline Retail: 2.08%
Dollar Tree Incorporated †		31,610		2,160,860
Nordstrom Incorporated		8,340		636,842

				2,797,702


Specialty Retail: 4.53%
Cabela’s Incorporated †«		3,680		199,603
CarMax Incorporated †		30,120		1,716,238
O’Reilly Automotive Incorporated †		4,590		838,777
TJX Companies Incorporated		26,500		1,753,240
Tractor Supply Company		20,440		1,572,449

				6,080,307

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


32		Wells Fargo Advantage Allocation Funds		Portfolio of investments—November 30, 2014 (unaudited)

DIVERSIFIED LARGE CAP GROWTH PORTFOLIO


Security name	Shares		Value

Textiles, Apparel & Luxury Goods: 3.65%
Nike Incorporated Class B		25,020	$	2,484,236
Under Armour Incorporated Class A †		19,520		1,415,005
VF Corporation		13,420		1,008,781

				4,908,022


Consumer Staples: 3.93%

Beverages: 0.95%
Constellation Brands Incorporated Class A †		10,240		987,136
The Coca-Cola Company		6,650		298,120

				1,285,256


Food & Staples Retailing: 1.93%
Costco Wholesale Corporation		11,450		1,627,274
CVS Health Corporation		4,200		383,712
Sprouts Farmers Market Incorporated †		15,228		484,098
Walgreen Company		1,370		93,996

				2,589,080


Household Products: 0.42%
Colgate-Palmolive Company		8,180		569,246


Personal Products: 0.63%
Estee Lauder Companies Incorporated Class A		11,370		842,972


Energy: 4.39%

Energy Equipment & Services: 1.10%
Halliburton Company		14,080		594,176
Schlumberger Limited		10,280		883,566

				1,477,742


Oil, Gas & Consumable Fuels: 3.29%
Antero Resources Corporation †		13,592		637,737
Concho Resources Incorporated †		14,460		1,377,315
Continental Resources Incorporated †«		2,250		92,205
EOG Resources Incorporated		4,830		418,858
Memorial Resource Development Corporation †		5,877		126,943
Pioneer Natural Resources Company		11,610		1,662,900
Whiting Petroleum Corporation †		2,500		104,425

				4,420,383


Financials: 6.32%

Capital Markets: 2.71%
Affiliated Managers Group Incorporated †		4,660		948,729
Ameriprise Financial Incorporated		5,890		776,125
Northern Trust Corporation		4,410		298,689
TD Ameritrade Holding Corporation		46,710		1,616,633

				3,640,176

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


Portfolio of investments—November 30, 2014 (unaudited)		Wells Fargo Advantage Allocation Funds			33

DIVERSIFIED LARGE CAP GROWTH PORTFOLIO


Security name	Shares		Value

Consumer Finance: 2.11%
American Express Company		16,470	$	1,522,157
Discover Financial Services		20,110		1,318,211

				2,840,368


Diversified Financial Services: 1.05%
IntercontinentalExchange Group Incorporated		6,220		1,405,658


REITs: 0.45%
American Tower Corporation		5,770		605,908


Health Care: 15.83%

Biotechnology: 8.39%
Alexion Pharmaceuticals Incorporated †		13,850		2,699,365
Biogen Idec Incorporated †		8,310		2,556,904
BioMarin Pharmaceutical Incorporated †		2,030		182,132
Celgene Corporation †		23,560		2,678,536
Gilead Sciences Incorporated †		13,230		1,327,234
Medivation Incorporated †		2,610		302,473
Regeneron Pharmaceuticals Incorporated †		3,660		1,522,963

				11,269,607


Health Care Equipment & Supplies: 0.89%
Covidien plc		11,820		1,193,820


Health Care Providers & Services: 1.92%
AmerisourceBergen Corporation		11,463		1,043,706
Envision Healthcare Holdings Incorporated †		7,057		249,536
McKesson Corporation		6,110		1,287,744

				2,580,986


Health Care Technology: 1.04%
Cerner Corporation †		21,690		1,396,836


Life Sciences Tools & Services: 0.52%
Mettler-Toledo International Incorporated †		1,570		460,418
Quintiles Transnational Holdings Incorporated †		4,054		234,402

				694,820


Pharmaceuticals: 3.07%
AbbVie Incorporated		18,060		1,249,752
Jazz Pharmaceuticals plc †		360		63,752
Merck & Company Incorporated		9,070		547,828
Perrigo Company plc		14,150		2,266,688

				4,128,020

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


34		Wells Fargo Advantage Allocation Funds		Portfolio of investments—November 30, 2014 (unaudited)

DIVERSIFIED LARGE CAP GROWTH PORTFOLIO


Security name	Shares		Value

Industrials: 11.17%

Aerospace & Defense: 1.39%
Precision Castparts Corporation		2,370	$	563,823
The Boeing Company		4,630		622,087
United Technologies Corporation		6,170		679,194

				1,865,104


Air Freight & Logistics: 0.81%
United Parcel Service Incorporated Class B		9,900		1,088,208


Airlines: 1.16%
Delta Air Lines Incorporated		18,630		869,462
Southwest Airlines Company		16,440		687,521

				1,556,983


Commercial Services & Supplies: 0.35%
Tyco International plc		10,900		467,610


Electrical Equipment: 0.25%
Rockwell Automation Incorporated		2,920		336,997


Industrial Conglomerates: 0.90%
3M Company		3,220		515,490
Danaher Corporation		8,280		691,877

				1,207,367


Machinery: 1.03%
Cummins Incorporated		6,416		934,298
Flowserve Corporation		4,110		241,956
Pentair plc		3,220		208,366

				1,384,620


Road & Rail: 4.61%
Canadian Pacific Railway Limited		4,540		876,946
CSX Corporation		16,990		619,965
Genesee & Wyoming Incorporated Class A †		3,330		328,305
Kansas City Southern		6,890		819,497
Norfolk Southern Corporation		10,510		1,173,336
Union Pacific Corporation		20,390		2,380,940

				6,198,989


Trading Companies & Distributors: 0.67%
W.W. Grainger Incorporated		3,650		896,732


Information Technology: 27.66%

Communications Equipment: 1.81%
Cisco Systems Incorporated		12,120		334,997
F5 Networks Incorporated †		2,500		322,975
Palo Alto Networks Incorporated †		5,772		709,956
QUALCOMM Incorporated		14,541		1,060,039

				2,427,967

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


Portfolio of investments—November 30, 2014 (unaudited)		Wells Fargo Advantage Allocation Funds			35

DIVERSIFIED LARGE CAP GROWTH PORTFOLIO


Security name	Shares		Value

Electronic Equipment, Instruments & Components: 0.72%
TE Connectivity Limited		15,040	$	965,568


Internet Software & Services: 8.36%
Akamai Technologies Incorporated †		14,560		940,722
Alibaba Group Holding Limited ADR †		3,770		420,883
Facebook Incorporated Class A †		51,660		4,013,982
Google Incorporated Class A †		4,644		2,549,928
Google Incorporated Class C †		5,014		2,716,736
Pandora Media Incorporated †		26,150		514,109
Twitter Incorporated †		1,750		73,045

				11,229,405


IT Services: 5.34%
Accenture plc		9,420		813,229
Alliance Data Systems Corporation †		5,170		1,477,948
MasterCard Incorporated Class A		22,600		1,972,754
Visa Incorporated Class A		11,260		2,907,219

				7,171,150


Semiconductors & Semiconductor Equipment: 3.07%
ARM Holdings plc ADR		14,120		604,901
Microchip Technology Incorporated «		34,870		1,574,381
Micron Technology Incorporated †		32,950		1,184,553
Texas Instruments Incorporated		14,110		767,866

				4,131,701


Software: 4.09%
Adobe Systems Incorporated †		8,430		621,122
Microsoft Corporation		19,150		915,562
Salesforce.com Incorporated †		34,114		2,042,405
ServiceNow Incorporated †		21,000		1,343,160
Splunk Incorporated †		6,460		433,466
Tableau Software Incorporated Class A †		1,650		138,402

				5,494,117


Technology Hardware, Storage & Peripherals: 4.27%
Apple Incorporated		41,207		4,900,749
Western Digital Corporation		8,120		838,552

				5,739,301


Materials: 3.13%

Chemicals: 3.13%
Airgas Incorporated		1,480		171,132
Ecolab Incorporated		6,230		678,754
Monsanto Company		13,740		1,647,563
Praxair Incorporated		13,270		1,703,603

				4,201,052

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


36		Wells Fargo Advantage Allocation Funds		Portfolio of investments—November 30, 2014 (unaudited)

DIVERSIFIED LARGE CAP GROWTH PORTFOLIO


Security name				Shares		Value

Telecommunication Services: 1.12%

Wireless Telecommunication Services: 1.12%
SBA Communications Corporation Class A †					12,333	$	1,500,556


Total Common Stocks (Cost $87,975,922)							133,173,819


	Yield

Short-Term Investments: 2.42%

Investment Companies: 2.42%
Securities Lending Cash Investments, LLC (r)(l)(u)		0.12	%		1,815,925		1,815,925
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)		0.08			1,435,598		1,435,598

Total Short-Term Investments (Cost $3,251,523)							3,251,523


Total investments in securities (Cost $91,227,445) *	101.56	%		136,425,342
Other assets and liabilities, net	(1.56	)		(2,099,469	)

Total net assets	100.00	%	$	134,325,873

†	Non-income-earning security

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

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

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

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

*	Cost for federal income tax purposes is $91,565,195 and unrealized gains (losses) consists of:


Gross unrealized gains	$	46,274,226
Gross unrealized losses		(1,414,079	)

Net unrealized gains	$	44,860,147

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


Portfolio of investments—November 30, 2014 (unaudited)		Wells Fargo Advantage Allocation Funds			37

EMERGING GROWTH PORTFOLIO


Security name	Shares		Value

Common Stocks: 99.54%

Consumer Discretionary: 12.72%

Auto Components: 2.66%
Gentherm Incorporated †		534,700	$	20,152,843
Motorcar Parts of America Incorporated †		285,572		9,638,055

				29,790,898


Diversified Consumer Services: 2.00%
Grand Canyon Education Incorporated †		385,600		17,610,352
LifeLock Incorporated †		289,700		4,782,947

				22,393,299


Hotels, Restaurants & Leisure: 3.79%
Fiesta Restaurant Group Incorporated †		464,155		26,020,529
Jack In the Box Incorporated		63,000		4,693,500
The Habit Restaurants Incorporated Class A †		105,453		3,418,786
Zoe’s Kitchen Incorporated «†		262,630		8,306,987

				42,439,802


Internet & Catalog Retail: 0.15%
RetailMeNot Incorporated «†		116,307		1,712,621


Media: 1.10%
IMAX Corporation †		391,510		12,285,584


Specialty Retail: 1.67%
Boot Barn Holdings Incorporated †		176,379		3,809,786
Five Below Incorporated «†		320,697		14,963,722

				18,773,508


Textiles, Apparel & Luxury Goods: 1.35%
G-III Apparel Group Limited †		170,600		15,096,394


Consumer Staples: 1.47%

Food & Staples Retailing: 1.47%
Diplomat Pharmacy Incorporated †		137,726		3,699,320
United Natural Foods Incorporated †		170,240		12,800,346

				16,499,666


Energy: 2.90%

Energy Equipment & Services: 0.05%
RigNet Incorporated †		12,800		524,160


Oil, Gas & Consumable Fuels: 2.85%
Bonanza Creek Energy Incorporated †		172,500		4,695,450
Diamondback Energy Incorporated †		154,957		8,739,575
Oasis Petroleum Incorporated †		173,600		3,190,768
Parsley Energy Incorporated Class A †		462,048		5,840,287
RSP Permian Incorporated «†		437,788		9,526,267

				31,992,347

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


38		Wells Fargo Advantage Allocation Funds		Portfolio of investments—November 30, 2014 (unaudited)

EMERGING GROWTH PORTFOLIO


Security name	Shares		Value

Financials: 7.71%

Capital Markets: 1.60%
Financial Engines Incorporated «		547,630	$	17,896,548


Consumer Finance: 2.87%
Encore Capital Group Incorporated «†		149,600		6,419,336
PRA Group Incorporated †		439,800		25,737,096

				32,156,432


Diversified Financial Services: 3.24%
MarketAxess Holdings Incorporated		552,671		36,238,637


Health Care: 31.09%

Biotechnology: 3.36%
Exact Sciences Corporation «†		177,453		4,404,383
Hyperion Therapeutics Incorporated †		239,823		4,913,973
Ligand Pharmaceuticals Incorporated †		65,100		3,505,635
NPS Pharmaceuticals Incorporated †		434,100		14,403,438
PTC Therapeutics Incorporated †		207,700		9,294,575
Repligen Corporation †		48,600		1,111,482

				37,633,486


Health Care Equipment & Supplies: 10.59%
Align Technology Incorporated †		94,200		5,359,980
Cardiovascular Systems Incorporated †		584,558		17,922,548
Cynosure Incorporated Class A †		616,678		17,001,812
DexCom Incorporated †		439,900		22,637,254
Endologix Incorporated †		618,094		7,930,146
Insulet Corporation †		164,300		7,654,737
NxStage Medical Incorporated †		372,460		6,436,109
Oxford Immunotec Global plc †		264,771		3,463,205
Spectranetics Corporation «†		773,614		25,397,748
Tandem Diabetes Care Incorporated «†		337,737		4,772,224

				118,575,763


Health Care Providers & Services: 9.84%
AAC Holdings Incorporated «†		229,581		6,625,708
Acadia Healthcare Company Incorporated †		588,960		36,521,409
Adeptus Health Incorporated Class A †		231,601		7,049,934
ExamWorks Group Incorporated †		697,028		27,428,052
HealthEquity Incorporated †		217,602		5,403,058
MWI Veterinary Supply Incorporated †		98,300		16,064,186
Team Health Holdings Incorporated †		195,300		11,163,348

				110,255,695


Health Care Technology: 0.95%
Medidata Solutions Incorporated †		248,400		10,609,164

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


Portfolio of investments—November 30, 2014 (unaudited)		Wells Fargo Advantage Allocation Funds			39

EMERGING GROWTH PORTFOLIO


Security name	Shares		Value

Life Sciences Tools & Services: 1.22%
ICON plc ADR †		187,800	$	10,430,412
INC Research Holdings Incorporated Class A †		132,129		3,222,626

				13,653,038


Pharmaceuticals: 5.13%
Akorn Incorporated «†		841,434		33,716,260
ANI Pharmaceuticals Incorporated †		200,200		10,832,822
BioDelivery Sciences International Incorporated †		427,600		6,563,660
Intersect ENT Incorporated †		309,475		5,353,918
Lannett Company Incorporated †		20,969		1,030,207

				57,496,867


Industrials: 10.59%

Aerospace & Defense: 1.01%
TASER International Incorporated «†		528,100		11,343,588


Electrical Equipment: 1.69%
Power Solutions International Incorporated «†		289,199		18,985,914


Machinery: 1.54%
Proto Labs Incorporated †		97,855		6,350,790
The Middleby Corporation †		113,450		10,850,358

				17,201,148


Professional Services: 3.97%
Corporate Executive Board Company		76,046		5,567,328
On Assignment Incorporated †		670,113		20,592,572
Paylocity Holding Corporation «†		251,133		7,305,459
Wageworks Incorporated †		188,750		11,026,775

				44,492,134


Road & Rail: 1.13%
Saia Incorporated †		227,900		12,641,613


Trading Companies & Distributors: 1.25%
DXP Enterprises Incorporated †		51,516		3,027,080
H&E Equipment Services Incorporated		312,600		10,941,000

				13,968,080


Information Technology: 32.56%

Electronic Equipment, Instruments & Components: 1.62%
Cognex Corporation †		254,700		10,368,837
Universal Display Corporation «†		278,300		7,720,042

				18,088,879


Internet Software & Services: 12.58%
Borderfree Incorporated †		680,539		6,812,195
ChannelAdvisor Corporation «†		381,500		6,714,400
DealerTrack Holdings Incorporated †		362,900		17,114,364
Demandware Incorporated †		371,500		20,804,000

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


40		Wells Fargo Advantage Allocation Funds		Portfolio of investments—November 30, 2014 (unaudited)

EMERGING GROWTH PORTFOLIO


Security name				Shares		Value

Internet Software & Services (continued)
Envestnet Incorporated †					689,492	$	35,267,516
HomeAway Incorporated †					585,845		18,372,099
Q2 Holdings Incorporated †					367,249		6,827,159
SPS Commerce Incorporated †					497,432		28,990,337

							140,902,070


IT Services: 2.85%
iGATE Corporation †					184,500		6,817,275
InterXion Holding NV †					286,400		7,981,968
Maximus Incorporated					185,200		9,702,628
Wex Incorporated †					65,821		7,443,039

							31,944,910


Semiconductors & Semiconductor Equipment: 2.31%
Cavium Incorporated †					203,900		11,540,740
Veeco Instruments Incorporated †					383,900		14,361,699

							25,902,439


Software: 13.20%
Aspen Technology Incorporated †					81,700		3,083,358
Callidus Software Incorporated †					785,950		12,551,622
Fleetmatics Group plc «†					626,720		22,054,277
Guidewire Software Incorporated †					243,801		12,304,636
HubSpot Incorporated †					96,803		3,425,858
MobileIron Incorporated «†					840,888		7,795,032
Proofpoint Incorporated †					749,140		32,527,659
PROS Holdings Incorporated †					439,422		12,567,469
Synchronoss Technologies Incorporated †					367,801		15,752,917
Tyler Technologies Incorporated †					104,425		11,338,467
Ultimate Software Group Incorporated †					98,170		14,454,551

							147,855,846


Materials: 0.50%

Chemicals: 0.50%
Balchem Corporation					86,300		5,609,500


Total Common Stocks (Cost $797,241,970)							1,114,960,030


	Yield

Short-Term Investments: 12.22%

Investment Companies: 12.22%
Securities Lending Cash Investments, LLC (l)(u)(r)		0.12	%		130,887,098		130,887,098
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)		0.08			5,987,366		5,987,366

Total Short-Term Investments (Cost $136,874,464)							136,874,464


Total investments in securities (Cost $934,116,434) *	111.76	%		1,251,834,494
Other assets and liabilities, net	(11.76	)		(131,745,558	)

Total net assets	100.00	%	$	1,120,088,936

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


Portfolio of investments—November 30, 2014 (unaudited)		Wells Fargo Advantage Allocation Funds			41

EMERGING GROWTH PORTFOLIO

†	Non-income-earning security

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

(l)	The security represents an affiliate of the Portfolio 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 $936,487,448 and unrealized gains (losses) consists of:


Gross unrealized gains	$	344,568,180
Gross unrealized losses		(29,221,134	)

Net unrealized gains	$	315,347,046

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


42		Wells Fargo Advantage Allocation Funds		Summary portfolio of investments—November 30, 2014 (unaudited)

INDEX PORTFOLIO

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


Security name	Shares		Value		Percent of net assets

Common Stocks: 98.72%

Consumer Discretionary: 11.80%

Auto Components: 0.41%
Other securities			$	11,700,990		0.41	%


Automobiles: 0.65%
Other securities				18,756,441		0.65


Distributors: 0.08%
Other securities				2,434,550		0.08


Diversified Consumer Services: 0.05%
Other securities				1,431,853		0.05


Hotels, Restaurants & Leisure: 1.58%
McDonald’s Corporation		151,931		14,708,440		0.51
Other securities				30,817,521		1.07

				45,525,961		1.58


Household Durables: 0.42%
Other securities				12,109,918		0.42


Internet & Catalog Retail: 1.22%
Amazon.com Incorporated †		58,621		19,851,415		0.69
Other securities				15,241,491		0.53

				35,092,906		1.22


Leisure Products: 0.09%
Other securities				2,700,223		0.09


Media: 3.47%
Comcast Corporation Class A		400,450		22,841,668		0.79
The Walt Disney Company		244,348		22,604,633		0.78
Other securities				54,635,756		1.90

				100,082,057		3.47


Multiline Retail: 0.72%
Other securities				20,853,280		0.72


Specialty Retail: 2.25%
Home Depot Incorporated		208,251		20,700,149		0.72
Other securities				44,236,594		1.53

				64,936,743		2.25

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


Summary portfolio of investments—November 30, 2014 (unaudited)		Wells Fargo Advantage Allocation Funds			43

INDEX PORTFOLIO


Security name	Shares		Value		Percent of net assets

Textiles, Apparel & Luxury Goods: 0.86%
Other securities			$	24,857,285		0.86	%


Consumer Staples: 9.76%

Beverages: 2.21%
PepsiCo Incorporated		233,141		23,337,414		0.81
The Coca-Cola Company		610,759		27,380,326		0.95
Other securities				13,041,583		0.45

				63,759,323		2.21


Food & Staples Retailing: 2.39%
CVS Health Corporation		179,194		16,371,164		0.57
Wal-Mart Stores Incorporated		244,319		21,387,685		0.74
Other securities				31,144,786		1.08

				68,903,635		2.39


Food Products: 1.62%
Other securities				46,651,671		1.62


Household Products: 1.94%
The Procter & Gamble Company		418,947		37,885,377		1.31
Other securities				18,015,315		0.63

				55,900,692		1.94


Personal Products: 0.11%
Other securities				3,238,424		0.11


Tobacco: 1.49%
Altria Group Incorporated		306,893		15,424,442		0.53
Philip Morris International		241,704		21,011,329		0.73
Other securities				6,659,608		0.23

				43,095,379		1.49


Energy: 8.28%

Energy Equipment & Services: 1.37%
Schlumberger Limited		200,594		17,241,054		0.60
Other securities				22,293,272		0.77

				39,534,326		1.37


Oil, Gas & Consumable Fuels: 6.91%
Chevron Corporation		293,816		31,987,748		1.11
ConocoPhillips Company		190,248		12,569,685		0.44
Exxon Mobil Corporation		659,864		59,744,087		2.07
Other securities				95,008,234		3.29

				199,309,754		6.91

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


44		Wells Fargo Advantage Allocation Funds		Summary portfolio of investments—November 30, 2014 (unaudited)

INDEX PORTFOLIO


Security name	Shares		Value		Percent of net assets

Financials: 16.09%

Banks: 5.82%
Bank of America Corporation		1,627,090	$	27,725,614		0.96	%
Citigroup Incorporated		469,098		25,317,219		0.88
JPMorgan Chase & Company		581,972		35,011,436		1.21
Wells Fargo & Company (l)		735,042		40,045,088		1.39
Other securities				39,664,343		1.38

				167,763,700		5.82


Capital Markets: 2.21%
Other securities				63,718,879		2.21


Consumer Finance: 0.91%
American Express Company		139,262		12,870,594		0.45
Other securities				13,271,058		0.46

				26,141,652		0.91


Diversified Financial Services: 2.04%
Berkshire Hathaway Incorporated Class B †		282,071		41,941,137		1.45
Other securities				16,880,589		0.59

				58,821,726		2.04


Insurance: 2.73%
Other securities				78,852,821		2.73


Real Estate Management & Development: 0.05%
Other securities				1,456,421		0.05


REITs: 2.28%
Other securities				65,866,613		2.28


Thrifts & Mortgage Finance: 0.05%
Other securities				1,438,507		0.05


Health Care: 14.15%

Biotechnology: 2.89%
Amgen Incorporated		117,532		19,429,215		0.67
Celgene Corporation †		123,706		14,064,135		0.49
Gilead Sciences Incorporated †		233,896		23,464,447		0.81
Other securities				26,300,040		0.92

				83,257,837		2.89


Health Care Equipment & Supplies: 2.19%
Other securities				63,179,808		2.19


Health Care Providers & Services: 2.24%
UnitedHealth Group Incorporated		150,337		14,827,738		0.51
Other securities				49,852,543		1.73

				64,680,281		2.24

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


Summary portfolio of investments—November 30, 2014 (unaudited)		Wells Fargo Advantage Allocation Funds			45

INDEX PORTFOLIO


Security name	Shares		Value		Percent of net assets

Health Care Technology: 0.11%
Other securities			$	3,024,610		0.11	%


Life Sciences Tools & Services: 0.43%
Other securities				12,486,464		0.43


Pharmaceuticals: 6.29%
Abbvie Incorporated		246,279		17,042,507		0.59
Bristol-Myers Squibb Company		256,523		15,147,683		0.53
Johnson & Johnson		436,375		47,237,594		1.64
Merck & Company Incorporated		446,331		26,958,392		0.93
Pfizer Incorporated		981,104		30,561,390		1.06
Other securities				44,629,381		1.54

				181,576,947		6.29


Industrials: 10.32%

Aerospace & Defense: 2.63%
Boeing Company		103,694		13,932,326		0.48
United Technologies Corporation		131,638		14,490,711		0.50
Other securities				47,401,640		1.65

				75,824,677		2.63


Air Freight & Logistics: 0.78%
Other securities				22,373,609		0.78


Airlines: 0.37%
Other securities				10,520,786		0.37


Building Products: 0.07%
Other securities				2,135,237		0.07


Commercial Services & Supplies: 0.46%
Other securities				13,187,947		0.46


Construction & Engineering: 0.12%
Other securities				3,490,225		0.12


Electrical Equipment: 0.56%
Other securities				16,278,770		0.56


Industrial Conglomerates: 2.34%
3M Company		100,258		16,050,303		0.56
General Electric Company		1,552,517		41,126,175		1.43
Other securities				10,324,201		0.35

				67,500,679		2.34


Machinery: 1.56%
Other securities				45,123,333		1.56


Professional Services: 0.19%
Other securities				5,387,604		0.19

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


46		Wells Fargo Advantage Allocation Funds		Summary portfolio of investments—November 30, 2014 (unaudited)

INDEX PORTFOLIO


Security name	Shares		Value		Percent of net assets

Road & Rail: 1.04%
Union Pacific Corporation		138,856	$	16,214,215		0.56	%
Other securities				13,804,879		0.48

				30,019,094		1.04


Trading Companies & Distributors: 0.20%
Other securities				5,905,054		0.20


Information Technology: 19.71%

Communications Equipment: 1.63%
Cisco Systems Incorporated		788,985		21,807,545		0.76
QUALCOMM Incorporated		259,326		18,904,865		0.65
Other securities				6,264,587		0.22

				46,976,997		1.63


Electronic Equipment, Instruments & Components: 0.40%
Other securities				11,562,764		0.40


Internet Software & Services: 3.22%
Facebook Incorporated Class A †		322,352		25,046,750		0.87
Google Incorporated Class A †		43,957		24,135,910		0.84
Google Incorporated Class C †		43,954		23,815,596		0.82
Other securities				19,823,577		0.69

				92,821,833		3.22


IT Services: 3.25%
International Business Machines Corporation		143,550		23,279,504		0.81
MasterCard Incorporated		152,294		13,293,743		0.46
Visa Incorporated Class A		76,169		19,666,074		0.68
Other securities				37,579,995		1.30

				93,819,316		3.25


Semiconductors & Semiconductor Equipment: 2.45%
Intel Corporation		766,054		28,535,512		0.99
Other securities				42,234,165		1.46

				70,769,677		2.45


Software: 3.79%
Microsoft Corporation		1,274,928		60,954,308		2.11
Oracle Corporation		503,183		21,339,991		0.74
Other securities				26,985,129		0.94

				109,279,428		3.79


Technology Hardware, Storage & Peripherals: 4.97%
Apple Incorporated		926,486		110,186,980		3.82
Other securities				33,354,688		1.15

				143,541,668		4.97

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


Summary portfolio of investments—November 30, 2014 (unaudited)		Wells Fargo Advantage Allocation Funds			47

INDEX PORTFOLIO


Security name				Shares		Value		Percent of net assets

Materials: 3.17%

Chemicals: 2.34%
Other securities						$	67,498,229		2.34	%


Construction Materials: 0.09%
Other securities							2,482,357		0.09


Containers & Packaging: 0.20%
Other securities							5,890,602		0.20


Metals & Mining: 0.42%
Other securities							12,096,064		0.42


Paper & Forest Products: 0.12%
Other securities							3,555,995		0.12


Telecommunication Services: 2.38%

Diversified Telecommunication Services: 2.38%
AT&T Incorporated					802,415		28,389,443		0.98
Verizon Communications Incorporated					641,380		32,447,414		1.13
Other securities							7,783,311		0.27

							68,620,168		2.38


Utilities: 3.06%

Electric Utilities: 1.75%
Other securities							50,499,192		1.75


Gas Utilities: 0.03%
Other securities							967,055		0.03


Independent Power & Renewable Electricity Producers: 0.11%
Other securities							3,061,443		0.11


Multi-Utilities: 1.17%
Other securities							33,837,538		1.17


Total Common Stocks (Cost $1,423,799,062)							2,848,169,018		98.72


	Yield
Short-Term Investments: 1.86%

Investment Companies: 1.77%
Securities Lending Cash Investments, LLC (l)(r)(u)		0.12	%		15,878,700		15,878,700		0.55
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)		0.08			35,068,768		35,068,768		1.22

							50,947,468		1.77

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


48		Wells Fargo Advantage Allocation Funds		Summary portfolio of investments—November 30, 2014 (unaudited)

INDEX PORTFOLIO


Security name	Yield			Maturity date		Principal		Value			Percent of net assets

U.S. Treasury Securities: 0.09%
U.S. Treasury Bill (z)#		0.01	%		1-8-2015	$	1,900,000	$	1,899,975			0.06	%
U.S. Treasury Bill (z)#		0.02			12-18-2014		180,000		179,998			0.01
U.S. Treasury Bill (z)#		0.02			3-5-2015		360,000		359,981			0.01
U.S. Treasury Bill (z)#		0.06			4-23-2015		225,000		224,946			0.01

									2,664,900			0.09


Total Short-Term Investments (Cost $53,612,375)									53,612,368			1.86


Total investments in securities (Cost $1,477,411,437) *									2,901,781,386			100.58	%
Other assets and liabilities, net									(16,627,350	)		(0.58	)

Total net assets								$	2,885,154,036			100.00	%

†	Non-income-earning security

(l)	The security represents an affiliate of the Portfolio 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.

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

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

*	Cost for federal income tax purposes is $1,556,651,323 and unrealized gains (losses) consists of:


Gross unrealized gains	$	1,443,250,527
Gross unrealized losses		(98,120,464	)

Net unrealized gains	$	1,345,130,063

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


Portfolio of investments—November 30, 2014 (unaudited)		Wells Fargo Advantage Allocation Funds			49

INTERNATIONAL GROWTH PORTFOLIO


Security name	Shares		Value

Common Stocks: 96.93%

Belgium: 3.97%
Anheuser-Busch InBev NV (Consumer Staples, Beverages)		28,940	$	3,401,507
Telenet Group Holding NV (Consumer Discretionary, Media) †		22,489		1,286,381
UCB SA (Health Care, Pharmaceuticals)		19,855		1,558,427

				6,246,315


Brazil: 0.18%
Ambev SA ADR (Consumer Staples, Beverages)		42,189		276,338


China: 10.45%
Alibaba Group Holding Limited ADR (Information Technology, Internet Software & Services) †		4,262		475,810
Baidu Incorporated ADR (Information Technology, Internet Software & Services) †		37,490		9,189,174
China Mobile Limited (Telecommunication Services, Wireless Telecommunication Services)		233,000		2,870,849
Industrial & Commercial Bank of China Limited Class H (Financials, Banks)		1,541,000		1,045,231
Tencent Holdings Limited (Information Technology, Internet Software & Services)		178,400		2,852,596

				16,433,660


Denmark: 0.19%
Rockwool International AS B Shares (Industrials, Building Products)		2,420		300,679


France: 5.75%
France Telecom SA (Telecommunication Services, Diversified Telecommunication Services)		57,178		1,007,791
L’Oreal SA (Consumer Staples, Personal Products)		6,608		1,128,104
LVMH Moet Hennessy Louis Vuitton SA (Consumer Discretionary, Textiles, Apparel & Luxury Goods) «		6,670		1,199,275
Pernod-Ricard SA (Consumer Staples, Beverages)		2,016		239,086
Publicis Groupe SA (Consumer Discretionary, Media)		102		7,496
Schneider Electric SA (Industrials, Electrical Equipment)		19,776		1,614,237
Technip SA (Energy, Energy Equipment & Services)		8,423		548,142
Vinci SA (Industrials, Construction & Engineering)		13,889		751,338
Zodiac Aerospace SA (Industrials, Aerospace & Defense)		77,004		2,553,498

				9,048,967


Germany: 11.84%
Allianz AG (Financials, Insurance)		8,365		1,441,066
Bayer AG (Health Care, Pharmaceuticals)		45,409		6,833,965
Beiersdorf AG (Consumer Staples, Personal Products)		23,029		2,051,123
Deutsche Post AG (Industrials, Air Freight & Logistics)		69,999		2,326,869
Linde AG (Materials, Chemicals)		27,948		5,277,210
MTU Aero Engines AG (Industrials, Aerospace & Defense)		7,732		689,532

				18,619,765


Hong Kong: 6.39%
AIA Group Limited (Financials, Insurance)		950,800		5,492,765
Beijing Enterprises Holdings Limited (Industrials, Industrial Conglomerates)		284,500		2,270,893
Sands China Limited (Consumer Discretionary, Hotels, Restaurants & Leisure)		382,800		2,292,881

				10,056,539

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


50		Wells Fargo Advantage Allocation Funds		Portfolio of investments—November 30, 2014 (unaudited)

INTERNATIONAL GROWTH PORTFOLIO


Security name	Shares		Value

Ireland: 3.59%
Covidien plc (Health Care, Health Care Equipment & Supplies)		55,835	$	5,639,335


Japan: 14.80%
Ishikawajima-Harima Heavy Industries Company Limited (Industrials, Machinery)		701,000		3,544,282
JS Group Corporation (Industrials, Building Products)		60,000		1,276,144
Kawasaki Heavy Industries Limited (Industrials, Machinery)		78,116		343,613
KDDI Corporation (Telecommunication Services, Wireless Telecommunication Services)		35,800		2,293,951
NGK Insulators Limited (Industrials, Machinery)		130,000		2,886,576
Olympus Corporation (Health Care, Health Care Equipment & Supplies) †		113,400		4,128,154
Ono Pharmaceutical Company Limited (Health Care, Pharmaceuticals)		12,200		1,044,510
SoftBank Corporation (Telecommunication Services, Wireless Telecommunication Services)		39,269		2,635,030
Toyota Motor Corporation (Consumer Discretionary, Automobiles)		83,200		5,127,874

				23,280,134


Mexico: 3.05%
Grupo Televisa SAB ADR (Consumer Discretionary, Media)		128,450		4,797,608


Netherlands: 4.45%
ASML Holdings NV (Information Technology, Semiconductors & Semiconductor Equipment)		46,681		4,933,172
Nielsen Holdings NV (Industrials, Professional Services) «		7,161		299,115
Unilever NV (Consumer Staples, Food Products) «		43,287		1,764,250

				6,996,537


South Korea: 0.38%
Naver Corporation (Information Technology, Internet Software & Services)		844		575,896
Orion Corporation (Consumer Staples, Food Products)		18		15,889

				591,785


Spain: 1.97%
Grifols SA (Health Care, Biotechnology)		20,597		918,153
Grifols SA ADR (Health Care, Biotechnology)		18,313		681,976
Telefonica SA (Telecommunication Services, Diversified Telecommunication Services)		93,451		1,497,700

				3,097,829


Sweden: 0.83%
Swedbank AB (Financials, Banks)		49,780		1,306,046


Switzerland: 8.85%
Actelion Limited (Health Care, Biotechnology)		17,281		2,056,005
Nestle SA (Consumer Staples, Food Products)		57,662		4,331,740
Roche Holdings AG (Health Care, Pharmaceuticals)		15,380		4,608,824
Swatch Group AG Class B (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		1,238		612,110
Syngenta AG (Materials, Chemicals)		2,906		957,784
Zurich Financial Services AG (Financials, Insurance)		4,311		1,351,665

				13,918,128


United Kingdom: 18.10%
Babcock International Group plc (Industrials, Commercial Services & Supplies)		47,400		842,899
BT Group plc (Telecommunication Services, Diversified Telecommunication Services)		266,746		1,711,318

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


Portfolio of investments—November 30, 2014 (unaudited)		Wells Fargo Advantage Allocation Funds			51

INTERNATIONAL GROWTH PORTFOLIO


Security name				Shares		Value

United Kingdom (continued)
Croda International plc (Materials, Chemicals)					52,433	$	2,012,409
Diageo plc (Consumer Staples, Beverages)					4,956		153,551
Intercontinental Hotels Group plc (Consumer Discretionary, Hotels, Restaurants & Leisure)					36,646		1,553,219
Johnson Matthey plc (Materials, Chemicals)					62,393		3,245,600
Liberty Global plc Class A (Consumer Discretionary, Media)					53,969		2,805,848
Liberty Global plc Class C (Consumer Discretionary, Media) †					90,152		4,500,388
Lloyds Banking Group plc (Financials, Banks) †					982,846		1,235,117
Prudential plc (Financials, Insurance)					78,205		1,893,400
Rolls-Royce Holdings plc (Industrials, Aerospace & Defense)					158,153		2,083,935
Rolls-Royce Holdings plc Class C Preference Shares (Industrials, Aerospace & Defense) †(a)					18,495,180		28,926
SABMiller plc (Consumer Staples, Beverages)					59,469		3,314,860
Saga plc (Financials, Diversified Financial Services) †«					55,063		132,450
Smiths Group plc (Industrials, Industrial Conglomerates)					26,695		483,059
WPP plc (Consumer Discretionary, Media)					118,085		2,474,779

							28,471,758


United States: 2.14%
Cognizant Technology Solutions Corporation Class A (Information Technology, IT Services) †					33,777		1,823,620
Schlumberger Limited (Energy, Energy Equipment & Services)					17,924		1,540,568

							3,364,188


Total Common Stocks (Cost $118,310,333)							152,445,611


Participation Notes: 0.78%

United Kingdom: 0.78%
HSBC Bank plc (Ryanair Holdings plc) (Industrials, Airlines)					115,900		1,232,086


Total Participation Notes (Cost $969,118)							1,232,086


	Dividend yield

Preferred Stocks: 1.33%

Germany: 1.33%
Henkel AG & Company KGaA (Consumer Staples, Household Products) ±		1.51	%		18,843		2,091,882


Total Preferred Stocks (Cost $1,392,735)							2,091,882


	Yield
Short-Term Investments: 2.08%

Investment Companies: 2.08%
Securities Lending Cash Investments, LLC (l)(u)(r)		0.12			1,787,826		1,787,826
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)		0.08			1,480,017		1,480,017

Total Short-Term Investments (Cost $3,267,843)							3,267,843


Total investments in securities (Cost $123,940,029) *	101.12	%		159,037,422
Other assets and liabilities, net	(1.12	)		(1,754,016	)

Total net assets	100.00	%	$	157,283,406

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


52		Wells Fargo Advantage Allocation Funds		Portfolio of investments—November 30, 2014 (unaudited)

INTERNATIONAL GROWTH PORTFOLIO

†	Non-income-earning security

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

(a)	The security is fair valued in accordance with procedures approved by the Board of Trustees.

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

(l)	The security represents an affiliate of the Portfolio 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 $124,190,209 and unrealized gains (losses) consists of:


Gross unrealized gains	$	37,566,124
Gross unrealized losses		(2,718,911	)

Net unrealized gains	$	34,847,213

The following table shows the percent of total long-term investments by sector as of November 30, 2014:


Health Care	17.64	%
Consumer Discretionary	17.12
Industrials	15.10
Information Technology	12.74
Consumer Staples	12.05
Financials	8.92
Telecommunication Services	7.71
Materials	7.38
Energy	1.34

	100.00	%

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


Portfolio of investments—November 30, 2014 (unaudited)		Wells Fargo Advantage Allocation Funds			53

INTERNATIONAL VALUE PORTFOLIO


Security name	Shares		Value

Common Stocks: 96.52%

Australia: 5.51%
Arrium Limited (Materials, Metals & Mining)		3,063,400	$	625,892
Bendigo Bank Limited (Financials, Banks)		272,500		2,962,375
Boart Longyear Group Limited (Industrials, Construction & Engineering) †«		199,991		31,497
Cabcharge Australia Limited (Industrials, Commercial Services & Supplies)		207,386		842,133
Challenger Financial Services Group Limited (Financials, Diversified Financial Services)		475,400		2,569,896
Downer EDI Limited (Industrials, Commercial Services & Supplies)		518,900		1,899,480
Fortescue Metals Group Limited (Materials, Metals & Mining) «		394,700		987,864
Independence Group NL (Materials, Metals & Mining)		404,400		1,445,916
Lend Lease Corporation Limited (Financials, Real Estate Management & Development)		350,500		4,574,175
Metcash Limited (Consumer Staples, Food & Staples Retailing) «		785,500		1,745,297
Mincor Resources NL (Materials, Metals & Mining) (i)		570,994		277,070
Mineral Resources Limited (Materials, Metals & Mining)		144,300		937,289
Myer Holdings Limited (Consumer Discretionary, Multiline Retail) «		577,400		796,296
Panoramic Resources Limited (Materials, Metals & Mining)		368,800		128,723
Primary Health Care Limited (Health Care, Health Care Providers & Services)		339,000		1,356,376
Rio Tinto Limited (Materials, Metals & Mining)		66,800		3,360,830
Seven Network Limited (Industrials, Trading Companies & Distributors)		165,800		842,639
Toll Holdings Limited (Industrials, Air Freight & Logistics)		283,600		1,361,658
United Construction Group Limited (Industrials, Construction & Engineering)		152,800		269,263

				27,014,669


Austria: 1.30%
OMV AG (Energy, Oil, Gas & Consumable Fuels)		41,100		1,189,533
Raiffeisen Bank International AG (Financials, Banks)		81,200		1,681,258
RHI AG (Materials, Construction Materials) (i)		64,721		1,518,437
Voestalpine AG (Materials, Metals & Mining)		47,700		1,982,393

				6,371,621


Belgium: 0.59%
Delhaize Group SA (Consumer Staples, Food & Staples Retailing)		39,400		2,882,203


Brazil: 0.99%
Banco do Brasil SA (Financials, Banks)		196,000		2,261,965
Companhia de Saneamento Basico do Estado de Sao Paulo (Utilities, Water Utilities)		253,200		1,885,537
Companhia de Saneamento de Minas Gerais SA (Utilities, Water Utilities)		72,400		686,782

				4,834,284


Canada: 2.91%
Magna International Incorporated Class A (Consumer Discretionary, Auto Components)		65,800		7,091,950
Metro Incorporated (Consumer Staples, Food & Staples Retailing)		48,400		3,802,102
WestJet Airlines Limited (Industrials, Airlines)		120,000		3,388,408

				14,282,460


China: 2.46%
China BlueChemical Limited (Materials, Chemicals)		1,984,000		718,905
China Communications Services Corporation Limited (Telecommunication Services, Diversified Telecommunication Services)		2,836,000		1,382,362
China Petroleum & Chemical Corporation (Energy, Oil, Gas & Consumable Fuels)		6,116,500		5,008,417

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


54		Wells Fargo Advantage Allocation Funds		Portfolio of investments—November 30, 2014 (unaudited)

INTERNATIONAL VALUE PORTFOLIO


Security name	Shares		Value

China (continued)
China Railway Construction Corporation Limited (Industrials, Construction & Engineering)		1,747,500	$	2,007,792
Dongfeng Motor Group Company Limited (Consumer Discretionary, Automobiles)		1,730,000		2,632,400
Shanghai Pharmaceuticals Holding Company Limited (Health Care, Pharmaceuticals)		131,600		313,604

				12,063,480


Czech Republic: 0.33%
CEZ AS (Utilities, Electric Utilities)		57,500		1,602,829


Finland: 0.94%
Kesko Oyj (Consumer Staples, Food & Staples Retailing)		63,800		2,485,585
TietoEnator Oyj (Information Technology, IT Services)		82,700		2,121,872

				4,607,457


France: 8.40%
Alstom SA (Industrials, Machinery) †		83,800		2,932,659
AXA SA (Financials, Insurance)		132,200		3,193,698
BNP Paribas SA (Financials, Banks)		49,100		3,150,064
Compagnie Generale des Etablissements Michelin SCA Class B (Consumer Discretionary, Auto Components)		24,000		2,208,383
Credit Agricole SA (Financials, Banks)		219,328		3,085,245
Electricite de France SA (Utilities, Electric Utilities)		122,100		3,657,690
Renault SA (Consumer Discretionary, Automobiles)		40,500		3,251,429
Sanofi-Aventis SA (Health Care, Pharmaceuticals)		61,400		5,948,503
SCOR SE (Financials, Insurance)		109,700		3,424,776
Societe Generale SA (Financials, Banks)		39,000		1,935,769
Thales SA (Industrials, Aerospace & Defense)		59,100		3,137,871
Total SA (Energy, Oil, Gas & Consumable Fuels)		93,700		5,245,423

				41,171,510


Germany: 7.87%
Allianz AG (Financials, Insurance)		35,700		6,150,156
BASF SE (Materials, Chemicals)		46,500		4,224,353
Bayerische Motoren Werke AG (Consumer Discretionary, Automobiles)		26,100		2,986,188
Daimler AG (Consumer Discretionary, Automobiles)		69,300		5,846,391
Deutsche Bank AG (Financials, Capital Markets)		41,200		1,347,504
E.ON SE (Utilities, Multi-Utilities)		87,200		1,546,709
Gildemeister AG (Industrials, Machinery)		58,200		1,542,870
Hannover Rueckversicherung AG (Financials, Insurance)		31,000		2,768,019
Muenchener Rueckversicherungs Gesellschaft AG (Financials, Insurance)		19,700		4,060,529
Norddeutsche Affinerie AG (Materials, Metals & Mining)		25,900		1,428,317
Stada Arzneimittel AG (Health Care, Pharmaceuticals)		43,300		1,560,312
Volkswagen AG (Consumer Discretionary, Automobiles)		22,600		5,115,241

				38,576,589


Hong Kong: 1.90%
China Resources Cement Holdings Limited (Materials, Construction Materials)		743,000		509,711
Kingboard Laminates Holdings Limited (Information Technology, Electronic Equipment, Instruments & Components)		2,204,000		898,095
Shenzhen International Holdings Limited (Industrials, Transportation Infrastructure)		1,158,500		1,738,893
Skyworth Digital Holdings Limited (Consumer Discretionary, Household Durables)		3,680,000		2,054,752
Wheelock & Company Limited (Financials, Real Estate Management & Development)		379,000		1,906,021
Yue Yuen Industrial Holdings Limited (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		611,500		2,192,124

				9,299,596

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


Portfolio of investments—November 30, 2014 (unaudited)		Wells Fargo Advantage Allocation Funds			55

INTERNATIONAL VALUE PORTFOLIO


Security name	Shares		Value

Hungary: 0.01%
Richter Gedeon (Health Care, Pharmaceuticals)		3,800	$	59,155


India: 1.56%
Gail Limited (Utilities, Gas Utilities) (i)		41,200		1,957,000
Tata Motors Limited ADR (Consumer Discretionary, Automobiles) (i)		83,800		3,826,308
Tata Steel Limited GDR (Industrials, Machinery)		245,900		1,876,217

				7,659,525


Ireland: 0.62%
Irish Life & Permanent Group Holdings plc (Financials, Insurance) †		111,500		8,324
Smurfit Kappa Group plc (Materials, Containers & Packaging)		130,200		3,018,205

				3,026,529


Israel: 1.15%
Bank Hapoalim Limited (Financials, Banks)		542,900		2,705,965
Teva Pharmaceutical Industries Limited (Health Care, Pharmaceuticals)		51,404		2,923,613

				5,629,578


Italy: 1.30%
Enel SpA (Utilities, Electric Utilities)		688,400		3,323,514
ENI SpA (Energy, Oil, Gas & Consumable Fuels)		153,300		3,065,371

				6,388,885


Japan: 19.78%
Adeka Corporation (Materials, Chemicals)		203,200		2,448,605
Aisin Seiki Company Limited (Consumer Discretionary, Auto Components)		46,400		1,659,796
Anritsu Corporation (Information Technology, Electronic Equipment, Instruments & Components)		69,000		479,110
Aoyama Trading Company Limited (Consumer Discretionary, Specialty Retail)		73,100		1,586,800
Aozora Bank Limited (Financials, Banks)		588,000		1,912,598
Calsonic Kansei Corporation (Consumer Discretionary, Auto Components)		326,000		1,788,371
Chiba Bank Limited (Financials, Banks)		329,000		2,187,419
CKD Corporation (Industrials, Machinery)		10,200		85,437
DCM Japan Holdings Company Limited (Consumer Discretionary, Specialty Retail)		143,100		911,634
Denki Kagaku Kogyo Kabushiki Kaisha (Materials, Chemicals)		682,000		2,327,547
Eizo Nanao Corporation (Information Technology, Technology Hardware, Storage & Peripherals)		63,300		1,153,770
Fukuoka Financial Group Incorporated (Financials, Banks)		357,000		1,946,398
Itochu Corporation (Industrials, Trading Companies & Distributors)		200,700		2,310,240
JX Holdings Incorporated (Energy, Oil, Gas & Consumable Fuels)		408,000		1,518,267
Kaken Pharmaceutical Company Limited (Health Care, Pharmaceuticals)		41,000		870,650
KDDI Corporation (Telecommunication Services, Wireless Telecommunication Services)		67,800		4,344,411
Kyorin Company Limited (Health Care, Pharmaceuticals)		99,000		1,927,109
Maeda Road Construction Company Limited (Industrials, Construction & Engineering)		148,000		2,096,469
Marubeni Corporation (Industrials, Trading Companies & Distributors)		516,000		3,253,752
Miraca Holdings Incorporated (Health Care, Health Care Providers & Services)		25,100		952,857
Mitsubishi Corporation (Industrials, Trading Companies & Distributors)		35,500		671,589
Mitsubishi UFJ Financial Group Incorporated (Financials, Banks)		657,100		3,800,737
Mitsui & Company Limited (Industrials, Trading Companies & Distributors)		260,300		3,591,820
Mizuho Financial Group Incorporated (Financials, Banks)		2,244,400		3,867,699
Namura Shipbuilding Company Limited (Industrials, Machinery)		108,800		1,271,641

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


56		Wells Fargo Advantage Allocation Funds		Portfolio of investments—November 30, 2014 (unaudited)

INTERNATIONAL VALUE PORTFOLIO


Security name	Shares		Value

Japan (continued)
Nippon Telegraph & Telephone Corporation (Telecommunication Services, Diversified Telecommunication Services)		117,000	$	6,261,625
Nissan Motor Company Limited (Consumer Discretionary, Automobiles)		367,800		3,435,631
NTT DoCoMo Incorporated (Telecommunication Services, Wireless Telecommunication Services)		180,000		2,808,376
Otsuka Holdings Company Limited (Health Care, Pharmaceuticals)		123,100		3,892,582
Rengo Company Limited (Materials, Containers & Packaging)		189,000		761,288
Resona Holdings Incorporated (Financials, Banks)		1,013,300		5,471,666
Saizeriya Company Limited (Consumer Discretionary, Hotels, Restaurants & Leisure)		84,000		1,123,350
Sankyu Incorporated (Industrials, Road & Rail)		370,000		1,446,701
Sojitz Corporation (Industrials, Trading Companies & Distributors)		678,000		971,265
Sumitomo Corporation (Industrials, Trading Companies & Distributors)		285,000		3,040,448
Sumitomo Metal Mining Company Limited (Materials, Metals & Mining)		109,000		1,668,939
Sumitomo Mitsui Financial Group Incorporated (Financials, Banks)		100,400		3,786,045
The Keiyo Bank Limited (Financials, Banks)		62,000		344,299
Toshiba TEC Corporation (Information Technology, Technology Hardware, Storage & Peripherals)		234,000		1,660,302
Toyo Tire & Rubber Company Limited (Consumer Discretionary, Auto Components)		162,500		3,327,505
Tsumura & Company (Health Care, Pharmaceuticals)		79,300		1,783,532
Tsuruha Holdings Incorporated (Consumer Staples, Food & Staples Retailing)		16,800		948,513
West Japan Railway Company (Industrials, Road & Rail)		54,200		2,587,825
Yokohama Rubber Company Limited (Consumer Discretionary, Auto Components)		297,000		2,732,991

				97,017,609


Liechtenstein: 0.13%
Verwaltungs-und Privat-Bank AG (Financials, Capital Markets) (i)		7,800		634,823


Netherlands: 2.80%
Aegon NV (Financials, Insurance)		334,000		2,623,658
ING Groep NV (Financials, Banks) †		237,100		3,475,376
Koninklijke Ahold NV (Consumer Staples, Food & Staples Retailing)		263,630		4,659,733
Nutreco NV (Consumer Staples, Food Products)		52,400		2,998,282

				13,757,049


Norway: 1.65%
Atea ASA (Information Technology, IT Services)		84,900		881,012
DnB Nor ASA (Financials, Banks)		148,800		2,464,224
Marine Harvest ASA (Consumer Staples, Food Products)		94,300		1,333,786
Statoil ASA (Energy, Oil, Gas & Consumable Fuels)		61,700		1,162,124
Yara International ASA (Materials, Chemicals)		53,600		2,272,843

				8,113,989


Poland: 0.60%
Asseco Poland SA (Information Technology, Software)		101,800		1,629,236
KGHM Polska Miedz SA (Materials, Metals & Mining)		36,500		1,334,439

				2,963,675


Russia: 1.06%
Gazprom Neft Sponsored ADR (Energy, Oil, Gas & Consumable Fuels) (i)		150,014		2,439,228
Gazprom Neft Sponsored ADR (Energy, Oil, Gas & Consumable Fuels)		886		14,430
LUKOIL ADR (Energy, Oil, Gas & Consumable Fuels)		60,400		2,763,300

				5,216,958

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


Portfolio of investments—November 30, 2014 (unaudited)		Wells Fargo Advantage Allocation Funds			57

INTERNATIONAL VALUE PORTFOLIO


Security name	Shares		Value

Singapore: 1.13%
DBS Group Holdings Limited (Financials, Banks)		227,000	$	3,453,856
United Overseas Bank Limited (Financials, Banks)		113,000		2,080,872

				5,534,728


South Africa: 0.66%
Barclays Africa Group Limited (Financials, Banks)		200,300		3,224,974


South Korea: 2.51%
E-MART Company Limited (Consumer Staples, Food & Staples Retailing)		8,500		1,687,802
GS Retail Company Limited (Consumer Staples, Food & Staples Retailing)		13,449		307,107
Industrial Bank of Korea (Financials, Banks)		192,500		2,614,852
Kwangju Bank (Financials, Banks) †		13,510		120,108
Kyongnam Bank (Financials, Banks) †		20,645		237,577
SK Telecom Company Limited (Telecommunication Services, Wireless Telecommunication Services)		22,300		5,645,697
Woori Bank (Financials, Banks) †		178,044		1,719,456

				12,332,599


Spain: 1.53%
Banco Santander Central Hispano SA (Financials, Banks)		429,681		3,875,691
Repsol YPF SA (Energy, Oil, Gas & Consumable Fuels)		123,800		2,780,499
Telefonica SA (Telecommunication Services, Diversified Telecommunication Services)		52,400		839,793

				7,495,983


Sweden: 2.22%
Boliden AB (Materials, Metals & Mining)		169,300		2,861,293
Nordea Bank AB (Financials, Banks)		177,300		2,215,269
Saab AB (Industrials, Aerospace & Defense)		113,500		3,169,651
Skandinaviska Enskilda Banken AB Class A (Financials, Banks)		144,900		1,914,430
Teliasonera AB (Telecommunication Services, Diversified Telecommunication Services)		103,000		734,994

				10,895,637


Switzerland: 5.06%
Baloise Holding AG (Financials, Insurance)		28,800		3,763,458
Credit Suisse Group AG (Financials, Capital Markets)		184,595		4,935,276
GAM Holding AG (Financials, Capital Markets)		79,700		1,411,204
Georg Fischer AG (Industrials, Machinery)		3,000		1,837,432
Novartis AG (Health Care, Pharmaceuticals)		34,700		3,359,513
Swiss Reinsurance AG (Financials, Insurance)		48,500		4,148,175
Zurich Financial Services AG (Financials, Insurance)		17,100		5,361,512

				24,816,570


Taiwan: 0.49%
Pegatron Corporation (Information Technology, Technology Hardware, Storage & Peripherals)		1,035,000		2,401,260


Thailand: 0.79%
Bangchak Petroleum plc (Energy, Oil, Gas & Consumable Fuels)		2,188,900		2,366,559
Thanachart Capital plc (Financials, Banks)		1,481,500		1,511,504

				3,878,063

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


58		Wells Fargo Advantage Allocation Funds		Portfolio of investments—November 30, 2014 (unaudited)

INTERNATIONAL VALUE PORTFOLIO


Security name				Shares		Value

United Kingdom: 18.27%
3i Group plc (Financials, Capital Markets)					316,400	$	2,197,133
Alent plc (Materials, Chemicals)					111,265		592,011
AMEC plc (Energy, Energy Equipment & Services)					83,300		1,217,478
Amlin plc (Financials, Insurance)					279,000		1,942,657
Anglo American plc (Materials, Metals & Mining)					107,000		2,211,504
AstraZeneca plc (Health Care, Pharmaceuticals)					89,800		6,713,378
Aviva plc (Financials, Insurance)					314,900		2,501,919
BAE Systems plc (Industrials, Aerospace & Defense)					684,100		5,147,446
Barclays plc (Financials, Banks)					715,000		2,741,415
Barratt Developments plc (Consumer Discretionary, Household Durables)					236,200		1,700,426
BP plc (Energy, Oil, Gas & Consumable Fuels)					844,300		5,548,680
BT Group plc (Telecommunication Services, Diversified Telecommunication Services)					727,900		4,669,864
Carillion plc (Industrials, Construction & Engineering)					261,500		1,421,636
Centrica plc (Utilities, Multi-Utilities)					898,500		3,999,354
Chemring Group plc (Industrials, Aerospace & Defense)					247,200		913,392
Debenhams plc (Consumer Discretionary, Multiline Retail)					1,238,200		1,394,313
Firstgroup plc (Industrials, Road & Rail) †					254,700		450,137
GlaxoSmithKline plc (Health Care, Pharmaceuticals)					75,900		1,762,808
Home Retail Group plc (Consumer Discretionary, Internet & Catalog Retail)					290,000		908,935
J Sainsbury plc (Consumer Staples, Food & Staples Retailing) «					907,900		3,314,177
Kesa Electricals plc (Consumer Discretionary, Specialty Retail) (i)					547,900		571,991
Lloyds Banking Group plc (Financials, Banks) †					1,749,400		2,198,426
Marston’s plc (Consumer Discretionary, Hotels, Restaurants & Leisure)					558,800		1,264,625
Mondi plc (Materials, Paper & Forest Products)					127,600		2,185,253
Old Mutual plc (Financials, Insurance)					982,800		3,078,811
Pace plc (Consumer Discretionary, Household Durables)					308,800		1,736,736
Petrofac Limited (Energy, Energy Equipment & Services)					84,300		1,087,723
Premier Foods plc (Consumer Staples, Food Products) †					73,926		42,780
Royal Dutch Shell plc Class A (Energy, Oil, Gas & Consumable Fuels)					14,300		477,666
Royal Dutch Shell plc Class B (Energy, Oil, Gas & Consumable Fuels)					322,700		11,219,547
Standard Chartered plc (Financials, Banks)					253,000		3,708,031
Tate & Lyle plc (Consumer Staples, Food Products)					158,800		1,498,872
Tesco plc (Consumer Staples, Food & Staples Retailing)					1,033,600		3,014,059
Tullett Prebon plc (Financials, Capital Markets)					279,500		1,102,462
Vesuvius plc (Industrials, Machinery)					145,400		946,690
WH Smith plc (Consumer Discretionary, Specialty Retail)					111,900		2,210,397
William Morrison Supermarkets plc (Consumer Staples, Food & Staples Retailing)					679,700		1,897,546

							89,590,278


Total Common Stocks (Cost $467,306,073)							473,344,565


	Dividend yield

Preferred Stocks: 0.94%

Brazil: 0.94%
Banco do Estado do Rio Grande do Sul SA (Financials, Banks) ±		5.03	%		349,800		2,004,819
Companhia Energetica de Minas Gerais SA (Utilities, Electric Utilities) ±		12.06			109,056		599,099
Companhia Vale Do Rio Doce Class A (Materials, Metals & Mining) ±		8.32			257,700		2,003,446

Total Preferred Stocks (Cost $7,494,241)							4,607,364

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


Portfolio of investments—November 30, 2014 (unaudited)		Wells Fargo Advantage Allocation Funds			59

INTERNATIONAL VALUE PORTFOLIO


Security name				Expiration date		Shares		Value

Rights: 0.01%

Spain: 0.01%
Telefonica SA †					2-27-2015		52,400	$	23,994


Total Rights (Cost $22,818)									23,994


	Yield

Short-Term Investments: 4.24%

Investment Companies: 4.24%
Securities Lending Cash Investments, LLC (l)(u)(r)		0.12	%				14,194,341		14,194,341
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)		0.08					6,617,840		6,617,840

Total Short-Term Investments (Cost $20,812,181)									20,812,181


Total investments in securities (Cost $495,635,313) *	101.71	%		498,788,104
Other assets and liabilities, net	(1.71	)		(8,394,726	)

Total net assets	100.00	%	$	490,393,378

†	Non-income-earning security

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

(i)	Illiquid security

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

(l)	The security represents an affiliate of the Portfolio 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 $452,438,425 and unrealized gains (losses) consists of:


Gross unrealized gains	$	159,488,851
Gross unrealized losses		(113,139,172	)

Net unrealized gains	$	46,349,679

The following table shows the percent of total long-term investments by sector as of November 30, 2014:


Financials	30.21	%
Consumer Discretionary	13.47
Industrials	11.94
Energy	9.86
Materials	8.75
Health Care	6.99
Consumer Staples	6.82
Telecommunication Services	5.58
Utilities	4.03
Information Technology	2.35

	100.00	%

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


60		Wells Fargo Advantage Allocation Funds		Portfolio of investments—November 30, 2014 (unaudited)

LARGE COMPANY VALUE PORTFOLIO


Security name	Shares		Value

Common Stocks: 98.80%

Consumer Discretionary: 8.73%

Automobiles: 1.02%
Ford Motor Company		57,585	$	905,812


Hotels, Restaurants & Leisure: 2.27%
Las Vegas Sands Corporation		10,359		659,765
Norwegian Cruise Line Holdings Limited †		30,830		1,353,129

				2,012,894


Household Durables: 1.88%
Newell Rubbermaid Incorporated		28,697		1,041,986
Toll Brothers Incorporated †		17,999		629,785

				1,671,771


Media: 2.52%
Gannett Company Incorporated		12,760		415,338
The Walt Disney Company		4,950		457,925
Viacom Incorporated Class B		18,073		1,366,861

				2,240,124


Textiles, Apparel & Luxury Goods: 1.04%
PVH Corporation		7,272		924,562


Consumer Staples: 4.82%

Food & Staples Retailing: 2.96%
CVS Health Corporation		28,745		2,626,143


Household Products: 1.40%
The Procter & Gamble Company		13,758		1,244,136


Personal Products: 0.46%
Herbalife Limited «		9,385		405,901


Energy: 9.05%

Energy Equipment & Services: 1.00%
Baker Hughes Incorporated		15,574		887,718


Oil, Gas & Consumable Fuels: 8.05%
Chevron Corporation		9,775		1,064,204
ConocoPhillips Company		14,775		976,184
Exxon Mobil Corporation		13,508		1,223,014
Marathon Oil Corporation		42,007		1,214,842
Noble Energy Incorporated		15,968		785,306
Valero Energy Corporation		28,154		1,368,566
Whiting Petroleum Corporation †		12,415		518,575

				7,150,691

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


Portfolio of investments—November 30, 2014 (unaudited)		Wells Fargo Advantage Allocation Funds			61

LARGE COMPANY VALUE PORTFOLIO


Security name	Shares		Value

Financials: 29.36%

Banks: 12.28%
Bank of America Corporation		121,134	$	2,064,123
BOK Financial Corporation		20,039		1,291,514
Citigroup Incorporated		41,091		2,217,681
First Republic Bank		29,589		1,524,721
JPMorgan Chase & Company		35,754		2,150,961
KeyCorp		122,684		1,656,234

				10,905,234


Capital Markets: 2.28%
Ameriprise Financial Incorporated		7,966		1,049,680
Goldman Sachs Group Incorporated		5,193		978,413

				2,028,093


Consumer Finance: 1.05%
American Express Company		10,096		933,072


Insurance: 8.85%
ACE Limited		7,968		911,061
American International Group Incorporated		42,022		2,302,806
Endurance Specialty Holdings Limited		19,620		1,157,188
MetLife Incorporated		30,141		1,676,141
The Hartford Financial Services Group Incorporated		43,741		1,806,503

				7,853,699


REITs: 4.90%
Alexandria Real Estate Equities Incorporated		11,116		955,087
American Campus Communities Incorporated		23,430		937,200
American Tower Corporation		13,983		1,468,355
LaSalle Hotel Properties		24,497		988,944

				4,349,586


Health Care: 13.56%

Biotechnology: 0.88%
Gilead Sciences Incorporated †		7,831		785,606


Health Care Equipment & Supplies: 2.97%
Medtronic Incorporated		14,952		1,104,504
Stryker Corporation		16,469		1,530,135

				2,634,639


Health Care Providers & Services: 2.96%
Cigna Corporation		16,419		1,689,351
HCA Holdings Incorporated †		13,462		938,167

				2,627,518


Pharmaceuticals: 6.75%
Johnson & Johnson		8,586		929,435
Merck & Company Incorporated		32,684		1,974,114

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


62		Wells Fargo Advantage Allocation Funds		Portfolio of investments—November 30, 2014 (unaudited)

LARGE COMPANY VALUE PORTFOLIO


Security name	Shares		Value

Pharmaceuticals (continued)
Novartis AG ADR		16,667	$	1,610,866
Pfizer Incorporated		47,367		1,475,482

				5,989,897


Industrials: 11.50%

Aerospace & Defense: 0.94%
Triumph Group Incorporated		12,351		840,609


Airlines: 1.30%
United Continental Holdings Incorporated †		18,839		1,153,512


Commercial Services & Supplies: 1.04%
West Corporation		29,715		928,297


Construction & Engineering: 0.85%
Quanta Services Incorporated †		24,711		753,686


Electrical Equipment: 0.72%
Eaton Corporation plc		9,411		638,348


Industrial Conglomerates: 1.45%
General Electric Company		48,541		1,285,851


Machinery: 3.97%
Crane Company		10,314		608,835
Dover Corporation		11,299		869,910
Stanley Black & Decker Incorporated		15,350		1,449,654
The Timken Company		13,991		598,675

				3,527,074


Road & Rail: 0.51%
AMERCO		1,622		451,240


Trading Companies & Distributors: 0.72%
WESCO International Incorporated †		7,726		636,545


Information Technology: 12.73%

Electronic Equipment, Instruments & Components: 1.82%
Synnex Corporation		15,724		1,123,323
TE Connectivity Limited		7,718		495,496

				1,618,819


Internet Software & Services: 2.12%
AOL Incorporated †		17,068		787,859
Yahoo! Incorporated †		21,125		1,093,008

				1,880,867


IT Services: 0.53%
Teradata Corporation †		10,346		467,018

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


Portfolio of investments—November 30, 2014 (unaudited)		Wells Fargo Advantage Allocation Funds			63

LARGE COMPANY VALUE PORTFOLIO


Security name				Shares		Value

Semiconductors & Semiconductor Equipment: 2.04%
Skyworks Solutions Incorporated					26,834	$	1,810,490


Technology Hardware, Storage & Peripherals: 6.22%
Apple Incorporated					13,430		1,597,230
EMC Corporation					48,172		1,462,020
Hewlett-Packard Company					23,512		918,379
NCR Corporation †					35,415		1,050,055
Seagate Technology plc					7,504		496,089

							5,523,773


Materials: 3.62%

Chemicals: 1.90%
Cabot Corporation					13,440		578,995
Huntsman Corporation					43,520		1,110,630

							1,689,625


Containers & Packaging: 1.07%
Crown Holdings Incorporated †					19,245		952,628


Paper & Forest Products: 0.65%
International Paper Company					10,711		576,466


Telecommunication Services: 1.93%

Diversified Telecommunication Services: 1.93%
CenturyLink Incorporated					17,637		719,060
Verizon Communications Incorporated					19,685		995,864

							1,714,924


Utilities: 3.50%

Electric Utilities: 2.60%
Duke Energy Corporation					13,268		1,073,381
The Southern Company					26,004		1,233,370

							2,306,751


Independent Power & Renewable Electricity Producers: 0.90%
AES Corporation					57,960		803,905


Total Common Stocks (Cost $69,483,953)							87,737,524

	Yield

Short-Term Investments: 2.41%

Investment Companies: 2.41%
Securities Lending Cash Investments, LLC (l)(r)(u)		0.12	%		404,950		404,950
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)		0.08			1,733,742		1,733,742

Total Short-Term Investments (Cost $2,138,692)							2,138,692


Total investments in securities (Cost $71,622,645) *	101.21	%		89,876,216
Other assets and liabilities, net	(1.21	)		(1,073,498	)

Total net assets	100.00	%	$	88,802,718

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


64		Wells Fargo Advantage Allocation Funds		Portfolio of investments—November 30, 2014 (unaudited)

LARGE COMPANY VALUE PORTFOLIO

†	Non-income-earning security

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

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

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

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

*	Cost for federal income tax purposes is $72,235,908 and unrealized gains (losses) consists of:


Gross unrealized gains	$	19,528,368
Gross unrealized losses		(1,888,060	)

Net unrealized gains	$	17,640,308

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


Portfolio of investments—November 30, 2014 (unaudited)		Wells Fargo Advantage Allocation Funds			65

SMALL COMPANY GROWTH PORTFOLIO


Security name	Shares		Value

Common Stocks: 96.13%

Consumer Discretionary: 12.96%

Auto Components: 0.66%
Modine Manufacturing Company †		253,128	$	3,080,566


Diversified Consumer Services: 1.38%
2U Incorporated «†		159,562		2,884,881
Nord Anglia Education Incorporated †		216,620		3,585,061

				6,469,942


Hotels, Restaurants & Leisure: 2.58%
Brinker International Incorporated		79,275		4,465,561
Del Frisco’s Restaurant Group Incorporated †		150,506		3,344,243
Krispy Kreme Doughnuts Incorporated †		208,310		4,241,192

				12,050,996


Household Durables: 0.18%
LGI Homes Incorporated «†		53,415		853,572


Leisure Products: 0.56%
Malibu Boats Incorporated †		140,100		2,622,672


Media: 1.89%
IMAX Corporation †		150,976		4,737,627
Lions Gate Entertainment Corporation		121,409		4,115,765

				8,853,392


Multiline Retail: 0.78%
Burlington Stores Incorporated †		81,990		3,662,493


Specialty Retail: 2.99%
Chico’s FAS Incorporated		160,897		2,553,435
Christopher & Banks Corporation †		366,393		2,652,685
Dick’s Sporting Goods Incorporated		84,239		4,263,336
Monro Muffler Brake Incorporated		82,763		4,534,585

				14,004,041


Textiles, Apparel & Luxury Goods: 1.94%
Movado Group Incorporated		62,290		1,789,592
Skechers U.S.A. Incorporated Class A †		71,058		4,363,672
Tumi Holdings Incorporated †		134,479		2,943,745

				9,097,009


Consumer Staples: 1.50%

Food Products: 1.50%
Darling Ingredients Incorporated †		164,827		3,065,782
Whitewave Foods Company †		107,916		3,952,963

				7,018,745

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


66		Wells Fargo Advantage Allocation Funds		Portfolio of investments—November 30, 2014 (unaudited)

SMALL COMPANY GROWTH PORTFOLIO


Security name	Shares		Value

Energy: 4.06%

Energy Equipment & Services: 1.42%
C&J Energy Services Incorporated †		130,160	$	1,971,924
Hornbeck Offshore Services Incorporated †		92,340		2,450,704
Natural Gas Services Group Incoporated †		95,515		2,212,128

				6,634,756


Oil, Gas & Consumable Fuels: 2.64%
Delek US Holdings Incorporated		96,975		2,899,553
Diamondback Energy Incorporated †		37,139		2,094,640
GasLog Limited «		131,063		2,311,951
Oasis Petroleum Incorporated †		98,311		1,806,956
Ring Energy Incorporated «†		147,350		1,408,666
Sanchez Energy Corporation «†		164,170		1,853,479

				12,375,245


Financials: 10.00%

Banks: 2.96%
PacWest Bancorp		70,629		3,284,249
ServisFirst Bancshares Incorporated		70,980		2,242,968
Signature Bank †		30,593		3,710,013
SVB Financial Group †		43,932		4,619,450

				13,856,680


Capital Markets: 3.95%
Evercore Partners Incorporated Class A		120,264		6,073,332
LPL Financial Holdings Incorporated		106,901		4,561,466
Stifel Financial Corporation †		93,428		4,534,061
Virtus Investment Partners Incorporated		21,604		3,327,016

				18,495,875


Insurance: 1.11%
Argo Group International Holdings Limited		91,920		5,187,965


REITs: 0.85%
QTS Realty Trust Incorporated Class A «		123,255		4,008,253


Thrifts & Mortgage Finance: 1.13%
Essent Group Limited †		209,854		5,288,321


Health Care: 25.38%

Biotechnology: 7.62%
Alnylam Pharmaceuticals Incorporated †		41,892		4,212,241
AMAG Pharmaceuticals Incorporated †		73,960		2,751,312
Celldex Therapeutics Incorporated «†		154,590		3,135,085
Cepheid Incorporated †		137,380		7,566,890
Exact Sciences Corporation †		183,912		4,564,696
Intrexon Corporation «†		85,827		2,276,990
NPS Pharmaceuticals Incorporated †		98,790		3,277,852

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


Portfolio of investments—November 30, 2014 (unaudited)		Wells Fargo Advantage Allocation Funds			67

SMALL COMPANY GROWTH PORTFOLIO


Security name	Shares		Value

Biotechnology (continued)
Portola Pharmaceuticals Incorporated †		97,815	$	2,750,558
Tesaro Incorporated «†		97,421		3,361,999
Tetraphase Pharmaceuticals †		67,198		1,774,027

				35,671,650


Health Care Equipment & Supplies: 7.29%
Accuray Incorporated «†		384,328		2,648,020
Analogic Corporation		46,130		3,360,109
Atricure Incorporated †		186,830		3,499,326
Cerus Corporation «†		599,269		2,714,689
DexCom Incorporated †		86,876		4,470,639
Endologix Incorporated †		341,722		4,384,293
Inogen Incorporated †		128,430		3,119,565
Insulet Corporation †		73,149		3,408,012
Nevro Corporation †		48,221		1,301,485
Spectranetics Corporation †		148,384		4,871,447
Veracyte Incorporated «†		56,380		367,598

				34,145,183


Health Care Providers & Services: 5.90%
Adeptus Health Incorporated Class A «†		123,230		3,751,121
AMN Healthcare Services Incorporated †		333,469		5,708,989
Capital Senior Living Corporation †		142,590		3,628,916
Ensign Group Incorporated		84,645		3,336,706
HealthEquity Incorporated †		246,210		6,113,394
LifePoint Hospitals Incorporated †		73,716		5,100,410

				27,639,536


Health Care Technology: 0.70%
Imprivata Incorporated †		70,190		1,039,514
Medidata Solutions Incorporated †		52,122		2,226,131

				3,265,645


Life Sciences Tools & Services: 1.28%
ICON plc ADR †		107,632		5,977,881


Pharmaceuticals: 2.59%
Akorn Incorporated †		124,781		4,999,975
Cempra Holdings Incorporated «†		154,960		2,229,874
Pacira Pharmaceuticals Incorporated †		32,418		3,045,023
Pernix Therapeutics Holdings Incorporated †		181,650		1,883,711

				12,158,583


Industrials: 13.66%

Aerospace & Defense: 1.66%
Astronics Corporation		82,778		4,057,778
Esterline Technologies Corporation †		31,301		3,719,498

				7,777,276	��

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


68		Wells Fargo Advantage Allocation Funds		Portfolio of investments—November 30, 2014 (unaudited)

SMALL COMPANY GROWTH PORTFOLIO


Security name	Shares		Value

Air Freight & Logistics: 0.96%
Hub Group Incorporated Class A †		118,989	$	4,476,366


Building Products: 2.79%
A.O. Smith Corporation		93,439		5,039,165
NCI Building Systems Incorporated †		228,674		4,267,057
PGT Incorporated †		399,440		3,758,730

				13,064,952


Commercial Services & Supplies: 2.95%
Copart Incorporated †		126,200		4,586,108
Kar Auction Services Incorporated		140,880		4,881,492
TrueBlue Incorporated †		189,500		4,349,025

				13,816,625


Machinery: 0.98%
Wabash National Corporation †		425,898		4,595,439


Professional Services: 1.54%
On Assignment Incorporated †		175,604		5,396,311
RPX Corporation †		137,685		1,806,427

				7,202,738


Road & Rail: 2.28%
Genesee & Wyoming Incorporated Class A †		36,187		3,567,676
Roadrunner Transportation Systems Incorporated †		126,907		2,856,677
Swift Transportation Company †		146,206		4,250,208

				10,674,561


Trading Companies & Distributors: 0.50%
MSC Industrial Direct Company		30,090		2,337,090


Information Technology: 24.22%

Communications Equipment: 2.41%
Infinera Corporation †		255,452		3,481,811
Palo Alto Networks Incorporated †		38,013		4,675,599
Riverbed Technology Incorporated †		151,647		3,135,302

				11,292,712


Electronic Equipment, Instruments & Components: 1.05%
OSI Systems Incorporated †		69,616		4,912,801


Internet Software & Services: 5.00%
Benefitfocus Incorporated «†		96,160		2,604,974
Cornerstone OnDemand Incorporated «†		124,730		3,962,672
Everyday Health Incorporated «†		205,800		2,663,052
Marketo Incorporated «†		126,480		4,042,301
Pandora Media Incorporated †		161,360		3,172,338
TrueCar Incorporated «†		225,860		4,327,478
Zillow Incorporated Class A †		22,431		2,654,933

				23,427,748

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


Portfolio of investments—November 30, 2014 (unaudited)		Wells Fargo Advantage Allocation Funds			69

SMALL COMPANY GROWTH PORTFOLIO


Security name	Shares		Value

IT Services: 3.31%
EVERTEC Incorporated		169,099	$	3,726,942
InterXion Holding NV †		122,524		3,414,744
Maximus Incorporated		78,110		4,092,183
Vantiv Incorporated Class A †		126,080		4,253,939

				15,487,808


Semiconductors & Semiconductor Equipment: 5.94%
Applied Micro Circuits Corporation †		369,397		2,183,136
Exar Corporation †		242,611		2,215,038
Microsemi Corporation †		133,838		3,640,394
Nanometrics Incorporated †		169,769		2,519,372
Semtech Corporation †		125,453		3,194,033
Spansion Incorporated Class A †		230,065		5,376,619
Synaptics Incorporated †		53,852		3,392,137
Teradyne Incorporated		265,927		5,278,651

				27,799,380


Software: 6.51%
Bottomline Technologies Incorporated †		120,610		2,957,357
Cadence Design Systems Incorporated †		289,902		5,470,451
PTC Incorporated †		126,776		4,953,138
Qlik Technologies Incorporated †		155,053		4,780,284
SS&C Technologies Holdings		137,313		6,941,172
Synchronoss Technologies Incorporated †		58,060		2,486,710
Ultimate Software Group Incorporated †		19,721		2,903,720

				30,492,832


Materials: 4.35%

Chemicals: 2.05%
Calgon Carbon Corporation †		198,459		4,050,548
Flotek Industries Incorporated †		142,017		2,766,491
Methanex Corporation		54,136		2,796,666

				9,613,705


Metals & Mining: 1.41%
Constellium NV Class A †		184,859		2,911,529
Steel Dynamics Incorporated		163,941		3,695,230

				6,606,759


Paper & Forest Products: 0.89%
Boise Cascade Company †		116,677		4,164,202


Total Common Stocks (Cost $377,232,425)				450,161,995

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


70		Wells Fargo Advantage Allocation Funds		Portfolio of investments—November 30, 2014 (unaudited)

SMALL COMPANY GROWTH PORTFOLIO


Security name	Yield			Shares		Value

Short-Term Investments: 13.93%

Investment Companies: 13.93%
Securities Lending Cash Investments, LLC (l)(r)(u)		0.12	%		48,391,400	$	48,391,400
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)		0.08			16,841,539		16,841,539

Total Short-Term Investments (Cost $65,232,939)							65,232,939


Total investments in securities (Cost $442,465,364) *	110.06	%		515,394,934
Other assets and liabilities, net	(10.06	)		(47,111,790	)

Total net assets	100.00	%	$	468,283,144

†	Non-income-earning security

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

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

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

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

*	Cost for federal income tax purposes is $444,521,024 and unrealized gains (losses) consists of:


Gross unrealized gains	$	90,430,733
Gross unrealized losses		(19,556,823	)

Net unrealized gains	$	70,873,910

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


Portfolio of investments—November 30, 2014 (unaudited)		Wells Fargo Advantage Allocation Funds			71

SMALL COMPANY VALUE PORTFOLIO


Security name	Shares		Value

Common Stocks: 96.29%

Consumer Discretionary: 16.30%

Auto Components: 2.35%
American Axle & Manufacturing Holdings Incorporated †		130,919	$	2,793,811
Dana Holding Corporation		94,200		1,997,040

				4,790,851


Automobiles: 0.76%
Thor Industries Incorporated		26,450		1,554,202


Distributors: 1.29%
Core Mark Holding Company Incorporated		43,818		2,633,900


Diversified Consumer Services: 2.11%
Apollo Group Incorporated Class A †		38,092		1,189,232
Houghton Mifflin Harcourt Company †		72,176		1,387,223
Steiner Leisure Limited †		39,089		1,730,470

				4,306,925


Hotels, Restaurants & Leisure: 1.11%
ClubCorp Holdings Incorporated		114,994		2,266,532


Household Durables: 0.59%
The Ryland Group Incorporated		30,688		1,200,821


Media: 1.14%
Scholastic Corporation		65,393		2,321,452


Specialty Retail: 3.64%
Asbury Automotive Group Incorporated †		24,709		1,870,718
DSW Incorporated Class A		82,288		2,919,578
Francescas Holdings Corporation †		100,030		1,268,380
Rent-A-Center Incorporated		39,399		1,359,266

				7,417,942


Textiles, Apparel & Luxury Goods: 3.31%
G-III Apparel Group Limited †		26,169		2,315,695
Oxford Industries Incorporated		31,997		2,119,161
Vera Bradley Incorporated †«		100,354		2,307,138

				6,741,994


Consumer Staples: 0.79%

Food Products: 0.79%
Post Holdings Incorporated †		40,077		1,603,080


Energy: 2.96%

Oil, Gas & Consumable Fuels: 2.96%
Carrizo Oil & Gas Incorporated †		38,500		1,519,210
Laredo Petroleum Holdings Incorporated †«		94,761		990,252

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


72		Wells Fargo Advantage Allocation Funds		Portfolio of investments—November 30, 2014 (unaudited)

SMALL COMPANY VALUE PORTFOLIO


Security name	Shares		Value

Oil, Gas & Consumable Fuels (continued)
PDC Energy Incorporated †		40,100	$	1,183,351
Rex Energy Corporation †«		164,810		1,156,966
Sanchez Energy Corporation †«		105,041		1,185,913

				6,035,692


Financials: 39.15%

Banks: 17.73%
BancorpSouth Incorporated		124,092		2,716,374
BankUnited Incorporated		63,450		1,916,190
City National Corporation		30,254		2,335,306
Columbia Banking System Incorporated		55,735		1,531,040
Great Western Bancorp Incorporated †		97,140		2,172,050
IBERIABANK Corporation		39,117		2,555,122
Independent Bank Group Incorporated		46,923		2,012,997
Investors Bancorp Incorporated		219,394		2,371,649
MB Financial Incorporated		57,448		1,809,612
National Bank Holdings Corporation Class A		111,725		2,148,472
Old National Bancorp		123,274		1,750,491
PrivateBancorp Incorporated		94,397		2,968,786
Square 1 Financial Incorporated †		22,840		488,319
ViewPoint Financial Group Incorporated		76,636		1,827,002
Webster Financial Corporation		67,837		2,134,830
Western Alliance Bancorp †		129,978		3,435,319
Wintrust Financial Corporation		44,177		1,974,270

				36,147,829


Capital Markets: 1.05%
Stifel Financial Corporation †		43,993		2,134,980


Insurance: 7.81%
American Equity Investment Life Holding Company		74,008		1,998,216
AmTrust Financial Services Incorporated		39,156		2,009,486
CNO Financial Group Incorporated		120,410		2,087,909
Employers Holdings Incorporated		93,624		1,898,695
OneBeacon Insurance Group Limited		99,656		1,586,524
Primerica Incorporated		48,663		2,551,401
Selective Insurance Group Incorporated		73,926		1,978,999
Symetra Financial Corporation		79,964		1,811,984

				15,923,214


Real Estate Management & Development: 0.78%
Alexander & Baldwin Incorporated		41,981		1,598,636


REITs: 11.78%
CareTrust REIT Incorporated †		100,624		1,627,090
Cousins Properties Incorporated		174,260		2,132,942
Education Realty Trust Incorporated		245,042		2,852,289
Gramercy Property Trust Incorporated «		308,200		1,818,380
Parkway Properties Incorporated		103,997		2,025,862

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


Portfolio of investments—November 30, 2014 (unaudited)		Wells Fargo Advantage Allocation Funds			73

SMALL COMPANY VALUE PORTFOLIO


Security name	Shares		Value

REITs (continued)
Pebblebrook Hotel Trust		61,092	$	2,637,342
Physicians Realty Trust		134,300		2,076,278
Ramco-Gershenson Properties Trust		117,121		2,096,466
Sabra Health Care REIT Incorporated		82,541		2,336,736
STAG Industrial Incorporated		90,459		2,156,543
Sunstone Hotel Investors Incorporated		140,367		2,247,276

				24,007,204


Health Care: 5.62%

Health Care Equipment & Supplies: 1.34%
Alere Incorporated †		68,497		2,732,345


Health Care Providers & Services: 4.28%
Ensign Group Incorporated		61,144		2,410,296
Health Net Incorporated †		64,163		3,296,695
WellCare Health Plans Incorporated †		41,013		3,024,299

				8,731,290


Industrials: 9.77%

Air Freight & Logistics: 1.09%
Atlas Air Worldwide Holdings Incorporated †		48,655		2,221,101


Commercial Services & Supplies: 3.04%
ACCO Brands Corporation †		255,684		2,239,792
Quad Graphics Incorporated		89,777		1,949,059
United Stationers Incorporated		49,119		2,016,826

				6,205,677


Construction & Engineering: 0.97%
Tutor Perini Corporation †		78,095		1,971,899


Machinery: 0.97%
Briggs & Stratton Corporation		67,031		1,343,972
Global Brass & Copper Holdings Incorporated		51,986		636,829

				1,980,801


Professional Services: 1.65%
FTI Consulting Incorporated †		66,881		2,592,976
Hill International Incorporated †		211,016		770,208

				3,363,184


Road & Rail: 1.36%
Quality Distribution Incorporated †		133,277		1,608,653
Universal Truckload Services		42,306		1,161,723

				2,770,376


Trading Companies & Distributors: 0.69%
TAL International Group Incorporated «		31,909		1,410,059

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


74		Wells Fargo Advantage Allocation Funds		Portfolio of investments—November 30, 2014 (unaudited)

SMALL COMPANY VALUE PORTFOLIO


Security name	Shares		Value

Information Technology: 11.91%

Communications Equipment: 2.05%
ARRIS Group Incorporated †		95,933	$	2,855,925
Extreme Networks Incorporated †		367,680		1,331,002

				4,186,927


Electronic Equipment, Instruments & Components: 5.04%
Celestica Incorporated †		184,936		1,989,911
Itron Incorporated †		46,834		1,892,094
Plexus Corporation †		52,721		2,056,646
Sanmina Corporation †		95,180		2,341,428
Tech Data Corporation †		31,958		1,991,942

				10,272,021


Semiconductors & Semiconductor Equipment: 2.14%
Advanced Energy Industries Incorporated †		114,315		2,335,455
Photronics Incorporated †		113,925		1,027,604
Xcerra Corporation †		124,511		997,333

				4,360,392


Software: 1.53%
EPIQ Systems Incorporated		97,481		1,495,359
Mentor Graphics Corporation		73,693		1,636,722

				3,132,081


Technology Hardware, Storage & Peripherals: 1.15%
QLogic Corporation †		202,559		2,337,531


Materials: 4.42%

Chemicals: 1.37%
Chemtura Corporation †		85,113		1,983,133
Zep Incorporated		59,452		809,142

				2,792,275


Metals & Mining: 3.05%
Commercial Metals Company		110,219		1,800,978
Horsehead Holding Corporation †		153,518		2,397,951
Suncoke Energy Incorporated		99,083		2,014,357

				6,213,286


Telecommunication Services: 0.50%

Diversified Telecommunication Services: 0.50%
ORBCOMM Incorporated †		157,260		1,019,045


Utilities: 4.87%

Electric Utilities: 4.87%
El Paso Electric Company		60,431		2,286,104
PNM Resources Incorporated		82,597		2,392,009

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


Portfolio of investments—November 30, 2014 (unaudited)		Wells Fargo Advantage Allocation Funds			75

SMALL COMPANY VALUE PORTFOLIO


Security name						Shares		Value

Electric Utilities (continued)
Portland General Electric Company							73,294	$	2,702,350
UIL Holdings Corporation							64,000		2,547,202

									9,927,665


Total Common Stocks (Cost $153,876,536)									196,313,209


				Expiration date

Warrants: 0.00%

Health Care: 0.00%

Health Care Equipment & Supplies: 0.00%
EnteroMedics Incorporated †(a)					5-14-2016		9,104		6,201


Total Warrants (Cost $0)									6,201


	Yield
Short-Term Investments: 6.76%

Investment Companies: 6.76%
Securities Lending Cash Investments, LLC (u)(l)(r)		0.12	%				6,184,225		6,184,225
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (u)(l)		0.08					7,594,762		7,594,762

Total Short-Term Investments (Cost $13,778,987)									13,778,987


Total investments in securities (Cost $167,655,523) *	103.05	%		210,098,397
Other assets and liabilities, net	(3.05	)		(6,213,944	)

Total net assets	100.00	%	$	203,884,453

†	Non-income-earning security

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

(a)	The security is fair valued in accordance with procedures approved by the Board of Trustees.

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

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

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

*	Cost for federal income tax purposes is $168,006,920 and unrealized gains (losses) consists of:


Gross unrealized gains	$	48,781,875
Gross unrealized losses		(6,690,398	)

Net unrealized gains	$	42,091,477

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


76		Wells Fargo Advantage Allocation Funds		Summary portfolio of investments—November 30, 2014 (unaudited)

CORE BOND PORTFOLIO

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


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

Agency Securities: 29.23%
FHLMC		0.85-7.50	%		8-1-2017 to 1-15-2045	$	176,335,247	$	185,188,504		6.21	%
FHLMC		4.00			11-15-2039		9,514,843		10,261,882		0.34
FHLMC		5.00			8-1-2039		15,552,178		17,550,342		0.59
FNMA		0.00-7.50			9-1-2016 to 12-11-2044		249,631,627		265,832,530		8.89
FNMA		2.50			11-1-2027		14,796,323		15,143,122		0.51
FNMA ±		2.82			11-1-2044		10,766,329		11,168,639		0.37
FNMA		3.00			10-25-2042		17,211,045		17,442,327		0.58
FNMA ±		3.23			4-1-2044		14,871,672		15,580,571		0.52
FNMA %%		3.50			1-14-2045		20,700,000		21,510,210		0.72
FNMA		4.00			3-1-2032		18,152,985		19,574,150		0.65
FNMA %%		4.00			1-14-2045		33,400,000		35,547,514		1.19
FNMA %%		4.50			1-14-2045		37,100,000		40,218,719		1.35
FNMA		5.00			7-1-2041		10,584,486		11,894,460		0.40
FNMA Series 2012-130 Class DC		3.00			12-25-2042		18,092,447		18,335,573		0.61
GNMA		3.50-8.05			7-15-2019 to 12-18-2044		3,287,698		3,455,883		0.11
GNMA %%		3.00			1-21-2045		34,900,000		35,639,581		1.19
GNMA %%		3.50			1-21-2045		67,400,000		70,587,020		2.36
GNMA %%		4.00			12-18-2044		20,500,000		21,987,851		0.74
GNMA %%		4.00			1-21-2045		44,600,000		47,704,571		1.60
Other securities									9,051,151		0.30


Total Agency Securities (Cost $864,562,687)									873,674,600		29.23


Asset-Backed Securities: 15.30%
Ally Auto Receivables Trust		0.63-2.23			2-16-2016 to 1-15-2020		13,585,541		13,615,857		0.45
Ally Auto Receivables Trust Series 2014-1 Class A4		1.53			4-15-2019		17,815,000		17,875,446		0.60
Capital Auto Receivables Asset Trust		0.46-1.83			6-20-2016 to 3-16-2020		53,424,000		53,681,611		1.80
Chase Issuance Trust		0.52-1.58			7-15-2020 to 8-16-2021		20,081,000		20,050,526		0.67
Chase Issuance Trust Series 2013-A9 Class A ±		0.57			11-16-2020		13,959,000		13,986,778		0.47
Citibank Credit Card Issuance Trust Series 2013-A7 Class A7 ±		0.59			9-10-2020		14,099,000		14,126,846		0.47
Citibank Credit Card Issuance Trust Series 2014-A3 Class A3 ±		0.36			5-9-2018		15,918,000		15,918,000		0.53
Citibank Credit Card Issuance Trust Series 2014-A6 Class A6		2.15			7-15-2021		32,537,000		32,764,173		1.10
Ford Credit Auto Owner Trust Series 2014-1 Class A 144A		2.26			11-15-2025		9,567,000		9,664,689		0.32
SLM Student Loan Trust		0.33-2.95			1-25-2018 to 2-15-2046		81,650,356		81,304,077		2.75
Toyota Auto Receivables Owner Trust Series 2014-B Class A2		0.40			12-15-2016		9,637,000		9,632,422		0.32
Other securities									174,866,428		5.82


Total Asset-Backed Securities (Cost $456,083,939)									457,486,853		15.30

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


Summary portfolio of investments—November 30, 2014 (unaudited)		Wells Fargo Advantage Allocation Funds			77

CORE BOND PORTFOLIO


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

Corporate Bonds and Notes: 18.91%

Consumer Discretionary: 1.47%

Auto Components: 0.06%
Other securities								$	1,866,917		0.06	%


Automobiles: 0.46%
Other securities									13,740,624		0.46


Hotels, Restaurants & Leisure: 0.08%
Other securities									2,213,359		0.08


Media: 0.69%
Other securities									20,431,905		0.69


Multiline Retail: 0.12%
Other securities									3,663,449		0.12


Specialty Retail: 0.06%
Other securities									1,872,573		0.06


Consumer Staples: 1.15%

Beverages: 0.32%
Other securities									9,711,190		0.32


Food Products: 0.54%
Other securities									16,091,974		0.54


Tobacco: 0.29%
Other securities									8,644,910		0.29


Energy: 2.21%

Energy Equipment & Services: 0.02%
Other securities									759,848		0.02


Oil, Gas & Consumable Fuels: 2.19%
Other securities									65,416,863		2.19


Financials: 7.34%

Banks: 2.87%
Bank of America Corporation		1.50	%		10-9-2015	$	11,242,000		11,309,171		0.38
Other securities									74,333,179		2.49

									85,642,350		2.87


Capital Markets: 1.23%
Other securities									36,754,181		1.23


Consumer Finance: 1.03%
Other securities									30,924,184		1.03

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


78		Wells Fargo Advantage Allocation Funds		Summary portfolio of investments—November 30, 2014 (unaudited)

CORE BOND PORTFOLIO


Security name	Value		Percent of net assets

Diversified Financial Services: 0.19%
Other securities	$	5,732,694		0.19	%


Insurance: 0.92%
Other securities		27,633,687		0.92


REITs: 1.10%
Other securities		32,844,870		1.10


Health Care: 1.54%

Biotechnology: 0.58%
Other securities		17,252,876		0.58


Health Care Providers & Services: 0.32%
Other securities		9,584,490		0.32


Life Sciences Tools & Services: 0.25%
Other securities		7,547,238		0.25


Pharmaceuticals: 0.39%
Other securities		11,642,987		0.39


Industrials: 0.72%

Aerospace & Defense: 0.27%
Other securities		7,933,394		0.27


Machinery: 0.06%
Other securities		1,725,506		0.06


Road & Rail: 0.39%
Other securities		11,705,600		0.39


Information Technology: 1.10%

Electronic Equipment, Instruments & Components: 0.15%
Other securities		4,355,384		0.15


IT Services: 0.13%
Other securities		3,748,573		0.13


Semiconductors & Semiconductor Equipment: 0.02%
Other securities		725,092		0.02


Software: 0.32%
Other securities		9,646,263		0.32


Technology Hardware, Storage & Peripherals: 0.48%
Other securities		14,508,523		0.48


Materials: 0.50%

Chemicals: 0.33%
Other securities		9,930,161		0.33

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


Summary portfolio of investments—November 30, 2014 (unaudited)		Wells Fargo Advantage Allocation Funds			79

CORE BOND PORTFOLIO


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

Metals & Mining: 0.17%
Other securities								$	5,031,707		0.17	%


Telecommunication Services: 1.31%

Diversified Telecommunication Services: 1.31%
Verizon Communications Incorporated		1.35-5.15	%		6-9-2017 to 11-1-2034	$	32,724,000		33,597,214		1.13
Other securities									5,503,246		0.18

									39,100,460		1.31


Utilities: 1.57%

Electric Utilities: 0.89%
Other securities									26,556,052		0.89


Gas Utilities: 0.09%
Other securities									2,608,803		0.09


Multi-Utilities: 0.59%
Other securities									17,718,580		0.59


Total Corporate Bonds and Notes (Cost $550,940,409)									565,267,267		18.91


Municipal Obligations: 0.98%

California: 0.27%
Other securities									8,188,556		0.27


Illinois: 0.05%
Other securities									1,585,771		0.05


Nevada: 0.14%
Other securities									4,240,684		0.14


New Jersey: 0.18%
Other securities									5,407,466		0.18


New York: 0.14%
Other securities									4,024,594		0.14


Ohio: 0.04%
Other securities									1,212,740		0.04


Texas: 0.16%
Other securities									4,763,967		0.16


Total Municipal Obligations (Cost $22,612,089)									29,423,778		0.98


Non-Agency Mortgage Backed Securities: 5.16%
Commercial Mortgage Trust		3.07-4.21			12-10-2044 to 12-10-2047		45,320,000		47,520,293		1.58
Impact Funding LLC Series 2010-1 Class A1 144A		5.31			1-25-2051		10,841,564		12,449,324		0.42
Other securities									94,131,398		3.16


Total Non-Agency Mortgage Backed Securities (Cost $151,195,776)									154,101,015		5.16

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


80		Wells Fargo Advantage Allocation Funds		Summary portfolio of investments—November 30, 2014 (unaudited)

CORE BOND PORTFOLIO


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

U.S. Treasury Securities: 29.96%
U.S. Treasury Bond		3.13-3.75	%		11-15-2041 to 11-15-2043	$	7,802,000	$	8,920,653		0.30	%
U.S. Treasury Bond		3.13			2-15-2043		20,513,000		21,412,044		0.72
U.S. Treasury Bond		3.13			8-15-2044		11,625,000		12,143,580		0.41
U.S. Treasury Bond		3.38			5-15-2044		13,915,000		15,226,057		0.51
U.S. Treasury Bond		3.63			8-15-2043		8,969,000		10,260,393		0.34
U.S. Treasury Bond		3.63			2-15-2044		15,814,000		18,098,380		0.60
U.S. Treasury Note ##		0.38			10-31-2016		9,873,000		9,858,348		0.33
U.S. Treasury Note %%		0.50			11-30-2016		19,946,000		19,949,183		0.67
U.S. Treasury Note		0.63-2.75			8-31-2017 to 11-15-2024		45,891,000		46,638,190		1.56
U.S. Treasury Note		0.63			9-30-2017		56,005,000		55,663,706		1.86
U.S. Treasury Note ##		0.88			5-15-2017		30,714,000		30,853,165		1.03
U.S. Treasury Note		0.88			8-15-2017		139,524,000		139,829,279		4.68
U.S. Treasury Note ##		0.88			10-15-2017		138,683,000		138,845,536		4.64
U.S. Treasury Note		1.00			9-15-2017		12,558,000		12,629,618		0.42
U.S. Treasury Note		1.50			1-31-2019		9,563,000		9,638,462		0.32
U.S. Treasury Note		1.50			5-31-2019		20,847,000		20,941,458		0.70
U.S. Treasury Note		1.50			10-31-2019		31,889,000		31,918,912		1.07
U.S. Treasury Note		1.63			3-31-2019		34,453,000		34,840,596		1.16
U.S. Treasury Note		1.63			6-30-2019		26,028,000		26,282,189		0.88
U.S. Treasury Note		1.63			7-31-2019		34,285,000		34,593,016		1.16
U.S. Treasury Note		1.63			8-31-2019		45,236,000		45,607,071		1.53
U.S. Treasury Note %%		1.63			11-30-2019		11,300,000		11,292,093		0.38
U.S. Treasury Note		1.75			9-30-2019		25,287,000		25,622,837		0.86
U.S. Treasury Note		2.00			10-31-2021		20,939,000		21,099,309		0.71
U.S. Treasury Note		2.50			5-15-2024		40,711,000		41,941,856		1.40
U.S. Treasury Note		3.13			4-30-2017		48,591,000		51,464,720		1.72


Total U.S. Treasury Securities (Cost $878,685,604)									895,570,651		29.96


Yankee Corporate Bonds and Notes: 5.21%

Consumer Discretionary: 0.34%

Media: 0.17%
Other securities									4,937,892		0.17


Textiles, Apparel & Luxury Goods: 0.17%
Other securities									5,054,241		0.17


Consumer Staples: 0.16%

Beverages: 0.16%
Other securities									4,784,078		0.16


Energy: 1.22%

Oil, Gas & Consumable Fuels: 1.22%
Other securities									36,574,843		1.22

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


Summary portfolio of investments—November 30, 2014 (unaudited)		Wells Fargo Advantage Allocation Funds			81

CORE BOND PORTFOLIO


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

Financials: 2.30%

Banks: 1.88%
Bank of Tokyo-Mitsubishi UFJ Limited 144A		2.35	%		9-8-2019	$	10,515,000	$	10,531,298		0.35	%
Other securities									45,727,296		1.53

									56,258,594		1.88


Consumer Finance: 0.16%
Other securities									4,790,924		0.16


Diversified Financial Services: 0.26%
Other securities									7,608,191		0.26


Health Care: 0.32%

Pharmaceuticals: 0.32%
Other securities									9,694,119		0.32


Information Technology: 0.37%

Internet Software & Services: 0.37%
Other securities									11,104,517		0.37


Materials: 0.17%

Chemicals: 0.05%
Other securities									1,388,576		0.05


Metals & Mining: 0.12%
Other securities									3,633,585		0.12


Telecommunication Services: 0.23%

Diversified Telecommunication Services: 0.08%
Other securities									2,348,995		0.08


Wireless Telecommunication Services: 0.15%
Other securities									4,485,633		0.15


Utilities: 0.10%

Electric Utilities: 0.10%
Other securities									2,969,249		0.10


Total Yankee Corporate Bonds and Notes (Cost $152,240,431)									155,633,437		5.21


Yankee Government Bonds: 1.43%
Other securities									42,692,495		1.43


Total Yankee Government Bonds (Cost $40,387,654)									42,692,495		1.43

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


82		Wells Fargo Advantage Allocation Funds		Summary portfolio of investments—November 30, 2014 (unaudited)

CORE BOND PORTFOLIO


Security name	Yield			Shares		Value			Percent of net assets
Short-Term Investments: 5.50%

Investment Companies: 5.50%
Securities Lending Cash Investments, LLC (l)(u)(r)		0.12	%		747,555	$	747,555			0.03	%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)##		0.08			163,584,955		163,584,955			5.47

							164,332,510			5.50


Total Short-Term Investments (Cost $164,332,510)							164,332,510			5.50


Total investments in securities (Cost $3,281,041,099) *							3,338,182,606			111.68	%
Other assets and liabilities, net							(349,138,883	)		(11.68	)

Total net assets						$	2,989,043,723			100.00	%

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

%%	Security issued on a when-issued basis

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

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

(l)	The security represents an affiliate of the Portfolio 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 $3,286,132,910 and unrealized gains (losses) consists of:


Gross unrealized gains	$	60,627,009
Gross unrealized losses		(8,577,313	)

Net unrealized gains	$	52,049,696

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


Portfolio of investments—November 30, 2014 (unaudited)		Wells Fargo Advantage Allocation Funds			83

MANAGED FIXED INCOME PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

Agency Securities: 29.45%
FHLMC		3.50	%		9-1-2032	$	1,235,724	$	1,299,196
FHLMC		4.00			4-1-2044		990,110		1,064,680
FHLMC		4.00			8-1-2044		826,471		886,677
FHLMC Structured Pass-Through Securities Series T-20 Class A6		7.99			9-25-2029		116,745		123,699
FHLMC Structured Pass-Through Securities Series T-58 Class 4A		7.50			9-25-2043		1,263,612		1,505,487
FNMA		2.57			9-1-2019		540,555		557,925
FNMA		2.57			9-1-2019		540,831		558,198
FNMA		2.78			10-1-2020		550,000		571,164
FNMA		3.00			12-1-2032		86,526		89,514
FNMA		3.04			10-1-2022		597,384		623,052
FNMA		3.10			4-1-2021		1,100,000		1,152,824
FNMA		3.12			5-1-2022		556,314		583,613
FNMA		3.31			6-1-2021		550,000		585,430
FNMA		3.50			9-1-2032		2,428,810		2,558,629
FNMA		3.50			10-1-2032		1,142,074		1,203,122
FNMA		3.50			11-1-2042		440,545		459,812
FNMA		3.50			11-1-2042		672,049		701,846
FNMA		3.50			2-1-2043		329,119		343,851
FNMA		5.00			9-1-2033		378,294		420,724
FNMA		5.50			2-1-2036		1,002,178		1,090,804
FNMA Series 2002-90 Class A2		6.50			11-25-2042		526,640		597,797
FNMA Series 2002-T4 Class A2		7.00			12-25-2041		250,269		289,066
FNMA Series 2002-W4 Class A4		6.25			5-25-2042		2,317,753		2,584,802
FNMA Series 2003-86 Class PT		4.50			9-25-2018		416,830		437,778
FNMA Series 2003-W4 Class 3A ±		6.59			10-25-2042		382,614		437,243
FNMA Series 2004-T2 Class 1A1		6.00			11-25-2043		1,008,084		1,134,550
FNMA Series 2004-T3 Class A1		6.00			2-25-2044		1,375,444		1,562,635
FNMA Series 2004-W1 Class 2A2		7.00			12-25-2033		234,290		274,674
FNMA Series 2004-W11 Class 1A3		7.00			5-25-2044		1,300,436		1,537,644
FNMA Series 2004-W8 Class 3A		7.50			6-25-2044		555,013		652,544
FNMA Series 2006-M2 Class A2F ±		5.26			5-25-2020		1,822,740		2,025,004
GNMA		6.50			10-15-2023		38,683		44,111
GNMA		6.50			11-15-2023		23,477		26,798
GNMA		6.50			11-15-2023		17,765		20,258
GNMA		6.50			12-15-2023		30,322		34,577
GNMA		6.50			1-15-2024		59,496		67,844
GNMA		7.00			8-15-2027		130,791		153,135
SBA Series 2006-20B Class 1		5.35			2-1-2026		896,452		973,004
SBA Series 2006-20H Class 1		5.70			8-1-2026		452,817		504,562
SBA Series 2007-20J Class 1		5.57			10-1-2027		930,644		1,048,406
SBA Series 2013-10B Class1		3.64			9-10-2023		917,567		965,818
SBA Series 2013-20A Class 1		2.13			1-1-2033		573,937		560,547
SBA Series 2014-10A Class 1		3.19			3-10-2024		799,197		828,644
SBA Series 2014-20A Class 1		3.46			1-1-2034		490,577		509,141

Total Agency Securities (Cost $31,941,637)									33,650,829


Asset-Backed Securities: 3.51%
American Express Credit Accounts Series 2014-2 Class A		1.26			1-15-2020		570,000		571,670
Barclays Dryrock Issuance Trust Series 2014-3 Class A		2.41			7-15-2022		570,000		579,118
Capital Auto Receivables Asset Trust Series 2014-2 Class A3		1.26			5-21-2018		550,000		552,479

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


84		Wells Fargo Advantage Allocation Funds		Portfolio of investments—November 30, 2014 (unaudited)

MANAGED FIXED INCOME PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

Asset-Backed Securities (continued)
Capital Auto Receivables Asset Trust Series 2014-3 Class A3		1.48	%		11-20-2018	$	570,000	$	572,407
CNH Equipment Trust Series 2014-A Class A3		0.84			5-15-2019		550,000		549,594
Fifth Third Auto Trust Series 2014-1 Class A3		0.68			4-16-2018		550,000		549,906
Green Tree Financial Corporation Series 1997-7 Class A8 ±		6.86			7-15-2028		80,442		81,690
Nissan Auto Receivables Owner Trust Series 2014-A Class A3		0.72			8-15-2018		550,000		549,757

Total Asset-Backed Securities (Cost $3,990,014)									4,006,621


Corporate Bonds and Notes: 30.57%

Consumer Discretionary: 3.75%

Automobiles: 0.60%
Daimler Finance North America LLC 144A		2.38			8-1-2018		260,000		264,668
General Motors Company		4.88			10-2-2023		400,000		424,000

									688,668


Diversified Consumer Services: 2.67%
Dartmouth College		4.75			6-1-2019		440,000		493,808
Massachusetts Institute of Technology		3.96			7-1-2038		200,000		207,269
Massachusetts Institute of Technology		7.25			11-2-2096		500,000		847,046
Northwestern University		4.64			12-1-2044		350,000		399,294
Pepperdine University		5.45			8-1-2019		465,000		533,550
The President and Fellows of Harvard College		3.53			10-1-2031		250,000		251,826
The President and Fellows of Harvard College		5.63			10-1-2038		250,000		317,426

									3,050,219


Media: 0.48%
DIRECTV Holdings LLC		2.40			3-15-2017		400,000		409,310
Time Warner Incorporated		3.40			6-15-2022		140,000		141,928

									551,238


Consumer Staples: 2.31%

Food & Staples Retailing: 1.02%
CVS Caremark Corporation		4.00			12-5-2023		275,000		291,093
SABMiller Holdings Incorporated 144A		3.75			1-15-2022		500,000		524,827
Sysco Corporation		3.50			10-2-2024		250,000		257,129
Wal-Mart Stores Incorporated		5.80			2-15-2018		84,000		96,064

									1,169,113


Food Products: 1.07%
Archer-Daniels-Midland Company		4.48			3-1-2021		400,000		442,739
Cargill Incorporated 144A		4.31			5-14-2021		419,000		463,259
Kraft Foods Group Incorporated		3.50			6-6-2022		300,000		310,164

									1,216,162


Household Products: 0.22%
The Procter & Gamble Company		5.50			2-1-2034		200,000		251,058

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


Portfolio of investments—November 30, 2014 (unaudited)		Wells Fargo Advantage Allocation Funds			85

MANAGED FIXED INCOME PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

Energy: 1.09%

Oil, Gas & Consumable Fuels: 1.09%
Chevron Corporation		2.36	%		12-5-2022	$	120,000	$	116,760
Chevron Corporation		3.19			6-24-2023		250,000		257,152
ConocoPhillips Company		3.35			11-15-2024		370,000		375,751
EQT Corporation		8.13			6-1-2019		400,000		489,934

									1,239,597


Financials: 13.94%

Banks: 5.78%
Bank of America Corporation		2.60			1-15-2019		155,000		157,303
Bank of America Corporation		4.00			4-1-2024		700,000		733,147
Chase Capital VI ±		0.86			8-1-2028		1,000,000		852,100
Citigroup Incorporated		6.13			11-21-2017		435,000		490,108
CoreStates Capital Trust II ±144A		0.88			1-15-2027		750,000		652,500
Credit Suisse New York		3.63			9-9-2024		250,000		255,609
Manufacturers & Traders Trust Company ±		5.59			12-28-2020		758,000		790,197
National Capital Commerce Incorporated ±(i)		1.22			4-1-2027		400,000		332,000
National City Bank ±		0.60			6-7-2017		250,000		248,760
NTC Capital Trust Series A ±		0.75			1-15-2027		450,000		391,500
Regions Financial Corporation		5.75			6-15-2015		760,000		777,706
UBS Preferred Funding Trust V Series 1 ±		6.24			5-29-2049		700,000		726,250
US Bancorp		2.95			7-15-2022		200,000		198,743

									6,605,923


Capital Markets: 0.94%
Goldman Sachs Capital II ±		4.00			12-31-2049		115,000		85,819
Goldman Sachs Group Incorporated		5.75			1-24-2022		200,000		231,868
Morgan Stanley		3.70			10-23-2024		100,000		101,717
Morgan Stanley		5.50			7-24-2020		350,000		398,202
The Bank of New York Mellon Corporation		3.25			9-11-2024		250,000		252,951

									1,070,557


Consumer Finance: 0.14%
Caterpillar Financial Services Corporation		3.75			11-24-2023		150,000		159,506


Diversified Financial Services: 2.60%
ABB Treasury Center USA Incorporated 144A		4.00			6-15-2021		510,000		550,457
Deutsche Bank Capital Funding Trust VII ±144A		5.63			1-29-2049		500,000		510,000
General Electric Capital Corporation ±		0.61			5-5-2026		450,000		420,806
Toll Road Investors Partnership II LP 144A¤		0.00			2-15-2015		1,500,000		1,488,864

									2,970,127


Insurance: 1.47%
Minnesota Life Insurance Company 144A		8.25			9-15-2025		650,000		819,920
NLV Financial Corporation 144A		7.50			8-15-2033		565,000		632,940
Pacific LifeCorp 144A		6.00			2-10-2020		200,000		229,332

									1,682,192

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


86		Wells Fargo Advantage Allocation Funds		Portfolio of investments—November 30, 2014 (unaudited)

MANAGED FIXED INCOME PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

REITs: 3.01%
AvalonBay Communities Incorporated		2.95	%		9-15-2022	$	190,000	$	187,742
AvalonBay Communities Incorporated		3.63			10-1-2020		40,000		41,925
Boston Properties LP		3.70			11-15-2018		180,000		191,326
Boston Properties LP		5.88			10-15-2019		200,000		231,040
Duke Realty LP		3.88			10-15-2022		150,000		154,529
Duke Realty LP		6.75			3-15-2020		250,000		297,088
ERP Operation LP		4.63			12-15-2021		470,000		518,918
Liberty Property LP		6.63			10-1-2017		400,000		452,258
Potlatch Corporation		7.50			11-1-2019		160,000		181,600
Realty Income Corporation		4.65			8-1-2023		370,000		399,013
Simon Property Group LP		3.38			10-1-2024		300,000		304,969
UDR Incorporated		4.63			1-10-2022		260,000		282,116
Vornado Realty LP		2.50			6-30-2019		200,000		200,337

									3,442,861


Health Care: 1.30%

Health Care Providers & Services: 0.11%
Howard Hughes Medical Institute		3.50			9-1-2023		120,000		125,213


Life Sciences Tools & Services: 0.13%
Thermo Fisher Scientific Incorporated		3.30			2-15-2022		150,000		151,512


Pharmaceuticals: 1.06%
Bayer US Finance LLC 144A		3.38			10-8-2024		240,000		243,258
Novartis Capital Corporation		3.40			5-6-2024		370,000		383,908
Roche Holdings Incorporated 144A		3.35			9-30-2024		400,000		413,166
Roche Holdings Incorporated 144A		6.00			3-1-2019		144,000		167,031

									1,207,363


Industrials: 2.39%

Aerospace & Defense: 0.46%
BAE Systems Holdings Incorporated 144A		3.80			10-7-2024		100,000		102,537
Raytheon Company %%		3.15			12-15-2024		240,000		240,953
United Technologies Corporation		3.10			6-1-2022		180,000		184,760

									528,250


Air Freight & Logistics: 0.21%
FedEx Corporation		4.00			1-15-2024		225,000		238,348


Machinery: 0.75%
Deere & Company		2.60			6-8-2022		340,000		337,294
Parker Hannifin Corporation		3.30			11-21-2024		260,000		264,749
Valmont Industries Incorporated		5.00			10-1-2044		260,000		258,388

									860,431


Road & Rail: 0.64%
Burlington Northern Santa Fe LLC		3.05			9-1-2022		100,000		100,917
Burlington Northern Santa Fe LLC		3.40			9-1-2024		150,000		152,280

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


Portfolio of investments—November 30, 2014 (unaudited)		Wells Fargo Advantage Allocation Funds			87

MANAGED FIXED INCOME PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

Road & Rail (continued)
Burlington Northern Santa Fe LLC		3.45	%		9-15-2021	$	250,000	$	262,303
Union Pacific Corporation		7.88			1-15-2019		171,000		208,967

									724,467


Transportation Infrastructure: 0.33%
Vessel Management Service		3.43			8-15-2036		372,000		381,604


Information Technology: 1.41%

Communications Equipment: 0.09%
Cisco Systems Incorporated		2.13			3-1-2019		100,000		100,790


Electronic Equipment, Instruments & Components: 0.25%
Jabil Circuit Incorporated		8.25			3-15-2018		250,000		288,750


IT Services: 0.55%
Fiserv Incorporated		3.13			10-1-2015		500,000		510,332
Fiserv Incorporated		4.75			6-15-2021		100,000		110,992

									621,324


Software: 0.34%
Oracle Corporation		2.38			1-15-2019		160,000		163,569
Oracle Corporation		3.40			7-8-2024		220,000		226,501

									390,070


Technology Hardware, Storage & Peripherals: 0.18%
Apple Incorporated		2.85			5-6-2021		200,000		205,312


Materials: 1.30%

Chemicals: 0.99%
Ecolab Incorporated		4.35			12-8-2021		330,000		362,416
Valspar Corporation		5.10			8-1-2015		750,000		767,918

									1,130,334


Paper & Forest Products: 0.31%
Georgia Pacific LLC 144A		3.73			7-15-2023		340,000		354,279


Telecommunication Services: 0.44%

Diversified Telecommunication Services: 0.44%
Verizon Communications Incorporated		3.50			11-1-2024		110,000		110,155
Verizon Communications Incorporated		5.15			9-15-2023		350,000		394,067

									504,222


Utilities: 2.64%

Electric Utilities: 2.46%
Atlantic City Electric Company		7.75			11-15-2018		255,000		310,200
Connecticut Light & Power		5.38			3-1-2017		250,000		273,117
Entergy Texas Incorporated		7.13			2-1-2019		250,000		298,802
Great River Energy 144A		5.83			7-1-2017		397,397		425,725

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


88		Wells Fargo Advantage Allocation Funds		Portfolio of investments—November 30, 2014 (unaudited)

MANAGED FIXED INCOME PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

Electric Utilities (continued)
ITC Holdings Corporation		3.65	%		6-15-2024	$	120,000	$	122,397
Kentucky Utilities Company		3.25			11-1-2020		250,000		262,346
Monongahela Power Company 144A		4.10			4-15-2024		380,000		406,755
Otter Tail Corporation (i)		9.00			12-15-2016		350,000		399,615
PacifiCorp		3.60			4-1-2024		300,000		312,982

									2,811,939


Gas Utilities: 0.18%
Southern California Gas Company		3.15			9-15-2024		200,000		202,984


Total Corporate Bonds and Notes (Cost $33,187,226)									34,924,413


Municipal Obligations: 9.32%

Arizona: 1.02%
Arizona School Facilities Board Refunding Certificates of Participation Series A-3 (Miscellaneous Revenue)		2.38			9-1-2019		235,000		239,397
Maricopa County AZ Elementary School District #28 Kyrene Elementary Build America Bonds Series D (GO)		5.38			7-1-2019		800,000		928,168

									1,167,565


Arkansas: 0.31%
Arkansas Taxable Amendment 82 Series A (GO)		2.61			7-1-2021		350,000		359,090


California: 0.23%
California Build America Bonds (GO)		6.88			11-1-2026		200,000		265,572


Georgia: 0.52%
Cherokee County GA School System Build America Bonds (GO)		5.87			8-1-2028		500,000		593,235


Indiana: 0.22%
Indiana Housing & CDA Series A-2 (Housing Revenue, GNMA/FNMA Insured)		5.51			1-1-2039		245,000		250,902

Kentucky: 0.16%
Kentucky Housing Corporation Series D (Housing Revenue)		5.75			7-1-2037		170,000		177,385

Maryland: 0.26%
Baltimore County MD (GO)		3.57			8-1-2032		300,000		291,276

Massachusetts: 0.87%
Boston MA Series C Qualified School Construction Bonds (GO)		4.40			4-1-2026		400,000		438,792
Massachusetts Build America Bonds Series D (GO)		4.50			8-1-2031		500,000		550,460

									989,252

Minnesota: 0.25%
Minnetonka MN Independent School District #276 Series E (GO)		2.55			1-1-2024		290,000		283,756

Missouri: 0.38%
Missouri Higher Education Loan Authority Notes Class A-1 (Education Revenue) ±		1.08			8-27-2029		434,382		436,936

New Hampshire: 0.19%
New Hampshire HFA SFMR Series D (Housing Revenue)		5.53			7-1-2037		220,000		220,810

New Jersey: 1.09%
Hudson County NJ Improvement Authority Hudson County Lease Project (Miscellaneous Revenue, AGM Insured)		7.40			12-1-2025		1,030,000		1,242,788

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


Portfolio of investments—November 30, 2014 (unaudited)		Wells Fargo Advantage Allocation Funds			89

MANAGED FIXED INCOME PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value
North Carolina: 0.34%
Duke University North Carolina Series A (Education Revenue)		5.85	%		4-1-2037	$	300,000	$	392,505

Ohio: 0.34%
Ohio Housing Finance Agency Series O (Housing Revenue, GNMA/FNMA Insured)		5.47			9-1-2025		120,000		123,169
Ohio Veterans Compensation (GO)		3.38			10-1-2021		250,000		263,898

									387,067

Oklahoma: 0.34%
Oklahoma Water Resource Board Revolving Fund Series A (Water & Sewer Revenue)		3.27			4-1-2023		375,000		393,611

Oregon: 0.31%
Oregon University Series D (GO)		2.03			8-1-2020		350,000		349,115

Texas: 0.77%
Clear Creek TX Independent School District Taxable Refunding Series B (GO)		3.40			2-15-2022		375,000		397,781
Harris County TX Taxable Refunding Permanent Improvement Series B (GO)		2.12			10-1-2021		500,000		485,050

									882,831

Washington: 0.95%
King County WA Build America Bonds Recovery Zone Economic Development Taxable Series C (GO)		5.03			12-1-2023		230,000		262,552
King County WA School District #210 Federal Way Build America Bonds (GO)		4.90			12-1-2022		400,000		441,260
Washington Build America Bonds (GO)		5.09			8-1-2033		325,000		379,792

									1,083,604

West Virginia: 0.48%
Ohio County WV Special District Excise Tax Series A (Tax Revenue)		8.25			3-1-2035		500,000		550,930


Wisconsin: 0.29%
Milwaukee County WI Taxable Pension Promissory Notes Series A (GO)		6.84			12-1-2028		90,000		112,780
Wisconsin Housing & EDA Home Ownership Revenue Series F (Housing Revenue)		5.73			9-1-2037		210,000		214,032

									326,812


Total Municipal Obligations (Cost $9,999,575)									10,645,042


Non-Agency Mortgage Backed Securities: 13.23%
Bear Stearns Commercial Mortgage Securities Trust Series 2007-PW17 Class A1A ±		5.65			6-11-2050		506,838		555,949
Commercial Mortgage Pass-Through Certificate Trust Series 2010-C1 Class A3 144A		4.21			7-10-2046		700,000		763,248
Commercial Mortgage Pass-Through Certificate Trust Series 2013-CR12 Class ASB		3.62			10-10-2046		550,000		579,074
Credit Suisse First Boston Commercial Mortgage Trust Series 2004-AR5 Class 10A1 ±		2.54			6-25-2034		693,786		706,801
Credit Suisse First Boston Commercial Mortgage Trust Series 2007-C1 Class AAB		5.34			2-15-2040		545,226		564,576
GS Mortgage Securities Trust Series 2011-GC3 Class A4 144A		4.75			3-10-2044		500,000		557,620
GS Mortgage Securities Trust Series 2011-GC5 Class A4		3.71			8-10-2044		545,000		581,859
GS Mortgage Securities Trust Series 2012-GCJ7 Class A4		3.38			5-10-2045		560,000		583,346
GS Mortgage Securities Trust Series 2013-GC10 Class AAB		2.56			2-10-2046		212,500		212,570
GS Mortgage Securities Trust Series 2013-GC12 Class AAB		2.68			6-10-2046		212,500		213,301
JPMorgan Chase Commercial Mortgage Securities Trust Series 2006-LDP7 Class ASB ±		6.06			4-15-2045		483,954		491,649
JPMorgan Chase Commercial Mortgage Securities Trust Series 2010-C2 Class A3 144A		4.07			11-15-2043		570,000		614,217
JPMorgan Chase Commercial Mortgage Securities Trust Series 2011-C4 Class A4 144A		4.39			7-15-2046		510,000		561,634
JPMorgan Chase Commercial Mortgage Securities Trust Series 2011-C5 Class A3		4.17			8-15-2046		530,000		576,071
JPMorgan Chase Commercial Mortgage Securities Trust Series 2013-C12 Class ASB		3.16			7-15-2045		550,000		570,397
Mississippi Higher Education Assistance Corporation Series 2014-1 Class A1 ±		0.84			10-25-2035		764,475		764,504
Morgan Stanley Bank of America Merrill Lynch Trust Series 2014-C15 Class ASB		3.65			4-15-2047		550,000		579,418
Morgan Stanley Capital I Trust Series 2011-C2 Class A4 144A		4.66			6-15-2044		500,000		558,052
Morgan Stanley Capital I Trust Series 2011-C3 Class A4		4.12			7-15-2049		530,000		575,336

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


90		Wells Fargo Advantage Allocation Funds		Portfolio of investments—November 30, 2014 (unaudited)

MANAGED FIXED INCOME PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

Non-Agency Mortgage Backed Securities (continued)
Nomura Asset Acceptance Corporation Series 2004-R2 Class A1 ±144A		6.50	%		10-25-2034	$	1,153,177	$	1,170,541
Sequoia Mortgage Trust Series 10 Class 1A ±		0.96			10-20-2027		371,155		362,339
Small Business Administration Series 2014-10B Class 1		3.02			9-10-2024		1,140,000		1,165,495
South Carolina Student Loan Corporation Series 2014-1 Class B ±		1.66			8-1-2035		500,000		467,905
Structured Asset Securities Corporation Series 2007-RM1 Class A1 ±144A		0.43			5-25-2047		2,181,074		1,341,360

Total Non-Agency Mortgage Backed Securities (Cost $15,818,848)									15,117,262


U.S. Treasury Securities: 5.02%
U.S. Treasury Bond		3.13			8-15-2044		550,000		574,535
U.S. Treasury Bond		3.63			2-15-2044		500,000		572,227
U.S. Treasury Bond		3.88			8-15-2040		375,000		447,539
U.S. Treasury Bond		4.25			11-15-2040		2,105,000		2,664,305
U.S. Treasury Bond		4.50			2-15-2036		1,134,000		1,474,732

Total U.S. Treasury Securities (Cost $4,637,473)									5,733,338


Yankee Corporate Bonds and Notes: 5.67%

Consumer Discretionary: 0.32%

Media: 0.32%
Pearson Dollar Finance Two plc 144A		6.25			5-6-2018		325,000		365,898


Energy: 2.46%

Energy Equipment & Services: 0.78%
Ensco plc		4.50			10-1-2024		80,000		80,420
Ensco plc		4.70			3-15-2021		200,000		210,163
Schlumberger Norge AS 144A		4.20			1-15-2021		380,000		415,231
Weatherford International Limited		4.50			4-15-2022		190,000		188,139

									893,953


Oil, Gas & Consumable Fuels: 1.68%
BP Capital Markets plc		3.81			2-10-2024		110,000		113,188
BP Capital Markets plc		4.50			10-1-2020		350,000		381,776
Petroleos Mexicanos		2.29			2-15-2024		261,250		263,383
Petroleos Mexicanos		2.83			2-15-2024		546,250		563,850
Petroleos Mexicanos		6.38			1-23-2045		250,000		288,038
Statoil ASA		3.25			11-10-2024		310,000		312,057

									1,922,292


Financials: 1.22%

Banks: 0.29%
RaboBank Nederland		4.50			1-11-2021		300,000		332,736


Diversified Financial Services: 0.93%
Shell International Finance BV		3.40			8-12-2023		370,000		385,189
Total Capital International SA		3.70			1-15-2024		200,000		207,803
Tyco Electronics Group SA		3.50			2-3-2022		450,000		465,200

									1,058,192

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


Portfolio of investments—November 30, 2014 (unaudited)		Wells Fargo Advantage Allocation Funds			91

MANAGED FIXED INCOME PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

Industrials: 0.45%

Aerospace & Defense: 0.45%
BAE Systems plc 144A		4.75	%		10-11-2021	$	470,000	$	517,195


Information Technology: 0.33%

Semiconductors & Semiconductor Equipment: 0.33%
TSMC Global Limited 144A		1.63			4-3-2018		380,000		377,123


Materials: 0.55%

Metals & Mining: 0.55%
Rio Tinto Finance (USA) Limited		3.75			9-20-2021		370,000		384,792
Teck Resources Limited		3.00			3-1-2019		240,000		239,993

									624,785


Telecommunication Services: 0.34%

Wireless Telecommunication Services: 0.34%
Rogers Communications Incorporated		4.10			10-1-2023		370,000		391,251


Total Yankee Corporate Bonds and Notes (Cost $6,213,795)									6,483,425


Yankee Government Bonds: 0.43%
Hashemite Kingdom of Jordan		2.50			10-30-2020		475,000		487,449


Total Yankee Government Bonds (Cost $475,000)									487,449


	Yield					Shares
Short-Term Investments: 2.21%

Investment Companies: 2.21%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)##		0.08					2,531,162		2,531,162


Total Short-Term Investments (Cost $2,531,162)									2,531,162


Total investments in securities (Cost $108,794,730) *	99.41	%		113,579,541
Other assets and liabilities, net	0.59			679,284

Total net assets	100.00	%	$	114,258,825

±	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.

(i)	Illiquid security

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

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

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

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

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

*	Cost for federal income tax purposes is $108,794,730 and unrealized gains (losses) consists of:


Gross unrealized gains	$	6,272,712
Gross unrealized losses		(1,487,901	)

Net unrealized gains	$	4,784,811

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


92		Wells Fargo Advantage Allocation Funds		Portfolio of investments—November 30, 2014 (unaudited)

REAL RETURN PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

U.S. Treasury Securities: 99.58%
TIPS		0.13	%		4-15-2016	$	2,081,216	$	2,095,849
TIPS		0.13			4-15-2017		2,378,869		2,409,906
TIPS		0.13			4-15-2018		453,068		457,847
TIPS		0.13			4-15-2019		863,439		868,093
TIPS		0.13			1-15-2022		2,692,224		2,663,199
TIPS		0.13			7-15-2022		2,748,084		2,721,892
TIPS		0.13			1-15-2023		1,448,850		1,422,477
TIPS		0.13			7-15-2024		877,135		855,343
TIPS		0.38			7-15-2023		1,135,308		1,139,388
TIPS		0.63			7-15-2021		2,302,276		2,372,783
TIPS		0.63			1-15-2024		1,025,221		1,044,284
TIPS		0.63			2-15-2043		740,232		685,467
TIPS		0.75			2-15-2042		995,454		955,091
TIPS		1.13			1-15-2021		1,768,163		1,870,246
TIPS		1.25			7-15-2020		1,653,516		1,767,454
TIPS		1.38			7-15-2018		1,335,610		1,420,547
TIPS		1.38			1-15-2020		1,260,313		1,346,368
TIPS		1.38			2-15-2044		801,728		895,054
TIPS		1.63			1-15-2018		613,537		651,404
TIPS		1.75			1-15-2028		886,220		1,011,606
TIPS		1.88			7-15-2019		1,137,076		1,242,610
TIPS		2.00			1-15-2016		947,408		972,943
TIPS		2.00			1-15-2026		995,378		1,154,249
TIPS		2.13			1-15-2019		1,202,874		1,314,892
TIPS		2.13			2-15-2040		390,947		501,970
TIPS		2.13			2-15-2041		592,371		766,056
TIPS		2.38			1-15-2017		944,240		1,004,141
TIPS		2.38			1-15-2025		1,755,223		2,086,658
TIPS		2.38			1-15-2027		849,816		1,027,348
TIPS		2.50			7-15-2016		925,217		975,742
TIPS		2.50			1-15-2029		803,764		1,005,019
TIPS		2.63			7-15-2017		597,199		648,754
TIPS		3.38			4-15-2032		348,657		497,463
TIPS		3.63			4-15-2028		743,183		1,030,470
TIPS		3.88			4-15-2029		680,513		981,746

Total U.S. Treasury Securities (Cost $42,000,296)									43,864,359

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


Portfolio of investments—November 30, 2014 (unaudited)		Wells Fargo Advantage Allocation Funds			93

REAL RETURN PORTFOLIO


Security name	Yield			Shares		Value

Short-Term Investments: 0.12%

Investment Companies: 0.12%
Wells Fargo Advantage Government Money Market Fund, Institutional Class (l)(u)		0.01	%		51,224	$	51,224


Total Short-Term Investments (Cost $51,224)							51,224


Total investments in securities (Cost $42,051,520) *	99.70	%		43,915,583
Other assets and liabilities, net	0.30			131,758

Total net assets	100.00	%	$	44,047,341

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

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

*	Cost for federal income tax purposes is $42,051,520 and unrealized gains (losses) consists of:


Gross unrealized gains	$	2,401,906
Gross unrealized losses		(537,843	)

Net unrealized gains	$	1,864,063

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


94		Wells Fargo Advantage Allocation Funds		Portfolio of investments—November 30, 2014 (unaudited)

STABLE INCOME PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

Agency Securities: 35.29%
FHLMC		6.00	%		7-1-2017	$	24,828	$	25,779
FHLMC		7.50			7-1-2017		25,705		26,550
FHLMC Series T-54 Class 4A ±		3.03			2-25-2043		511,839		542,918
FHLMC Series T-57 Class 1A2		7.00			7-25-2043		604,102		702,538
FHLMC Series T-63 Class 1A1 ±		1.31			2-25-2045		439,402		452,894
FHLMC Structured Pass-Through Securities Series T-54 Class 3A		7.00			2-25-2043		451,408		552,758
FHLMC Structured Pass-Through Securities Series T-55 Class 1A2		7.00			3-25-2043		673,248		753,438
FHLMC Structured Pass-Through Securities Series T-58 Class 4A		7.50			9-25-2043		742,372		884,473
FNMA ±		1.32			10-1-2034		310,528		317,929
FNMA ±		1.32			4-1-2044		225,801		230,649
FNMA ±		1.32			10-1-2044		268,429		274,864
FNMA ±		1.36			4-1-2037		271,511		284,359
FNMA ±		1.75			9-1-2033		194,295		202,044
FNMA ±		1.78			10-1-2033		451,723		474,237
FNMA ±		1.92			4-1-2034		393,035		415,382
FNMA ±		1.93			6-1-2033		364,141		389,973
FNMA ±		1.95			8-1-2035		323,810		341,744
FNMA ±		2.01			12-1-2033		290,081		309,497
FNMA ±		2.03			1-1-2036		199,988		212,620
FNMA ±		2.04			6-1-2033		274,651		286,296
FNMA ±		2.08			7-1-2035		230,352		246,887
FNMA ±		2.20			7-1-2017		7,941		7,990
FNMA		5.50			2-1-2017		66,206		70,250
FNMA		6.50			12-1-2015		74		74
FNMA Series 2003-W4 Class 3A ±		6.59			10-25-2042		319,695		365,341
FNMA Series 2004-W2 Class 2A2		7.00			2-25-2044		238,347		276,261
FNMA Series 2007-88 Class HC ±		2.31			9-25-2037		304,817		316,268

Total Agency Securities (Cost $8,376,288)									8,964,013


Asset-Backed Securities: 20.72%
Ally Auto Receivables Trust Series 2013-2 Class A3		0.79			1-15-2018		115,000		115,125
Ally Auto Receivables Trust Series 2014-SN1 Class A3		0.75			2-21-2017		110,000		109,948
Ally Auto Receivables Trust Series 2014-SN2 Class A2B ±		0.46			3-20-2017		125,000		125,003
American Express Credit Account Master Trust Series 2014-4 Class A		1.43			6-15-2020		130,000		130,401
AmeriCredit Automobile Receivables Trust Series 2013-5 Class A3		0.90			9-10-2018		116,000		116,134
AmeriCredit Automobile Receivables Trust Series 2014-1 Class A3		0.90			2-8-2019		110,000		109,930
AmeriCredit Automobile Receivables Trust Series 2014-4 Class A3		1.27			7-8-2019		125,000		125,153
Bank of The West Auto Trust Series 2014-1 Class A3 144A		1.09			3-15-2019		125,000		125,210
BMW Vehicle Lease Trust Series 2014-1 Class A3		0.73			2-21-2017		110,000		110,025
Capital Auto Receivables Asset Trust Series 2014-1 Class A1A		0.68			5-20-2016		110,000		110,083
Capital One Multi-Asset Execution Trust Series 2014-A2 Class A2		1.26			1-15-2020		100,000		100,394
CarMax Auto Owner Trust Series 2014-1 Class A3		0.79			10-15-2018		110,000		109,892
Chase Issuance Trust Series 2014-A6 Class A6		1.26			7-15-2019		120,000		120,138
Chrysler Capital Auto Receivables Trust Series 2014-AA Class A3 144A		0.83			9-17-2018		100,000		100,047
CNH Equipment Trust Series 2014-A Class A3		0.84			5-15-2019		100,000		99,926
College Loan Corporation Trust Series 2004-1 Class A4 ±		0.42			4-25-2024		110,000		109,323
Fifth Third Auto Trust Series 2014-1 Class A3		0.68			4-16-2018		100,000		99,983
Fifth Third Auto Trust Series 2014-2 Class A3		0.89			11-15-2018		130,000		130,064
Ford Credit Auto Lease Trust Series 2014-A Class A3		0.68			4-15-2017		100,000		99,999
Ford Credit Auto Owner Trust Series 2013-B Class A3		0.76			9-15-2016		114,000		114,123

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


Portfolio of investments—November 30, 2014 (unaudited)		Wells Fargo Advantage Allocation Funds			95

STABLE INCOME PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

Asset-Backed Securities (continued)
Ford Credit Auto Owner Trust Series 2014-A Class A3		0.79	%		5-15-2018	$	220,000	$	220,309
Ford Credit Auto Owner Trust Series 2014-B A3		0.90			10-15-2018		120,000		120,184
Ford Credit Auto Owner Trust Series 2014-C Class A3		1.06			5-15-2019		250,000		250,190
GE Equipment LLC Series 2013-2 Class A2		0.61			6-24-2016		70,492		70,549
GE Equipment LLC Series 2013-2 Class A3		0.92			9-25-2017		120,000		120,413
GE Equipment Small Ticket LLC Series 2014-1A Class A3 144A		0.95			9-25-2017		110,000		110,298
GM Financial Automobile Lease Series 2014-1A Class A3 144A		1.01			5-22-2017		120,000		120,402
GSAMP Trust Series 2005-SEA2 Class A1 144A±		0.50			1-25-2045		264,185		258,451
Honda Auto Receivables Owner Trust Series 2013-4 Class A3		0.69			9-18-2017		110,000		110,102
Honda Auto Receivables Owner Trust Series 2014-1 Class A3		0.67			11-21-2017		100,000		99,921
Honda Auto Receivables Owner Trust Series 2014-4 Class A3		0.99			9-17-2018		100,000		99,982
Household Home Equity Loan Trust Series 2006-1 Class A1 ±		0.32			1-20-2036		418,395		415,900
Hyundai Auto Receivables Trust Series 2013-C Class A3		1.01			2-15-2018		125,000		125,551
Hyundai Auto Receivables Trust Series 2014-A Class A3		0.79			7-16-2018		100,000		100,057
M&T Bank Auto Receivables Trust Series 2013-1A Class A3 144A		1.06			11-15-2017		130,000		130,638
Mercedes-Benz Auto Lease Trust Series 2014-A Class A3		0.68			12-15-2016		115,000		115,086
Nissan Auto Receivables Owner Trust Series 2014-A Class A3		0.72			8-15-2018		100,000		99,956
Toyota Auto Receivables Owner Trust Series 2013-B Class A3		0.89			7-17-2017		125,000		125,264
Toyota Auto Receivables Owner Trust Series 2014-A Class A3		0.67			12-15-2017		100,000		100,048
Toyota Auto Receivables Owner Trust Series 2014-B Class A3		0.76			3-15-2018		110,000		110,061
Volkswagen Auto Lease Trust Series 2014-A Class A3		0.80			4-20-2017		100,000		100,104

Total Asset-Backed Securities (Cost $5,266,829)									5,264,367


Corporate Bonds and Notes: 23.15%

Consumer Discretionary: 2.47%

Automobiles: 0.96%
BMW Bank North America		0.70			7-18-2016		245,000		244,191


Diversified Consumer Services: 0.41%
Stanford University		4.25			5-1-2016		100,000		104,854


Specialty Retail: 1.10%
Home Depot Incorporated		5.40			3-1-2016		110,000		116,567
Lowe’s Companies Incorporated		1.63			4-15-2017		160,000		161,660

									278,227


Consumer Staples: 3.73%

Beverages: 1.19%
Anheuser-Busch Companies Incorporated		5.00			1-15-2015		80,000		80,340
Brown-Forman Corporation		2.50			1-15-2016		120,000		122,462
Coca-Cola Company		0.75			3-13-2015		100,000		100,149

									302,951


Food & Staples Retailing: 0.32%
CVS Health Corporation		3.25			5-18-2015		80,000		81,023

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


96		Wells Fargo Advantage Allocation Funds		Portfolio of investments—November 30, 2014 (unaudited)

STABLE INCOME PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

Food Products: 1.75%
General Mills Incorporated		5.20	%		3-17-2015	$	150,000	$	152,039
Ingredion Incorporated		3.20			11-1-2015		91,000		92,825
Kellogg Company		4.45			5-30-2016		94,000		98,900
Kraft Foods Group Incorporated		1.63			6-4-2015		100,000		100,505

									444,269


Household Products: 0.47%
Procter & Gamble Company		4.85			12-15-2015		115,000		120,144


Energy: 0.83%

Oil, Gas & Consumable Fuels: 0.83%
Duke Energy Carolinas LLC		5.30			10-1-2015		125,000		129,920
Phillips 66		1.95			3-5-2015		80,000		80,299

									210,219


Financials: 8.77%

Banks: 3.43%
Ally Bank		0.90			9-18-2015		74,000		74,192
Bank of America Corporation		1.25			1-11-2016		70,000		70,278
Bank of America Corporation		4.50			4-1-2015		80,000		81,045
Branch Banking & Trust Company ±		0.55			9-13-2016		250,000		249,476
Citigroup Incorporated		4.59			12-15-2015		90,000		93,350
Citigroup Incorporated		4.75			5-19-2015		40,000		40,766
HSBC USA Incorporated		2.38			2-13-2015		100,000		100,396
KeyBank NA		4.95			9-15-2015		157,000		162,293

									871,796


Capital Markets: 1.36%
Bank of New York Mellon Corporation		2.50			1-15-2016		115,000		117,554
Goldman Sachs Group Incorporated		5.35			1-15-2016		90,000		94,446
Morgan Stanley		3.45			11-2-2015		92,000		94,213
State Street Corporation		2.88			3-7-2016		37,000		38,059

									344,272


Consumer Finance: 2.17%
American Express Credit Corporation		2.75			9-15-2015		77,000		78,369
American Honda Finance Corporation		1.13			10-7-2016		50,000		50,414
Discover Bank		0.85			9-25-2015		125,000		125,270
Sallie Mae Bank		0.85			10-30-2015		175,000		175,361
Toyota Motor Credit Corporation		2.05			1-12-2017		120,000		122,949

									552,363


Diversified Financial Services: 0.20%
General Electric Capital Corporation ±		0.88			7-12-2016		50,000		50,403


Insurance: 0.41%
MetLife Global Funding 144A		3.13			1-11-2016		100,000		102,932

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


Portfolio of investments—November 30, 2014 (unaudited)		Wells Fargo Advantage Allocation Funds			97

STABLE INCOME PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

REITs: 1.20%
AvalonBay Communities Incorporated		5.70	%		3-15-2017	$	80,000	$	88,039
Boston Properties LP		5.00			6-1-2015		70,000		71,523
Boston Properties LP		5.63			4-15-2015		45,000		45,851
Vornado Realty Trust		4.25			4-1-2015		100,000		100,276

									305,689


Health Care: 1.06%

Life Sciences Tools & Services: 0.70%
Thermo Fisher Scientific Incorporated		5.00			6-1-2015		175,000		178,690


Pharmaceuticals: 0.36%
AbbVie Incorporated		1.20			11-6-2015		90,000		90,326


Industrials: 2.44%

Aerospace & Defense: 0.43%
United Technologies Corporation		4.88			5-1-2015		108,000		110,027


Commercial Services & Supplies: 0.81%
Cintas Corporation No. 2		2.85			6-1-2016		80,000		82,307
Cooper US Incorporated		2.38			1-15-2016		120,000		122,079

									204,386


Electrical Equipment: 0.12%
ABB Treasury Center USA Incorporated 144A		2.50			6-15-2016		30,000		30,752


Industrial Conglomerates: 0.24%
General Electric Company		0.85			10-9-2015		60,000		60,263


Machinery: 0.40%
Caterpillar Incorporated		4.63			6-1-2015		100,000		102,114


Road & Rail: 0.44%
Norfolk Southern Corporation		5.75			1-15-2016		106,000		111,850


Information Technology: 0.35%

Software: 0.35%
Oracle Corporation ±		0.43			7-7-2017		90,000		90,046


Materials: 1.21%

Chemicals: 1.21%
Ecolab Incorporated		2.38			12-8-2014		65,000		65,020
Ecolab Incorporated		4.88			2-15-2015		125,000		126,076
Sherwin-Williams Company		3.13			12-15-2014		115,000		115,111

									306,207

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


98		Wells Fargo Advantage Allocation Funds		Portfolio of investments—November 30, 2014 (unaudited)

STABLE INCOME PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

Utilities: 2.29%

Electric Utilities: 1.30%
Kentucky Utilities Company		1.63	%		11-1-2015	$	110,000	$	111,030
Sierra Pacific Power Company		6.00			5-15-2016		120,000		128,972
Southern California Edison Company		1.13			5-1-2017		90,000		89,993

									329,995


Gas Utilities: 0.58%
Questar Corporation		2.75			2-1-2016		144,000		147,504


Multi-Utilities: 0.41%
San Diego Gas & Electric Company		5.30			11-15-2015		100,000		104,306


Total Corporate Bonds and Notes (Cost $5,868,947)									5,879,799


Municipal Obligations: 1.43%

Arizona: 0.28%
Arizona School Facilities Board Certificate of Participation Series A-3 (Miscellaneous Revenue)		0.95			9-1-2016		70,000		70,212


Colorado: 0.40%
Colorado Build America Bonds Building Excellent Schools Series E (Miscellaneous Revenue)		3.73			3-15-2015		100,000		101,051


Maine: 0.75%
Lewiston ME Series C (GO)		3.00			4-1-2015		190,000		191,843


Total Municipal Obligations (Cost $362,045)									363,106


Non-Agency Mortgage Backed Securities: 4.48%
Bear Stearns Commercial Mortgage Securities Incorporated Series 2005-PWR8 Class A4		4.67			6-11-2041		99,410		100,176
Bear Stearns Commercial Mortgage Securities Trust Series 2007-PW17 Class A1A ±		5.65			6-11-2050		87,852		96,365
CIT Education Loan Trust Series 2005-1 Class A3 ±		0.35			3-15-2026		112,539		111,562
CNH Equipment Trust Series 2014-B Class A3		0.91			5-15-2019		125,000		125,042
GE Equipment Transportation LLC Series 2014-1 Class A3		0.97			4-23-2018		120,000		120,177
John Deere Owner Trust Series 2014-A Class A3		0.92			4-16-2018		110,000		110,165
JP Morgan Chase Commercial Mortgage Securities Trust Series 2007-LDPX Class A1A		5.44			1-15-2049		106,290		114,708
SLMA Series 2012-7 Class A1 ±		0.32			2-27-2017		19,860		19,847
SLMA Series 2014-1 Class A1 ±		0.44			5-28-2019		74,390		74,361
Structured Asset Securities Corporation Series 2006-RF3 Class 1A1 144A		6.00			10-25-2036		165,302		165,766
Volvo Financial Equipment LLC Series 2014-1A Class A3 144A		0.82			4-16-2018		100,000		100,020

Total Non-Agency Mortgage Backed Securities (Cost $1,142,042)									1,138,189


Yankee Corporate Bonds and Notes: 5.61%

Consumer Staples: 0.43%

Beverages: 0.43%
SABMiller plc 144A		6.50			7-1-2016		100,000		109,479

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


Portfolio of investments—November 30, 2014 (unaudited)		Wells Fargo Advantage Allocation Funds			99

STABLE INCOME PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

Energy: 1.69%

Oil, Gas & Consumable Fuels: 1.69%
BP Capital Markets plc ±		0.56	%		11-6-2015	$	100,000	$	100,149
Schlumberger SA 144A		2.65			1-15-2016		100,000		102,274
Shell International		3.10			6-28-2015		73,000		74,149
Total Capital SA		2.30			3-15-2016		150,000		153,297

									429,869


Financials: 1.97%

Banks: 1.14%
Barclays Bank plc		2.75			2-23-2015		110,000		110,540
BNP Paribas		3.60			2-23-2016		75,000		77,503
Royal Bank of Canada		0.80			10-30-2015		100,000		100,362

									288,405


Diversified Financial Services: 0.83%
ConocoPhillips Canada Funding Company		5.63			10-15-2016		100,000		109,111
Deutsche Bank AG (London)		3.25			1-11-2016		100,000		102,710

									211,821


Health Care: 0.32%

Health Care Equipment & Supplies: 0.32%
Covidien International Finance SA		1.35			5-29-2015		80,000		80,306


Industrials: 0.67%

Machinery: 0.31%
Pentair Finance SA		1.35			12-1-2015		80,000		80,298


Road & Rail: 0.36%
Canadian National Railway Company		1.45			12-15-2016		90,000		90,953


Materials: 0.53%

Metals & Mining: 0.53%
Rio Tinto Finance USA Limited		1.88			11-2-2015		132,000		133,365


Total Yankee Corporate Bonds and Notes (Cost $1,421,701)									1,424,496

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


100		Wells Fargo Advantage Allocation Funds		Portfolio of investments—November 30, 2014 (unaudited)

STABLE INCOME PORTFOLIO

Security name

Yield

Shares

Value

Short-Term Investments: 9.76%

Investment Companies: 9.76%

Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)

0.08

2,480,589

Total Short-Term Investments (Cost $2,480,589)

2,480,589


Total investments in securities (Cost $24,918,441) *	100.44	%		25,514,559
Other assets and liabilities, net	(0.44	)		(110,643	)

Total net assets	100.00	%	$	25,403,916

±	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.

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

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

*	Cost for federal income tax purposes is $24,918,930 and unrealized gains (losses) consists of:


Gross unrealized gains	$	613,252
Gross unrealized losses		(17,623	)

Net unrealized gains	$	595,629

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

This page is intentionally left blank.


102		Wells Fargo Advantage Allocation Funds		Statements of assets and liabilities—November 30, 2014 (unaudited)


	C&B Large Cap Value Portfolio			Diversified Large Cap Growth Portfolio

Assets
Investments
In unffiliated securities (including securities on loan), at value (see cost below)	$	310,964,050		$	133,173,819
In affiliated securities, at value (see cost below)		24,831,887			3,251,523

Total investments, at value (see cost below)		335,795,937			136,425,342
Cash		21,207			0
Foreign currency, at value (see cost below)		0	��		0
Receivable for investments sold		1,943,425			340,761
Receivable for dividends		604,712			114,298
Receivable for securities lending income		1,086			532
Prepaid expenses and other assets		2,561			2,947

Total assets		338,368,928			136,883,880


Liabilities
Payable for investments purchased		0			655,678
Payable upon receipt of securities loaned		0			1,815,925
Payable for daily variation margin on open futures contracts		0			0
Advisory fee payable		178,278			60,737
Professional fees payable		16,958			17,739
Accrued expenses and other liabilities		8,716			7,928

Total liabilities		203,952			2,558,007

Total net assets	$	338,164,976		$	134,325,873


Investments in unaffiliated securities, at cost	$	215,386,586		$	87,975,922

Investments in affiliated securities, at cost	$	24,831,887		$	3,251,523

Total investments, at cost	$	240,218,473		$	91,227,445

Securities on loan, at value	$	0		$	1,778,336

Foreign currency, at cost	$	0		$	0

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


Statements of assets and liabilities—November 30, 2014 (unaudited)		Wells Fargo Advantage Allocation Funds			103


Emerging Growth Portfolio		Index Portfolio		International Growth Portfolio		International Value Portfolio		Large Company Value Portfolio		Small Company Growth Portfolio		Small Company Value Portfolio



$	1,114,960,030	$	2,810,788,830	$	155,769,579	$	477,975,923	$	87,737,524	$	450,161,995	$	196,319,410
	136,874,464		90,992,556		3,267,843		20,812,181		2,138,692		65,232,939		13,778,987

	1,251,834,494		2,901,781,386		159,037,422		498,788,104		89,876,216		515,394,934		210,098,397
	0		28,990		0		0		3,689		393,687		0
	0		0		55,063		4,178,048		0		0		0
	0		166,343		764,583		573,001		284,855		1,585,820		22,974
	91,511		6,383,242		122,568		1,791,356		176,754		123,201		102,705
	67,854		8,277		5,238		8,917		861		47,786		2,475
	8,347		0		6,623		9,115		3,923		6,970		3,672

	1,252,002,206		2,908,368,238		159,991,497		505,348,541		90,346,298		517,552,398		210,230,223



	263,144		6,816,649		771,940		402,008		1,068,145		556,489		0
	130,887,098		15,878,700		1,787,826		14,194,341		404,950		48,391,400		6,184,225
	0		107,505		0		0		0		0		0
	725,530		196,742		107,687		340,113		47,352		296,191		135,488
	18,223		21,955		20,091		11,622		18,872		17,994		17,459
	19,275		192,651		20,547		7,079		4,261		7,180		8,598

	131,913,270		23,214,202		2,708,091		14,955,163		1,543,580		49,269,254		6,345,770

$	1,120,088,936	$	2,885,154,036	$	157,283,406	$	490,393,378	$	88,802,718	$	468,283,144	$	203,884,453


$	797,241,970	$	1,406,154,669	$	120,672,186	$	474,823,132	$	69,483,953	$	377,232,425	$	153,876,536

$	136,874,464	$	71,256,768	$	3,267,843	$	20,812,181	$	2,138,692	$	65,232,939	$	13,778,987

$	934,116,434	$	1,477,411,437	$	123,940,029	$	495,635,313	$	71,622,645	$	442,465,364	$	167,655,523

$	127,774,235	$	15,509,047	$	1,708,610	$	13,451,572	$	394,849	$	47,226,460	$	6,024,011

$	0	$	0	$	55,510	$	4,477,747	$	0	$	0	$	0

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


104		Wells Fargo Advantage Allocation Funds		Statements of assets and liabilities—November 30, 2014 (unaudited)


	Core Bond Portfolio		Managed Fixed Income Portfolio

Assets
Investments
In unaffiliated securities (including securities on loan), at value (see cost below)	$	3,173,850,096	$	111,048,379
In affiliated securities, at value (see cost below)		164,332,510		2,531,162

Total investments, at value (see cost below)		3,338,182,606		113,579,541
Cash		717,939		0
Segregated cash		0		0
Receivable for investments sold		459,991,077		143,250
Principal paydown receivable		118,453		0
Receivable for interest		12,074,876		828,436
Receivable for securities lending income		380		0
Prepaid expenses and other assets		5,061		3,341

Total assets		3,811,090,392		114,554,568


Liabilities
Payable for investments purchased		820,351,809		238,505
Payable upon receipt of securities loaned		747,555		0
Payable for daily variation margin on open futures contracts		0		0
Advisory fee payable		827,141		28,780
Shareholder report expenses payable		4,027		2,220
Custodian and accounting fees payable		88,929		3,857
Professional fees payable		27,208		22,381

Total liabilities		822,046,669		295,743

Total net assets	$	2,989,043,723	$	114,258,825


Investments in unaffiliated securities, at cost	$	3,116,708,589	$	106,263,568

Investments in affiliated securities, at cost	$	164,332,510	$	2,531,162

Total investments, at cost	$	3,281,041,099	$	108,794,730

Securities on loan, at value	$	731,946	$	0

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


Statements of assets and liabilities—November 30, 2014 (unaudited)		Wells Fargo Advantage Allocation Funds			105


Real Return Portfolio		Stable Income Portfolio



$	43,864,359	$	23,033,970
	51,224		2,480,589

	43,915,583		25,514,559
	0		0
	0		18,000
	0		0
	0		0
	160,282		92,288
	0		0
	2,497		5,914

	44,078,362		25,630,761



	0		195,554
	0		0
	0		4,063
	9,762		1,474
	1,990		2,267
	2,838		3,782
	16,431		19,705

	31,021		226,845

$	44,047,341	$	25,403,916


$	42,000,296	$	22,437,852

$	51,224	$	2,480,589

$	42,051,520	$	24,918,441

$	0	$	0

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


106		Wells Fargo Advantage Allocation Funds		Statements of operations—six months ended November 30, 2014 (unaudited)


	C&B Large Cap Value Portfolio			Diversified Large Cap Growth Portfolio

Investment income
Dividends *	$	2,952,791		$	564,374
Income from affiliated securities		5,107			497
Securities lending income, net		2,949			9,176
Interest		0			0

Total investment income		2,960,847			574,047


Expenses
Advisory fee		1,046,467			438,979
Custody and accounting fees		11,970			12,455
Professional fees		21,960			24,024
Shareholder report expenses		726			690
Trustees’ fees and expenses		5,547			6,445
Other fees and expenses		4,677			2,848

Total expenses		1,091,347			485,441
Less: Fee waivers and/or expense reimbursements		0			(65,304	)

Net expenses		1,091,347			420,137

Net investment income (loss)		1,869,500			153,910


REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS

Net realized gains on:
Unaffiliated securities		23,094,390			7,393,125
Affiliated securities		0			0
Futures transactions		0			0

Net realized gains on investments		23,094,390			7,393,125

Net change in unrealized gains (losses) on:
Unaffiliated securities		(4,132,467	)		3,667,923
Affiliated securities		0			0
Futures transactions		0			0

Net change in unrealized gains (losses) on investments		(4,132,467	)		3,667,923

Net realized and unrealized gains (losses) on investments		18,961,923			11,061,048

Net increase (decrease) in net assets resulting from operations	$	20,831,423		$	11,214,958


* Net of foreign dividend withholding taxes in the amount of		$20,746			$651

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


Statements of operations—six months ended November 30, 2014 (unaudited)		Wells Fargo Advantage Allocation Funds			107


Emerging Growth Portfolio			Index Portfolio		International Growth Portfolio		International Value Portfolio			Large Company Value Portfolio			Small Company Growth Portfolio			Small Company Value Portfolio


$	624,501		$	28,243,948	$	879,653	$	6,450,877		$	757,243		$	788,155		$	1,396,484
	5,890			534,595		915		1,849			566			6,680			2,202
	333,659			44,926		18,769		155,455			6,389			246,662			23,906
	0			278		28		2,789			0			0			0

	964,050			28,823,747		899,365		6,610,970			764,198			1,041,497			1,422,592



	4,330,904			1,174,627		649,796		2,131,768			292,151			1,588,944			817,710
	33,307			79,054		54,322		69,747			6,499			16,838			11,082
	23,784			27,282		26,265		28,075			24,128			23,114			22,002
	2,391			4,099		1,867		1,884			639			1,411			1,760
	6,092			6,093		6,366		6,372			6,556			6,095			6,252
	10,481			200,397		11,053		25,291			3,231			3,666			3,021

	4,406,959			1,491,552		749,669		2,263,137			333,204			1,640,068			861,827
	0			0		0		0			(1,326	)		0			0

	4,406,959			1,491,552		749,669		2,263,137			331,878			1,640,068			861,827

	(3,442,909	)		27,332,195		149,696		4,347,833			432,320			(598,571	)		560,765





	48,390,077			52,004,846		2,894,828		4,321,304			3,929,387			9,808,746			8,398,624
	0			834,634		0		0			0			0			0
	0			1,606,123		0		0			0			0			0

	48,390,077			54,445,603		2,894,828		4,321,304			3,929,387			9,808,746			8,398,624


	80,834,486			147,070,069		289,174		(41,305,695	)		(649,802	)		12,332,831			(7,937,428	)
	0			1,958,013		0		0			0			0			0
	0			752,525		0		0			0			0			0

	80,834,486			149,780,607		289,174		(41,305,695	)		(649,802	)		12,332,831			(7,937,428	)

	129,224,563			204,226,210		3,184,002		(36,984,391	)		3,279,585			22,141,577			461,196

$	125,781,654		$	231,558,405	$	3,333,698	$	(32,636,558	)	$	3,711,905		$	21,543,006		$	1,021,961


	$0			$8,312		$123,755		$662,904			$13,441			$4,747			$0

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


108		Wells Fargo Advantage Allocation Funds		Statements of operations—six months ended November 30, 2014 (unaudited)


	Core Bond Portfolio			Managed Fixed Income Portfolio

Investment income
Interest **	$	33,167,125		$	2,051,454
Securities lending income, net		138,443			968
Income from affiliated securities		40,846			629

Total investment income		33,346,414			2,053,051


Expenses
Advisory fee		5,273,560			226,815
Custody and accounting fees		85,556			6,205
Professional fees		32,629			27,702
Shareholder report expenses		3,758			1,776
Trustees’ fees and expenses		6,095			6,095
Other fees and expenses		32,258			2,268

Total expenses		5,433,856			270,861
Less: Fee waivers and/or expense reimbursements		(358,908	)		(50,397	)

Net expenses		5,074,948			220,464

Net investment income		28,271,466			1,832,587


REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS

Net realized gains (losses) on:
Unaffiliated securities		25,152,081			521,601
Futures transactions		0			0
TBA sale commitments		(2,043	)		0

Net realized gain (losses) on investments		25,150,038			521,601


Net change in unrealized gains (losses) on:
Unaffiliated securities		8,723,076			484,836
Futures transactions		0			0

Net change in unrealized gains (losses) on investments		8,723,076			484,836

Net realized and unrealized gains (losses) on investments		33,873,114			1,006,437

Net increase (decrease) in net assets resulting from operations	$	62,144,580		$	2,839,024


** Net of foreign interest withholding taxes in the amount of		$0			$1,249

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


Statements of operations—six months ended November 30, 2014 (unaudited)		Wells Fargo Advantage Allocation Funds			109


Real Return Portfolio			Stable Income Portfolio


$	460,129		$	206,194
	0			0
	13			677

	460,142			206,871



	91,084			37,690
	4,812			5,398
	22,364			24,978
	1,207			1,294
	6,370			6,355
	2,492			4,038

	128,329			79,753
	(28,455	)		(28,809	)

	99,874			50,944

	360,268			155,927





	180,621			1,731
	(1,641	)		(14,336	)
	0			0

	178,980			(12,605	)



	(826,904	)		(37,085	)
	0			(13,126	)

	(826,904	)		(50,211	)

	(647,924	)		(62,816	)

$	(287,656	)	$	93,111


	$0			$0

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


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


	C&B Large Cap Value Portfolio
	Six months ended November 30, 2014 (unaudited)			Year ended May 31, 2014

Operations
Net investment income	$	1,869,500		$	4,519,408
Net realized gains on investments		23,094,390			41,555,935
Net change in unrealized gains (losses) on investments		(4,132,467	)		9,188,214

Net increase in net assets resulting from operations		20,831,423			55,263,557


Capital share transactions
Transactions in investors’ beneficial interests
Contributions		21,003,541			24,307,963
Withdrawals		(20,618,443	)		(109,777,604	)

Net increase (decrease) in net assets resulting from capital share transactions		385,098			(85,469,641	)

Total increase (decrease) in net assets		21,216,521			(30,206,084	)


Net assets
Beginning of period		316,948,455			347,154,539

End of period	$	338,164,976		$	316,948,455

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


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


	Diversified Large Cap Growth Portfolio
	Six months ended November 30, 2014 (unaudited)			Year ended May 31, 2014

Operations
Net investment income	$	153,910		$	217,848
Net realized gains on investments		7,393,125			17,206,881
Net change in unrealized gains (losses) on investments		3,667,923			12,006,669

Net increase in net assets resulting from operations		11,214,958			29,431,398


Capital share transactions
Transactions in investors’ beneficial interests
Contributions		257,917			4,540,444
Withdrawals		(20,595,346	)		(38,368,891	)

Net decrease in net assets resulting from capital share transactions		(20,337,429	)		(33,828,447	)

Total decrease in net assets		(9,122,471	)		(4,397,049	)


Net assets
Beginning of period		143,448,344			147,845,393

End of period	$	134,325,873		$	143,448,344

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


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


	Emerging Growth Portfolio
	Six months ended November 30, 2014 (unaudited)			Year ended May 31, 2014

Operations
Net investment loss	$	(3,442,909	)	$	(7,250,579	)
Net realized gains on investments		48,390,077			126,561,844
Net change in unrealized gains (losses) on investments		80,834,486			2,831,625

Net increase in net assets resulting from operations		125,781,654			122,142,890


Capital share transactions
Transactions in investors’ beneficial interests
Contributions		22,755,111			100,196,552
Withdrawals		(124,646,482	)		(172,012,866	)

Net decrease in net assets resulting from capital share transactions		(101,891,371	)		(71,816,314	)

Total increase in net assets		23,890,283			50,326,576


Net assets
Beginning of period		1,096,198,653			1,045,872,077

End of period	$	1,120,088,936		$	1,096,198,653

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


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


	Index Portfolio
	Six months ended November 30, 2014 (unaudited)			Year ended May 31, 2014

Operations
Net investment income	$	27,332,195		$	54,636,691
Net realized gains on investments		54,445,603			10,828,401
Net change in unrealized gains (losses) on investments		149,780,607			446,135,782

Net increase in net assets resulting from operations		231,558,405			511,600,874


Capital share transactions
Transactions in investors’ beneficial interests
Contributions		68,698,638			110,111,813
Withdrawals		(252,454,175	)		(397,250,633	)

Net decrease in net assets resulting from capital share transactions		(183,755,537	)		(287,138,820	)

Total increase in net assets		47,802,868			224,462,054


Net assets
Beginning of period		2,837,351,168			2,612,889,114

End of period	$	2,885,154,036		$	2,837,351,168

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


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


	International Growth Portfolio
	Six months ended November 30, 2014 (unaudited)			Year ended May 31, 2014

Operations
Net investment income	$	149,696		$	1,665,920
Net realized gains on investments		2,894,828			7,645,552
Net change in unrealized gains (losses) on investments		289,174			13,428,833

Net increase in net assets resulting from operations		3,333,698			22,740,305


Capital share transactions
Transactions in investors’ beneficial interests
Contributions		4,575,581			13,505,034
Withdrawals		(6,734,073	)		(18,531,879	)

Net decrease in net assets resulting from capital share transactions		(2,158,492	)		(5,026,845	)

Total increase in net assets		1,175,206			17,713,460


Net assets
Beginning of period		156,108,200			138,394,740

End of period	$	157,283,406		$	156,108,200

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


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


	International Value Portfolio
	Six months ended November 30, 2014 (unaudited)			Year ended May 31, 2014

Operations
Net investment income	$	4,347,833		$	14,388,396
Net realized gains on investments		4,321,304			8,585,816
Net change in unrealized gains (losses) on investments		(41,305,695	)		54,753,421

Net increase (decrease) in net assets resulting from operations		(32,636,558	)		77,727,633


Capital share transactions
Transactions in investors’ beneficial interests
Contributions		17,007,628			31,602,874
Withdrawals		(6,213,028	)		(19,826,023	)

Net increase in net assets resulting from capital share transactions		10,794,600			11,776,851

Total increase (decrease) in net assets		(21,841,958	)		89,504,484


Net assets
Beginning of period		512,235,336			422,730,852

End of period	$	490,393,378		$	512,235,336

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


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


	Large Company Value Portfolio
	Six months ended November 30, 2014 (unaudited)			Year ended May 31, 2014

Operations
Net investment income	$	432,320		$	971,468
Net realized gains on investments		3,929,387			9,554,727
Net change in unrealized gains (losses) on investments		(649,802	)		7,711,461

Net increase in net assets resulting from operations		3,711,905			18,237,656


Capital share transactions
Transactions in investors’ beneficial interests
Contributions		742,073			1,607,068
Withdrawals		(11,701,655	)		(22,199,921	)

Net decrease in net assets resulting from capital share transactions		(10,959,582	)		(20,592,853	)

Total decrease in net assets		(7,247,677	)		(2,355,197	)


Net assets
Beginning of period		96,050,395			98,405,592

End of period	$	88,802,718		$	96,050,395

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


Statements of changes in net assets		Wells Fargo Advantage Allocation Funds			117


	Small Company Growth Portfolio
	Six months ended November 30, 2014 (unaudited)			Year ended May 31, 2014

Operations
Net investment loss	$	(598,571	)	$	(977,131	)
Net realized gains on investments		9,808,746			25,678,045
Net change in unrealized gains (losses) on investments		12,332,831			21,247,400

Net increase in net assets resulting from operations		21,543,006			45,948,314


Capital share transactions
Transactions in investors’ beneficial interests
Contributions		118,459,319			152,768,112
Withdrawals		(27,634,709	)		(39,286,894	)

Net increase in net assets resulting from capital share transactions		90,824,610			113,481,218

Total increase in net assets		112,367,616			159,429,532


Net assets
Beginning of period		355,915,528			196,485,996

End of period	$	468,283,144		$	355,915,528

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


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


	Small Company Value Portfolio
	Six months ended November 30, 2014 (unaudited)			Year ended May 31, 2014

Operations
Net investment income	$	560,765		$	1,830,396
Net realized gains on investments		8,398,624			23,264,792
Net change in unrealized gains (losses) on investments		(7,937,428	)		9,025,443

Net increase in net assets resulting from operations		1,021,961			34,120,631


Capital share transactions
Transactions in investors’ beneficial interests
Contributions		12,926,173			18,725,149
Withdrawals		(16,411,190	)		(50,335,526	)

Net decrease in net assets resulting from capital share transactions		(3,485,017	)		(31,610,377	)

Total increase (decrease) in net assets		(2,463,056	)		2,510,254


Net assets
Beginning of period		206,347,509			203,837,255

End of period	$	203,884,453		$	206,347,509

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


Statements of changes in net assets		Wells Fargo Advantage Allocation Funds			119


	Core Bond Portfolio
	Six months ended November 30, 2014 (unaudited)			Year ended May 31, 2014

Operations
Net investment income	$	28,271,466		$	57,008,763
Net realized gains (losses) on investments		25,150,038			(25,731,456	)
Net change in unrealized gains (losses) on investments		8,723,076			45,003,848

Net increase in net assets resulting from operations		62,144,580			76,281,155


Capital share transactions
Transactions in investors’ beneficial interests
Contributions		304,034,567			222,957,263
Withdrawals		(273,677,183	)		(751,133,453	)

Net increase (decrease) in net assets resulting from capital share transactions		30,357,384			(528,176,190	)

Total increase (decrease) in net assets		92,501,964			(451,895,035	)


Net assets
Beginning of period		2,896,541,759			3,348,436,794

End of period	$	2,989,043,723		$	2,896,541,759

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


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


	Managed Fixed Income Portfolio
	Six months ended November 30, 2014 (unaudited)			Year ended May 31, 2014

Operations
Net investment income	$	1,832,587		$	3,708,418
Net realized gains (losses) on investments		521,601			(2,367,336	)
Net change in unrealized gains (losses) on investments		484,836			2,165,201

Net increase in net assets resulting from operations		2,839,024			3,506,283


Capital share transactions
Transactions in investors’ beneficial interests
Contributions		6,617,707			21,095,774
Withdrawals		(7,695,914	)		(21,367,204	)

Net decrease in net assets resulting from capital share transactions		(1,078,207	)		(271,430	)

Total increase in net assets		1,760,817			3,234,853


Net assets
Beginning of period		112,498,008			109,263,155

End of period	$	114,258,825		$	112,498,008

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


Statements of changes in net assets		Wells Fargo Advantage Allocation Funds			121


	Real Return Portfolio
	Six months ended November 30, 2014 (unaudited)			Year ended May 31, 2014

Operations
Net investment income	$	360,268		$	781,968
Net realized gains on investments		178,980			518,616
Net change in unrealized gains (losses) on investments		(826,904	)		(2,086,498	)

Net decrease in net assets resulting from operations		(287,656	)		(785,914	)


Capital share transactions
Transactions in investors’ beneficial interests
Contributions		2,260,422			5,773,010
Withdrawals		(5,125,842	)		(24,418,897	)

Net decrease in net assets resulting from capital share transactions		(2,865,420	)		(18,645,887	)

Total decrease in net assets		(3,153,076	)		(19,431,801	)


Net assets
Beginning of period		47,200,417			66,632,218

End of period	$	44,047,341		$	47,200,417

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


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


	Stable Income Portfolio
	Six months ended November 30, 2014 (unaudited)			Year ended May 31, 2014

Operations
Net investment income	$	155,927		$	346,645
Net realized losses on investments		(12,605	)		(3,556	)
Net change in unrealized gains (losses) on investments		(50,211	)		20,195

Net increase in net assets resulting from operations		93,111			363,284


Capital share transactions
Transactions in investors’ beneficial interests
Contributions		1,119,538			4,319,001
Withdrawals		(617,267	)		(3,937,958	)

Net increase in net assets resulting from capital share transactions		502,271			381,043

Total increase in net assets		595,382			744,327


Net assets
Beginning of period		24,808,534			24,064,207

End of period	$	25,403,916		$	24,808,534

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


Financial highlights		Wells Fargo Advantage Allocation Funds			123


	Ratio to average net assets (annualized)									Total return¹			Portfolio turnover rate
	Net investment income (loss)			Gross expenses			Net expenses			Total return¹			Portfolio turnover rate

C&B Large Cap Value Portfolio
Six months ended November 30, 2014 (unaudited)		1.16	%		0.68	%		0.68	%		6.60	%		17	%
Year ended May 31, 2014		1.35	%		0.68	%		0.68	%		17.80	%		22	%
Year ended May 31, 2013		1.73	%		0.68	%		0.68	%		29.30	%		18	%
Year ended May 31, 2012		1.81	%		0.68	%		0.68	%		(4.61	)%		21	%
Year ended May 31, 2011²		1.27	%		0.67	%		0.67	%		18.08	%		17	%
Year ended September 30, 2010		1.40	%		0.70	%		0.68	%		7.49	%		13	%
Year ended September 30, 2009		2.19	%		0.73	%		0.64	%		(5.53	)%		28	%

Diversified Large Cap Growth Portfolio
Six months ended November 30, 2014 (unaudited)		0.23	%		0.72	%		0.62	%		8.68	%		23	%
Year ended May 31, 2014		0.15	%		0.72	%		0.62	%		21.70	%		54	%
Year ended May 31, 2013		0.51	%		0.71	%		0.62	%		20.30	%		56	%
Year ended May 31, 2012		0.24	%		0.71	%		0.62	%		1.26	%		79	%
Year ended May 31, 2011^2,3		0.40	%		0.69	%		0.62	%		22.78	%		101	%
Year ended September 30, 2010³		0.66	%		0.70	%		0.62	%		7.51	%		11	%
Year ended September 30, 2009³		0.97	%		0.70	%		0.62	%		3.31	%		13	%

Emerging Growth Portfolio
Six months ended November 30, 2014 (unaudited)		(0.62	)%		0.80	%		0.80	%		11.98	%		26	%
Year ended May 31, 2014		(0.62	)%		0.80	%		0.80	%		11.92	%		63	%
Year ended May 31, 2013		(0.47	)%		0.80	%		0.80	%		20.53	%		65	%
Year ended May 31, 2012		(0.57	)%		0.80	%		0.80	%		(4.83	)%		75	%
Year ended May 31, 2011²		(0.77	)%		0.94	%		0.91	%		37.91	%		59	%
Year ended September 30, 2010		(0.66	)%		1.02	%		0.94	%		20.49	%		97	%
Year ended September 30, 2009		(0.53	)%		0.94	%		0.91	%		(5.70	)%		147	%

Index Portfolio
Six months ended November 30, 2014 (unaudited)		1.95	%		0.11	%		0.11	%		8.52	%		2	%
Year ended May 31, 2014		1.99	%		0.10	%		0.10	%		20.33	%		5	%
Year ended May 31, 2013		2.20	%		0.09	%		0.09	%		27.22	%		4	%
Year ended May 31, 2012		2.09	%		0.10	%		0.10	%		(0.52	)%		9	%
Year ended May 31, 2011²		1.93	%		0.10	%		0.10	%		19.39	%		3	%
Year ended September 30, 2010		2.01	%		0.10	%		0.10	%		9.97	%		22	%
Year ended September 30, 2009		2.61	%		0.12	%		0.10	%		(7.00	)%		10	%

International Growth Portfolio
Six months ended November 30, 2014 (unaudited)		0.20	%		0.98	%		0.98	%		2.09	%		25	%
Year ended May 31, 2014		1.13	%		1.00	%		1.00	%		16.45	%		46	%
Year ended May 31, 2013		1.63	%		1.04	%		1.04	%		30.34	%		46	%
Year ended May 31, 2012		2.04	%		0.97	%		0.90	%		(9.44	)%		69	%
Year ended May 31, 2011²		1.62	%		1.10	%		1.10	%		14.50	%		53	%
Year ended September 30, 2010		0.89	%		1.42	%		1.20	%		3.25	%		89	%
Year ended September 30, 2009		1.71	%		1.14	%		1.11	%		6.23	%		95	%

International Value Portfolio
Six months ended November 30, 2014 (unaudited)		1.73	%		0.90	%		0.90	%		(6.43	)%		7	%
Year ended May 31, 2014		3.09	%		0.91	%		0.91	%		18.22	%		11	%
Year ended May��31, 2013		3.04	%		0.91	%		0.91	%		29.45	%		16	%
Year ended May 31, 2012		3.44	%		0.91	%		0.85	%		(21.07	)%		9	%
Year ended May 31, 2011²		3.14	%		0.94	%		0.94	%		14.00	%		16	%
Year ended September 30, 2010		2.41	%		1.20	%		1.06	%		0.92	%		27	%
Year ended September 30, 2009		2.72	%		1.08	%		1.03	%		5.26	%		41	%

Please see footnotes on page 125.

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


124		Wells Fargo Advantage Allocation Funds		Financial highlights


	Ratio to average net assets (annualized)									Total return¹			Portfolio turnover rate
	Net investment income (loss)			Gross expenses			Net expenses			Total return¹			Portfolio turnover rate

Large Company Value Portfolio
Six months ended November 30, 2014 (unaudited)		0.96	%		0.74	%		0.74	%		4.19	%		39	%
Year ended May 31, 2014		0.99	%		0.73	%		0.73	%		20.26	%		62	%
Year ended May 31, 2013		1.49	%		0.78	%		0.74	%		28.91	%		95	%
Year ended May 31, 2012		1.67	%		0.77	%		0.74	%		(6.06	)%		104	%
Year ended May 31, 2011²		1.58	%		0.78	%		0.74	%		21.46	%		38	%
Year ended September 30, 2010		1.73	%		0.73	%		0.72	%		7.02	%		46	%
Year ended September 30, 2009		2.69	%		0.75	%		0.69	%		(9.66	)%		11	%

Small Company Growth Portfolio
Six months ended November 30, 2014 (unaudited)		(0.30	)%		0.83	%		0.83	%		5.46	%		30	%
Year ended May 31, 2014		(0.37	)%		0.83	%		0.83	%		23.47	%		77	%
Year ended May 31, 2013		(0.02	)%		0.86	%		0.86	%		31.39	%		109	%
Year ended May 31, 2012		(0.12	)%		0.83	%		0.83	%		(10.75	)%		107	%
Year ended May 31, 2011²		(0.42	)%		0.83	%		0.83	%		39.64	%		70	%
Year ended September 30, 2010		(0.48	)%		0.87	%		0.86	%		15.25	%		129	%
Year ended September 30, 2009		(0.53	)%		0.89	%		0.87	%		1.75	%		169	%

Small Company Value Portfolio
Six months ended November 30, 2014 (unaudited)		0.55	%		0.84	%		0.84	%		0.38	%		24	%
Year ended May 31, 2014		0.89	%		0.85	%		0.85	%		18.09	%		47	%
Year ended May 31, 2013		0.58	%		0.85	%		0.85	%		30.76	%		57	%
Year ended May 31, 2012		0.69	%		0.84	%		0.84	%		(7.17	)%		60	%
Year ended May 31, 2011²		1.60	%		0.84	%		0.84	%		26.72	%		47	%
Year ended September 30, 2010		0.31	%		0.89	%		0.89	%		16.38	%		60	%
Year ended September 30, 2009		1.16	%		0.90	%		0.88	%		(6.28	)%		99	%

Core Bond Portfolio
Six months ended November 30, 2014 (unaudited)		1.95	%		0.37	%		0.35	%		2.13	%		286	%
Year ended May 31, 2014		1.94	%		0.37	%		0.35	%		2.90	%		646	%
Year ended May 31, 2013		1.75	%		0.37	%		0.35	%		2.61	%		547	%
Year ended May 31, 2012		2.33	%		0.37	%		0.35	%		8.20	%		803	%
Year ended May 31, 2011		2.99	%		0.37	%		0.35	%		7.02	%		789	%
Year ended May 31, 2010		3.78	%		0.38	%		0.34	%		10.87	%		638	%

Managed Fixed Income Portfolio
Six months ended November 30, 2014 (unaudited)		3.23	%		0.48	%		0.39	%		2.50	%		13	%
Year ended May 31, 2014		3.33	%		0.48	%		0.39	%		3.07	%		35	%
Year ended May 31, 2013		3.42	%		0.47	%		0.39	%		4.81	%		49	%
Year ended May 31, 2012		3.83	%		0.46	%		0.39	%		6.97	%		51	%
Year ended May 31, 2011		3.97	%		0.45	%		0.39	%		8.84	%		104	%
Year ended May 31, 2010		3.64	%		0.42	%		0.38	%		14.58	%		59	%

Real Return Portfolio
Six months ended November 30, 2014 (unaudited)		1.58	%		0.56	%		0.44	%		(0.65	)%		3	%
Year ended May 31, 2014		1.45	%		0.53	%		0.44	%		(0.26	)%		9	%
Year ended May 31, 2013		1.52	%		0.50	%		0.44	%		(1.86	)%		15	%
Year ended May 31, 2012		3.00	%		0.48	%		0.44	%		12.62	%		23	%
Year ended May 31, 2011		3.25	%		0.44	%		0.43	%		8.19	%		19	%
Year ended May 31, 2010		3.53	%		0.45	%		0.44	%		8.28	%		31	%

Please see footnotes on page 125.

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


Financial highlights		Wells Fargo Advantage Allocation Funds			125


	Ratio to average net assets (annualized)									Total return¹			Portfolio turnover rate
	Net investment income			Gross expenses			Net expenses			Total return¹			Portfolio turnover rate

Stable Income Portfolio
Six months ended November 30, 2014 (unaudited)		1.24	%		0.63	%		0.41	%		0.39	%		13	%
Year ended May 31, 2014		1.41	%		0.66	%		0.41	%		1.52	%		33	%
Year ended May 31, 2013		1.50	%		0.58	%		0.41	%		2.78	%		20	%
Year ended May 31, 2012		1.76	%		0.59	%		0.41	%		1.71	%		11	%
Year ended May 31, 2011		2.02	%		0.54	%		0.40	%		2.97	%		14	%
Year ended May 31, 2010		1.90	%		0.43	%		0.40	%		9.94	%		10	%

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

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

^3.

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

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


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

1. ORGANIZATION

Wells Fargo Master Trust (the “Trust”), a Delaware statutory trust organized on March 10, 1999, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). These financial statements report on the following portfolios: the Wells Fargo Advantage C&B Large Cap Value Portfolio (“C&B Large Cap Value Portfolio”), the Wells Fargo Advantage Diversified Large Cap Growth Portfolio (“Diversified Large Cap Growth Portfolio”), the Wells Fargo Advantage Emerging Growth Portfolio (“Emerging Growth Portfolio”), the Wells Fargo Advantage Index Portfolio (“Index Portfolio”), the Wells Fargo Advantage International Growth Portfolio (“International Growth Portfolio”), the Wells Fargo Advantage International Value Portfolio (“International Value Portfolio”), the Wells Fargo Advantage Large Company Value Portfolio (“Large Company Value Portfolio”), the Wells Fargo Advantage Small Company Growth Portfolio (“Small Company Growth Portfolio”), the Wells Fargo Advantage Small Company Value Portfolio (“Small Company Value Portfolio”), the Wells Fargo Advantage Core Bond Portfolio (“Core Bond Portfolio”), the Wells Fargo Advantage Managed Fixed Income Portfolio (“Managed Fixed Income Portfolio”), the Wells Fargo Advantage Real Return Portfolio (“Real Return Portfolio”) (formerly, Wells Fargo Advantage Inflation-Protected Bond Portfolio), and the Wells Fargo Advantage Stable Income Portfolio (“Stable Income Portfolio”) (each, a “Portfolio”, collectively, the “Portfolios”). Each Portfolio is a diversified series of the Trust.

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

The values of securities denominated in foreign currencies 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 net asset values that are higher or lower than net asset values based on the last reported sales price or latest quoted bid price. On November 30, 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.


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

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

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

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.

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 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 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.


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

When-issued transactions

The Portfolios 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

The Portfolios are subject to interest rate risk or equity price risk in the normal course of pursuing their investment objectives. A 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.

TBA sale commitments

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

Inflation-indexed bonds and TIPS

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

Mortgage dollar roll transactions

The Portfolios 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.


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

Security transactions and income recognition

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

Dividend income is recognized on the ex-dividend date, except for certain dividends from foreign securities which are recorded as soon as the custodian verifies the ex-dividend date.

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

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

Federal and other taxes

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

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

3. FAIR VALUATION MEASUREMENTS

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

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.


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

The following is a summary of the inputs used in valuing each Portfolio’s assets and liabilities as of November 30, 2014:


	Quoted prices (Level 1)		Other significant observable inputs (Level 2)			Significant unobservable inputs (Level 3)		Total
C&B Large Cap Value Portfolio
Assets
Investments in:

Common stocks
Consumer discretionary	$	42,500,097	$	0		$	0	$	42,500,097
Consumer staples		35,992,489		0			0		35,992,489
Energy		29,407,489		0			0		29,407,489
Financials		80,741,873		0			0		80,741,873
Health care		46,642,321		0			0		46,642,321
Industrials		31,949,489		0			0		31,949,489
Information technology		22,448,373		0			0		22,448,373
Materials		19,774,604		0			0		19,774,604

Preferred stocks
Consumer staples		1,507,315		0			0		1,507,315

Short-term investments
Investment companies		24,831,887		0			0		24,831,887
Total assets	$	335,795,937	$	0		$	0	$	335,795,937
Diversified Large Cap Growth Portfolio
Assets
Investments in:

Common stocks
Consumer discretionary	$	34,369,514	$	0		$	0	$	34,369,514
Consumer staples		5,286,554		0			0		5,286,554
Energy		5,898,125		0			0		5,898,125
Financials		8,492,110		0			0		8,492,110
Health care		21,264,089		0			0		21,264,089
Industrials		15,002,610		0			0		15,002,610
Information technology		37,159,209		0			0		37,159,209
Materials		4,201,052		0	��		0		4,201,052
Telecommunication		1,500,556		0			0		1,500,556

Short-term investments
Investment companies		1,435,598		1,815,925			0		3,251,523
Total assets	$	134,609,417	$	1,815,925		$	0	$	136,425,342
Emerging Growth Portfolio
Assets
Investments in:

Common stocks
Consumer discretionary	$	142,492,106	$	0		$	0	$	142,492,106
Consumer staples		16,499,666		0			0		16,499,666
Energy		32,516,507		0			0		32,516,507
Financials		86,291,617		0			0		86,291,617
Health care		348,224,013		0			0		348,224,013
Industrials		118,632,477		0			0		118,632,477
Information technology		364,694,144		0			0		364,694,144
Materials		5,609,500		0			0		5,609,500

Short-term investments
Investment companies		5,987,366		130,887,098			0		136,874,464
Total assets	$	1,120,947,396	$	130,887,098		$	0	$	1,251,834,494


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


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

Common stocks
Consumer discretionary	$	340,482,207	$	0	$	0	$	340,482,207
Consumer staples		281,549,124		0		0		281,549,124
Energy		238,844,080		0		0		238,844,080
Financials		464,060,319		0		0		464,060,319
Health care		408,205,947		0		0		408,205,947
Industrials		297,747,015		0		0		297,747,015
Information technology		568,771,683		0		0		568,771,683
Materials		91,523,247		0		0		91,523,247
Telecommunication services		68,620,168		0		0		68,620,168
Utilities		88,365,228		0		0		88,365,228

Short-term investments
Investment companies		35,068,768		15,878,700		0		50,947,468
U.S. Treasury securities		179,998		2,484,902		0		2,664,900
Total assets	$	2,883,417,784	$	18,363,602	$	0	$	2,901,781,386
Liabilities
Futures contracts	$	107,505	$	0	$	0	$	107,505
Total liabilities	$	107,505	$	0	$	0	$	107,505
International Growth Portfolio
Assets
Investments in:

Common stocks
Belgium	$	6,246,315	$	0	$	0	$	6,246,315
Brazil		276,338		0		0		276,338
China		16,433,660		0		0		16,433,660
Denmark		300,679		0		0		300,679
France		9,048,967		0		0		9,048,967
Germany		18,619,765		0		0		18,619,765
Hong Kong		10,056,539		0		0		10,056,539
Ireland		5,639,335		0		0		5,639,335
Japan		23,280,134		0		0		23,280,134
Mexico		4,797,608		0		0		4,797,608
Netherlands		6,996,537		0		0		6,996,537
South Korea		591,785		0		0		591,785
Spain		3,097,829		0		0		3,097,829
Sweden		1,306,046		0		0		1,306,046
Switzerland		13,918,128		0		0		13,918,128
United Kingdom		28,442,832		28,926		0		28,471,758
United States		3,364,188		0		0		3,364,188

Participation notes
United Kingdom		0		1,232,086		0		1,232,086

Preferred stocks
Germany		2,091,882		0		0		2,091,882

Short-term investments
Investment companies		1,480,017		1,787,826		0		3,267,843
Total assets	$	155,988,584	$	3,048,838	$	0	$	159,037,422


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


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

Common stocks
Australia	$	27,014,669	$	0	$	0	$	27,014,669
Austria		6,371,621		0		0		6,371,621
Belgium		2,882,203		0		0		2,882,203
Brazil		4,834,284		0		0		4,834,284
Canada		14,282,460		0		0		14,282,460
China		12,063,480		0		0		12,063,480
Czech Republic		1,602,829		0		0		1,602,829
Finland		4,607,457		0		0		4,607,457
France		41,171,510		0		0		41,171,510
Germany		38,576,589		0		0		38,576,589
Hong Kong		9,299,596		0		0		9,299,596
Hungary		59,155		0		0		59,155
India		7,659,525		0		0		7,659,525
Ireland		3,026,529		0		0		3,026,529
Israel		5,629,578		0		0		5,629,578
Italy		6,388,885		0		0		6,388,885
Japan		97,017,609		0		0		97,017,609
Liechtenstein		634,823		0		0		634,823
Netherlands		13,757,049		0		0		13,757,049
Norway		8,113,989		0		0		8,113,989
Poland		2,963,675		0		0		2,963,675
Russia		5,216,958		0		0		5,216,958
Singapore		5,534,728		0		0		5,534,728
South Africa		3,224,974		0		0		3,224,974
South Korea		12,332,599		0		0		12,332,599
Spain		7,495,983		0		0		7,495,983
Sweden		10,895,637		0		0		10,895,637
Switzerland		24,816,570		0		0		24,816,570
Taiwan		2,401,260		0		0		2,401,260
Thailand		3,878,063		0		0		3,878,063
United Kingdom		89,590,278		0		0		89,590,278

Preferred stocks
Brazil		4,607,364		0		0		4,607,364

Rights
Spain		0		23,994		0		23,994

Short-term investments
Investment companies		6,617,840		14,194,341		0		20,812,181
Total assets	$	484,569,769	$	14,218,335	$	0	$	498,788,104


Notes to financial statements (unaudited)		Wells Fargo Advantage Allocation Funds			133


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

Common stocks
Consumer discretionary	$	7,755,163	$	0	$	0	$	7,755,163
Consumer staples		4,276,180		0		0		4,276,180
Energy		8,038,409		0		0		8,038,409
Financials		26,069,684		0		0		26,069,684
Health care		12,037,660		0		0		12,037,660
Industrials		10,215,162		0		0		10,215,162
Information technology		11,300,967		0		0		11,300,967
Materials		3,218,719		0		0		3,218,719
Telecommunication services		1,714,924						1,714,924
Utilities		3,110,656		0		0		3,110,656

Short-term investments
Investment companies		1,733,742		404,950		0		2,138,692
Total assets	$	89,471,266	$	404,950	$	0	$	89,876,216
Small Company Growth Portfolio
Assets
Investments in:

Common stocks
Consumer discretionary	$	60,694,683	$	0	$	0	$	60,694,683
Consumer staples		7,018,745		0		0		7,018,745
Energy		19,010,001		0		0		19,010,001
Financials		46,837,094		0		0		46,837,094
Health care		118,858,478		0		0		118,858,478
Industrials		63,945,047		0		0		63,945,047
Information technology		113,413,281		0		0		113,413,281
Materials		20,384,666		0		0		20,384,666

Short-term investments
Investment companies		16,841,539		48,391,400		0		65,232,939
Total assets	$	467,003,534	$	48,391,400	$	0	$	515,394,934
Small Company Value Portfolio
Assets
Investments in:

Common stocks
Consumer discretionary	$	33,234,619	$	0	$	0	$	33,234,619
Consumer staples		1,603,080		0		0		1,603,080
Energy		6,035,692		0		0		6,035,692
Financials		79,811,863		0		0		79,811,863
Health care		11,463,635		0		0		11,463,635
Industrials		19,923,097		0		0		19,923,097
Information technology		24,288,952		0		0		24,288,952
Materials		9,005,561		0		0		9,005,561
Telecommunication services		1,019,045		0		0		1,019,045
Utilities		9,927,665		0		0		9,927,665

Warrants
Health care		0		6,201		0		6,201

Short-term investments
Investment companies		7,594,762		6,184,225		0		13,778,987
Total assets	$	203,907,971	$	6,190,426	$	0	$	210,098,397


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


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

Agency securities	$	0	$	873,674,600	$	0	$	873,674,600

Asset-backed securities		0		457,486,853		0		457,486,853

Corporate bonds and notes		0		565,267,267		0		565,267,267

Municipal obligations		0		29,423,778		0		29,423,778

Non-agency mortgage backed securities		0		154,101,015		0		154,101,015

U.S. Treasury securities		895,570,651		0		0		895,570,651

Yankee corporate bonds and notes		0		155,633,437		0		155,633,437

Yankee government bonds		0		42,692,495		0		42,692,495

Short-term investments
Investment companies		163,584,955		747,555		0		164,332,510
Total assets	$	1,059,155,606	$	2,279,027,000	$	0	$	3,338,182,606
Managed Fixed Income Portfolio
Assets
Investments in:

Agency securities	$	0	$	33,650,829	$	0	$	33,650,829

Asset-backed securities		0		4,006,621		0		4,006,621

Corporate bonds and notes		0		34,924,413		0		34,924,413

Municipal obligations		0		10,645,042		0		10,645,042

Non-agency mortgage backed securities		0		13,775,902		1,341,360		15,117,262

U.S. Treasury securities		5,733,338		0		0		5,733,338

Yankee corporate bonds and notes		0		6,483,425		0		6,483,425

Yankee government bonds		0		487,449		0		487,449

Short-term investments
Investment companies		2,531,162		0		0		2,531,162
Total assets	$	8,264,500	$	103,973,681	$	1,341,360	$	113,579,541
Real Return Portfolio
Assets
Investments in:
U.S. Treasury securities	$	43,864,359	$	0	$	0	$	43,864,359

Short-term investments
Investment companies		51,224		0		0		51,224
Total assets	$	43,915,583	$	0	$	0	$	43,915,583


Notes to financial statements (unaudited)		Wells Fargo Advantage Allocation Funds			135


	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Stable Income Portfolio
Assets
Investments in:
Agency securities	$	0	$	8,964,013	$	0	$	8,964,013

Asset-backed securities		0		5,264,367		0		5,264,367

Corporate bonds and notes		0		5,879,799		0		5,879,799

Municipal obligations		0		363,106		0		363,106

Non-agency mortgage backed securities		0		1,138,189		0		1,138,189

Yankee corporate bonds and notes		0		1,424,496		0		1,424,496

Short-term investments
Investment companies		2,480,589		0		0		2,480,589
Total assets	$	2,480,589	$	23,033,970	$	0	$	25,514,559
Liabilities
Futures contracts	$	4,063	$	0	$	0	$	4,063
Total liabilities	$	4,063	$	0	$	0	$	4,063

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. At November 30, 2014, the Portfolios did not have any transfers into/out of Level 1 or Level 2.

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


Managed Fixed Income Portfolio	Non-agency mortgage backed securities
Managed Fixed Income Portfolio	Non-agency mortgage backed securities
Balance as of May 31, 2014	$	1,400,534
Accrued discounts (premiums)		0
Realized gains (losses)		0
Change in unrealized gains (losses)		57,216
Purchases		0
Sales		(116,390	)
Transfers into Level 3		0
Transfers out of Level 3		0
Balance as of November 30, 2014	$	1,341,360
Change in unrealized gains (losses) relating to securities still held at November 30, 2014.	$	11,778

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


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

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 Porfolios. Pursuant to the contract, Funds Management is entitled to receive an annual advisory fee which is calculated based on the average daily net assets of each Porfolio.

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

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

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


	Advisory fee						Effective rate for the six months ended November 30, 2014			Subadviser	Subadvisory Fee
	starting at			declining to			Effective rate for the six months ended November 30, 2014			Subadviser	starting at			declining to
C&B Large Cap Value Portfolio		0.65	%¹		0.475	%¹		0.65	%¹	Cooke & Bieler, L.P.		0.45	%		0.30	%
Diversified Large Cap Growth Portfolio		0.65	%¹		0.475	%¹		0.65	%¹	WellsCap		0.30	%		0.20	%
Emerging Growth Portfolio		0.80	%		0.68	%		0.78	%	WellsCap		0.55	%		0.40	%
Index Portfolio		0.10	%		0.05	%		0.08	%	Golden Capital Management, LLC		0.05	%		0.02	%
International Growth Portfolio		0.85	%		0.70	%		0.85	%	Artisan Partners Limited Partnership		0.80	%		0.50	%
International Value Portfolio		0.85	%		0.70	%		0.85	%	LSV Asset Management		0.35	%		0.30	%
Large Company Value Portfolio		0.65	%¹		0.475	%¹		0.65	%¹	Phocas Financial Corporation		0.29	%		0.20	%
Small Company Growth Portfolio		0.80	%		0.68	%		0.80	%	Peregrine Capital Management, Inc.		0.50	%		0.45	%
Small Company Value Portfolio		0.80	%		0.68	%		0.80	%	Peregrine Capital Management, Inc.		0.45	%		0.40	%
Core Bond Portfolio		0.40	%		0.30	%		0.36	%	WellsCap		0.20	%		0.10	%
Managed Fixed Income Portfolio		0.40	%		0.30	%		0.40	%	Galliard Capital Management, Inc.		0.20	%		0.10	%
Real Return Portfolio		0.40	%		0.30	%		0.40	%	WellsCap		0.20	%		0.10	%
Stable Income Portfolio		0.30	%		0.225	%		0.30	%	Galliard Capital Management, Inc.		0.15	%		0.05	%

^1.	Prior to October 1, 2014, Funds Management received an annual advisory fee which started at 0.65% and declined to 0.55% as the average daily net assets of the Portfolio increased.

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


Notes to financial statements (unaudited)		Wells Fargo Advantage Allocation Funds			137

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding short-term securities, for the six months ended November 30, 2014 were as follows:


	Purchases at cost				Sales proceeds
	U.S. government		Non-U.S. government		U.S. government		Non-U.S. government
C&B Large Cap Value Portfolio	$	0	$	50,922,608	$	0	$	58,360,404
Diversified Large Cap Growth Portfolio		0		30,576,822		0		41,819,044
Emerging Growth Portfolio		0		289,640,396		0		366,303,121
Index Portfolio		0		56,116,557		0		219,537,688
International Growth Portfolio		0		37,678,197		0		39,067,441
International Value Portfolio		0		52,587,974		0		35,289,731
Large Company Value Portfolio		0		34,795,753		0		42,038,264
Small Company Growth Portfolio		0		207,779,771		0		117,145,296
Small Company Value Portfolio		0		47,146,848		0		54,932,659
Core Bond Portfolio		7,725,789,756		1,311,708,402		7,714,390,320		1,209,803,078
Managed Fixed Income Portfolio		3,178,344		15,854,177		10,545,300		4,198,013
Real Return Portfolio		1,433,360		0		4,059,988		0
Stable Income Portfolio		0		3,995,303		0		2,959,500

6. DERIVATIVE TRANSACTIONS

During the six months ended November 30, 2014, Index Portfolio entered into futures contracts to gain market exposure. During the six months ended November 30, 2014, Real Return Portfolio and Stable Income Portfolio entered into futures contracts to speculate on interest rates and to help manage the duration of each portfolio.

At November 30, 2014, the Portfolios had long and short futures contracts outstanding as follows:

Expiration date

Counterparty

Contracts

Type

Contract value at
November 30, 2014

Unrealized

gains (losses)

Index Portfolio

12/18/2014

Jefferies Bache

71 Long

S&P 500 Index

36,676,825

1,535,370

Stable Income Portfolio

3/31/2015

JPMorgan

20 Short

5 Year U.S. Treasury Notes

2,389,844

(10,353

)

At November 30, 2014, Real Return Portfolio did not have any open futures contracts.

At November 30, 2014, Stable Income Portfolio had segregated $18,000 as cash collateral for open futures contracts.

The Portfolios had average notional amounts in futures contracts during the six months ended November 30, 2014 as follows:


	Long contracts		Short contracts
Index Portfolio	$	56,300,311	$	0
Real Return Portfolio		0		58,023
Stable Income Portfolio		0		2,405,457

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


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

an exchange or broker-dealer as collateral and allows the Portfolio to offset, with each counterparty, certain derivative financial instrument’s assets and/or liabilities with collateral held or pledged. Collateral requirements differ by type of derivative. Collateral or margin requirements are set by the broker or exchange clearing house for exchange traded derivatives while collateral terms are contract specific for over-the-counter traded derivatives. Cash collateral that has been pledged to cover obligations of the Portfolios 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 Portfolio of Investments or 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 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 liabilities in the Statements of Assets and Liabilities		Amounts subject to netting agreements		Collateral pledged ¹			Net amount of liabilities
Index Portfolio	Futures – variation margin	Jefferies Bache	$	107,505	$	0	$	(107,505	)	$	0
Stable Income Portfolio	Futures – variation margin	JPMorgan		4,063		0		(4,063	)		0

^1.	Collateral pledged within this table is limited to the collateral for the net transaction with the counterparty.

7. CONCENTRATION RISK

Concentration risks result from exposure to a limited number of sectors, countries or geographical regions. Portfolios that invest a substantial portion of their assets in a sector may be more affected by changes in that sector than would be a fund whose investments are not heavily weighted in any sector. Portfolios that focus their investments in particular countries or geographic regions may be particularly susceptible to economic and political events affecting those countries or regions. The Portfolio of Investments or Summary Portfolio of Investments includes information on each Portfolio’s holdings, including sector, country and/or geographical composition, as relevant.

8. INDEMNIFICATION


Other information (unaudited)		Wells Fargo Advantage Allocation Funds			139

PROXY VOTING INFORMATION

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

PORTFOLIO HOLDINGS INFORMATION

The complete portfolio holdings are publicly available on the website (wellsfargoadvantagefunds.com) on a one-month delayed basis. In addition, top ten holdings information (excluding derivative positions) 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 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.


140		Wells Fargo Advantage Allocation Funds		Other information (unaudited)

BOARD OF TRUSTEES AND OFFICERS

Each of the Trustees and Officers¹ listed in the table below acts in identical capacities for each fund in the Wells Fargo 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


Other information (unaudited)		Wells Fargo Advantage Allocation Funds			141


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.

**	Leroy Keith, Jr. retired as a Trustee effective December 31, 2014.

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.
Nancy Wiser¹ (Born 1967)	Treasurer, since 2012	Executive Vice President of Wells Fargo Funds Management, LLC since 2011. Chief Operating Officer and Chief Compliance Officer at LightBox Capital Management LLC, from 2008 to 2011. Owned and operated a consulting business providing services to various hedge funds including acting as Chief Operating Officer and Chief Compliance Officer for a hedge fund from 2007 to 2008. Chief Operating Officer and Chief Compliance Officer of GMN Capital LLC from 2006 to 2007.
C. David Messman (Born 1960)	Secretary, since 2000; Chief Legal Officer, since 2003	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 Growth Balanced Fund, Moderate Balanced Fund, International Growth Portfolio, and International Value Portfolio and Assistant Treasurer of the remaining funds in this shareholder report. In addition, Jeremy DePalma acts as Treasurer of 56 other funds and Assistant Treasurer of 62 other funds in the Fund Complex. Nancy Wiser serves as Treasurer of the remaining funds in this shareholder report as well as 62 other funds in the Fund Complex.

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


142		Wells Fargo Advantage Allocation Funds		List of abbreviations

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

ACA	— ACA Financial Guaranty Corporation

ADR	— American depositary receipt

ADS	— American depositary shares

AGC	— Assured Guaranty Corporation

AGM	— Assured Guaranty Municipal

Ambac

— Ambac Financial Group Incorporated

AMT	— Alternative minimum tax

AUD	— Australian dollar

BAN	— Bond anticipation notes

BHAC	— Berkshire Hathaway Assurance Corporation

BRL	— Brazilian real

CAB	— Capital appreciation bond

CAD	— Canadian dollar

CCAB	— Convertible capital appreciation bond

CDA	— Community Development Authority

CDO	— Collateralized debt obligation

CHF	— Swiss franc

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

This page is intentionally left blank.

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

229720 01-15

SAAFNLD/SAR109 11-14

Wells Fargo Advantage Equity Gateway Funds

LOGO

Semi-Annual Report

November 30, 2014

Wells Fargo Advantage C&B Large Cap Value Fund

Wells Fargo Advantage Diversified Equity Fund

Wells Fargo Advantage Emerging Growth Fund

Wells Fargo Advantage Index Fund

Wells Fargo Advantage International Value Fund

Wells Fargo Advantage Small Company Growth Fund

Wells Fargo Advantage Small Company Value Fund

LOGO

Reduce clutter. Save trees.

Contents



Letter to shareholders			2

Performance highlights			4

Fund expenses			18

Portfolios of investments
Wells Fargo Advantage C&B Large Cap Value Fund			21
Wells Fargo Advantage Diversified Equity Fund			21
Wells Fargo Advantage Emerging Growth Fund			22
Wells Fargo Advantage Index Fund			22
Wells Fargo Advantage International Value Fund			23
Wells Fargo Advantage Small Company Growth Fund			23
Wells Fargo Advantage Small Company Value Fund			24

Financial statements
Statements of assets and liabilities			26
Statements of operations			28
Statements of changes in net assets			30
Financial highlights			38

Notes to financial statements			52



Master portfolios

Portfolio of investments
Wells Fargo Advantage C&B Large Cap Value Portfolio			58
Wells Fargo Advantage Diversified Large Cap Growth Portfolio			61
Wells Fargo Advantage Emerging Growth Portfolio			67
Wells Fargo Advantage Index Portfolio (Summary portfolio of investments)			72
Wells Fargo Advantage International Growth Portfolio			79
Wells Fargo Advantage International Value Portfolio			83
Wells Fargo Advantage Large Company Value Portfolio			90
Wells Fargo Advantage Small Company Growth Portfolio			95
Wells Fargo Advantage Small Company Value Portfolio			101

Financial statements
Statements of assets and liabilities			106
Statements of operations			108
Statements of changes in net assets			110
Financial highlights			119

Notes to financial statements			121

Other information			131

List of abbreviations			134

NOT FDIC INSURED ¡ NO BANK GUARANTEE ¡ MAY LOSE VALUE


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

LOGO

Karla M. Rabusch

President

Wells Fargo Advantage Funds

Throughout the reporting period, the Federal Open Market Committee (FOMC), which is the U.S. Federal Reserve’s (Fed’s) monetary policymaking body, kept its key interest rate near zero.

Dear Valued Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Advantage Equity Gateway Funds for the six-month period that ended November 30, 2014. The period was marked by heightened geopolitical uncertainty as the U.S. and Europe continued to confront Russia over Ukraine and as the U.S. and its allies confronted Islamic militants (formerly known as ISIS) in Syria and Iraq. The U.S. stock market outperformed most international markets; the S&P 500 Index¹, a proxy for U.S. large-cap stocks, ended the period with an 8.58% gain, while the MSCI EAFE Index (Net)², a proxy for international developed markets, ended the period with a 5.07% loss.

Major central banks continued to provide liquidity to the markets.

Throughout the reporting period, the Federal Open Market Committee (FOMC), which is the U.S. Federal Reserve’s (Fed’s) monetary policymaking body, kept its key interest rate near zero. This tended to support global markets given the Fed’s role in providing investor liquidity. Throughout most of the reporting period, the FOMC reduced (or tapered) its bond-buying program by $10 billion per month; the FOMC brought the program to an end in late October 2014. Although the FOMC kept its key interest rate near zero, its guidance led investors to expect an interest-rate hike sometime in 2015.

In June 2014, the European Central Bank (ECB) announced a variety of measures aimed at encouraging lending, including making funds available to banks at low interest rates and imposing a negative interest rate on bank deposits held at the central bank. In September 2014, the ECB cut its key rate to a historic low of 0.05% and increased its negative interest rate. In Japan, the Bank of Japan (BOJ) maintained an aggressive monetary program aimed at combating deflation by doubling the bank’s asset base over two years. In late October 2014, the BOJ deepened its commitment to monetary easing by increasing its asset purchases.

The U.S. market rose against the backdrop of a challenging geopolitical situation and slowing global growth.

Geopolitical events were major negatives throughout the reporting period. The ongoing standoff between the West (the U.S., Europe, and their allies) and Russia over Ukraine began in late 2013 and continued throughout the reporting period. As of November 2014, most investors believed that the situation would not result in a war. However, economic sanctions from the West against Russia and from Russia against the West contributed to slower growth in Europe, a key Russian trading partner. In the Middle East, the advance of Islamic militants in Syria and Iraq led to airstrikes by the U.S. and its allies and fears of a prolonged regional war.

Market volatility increased toward the end of the reporting period as renewed fears of slowing global growth took hold and investors began to price in expectations that the FOMC was finally looking to raise short-tem interest rates. Economic news out of Europe was modestly positive during the period. The 28 countries in the European Union did report stronger growth in the third quarter of 2014 than in the second quarter, but the growth rates (less than 1.5% annualized)

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

^2.


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

remained below those of the U.S. Modest European growth combined with expectations of higher U.S. interest rates to send the euro lower during the quarter, pressuring European returns for U.S. dollar–denominated investors. Returns in Asia were dampened by a sluggish Japanese economy as well as a late-period decline in the yen. Among countries in the MSCI EAFE Index (Net), most of the major markets (such as Japan, Germany, and France), ended the period with losses. By contrast, U.S. economic news remained favorable; gross domestic product annualized growth was at least 3.5% in the second and third quarters of 2014, pushing the U.S. stock market to a solid gain.

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

Sincerely,

LOGO

Karla M. Rabusch

President

Wells Fargo Advantage Funds

Modest European growth combined with expectations of higher U.S. interest rates to send the euro lower during the quarter, pressuring European returns for U.S. dollar-denominated investors.


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

Wells Fargo Advantage C&B Large Cap Value Fund¹

Investment objective

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

Adviser

Wells Fargo Funds Management, LLC

Subadviser for the master portfolio

Cooke & Bieler, L.P.

Portfolio managers

Steve Lyons, CFA

Michael M. Myers, CFA

Edward W. O’Connor, CFA

R. James O’Neil, CFA

Mehul Trivedi, CFA

William Weber, CFA

Andrew Armstrong, CFA²

Average annual total returns³ (%) as of November 30, 2014


		Including sales charge						Excluding sales charge						Expense ratios⁴ (%)
	Inception date	1 year		5 year		10 year		1 year		5 year		10 year		Gross		Net⁵
Class A (CBEAX)	7-26-2004		5.56		12.09		5.91		11.99		13.42		6.54		1.31		1.15
Class B (CBEBX)*	7-26-2004		6.15		12.32		5.99		11.15		12.57		5.99		2.06		1.90
Class C (CBECX)	7-26-2004		10.20		12.59		5.75		11.20		12.59		5.75		2.06		1.90
Administrator Class (CBLLX)	7-26-2004		–		–		–		12.20		13.63		6.75		1.15		0.95
Institutional Class (CBLSX)	7-26-2004		–		–		–		12.46		13.92		7.04		0.88		0.70
Investor Class (CBEQX)	5-15-1990		–		–		–		12.01		13.41		6.52		1.37		1.20
Russell 1000^® Value Index⁶	–		–		–		–		15.62		15.69		7.59		–		–

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

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

For Class A shares, the maximum front-end sales charge is 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. Administrator Class, Institutional Class, and Investor Class shares are sold without a front-end sales charge or contingent deferred sales charge.

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

Please see footnotes on page 5.


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

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


Ten largest long-term holdings⁷ (%) as of November 30, 2014
State Street Corporation			3.40
Crown Holdings Incorporated			2.83
JPMorgan Chase & Company			2.70
Omnicom Group Incorporated			2.53
Carnival Corporation			2.38
The Progressive Corporation			2.33
United Parcel Service Incorporated Class B			2.33
Laboratory Corporation of America Holdings			2.26
Johnson & Johnson			2.20
Philip Morris International			2.19

Sector distribution⁸ as of November 30, 2014

^1.

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

²^.	Effective February 1, 2015, Andrew Armstrong became co-portfolio manager of the Fund.

^3.	Effective June 20, 2008, Class D was renamed Investor Class and modified to assume the features and attributes of the Investor Class.

^4.	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.

^5.

The Adviser has committed through September 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 affiliated master portfolio are included in the cap. Without this cap, the Fund’s returns would have been lower.

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

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

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


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

Wells Fargo Advantage Diversified Equity Fund¹

Investment objective

The Fund seeks long-term capital appreciation.

Adviser

Wells Fargo Funds Management, LLC

Subadvisers for the master portfolios

Artisan Partners Limited Partnership

Cooke & Bieler, L.P.

Golden Capital Management, LLC

LSV Asset Management

Peregrine Capital Management, Inc.

Phocas Financial Corporation

Wells Capital Management Incorporated

Portfolio managers

Thomas C. Biwer, CFA

Erik Sens, CFA

Aldo Ceccarelli, CFA

Average annual total returns (%) as of November 30, 2014


		Including sales charge						Excluding sales charge							Expense ratios² (%)
	Inception date	1 year		5 year		10 year		1 year			5 year		10 year		Gross		Net³
Class A (NVDAX)	5-2-1996		3.55		12.10		5.88		9.87			13.43		6.51		1.43		1.25
Class B (NVDBX)*	5-6-1996		4.05		12.33		5.94		9.05			12.58		5.94		2.18		2.00
Class C (WFDEX)	10-1-1998		8.07		12.59		5.71		9.07			12.59		5.71		2.18		2.00
Administrator Class (NVDEX)	11-11-1994		–		–		–		10.18			13.72		6.77		1.27		1.00
Diversified Equity Composite Index⁴	–		–		–		–		12.79			14.77		7.84		–		–
MSCI EAFE Index (Net)⁵	–		–		–		–		(0.02	)		6.38		5.25		–		–
Russell 1000^® Growth Index⁶	–		–		–		–		17.50			16.77		9.02		–		–
Russell 1000^® Value Index⁷	–		–		–		–		15.62			15.69		7.59		–		–
Russell 2000 Index⁸	–		–		–		–		3.99			16.69		7.78		–		–
S&P 500 Index⁹	–		–		–		–		16.86			15.96		8.06		–		–

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.

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

Please see footnotes on page 7.


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

Wells Fargo Advantage Diversified Equity Fund (continued)


Ten largest long-term holdings¹⁰ (%) as of November 30, 2014
Apple Incorporated			2.18
Facebook, Incorporated			0.97
JPMorgan Chase & Company			0.97
Exxon Mobil Corporation			0.94
Johnson & Johnson			0.80
Bank of America Corporation			0.77
American Express Company			0.76
Google Incorporated Class C			0.72
Visa Incorporated			0.72
The Procter & Gamble Company			0.71

Sector distribution¹¹ as of November 30, 2014

^1.

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

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

^3.

^4.

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

^5.

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

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

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

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

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

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


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

Wells Fargo Advantage Emerging Growth Fund¹

The Fund is closed to new investors².

Investment objective

The Fund seeks long-term capital appreciation.

Adviser

Wells Fargo Funds Management, LLC

Subadviser for the master portfolio

Wells Capital Management Incorporated

Portfolio managers

Thomas C. Ognar, CFA

Joseph M. Eberhardy, CFA, CPA

Bruce C. Olson, CFA

Average annual total returns³ (%) as of November 30, 2014


		Including sales charge							Excluding sales charge							Expense ratios⁴ (%)
	Inception date	1 year			5 year		Since inception		1 year			5 year		Since inception		Gross		Net⁵
Class A (WEMAX)	3-31-2008		(7.65	)		17.20		7.45		(2.01	)		18.59		8.27		1.39		1.37
Class C (WEMCX)	3-31-2008		(3.74	)		17.73		7.48		(2.74	)		17.73		7.48		2.14		2.12
Administrator Class (WFGDX)	1-31-2007		–			–		–		(1.87	)		18.84		8.51		1.23		1.20
Institutional Class (WEMIX)	3-31-2008		–			–		–		(1.60	)		19.19		8.77		0.96		0.90
Investor Class (WFGTX)	1-31-2007		–			–		–		(2.14	)		18.55		8.24		1.45		1.40
Russell 2000^® Growth Index⁶	–		–			–		–		4.66			18.04		8.05		–		–

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

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

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

Please see footnotes on page 9.


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

Wells Fargo Advantage Emerging Growth Fund (continued)


Ten largest long-term holdings⁷ (%) as of November 30, 2014
Acadia Healthcare Company Incorporated			3.53%
MarketAxess Holdings Incorporated			3.50%
Envestnet Incorporated			3.41%
Akorn Incorporated			3.26%
Proofpoint Incorporated			3.14%
SPS Commerce Incorporated			2.80%
ExamWorks Group Incorporated			2.65%
Fiesta Restaurant Group Incorporated			2.51%
PRA Group Incorporated			2.49%
Spectranetics Corporation			2.45%

Sector distribution⁸ as of November 30, 2014

^1.

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

^3.

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

^4.	Reflects the expense ratios as stated in the most recent prospectuses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report.

^5.

The Adviser has committed through September 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 affiliated master portfolio are included in the cap. Without this cap, the Fund’s returns would have been lower.

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

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

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


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

Wells Fargo Advantage Index Fund¹

Investment objective

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

Adviser

Wells Fargo Funds Management, LLC

Subadviser for the master portfolio

Golden Capital Management, LLC

Portfolio managers

John R. Campbell, CFA

Justin Carr, CFA

David Neal, CFA

Average annual total returns² (%) as of November 30, 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 (WFILX)*	11-4-1998		9.51		13.98		6.86		16.20		15.34		7.50		0.67		0.56
Class B (WFIMX)*	11-3-1998		10.33		14.24		6.93		15.33		14.48		6.93		1.42		1.31
Class C (WFINX)*	4-30-1999		14.33		14.48		6.69		15.33		14.48		6.69		1.42		1.31
Administrator Class (WFIOX)	2-14-1985		–		–		–		16.56		15.69		7.80		0.36		0.25
Investor Class (WFIRX)	7-16-2010		–		–		–		16.33		15.42		7.56		0.73		0.45
S&P 500 Index⁵	–		–		–		–		16.86		15.96		8.06		–		–

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

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. Administrator Class and Investor Class shares are sold without a front-end sales charge or contingent deferred sales charge.

Please see footnotes on page 11.


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

Wells Fargo Advantage Index Fund (continued)


Ten largest long-term holdings⁶ (%) as of November 30, 2014
Apple Incorporated			4.01
Microsoft Corporation			2.22
Exxon Mobil Corporation			2.17
Johnson & Johnson			1.72
Berkshire Hathaway Incorporated Class B			1.52
General Electric Company			1.50
Wells Fargo & Company			1.46
The Procter & Gamble Company			1.38
JPMorgan Chase & Company			1.27
Verizon Communications Incorporated			1.18

Sector distribution⁷ as of November 30, 2014

^1.

^2.

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

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

^4.

The Adviser has committed through September 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 affiliated master portfolio are included in the cap. Without this cap, the Fund’s returns would have been lower.

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

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

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


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

Wells Fargo Advantage International Value Fund¹

Investment objective

The Fund seeks long-term capital appreciation.

Adviser

Wells Fargo Funds Management, LLC

Subadviser for the master portfolio

LSV Asset Management

Portfolio managers

Josef Lakonishok

Puneed Mansharamani, CFA

Menno Vermeulen, CFA

Average annual total returns² (%) as of November 30, 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 (WFFAX)	10-31-2003		(8.05	)		3.69		2.96		(2.44	)		4.93		3.57		1.51		1.50
Class B (WFVBX)*	4-8-2005		(8.09	)		3.82		3.01		(3.09	)		4.16		3.01		2.26		2.25
Class C (WFVCX)	4-8-2005		(4.13	)		4.14		2.78		(3.13	)		4.14		2.78		2.26		2.25
Administrator Class (WFVDX)	4-8-2005		–			–		–		(2.21	)		5.17		3.79		1.35		1.25
Institutional Class (WFVIX)	8-31-2006		–			–		–		(2.03	)		5.40		3.96		1.08		1.05
MSCI EAFE Value Index (Net)⁵	–		–			–		–		(0.70	)		5.34		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.

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

Stock values fluctuate in response to the activities of individual companies and general market and economic conditions. Foreign investments are especially volatile and can rise or fall dramatically due to differences in the political and economic conditions of the host country. These risks are generally intensified in emerging markets. The use of derivatives may reduce returns and/or increase volatility. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). The Fund is exposed to smaller company securities risk. Consult the Fund’s prospectus for additional information on these and other risks.

Please see footnotes on page 13.


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

Wells Fargo Advantage International Value Fund (continued)


Ten largest long-term holdings⁶ (%) as of November 30, 2014
Royal Dutch Shell plc Class B			2.28
Magna International Incorporated Class A			1.44
AstraZeneca plc			1.37
Nippon Telegraph & Telephone Corporation			1.27
Allianz AG			1.25
Sanofi-Aventis SA			1.21
Daimler AG			1.19
SK Telecom Company Limited			1.15
BP plc			1.13
Resona Holdings Incorporated			1.11

Sector distribution⁷ as of November 30, 2014

^1.

^2.

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

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

^4.

The Adviser has committed through September 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 affiliated master portfolio are included in the cap. Without this cap, the Fund’s returns would have been lower.

^5.

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

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

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


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

Wells Fargo Advantage Small Company Growth Fund¹

Investment objective

The Fund seeks long-term capital appreciation.

Adviser

Wells Fargo Funds Management, LLC

Subadviser for the master portfolio

Peregrine Capital Management, Inc.

Portfolio managers

William A. Grierson, CFA

Daniel J. Hagen, CFA

Robert B. Mersky, CFA

James P. Ross, CFA

Paul E. von Kuster, CFA

Average annual total returns² (%) as of November 30, 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 (WFSAX)	1-30-2004		1.19		18.46		7.86		7.37		19.87		8.50		1.45			1.40
Class B (WFSBX)*	1-30-2004		1.54		18.78		7.92		6.54		18.98		7.92		2.20			2.15
Class C (WSMCX)	1-30-2004		5.54		19.00		7.70		6.54		19.00		7.70		2.20			2.15
Class R6 (WBHWJ)	10-31-2014		–		–		–		7.85		20.46		8.94		0.97			0.90
Administrator Class (NVSCX)	11-11-1994		–		–		–		7.58		20.17		8.77		1.29	��		1.20
Institutional Class (WSCGX)	3-31-2008		–		–		–		7.85		20.46		8.94		1.02			0.95
Russell 2000^® Growth Index⁵	–		–		–		–		4.66		18.04		8.61		–			–

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

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

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 R6, Administrator Class and Institutional Class shares are sold without a front-end sales charge or contingent deferred sales charge.

Please see footnotes on page 15.


Performance highlights (unaudited)		Wells Fargo Advantage Equity Gateway Funds			15

Wells Fargo Advantage Small Company Growth Fund (continued)


Ten largest long-term holdings⁶ (%) as of November 30, 2014
Cepheid Incorporated			1.61
SS&C Technologies Holdings			1.48
HealthEquity Incorporated			1.30
Evercore Partners Incorporated Class A			1.29
ICON plc ADR			1.27
AMN Healthcare Services Incorporated			1.21
Cadence Design Systems Incorporated			1.17
On Assignment Incorporated			1.15
Spansion Incorporated Class A			1.15
Essent Group Limited			1.13

Sector distribution⁷ as of November 30, 2014

^1.

^2.

Historical performance shown for Institutional Class shares prior to their inception reflects the performance of Administrator Class shares, and includes the higher expenses applicable to Administrator Class shares. If these expenses had not been included, returns would be higher. Historical performance shown for Class R6 shares prior to their inception reflects the performance of Institutional Class shares, and includes the higher expenses applicable to Institutional Class shares. If these expenses had not been included, returns would be higher.

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

^4.

The Adviser has committed through September 30, 2016, to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waiver, 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 affiliated master portfolio are included in the cap. Without this cap, the Fund’s returns would have been lower.

^5.	The Russell 2000^® Growth Index measures the performance shown of those Russell 2000 companies with higher price-to-book ratios and higher forecasted growth values. You cannot invest directly in an index.

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

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


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

Wells Fargo Advantage Small Company Value Fund¹

Investment objective

The Fund seeks long-term capital appreciation.

Adviser

Wells Fargo Funds Management, LLC

Subadviser for the master portfolio

Peregrine Capital Management, Inc.

Portfolio managers

Jason R. Ballsrud, CFA

Tasso H. Coin, Jr., CFA

Douglas G. Pugh, CFA

Average annual total returns² (%) as of November 30, 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 (SCVAX)	1-31-2002		(3.89	)		14.65		5.91		1.98		16.02		6.54		1.56		1.40
Class B (SCVBX)*	1-31-2002		(3.56	)		14.96		6.01		1.44		15.19		6.01		2.31		2.15
Class C (SCVFX)	8-30-2002		0.22			15.14		5.77		1.22		15.14		5.77		2.31		2.15
Administrator Class (SCVIX)	1-31-2002		–			–		–		2.19		16.30		6.83		1.40		1.20
Institutional Class (SCVNX)	7-30-2010		–			–		–		2.38		16.50		6.92		1.13		1.00
Russell 2000^® Value Index⁵	–		–			–		–		3.36		15.31		6.85		–		–

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

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

For Class A shares, the maximum front-end sales charge is 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. Administrator Class and Institutional Class shares are sold without a front-end sales charge or contingent deferred sales charge.

Please see footnotes on page 17.


Performance highlights (unaudited)		Wells Fargo Advantage Equity Gateway Funds			17

Wells Fargo Advantage Small Company Value Fund (continued)


Ten largest long-term holdings⁶ (%) as of November 30, 2014
Western Alliance Bancorp			1.69
Health Net Incorporated			1.62
WellCare Health Plans Incorporated			1.48
PrivateBancorp Incorporated			1.46
DSW Incorporated Class A			1.43
ARRIS Group Incorporated			1.40
Education Realty Trust Incorporated			1.40
American Axle & Manufacturing Holdings Incorporated			1.37
Alere Incorporated			1.34
BancorpSouth Incorporated			1.33


Sector distribution⁷ as of November 30, 2014

^1.

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

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

^4.

The Adviser has committed through September 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 affiliated master portfolio are included in the cap. Without this cap, the Fund’s returns would have been lower.

^5.	The Russell 2000^® Value Index measures the performance of those Russell 2000 companies with lower price-to-book ratios and lower forecasted growth values. You cannot invest directly in an index.

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

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


18		Wells Fargo Advantage Equity Gateway Funds		Fund expenses (unaudited)

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from June 1, 2014 to November 30, 2014.

Actual expenses

Hypothetical example for comparison purposes


Wells Fargo Advantage C&B Large Cap Value Fund	Beginning account value 6-1-2014		Ending account value 11-30-2014		Expenses paid during the period¹		Net annualized expense ratio
Class A
Actual	$	1,000.00	$	1,063.39	$	5.95		1.15	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.30	$	5.82		1.15	%
Class B
Actual	$	1,000.00	$	1,059.31	$	9.81		1.90	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.54	$	9.60		1.90	%
Class C
Actual	$	1,000.00	$	1,059.41	$	9.81		1.90	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.54	$	9.60		1.90	%
Administrator Class
Actual	$	1,000.00	$	1,064.17	$	4.92		0.95	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.31	$	4.81		0.95	%
Institutional Class
Actual	$	1,000.00	$	1,064.78	$	3.62		0.70	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.56	$	3.55		0.70	%
Investor Class
Actual	$	1,000.00	$	1,063.33	$	6.21		1.20	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.05	$	6.07		1.20	%

Please see footnote on page 20.


Fund expenses (unaudited)		Wells Fargo Advantage Equity Gateway Funds			19


Wells Fargo Advantage Diversified Equity Fund	Beginning account value 6-1-2014		Ending account value 11-30-2014		Expenses paid during the period¹		Net annualized expense ratio
Class A
Actual	$	1,000.00	$	1,052.78	$	6.43		1.25	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.80	$	6.33		1.25	%
Class B
Actual	$	1,000.00	$	1,049.01	$	10.27		2.00	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.04	$	10.10		2.00	%
Class C
Actual	$	1,000.00	$	1,048.88	$	10.27		2.00	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.04	$	10.10		2.00	%
Administrator Class
Actual	$	1,000.00	$	1,054.19	$	5.15		1.00	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.05	$	5.06		1.00	%
Wells Fargo Advantage Emerging Growth Fund
Class A
Actual	$	1,000.00	$	1,116.36	$	7.27		1.37	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.20	$	6.93		1.37	%
Class C
Actual	$	1,000.00	$	1,112.39	$	11.23		2.12	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,014.44	$	10.71		2.12	%
Administrator Class
Actual	$	1,000.00	$	1,117.33	$	6.37		1.20	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.05	$	6.07		1.20	%
Institutional Class
Actual	$	1,000.00	$	1,119.13	$	4.78		0.90	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.56	$	4.56		0.90	%
Investor Class
Actual	$	1,000.00	$	1,115.62	$	7.53		1.42	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.95	$	7.18		1.42	%
Wells Fargo Advantage Index Fund
Class A
Actual	$	1,000.00	$	1,082.72	$	2.92		0.56	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.26	$	2.84		0.56	%
Class B
Actual	$	1,000.00	$	1,078.74	$	6.83		1.31	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.50	$	6.63		1.31	%
Class C
Actual	$	1,000.00	$	1,078.72	$	6.83		1.31	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.50	$	6.63		1.31	%
Administrator Class
Actual	$	1,000.00	$	1,084.56	$	1.31		0.25	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.82	$	1.27		0.25	%
Investor Class
Actual	$	1,000.00	$	1,083.44	$	2.35		0.45	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.81	$	2.28		0.45	%

Please see footnote on page 20.


20		Wells Fargo Advantage Equity Gateway Funds		Fund expenses (unaudited)


Wells Fargo Advantage International Value Fund	Beginning account value 6-1-2014		Ending account value 11-30-2014		Expenses paid during the period¹		Net annualized expense ratio
Class A
Actual	$	1,000.00	$	933.33	$	7.22		1.49	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.60	$	7.54		1.49	%
Class B
Actual	$	1,000.00	$	930.41	$	10.50		2.17	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,014.19	$	10.96		2.17	%
Class C
Actual	$	1,000.00	$	929.42	$	10.83		2.24	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,013.84	$	11.31		2.24	%
Administrator Class
Actual	$	1,000.00	$	934.20	$	6.06		1.25	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.80	$	6.33		1.25	%
Institutional Class
Actual	$	1,000.00	$	934.98	$	5.09		1.05	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.80	$	5.32		1.05	%
Wells Fargo Advantage Small Company Growth Fund
Class A
Actual	$	1,000.00	$	1,051.98	$	7.20		1.40	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.05	$	7.08		1.40	%
Class B
Actual	$	1,000.00	$	1,047.94	$	11.04		2.15	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,014.29	$	10.86		2.15	%
Class C
Actual	$	1,000.00	$	1,047.91	$	11.04		2.15	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,014.29	$	10.86		2.15	%
Class R6
Actual	$	1,000.00	$	1,054.45	$	4.58		0.89	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.61	$	4.51		0.89	%
Administrator Class
Actual	$	1,000.00	$	1,052.90	$	6.18		1.20	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.05	$	6.07		1.20	%
Institutional Class
Actual	$	1,000.00	$	1,054.45	$	4.89		0.95	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.31	$	4.81		0.95	%
Wells Fargo Advantage Small Company Value Fund
Class A
Actual	$	1,000.00	$	1,001.00	$	7.02		1.40	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.05	$	7.08		1.40	%
Class B
Actual	$	1,000.00	$	997.28	$	10.76		2.15	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,014.29	$	10.86		2.15	%
Class C
Actual	$	1,000.00	$	997.26	$	10.76		2.15	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,014.29	$	10.86		2.15	%
Administrator Class
Actual	$	1,000.00	$	1,001.95	$	6.02		1.20	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.05	$	6.07		1.20	%
Institutional Class
Actual	$	1,000.00	$	1,002.92	$	5.02		1.00	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.05	$	5.06		1.00	%

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


Portfolio of investments—November 30, 2014 (unaudited)		Wells Fargo Advantage Equity Gateway Funds			21

C&B LARGE CAP VALUE FUND


Security name	Value

Investment Companies: 100.09%

Affiliated Master Portfolios: 100.09%
Wells Fargo Advantage C&B Large Cap Value Portfolio	$	293,348,438


Total Investment Companies (Cost $211,375,792)		293,348,438


Total investments in securities (Cost $211,375,792) *	100.09	%		293,348,438
Other assets and liabilities, net	(0.09	)		(250,351	)

Total net assets	100.00	%	$	293,098,087

*	Cost for federal income tax purposes is $218,368,909 and unrealized gains (losses) consists of:


Gross unrealized gains	$	74,979,529
Gross unrealized losses		0

Net unrealized gains	$	74,979,529

DIVERSIFIED EQUITY FUND


Security name	Value

Investment Companies: 100.04%

Affiliated Master Portfolios: 100.04%
Wells Fargo Advantage C&B Large Cap Value Portfolio	$	24,998,363
Wells Fargo Advantage Diversified Large Cap Growth Portfolio		74,891,421
Wells Fargo Advantage Emerging Growth Portfolio		7,423,761
Wells Fargo Advantage Index Portfolio		74,822,041
Wells Fargo Advantage International Growth Portfolio		22,652,763
Wells Fargo Advantage International Value Portfolio		21,353,728
Wells Fargo Advantage Large Company Value Portfolio		49,531,339
Wells Fargo Advantage Small Company Growth Portfolio		7,417,895
Wells Fargo Advantage Small Company Value Portfolio		14,715,430

Total Investment Companies (Cost $220,839,687)		297,806,741


Total investments in securities (Cost $220,839,687) *	100.04	%		297,806,741
Other assets and liabilities, net	(0.04	)		(119,459	)

Total net assets	100.00	%	$	297,687,282

*	Cost for federal income tax purposes is $228,358,891 and unrealized gains (losses) consists of:


Gross unrealized gains	$	69,447,850
Gross unrealized losses		0

Net unrealized gains	$	69,447,850

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


22		Wells Fargo Advantage Equity Gateway Funds		Portfolio of investments—November 30, 2014 (unaudited)

EMERGING GROWTH FUND


Security name	Value

Investment Companies: 100.02%

Affiliated Master Portfolios: 100.02%
Wells Fargo Advantage Emerging Growth Portfolio	$	1,035,438,250


Total Investment Companies (Cost $753,368,470)		1,035,438,250


Total investments in securities (Cost $753,368,470) *	100.02	%		1,035,438,250
Other assets and liabilities, net	(0.02	)		(192,687	)

Total net assets	100.00	%	$	1,035,245,563

*	Cost for federal income tax purposes is $753,368,470 and unrealized gains (losses) consists of:


Gross unrealized gains	$	282,069,780
Gross unrealized losses		0

Net unrealized gains	$	282,069,780

INDEX FUND


Security name	Value

Investment Companies: 100.01%

Affiliated Master Portfolios: 100.01%
Wells Fargo Advantage Index Portfolio	$	2,750,983,436


Total Investment Companies (Cost $1,187,104,443)		2,750,983,436


Total investments in securities (Cost $1,187,104,443) *	100.01	%		2,750,983,436
Other assets and liabilities, net	(0.01	)		(154,969	)

Total net assets	100.00	%	$	2,750,828,467

*	Cost for federal income tax $1,251,092,178 and unrealized gains (losses) consists of:


Gross unrealized gains	$	1,499,891,258
Gross unrealized losses		0

Net unrealized gains	$	1,499,891,258

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


Portfolio of investments—November 30, 2014 (unaudited)		Wells Fargo Advantage Equity Gateway Funds			23

INTERNATIONAL VALUE FUND


Security name	Value

Investment Companies: 99.76%

Affiliated Master Portfolios: 99.76%
Wells Fargo Advantage International Value Portfolio	$	452,112,524


Total Investment Companies (Cost $449,372,369)		452,112,524


Total investments in securities (Cost $449,372,369) *	99.76	%		452,112,524
Other assets and liabilities, net	0.24			1,072,024

Total net assets	100.00	%	$	453,184,548

*	Cost for federal income tax purposes is $449,843,745 and unrealized gains (losses) consists of:


Gross unrealized gains	$	2,268,779
Gross unrealized losses		0

Net unrealized gains	$	2,268,779

SMALL COMPANY GROWTH FUND


Security name	Value

Investment Companies: 99.88%

Affiliated Master Portfolios: 99.88%
Wells Fargo Advantage Small Company Growth Portfolio	$	455,019,528


Total Investment Companies (Cost $428,067,741)		455,019,528


Total investments in securities (Cost $428,067,741) *	99.88	%		455,019,528
Other assets and liabilities, net	0.12			560,632

Total net assets	100.00	%	$	455,580,160

*	Cost for federal income tax purposes is $427,654,365 and unrealized gains (losses) consists of:


Gross unrealized gains	$	27,365,163
Gross unrealized losses		0

Net unrealized gains	$	27,365,163

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


24		Wells Fargo Advantage Equity Gateway Funds		Portfolio of investments—November 30, 2014 (unaudited)

SMALL COMPANY VALUE FUND


Security name	Value

Investment Companies: 100.08%

Affiliated Master Portfolios: 100.08%
Wells Fargo Advantage Small Company Value Portfolio	$	108,038,258


Total Investment Companies (Cost $89,344,400)		108,038,258


Total investments in securities (Cost $89,344,400) *	100.08	%		108,038,258
Other assets and liabilities, net	(0.08	)		(82,541	)

Total net assets	100.00	%	$	107,955,717

*	Cost for federal income tax purposes is $94,557,495 and unrealized gains (losses) consists of:


Gross unrealized gains	$	13,480,763
Gross unrealized losses		0

Net unrealized gains	$	13,480,763

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

This page is intentionally left blank.


26		Wells Fargo Advantage Equity Gateway Funds		Statements of assets and liabilities—November 30, 2014 (unaudited)


	C&B Large Cap Value Fund			Diversified Equity Fund

Assets
Investments in affiliated Master Portfolio(s), at value (see cost below)	$	293,348,438		$	297,806,741
Receivable for Fund shares sold		69,841			106,896
Prepaid expenses and other assets		30,964			26,720

Total assets		293,449,243			297,940,357


Liabilities
Payable for Fund shares redeemed		259,450			102,841
Advisory fee payable		N/A			247
Distribution fees payable		4,877			2,762
Administration fees payable		13,136			48,199
Shareholder report expenses payable		26,694			23,797
Shareholder servicing fees payable		33,247			61,376
Professional fees payable		9,935			9,139
Accrued expenses and other liabilities		3,817			4,714

Total liabilities		351,156			253,075

Total net assets	$	293,098,087		$	297,687,282


NET ASSETS CONSIST OF
Paid-in capital	$	234,401,263		$	196,598,959
Undistributed (accumulated) net investment income (loss)		2,368,778			1,070,089
Accumulated net realized gains (losses) on investments		(25,644,600	)		23,051,180
Net unrealized gains on investments		81,972,646			76,967,054

Total net assets	$	293,098,087		$	297,687,282


COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	27,167,451		$	82,233,217
Shares outstanding – Class A¹		2,130,635			2,382,622
Net asset value per share – Class A		$12.75			$34.51
Maximum offering price per share – Class A²		$13.53			$36.62
Net assets – Class B	$	394,061		$	334,127
Shares outstanding – Class B¹		30,649			10,547
Net asset value per share – Class B		$12.86			$31.68
Net assets – Class C	$	7,691,037		$	4,127,243
Shares outstanding – Class C¹		607,612			127,386
Net asset value per share – Class C		$12.66			$32.40
Net assets – Class R6		N/A			N/A
Shares outstanding – Class R6¹		N/A			N/A
Net asset value per share – Class R6		N/A			N/A
Net assets – Administrator Class	$	58,147,278		$	210,992,695
Shares outstanding – Administrator Class¹		4,553,857			6,093,191
Net asset value per share – Administrator Class		$12.77			$34.63
Net assets – Institutional Class	$	129,336,200			N/A
Shares outstanding – Institutional Class¹		10,085,855			N/A
Net asset value per share – Institutional Class		$12.82			N/A
Net assets – Investor Class	$	70,362,060			N/A
Shares outstanding – Investor Class¹		5,516,261			N/A
Net asset value per share – Investor Class		$12.76			N/A

Investments in affiliated Master Portfolio(s), at cost	$	211,375,792		$	220,839,687

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

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

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


Statements of assets and liabilities—November 30, 2014 (unaudited)		Wells Fargo Advantage Equity Gateway Funds			27


Emerging Growth Fund			Index Fund			International Value Fund			Small Company Growth Fund			Small Company Value Fund


$	1,035,438,250		$	2,750,983,436		$	452,112,524		$	455,019,528		$	108,038,258
	469,444			2,599,001			1,840,763			846,703			50,386
	26,894			61,593			22,001			45,208			25,804

	1,035,934,588			2,753,644,030			453,975,288			455,911,439			108,114,448



	428,713			2,210,036			641,279			224,862			99,416
	N/A			N/A			N/A			N/A			N/A
	3,044			51,757			556			5,473			1,522
	106,537			139,444			25,753			45,818			6,035
	56,767			49,781			17,658			7,108			22,687
	70,547			314,626			91,693			35,241			18,908
	9,936			8,940			9,622			8,873			9,152
	13,481			40,979			4,179			3,904			1,011

	689,025			2,815,563			790,740			331,279			158,731

$	1,035,245,563		$	2,750,828,467		$	453,184,548		$	455,580,160		$	107,955,717



$	683,377,764		$	1,172,793,497		$	483,636,555		$	408,248,899		$	179,364,885
	(4,435,665	)		40,797,033			12,309,835			(990,843	)		81,014
	74,233,684			(26,641,056	)		(45,501,997	)		21,370,317			(90,184,040	)
	282,069,780			1,563,878,993			2,740,155			26,951,787			18,693,858

$	1,035,245,563		$	2,750,828,467		$	453,184,548		$	455,580,160		$	107,955,717



$	128,427,798		$	455,412,105		$	5,652,428		$	41,587,903		$	25,386,384
	7,873,565			6,769,030			391,737			1,002,455			1,263,272
	$16.31			$67.28			$14.43			$41.49			$20.10
	$17.31			$71.38			$15.31			$44.02			$21.33
	N/A		$	2,884,274		$	10,160		$	80,003		$	31,252
	N/A			42,446			703			2,128			1,705
	N/A			$67.95			$14.45			$37.60			$18.33
$	4,928,303		$	82,229,603		$	872,043		$	9,130,643		$	2,414,499
	319,266			1,222,267			61,850			239,892			132,538
	$15.44			$67.28			$14.10			$38.06			$18.22
	N/A			N/A			N/A		$	25,233			N/A
	N/A			N/A			N/A			582			N/A
	N/A			N/A			N/A			$43.38			N/A
$	164,462,364		$	1,990,686,606		$	443,211,011		$	128,744,319		$	64,502,887
	9,927,424			29,341,369			30,887,485			3,008,955			3,142,478
	$16.57			$67.85			$14.35			$42.79			$20.53
$	695,805,716			N/A		$	3,438,906		$	276,012,059		$	15,620,695
	41,154,482			N/A			238,941			6,363,184			757,315
	$16.91			N/A			$14.39			$43.38			$20.63
$	41,621,382		$	219,615,879			N/A			N/A			N/A
	2,567,154			3,252,690			N/A			N/A			N/A
	$16.21			$67.52			N/A			N/A			N/A

$	753,368,470		$	1,187,104,443		$	449,372,369		$	428,067,741		$	89,344,400

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


28		Wells Fargo Advantage Equity Gateway Funds		Statements of operations—six months ended November 30, 2014 (unaudited)


	C&B Large Cap Value Fund			Diversified Equity Fund

Investment income
Dividends allocated from affiliated Master Portfolio(s)*	$	2,544,997		$	2,336,036
Securities lending income allocated from affiliated Master Portfolio(s)		2,540			29,042
Interest allocated from affiliated Master Portfolio(s)		0			139
Expenses allocated from affiliated Master Portfolio(s)		(939,069	)		(938,681	)
Waivers allocated from affiliated Master Portfolio(s)		0			38,210

Total investment income		1,608,468			1,464,746


Expenses
Advisory fee		N/A			385,297
Administration fees
Fund level		69,271			77,059
Class A		35,214			106,057
Class B		538			700
Class C		9,566			5,497
Class R6		N/A			N/A
Administrator Class		27,255			110,944
Institutional Class		46,735			N/A
Investor Class		113,402			N/A
Shareholder servicing fees
Class A		33,860			101,978
Class B		518			674
Class C		9,198			5,285
Administrator Class		68,137			276,850
Investor Class		88,595			N/A
Distribution fees
Class B		1,553			2,020
Class C		27,595			15,856
Custody and accounting fees		5,654			6,756
Professional fees		13,837			14,271
Registration fees		28,130			19,485
Shareholder report expenses		15,297			10,438
Trustees’ fees and expenses		6,095			5,058
Other fees and expenses		5,703			5,538

Total expenses		606,153			1,149,763
Less: Fee waivers and/or expense reimbursements		(222,515	)		(383,234	)

Net expenses		383,638			766,529

Net investment income (loss)		1,224,830			698,217


REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on securities transaction allocated from Master Portfolio(s)		19,666,924			14,033,250
Net change in unrealized gains (losses) on securities transactions allocated from Master Portfolio(s)		(3,258,371	)		918,429

Net realized and unrealized gains (losses) on investments		16,408,553			14,951,679

Net increase (decrease) in net assets resulting from operations	$	17,633,383		$	15,649,896


* Net of foreign dividend withholding taxes allocated from affiliated Master Portfolio(s) in the amount of		$17,883			$59,143

^1.	Class commenced operations on October 31, 2014.

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


Statements of operations—six months ended November 30, 2014 (unaudited)		Wells Fargo Advantage Equity Gateway Funds			29


Emerging Growth Fund			Index Fund			International Value Fund			Small Company Growth Fund			Small Company Value Fund


$	583,272		$	27,391,416		$	5,942,750		$	768,742		$	745,567
	308,722			42,776			143,132			238,376			12,729
	0			264			2,568			0			0
	(4,077,425	)		(1,419,565	)		(2,084,291	)		(1,584,995	)		(459,371	)
	0			0			0			0			0

	(3,185,431	)		26,014,891			4,004,159			(577,877	)		298,925



	N/A			N/A			N/A			N/A			N/A

	255,654			666,392			115,750			96,371			27,262
	170,931			569,110			8,256			44,206			33,349
	N/A			4,005			17			126			59
	6,336			102,739			1,181			9,730			3,137
	N/A			N/A			N/A			1	¹		N/A
	93,997			971,942			226,476			59,679			33,285
	263,096			N/A			1,111			89,814			5,747
	64,835			322,874			N/A			N/A			N/A

	164,357			547,221			7,938			42,506			32,067
	N/A			3,851			17			121			57
	6,092			98,787			1,136			9,356			3,016
	221,206			967,560			566,190			147,302			82,691
	50,653			250,020			N/A			N/A			N/A

	N/A			11,552			51			363			169
	18,277			296,362			3,407			28,068			9,049
	19,633			50,939			8,681			7,805			2,622
	13,834			14,831			13,528			14,567			15,387
	28,661			27,076			21,802			23,416			27,278
	67,995			80,187			15,059			11,650			3,531
	6,095			6,554			6,270			5,959			5,794
	10,993			31,269			6,420			4,175			4,137

	1,462,645			5,023,271			1,003,290			595,215			288,637
	(212,411	)		(1,795,341	)		(184,408	)		(78,270	)		(70,755	)

	1,250,234			3,227,930			818,882			516,945			217,882

	(4,435,665	)		22,786,961			3,185,277			(1,094,822	)		81,043



	43,667,490			51,338,602			3,607,918			8,806,626			3,919,620
	75,860,780			143,273,859			(37,676,432	)		12,587,784			(3,648,029	)

	119,528,270			194,612,461			(34,068,514	)		21,394,410			271,591

$	115,092,605		$	217,399,422		$	(30,883,237	)	$	20,299,588		$	352,634


	$0			$7,921			$610,393			$4,581			$0

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


30		Wells Fargo Advantage Equity Gateway Funds		Statements of changes in net assets


	C&B Large Cap Value Fund
	Six months ended November 30, 2014 (unaudited)						Year ended May 31, 2014

Operations
Net investment income				$	1,224,830					$	3,085,612
Net realized gains on investments					19,666,924						35,351,897
Net change in unrealized gains (losses) on investments					(3,258,371	)					7,968,120

Net increase in net assets resulting from operations					17,633,383						46,405,629


Distributions to shareholders from
Net investment income
Class A					0						(262,151	)
Class C					0						(14,618	)
Administrator Class					0						(590,027	)
Institutional Class					0						(1,663,247	)
Investor Class					0						(662,095	)

Total distributions to shareholders					0						(3,192,138	)


Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		46,253			561,169			539,769			5,918,250
Class B		2,340			28,086			27,597			307,204
Class C		35,659			434,761			120,833			1,338,476
Administrator Class		637,763			7,812,237			1,141,117			12,475,754
Institutional Class		1,968,521			24,007,153			1,511,868			16,424,182
Investor Class		203,890			2,474,658			1,286,940			14,007,996

					35,318,064						50,471,862

Reinvestment of distributions
Class A		0			0			19,896			226,619
Class C		0			0			1,206			13,739
Administrator Class		0			0			49,911			567,989
Institutional Class		0			0			53,948			615,550
Investor Class		0			0			56,227			640,989

					0						2,064,886

Payment for shares redeemed
Class A		(378,390	)		(4,619,537	)		(380,906	)		(4,228,956	)
Class B		(10,318	)		(126,979	)		(100,896	)		(1,115,949	)
Class C		(35,740	)		(423,676	)		(79,887	)		(901,364	)
Administrator Class		(574,764	)		(7,022,868	)		(3,555,863	)		(38,222,271	)
Institutional Class		(587,183	)		(7,159,551	)		(5,422,972	)		(60,984,643	)
Investor Class		(760,612	)		(9,293,265	)		(1,692,398	)		(19,118,521	)

					(28,645,876	)					(124,571,704	)

Net increase (decrease) in net assets resulting from capital share transactions					6,672,188						(72,034,956	)

Total increase (decrease) in net assets					24,305,571						(28,821,465	)


Net assets
Beginning of period					268,792,516						297,613,981

End of period				$	293,098,087					$	268,792,516

Undistributed net investment income				$	2,368,778					$	1,143,948

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


Statements of changes in net assets		Wells Fargo Advantage Equity Gateway Funds			31


	Diversified Equity Fund
	Six months ended November 30, 2014 (unaudited)						Year ended May 31, 2014

Operations
Net investment income				$	698,217					$	2,326,713
Net realized gains on investments					14,033,250						27,396,245
Net change in unrealized gains (losses) on investments					918,429						34,417,583

Net increase in net assets resulting from operations					15,649,896						64,140,541


Distributions to shareholders from
Net investment income
Class A					0						(440,132	)
Class C					0						(1,965	)
Administrator Class					0						(2,165,310	)
Net realized gains
Class A					0						(7,873,191	)
Class B					0						(140,781	)
Class C					0						(467,437	)
Administrator Class					0						(27,105,195	)

Total distributions to shareholders					0						(38,194,011	)


Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		29,727			992,908			82,239			2,633,182
Class B		622			19,348			594			17,175
Class C		4,685			147,404			63,161			1,932,663
Administrator Class		210,229			7,032,566			712,239			22,940,594

					8,192,226						27,523,614

Reinvestment of distributions
Class A		0			0			266,289			8,270,615
Class B		0			0			4,929			140,741
Class C		0			0			15,582			455,178
Administrator Class		0			0			927,563			28,904,030

					0						37,770,564

Payment for shares redeemed
Class A		(154,499	)		(5,184,021	)		(308,926	)		(9,931,146	)
Class B		(16,757	)		(515,041	)		(49,913	)		(1,478,236	)
Class C		(16,265	)		(515,585	)		(31,320	)		(936,132	)
Administrator Class		(985,337	)		(32,807,717	)		(4,218,625	)		(136,373,544	)

					(39,022,364	)					(148,719,058	)

Net decrease in net assets resulting from capital share transactions					(30,830,138	)					(83,424,880	)

Total decrease in net assets					(15,180,242	)					(57,478,350	)


Net assets
Beginning of period					312,867,524						370,345,874

End of period				$	297,687,282					$	312,867,524

Undistributed net investment income				$	1,070,089					$	371,872

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


32		Wells Fargo Advantage Equity Gateway Funds		Statements of changes in net assets


	Emerging Growth Fund
	Six months ended November 30, 2014 (unaudited)						Year ended May 31, 2014

Operations
Net investment loss				$	(4,435,665	)				$	(9,470,683	)
Net realized gains on investments					43,667,490						114,899,461
Net change in unrealized gains (losses) on investments					75,860,780						1,297,278

Net increase in net assets resulting from operations					115,092,605						106,726,056


Distributions to shareholders from
Net realized gains
Class A					0						(10,269,921	)
Class C					0						(411,599	)
Administrator Class					0						(15,150,119	)
Institutional Class					0						(45,309,414	)
Investor Class					0						(3,128,448	)

Total distributions to shareholders					0						(74,269,501	)


Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		306,406			4,715,069			1,215,007			19,971,182
Class C		2,261			33,591			23,255			375,134
Administrator Class		1,274,902			20,198,589			3,399,985			55,969,854
Institutional Class		5,613,688			91,169,988			11,734,781			194,573,267
Investor Class		48,271			741,693			213,599			3,417,746

					116,858,930						274,307,183

Reinvestment of distributions
Class A		0			0			632,730			10,066,729
Class C		0			0			24,564			372,642
Administrator Class		0			0			692,543			11,177,638
Institutional Class		0			0			2,659,177			43,663,690
Investor Class		0			0			190,725			3,019,173

					0						68,299,872

Payment for shares redeemed
Class A		(1,359,621	)		(21,086,065	)		(1,788,965	)		(28,888,800	)
Class C		(30,028	)		(442,385	)		(60,896	)		(933,953	)
Administrator Class		(4,170,064	)		(66,993,958	)		(5,288,525	)		(86,388,323	)
Institutional Class		(7,522,892	)		(120,615,317	)		(11,284,697	)		(184,012,808	)
Investor Class		(212,737	)		(3,244,466	)		(366,218	)		(5,904,037	)

					(212,382,191	)					(306,127,921	)

Net increase (decrease) in net assets resulting from capital share transactions					(95,523,261	)					36,479,134

Total increase in net assets					19,569,344						68,935,689


Net assets
Beginning of period					1,015,676,219						946,740,530

End of period				$	1,035,245,563					$	1,015,676,219

Accumulated net investment loss				$	(4,435,665	)				$	0

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


Statements of changes in net assets		Wells Fargo Advantage Equity Gateway Funds			33


	Index Fund
	Six months ended November 30, 2014 (unaudited)						Year ended May 31, 2014

Operations
Net investment income				$	22,786,961					$	45,212,227
Net realized gains on investments					51,338,602						10,096,457
Net change in unrealized gains (losses) on investments					143,273,859						422,527,154

Net increase in net assets resulting from operations					217,399,422						477,835,838


Distributions to shareholders from
Net investment income
Class A					0						(6,235,208	)
Class B					0						(16,846	)
Class C					0						(571,085	)
Administrator Class					0						(34,265,268	)
Investor Class					0						(2,683,486	)
Net realized gains
Class A					0						(10,825,854	)
Class B					0						(106,025	)
Class C					0						(1,912,197	)
Administrator Class					0						(49,270,181	)
Investor Class					0						(4,280,430	)

Total distributions to shareholders					0						(110,166,580	)


Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		219,647			14,034,701			339,026			19,453,975
Class B		34			2,290			658			37,922
Class C		28,569			1,839,001			63,483			3,642,434
Administrator Class		2,654,600			170,941,154			5,517,119			320,679,308
Investor Class		407,069			26,125,962			642,862			37,499,496

					212,943,108						381,313,135

Reinvestment of distributions
Class A		0			0			287,123			16,660,487
Class B		0			0			1,950			114,023
Class C		0			0			25,553			1,485,257
Administrator Class		0			0			1,385,299			80,961,179
Investor Class		0			0			117,761			6,855,338

					0						106,076,284

Payment for shares redeemed
Class A		(410,408	)		(26,320,865	)		(1,213,639	)		(70,493,693	)
Class B		(11,753	)		(762,703	)		(48,381	)		(2,792,462	)
Class C		(58,884	)		(3,741,509	)		(133,347	)		(7,774,402	)
Administrator Class		(5,039,207	)		(324,472,381	)		(8,899,266	)		(522,844,104	)
Investor Class		(221,535	)		(14,191,699	)		(456,474	)		(26,647,819	)

					(369,489,157	)					(630,552,480	)

Net decrease in net assets resulting from capital share transactions					(156,546,049	)					(143,163,061	)

Total increase in net assets					60,853,373						224,506,197


Net assets
Beginning of period					2,689,975,094						2,465,468,897

End of period				$	2,750,828,467					$	2,689,975,094

Undistributed net investment income				$	40,797,033					$	18,010,072

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


34		Wells Fargo Advantage Equity Gateway Funds		Statements of changes in net assets


	International Value Fund
	Six months ended November 30, 2014 (unaudited)						Year ended May 31, 2014

Operations
Net investment income				$	3,185,277					$	11,615,770
Net realized gains on investments					3,607,918						7,858,906
Net change in unrealized gains (losses) on investments					(37,676,432	)					49,298,877

Net increase (decrease) in net assets resulting from operations					(30,883,237	)					68,773,553


Distributions to shareholders from
Net investment income
Class A					0						(122,245	)
Class B					0						(524	)
Class C					0						(11,877	)
Administrator Class					0						(9,065,141	)
Institutional Class					0						(53,689	)

Total distributions to shareholders					0						(9,253,476	)


Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		42,657			656,610			106,713			1,564,140
Class C		7,080			101,948			20,601			292,432
Administrator Class		2,936,092			43,853,169			6,250,245			90,362,606
Institutional Class		96,818			1,453,162			16,594			234,997

					46,064,889						92,454,175

Reinvestment of distributions
Class A		0			0			8,117			121,351
Class B		0			0			34			507
Class C		0			0			759			11,169
Administrator Class		0			0			609,788			9,049,258
Institutional Class		0			0			3,616			53,689

					0						9,235,974

Payment for shares redeemed
Class A		(86,146	)		(1,322,056	)		(121,473	)		(1,768,905	)
Class B		(907	)		(14,040	)		(3,623	)		(53,008	)
Class C		(5,910	)		(83,832	)		(5,801	)		(84,651	)
Administrator Class		(1,982,513	)		(29,856,675	)		(4,884,668	)		(70,393,442	)
Institutional Class		(11,287	)		(164,708	)		(12,330	)		(179,985	)

					(31,441,311	)					(72,479,991	)

Net increase in net assets resulting from capital share transactions					14,623,578						29,210,158

Total increase (decrease) in net assets					(16,259,659	)					88,730,235


Net assets
Beginning of period					469,444,207						380,713,972

End of period				$	453,184,548					$	469,444,207

Undistributed net investment income				$	12,309,835					$	9,124,558

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


Statements of changes in net assets		Wells Fargo Advantage Equity Gateway Funds			35


	Small Company Growth Fund
	Six months ended November 30, 2014 (unaudited)						Year ended May 31, 2014

Operations
Net investment loss				$	(1,094,822	)				$	(1,631,254	)
Net realized gains on investments					8,806,626						23,430,072
Net change in unrealized gains (losses) on investments					12,587,784						20,251,053

Net increase in net assets resulting from operations					20,299,588						42,049,871


Distributions to shareholders from
Net realized gains
Class A					0						(1,341,163	)
Class B					0						(11,323	)
Class C					0						(312,608	)
Administrator Class					0						(5,754,681	)
Institutional Class					0						(5,740,954	)

Total distributions to shareholders					0						(13,160,729	)


Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		455,927			18,761,163			616,853			24,225,370
Class B		0			0			1,668			57,600
Class C		76,838			2,850,969			125,263			4,506,947
Class R6		582	¹		25,000	¹		N/A			N/A
Administrator Class		1,036,304			42,929,337			830,660			33,624,291
Institutional Class		2,282,667			97,808,788			2,899,490			118,117,387

					162,375,257						180,531,595

Reinvestment of distributions
Class A		0			0			33,483			1,250,264
Class B		0			0			231			7,891
Class C		0			0			7,675			264,852
Administrator Class		0			0			145,665			5,599,351
Institutional Class		0			0			88,199			3,429,182

					0						10,551,540

Payment for shares redeemed
Class A		(223,353	)		(9,088,515	)		(153,841	)		(6,046,560	)
Class B		(697	)		(25,914	)		(4,268	)		(151,436	)
Class C		(17,185	)		(645,467	)		(28,111	)		(1,003,269	)
Administrator Class		(942,407	)		(40,074,931	)		(863,715	)		(34,001,532	)
Institutional Class		(454,334	)		(19,307,322	)		(464,741	)		(18,430,611	)

					(69,142,149	)					(59,633,408	)

Net increase in net assets resulting from capital share transactions					93,233,108						131,449,727

Total increase in net assets					113,532,696						160,338,869


Net assets
Beginning of period					342,047,464						181,708,595

End of period				$	455,580,160					$	342,047,464

Undistributed (accumulated) net investment income (loss)				$	(990,843	)				$	103,979

^1.	Class commenced operations on October 31, 2014.

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


36		Wells Fargo Advantage Equity Gateway Funds		Statements of changes in net assets


	Small Company Value Fund
	Six months ended November 30, 2014 (unaudited)						Year ended May 31, 2014

Operations
Net investment income				$	81,043					$	516,488
Net realized gains on investments					3,919,620						11,117,270
Net change in unrealized gains (losses) on investments					(3,648,029	)					4,928,346

Net increase in net assets resulting from operations					352,634						16,562,104


Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		85,541			1,717,759			399,805			7,560,140
Class B		179			3,340			221			3,721
Class C		20,622			380,920			27,128			471,889
Administrator Class		226,946			4,587,766			521,057			10,002,931
Institutional Class		346,067			6,978,239			201,879			3,915,493

					13,668,024						21,954,174

Payment for shares redeemed
Class A		(142,736	)		(2,855,945	)		(345,399	)		(6,653,511	)
Class B		(1,645	)		(29,508	)		(9,591	)		(165,161	)
Class C		(8,027	)		(144,287	)		(22,889	)		(399,317	)
Administrator Class		(420,408	)		(8,592,909	)		(661,856	)		(12,850,144	)
Institutional Class		(170,522	)		(3,533,725	)		(89,190	)		(1,754,912	)

					(15,156,374	)					(21,823,045	)

Net increase (decrease) in net assets resulting from capital share transactions					(1,488,350	)					131,129

Total increase (decrease) in net assets					(1,135,716	)					16,693,233


Net assets
Beginning of period					109,091,433						92,398,200

End of period				$	107,955,717					$	109,091,433

Undistributed (overdistributed) net investment income				$	81,014					$	(29	)

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

This page is intentionally left blank.


38		Wells Fargo Advantage Equity Gateway Funds		Financial highlights


C&B Large Cap Value 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 November 30, 2014 (unaudited)	$	11.99		0.04	⁵		0.72			0.00			0.00		$	12.75
Year ended May 31, 2014	$	10.32		0.09			1.68			(0.10	)		0.00		$	11.99
Year ended May 31, 2013	$	8.13		0.12			2.20			(0.13	)		0.00		$	10.32
Year ended May 31, 2012	$	8.70		0.12			(0.58	)		(0.11	)		0.00		$	8.13
Year ended May 31, 2011⁴	$	7.48		0.06			1.26			(0.10	)		0.00		$	8.70
Year ended September 30, 2010	$	7.06		0.08			0.42			(0.08	)		0.00		$	7.48
Year ended September 30, 2009	$	7.69		0.10	⁵		(0.60	)		(0.13	)		(0.00	)⁶	$	7.06
Class B
Six months ended November 30, 2014 (unaudited)	$	12.14		(0.00	)^5,6		0.72			0.00			0.00		$	12.86
Year ended May 31, 2014	$	10.43		0.02	⁵		1.69			0.00			0.00		$	12.14
Year ended May 31, 2013	$	8.16		0.05	⁵		2.22			0.00			0.00		$	10.43
Year ended May 31, 2012	$	8.68		0.05	⁵		(0.56	)		(0.01	)		0.00		$	8.16
Year ended May 31, 2011⁴	$	7.44		0.01			1.26			(0.03	)		0.00		$	8.68
Year ended September 30, 2010	$	7.02		0.03			0.42			(0.03	)		0.00		$	7.44
Year ended September 30, 2009	$	7.61		0.05	⁵		(0.58	)		(0.06	)		(0.00	)⁶	$	7.02
Class C
Six months ended November 30, 2014 (unaudited)	$	11.95		(0.00	)⁶		0.71			0.00			0.00		$	12.66
Year ended May 31, 2014	$	10.29		0.01			1.67			(0.02	)		0.00		$	11.95
Year ended May 31, 2013	$	8.11		0.04			2.20			(0.06	)		0.00		$	10.29
Year ended May 31, 2012	$	8.66		0.05			(0.56	)		(0.04	)		0.00		$	8.11
Year ended May 31, 2011⁴	$	7.43		0.00	⁶		1.27			(0.04	)		0.00		$	8.66
Year ended September 30, 2010	$	7.02		0.02			0.42			(0.03	)		0.00		$	7.43
Year ended September 30, 2009	$	7.60		0.05	⁵		(0.57	)		(0.06	)		(0.00	)⁶	$	7.02
Administrator Class
Six months ended November 30, 2014 (unaudited)	$	12.00		0.05			0.72			0.00			0.00		$	12.77
Year ended May 31, 2014	$	10.32		0.12	⁵		1.68			(0.12	)		0.00		$	12.00
Year ended May 31, 2013	$	8.13		0.13	⁵		2.21			(0.15	)		0.00		$	10.32
Year ended May 31, 2012	$	8.69		0.13	⁵		(0.56	)		(0.13	)		0.00		$	8.13
Year ended May 31, 2011⁴	$	7.47		0.05	⁵		1.28			(0.11	)		0.00		$	8.69
Year ended September 30, 2010	$	7.06		0.08	⁵		0.42			(0.09	)		0.00		$	7.47
Year ended September 30, 2009	$	7.70		0.11	⁵		(0.60	)		(0.15	)		(0.00	)⁶	$	7.06
Institutional Class
Six months ended November 30, 2014 (unaudited)	$	12.03		0.07			0.72			0.00			0.00		$	12.82
Year ended May 31, 2014	$	10.35		0.14			1.69			(0.15	)		0.00		$	12.03
Year ended May 31, 2013	$	8.16		0.17			2.19			(0.17	)		0.00		$	10.35
Year ended May 31, 2012	$	8.73		0.14			(0.56	)		(0.15	)		0.00		$	8.16
Year ended May 31, 2011⁴	$	7.51		0.07			1.28			(0.13	)		0.00		$	8.73
Year ended September 30, 2010	$	7.09		0.11	⁵		0.42			(0.11	)		0.00		$	7.51
Year ended September 30, 2009	$	7.75		0.12	⁵		(0.61	)		(0.17	)		(0.00	)⁶	$	7.09
Investor Class
Six months ended November 30, 2014 (unaudited)	$	12.00		0.03			0.73			0.00			0.00		$	12.76
Year ended May 31, 2014	$	10.33		0.08			1.69			(0.10	)		0.00		$	12.00
Year ended May 31, 2013	$	8.14		0.10			2.21			(0.12	)		0.00		$	10.33
Year ended May 31, 2012	$	8.70		0.10			(0.56	)		(0.10	)		0.00		$	8.14
Year ended May 31, 2011⁴	$	7.46		0.04			1.28			(0.08	)		0.00		$	8.70
Year ended September 30, 2010	$	7.04		0.06			0.44			(0.08	)		0.00		$	7.46
Year ended September 30, 2009	$	7.68		0.09	⁵		(0.59	)		(0.14	)		(0.00	)⁶	$	7.04

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

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

^3.	Portfolio turnover rate is calculated by multiplying the Fund’s investment percentage in the affiliated Master Portfolio by the affiliated Master Portfolio’s portfolio turnover rate.

^4.	For the eight months ended May 31, 2011. The Fund changed its fiscal year end from September 30 to May 31, effective May 31, 2011.

^5.	Calculated based upon average shares outstanding

^6.	Amount is less than $0.005.

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


Financial highlights		Wells Fargo Advantage Equity Gateway Funds			39


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)

	0.69	%		1.29	%		1.15	%		6.34	%		17	%	$	27,167
	0.86	%		1.31	%		1.15	%		17.25	%		22	%	$	29,537
	1.25	%		1.30	%		1.15	%		28.82	%		18	%	$	23,571
	1.33	%		1.30	%		1.15	%		(5.23	)%		21	%	$	21,380
	0.78	%		1.31	%		1.15	%		17.73	%		17	%	$	25,912
	0.96	%		1.32	%		1.15	%		7.14	%		13	%	$	31,038
	1.66	%		1.30	%		1.15	%		(6.05	)%		28	%	$	33,784

	(0.08	)%		2.04	%		1.90	%		5.93	%		17	%	$	394
	0.17	%		2.06	%		1.90	%		16.40	%		22	%	$	469
	0.57	%		2.03	%		1.89	%		27.82	%		18	%	$	1,167
	0.61	%		2.05	%		1.90	%		(5.84	)%		21	%	$	2,418
	0.04	%		2.06	%		1.90	%		17.15	%		17	%	$	6,607
	0.20	%		2.07	%		1.90	%		6.36	%		13	%	$	6,951
	0.91	%		2.04	%		1.90	%		(6.73	)%		28	%	$	8,773

	(0.06	)%		2.04	%		1.90	%		5.94	%		17	%	$	7,691
	0.11	%		2.06	%		1.90	%		16.39	%		22	%	$	7,262
	0.51	%		2.05	%		1.90	%		27.76	%		18	%	$	5,818
	0.58	%		2.05	%		1.90	%		(5.81	)%		21	%	$	5,524
	0.05	%		2.07	%		1.90	%		17.15	%		17	%	$	7,046
	0.21	%		2.07	%		1.90	%		6.29	%		13	%	$	6,607
	0.90	%		2.04	%		1.90	%		(6.62	)%		28	%	$	6,852

	0.89	%		1.13	%		0.95	%		6.42	%		17	%	$	58,147
	1.08	%		1.14	%		0.95	%		17.49	%		22	%	$	53,884
	1.48	%		1.13	%		0.95	%		29.09	%		18	%	$	70,727
	1.54	%		1.13	%		0.95	%		(4.90	)%		21	%	$	81,999
	1.00	%		1.15	%		0.95	%		17.74	%		17	%	$	120,613
	1.13	%		1.13	%		0.95	%		7.33	%		13	%	$	114,664
	1.89	%		1.11	%		0.95	%		(5.83	)%		28	%	$	222,489

	1.14	%		0.86	%		0.70	%		6.48	%		17	%	$	129,336
	1.34	%		0.88	%		0.70	%		17.86	%		22	%	$	104,758
	1.68	%		0.87	%		0.70	%		29.32	%		18	%	$	130,015
	1.78	%		0.87	%		0.70	%		(4.72	)%		21	%	$	96,653
	1.25	%		0.88	%		0.70	%		18.16	%		17	%	$	110,061
	1.48	%		0.88	%		0.70	%		7.51	%		13	%	$	95,466
	2.11	%		0.85	%		0.70	%		(5.62	)%		28	%	$	26,582

	0.64	%		1.35	%		1.20	%		6.33	%		17	%	$	70,362
	0.81	%		1.37	%		1.20	%		17.17	%		22	%	$	72,882
	1.21	%		1.36	%		1.20	%		28.68	%		18	%	$	66,315
	1.29	%		1.37	%		1.20	%		(5.17	)%		21	%	$	64,007
	0.75	%		1.39	%		1.20	%		17.77	%		17	%	$	86,624
	0.87	%		1.41	%		1.20	%		7.15	%		13	%	$	85,256
	1.62	%		1.40	%		1.20	%		(6.06	)%		28	%	$	199,654

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


40		Wells Fargo Advantage Equity Gateway Funds		Financial highlights


Diversified Equity 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 November 30, 2014 (unaudited)	$	32.78		0.02			1.71			0.00			0.00		$	34.51
Year ended May 31, 2014	$	30.65		0.16			5.48			(0.17	)		(3.34	)	$	32.78
Year ended May 31, 2013	$	26.08		0.23	⁴		6.14			(0.24	)		(1.56	)	$	30.65
Year ended May 31, 2012	$	29.71		0.15			(2.01	)		(0.18	)		(1.59	)	$	26.08
Year ended May 31, 2011⁵	$	24.89		0.12			4.85			(0.15	)		0.00		$	29.71
Year ended September 30, 2010	$	23.41		0.18			1.66			(0.36	)		0.00		$	24.89
Year ended September 30, 2009	$	27.70		0.23	⁴		(2.30	)		(0.26	)		(1.96	)	$	23.41
Class B
Six months ended November 30, 2014 (unaudited)	$	30.20		(0.08	)⁴		1.56			0.00			0.00		$	31.68
Year ended May 31, 2014	$	28.54		(0.10	)⁴		5.10			0.00			(3.34	)	$	30.20
Year ended May 31, 2013	$	24.36		0.01	⁴		5.73			0.00			(1.56	)	$	28.54
Year ended May 31, 2012	$	27.87		(0.01	)⁴		(1.91	)		0.00			(1.59	)	$	24.36
Year ended May 31, 2011⁵	$	23.35		(0.05	)⁴		4.57			0.00			0.00		$	27.87
Year ended September 30, 2010	$	21.96		(0.01	)⁴		1.57			(0.17	)		0.00		$	23.35
Year ended September 30, 2009	$	26.00		0.08	⁴		(2.16	)		0.00			(1.96	)	$	21.96
Class C
Six months ended November 30, 2014 (unaudited)	$	30.88		(0.07	)⁴		1.59			0.00			0.00		$	32.40
Year ended May 31, 2014	$	29.13		(0.08	)⁴		5.18			(0.01	)		(3.34	)	$	30.88
Year ended May 31, 2013	$	24.88		0.02	⁴		5.84			(0.05	)		(1.56	)	$	29.13
Year ended May 31, 2012	$	28.43		(0.59	)		(1.37	)		0.00			(1.59	)	$	24.88
Year ended May 31, 2011⁵	$	23.81		(0.04	)⁴		4.66			0.00			0.00		$	28.43
Year ended September 30, 2010	$	22.43		(0.01	)⁴		1.60			(0.21	)		0.00		$	23.81
Year ended September 30, 2009	$	26.53		0.08	⁴		(2.20	)		(0.02	)		(1.96	)	$	22.43
Administrator Class
Six months ended November 30, 2014 (unaudited)	$	32.84		0.09	⁴		1.70			0.00			0.00		$	34.63
Year ended May 31, 2014	$	30.70		0.23	⁴		5.49			(0.24	)		(3.34	)	$	32.84
Year ended May 31, 2013	$	26.12		0.30	⁴		6.15			(0.31	)		(1.56	)	$	30.70
Year ended May 31, 2012	$	29.78		0.33			(2.13	)		(0.27	)		(1.59	)	$	26.12
Year ended May 31, 2011⁵	$	24.98		0.14	⁴		4.89			(0.23	)		0.00		$	29.78
Year ended September 30, 2010	$	23.47		0.20	⁴		1.70			(0.39	)		0.00		$	24.98
Year ended September 30, 2009	$	27.79		0.28	⁴		(2.32	)		(0.32	)		(1.96	)	$	23.47

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

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

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

^4.	Calculated based upon average shares outstanding

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

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


Financial highlights		Wells Fargo Advantage Equity Gateway Funds			41


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)

	0.29	%		1.43	%		1.25	%		5.28	%		19	%	$	82,233
	0.48	%		1.43	%		1.25	%		19.10	%		37	%	$	82,186
	0.81	%		1.43	%		1.25	%		25.42	%		44	%	$	75,640
	0.74	%		1.41	%		1.25	%		(5.91	)%		57	%	$	75,751
	0.59	%		1.40	%		1.25	%		20.04	%		48	%	$	95,532
	0.71	%		1.48	%		1.25	%		7.90	%		44	%	$	85,735
	1.16	%		1.43	%		1.25	%		(5.33	)%		48	%	$	85,504

	(0.50	)%		2.18	%		2.00	%		4.90	%		19	%	$	334
	(0.34	)%		2.18	%		2.00	%		18.20	%		37	%	$	806
	0.04	%		2.18	%		2.00	%		24.48	%		44	%	$	2,029
	(0.05	)%		2.16	%		2.00	%		(6.61	)%		57	%	$	2,922
	(0.20	)%		2.15	%		2.00	%		19.36	%		48	%	$	5,754
	(0.04	)%		2.23	%		2.00	%		7.15	%		44	%	$	7,825
	0.43	%		2.18	%		1.99	%		(6.03	)%		48	%	$	10,839

	(0.46	)%		2.18	%		2.00	%		4.89	%		19	%	$	4,127
	(0.25	)%		2.19	%		2.00	%		18.23	%		37	%	$	4,292
	0.07	%		2.18	%		2.00	%		24.50	%		44	%	$	2,667
	(0.02	)%		2.16	%		2.00	%		(6.62	)%		57	%	$	2,499
	(0.17	)%		2.15	%		2.00	%		19.40	%		48	%	$	3,383
	(0.05	)%		2.23	%		2.00	%		7.10	%		44	%	$	3,280
	0.41	%		2.17	%		2.00	%		(6.02	)%		48	%	$	2,958

	0.53	%		1.27	%		1.00	%		5.42	%		19	%	$	210,993
	0.71	%		1.27	%		1.00	%		19.40	%		37	%	$	225,584
	1.06	%		1.27	%		1.00	%		25.75	%		44	%	$	290,011
	0.99	%		1.25	%		1.00	%		(5.67	)%		57	%	$	293,895
	0.84	%		1.24	%		1.00	%		20.22	%		48	%	$	386,429
	0.83	%		1.29	%		1.00	%		8.18	%		44	%	$	359,109
	1.41	%		1.25	%		1.00	%		(5.09	)%		48	%	$	596,298

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


42		Wells Fargo Advantage Equity Gateway Funds		Financial highlights


Emerging Growth Fund	Beginning net asset value per share		Net investment loss¹			Net realized and unrealized gains (losses) on investments			Distributions from net realized gains			Ending net asset value per share
Class A
Six months ended November 30, 2014 (unaudited)	$	14.61		(0.09	)⁴		1.79			0.00		$	16.31
Year ended May 31, 2014	$	14.10		(0.19	)		1.88			(1.18	)	$	14.61
Year ended May 31, 2013	$	12.44		(0.15	)		2.49			(0.68	)	$	14.10
Year ended May 31, 2012	$	13.12		(0.14	)⁴		(0.54	)		0.00		$	12.44
Year ended May 31, 2011⁵	$	9.50		(0.11	)⁴		3.73			0.00		$	13.12
Year ended September 30, 2010	$	7.93		(0.12	)		1.69			0.00		$	9.50
Year ended September 30, 2009	$	8.51		(0.07	)⁴		(0.51	)		0.00		$	7.93
Class C
Six months ended November 30, 2014 (unaudited)	$	13.88		(0.14	)⁴		1.70			0.00		$	15.44
Year ended May 31, 2014	$	13.55		(0.33	)		1.83			(1.18	)	$	13.88
Year ended May 31, 2013	$	12.06		(0.22	)		2.44			(0.68	)	$	13.55
Year ended May 31, 2012	$	12.81		(0.23	)⁴		(0.52	)		0.00		$	12.06
Year ended May 31, 2011⁵	$	9.32		(0.16	)⁴		3.65			0.00		$	12.81
Year ended September 30, 2010	$	7.85		(0.16	)⁴		1.63			0.00		$	9.32
Year ended September 30, 2009	$	8.48		(0.12	)⁴		(0.51	)		0.00		$	7.85
Administrator Class
Six months ended November 30, 2014 (unaudited)	$	14.83		(0.08	)⁴		1.82			0.00		$	16.57
Year ended May 31, 2014	$	14.28		(0.17	)⁴		1.90			(1.18	)	$	14.83
Year ended May 31, 2013	$	12.56		(0.12	)		2.52			(0.68	)	$	14.28
Year ended May 31, 2012	$	13.22		(0.12	)⁴		(0.54	)		0.00		$	12.56
Year ended May 31, 2011⁵	$	9.56		(0.09	)⁴		3.75			0.00		$	13.22
Year ended September 30, 2010	$	8.08		(0.01	)		1.49			0.00		$	9.56
Year ended September 30, 2009	$	8.53		(0.05	)⁴		(0.40	)		0.00		$	8.08
Institutional Class
Six months ended November 30, 2014 (unaudited)	$	15.11		(0.05	)		1.85			0.00		$	16.91
Year ended May 31, 2014	$	14.49		(0.11	)		1.91			(1.18	)	$	15.11
Year ended May 31, 2013	$	12.70		(0.08	)		2.55			(0.68	)	$	14.49
Year ended May 31, 2012	$	13.33		(0.08	)⁴		(0.55	)		0.00		$	12.70
Year ended May 31, 2011⁵	$	9.62		(0.07	)⁴		3.78			0.00		$	13.33
Year ended September 30, 2010	$	8.00		(0.07	)		1.69			0.00		$	9.62
Year ended September 30, 2009	$	8.53		(0.04	)⁴		(0.49	)		0.00		$	8.00
Investor Class
Six months ended November 30, 2014 (unaudited)	$	14.53		(0.11	)		1.79			0.00		$	16.21
Year ended May 31, 2014	$	14.04		(0.20	)		1.87			(1.18	)	$	14.53
Year ended May 31, 2013	$	12.39		(0.16	)		2.49			(0.68	)	$	14.04
Year ended May 31, 2012	$	13.07		(0.15	)⁴		(0.53	)		0.00		$	12.39
Year ended May 31, 2011⁵	$	9.47		(0.11	)⁴		3.71			0.00		$	13.07
Year ended September 30, 2010	$	7.91		(0.09	)		1.65			0.00		$	9.47
Year ended September 30, 2009	$	8.49		(0.07	)⁴		(0.51	)		0.00		$	7.91

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

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

^3.	Portfolio turnover rate is calculated by multiplying the Fund’s investment percentage in the affiliated Master Portfolio by the affiliated Master Portfolio’s portfolio turnover rate.

^4.	Calculated based upon average shares outstanding

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

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


Financial highlights		Wells Fargo Advantage Equity Gateway Funds			43


Ratio to average net assets (annualized)									Total return²			Portfolio turnover rate³			Net assets at end of period (000s omitted)
Net investment loss¹			Gross expenses¹			Net expenses¹			Total return²			Portfolio turnover rate³			Net assets at end of period (000s omitted)

	(1.20	)%		1.39	%		1.37	%		11.64	%		26	%	$	128,428
	(1.20	)%		1.39	%		1.37	%		11.30	%		63	%	$	130,403
	(1.04	)%		1.40	%		1.37	%		19.89	%		65	%	$	125,070
	(1.13	)%		1.41	%		1.37	%		(5.18	)%		75	%	$	125,113
	(1.32	)%		3.03	%		1.45	%		38.11	%		59	%	$	3,425
	(1.17	)%		4.65	%		1.46	%		19.80	%		97	%	$	142
	(1.09	)%		8.23	%		1.45	%		(6.82	)%		147	%	$	44

	(1.95	)%		2.14	%		2.12	%		11.24	%		26	%	$	4,928
	(1.95	)%		2.14	%		2.12	%		10.40	%		63	%	$	4,816
	(1.79	)%		2.15	%		2.12	%		19.09	%		65	%	$	4,878
	(1.89	)%		2.17	%		2.12	%		(5.85	)%		75	%	$	5,114
	(2.05	)%		3.83	%		2.20	%		37.30	%		59	%	$	516
	(1.93	)%		5.40	%		2.22	%		18.85	%		97	%	$	58
	(1.84	)%		7.93	%		2.20	%		(7.43	)%		147	%	$	8

	(1.03	)%		1.21	%		1.20	%		11.73	%		26	%	$	164,462
	(1.03	)%		1.22	%		1.20	%		11.45	%		63	%	$	190,126
	(0.87	)%		1.23	%		1.20	%		20.19	%		65	%	$	200,140
	(0.95	)%		1.22	%		1.19	%		(4.99	)%		75	%	$	185,744
	(1.08	)%		2.41	%		1.20	%		38.28	%		59	%	$	1,915
	(0.78	)%		4.54	%		1.20	%		19.95	%		97	%	$	51
	(0.79	)%		6.89	%		1.20	%		(5.28	)%		147	%	$	17

	(0.72	)%		0.96	%		0.90	%		11.91	%		26	%	$	695,806
	(0.73	)%		0.96	%		0.90	%		11.77	%		63	%	$	650,650
	(0.57	)%		0.97	%		0.90	%		20.52	%		65	%	$	578,841
	(0.67	)%		0.98	%		0.90	%		(4.73	)%		75	%	$	526,865
	(0.82	)%		1.98	%		0.95	%		38.57	%		59	%	$	8,170
	(0.67	)%		4.32	%		0.95	%		20.40	%		97	%	$	10
	(0.58	)%		6.74	%		0.95	%		(6.33	)%		147	%	$	8

	(1.25	)%		1.45	%		1.42	%		11.56	%		26	%	$	41,621
	(1.26	)%		1.45	%		1.43	%		11.21	%		63	%	$	39,681
	(1.10	)%		1.46	%		1.43	%		19.89	%		65	%	$	37,812
	(1.21	)%		1.52	%		1.45	%		(5.20	)%		75	%	$	36,715
	(1.35	)%		3.20	%		1.49	%		38.01	%		59	%	$	15,626
	(1.22	)%		4.85	%		1.50	%		19.72	%		97	%	$	3,705
	(1.11	)%		7.23	%		1.49	%		(6.83	)%		147	%	$	2,862

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


44		Wells Fargo Advantage Equity Gateway Funds		Financial highlights


Index 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 November 30, 2014 (unaudited)	$	62.14		0.50			4.64			0.00			0.00		$	67.28
Year ended May 31, 2014	$	54.00		0.90			9.59			(0.85	)		(1.50	)	$	62.14
Year ended May 31, 2013	$	44.25		0.86			10.66			(0.83	)		(0.94	)	$	54.00
Year ended May 31, 2012	$	47.17		0.73			(1.35	)		(0.65	)		(1.65	)	$	44.25
Year ended May 31, 2011⁴	$	40.42		0.56			8.77			(0.70	)		(1.88	)	$	47.17
Year ended July 31, 2010⁵	$	41.72		0.64			4.89			(0.63	)		(6.20	)	$	40.42
Year ended July 31, 2009⁵	$	56.53		0.91			(12.80	)		(0.91	)		(2.01	)	$	41.72
Class B
Six months ended November 30, 2014 (unaudited)	$	62.99		0.24	⁶		4.72			0.00			0.00		$	67.95
Year ended May 31, 2014	$	54.57		0.45	⁶		9.70			(0.23	)		(1.50	)	$	62.99
Year ended May 31, 2013	$	44.53		0.47	⁶		10.78			(0.27	)		(0.94	)	$	54.57
Year ended May 31, 2012	$	47.23		0.38	⁶		(1.29	)		(0.14	)		(1.65	)	$	44.53
Year ended May 31, 2011⁴	$	40.32		0.29	⁶		8.76			(0.26	)		(1.88	)	$	47.23
Year ended July 31, 2010⁵	$	41.63		0.28			4.88			(0.27	)		(6.20	)	$	40.32
Year ended July 31, 2009⁵	$	56.42		0.63	⁶		(12.82	)		(0.59	)		(2.01	)	$	41.63
Class C
Six months ended November 30, 2014 (unaudited)	$	62.37		0.26			4.65			0.00			0.00		$	67.28
Year ended May 31, 2014	$	54.22		0.47			9.62			(0.44	)		(1.50	)	$	62.37
Year ended May 31, 2013	$	44.41		0.48	⁶		10.71			(0.44	)		(0.94	)	$	54.22
Year ended May 31, 2012	$	47.27		0.39	⁶		(1.31	)		(0.29	)		(1.65	)	$	44.41
Year ended May 31, 2011⁴	$	40.32		0.27			8.78			(0.22	)		(1.88	)	$	47.27
Year ended July 31, 2010⁵	$	41.62		0.30			4.88			(0.28	)		(6.20	)	$	40.32
Year ended July 31, 2009⁵	$	56.36		0.59			(12.76	)		(0.56	)		(2.01	)	$	41.62
Administrator Class
Six months ended November 30, 2014 (unaudited)	$	62.56		0.64			4.65			0.00			0.00		$	67.85
Year ended May 31, 2014	$	54.34		1.08			9.66			(1.02	)		(1.50	)	$	62.56
Year ended May 31, 2013	$	44.52		1.02			10.71			(0.97	)		(0.94	)	$	54.34
Year ended May 31, 2012	$	47.45		0.83			(1.32	)		(0.79	)		(1.65	)	$	44.52
Year ended May 31, 2011⁴	$	40.56		0.67			8.82			(0.72	)		(1.88	)	$	47.45
Year ended July 31, 2010⁵	$	41.88		0.87	⁶		4.76			(0.75	)		(6.20	)	$	40.56
Year ended July 31, 2009⁵	$	56.88		1.02	⁶		(12.90	)		(1.11	)		(2.01	)	$	41.88
Investor Class
Six months ended November 30, 2014 (unaudited)	$	62.32		0.52	⁶		4.68			0.00			0.00		$	67.52
Year ended May 31, 2014	$	54.16		0.91			9.66			(0.91	)		(1.50	)	$	62.32
Year ended May 31, 2013	$	44.38		0.90			10.70			(0.88	)		(0.94	)	$	54.16
Year ended May 31, 2012	$	47.30		0.77			(1.33	)		(0.71	)		(1.65	)	$	44.38
Year ended May 31, 2011⁴	$	40.48		0.60			8.80			(0.70	)		(1.88	)	$	47.30
Year ended July 31, 2010^7,8	$	39.19		0.03			1.26			0.00			0.00		$	40.48

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

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

^3.	Portfolio turnover rate is calculated by multiplying the Fund’s investment percentage in the affiliated Master Portfolio by the affiliated Master Portfolio’s portfolio turnover rate.

^4.	For the ten months ended May 31, 2011. The Fund changed its fiscal year end from July 31 to May 31, effective May 31, 2011.

^5.

At the close of business on July 16, 2010, the Fund acquired the net assets of Evergreen Equity Index Fund which became the accounting and performance survivor in the transaction. The information for the periods prior to July 19, 2010 is that of Evergreen Equity Index Fund. The per share information has been adjusted to give effect to this transaction.

^6.	Calculated based upon average shares outstanding

^7.	For the period from July 16, 2010 (commencement of class operations) to July 31, 2010

^8.	Investor Class of Evergreen Equity Index Fund, the accounting and performance survivor, did not exist prior to the reorganization. As a result, accounting and performance information for Investor Class commenced operation on July 16, 2010.

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


Financial highlights		Wells Fargo Advantage Equity Gateway Funds			45


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)

	1.50	%		0.68	%		0.56	%		8.27	%		2	%	$	455,412
	1.53	%		0.67	%		0.56	%		19.77	%		5	%	$	432,448
	1.72	%		0.67	%		0.56	%		26.63	%		4	%	$	407,533
	1.63	%		0.68	%		0.56	%		(0.95	)%		9	%	$	347,412
	1.53	%		0.67	%		0.56	%		23.66	%		3	%	$	388,113
	1.49	%		1.00	%		0.60	%		13.29	%		7	%	$	358,953
	2.22	%		1.05	%		0.52	%		(20.30	)%		6	%	$	172,687

	0.74	%		1.43	%		1.31	%		7.87	%		2	%	$	2,884
	0.77	%		1.42	%		1.31	%		18.86	%		5	%	$	3,412
	0.95	%		1.42	%		1.31	%		25.66	%		4	%	$	5,453
	0.85	%		1.43	%		1.31	%		(1.68	)%		9	%	$	8,869
	0.78	%		1.42	%		1.31	%		22.90	%		3	%	$	19,894
	0.69	%		1.76	%		1.35	%		12.44	%		7	%	$	26,295
	1.51	%		1.79	%		1.26	%		(20.91	)%		6	%	$	28,008

	0.75	%		1.43	%		1.31	%		7.87	%		2	%	$	82,230
	0.78	%		1.42	%		1.31	%		18.89	%		5	%	$	78,118
	0.97	%		1.42	%		1.31	%		25.67	%		4	%	$	70,322
	0.87	%		1.43	%		1.31	%		(1.67	)%		9	%	$	65,245
	0.78	%		1.42	%		1.31	%		22.89	%		3	%	$	80,981
	0.68	%		1.76	%		1.35	%		12.44	%		7	%	$	81,848
	1.48	%		1.80	%		1.27	%		(20.91	)%		6	%	$	89,159

	1.81	%		0.37	%		0.25	%		8.46	%		2	%	$	1,990,687
	1.84	%		0.36	%		0.25	%		20.13	%		5	%	$	1,984,845
	2.03	%		0.36	%		0.25	%		27.02	%		4	%	$	1,832,524
	1.94	%		0.37	%		0.25	%		(0.63	)%		9	%	$	1,682,905
	1.84	%		0.37	%		0.25	%		23.98	%		3	%	$	1,709,455
	1.94	%		0.63	%		0.31	%		13.55	%		7	%	$	1,404,098
	2.49	%		0.80	%		0.27	%		(20.09	)%		6	%	$	115,745

	1.62	%		0.74	%		0.45	%		8.34	%		2	%	$	219,616
	1.64	%		0.73	%		0.45	%		19.88	%		5	%	$	191,153
	1.83	%		0.73	%		0.45	%		26.77	%		4	%	$	149,637
	1.74	%		0.75	%		0.45	%		(0.82	)%		9	%	$	118,982
	1.64	%		0.74	%		0.45	%		23.78	%		3	%	$	131,141
	2.13	%		0.79	%		0.45	%		3.29	%		7	%	$	111,126

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


46		Wells Fargo Advantage Equity Gateway Funds		Financial highlights


International Value Fund	Beginning net asset value per share		Net investment income¹			Net realized and unrealized gains (losses) on investments			Distributions from net investment income			Ending net asset value per share
Class A
Six months ended November 30, 2014 (unaudited)	$	15.45		0.08	⁴		(1.10	)		0.00		$	14.43
Year ended May 31, 2014	$	13.40		0.36			1.97			(0.28	)	$	15.45
Year ended May 31, 2013	$	10.64		0.31			2.71			(0.26	)	$	13.40
Year ended May 31, 2012	$	14.03		0.34			(3.36	)		(0.37	)	$	10.64
Year ended May 31, 2011⁵	$	12.58		0.22	⁴		1.46			(0.23	)	$	14.03
Year ended September 30, 2010	$	12.67		0.23	⁴		(0.17	)		(0.15	)	$	12.58
Year ended September 30, 2009	$	12.66		0.23	⁴		0.22			(0.44	)	$	12.67
Class B
Six months ended November 30, 2014 (unaudited)	$	15.52		0.03	⁴		(1.10	)		0.00		$	14.45
Year ended May 31, 2014	$	13.43		0.13	⁴		2.09			(0.13	)	$	15.52
Year ended May 31, 2013	$	10.60		0.17	⁴		2.76			(0.10	)	$	13.43
Year ended May 31, 2012	$	13.94		0.21	⁴		(3.29	)		(0.26	)	$	10.60
Year ended May 31, 2011⁵	$	12.42		0.11	⁴		1.49			(0.08	)	$	13.94
Year ended September 30, 2010	$	12.57		0.12	⁴		(0.14	)		(0.13	)	$	12.42
Year ended September 30, 2009	$	12.42		0.14	⁴		0.25			(0.24	)	$	12.57
Class C
Six months ended November 30, 2014 (unaudited)	$	15.16		0.02			(1.08	)		0.00		$	14.10
Year ended May 31, 2014	$	13.18		0.19			2.00			(0.21	)	$	15.16
Year ended May 31, 2013	$	10.47		0.19			2.70			(0.18	)	$	13.18
Year ended May 31, 2012	$	13.79		0.23	⁴		(3.28	)		(0.27	)	$	10.47
Year ended May 31, 2011⁵	$	12.33		0.15	⁴		1.44			(0.13	)	$	13.79
Year ended September 30, 2010	$	12.51		0.15			(0.18	)		(0.15	)	$	12.33
Year ended September 30, 2009	$	12.44		0.15	⁴		0.23			(0.31	)	$	12.51
Administrator Class
Six months ended November 30, 2014 (unaudited)	$	15.35		0.09			(1.09	)		0.00		$	14.35
Year ended May 31, 2014	$	13.31		0.38			1.98			(0.32	)	$	15.35
Year ended May 31, 2013	$	10.57		0.33	⁴		2.70			(0.29	)	$	13.31
Year ended May 31, 2012	$	13.95		0.35			(3.33	)		(0.40	)	$	10.57
Year ended May 31, 2011⁵	$	12.52		0.24	⁴		1.46			(0.27	)	$	13.95
Year ended September 30, 2010	$	12.68		0.25			(0.15	)		(0.26	)	$	12.52
Year ended September 30, 2009	$	12.69		0.25	⁴		0.20			(0.46	)	$	12.68
Institutional Class
Six months ended November 30, 2014 (unaudited)	$	15.38		0.12	⁴		(1.11	)		0.00		$	14.39
Year ended May 31, 2014	$	13.34		0.41			1.98			(0.35	)	$	15.38
Year ended May 31, 2013	$	10.58		0.35			2.73			(0.32	)	$	13.34
Year ended May 31, 2012	$	13.98		0.36			(3.33	)		(0.43	)	$	10.58
Year ended May 31, 2011⁵	$	12.58		0.28			1.44			(0.32	)	$	13.98
Year ended September 30, 2010	$	12.71		0.32			(0.20	)		(0.25	)	$	12.58
Year ended September 30, 2009	$	12.72		0.28	⁴		0.20			(0.49	)	$	12.71

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

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

^3.	Portfolio turnover rate is calculated by multiplying the Fund’s investment percentage in the affiliated Master Portfolio by the affiliated Master Portfolio’s portfolio turnover rate.

^4.	Calculated based upon average shares outstanding

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

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


Financial highlights		Wells Fargo Advantage Equity Gateway Funds			47


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)

	1.12	%		1.49	%		1.49	%		(6.67	)%		7	%	$	5,652
	2.45	%		1.51	%		1.50	%		17.48	%		11	%	$	6,725
	2.35	%		1.51	%		1.50	%		28.58	%		16	%	$	5,922
	2.81	%		1.46	%		1.46	%		(21.53	)%		9	%	$	4,742
	2.41	%		1.55	%		1.47	%		13.55	%		16	%	$	6,213
	1.92	%		1.69	%		1.46	%		0.52	%		27	%	$	6,792
	2.28	%		1.68	%		1.50	%		4.82	%		41	%	$	8,769

	0.34	%		2.17	%		2.17	%		(6.96	)%		7	%	$	10
	0.94	%		2.26	%		2.25	%		16.57	%		11	%	$	25
	1.34	%		2.26	%		2.25	%		27.69	%		16	%	$	70
	1.79	%		2.21	%		2.21	%		(22.15	)%		9	%	$	110
	1.28	%		2.32	%		2.22	%		12.97	%		16	%	$	194
	0.99	%		2.44	%		2.21	%		(0.16	)%		27	%	$	339
	1.39	%		2.44	%		2.25	%		3.82	%		41	%	$	581

	0.39	%		2.24	%		2.24	%		(7.06	)%		7	%	$	872
	1.88	%		2.26	%		2.25	%		16.64	%		11	%	$	920
	1.67	%		2.26	%		2.25	%		27.67	%		16	%	$	595
	1.96	%		2.21	%		2.21	%		(22.14	)%		9	%	$	441
	1.75	%		2.30	%		2.22	%		13.00	%		16	%	$	665
	1.11	%		2.45	%		2.21	%		(0.21	)%		27	%	$	665
	1.56	%		2.43	%		2.25	%		3.90	%		41	%	$	791

	1.38	%		1.33	%		1.25	%		(6.58	)%		7	%	$	443,211
	2.76	%		1.34	%		1.25	%		17.81	%		11	%	$	459,415
	2.67	%		1.34	%		1.25	%		28.90	%		16	%	$	372,187
	3.04	%		1.29	%		1.25	%		(21.37	)%		9	%	$	259,969
	2.84	%		1.38	%		1.25	%		13.73	%		16	%	$	313,423
	2.26	%		1.53	%		1.21	%		0.80	%		27	%	$	259,768
	2.50	%		1.50	%		1.25	%		4.89	%		41	%	$	231,537

	1.62	%		1.06	%		1.05	%		(6.50	)%		7	%	$	3,439
	2.91	%		1.08	%		1.05	%		18.07	%		11	%	$	2,359
	2.81	%		1.08	%		1.05	%		29.20	%		16	%	$	1,941
	3.20	%		1.03	%		1.03	%		(21.26	)%		9	%	$	1,505
	3.04	%		1.11	%		1.03	%		13.92	%		16	%	$	1,797
	2.51	%		1.08	%		1.01	%		1.01	%		27	%	$	1,518
	2.79	%		1.23	%		1.05	%		5.15	%		41	%	$	1,766

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


48		Wells Fargo Advantage Equity Gateway Funds		Financial highlights


Small Company Growth 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 November 30, 2014 (unaudited)	$	39.44		(0.18	)⁴		2.23			0.00			0.00		$	41.49
Year ended May 31, 2014	$	34.23		(0.37	)⁴		7.98			0.00			(2.40	)	$	39.44
Year ended May 31, 2013	$	26.21		(0.15	)		8.17			0.00			0.00		$	34.23
Year ended May 31, 2012	$	29.53		(0.18	)⁴		(3.14	)		0.00			0.00		$	26.21
Year ended May 31, 2011⁵	$	21.23		(0.15	)		8.45			0.00			0.00		$	29.53
Year ended September 30, 2010	$	18.56		(0.21	)⁴		2.88			0.00			0.00		$	21.23
Year ended September 30, 2009	$	18.38		(0.17	)⁴		0.35			0.00			0.00		$	18.56
Class B
Six months ended November 30, 2014 (unaudited)	$	35.88		(0.30	)⁴		2.02			0.00			0.00		$	37.60
Year ended May 31, 2014	$	31.55		(0.60	)⁴		7.33			0.00			(2.40	)	$	35.88
Year ended May 31, 2013	$	24.35		(0.36	)⁴		7.56			0.00			0.00		$	31.55
Year ended May 31, 2012	$	27.63		(0.37	)⁴		(2.91	)		0.00			0.00		$	24.35
Year ended May 31, 2011⁵	$	19.97		(0.29	)⁴		7.95			0.00			0.00		$	27.63
Year ended September 30, 2010	$	17.58		(0.34	)⁴		2.73			0.00			0.00		$	19.97
Year ended September 30, 2009	$	17.55		(0.25	)⁴		0.28			0.00			0.00		$	17.58
Class C
Six months ended November 30, 2014 (unaudited)	$	36.32		(0.30	)⁴		2.04			0.00			0.00		$	38.06
Year ended May 31, 2014	$	31.91		(0.62	)⁴		7.43			0.00			(2.40	)	$	36.32
Year ended May 31, 2013	$	24.62		(0.37	)⁴		7.66			0.00			0.00		$	31.91
Year ended May 31, 2012	$	27.95		(0.36	)⁴		(2.97	)		0.00			0.00		$	24.62
Year ended May 31, 2011⁵	$	20.19		(0.30	)⁴		8.06			0.00			0.00		$	27.95
Year ended September 30, 2010	$	17.77		(0.34	)⁴		2.76			0.00			0.00		$	20.19
Year ended September 30, 2009	$	17.73		(0.26	)⁴		0.30			0.00			0.00		$	17.77
Class R6
Period ended November 30, 2014 (unaudited)⁶	$	42.98		0.00	⁷		0.40			0.00			0.00		$	43.38
Administrator Class
Six months ended November 30, 2014 (unaudited)	$	40.64		(0.13	)		2.28			0.00			0.00		$	42.79
Year ended May 31, 2014	$	35.13		(0.26	)		8.17			0.00			(2.40	)	$	40.64
Year ended May 31, 2013	$	26.90		(0.09	)⁴		8.38			(0.06	)		0.00		$	35.13
Year ended May 31, 2012	$	30.22		(0.13	)⁴		(3.19	)		0.00			0.00		$	26.90
Year ended May 31, 2011⁵	$	21.70		(0.14	)⁴		8.66			0.00			0.00		$	30.22
Year ended September 30, 2010	$	18.90		(0.16	)⁴		2.96			0.00			0.00		$	21.70
Year ended September 30, 2009	$	18.68		(0.12	)⁴		0.34			0.00			0.00		$	18.90
Institutional Class
Six months ended November 30, 2014 (unaudited)	$	41.14		(0.09	)⁴		2.33			0.00			0.00		$	43.38
Year ended May 31, 2014	$	35.46		(0.20	)⁴		8.28			0.00			(2.40	)	$	41.14
Year ended May 31, 2013	$	27.15		(0.06	)⁴		8.51			(0.14	)		0.00		$	35.46
Year ended May 31, 2012	$	30.44		(0.07	)⁴		(3.22	)		0.00			0.00		$	27.15
Year ended May 31, 2011⁵	$	21.81		(0.12	)⁴		8.75			0.00			0.00		$	30.44
Year ended September 30, 2010	$	18.94		(0.05	)⁴		2.92			0.00			0.00		$	21.81
Year ended September 30, 2009	$	18.70		(0.08	)⁴		0.32			0.00			0.00		$	18.94

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

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

^3.	Portfolio turnover rate is calculated by multiplying the Fund’s investment percentage in the affiliated Master Portfolio by the affiliated Master Portfolio’s portfolio turnover rate.

^4.	Calculated based upon average shares outstanding

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

^6.	Class commenced operations on October 31, 2014.

^7.	Amount is less than $0.005.

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


Financial highlights		Wells Fargo Advantage Equity Gateway Funds			49


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)

	(0.88	)%		1.42	%		1.40	%		5.20	%		30	%	$	41,588
	(0.96	)%		1.45	%		1.41	%		22.63	%		77	%	$	30,364
	(0.58	)%		1.53	%		1.45	%		30.55	%		109	%	$	9,357
	(0.70	)%		1.46	%		1.44	%		(11.18	)%		107	%	$	6,450
	(1.04	)%		1.45	%		1.44	%		39.11	%		70	%	$	7,201
	(1.05	)%		1.50	%		1.45	%		14.39	%		129	%	$	4,042
	(1.13	)%		1.54	%		1.44	%		0.92	%		169	%	$	2,408

	(1.65	)%		2.16	%		2.15	%		4.79	%		30	%	$	80
	(1.71	)%		2.20	%		2.16	%		21.74	%		77	%	$	101
	(1.33	)%		2.28	%		2.20	%		29.57	%		109	%	$	164
	(1.48	)%		2.21	%		2.19	%		(11.87	)%		107	%	$	193
	(1.78	)%		2.19	%		2.19	%		38.43	%		70	%	$	380
	(1.83	)%		2.24	%		2.20	%		13.54	%		129	%	$	251
	(1.85	)%		2.29	%		2.19	%		0.17	%		169	%	$	312

	(1.63	)%		2.17	%		2.15	%		4.79	%		30	%	$	9,131
	(1.71	)%		2.20	%		2.16	%		21.75	%		77	%	$	6,546
	(1.31	)%		2.28	%		2.20	%		29.56	%		109	%	$	2,406
	(1.45	)%		2.22	%		2.19	%		(11.85	)%		107	%	$	1,628
	(1.80	)%		2.20	%		2.19	%		38.39	%		70	%	$	1,736
	(1.81	)%		2.24	%		2.20	%		13.62	%		129	%	$	820
	(1.87	)%		2.29	%		2.19	%		0.23	%		169	%	$	605

	0.05	%		0.91	%		0.89	%		0.93	%		30	%	$	25

	(0.68	)%		1.25	%		1.20	%		5.29	%		30	%	$	128,744
	(0.74	)%		1.29	%		1.20	%		22.92	%		77	%	$	118,456
	(0.30	)%		1.37	%		1.20	%		30.89	%		109	%	$	98,445
	(0.48	)%		1.30	%		1.20	%		(10.99	)%		107	%	$	97,776
	(0.78	)%		1.28	%		1.20	%		39.33	%		70	%	$	177,938
	(0.82	)%		1.32	%		1.20	%		14.76	%		129	%	$	237,761
	(0.85	)%		1.35	%		1.19	%		1.18	%		169	%	$	229,380

	(0.43	)%		0.99	%		0.95	%		5.44	%		30	%	$	276,012
	(0.49	)%		1.02	%		0.95	%		23.19	%		77	%	$	186,581
	(0.19	)%		1.10	%		0.95	%		31.25	%		109	%	$	71,336
	(0.27	)%		1.03	%		0.95	%		(10.78	)%		107	%	$	9,692
	(0.61	)%		1.01	%		0.95	%		39.59	%		70	%	$	91,704
	(0.25	)%		1.05	%		0.95	%		14.98	%		129	%	$	1,175
	(0.57	)%		1.09	%		0.95	%		1.39	%		169	%	$	9

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


50		Wells Fargo Advantage Equity Gateway Funds		Financial highlights


Small Company Value 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			Ending net asset value per share
Class A
Six months ended November 30, 2014 (unaudited)	$	20.08		(0.00	)⁴		0.02			0.00		$	20.10
Year ended May 31, 2014	$	17.10		0.06			2.92			0.00		$	20.08
Year ended May 31, 2013	$	13.17		0.00	⁵		3.93			0.00		$	17.10
Year ended May 31, 2012	$	14.36		0.03			(1.11	)		(0.11	)	$	13.17
Year ended May 31, 2011⁶	$	11.38		0.11			2.87			0.00		$	14.36
Year ended September 30, 2010	$	9.84		(0.02	)		1.56			0.00		$	11.38
Year ended September 30, 2009	$	10.55		0.04	⁵		(0.71	)		(0.04	)	$	9.84
Class B
Six months ended November 30, 2014 (unaudited)	$	18.38		(0.07	)⁵		0.02			0.00		$	18.33
Year ended May 31, 2014	$	15.74		(0.05	)⁵		2.69			0.00		$	18.38
Year ended May 31, 2013	$	12.21		(0.10	)⁵		3.63			0.00		$	15.74
Year ended May 31, 2012	$	13.30		(0.08	)⁵		(1.01	)		0.00		$	12.21
Year ended May 31, 2011⁶	$	10.59		0.04	⁵		2.67			0.00		$	13.30
Year ended September 30, 2010	$	9.20		(0.10	)⁵		1.49			0.00		$	10.59
Year ended September 30, 2009	$	9.89		(0.01	)⁵		(0.68	)		0.00		$	9.20
Class C
Six months ended November 30, 2014 (unaudited)	$	18.27		(0.07	)⁵		0.02			0.00		$	18.22
Year ended May 31, 2014	$	15.68		(0.07	)⁵		2.66			0.00		$	18.27
Year ended May 31, 2013	$	12.16		(0.10	)⁵		3.62			0.00		$	15.68
Year ended May 31, 2012	$	13.30		(0.08	)⁵		(1.02	)		(0.04	)	$	12.16
Year ended May 31, 2011⁶	$	10.59		0.02	⁵		2.69			0.00		$	13.30
Year ended September 30, 2010	$	9.20		(0.09	)⁵		1.48			0.00		$	10.59
Year ended September 30, 2009	$	9.89		(0.02	)⁵		(0.67	)		0.00		$	9.20
Administrator Class
Six months ended November 30, 2014 (unaudited)	$	20.49		0.02	⁵		0.02			0.00		$	20.53
Year ended May 31, 2014	$	17.42		0.12			2.95			0.00		$	20.49
Year ended May 31, 2013	$	13.39		0.03	⁵		4.01			(0.01	)	$	17.42
Year ended May 31, 2012	$	14.60		0.06			(1.13	)		(0.14	)	$	13.39
Year ended May 31, 2011⁶	$	11.55		0.12	⁵		2.93			0.00		$	14.60
Year ended September 30, 2010	$	9.94		(0.02	)		1.63			0.00		$	11.55
Year ended September 30, 2009	$	10.69		0.06	⁵		(0.74	)		(0.07	)	$	9.94
Institutional Class
Six months ended November 30, 2014 (unaudited)	$	20.57		0.03			0.03			0.00		$	20.63
Year ended May 31, 2014	$	17.45		0.13			2.99			0.00		$	20.57
Year ended May 31, 2013	$	13.41		0.06	⁵		4.03			(0.05	)	$	17.45
Year ended May 31, 2012	$	14.63		0.11			(1.17	)		(0.16	)	$	13.41
Year ended May 31, 2011⁶	$	11.55		0.13	⁵		2.95			0.00		$	14.63
Year ended September 30, 2010⁷	$	11.26		0.02			0.27			0.00		$	11.55

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

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

^3.	Portfolio turnover rate is calculated by multiplying the Fund’s investment percentage in the affiliated Master Portfolio by the affiliated Master Portfolio’s portfolio turnover rate.

^4.	Amount is less than $0.005.

^5.	Calculated based upon average shares outstanding

^6.	For the eight months ended May 31, 2011. The Fund changed its fiscal year end from September 30 to May 31, effective May 31, 2011.

^7.	For the period from July 30, 2010 (commencement of class operations) to September 30, 2010

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


Financial highlights		Wells Fargo Advantage Equity Gateway Funds			51


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)

	(0.01	)%		1.51	%		1.40	%		0.10	%		24	%	$	25,386
	0.33	%		1.56	%		1.42	%		17.43	%		47	%	$	26,517
	(0.02	)%		1.57	%		1.45	%		29.84	%		57	%	$	21,652
	0.08	%		1.50	%		1.45	%		(7.44	)%		60	%	$	18,605
	1.07	%		1.49	%		1.42	%		26.19	%		47	%	$	26,222
	(0.21	)%		1.65	%		1.45	%		15.53	%		60	%	$	22,492
	0.55	%		1.55	%		1.45	%		(6.14	)%		99	%	$	20,202

	(0.77	)%		2.25	%		2.15	%		(0.27	)%		24	%	$	31
	(0.29	)%		2.15	%		2.02	%		16.77	%		47	%	$	58
	(0.75	)%		2.31	%		2.20	%		28.91	%		57	%	$	197
	(0.67	)%		2.25	%		2.20	%		(8.20	)%		60	%	$	500
	0.45	%		2.25	%		2.17	%		25.59	%		47	%	$	1,340
	(0.99	)%		2.40	%		2.20	%		14.98	%		60	%	$	2,079
	(0.20	)%		2.30	%		2.20	%		(6.88	)%		99	%	$	2,792

	(0.76	)%		2.26	%		2.15	%		(0.27	)%		24	%	$	2,414
	(0.42	)%		2.31	%		2.17	%		16.52	%		47	%	$	2,192
	(0.76	)%		2.32	%		2.20	%		28.95	%		57	%	$	1,814
	(0.68	)%		2.25	%		2.20	%		(8.20	)%		60	%	$	1,557
	0.29	%		2.24	%		2.17	%		25.59	%		47	%	$	2,150
	(0.94	)%		2.40	%		2.20	%		14.98	%		60	%	$	1,763
	(0.26	)%		2.30	%		2.20	%		(6.88	)%		99	%	$	1,437

	0.19	%		1.35	%		1.20	%		0.20	%		24	%	$	64,503
	0.55	%		1.39	%		1.20	%		17.62	%		47	%	$	68,358
	0.23	%		1.40	%		1.20	%		30.21	%		57	%	$	60,550
	0.32	%		1.33	%		1.20	%		(7.24	)%		60	%	$	60,333
	1.34	%		1.33	%		1.20	%		26.41	%		47	%	$	70,022
	(0.05	)%		1.47	%		1.20	%		16.20	%		60	%	$	60,081
	0.85	%		1.37	%		1.20	%		(6.06	)%		99	%	$	124,072

	0.41	%		1.08	%		1.00	%		0.29	%		24	%	$	15,621
	0.75	%		1.13	%		1.00	%		17.88	%		47	%	$	11,967
	0.40	%		1.14	%		1.00	%		30.54	%		57	%	$	8,185
	0.59	%		1.05	%		1.00	%		(7.14	)%		60	%	$	62
	1.42	%		1.02	%		0.96	%		26.67	%		47	%	$	16
	1.02	%		1.15	%		1.00	%		2.58	%		60	%	$	10

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


52		Wells Fargo Advantage Equity Gateway Funds		Notes to financial statements (unaudited)

1. ORGANIZATION

Wells Fargo Funds Trust (the “Trust”), a Delaware statutory trust organized on March 10, 1999, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). These financial statements report on the following funds: the Wells Fargo Advantage C&B Large Cap Value Fund (“C&B Large Cap Value Fund”), the Wells Fargo Advantage Diversified Equity Fund (“Diversified Equity Fund”), the Wells Fargo Advantage Emerging Growth Fund (“Emerging Growth Fund”), the Wells Fargo Advantage Index Fund (“Index Fund”), the Wells Fargo Advantage International Value Fund (“International Value Fund”), the Wells Fargo Advantage Small Company Growth Fund (“Small Company Growth Fund”), and the Wells Fargo Advantage Small Company Value Fund (“Small Company Value Fund”) (each, a “Fund”, collectively, the “Funds”). Each Fund is a diversified series of the Trust.

Each Fund seeks to achieve its investment objective by investing all investable assets in one or more separate diversified portfolios (each, an “affiliated Master Portfolio”, collectively, the “affiliated Master Portfolios”) of Wells Fargo Master Trust, a registered open-end management investment company. Each affiliated Master Portfolio directly acquires portfolio securities, and a Fund investing in an affiliated Master Portfolio acquires an indirect interest in those securities. Each Fund accounts for its investment in the affiliated Master Portfolios as partnership investments and records on a daily basis its share of the affiliated Master Portfolio’s income, expense and realized and unrealized gains and losses. The financial statements of the affiliated Master Portfolios for the six months ended November 30, 2014 are included in this report and should be read in conjunction with each Fund’s financial statements. As of November 30, 2014, the Funds own the following percentages of the affiliated Master Portfolios:

C&B
Large Cap
Value
Fund

Diversified
Equity
Fund

Emerging
Growth
Fund

Index
Fund

International
Value Fund

Small
Company
Growth
Fund

Small
Company
Value
Fund

Wells Fargo Advantage C&B Large Cap Value Portfolio

N/A

Wells Fargo Advantage Diversified Large Cap Growth Portfolio

N/A

Wells Fargo Advantage Emerging Growth Portfolio

N/A

Wells Fargo Advantage Index Portfolio

N/A

Wells Fargo Advantage International Growth Portfolio

N/A

Wells Fargo Advantage International Value Portfolio

N/A

Wells Fargo Advantage Large Company Value Portfolio

N/A

Wells Fargo Advantage Small Company Growth Portfolio

N/A

Wells Fargo Advantage Small Company Value Portfolio

N/A

2. SIGNIFICANT ACCOUNTING POLICIES

Securities valuation

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

Security transactions and income


Notes to financial statements (unaudited)		Wells Fargo Advantage Equity Gateway Funds			53

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

Dividend income in each affiliated Master Portfolio is recognized on the ex-dividend date, except for certain dividends from foreign securities, which are recorded as soon as the custodian verifies the ex-dividend date. Dividend income from foreign securities in each affiliated Master Portfolio is recorded net of foreign taxes withheld where recovery of such taxes is not assured.

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

Distributions to shareholders

Federal and other taxes

At May 31, 2014, capital loss carryforwards available to offset future net realized capital gains were as follows through the indicated expiration dates:


									No expiration
	2016		2017		2018		2019		Long-term
C&B Large Cap Value Fund	$	0	$	0	$	22,021,530	$	16,296,879	$	0
Index Fund		0		0		0		0		6,764,069
International Value Fund		0		4,362,398		39,532,291		4,561,591		0
Small Company Growth Fund		546,818		273,409		0		0		0
Small Company Value Fund		0		8,477,676		80,412,918		0		0

At May 31, 2014, deferred post-October capital losses which were recognized on the first day of the current fiscal year were as follows:

Deferred post-October

capital loss

Index Fund

7,250,891

Class allocations


54		Wells Fargo Advantage Equity Gateway Funds		Notes to financial statements (unaudited)

3. FAIR VALUATION MEASUREMENTS

Level 1 – quoted prices in active markets for identical securities

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

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

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

At November 30, 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 November 30, 2014, the Funds did not have any transfers into/out of Level 1, Level 2, or Level 3.

4. TRANSACTIONS WITH AFFILIATES

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 of the Funds.

For each Fund that invests all of its assets in a single affiliated Master Portfolio, Funds Management does not currently receive an advisory fee. For Diversified Equity Fund which invests in multiple affiliated Master Portfolios, Funds Management is entitled to receive an annual advisory fee for providing such advisory services, including the determination of the asset allocations of its investments in the various affiliated Master Portfolios. Funds Management receives an annual advisory fee starting at 0.25% and declining to 0.19% as the average daily net assets of Diversified Equity Fund increase. For the six months ended November 30, 2014, the advisory fee for Diversified Equity Fund was equivalent to an annual rate of 0.25% of its average daily net assets.

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

Administration fees

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


	Class level administration fee
Class A, Class B, Class C		0.26	%
Class R6		0.03
Administrator Class		0.10
Institutional Class		0.08
Investor Class		0.32


Notes to financial statements (unaudited)		Wells Fargo Advantage Equity Gateway Funds			55


	Expiration date		Class A			Class B			Class C			Class R6			Administrator Class			Institutional Class			Investor Class
C&B Large Cap Value Fund		September 30, 2015		1.15	%		1.90	%		1.90	%		N/A			0.95	%		0.70	%		1.20	%
Diversified Equity Fund		September 30, 2015		1.25			2.00			2.00			N/A			1.00			N/A			N/A
Emerging Growth Fund		September 30, 2015		1.37			N/A			2.12			N/A			1.20			0.90			1.40	¹
Index Fund		September 30, 2015		0.56			1.31			1.31			N/A			0.25			N/A			0.45
International Value Fund		September 30, 2015		1.50			2.25			2.25			N/A			1.25			1.05			N/A
Small Company Growth Fund		September 30, 2016		1.40			2.15			2.15			0.90	%		1.20			0.95			N/A
Small Company Value Fund		September 30, 2015		1.40			2.15			2.15			N/A			1.20			1.00			N/A

^1.	Prior to October 1, 2014, the expense cap for Investor Class of Emerging Growth Fund was 1.43%.

After the expiration date, each expense cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

Distribution fees

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


	Front-end sales charges		Contingent deferred sales charges
	Class A		Class C
C&B Large Cap Value Fund	$	1,229	$	120
Diversified Equity Fund		2,163		11
Emerging Growth Fund		1,073		0
Index Fund		6,544		20
International Value Fund		645		0
Small Company Growth Fund		16,456		101
Small Company Value Fund		236		0

Shareholder servicing fees

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

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


56		Wells Fargo Advantage Equity Gateway Funds		Notes to financial statements (unaudited)

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. Government obligations (if any) and short-term securities, for the six months ended November 30, 2014, were as follows:


	Purchases at cost*		Sales proceeds*
C&B Large Cap Value Fund	$	44,174,004	$	50,626,093
Diversified Equity Fund		58,005,702		72,182,382
Emerging Growth Fund		267,750,832		338,619,775
Index Fund		53,506,924		209,328,353
International Value Fund		48,482,877		32,534,960
Small Company Growth Fund		201,894,633		113,827,282
Small Company Value Fund		24,983,088		29,108,785

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

6. BANK BORROWINGS

The Trust (excluding Diversified Equity Fund, the money market funds and certain other funds in the Trust) and Wells Fargo Variable Trust are parties to a $150,000,000 revolving credit agreement. Diversified Equity Fund and certain other funds in the Trust are parties to a $25,000,000 revolving credit agreement. Under each agreement, the Funds are permitted to use bank borrowings for temporary or emergency purposes, such as to fund shareholder redemption requests. Interest under each credit agreement is charged to each Fund based on a borrowing rate equal to the higher of the Federal Funds rate in effect on that day plus 1.25% or the overnight LIBOR rate in effect on that day plus 1.25%. In addition, the applicable Funds pay an annual commitment fee equal to 0.10% under the $150,000,000 credit agreement and an annual commitment fee equal to 0.15% under the $25,000,000 credit agreement. The annual commitment fee applied on the unused balance for each credit agreement is allocated to each participating fund. For the six months ended November 30, 2014, the Funds paid the following amounts in commitment fees:


	Commitment fee
C&B Large Cap Value Fund	$	205
Diversified Equity Fund		397
Emerging Growth Fund		781
Index Fund		1,988
International Value Fund		435
Small Company Growth Fund		321
Small Company Value Fund		103

For the six months ended November 30, 2014, there were no borrowings by the Funds under the agreement.

7. CONCENTRATION RISK

Concentration risks result from exposure to a limited number of sectors. Through their investments in affiliated Master Portfolio(s), Funds that invest a substantial portion of their assets in a sector may be more affected by changes in that sector than would be a fund whose investments are not heavily weighted in any sector.

8. INDEMNIFICATION

Under the Trust’s organizational documents, the officers and directors are indemnified against certain liabilities that may arise out of performance of their duties to the Trust. Additionally, in the normal course of business, the Trust may enter


Notes to financial statements (unaudited)		Wells Fargo Advantage Equity Gateway Funds			57

into contracts with service providers that contain a variety of indemnification clauses. The Trust’s maximum exposure under these arrangements is dependent on future claims that may be made against the Funds and, therefore, cannot be estimated.

9. SUBSEQUENT DISTRIBUTIONS

On December 9, 2014, the following Funds declared distributions from capital gains to shareholders of record on December 8, 2014. The per share amounts payable on December 10, 2014 were as follows:


	Diversified Equity Fund		Emerging Growth Fund		Index Fund		Small Company Growth Fund
Short-term capital gains
Class A	$	0.62441	$	0.17753	$	0.16948	$	0.17260
Class B		0.62441		N/A		0.16948		0.17260
Class C		0.62441		0.17753		0.16948		0.17260
Class R6		N/A		N/A		N/A		0.17260
Administrator Class		0.62441		0.17753		0.16948		0.17260
Institutional Class		N/A		0.17753		N/A		0.17260
Investor Class		N/A		0.17753		0.16948		N/A
Long-term capital gains
Class A	$	2.56631	$	1.02559	$	0.60538	$	1.74439
Class B		2.56631		N/A		0.60538		1.74439
Class C		2.56631		1.02559		0.60538		1.74439
Class R6		N/A		N/A		N/A		1.74439
Administrator Class		2.56631		1.02559		0.60538		1.74439
Institutional Class		N/A		1.02559		N/A		1.74439
Investor Class		N/A		1.02559		0.60538		N/A

On December 19, 2014, the following Funds declared distributions from net investment income to shareholders of record on December 18, 2014. The per share amounts payable on December 22, 2014 were as follows


	C&B Large Cap Value Fund		Diversified Equity Fund		Index Fund
Net investment income
Class A	$	0.09048	$	0.14978	$	0.96445
Class B		0.00000		0.00000		0.29265
Class C		0.00718		0.00000		0.48972
Administrator Class		0.11902		0.22591		1.16106
Institutional Class		0.14864		N/A		N/A
Investor Class		0.08450		N/A		1.05084

On December 30, 2014, the following Fund declared distributions from net investment income to shareholders of record on December 29, 2014. The per share amounts payable on December 31, 2014 were as follows


	International Value Fund
Net investment income
Class A	$	0.33012
Class B		0.00000
Class C		0.24013
Administrator Class		0.37816
Institutional Class		0.40873


58		Wells Fargo Advantage Equity Gateway Funds		Portfolio of investments—November 30, 2014 (unaudited)

C&B LARGE CAP VALUE PORTFOLIO


Security name	Shares		Value

Common Stocks: 91.51%

Consumer Discretionary: 12.57%

Hotels, Restaurants & Leisure: 5.01%
Carnival Corporation		210,400	$	9,291,264
McDonald’s Corporation		79,000		7,647,990

				16,939,254


Media: 5.16%
Omnicom Group Incorporated		127,500		9,851,925
Twenty-First Century Fox Incorporated		206,700		7,606,560

				17,458,485


Multiline Retail: 2.40%
Kohl’s Corporation		135,900		8,102,358


Consumer Staples: 10.64%

Beverages: 1.34%
Diageo plc ADR		36,800		4,533,760


Food Products: 2.07%
Unilever NV ADR		172,600		7,014,464


Household Products: 4.70%
Colgate-Palmolive Company		67,800		4,718,202
Henkel AG & Company KGaA ADR		51,200		5,067,776
The Procter & Gamble Company		67,600		6,113,068

				15,899,046


Tobacco: 2.53%
Philip Morris International		98,300		8,545,219


Energy: 8.69%

Oil, Gas & Consumable Fuels: 8.69%
Chevron Corporation		60,440		6,580,103
Devon Energy Corporation		117,300		6,917,181
Exxon Mobil Corporation		85,350		7,727,589
Noble Energy Incorporated		75,600		3,718,008
World Fuel Services Corporation		98,600		4,464,608

				29,407,489


Financials: 23.88%

Banks: 7.12%
Bank of America Corporation		334,100		5,693,064
JPMorgan Chase & Company		174,800		10,515,968
PNC Financial Services Group Incorporated		90,000		7,872,300

				24,081,332

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


Portfolio of investments—November 30, 2014 (unaudited)		Wells Fargo Advantage Equity Gateway Funds			59

C&B LARGE CAP VALUE PORTFOLIO


Security name	Shares		Value

Capital Markets: 3.92%
State Street Corporation		172,700	$	13,251,271


Consumer Finance: 2.23%
American Express Company		81,400		7,522,988


Diversified Financial Services: 1.52%
Berkshire Hathaway Incorporated Class B †		34,600		5,144,674


Insurance: 9.09%
Axis Capital Holdings Limited		33,700		1,686,685
FNF Group		233,900		7,578,360
RenaissanceRe Holdings Limited		79,200		7,755,264
The Progressive Corporation		333,600		9,087,264
Willis Group Holdings plc		108,500		4,634,035

				30,741,608


Health Care: 13.79%

Health Care Equipment & Supplies: 4.49%
Baxter International Incorporated		98,900		7,219,700
Becton Dickinson & Company		56,700		7,956,711

				15,176,411


Health Care Providers & Services: 6.76%
Cardinal Health Incorporated		81,300		6,682,047
Laboratory Corporation of America Holdings †		84,300		8,821,152
UnitedHealth Group Incorporated		74,700		7,367,661

				22,870,860


Pharmaceuticals: 2.54%
Johnson & Johnson		79,400		8,595,050


Industrials: 9.45%

Air Freight & Logistics: 2.68%
United Parcel Service Incorporated Class B		82,600		9,079,392


Electrical Equipment: 1.09%
Eaton Corporation plc		54,100		3,669,603


Industrial Conglomerates: 2.52%
3M Company		53,200		8,516,788


Machinery: 3.16%
Illinois Tool Works Incorporated		28,000		2,658,040
Parker Hannifin Corporation		62,200		8,025,666

				10,683,706


Information Technology: 6.64%

Communications Equipment: 2.09%
QUALCOMM Incorporated		97,000		7,071,300

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


60		Wells Fargo Advantage Equity Gateway Funds		Portfolio of investments—November 30, 2014 (unaudited)

C&B LARGE CAP VALUE PORTFOLIO


Security name				Shares		Value

IT Services: 4.55%
Fiserv Incorporated †					99,700	$	7,127,553
The Western Union Company					444,000		8,249,520

							15,377,073


Materials: 5.85%

Containers & Packaging: 5.85%
Ball Corporation					69,500		4,661,365
Crown Holdings Incorporated †					222,800		11,028,600
Rock-Tenn Company Class A					71,900		4,084,639

							19,774,604


Total Common Stocks (Cost $214,789,569)							309,456,735


	Dividend yield

Preferred Stocks: 0.45%

Consumer Staples: 0.45%

Household Products: 0.45%
Henkel AG & Company KGaA ADR ±		1.51	%		13,600		1,507,315


Total Preferred Stocks (Cost $597,017)							1,507,315


	Yield

Short-Term Investments: 7.34%

Investment Companies: 7.34%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)		0.08			24,831,887		24,831,887


Total Short-Term Investments (Cost $24,831,887)							24,831,887


Total investments in securities (Cost $240,218,473) *	99.30	%		335,795,937
Other assets and liabilities, net	0.70			2,369,039

Total net assets	100.00	%	$	338,164,976

†	Non-income-earning security

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

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

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

*	Cost for federal income tax purposes is $249,058,432 and unrealized gains (losses) consists of:


Gross unrealized gains	$	96,955,131
Gross unrealized losses		(10,217,626	)

Net unrealized gains	$	86,737,505

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


Portfolio of investments—November 30, 2014 (unaudited)		Wells Fargo Advantage Equity Gateway Funds			61

DIVERSIFIED LARGE CAP GROWTH PORTFOLIO


Security name	Shares		Value

Common Stocks: 99.14%

Consumer Discretionary: 25.59%

Auto Components: 1.17%
BorgWarner Incorporated		2,560	$	144,794
Delphi Automotive plc		19,530		1,424,714

				1,569,508


Distributors: 0.52%
LKQ Corporation †		23,900		694,295


Hotels, Restaurants & Leisure: 4.78%
Chipotle Mexican Grill Incorporated †		3,130		2,077,131
Hilton Worldwide Holdings Incorporated †		7,368		193,189
Las Vegas Sands Corporation		13,660		870,005
Marriott International Incorporated Class A		8,700		685,473
Starbucks Corporation		21,214		1,722,789
Wynn Resorts Limited		4,860		868,045

				6,416,632


Internet & Catalog Retail: 2.92%
Amazon.com Incorporated †		7,460		2,526,254
Netflix Incorporated †		280		97,045
The Priceline Group Incorporated †		1,120		1,299,413

				3,922,712


Media: 5.94%
CBS Corporation Class B		14,780		811,126
Comcast Corporation Class A		36,450		2,079,108
Liberty Global plc Class C †		31,320		1,563,494
The Walt Disney Company		15,900		1,470,909
Time Warner Incorporated		10,610		903,123
Twenty-First Century Fox Incorporated		31,320		1,152,576

				7,980,336


Multiline Retail: 2.08%
Dollar Tree Incorporated †		31,610		2,160,860
Nordstrom Incorporated		8,340		636,842

				2,797,702


Specialty Retail: 4.53%
Cabela’s Incorporated †«		3,680		199,603
CarMax Incorporated †		30,120		1,716,238
O’Reilly Automotive Incorporated †		4,590		838,777
TJX Companies Incorporated		26,500		1,753,240
Tractor Supply Company		20,440		1,572,449

				6,080,307

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


62		Wells Fargo Advantage Equity Gateway Funds		Portfolio of investments—November 30, 2014 (unaudited)

DIVERSIFIED LARGE CAP GROWTH PORTFOLIO


Security name	Shares		Value

Textiles, Apparel & Luxury Goods: 3.65%
Nike Incorporated Class B		25,020	$	2,484,236
Under Armour Incorporated Class A †		19,520		1,415,005
VF Corporation		13,420		1,008,781

				4,908,022


Consumer Staples: 3.93%

Beverages: 0.95%
Constellation Brands Incorporated Class A †		10,240		987,136
The Coca-Cola Company		6,650		298,120

				1,285,256


Food & Staples Retailing: 1.93%
Costco Wholesale Corporation		11,450		1,627,274
CVS Health Corporation		4,200		383,712
Sprouts Farmers Market Incorporated †		15,228		484,098
Walgreen Company		1,370		93,996

				2,589,080


Household Products: 0.42%
Colgate-Palmolive Company		8,180		569,246


Personal Products: 0.63%
Estee Lauder Companies Incorporated Class A		11,370		842,972


Energy: 4.39%

Energy Equipment & Services: 1.10%
Halliburton Company		14,080		594,176
Schlumberger Limited		10,280		883,566

				1,477,742


Oil, Gas & Consumable Fuels: 3.29%
Antero Resources Corporation †		13,592		637,737
Concho Resources Incorporated †		14,460		1,377,315
Continental Resources Incorporated †«		2,250		92,205
EOG Resources Incorporated		4,830		418,858
Memorial Resource Development Corporation †		5,877		126,943
Pioneer Natural Resources Company		11,610		1,662,900
Whiting Petroleum Corporation †		2,500		104,425

				4,420,383


Financials: 6.32%

Capital Markets: 2.71%
Affiliated Managers Group Incorporated †		4,660		948,729
Ameriprise Financial Incorporated		5,890		776,125
Northern Trust Corporation		4,410		298,689
TD Ameritrade Holding Corporation		46,710		1,616,633

				3,640,176

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


Portfolio of investments—November 30, 2014 (unaudited)		Wells Fargo Advantage Equity Gateway Funds			63

DIVERSIFIED LARGE CAP GROWTH PORTFOLIO


Security name	Shares		Value

Consumer Finance: 2.11%
American Express Company		16,470	$	1,522,157
Discover Financial Services		20,110		1,318,211

				2,840,368


Diversified Financial Services: 1.05%
IntercontinentalExchange Group Incorporated		6,220		1,405,658


REITs: 0.45%
American Tower Corporation		5,770		605,908


Health Care: 15.83%

Biotechnology: 8.39%
Alexion Pharmaceuticals Incorporated †		13,850		2,699,365
Biogen Idec Incorporated †		8,310		2,556,904
BioMarin Pharmaceutical Incorporated †		2,030		182,132
Celgene Corporation †		23,560		2,678,536
Gilead Sciences Incorporated †		13,230		1,327,234
Medivation Incorporated †		2,610		302,473
Regeneron Pharmaceuticals Incorporated †		3,660		1,522,963

				11,269,607


Health Care Equipment & Supplies: 0.89%
Covidien plc		11,820		1,193,820


Health Care Providers & Services: 1.92%
AmerisourceBergen Corporation		11,463		1,043,706
Envision Healthcare Holdings Incorporated †		7,057		249,536
McKesson Corporation		6,110		1,287,744

				2,580,986


Health Care Technology: 1.04%
Cerner Corporation †		21,690		1,396,836


Life Sciences Tools & Services: 0.52%
Mettler-Toledo International Incorporated †		1,570		460,418
Quintiles Transnational Holdings Incorporated †		4,054		234,402

				694,820


Pharmaceuticals: 3.07%
AbbVie Incorporated		18,060		1,249,752
Jazz Pharmaceuticals plc †		360		63,752
Merck & Company Incorporated		9,070		547,828
Perrigo Company plc		14,150		2,266,688

				4,128,020

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


64		Wells Fargo Advantage Equity Gateway Funds		Portfolio of investments—November 30, 2014 (unaudited)

DIVERSIFIED LARGE CAP GROWTH PORTFOLIO


Security name	Shares			Value

Industrials: 11.17%

Aerospace & Defense: 1.39%
Precision Castparts Corporation		2,370		$	563,823
The Boeing Company		4,630			622,087
United Technologies Corporation		6,170			679,194

					1,865,104


Air Freight & Logistics: 0.81%
United Parcel Service Incorporated Class B		9,900			1,088,208


Airlines: 1.16%
Delta Air Lines Incorporated		18,630			869,462
Southwest Airlines Company		16,440			687,521

					1,556,983


Commercial Services & Supplies: 0.35%
Tyco International plc		10,900			467,610


Electrical Equipment: 0.25%
Rockwell Automation Incorporated		2,920			336,997


Industrial Conglomerates: 0.90%
3M Company		3,220			515,490
Danaher Corporation		8,280			691,877

					1,207,367


Machinery: 1.03%
Cummins Incorporated		6,416			934,298
Flowserve Corporation		4,110			241,956
Pentair plc		3,220			208,366

					1,384,620


Road & Rail: 4.61%
Canadian Pacific Railway Limited		4,540			876,946
CSX Corporation		16,990			619,965
Genesee & Wyoming Incorporated Class A †		3,330			328,305
Kansas City Southern		6,890			819,497
Norfolk Southern Corporation		10,510	��		1,173,336
Union Pacific Corporation		20,390			2,380,940

					6,198,989


Trading Companies & Distributors: 0.67%
W.W. Grainger Incorporated		3,650			896,732


Information Technology: 27.66%

Communications Equipment: 1.81%
Cisco Systems Incorporated		12,120			334,997
F5 Networks Incorporated †		2,500			322,975
Palo Alto Networks Incorporated †		5,772			709,956
QUALCOMM Incorporated		14,541			1,060,039

					2,427,967

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


Portfolio of investments—November 30, 2014 (unaudited)		Wells Fargo Advantage Equity Gateway Funds			65

DIVERSIFIED LARGE CAP GROWTH PORTFOLIO


Security name	Shares		Value

Electronic Equipment, Instruments & Components: 0.72%
TE Connectivity Limited		15,040	$	965,568


Internet Software & Services: 8.36%
Akamai Technologies Incorporated †		14,560		940,722
Alibaba Group Holding Limited ADR †		3,770		420,883
Facebook Incorporated Class A †		51,660		4,013,982
Google Incorporated Class A †		4,644		2,549,928
Google Incorporated Class C †		5,014		2,716,736
Pandora Media Incorporated †		26,150		514,109
Twitter Incorporated †		1,750		73,045

				11,229,405


IT Services: 5.34%
Accenture plc		9,420		813,229
Alliance Data Systems Corporation †		5,170		1,477,948
MasterCard Incorporated Class A		22,600		1,972,754
Visa Incorporated Class A		11,260		2,907,219

				7,171,150


Semiconductors & Semiconductor Equipment: 3.07%
ARM Holdings plc ADR		14,120		604,901
Microchip Technology Incorporated «		34,870		1,574,381
Micron Technology Incorporated †		32,950		1,184,553
Texas Instruments Incorporated		14,110		767,866

				4,131,701


Software: 4.09%
Adobe Systems Incorporated †		8,430		621,122
Microsoft Corporation		19,150		915,562
Salesforce.com Incorporated †		34,114		2,042,405
ServiceNow Incorporated †		21,000		1,343,160
Splunk Incorporated †		6,460		433,466
Tableau Software Incorporated Class A †		1,650		138,402

				5,494,117


Technology Hardware, Storage & Peripherals: 4.27%
Apple Incorporated		41,207		4,900,749
Western Digital Corporation		8,120		838,552

				5,739,301


Materials: 3.13%

Chemicals: 3.13%
Airgas Incorporated		1,480		171,132
Ecolab Incorporated		6,230		678,754
Monsanto Company		13,740		1,647,563
Praxair Incorporated		13,270		1,703,603

				4,201,052

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


66		Wells Fargo Advantage Equity Gateway Funds		Portfolio of investments—November 30, 2014 (unaudited)

DIVERSIFIED LARGE CAP GROWTH PORTFOLIO


Security name				Shares		Value

Telecommunication Services: 1.12%

Wireless Telecommunication Services: 1.12%
SBA Communications Corporation Class A †					12,333	$	1,500,556


Total Common Stocks (Cost $87,975,922)							133,173,819


	Yield

Short-Term Investments: 2.42%

Investment Companies: 2.42%
Securities Lending Cash Investments, LLC (r)(l)(u)		0.12	%		1,815,925		1,815,925
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)		0.08			1,435,598		1,435,598

Total Short-Term Investments (Cost $3,251,523)							3,251,523


Total investments in securities (Cost $91,227,445) *	101.56	%		136,425,342
Other assets and liabilities, net	(1.56	)		(2,099,469	)

Total net assets	100.00	%	$	134,325,873

†	Non-income-earning security

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

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

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

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

*	Cost for federal income tax purposes is $91,565,195 and unrealized gains (losses) consists of:


Gross unrealized gains	$	46,274,226
Gross unrealized losses		(1,414,079	)

Net unrealized gains	$	44,860,147

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


Portfolio of investments—November 30, 2014 (unaudited)		Wells Fargo Advantage Equity Gateway Funds			67

EMERGING GROWTH PORTFOLIO


Security name	Shares		Value

Common Stocks: 99.54%

Consumer Discretionary: 12.72%

Auto Components: 2.66%
Gentherm Incorporated †		534,700	$	20,152,843
Motorcar Parts of America Incorporated †		285,572		9,638,055

				29,790,898


Diversified Consumer Services: 2.00%
Grand Canyon Education Incorporated †		385,600		17,610,352
LifeLock Incorporated †		289,700		4,782,947

				22,393,299


Hotels, Restaurants & Leisure: 3.79%
Fiesta Restaurant Group Incorporated †		464,155		26,020,529
Jack In the Box Incorporated		63,000		4,693,500
The Habit Restaurants Incorporated Class A †		105,453		3,418,786
Zoe’s Kitchen Incorporated «†		262,630		8,306,987

				42,439,802


Internet & Catalog Retail: 0.15%
RetailMeNot Incorporated «†		116,307		1,712,621


Media: 1.10%
IMAX Corporation †		391,510		12,285,584


Specialty Retail: 1.67%
Boot Barn Holdings Incorporated †		176,379		3,809,786
Five Below Incorporated «†		320,697		14,963,722

				18,773,508


Textiles, Apparel & Luxury Goods: 1.35%
G-III Apparel Group Limited †		170,600		15,096,394


Consumer Staples: 1.47%

Food & Staples Retailing: 1.47%
Diplomat Pharmacy Incorporated †		137,726		3,699,320
United Natural Foods Incorporated †		170,240		12,800,346

				16,499,666


Energy: 2.90%

Energy Equipment & Services: 0.05%
RigNet Incorporated †		12,800		524,160


Oil, Gas & Consumable Fuels: 2.85%
Bonanza Creek Energy Incorporated †		172,500		4,695,450
Diamondback Energy Incorporated †		154,957		8,739,575
Oasis Petroleum Incorporated †		173,600		3,190,768
Parsley Energy Incorporated Class A †		462,048		5,840,287
RSP Permian Incorporated «†		437,788		9,526,267

				31,992,347

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


68		Wells Fargo Advantage Equity Gateway Funds		Portfolio of investments—November 30, 2014 (unaudited)

EMERGING GROWTH PORTFOLIO


Security name	Shares		Value

Financials: 7.71%

Capital Markets: 1.60%
Financial Engines Incorporated «		547,630	$	17,896,548


Consumer Finance: 2.87%
Encore Capital Group Incorporated «†		149,600		6,419,336
PRA Group Incorporated †		439,800		25,737,096

				32,156,432


Diversified Financial Services: 3.24%
MarketAxess Holdings Incorporated		552,671		36,238,637


Health Care: 31.09%

Biotechnology: 3.36%
Exact Sciences Corporation «†		177,453		4,404,383
Hyperion Therapeutics Incorporated †		239,823		4,913,973
Ligand Pharmaceuticals Incorporated †		65,100		3,505,635
NPS Pharmaceuticals Incorporated †		434,100		14,403,438
PTC Therapeutics Incorporated †		207,700		9,294,575
Repligen Corporation †		48,600		1,111,482

				37,633,486


Health Care Equipment & Supplies: 10.59%
Align Technology Incorporated †		94,200		5,359,980
Cardiovascular Systems Incorporated †		584,558		17,922,548
Cynosure Incorporated Class A †		616,678		17,001,812
DexCom Incorporated †		439,900		22,637,254
Endologix Incorporated †		618,094		7,930,146
Insulet Corporation †		164,300		7,654,737
NxStage Medical Incorporated †		372,460		6,436,109
Oxford Immunotec Global plc †		264,771		3,463,205
Spectranetics Corporation «†		773,614		25,397,748
Tandem Diabetes Care Incorporated «†		337,737		4,772,224

				118,575,763


Health Care Providers & Services: 9.84%
AAC Holdings Incorporated «†		229,581		6,625,708
Acadia Healthcare Company Incorporated †		588,960		36,521,409
Adeptus Health Incorporated Class A †		231,601		7,049,934
ExamWorks Group Incorporated †		697,028		27,428,052
HealthEquity Incorporated †		217,602		5,403,058
MWI Veterinary Supply Incorporated †		98,300		16,064,186
Team Health Holdings Incorporated †		195,300		11,163,348

				110,255,695


Health Care Technology: 0.95%
Medidata Solutions Incorporated †		248,400		10,609,164

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


Portfolio of investments—November 30, 2014 (unaudited)		Wells Fargo Advantage Equity Gateway Funds			69

EMERGING GROWTH PORTFOLIO


Security name	Shares		Value

Life Sciences Tools & Services: 1.22%
ICON plc ADR †		187,800	$	10,430,412
INC Research Holdings Incorporated Class A †		132,129		3,222,626

				13,653,038


Pharmaceuticals: 5.13%
Akorn Incorporated «†		841,434		33,716,260
ANI Pharmaceuticals Incorporated †		200,200		10,832,822
BioDelivery Sciences International Incorporated †		427,600		6,563,660
Intersect ENT Incorporated †		309,475		5,353,918
Lannett Company Incorporated †		20,969		1,030,207

				57,496,867


Industrials: 10.59%

Aerospace & Defense: 1.01%
TASER International Incorporated «†		528,100		11,343,588


Electrical Equipment: 1.69%
Power Solutions International Incorporated «†		289,199		18,985,914


Machinery: 1.54%
Proto Labs Incorporated †		97,855		6,350,790
The Middleby Corporation †		113,450		10,850,358

				17,201,148


Professional Services: 3.97%
Corporate Executive Board Company		76,046		5,567,328
On Assignment Incorporated †		670,113		20,592,572
Paylocity Holding Corporation «†		251,133		7,305,459
Wageworks Incorporated †		188,750		11,026,775

				44,492,134


Road & Rail: 1.13%
Saia Incorporated †		227,900		12,641,613


Trading Companies & Distributors: 1.25%
DXP Enterprises Incorporated †		51,516		3,027,080
H&E Equipment Services Incorporated		312,600		10,941,000

				13,968,080


Information Technology: 32.56%

Electronic Equipment, Instruments & Components: 1.62%
Cognex Corporation †		254,700		10,368,837
Universal Display Corporation «†		278,300		7,720,042

				18,088,879


Internet Software & Services: 12.58%
Borderfree Incorporated †		680,539		6,812,195
ChannelAdvisor Corporation «†		381,500		6,714,400
DealerTrack Holdings Incorporated †		362,900		17,114,364
Demandware Incorporated †		371,500		20,804,000

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


70		Wells Fargo Advantage Equity Gateway Funds		Portfolio of investments—November 30, 2014 (unaudited)

EMERGING GROWTH PORTFOLIO


Security name				Shares		Value

Internet Software & Services (continued)
Envestnet Incorporated †					689,492	$	35,267,516
HomeAway Incorporated †					585,845		18,372,099
Q2 Holdings Incorporated †					367,249		6,827,159
SPS Commerce Incorporated †					497,432		28,990,337

							140,902,070


IT Services: 2.85%
iGATE Corporation †					184,500		6,817,275
InterXion Holding NV †					286,400		7,981,968
Maximus Incorporated					185,200		9,702,628
Wex Incorporated †					65,821		7,443,039

							31,944,910


Semiconductors & Semiconductor Equipment: 2.31%
Cavium Incorporated †					203,900		11,540,740
Veeco Instruments Incorporated †					383,900		14,361,699

							25,902,439


Software: 13.20%
Aspen Technology Incorporated †					81,700		3,083,358
Callidus Software Incorporated †					785,950		12,551,622
Fleetmatics Group plc «†					626,720		22,054,277
Guidewire Software Incorporated †					243,801		12,304,636
HubSpot Incorporated †					96,803		3,425,858
MobileIron Incorporated «†					840,888		7,795,032
Proofpoint Incorporated †					749,140		32,527,659
PROS Holdings Incorporated †					439,422		12,567,469
Synchronoss Technologies Incorporated †					367,801		15,752,917
Tyler Technologies Incorporated †					104,425		11,338,467
Ultimate Software Group Incorporated †					98,170		14,454,551

							147,855,846


Materials: 0.50%

Chemicals: 0.50%
Balchem Corporation					86,300		5,609,500


Total Common Stocks (Cost $797,241,970)							1,114,960,030


	Yield

Short-Term Investments: 12.22%

Investment Companies: 12.22%
Securities Lending Cash Investments, LLC (l)(u)(r)		0.12	%		130,887,098		130,887,098
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)		0.08			5,987,366		5,987,366

Total Short-Term Investments (Cost $136,874,464)							136,874,464


Total investments in securities (Cost $934,116,434) *	111.76	%		1,251,834,494
Other assets and liabilities, net	(11.76	)		(131,745,558	)

Total net assets	100.00	%	$	1,120,088,936

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


Portfolio of investments—November 30, 2014 (unaudited)		Wells Fargo Advantage Equity Gateway Funds			71

EMERGING GROWTH PORTFOLIO

†	Non-income-earning security

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

(l)	The security represents an affiliate of the Portfolio 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 $936,487,448 and unrealized gains (losses) consists of:


Gross unrealized gains	$	344,568,180
Gross unrealized losses		(29,221,134	)

Net unrealized gains	$	315,347,046

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


72		Wells Fargo Advantage Equity Gateway Funds		Summary portfolio of investments—November 30, 2014 (unaudited)

INDEX PORTFOLIO


Security name	Shares		Value		Percent of net assets

Common Stocks: 98.72%

Consumer Discretionary: 11.80%

Auto Components: 0.41%
Other securities			$	11,700,990		0.41	%


Automobiles: 0.65%
Other securities				18,756,441		0.65


Distributors: 0.08%
Other securities				2,434,550		0.08


Diversified Consumer Services: 0.05%
Other securities				1,431,853		0.05


Hotels, Restaurants & Leisure: 1.58%
McDonald’s Corporation		151,931		14,708,440		0.51
Other securities				30,817,521		1.07

				45,525,961		1.58


Household Durables: 0.42%
Other securities				12,109,918		0.42


Internet & Catalog Retail: 1.22%
Amazon.com Incorporated †		58,621		19,851,415		0.69
Other securities				15,241,491		0.53

				35,092,906		1.22


Leisure Products: 0.09%
Other securities				2,700,223		0.09


Media: 3.47%
Comcast Corporation Class A		400,450		22,841,668		0.79
The Walt Disney Company		244,348		22,604,633		0.78
Other securities				54,635,756		1.90

				100,082,057		3.47


Multiline Retail: 0.72%
Other securities				20,853,280		0.72


Specialty Retail: 2.25%
Home Depot Incorporated		208,251		20,700,149		0.72
Other securities				44,236,594		1.53

				64,936,743		2.25

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


Summary portfolio of investments—November 30, 2014 (unaudited)		Wells Fargo Advantage Equity Gateway Funds			73

INDEX PORTFOLIO


Security name	Shares		Value		Percent of net assets

Textiles, Apparel & Luxury Goods: 0.86%
Other securities			$	24,857,285		0.86	%


Consumer Staples: 9.76%

Beverages: 2.21%
PepsiCo Incorporated		233,141		23,337,414		0.81
The Coca-Cola Company		610,759		27,380,326		0.95
Other securities				13,041,583		0.45

				63,759,323		2.21


Food & Staples Retailing: 2.39%
CVS Health Corporation		179,194		16,371,164		0.57
Wal-Mart Stores Incorporated		244,319		21,387,685		0.74
Other securities				31,144,786		1.08

				68,903,635		2.39


Food Products: 1.62%
Other securities				46,651,671		1.62


Household Products: 1.94%
The Procter & Gamble Company		418,947		37,885,377		1.31
Other securities				18,015,315		0.63

				55,900,692		1.94


Personal Products: 0.11%
Other securities				3,238,424		0.11


Tobacco: 1.49%
Altria Group Incorporated		306,893		15,424,442		0.53
Philip Morris International		241,704		21,011,329		0.73
Other securities				6,659,608		0.23

				43,095,379		1.49


Energy: 8.28%

Energy Equipment & Services: 1.37%
Schlumberger Limited		200,594		17,241,054		0.60
Other securities				22,293,272		0.77

				39,534,326		1.37


Oil, Gas & Consumable Fuels: 6.91%
Chevron Corporation		293,816		31,987,748		1.11
ConocoPhillips Company		190,248		12,569,685		0.44
Exxon Mobil Corporation		659,864		59,744,087		2.07
Other securities				95,008,234		3.29

				199,309,754		6.91

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


74		Wells Fargo Advantage Equity Gateway Funds		Summary portfolio of investments—November 30, 2014 (unaudited)

INDEX PORTFOLIO


Security name	Shares		Value		Percent of net assets

Financials: 16.09%

Banks: 5.82%
Bank of America Corporation		1,627,090	$	27,725,614		0.96	%
Citigroup Incorporated		469,098		25,317,219		0.88
JPMorgan Chase & Company		581,972		35,011,436		1.21
Wells Fargo & Company (l)		735,042		40,045,088		1.39
Other securities				39,664,343		1.38

				167,763,700		5.82


Capital Markets: 2.21%
Other securities				63,718,879		2.21


Consumer Finance: 0.91%
American Express Company		139,262		12,870,594		0.45
Other securities				13,271,058		0.46

				26,141,652		0.91


Diversified Financial Services: 2.04%
Berkshire Hathaway Incorporated Class B †		282,071		41,941,137		1.45
Other securities				16,880,589		0.59

				58,821,726		2.04


Insurance: 2.73%
Other securities				78,852,821		2.73


Real Estate Management & Development: 0.05%
Other securities				1,456,421		0.05


REITs: 2.28%
Other securities				65,866,613		2.28


Thrifts & Mortgage Finance: 0.05%
Other securities				1,438,507		0.05


Health Care: 14.15%

Biotechnology: 2.89%
Amgen Incorporated		117,532		19,429,215		0.67
Celgene Corporation †		123,706		14,064,135		0.49
Gilead Sciences Incorporated †		233,896		23,464,447		0.81
Other securities				26,300,040		0.92

				83,257,837		2.89


Health Care Equipment & Supplies: 2.19%
Other securities				63,179,808		2.19


Health Care Providers & Services: 2.24%
UnitedHealth Group Incorporated		150,337		14,827,738		0.51
Other securities				49,852,543		1.73

				64,680,281		2.24

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


Summary portfolio of investments—November 30, 2014 (unaudited)		Wells Fargo Advantage Equity Gateway Funds			75

INDEX PORTFOLIO


Security name	Shares		Value		Percent of net assets

Health Care Technology: 0.11%
Other securities			$	3,024,610		0.11	%


Life Sciences Tools & Services: 0.43%
Other securities				12,486,464		0.43


Pharmaceuticals: 6.29%
Abbvie Incorporated		246,279		17,042,507		0.59
Bristol-Myers Squibb Company		256,523		15,147,683		0.53
Johnson & Johnson		436,375		47,237,594		1.64
Merck & Company Incorporated		446,331		26,958,392		0.93
Pfizer Incorporated		981,104		30,561,390		1.06
Other securities				44,629,381		1.54

				181,576,947		6.29


Industrials: 10.32%

Aerospace & Defense: 2.63%
Boeing Company		103,694		13,932,326		0.48
United Technologies Corporation		131,638		14,490,711		0.50
Other securities				47,401,640		1.65

				75,824,677		2.63


Air Freight & Logistics: 0.78%
Other securities				22,373,609		0.78


Airlines: 0.37%
Other securities				10,520,786		0.37


Building Products: 0.07%
Other securities				2,135,237		0.07


Commercial Services & Supplies: 0.46%
Other securities				13,187,947		0.46


Construction & Engineering: 0.12%
Other securities				3,490,225		0.12


Electrical Equipment: 0.56%
Other securities				16,278,770		0.56


Industrial Conglomerates: 2.34%
3M Company		100,258		16,050,303		0.56
General Electric Company		1,552,517		41,126,175		1.43
Other securities				10,324,201		0.35

				67,500,679		2.34


Machinery: 1.56%
Other securities				45,123,333		1.56


Professional Services: 0.19%
Other securities				5,387,604		0.19

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


76		Wells Fargo Advantage Equity Gateway Funds		Summary portfolio of investments—November 30, 2014 (unaudited)

INDEX PORTFOLIO


Security name	Shares		Value		Percent of net assets

Road & Rail: 1.04%
Union Pacific Corporation		138,856	$	16,214,215		0.56	%
Other securities				13,804,879		0.48

				30,019,094		1.04


Trading Companies & Distributors: 0.20%
Other securities				5,905,054		0.20


Information Technology: 19.71%

Communications Equipment: 1.63%
Cisco Systems Incorporated		788,985		21,807,545		0.76
QUALCOMM Incorporated		259,326		18,904,865		0.65
Other securities				6,264,587		0.22

				46,976,997		1.63


Electronic Equipment, Instruments & Components: 0.40%
Other securities				11,562,764		0.40


Internet Software & Services: 3.22%
Facebook Incorporated Class A †		322,352		25,046,750		0.87
Google Incorporated Class A †		43,957		24,135,910		0.84
Google Incorporated Class C †		43,954		23,815,596		0.82
Other securities				19,823,577		0.69

				92,821,833		3.22


IT Services: 3.25%
International Business Machines Corporation		143,550		23,279,504		0.81
MasterCard Incorporated		152,294		13,293,743		0.46
Visa Incorporated Class A		76,169		19,666,074		0.68
Other securities				37,579,995		1.30

				93,819,316		3.25


Semiconductors & Semiconductor Equipment: 2.45%
Intel Corporation		766,054		28,535,512		0.99
Other securities				42,234,165		1.46

				70,769,677		2.45


Software: 3.79%
Microsoft Corporation		1,274,928		60,954,308		2.11
Oracle Corporation		503,183		21,339,991		0.74
Other securities				26,985,129		0.94

				109,279,428		3.79


Technology Hardware, Storage & Peripherals: 4.97%
Apple Incorporated		926,486		110,186,980		3.82
Other securities				33,354,688		1.15

				143,541,668		4.97

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


Summary portfolio of investments—November 30, 2014 (unaudited)		Wells Fargo Advantage Equity Gateway Funds			77

INDEX PORTFOLIO


Security name				Shares		Value		Percent of net assets

Materials: 3.17%

Chemicals: 2.34%
Other securities						$	67,498,229		2.34	%


Construction Materials: 0.09%
Other securities							2,482,357		0.09


Containers & Packaging: 0.20%
Other securities							5,890,602		0.20


Metals & Mining: 0.42%
Other securities							12,096,064		0.42


Paper & Forest Products: 0.12%
Other securities							3,555,995		0.12


Telecommunication Services: 2.38%

Diversified Telecommunication Services: 2.38%
AT&T Incorporated					802,415		28,389,443		0.98
Verizon Communications Incorporated					641,380		32,447,414		1.13
Other securities							7,783,311		0.27

							68,620,168		2.38


Utilities: 3.06%

Electric Utilities: 1.75%
Other securities							50,499,192		1.75


Gas Utilities: 0.03%
Other securities							967,055		0.03


Independent Power & Renewable Electricity Producers: 0.11%
Other securities							3,061,443		0.11


Multi-Utilities: 1.17%
Other securities							33,837,538		1.17


Total Common Stocks (Cost $1,423,799,062)							2,848,169,018		98.72


	Yield
Short-Term Investments: 1.86%

Investment Companies: 1.77%
Securities Lending Cash Investments, LLC (l)(r)(u)		0.12	%		15,878,700		15,878,700		0.55
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)		0.08			35,068,768		35,068,768		1.22

							50,947,468		1.77

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


78		Wells Fargo Advantage Equity Gateway Funds		Summary portfolio of investments—November 30, 2014 (unaudited)

INDEX PORTFOLIO


Security name	Yield			Maturity date		Principal		Value			Percent of net assets

U.S. Treasury Securities: 0.09%
U.S. Treasury Bill (z)#		0.01	%		1-8-2015	$	1,900,000	$	1,899,975			0.06	%
U.S. Treasury Bill (z)#		0.02			12-18-2014		180,000		179,998			0.01
U.S. Treasury Bill (z)#		0.02			3-5-2015		360,000		359,981			0.01
U.S. Treasury Bill (z)#		0.06			4-23-2015		225,000		224,946			0.01

									2,664,900			0.09


Total Short-Term Investments (Cost $53,612,375)									53,612,368			1.86


Total investments in securities (Cost $1,477,411,437) *									2,901,781,386			100.58	%
Other assets and liabilities, net									(16,627,350	)		(0.58	)

Total net assets								$	2,885,154,036			100.00	%

†	Non-income-earning security

(l)	The security represents an affiliate of the Portfolio 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.

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

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

*	Cost for federal income tax purposes is $1,556,651,323 and unrealized gains (losses) consists of:


Gross unrealized gains	$	1,443,250,527
Gross unrealized losses		(98,120,464	)

Net unrealized gains	$	1,345,130,063

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


Portfolio of investments—November 30, 2014 (unaudited)		Wells Fargo Advantage Equity Gateway Funds			79

INTERNATIONAL GROWTH PORTFOLIO


Security name	Shares		Value

Common Stocks: 96.93%

Belgium: 3.97%
Anheuser-Busch InBev NV (Consumer Staples, Beverages)		28,940	$	3,401,507
Telenet Group Holding NV (Consumer Discretionary, Media) †		22,489		1,286,381
UCB SA (Health Care, Pharmaceuticals)		19,855		1,558,427

				6,246,315


Brazil: 0.18%
Ambev SA ADR (Consumer Staples, Beverages)		42,189		276,338


China: 10.45%
Alibaba Group Holding Limited ADR (Information Technology, Internet Software & Services) †		4,262		475,810
Baidu Incorporated ADR (Information Technology, Internet Software & Services) †		37,490		9,189,174
China Mobile Limited (Telecommunication Services, Wireless Telecommunication Services)		233,000		2,870,849
Industrial & Commercial Bank of China Limited Class H (Financials, Banks)		1,541,000		1,045,231
Tencent Holdings Limited (Information Technology, Internet Software & Services)		178,400		2,852,596

				16,433,660


Denmark: 0.19%
Rockwool International AS B Shares (Industrials, Building Products)		2,420		300,679


France: 5.75%
France Telecom SA (Telecommunication Services, Diversified Telecommunication Services)		57,178		1,007,791
L’Oreal SA (Consumer Staples, Personal Products)		6,608		1,128,104
LVMH Moet Hennessy Louis Vuitton SA (Consumer Discretionary, Textiles, Apparel & Luxury Goods) «		6,670		1,199,275
Pernod-Ricard SA (Consumer Staples, Beverages)		2,016		239,086
Publicis Groupe SA (Consumer Discretionary, Media)		102		7,496
Schneider Electric SA (Industrials, Electrical Equipment)		19,776		1,614,237
Technip SA (Energy, Energy Equipment & Services)		8,423		548,142
Vinci SA (Industrials, Construction & Engineering)		13,889		751,338
Zodiac Aerospace SA (Industrials, Aerospace & Defense)		77,004		2,553,498

				9,048,967


Germany: 11.84%
Allianz AG (Financials, Insurance)		8,365		1,441,066
Bayer AG (Health Care, Pharmaceuticals)		45,409		6,833,965
Beiersdorf AG (Consumer Staples, Personal Products)		23,029		2,051,123
Deutsche Post AG (Industrials, Air Freight & Logistics)		69,999		2,326,869
Linde AG (Materials, Chemicals)		27,948		5,277,210
MTU Aero Engines AG (Industrials, Aerospace & Defense)		7,732		689,532

				18,619,765


Hong Kong: 6.39%
AIA Group Limited (Financials, Insurance)		950,800		5,492,765
Beijing Enterprises Holdings Limited (Industrials, Industrial Conglomerates)		284,500		2,270,893
Sands China Limited (Consumer Discretionary, Hotels, Restaurants & Leisure)		382,800		2,292,881

				10,056,539

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


80		Wells Fargo Advantage Equity Gateway Funds		Portfolio of investments—November 30, 2014 (unaudited)

INTERNATIONAL GROWTH PORTFOLIO


Security name	Shares		Value

Ireland: 3.59%
Covidien plc (Health Care, Health Care Equipment & Supplies)		55,835	$	5,639,335


Japan: 14.80%
Ishikawajima-Harima Heavy Industries Company Limited (Industrials, Machinery)		701,000		3,544,282
JS Group Corporation (Industrials, Building Products)		60,000		1,276,144
Kawasaki Heavy Industries Limited (Industrials, Machinery)		78,116		343,613
KDDI Corporation (Telecommunication Services, Wireless Telecommunication Services)		35,800		2,293,951
NGK Insulators Limited (Industrials, Machinery)		130,000		2,886,576
Olympus Corporation (Health Care, Health Care Equipment & Supplies) †		113,400		4,128,154
Ono Pharmaceutical Company Limited (Health Care, Pharmaceuticals)		12,200		1,044,510
SoftBank Corporation (Telecommunication Services, Wireless Telecommunication Services)		39,269		2,635,030
Toyota Motor Corporation (Consumer Discretionary, Automobiles)		83,200		5,127,874

				23,280,134


Mexico: 3.05%
Grupo Televisa SAB ADR (Consumer Discretionary, Media)		128,450		4,797,608


Netherlands: 4.45%
ASML Holdings NV (Information Technology, Semiconductors & Semiconductor Equipment)		46,681		4,933,172
Nielsen Holdings NV (Industrials, Professional Services) «		7,161		299,115
Unilever NV (Consumer Staples, Food Products) «		43,287		1,764,250

				6,996,537


South Korea: 0.38%
Naver Corporation (Information Technology, Internet Software & Services)		844		575,896
Orion Corporation (Consumer Staples, Food Products)		18		15,889

				591,785


Spain: 1.97%
Grifols SA (Health Care, Biotechnology)		20,597		918,153
Grifols SA ADR (Health Care, Biotechnology)		18,313		681,976
Telefonica SA (Telecommunication Services, Diversified Telecommunication Services)		93,451		1,497,700

				3,097,829


Sweden: 0.83%
Swedbank AB (Financials, Banks)		49,780		1,306,046


Switzerland: 8.85%
Actelion Limited (Health Care, Biotechnology)		17,281		2,056,005
Nestle SA (Consumer Staples, Food Products)		57,662		4,331,740
Roche Holdings AG (Health Care, Pharmaceuticals)		15,380		4,608,824
Swatch Group AG Class B (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		1,238		612,110
Syngenta AG (Materials, Chemicals)		2,906		957,784
Zurich Financial Services AG (Financials, Insurance)		4,311		1,351,665

				13,918,128


United Kingdom: 18.10%
Babcock International Group plc (Industrials, Commercial Services & Supplies)		47,400		842,899
BT Group plc (Telecommunication Services, Diversified Telecommunication Services)		266,746		1,711,318

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


Portfolio of investments—November 30, 2014 (unaudited)		Wells Fargo Advantage Equity Gateway Funds			81

INTERNATIONAL GROWTH PORTFOLIO


Security name				Shares		Value

United Kingdom (continued)
Croda International plc (Materials, Chemicals)					52,433	$	2,012,409
Diageo plc (Consumer Staples, Beverages)					4,956		153,551
Intercontinental Hotels Group plc (Consumer Discretionary, Hotels, Restaurants & Leisure)					36,646		1,553,219
Johnson Matthey plc (Materials, Chemicals)					62,393		3,245,600
Liberty Global plc Class A (Consumer Discretionary, Media)					53,969		2,805,848
Liberty Global plc Class C (Consumer Discretionary, Media) †					90,152		4,500,388
Lloyds Banking Group plc (Financials, Banks) †					982,846		1,235,117
Prudential plc (Financials, Insurance)					78,205		1,893,400
Rolls-Royce Holdings plc (Industrials, Aerospace & Defense)					158,153		2,083,935
Rolls-Royce Holdings plc Class C Preference Shares (Industrials, Aerospace & Defense) †(a)					18,495,180		28,926
SABMiller plc (Consumer Staples, Beverages)					59,469		3,314,860
Saga plc (Financials, Diversified Financial Services) †«					55,063		132,450
Smiths Group plc (Industrials, Industrial Conglomerates)					26,695		483,059
WPP plc (Consumer Discretionary, Media)					118,085		2,474,779

							28,471,758


United States: 2.14%
Cognizant Technology Solutions Corporation Class A (Information Technology, IT Services) †					33,777		1,823,620
Schlumberger Limited (Energy, Energy Equipment & Services)					17,924		1,540,568

							3,364,188


Total Common Stocks (Cost $118,310,333)							152,445,611


Participation Notes: 0.78%

United Kingdom: 0.78%
HSBC Bank plc (Ryanair Holdings plc) (Industrials, Airlines)					115,900		1,232,086


Total Participation Notes (Cost $969,118)							1,232,086


	Dividend yield

Preferred Stocks: 1.33%

Germany: 1.33%
Henkel AG & Company KGaA (Consumer Staples, Household Products) ±		1.51	%		18,843		2,091,882


Total Preferred Stocks (Cost $1,392,735)							2,091,882


	Yield
Short-Term Investments: 2.08%

Investment Companies: 2.08%
Securities Lending Cash Investments, LLC (l)(u)(r)		0.12			1,787,826		1,787,826
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)		0.08			1,480,017		1,480,017

Total Short-Term Investments (Cost $3,267,843)							3,267,843


Total investments in securities (Cost $123,940,029) *	101.12	%		159,037,422
Other assets and liabilities, net	(1.12	)		(1,754,016	)

Total net assets	100.00	%	$	157,283,406

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


82		Wells Fargo Advantage Equity Gateway Funds		Portfolio of investments—November 30, 2014 (unaudited)

INTERNATIONAL GROWTH PORTFOLIO

†	Non-income-earning security

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

(a)	The security is fair valued in accordance with procedures approved by the Board of Trustees.

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

(l)	The security represents an affiliate of the Portfolio 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 $124,190,209 and unrealized gains (losses) consists of:


Gross unrealized gains	$	37,566,124
Gross unrealized losses		(2,718,911	)

Net unrealized gains	$	34,847,213

The following table shows the percent of total long-term investments by sector as of November 30, 2014:


Health Care	17.64	%
Consumer Discretionary	17.12
Industrials	15.10
Information Technology	12.74
Consumer Staples	12.05
Financials	8.92
Telecommunication Services	7.71
Materials	7.38
Energy	1.34

	100.00	%

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


Portfolio of investments—November 30, 2014 (unaudited)		Wells Fargo Advantage Equity Gateway Funds			83

INTERNATIONAL VALUE PORTFOLIO


Security name	Shares		Value

Common Stocks: 96.52%

Australia: 5.51%
Arrium Limited (Materials, Metals & Mining)		3,063,400	$	625,892
Bendigo Bank Limited (Financials, Banks)		272,500		2,962,375
Boart Longyear Group Limited (Industrials, Construction & Engineering) †«		199,991		31,497
Cabcharge Australia Limited (Industrials, Commercial Services & Supplies)		207,386		842,133
Challenger Financial Services Group Limited (Financials, Diversified Financial Services)		475,400		2,569,896
Downer EDI Limited (Industrials, Commercial Services & Supplies)		518,900		1,899,480
Fortescue Metals Group Limited (Materials, Metals & Mining) «		394,700		987,864
Independence Group NL (Materials, Metals & Mining)		404,400		1,445,916
Lend Lease Corporation Limited (Financials, Real Estate Management & Development)		350,500		4,574,175
Metcash Limited (Consumer Staples, Food & Staples Retailing) «		785,500		1,745,297
Mincor Resources NL (Materials, Metals & Mining) (i)		570,994		277,070
Mineral Resources Limited (Materials, Metals & Mining)		144,300		937,289
Myer Holdings Limited (Consumer Discretionary, Multiline Retail) «		577,400		796,296
Panoramic Resources Limited (Materials, Metals & Mining)		368,800		128,723
Primary Health Care Limited (Health Care, Health Care Providers & Services)		339,000		1,356,376
Rio Tinto Limited (Materials, Metals & Mining)		66,800		3,360,830
Seven Network Limited (Industrials, Trading Companies & Distributors)		165,800		842,639
Toll Holdings Limited (Industrials, Air Freight & Logistics)		283,600		1,361,658
United Construction Group Limited (Industrials, Construction & Engineering)		152,800		269,263

				27,014,669


Austria: 1.30%
OMV AG (Energy, Oil, Gas & Consumable Fuels)		41,100		1,189,533
Raiffeisen Bank International AG (Financials, Banks)		81,200		1,681,258
RHI AG (Materials, Construction Materials) (i)		64,721		1,518,437
Voestalpine AG (Materials, Metals & Mining)		47,700		1,982,393

				6,371,621


Belgium: 0.59%
Delhaize Group SA (Consumer Staples, Food & Staples Retailing)		39,400		2,882,203


Brazil: 0.99%
Banco do Brasil SA (Financials, Banks)		196,000		2,261,965
Companhia de Saneamento Basico do Estado de Sao Paulo (Utilities, Water Utilities)		253,200		1,885,537
Companhia de Saneamento de Minas Gerais SA (Utilities, Water Utilities)		72,400		686,782

				4,834,284


Canada: 2.91%
Magna International Incorporated Class A (Consumer Discretionary, Auto Components)		65,800		7,091,950
Metro Incorporated (Consumer Staples, Food & Staples Retailing)		48,400		3,802,102
WestJet Airlines Limited (Industrials, Airlines)		120,000		3,388,408

				14,282,460


China: 2.46%
China BlueChemical Limited (Materials, Chemicals)		1,984,000		718,905
China Communications Services Corporation Limited (Telecommunication Services, Diversified Telecommunication Services)		2,836,000		1,382,362
China Petroleum & Chemical Corporation (Energy, Oil, Gas & Consumable Fuels)		6,116,500		5,008,417

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


84		Wells Fargo Advantage Equity Gateway Funds		Portfolio of investments—November 30, 2014 (unaudited)

INTERNATIONAL VALUE PORTFOLIO


Security name	Shares		Value

China (continued)
China Railway Construction Corporation Limited (Industrials, Construction & Engineering)		1,747,500	$	2,007,792
Dongfeng Motor Group Company Limited (Consumer Discretionary, Automobiles)		1,730,000		2,632,400
Shanghai Pharmaceuticals Holding Company Limited (Health Care, Pharmaceuticals)		131,600		313,604

				12,063,480


Czech Republic: 0.33%
CEZ AS (Utilities, Electric Utilities)		57,500		1,602,829


Finland: 0.94%
Kesko Oyj (Consumer Staples, Food & Staples Retailing)		63,800		2,485,585
TietoEnator Oyj (Information Technology, IT Services)		82,700		2,121,872

				4,607,457


France: 8.40%
Alstom SA (Industrials, Machinery) †		83,800		2,932,659
AXA SA (Financials, Insurance)		132,200		3,193,698
BNP Paribas SA (Financials, Banks)		49,100		3,150,064
Compagnie Generale des Etablissements Michelin SCA Class B (Consumer Discretionary, Auto Components)		24,000		2,208,383
Credit Agricole SA (Financials, Banks)		219,328		3,085,245
Electricite de France SA (Utilities, Electric Utilities)		122,100		3,657,690
Renault SA (Consumer Discretionary, Automobiles)		40,500		3,251,429
Sanofi-Aventis SA (Health Care, Pharmaceuticals)		61,400		5,948,503
SCOR SE (Financials, Insurance)		109,700		3,424,776
Societe Generale SA (Financials, Banks)		39,000		1,935,769
Thales SA (Industrials, Aerospace & Defense)		59,100		3,137,871
Total SA (Energy, Oil, Gas & Consumable Fuels)		93,700		5,245,423

				41,171,510


Germany: 7.87%
Allianz AG (Financials, Insurance)		35,700		6,150,156
BASF SE (Materials, Chemicals)		46,500		4,224,353
Bayerische Motoren Werke AG (Consumer Discretionary, Automobiles)		26,100		2,986,188
Daimler AG (Consumer Discretionary, Automobiles)		69,300		5,846,391
Deutsche Bank AG (Financials, Capital Markets)		41,200		1,347,504
E.ON SE (Utilities, Multi-Utilities)		87,200		1,546,709
Gildemeister AG (Industrials, Machinery)		58,200		1,542,870
Hannover Rueckversicherung AG (Financials, Insurance)		31,000		2,768,019
Muenchener Rueckversicherungs Gesellschaft AG (Financials, Insurance)		19,700		4,060,529
Norddeutsche Affinerie AG (Materials, Metals & Mining)		25,900		1,428,317
Stada Arzneimittel AG (Health Care, Pharmaceuticals)		43,300		1,560,312
Volkswagen AG (Consumer Discretionary, Automobiles)		22,600		5,115,241

				38,576,589


Hong Kong: 1.90%
China Resources Cement Holdings Limited (Materials, Construction Materials)		743,000		509,711
Kingboard Laminates Holdings Limited (Information Technology, Electronic Equipment, Instruments & Components)		2,204,000		898,095
Shenzhen International Holdings Limited (Industrials, Transportation Infrastructure)		1,158,500		1,738,893
Skyworth Digital Holdings Limited (Consumer Discretionary, Household Durables)		3,680,000		2,054,752
Wheelock & Company Limited (Financials, Real Estate Management & Development)		379,000		1,906,021
Yue Yuen Industrial Holdings Limited (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		611,500		2,192,124

				9,299,596

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


Portfolio of investments—November 30, 2014 (unaudited)		Wells Fargo Advantage Equity Gateway Funds			85

INTERNATIONAL VALUE PORTFOLIO


Security name	Shares		Value

Hungary: 0.01%
Richter Gedeon (Health Care, Pharmaceuticals)		3,800	$	59,155


India: 1.56%
Gail Limited (Utilities, Gas Utilities) (i)		41,200		1,957,000
Tata Motors Limited ADR (Consumer Discretionary, Automobiles) (i)		83,800		3,826,308
Tata Steel Limited GDR (Industrials, Machinery)		245,900		1,876,217

				7,659,525


Ireland: 0.62%
Irish Life & Permanent Group Holdings plc (Financials, Insurance) †		111,500		8,324
Smurfit Kappa Group plc (Materials, Containers & Packaging)		130,200		3,018,205

				3,026,529


Israel: 1.15%
Bank Hapoalim Limited (Financials, Banks)		542,900		2,705,965
Teva Pharmaceutical Industries Limited (Health Care, Pharmaceuticals)		51,404		2,923,613

				5,629,578


Italy: 1.30%
Enel SpA (Utilities, Electric Utilities)		688,400		3,323,514
ENI SpA (Energy, Oil, Gas & Consumable Fuels)		153,300		3,065,371

				6,388,885


Japan: 19.78%
Adeka Corporation (Materials, Chemicals)		203,200		2,448,605
Aisin Seiki Company Limited (Consumer Discretionary, Auto Components)		46,400		1,659,796
Anritsu Corporation (Information Technology, Electronic Equipment, Instruments & Components)		69,000		479,110
Aoyama Trading Company Limited (Consumer Discretionary, Specialty Retail)		73,100		1,586,800
Aozora Bank Limited (Financials, Banks)		588,000		1,912,598
Calsonic Kansei Corporation (Consumer Discretionary, Auto Components)		326,000		1,788,371
Chiba Bank Limited (Financials, Banks)		329,000		2,187,419
CKD Corporation (Industrials, Machinery)		10,200		85,437
DCM Japan Holdings Company Limited (Consumer Discretionary, Specialty Retail)		143,100		911,634
Denki Kagaku Kogyo Kabushiki Kaisha (Materials, Chemicals)		682,000		2,327,547
Eizo Nanao Corporation (Information Technology, Technology Hardware, Storage & Peripherals)		63,300		1,153,770
Fukuoka Financial Group Incorporated (Financials, Banks)		357,000		1,946,398
Itochu Corporation (Industrials, Trading Companies & Distributors)		200,700		2,310,240
JX Holdings Incorporated (Energy, Oil, Gas & Consumable Fuels)		408,000		1,518,267
Kaken Pharmaceutical Company Limited (Health Care, Pharmaceuticals)		41,000		870,650
KDDI Corporation (Telecommunication Services, Wireless Telecommunication Services)		67,800		4,344,411
Kyorin Company Limited (Health Care, Pharmaceuticals)		99,000		1,927,109
Maeda Road Construction Company Limited (Industrials, Construction & Engineering)		148,000		2,096,469
Marubeni Corporation (Industrials, Trading Companies & Distributors)		516,000		3,253,752
Miraca Holdings Incorporated (Health Care, Health Care Providers & Services)		25,100		952,857
Mitsubishi Corporation (Industrials, Trading Companies & Distributors)		35,500		671,589
Mitsubishi UFJ Financial Group Incorporated (Financials, Banks)		657,100		3,800,737
Mitsui & Company Limited (Industrials, Trading Companies & Distributors)		260,300		3,591,820
Mizuho Financial Group Incorporated (Financials, Banks)		2,244,400		3,867,699
Namura Shipbuilding Company Limited (Industrials, Machinery)		108,800		1,271,641

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


86		Wells Fargo Advantage Equity Gateway Funds		Portfolio of investments—November 30, 2014 (unaudited)

INTERNATIONAL VALUE PORTFOLIO


Security name	Shares		Value

Japan (continued)
Nippon Telegraph & Telephone Corporation (Telecommunication Services, Diversified Telecommunication Services)		117,000	$	6,261,625
Nissan Motor Company Limited (Consumer Discretionary, Automobiles)		367,800		3,435,631
NTT DoCoMo Incorporated (Telecommunication Services, Wireless Telecommunication Services)		180,000		2,808,376
Otsuka Holdings Company Limited (Health Care, Pharmaceuticals)		123,100		3,892,582
Rengo Company Limited (Materials, Containers & Packaging)		189,000		761,288
Resona Holdings Incorporated (Financials, Banks)		1,013,300		5,471,666
Saizeriya Company Limited (Consumer Discretionary, Hotels, Restaurants & Leisure)		84,000		1,123,350
Sankyu Incorporated (Industrials, Road & Rail)		370,000		1,446,701
Sojitz Corporation (Industrials, Trading Companies & Distributors)		678,000		971,265
Sumitomo Corporation (Industrials, Trading Companies & Distributors)		285,000		3,040,448
Sumitomo Metal Mining Company Limited (Materials, Metals & Mining)		109,000		1,668,939
Sumitomo Mitsui Financial Group Incorporated (Financials, Banks)		100,400		3,786,045
The Keiyo Bank Limited (Financials, Banks)		62,000		344,299
Toshiba TEC Corporation (Information Technology, Technology Hardware, Storage & Peripherals)		234,000		1,660,302
Toyo Tire & Rubber Company Limited (Consumer Discretionary, Auto Components)		162,500		3,327,505
Tsumura & Company (Health Care, Pharmaceuticals)		79,300		1,783,532
Tsuruha Holdings Incorporated (Consumer Staples, Food & Staples Retailing)		16,800		948,513
West Japan Railway Company (Industrials, Road & Rail)		54,200		2,587,825
Yokohama Rubber Company Limited (Consumer Discretionary, Auto Components)		297,000		2,732,991

				97,017,609


Liechtenstein: 0.13%
Verwaltungs-und Privat-Bank AG (Financials, Capital Markets) (i)		7,800		634,823


Netherlands: 2.80%
Aegon NV (Financials, Insurance)		334,000		2,623,658
ING Groep NV (Financials, Banks) †		237,100		3,475,376
Koninklijke Ahold NV (Consumer Staples, Food & Staples Retailing)		263,630		4,659,733
Nutreco NV (Consumer Staples, Food Products)		52,400		2,998,282

				13,757,049


Norway: 1.65%
Atea ASA (Information Technology, IT Services)		84,900		881,012
DnB Nor ASA (Financials, Banks)		148,800		2,464,224
Marine Harvest ASA (Consumer Staples, Food Products)		94,300		1,333,786
Statoil ASA (Energy, Oil, Gas & Consumable Fuels)		61,700		1,162,124
Yara International ASA (Materials, Chemicals)		53,600		2,272,843

				8,113,989


Poland: 0.60%
Asseco Poland SA (Information Technology, Software)		101,800		1,629,236
KGHM Polska Miedz SA (Materials, Metals & Mining)		36,500		1,334,439

				2,963,675


Russia: 1.06%
Gazprom Neft Sponsored ADR (Energy, Oil, Gas & Consumable Fuels) (i)		150,014		2,439,228
Gazprom Neft Sponsored ADR (Energy, Oil, Gas & Consumable Fuels)		886		14,430
LUKOIL ADR (Energy, Oil, Gas & Consumable Fuels)		60,400		2,763,300

				5,216,958

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


Portfolio of investments—November 30, 2014 (unaudited)		Wells Fargo Advantage Equity Gateway Funds			87

INTERNATIONAL VALUE PORTFOLIO


Security name	Shares		Value

Singapore: 1.13%
DBS Group Holdings Limited (Financials, Banks)		227,000	$	3,453,856
United Overseas Bank Limited (Financials, Banks)		113,000		2,080,872

				5,534,728


South Africa: 0.66%
Barclays Africa Group Limited (Financials, Banks)		200,300		3,224,974


South Korea: 2.51%
E-MART Company Limited (Consumer Staples, Food & Staples Retailing)		8,500		1,687,802
GS Retail Company Limited (Consumer Staples, Food & Staples Retailing)		13,449		307,107
Industrial Bank of Korea (Financials, Banks)		192,500		2,614,852
Kwangju Bank (Financials, Banks) †		13,510		120,108
Kyongnam Bank (Financials, Banks) †		20,645		237,577
SK Telecom Company Limited (Telecommunication Services, Wireless Telecommunication Services)		22,300		5,645,697
Woori Bank (Financials, Banks) †		178,044		1,719,456

				12,332,599


Spain: 1.53%
Banco Santander Central Hispano SA (Financials, Banks)		429,681		3,875,691
Repsol YPF SA (Energy, Oil, Gas & Consumable Fuels)		123,800		2,780,499
Telefonica SA (Telecommunication Services, Diversified Telecommunication Services)		52,400		839,793

				7,495,983


Sweden: 2.22%
Boliden AB (Materials, Metals & Mining)		169,300		2,861,293
Nordea Bank AB (Financials, Banks)		177,300		2,215,269
Saab AB (Industrials, Aerospace & Defense)		113,500		3,169,651
Skandinaviska Enskilda Banken AB Class A (Financials, Banks)		144,900		1,914,430
Teliasonera AB (Telecommunication Services, Diversified Telecommunication Services)		103,000		734,994

				10,895,637


Switzerland: 5.06%
Baloise Holding AG (Financials, Insurance)		28,800		3,763,458
Credit Suisse Group AG (Financials, Capital Markets)		184,595		4,935,276
GAM Holding AG (Financials, Capital Markets)		79,700		1,411,204
Georg Fischer AG (Industrials, Machinery)		3,000		1,837,432
Novartis AG (Health Care, Pharmaceuticals)		34,700		3,359,513
Swiss Reinsurance AG (Financials, Insurance)		48,500		4,148,175
Zurich Financial Services AG (Financials, Insurance)		17,100		5,361,512

				24,816,570


Taiwan: 0.49%
Pegatron Corporation (Information Technology, Technology Hardware, Storage & Peripherals)		1,035,000		2,401,260


Thailand: 0.79%
Bangchak Petroleum plc (Energy, Oil, Gas & Consumable Fuels)		2,188,900		2,366,559
Thanachart Capital plc (Financials, Banks)		1,481,500		1,511,504

				3,878,063

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


88		Wells Fargo Advantage Equity Gateway Funds		Portfolio of investments—November 30, 2014 (unaudited)

INTERNATIONAL VALUE PORTFOLIO


Security name				Shares		Value

United Kingdom: 18.27%
3i Group plc (Financials, Capital Markets)					316,400	$	2,197,133
Alent plc (Materials, Chemicals)					111,265		592,011
AMEC plc (Energy, Energy Equipment & Services)					83,300		1,217,478
Amlin plc (Financials, Insurance)					279,000		1,942,657
Anglo American plc (Materials, Metals & Mining)					107,000		2,211,504
AstraZeneca plc (Health Care, Pharmaceuticals)					89,800		6,713,378
Aviva plc (Financials, Insurance)					314,900		2,501,919
BAE Systems plc (Industrials, Aerospace & Defense)					684,100		5,147,446
Barclays plc (Financials, Banks)					715,000		2,741,415
Barratt Developments plc (Consumer Discretionary, Household Durables)					236,200		1,700,426
BP plc (Energy, Oil, Gas & Consumable Fuels)					844,300		5,548,680
BT Group plc (Telecommunication Services, Diversified Telecommunication Services)					727,900		4,669,864
Carillion plc (Industrials, Construction & Engineering)					261,500		1,421,636
Centrica plc (Utilities, Multi-Utilities)					898,500		3,999,354
Chemring Group plc (Industrials, Aerospace & Defense)					247,200		913,392
Debenhams plc (Consumer Discretionary, Multiline Retail)					1,238,200		1,394,313
Firstgroup plc (Industrials, Road & Rail) †					254,700		450,137
GlaxoSmithKline plc (Health Care, Pharmaceuticals)					75,900		1,762,808
Home Retail Group plc (Consumer Discretionary, Internet & Catalog Retail)					290,000		908,935
J Sainsbury plc (Consumer Staples, Food & Staples Retailing) «					907,900		3,314,177
Kesa Electricals plc (Consumer Discretionary, Specialty Retail) (i)					547,900		571,991
Lloyds Banking Group plc (Financials, Banks) †					1,749,400		2,198,426
Marston’s plc (Consumer Discretionary, Hotels, Restaurants & Leisure)					558,800		1,264,625
Mondi plc (Materials, Paper & Forest Products)					127,600		2,185,253
Old Mutual plc (Financials, Insurance)					982,800		3,078,811
Pace plc (Consumer Discretionary, Household Durables)					308,800		1,736,736
Petrofac Limited (Energy, Energy Equipment & Services)					84,300		1,087,723
Premier Foods plc (Consumer Staples, Food Products) †					73,926		42,780
Royal Dutch Shell plc Class A (Energy, Oil, Gas & Consumable Fuels)					14,300		477,666
Royal Dutch Shell plc Class B (Energy, Oil, Gas & Consumable Fuels)					322,700		11,219,547
Standard Chartered plc (Financials, Banks)					253,000		3,708,031
Tate & Lyle plc (Consumer Staples, Food Products)					158,800		1,498,872
Tesco plc (Consumer Staples, Food & Staples Retailing)					1,033,600		3,014,059
Tullett Prebon plc (Financials, Capital Markets)					279,500		1,102,462
Vesuvius plc (Industrials, Machinery)					145,400		946,690
WH Smith plc (Consumer Discretionary, Specialty Retail)					111,900		2,210,397
William Morrison Supermarkets plc (Consumer Staples, Food & Staples Retailing)					679,700		1,897,546

							89,590,278


Total Common Stocks (Cost $467,306,073)							473,344,565


	Dividend yield

Preferred Stocks: 0.94%

Brazil: 0.94%
Banco do Estado do Rio Grande do Sul SA (Financials, Banks) ±		5.03	%		349,800		2,004,819
Companhia Energetica de Minas Gerais SA (Utilities, Electric Utilities) ±		12.06			109,056		599,099
Companhia Vale Do Rio Doce Class A (Materials, Metals & Mining) ±		8.32			257,700		2,003,446

Total Preferred Stocks (Cost $7,494,241)							4,607,364

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


Portfolio of investments—November 30, 2014 (unaudited)		Wells Fargo Advantage Equity Gateway Funds			89

INTERNATIONAL VALUE PORTFOLIO


Security name				Expiration date		Shares		Value

Rights: 0.01%

Spain: 0.01%
Telefonica SA †					2-27-2015		52,400	$	23,994


Total Rights (Cost $22,818)									23,994


	Yield

Short-Term Investments: 4.24%

Investment Companies: 4.24%
Securities Lending Cash Investments, LLC (l)(u)(r)		0.12	%				14,194,341		14,194,341
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)		0.08					6,617,840		6,617,840

Total Short-Term Investments (Cost $20,812,181)									20,812,181


Total investments in securities (Cost $495,635,313) *	101.71	%		498,788,104
Other assets and liabilities, net	(1.71	)		(8,394,726	)

Total net assets	100.00	%	$	490,393,378

†	Non-income-earning security

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

(i)	Illiquid security

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

(l)	The security represents an affiliate of the Portfolio 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 $452,438,425 and unrealized gains (losses) consists of:


Gross unrealized gains	$	159,488,851
Gross unrealized losses		(113,139,172	)

Net unrealized gains	$	46,349,679

The following table shows the percent of total long-term investments by sector as of November 30, 2014:


Financials	30.21	%
Consumer Discretionary	13.47
Industrials	11.94
Energy	9.86
Materials	8.75
Health Care	6.99
Consumer Staples	6.82
Telecommunication Services	5.58
Utilities	4.03
Information Technology	2.35

	100.00	%

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


90		Wells Fargo Advantage Equity Gateway Funds		Portfolio of investments—November 30, 2014 (unaudited)

LARGE COMPANY VALUE PORTFOLIO


Security name	Shares		Value

Common Stocks: 98.80%

Consumer Discretionary: 8.73%

Automobiles: 1.02%
Ford Motor Company		57,585	$	905,812


Hotels, Restaurants & Leisure: 2.27%
Las Vegas Sands Corporation		10,359		659,765
Norwegian Cruise Line Holdings Limited †		30,830		1,353,129

				2,012,894


Household Durables: 1.88%
Newell Rubbermaid Incorporated		28,697		1,041,986
Toll Brothers Incorporated †		17,999		629,785

				1,671,771


Media: 2.52%
Gannett Company Incorporated		12,760		415,338
The Walt Disney Company		4,950		457,925
Viacom Incorporated Class B		18,073		1,366,861

				2,240,124


Textiles, Apparel & Luxury Goods: 1.04%
PVH Corporation		7,272		924,562


Consumer Staples: 4.82%

Food & Staples Retailing: 2.96%
CVS Health Corporation		28,745		2,626,143


Household Products: 1.40%
The Procter & Gamble Company		13,758		1,244,136


Personal Products: 0.46%
Herbalife Limited «		9,385		405,901


Energy: 9.05%

Energy Equipment & Services: 1.00%
Baker Hughes Incorporated		15,574		887,718


Oil, Gas & Consumable Fuels: 8.05%
Chevron Corporation		9,775		1,064,204
ConocoPhillips Company		14,775		976,184
Exxon Mobil Corporation		13,508		1,223,014
Marathon Oil Corporation		42,007		1,214,842
Noble Energy Incorporated		15,968		785,306
Valero Energy Corporation		28,154		1,368,566
Whiting Petroleum Corporation †		12,415		518,575

				7,150,691

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


Portfolio of investments—November 30, 2014 (unaudited)		Wells Fargo Advantage Equity Gateway Funds			91

LARGE COMPANY VALUE PORTFOLIO


Security name	Shares		Value

Financials: 29.36%

Banks: 12.28%
Bank of America Corporation		121,134	$	2,064,123
BOK Financial Corporation		20,039		1,291,514
Citigroup Incorporated		41,091		2,217,681
First Republic Bank		29,589		1,524,721
JPMorgan Chase & Company		35,754		2,150,961
KeyCorp		122,684		1,656,234

				10,905,234


Capital Markets: 2.28%
Ameriprise Financial Incorporated		7,966		1,049,680
Goldman Sachs Group Incorporated		5,193		978,413

				2,028,093


Consumer Finance: 1.05%
American Express Company		10,096		933,072


Insurance: 8.85%
ACE Limited		7,968		911,061
American International Group Incorporated		42,022		2,302,806
Endurance Specialty Holdings Limited		19,620		1,157,188
MetLife Incorporated		30,141		1,676,141
The Hartford Financial Services Group Incorporated		43,741		1,806,503

				7,853,699


REITs: 4.90%
Alexandria Real Estate Equities Incorporated		11,116		955,087
American Campus Communities Incorporated		23,430		937,200
American Tower Corporation		13,983		1,468,355
LaSalle Hotel Properties		24,497		988,944

				4,349,586


Health Care: 13.56%

Biotechnology: 0.88%
Gilead Sciences Incorporated †		7,831		785,606


Health Care Equipment & Supplies: 2.97%
Medtronic Incorporated		14,952		1,104,504
Stryker Corporation		16,469		1,530,135

				2,634,639


Health Care Providers & Services: 2.96%
Cigna Corporation		16,419		1,689,351
HCA Holdings Incorporated †		13,462		938,167

				2,627,518


Pharmaceuticals: 6.75%
Johnson & Johnson		8,586		929,435
Merck & Company Incorporated		32,684		1,974,114

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


92		Wells Fargo Advantage Equity Gateway Funds		Portfolio of investments—November 30, 2014 (unaudited)

LARGE COMPANY VALUE PORTFOLIO


Security name	Shares		Value

Pharmaceuticals (continued)
Novartis AG ADR		16,667	$	1,610,866
Pfizer Incorporated		47,367		1,475,482

				5,989,897


Industrials: 11.50%

Aerospace & Defense: 0.94%
Triumph Group Incorporated		12,351		840,609


Airlines: 1.30%
United Continental Holdings Incorporated †		18,839		1,153,512


Commercial Services & Supplies: 1.04%
West Corporation		29,715		928,297


Construction & Engineering: 0.85%
Quanta Services Incorporated †		24,711		753,686


Electrical Equipment: 0.72%
Eaton Corporation plc		9,411		638,348


Industrial Conglomerates: 1.45%
General Electric Company		48,541		1,285,851


Machinery: 3.97%
Crane Company		10,314		608,835
Dover Corporation		11,299		869,910
Stanley Black & Decker Incorporated		15,350		1,449,654
The Timken Company		13,991		598,675

				3,527,074


Road & Rail: 0.51%
AMERCO		1,622		451,240


Trading Companies & Distributors: 0.72%
WESCO International Incorporated †		7,726		636,545


Information Technology: 12.73%

Electronic Equipment, Instruments & Components: 1.82%
Synnex Corporation		15,724		1,123,323
TE Connectivity Limited		7,718		495,496

				1,618,819


Internet Software & Services: 2.12%
AOL Incorporated †		17,068		787,859
Yahoo! Incorporated †		21,125		1,093,008

				1,880,867


IT Services: 0.53%
Teradata Corporation †		10,346		467,018

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


Portfolio of investments—November 30, 2014 (unaudited)		Wells Fargo Advantage Equity Gateway Funds			93

LARGE COMPANY VALUE PORTFOLIO


Security name				Shares		Value

Semiconductors & Semiconductor Equipment: 2.04%
Skyworks Solutions Incorporated					26,834	$	1,810,490


Technology Hardware, Storage & Peripherals: 6.22%
Apple Incorporated					13,430		1,597,230
EMC Corporation					48,172		1,462,020
Hewlett-Packard Company					23,512		918,379
NCR Corporation †					35,415		1,050,055
Seagate Technology plc					7,504		496,089

							5,523,773


Materials: 3.62%

Chemicals: 1.90%
Cabot Corporation					13,440		578,995
Huntsman Corporation					43,520		1,110,630

							1,689,625


Containers & Packaging: 1.07%
Crown Holdings Incorporated †					19,245		952,628


Paper & Forest Products: 0.65%
International Paper Company					10,711		576,466


Telecommunication Services: 1.93%

Diversified Telecommunication Services: 1.93%
CenturyLink Incorporated					17,637		719,060
Verizon Communications Incorporated					19,685		995,864

							1,714,924


Utilities: 3.50%

Electric Utilities: 2.60%
Duke Energy Corporation					13,268		1,073,381
The Southern Company					26,004		1,233,370

							2,306,751


Independent Power & Renewable Electricity Producers: 0.90%
AES Corporation					57,960		803,905


Total Common Stocks (Cost $69,483,953)							87,737,524

	Yield

Short-Term Investments: 2.41%

Investment Companies: 2.41%
Securities Lending Cash Investments, LLC (l)(r)(u)		0.12	%		404,950		404,950
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)		0.08			1,733,742		1,733,742

Total Short-Term Investments (Cost $2,138,692)							2,138,692


Total investments in securities (Cost $71,622,645) *	101.21	%		89,876,216
Other assets and liabilities, net	(1.21	)		(1,073,498	)

Total net assets	100.00	%	$	88,802,718

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


94		Wells Fargo Advantage Equity Gateway Funds		Portfolio of investments—November 30, 2014 (unaudited)

LARGE COMPANY VALUE PORTFOLIO

†	Non-income-earning security

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

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

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

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

*	Cost for federal income tax purposes is $72,235,908 and unrealized gains (losses) consists of:


Gross unrealized gains	$	19,528,368
Gross unrealized losses		(1,888,060	)

Net unrealized gains	$	17,640,308

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


Portfolio of investments—November 30, 2014 (unaudited)		Wells Fargo Advantage Equity Gateway Funds			95

SMALL COMPANY GROWTH PORTFOLIO


Security name	Shares		Value

Common Stocks: 96.13%

Consumer Discretionary: 12.96%

Auto Components: 0.66%
Modine Manufacturing Company †		253,128	$	3,080,566


Diversified Consumer Services: 1.38%
2U Incorporated «†		159,562		2,884,881
Nord Anglia Education Incorporated †		216,620		3,585,061

				6,469,942


Hotels, Restaurants & Leisure: 2.58%
Brinker International Incorporated		79,275		4,465,561
Del Frisco’s Restaurant Group Incorporated †		150,506		3,344,243
Krispy Kreme Doughnuts Incorporated †		208,310		4,241,192

				12,050,996


Household Durables: 0.18%
LGI Homes Incorporated «†		53,415		853,572


Leisure Products: 0.56%
Malibu Boats Incorporated †		140,100		2,622,672


Media: 1.89%
IMAX Corporation †		150,976		4,737,627
Lions Gate Entertainment Corporation		121,409		4,115,765

				8,853,392


Multiline Retail: 0.78%
Burlington Stores Incorporated †		81,990		3,662,493


Specialty Retail: 2.99%
Chico’s FAS Incorporated		160,897		2,553,435
Christopher & Banks Corporation †		366,393		2,652,685
Dick’s Sporting Goods Incorporated		84,239		4,263,336
Monro Muffler Brake Incorporated		82,763		4,534,585

				14,004,041


Textiles, Apparel & Luxury Goods: 1.94%
Movado Group Incorporated		62,290		1,789,592
Skechers U.S.A. Incorporated Class A †		71,058		4,363,672
Tumi Holdings Incorporated †		134,479		2,943,745

				9,097,009


Consumer Staples: 1.50%

Food Products: 1.50%
Darling Ingredients Incorporated †		164,827		3,065,782
Whitewave Foods Company †		107,916		3,952,963

				7,018,745

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


96		Wells Fargo Advantage Equity Gateway Funds		Portfolio of investments—November 30, 2014 (unaudited)

SMALL COMPANY GROWTH PORTFOLIO


Security name	Shares		Value

Energy: 4.06%

Energy Equipment & Services: 1.42%
C&J Energy Services Incorporated †		130,160	$	1,971,924
Hornbeck Offshore Services Incorporated †		92,340		2,450,704
Natural Gas Services Group Incoporated †		95,515		2,212,128

				6,634,756


Oil, Gas & Consumable Fuels: 2.64%
Delek US Holdings Incorporated		96,975		2,899,553
Diamondback Energy Incorporated †		37,139		2,094,640
GasLog Limited «		131,063		2,311,951
Oasis Petroleum Incorporated †		98,311		1,806,956
Ring Energy Incorporated «†		147,350		1,408,666
Sanchez Energy Corporation «†		164,170		1,853,479

				12,375,245


Financials: 10.00%

Banks: 2.96%
PacWest Bancorp		70,629		3,284,249
ServisFirst Bancshares Incorporated		70,980		2,242,968
Signature Bank †		30,593		3,710,013
SVB Financial Group †		43,932		4,619,450

				13,856,680


Capital Markets: 3.95%
Evercore Partners Incorporated Class A		120,264		6,073,332
LPL Financial Holdings Incorporated		106,901		4,561,466
Stifel Financial Corporation †		93,428		4,534,061
Virtus Investment Partners Incorporated		21,604		3,327,016

				18,495,875


Insurance: 1.11%
Argo Group International Holdings Limited		91,920		5,187,965


REITs: 0.85%
QTS Realty Trust Incorporated Class A «		123,255		4,008,253


Thrifts & Mortgage Finance: 1.13%
Essent Group Limited †		209,854		5,288,321


Health Care: 25.38%

Biotechnology: 7.62%
Alnylam Pharmaceuticals Incorporated †		41,892		4,212,241
AMAG Pharmaceuticals Incorporated †		73,960		2,751,312
Celldex Therapeutics Incorporated «†		154,590		3,135,085
Cepheid Incorporated †		137,380		7,566,890
Exact Sciences Corporation †		183,912		4,564,696
Intrexon Corporation «†		85,827		2,276,990
NPS Pharmaceuticals Incorporated †		98,790		3,277,852

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


Portfolio of investments—November 30, 2014 (unaudited)		Wells Fargo Advantage Equity Gateway Funds			97

SMALL COMPANY GROWTH PORTFOLIO


Security name	Shares		Value

Biotechnology (continued)
Portola Pharmaceuticals Incorporated †		97,815	$	2,750,558
Tesaro Incorporated «†		97,421		3,361,999
Tetraphase Pharmaceuticals †		67,198		1,774,027

				35,671,650


Health Care Equipment & Supplies: 7.29%
Accuray Incorporated «†		384,328		2,648,020
Analogic Corporation		46,130		3,360,109
Atricure Incorporated †		186,830		3,499,326
Cerus Corporation «†		599,269		2,714,689
DexCom Incorporated †		86,876		4,470,639
Endologix Incorporated †		341,722		4,384,293
Inogen Incorporated †		128,430		3,119,565
Insulet Corporation †		73,149		3,408,012
Nevro Corporation †		48,221		1,301,485
Spectranetics Corporation †		148,384		4,871,447
Veracyte Incorporated «†		56,380		367,598

				34,145,183


Health Care Providers & Services: 5.90%
Adeptus Health Incorporated Class A «†		123,230		3,751,121
AMN Healthcare Services Incorporated †		333,469		5,708,989
Capital Senior Living Corporation †		142,590		3,628,916
Ensign Group Incorporated		84,645		3,336,706
HealthEquity Incorporated †		246,210		6,113,394
LifePoint Hospitals Incorporated †		73,716		5,100,410

				27,639,536


Health Care Technology: 0.70%
Imprivata Incorporated †		70,190		1,039,514
Medidata Solutions Incorporated †		52,122		2,226,131

				3,265,645


Life Sciences Tools & Services: 1.28%
ICON plc ADR †		107,632		5,977,881


Pharmaceuticals: 2.59%
Akorn Incorporated †		124,781		4,999,975
Cempra Holdings Incorporated «†		154,960		2,229,874
Pacira Pharmaceuticals Incorporated †		32,418		3,045,023
Pernix Therapeutics Holdings Incorporated †		181,650		1,883,711

				12,158,583


Industrials: 13.66%

Aerospace & Defense: 1.66%
Astronics Corporation		82,778		4,057,778
Esterline Technologies Corporation †		31,301		3,719,498

				7,777,276

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


98		Wells Fargo Advantage Equity Gateway Funds		Portfolio of investments—November 30, 2014 (unaudited)

SMALL COMPANY GROWTH PORTFOLIO


Security name	Shares		Value

Air Freight & Logistics: 0.96%
Hub Group Incorporated Class A †		118,989	$	4,476,366


Building Products: 2.79%
A.O. Smith Corporation		93,439		5,039,165
NCI Building Systems Incorporated †		228,674		4,267,057
PGT Incorporated †		399,440		3,758,730

				13,064,952


Commercial Services & Supplies: 2.95%
Copart Incorporated †		126,200		4,586,108
Kar Auction Services Incorporated		140,880		4,881,492
TrueBlue Incorporated †		189,500		4,349,025

				13,816,625


Machinery: 0.98%
Wabash National Corporation †		425,898		4,595,439


Professional Services: 1.54%
On Assignment Incorporated †		175,604		5,396,311
RPX Corporation †		137,685		1,806,427

				7,202,738


Road & Rail: 2.28%
Genesee & Wyoming Incorporated Class A †		36,187		3,567,676
Roadrunner Transportation Systems Incorporated †		126,907		2,856,677
Swift Transportation Company †		146,206		4,250,208

				10,674,561


Trading Companies & Distributors: 0.50%
MSC Industrial Direct Company		30,090		2,337,090


Information Technology: 24.22%

Communications Equipment: 2.41%
Infinera Corporation †		255,452		3,481,811
Palo Alto Networks Incorporated †		38,013		4,675,599
Riverbed Technology Incorporated †		151,647		3,135,302

				11,292,712


Electronic Equipment, Instruments & Components: 1.05%
OSI Systems Incorporated †		69,616		4,912,801


Internet Software & Services: 5.00%
Benefitfocus Incorporated «†		96,160		2,604,974
Cornerstone OnDemand Incorporated «†		124,730		3,962,672
Everyday Health Incorporated «†		205,800		2,663,052
Marketo Incorporated «†		126,480		4,042,301
Pandora Media Incorporated †		161,360		3,172,338
TrueCar Incorporated «†		225,860		4,327,478
Zillow Incorporated Class A †		22,431		2,654,933

				23,427,748

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


Portfolio of investments—November 30, 2014 (unaudited)		Wells Fargo Advantage Equity Gateway Funds			99

SMALL COMPANY GROWTH PORTFOLIO


Security name	Shares		Value

IT Services: 3.31%
EVERTEC Incorporated		169,099	$	3,726,942
InterXion Holding NV †		122,524		3,414,744
Maximus Incorporated		78,110		4,092,183
Vantiv Incorporated Class A †		126,080		4,253,939

				15,487,808


Semiconductors & Semiconductor Equipment: 5.94%
Applied Micro Circuits Corporation †		369,397		2,183,136
Exar Corporation †		242,611		2,215,038
Microsemi Corporation †		133,838		3,640,394
Nanometrics Incorporated †		169,769		2,519,372
Semtech Corporation †		125,453		3,194,033
Spansion Incorporated Class A †		230,065		5,376,619
Synaptics Incorporated †		53,852		3,392,137
Teradyne Incorporated		265,927		5,278,651

				27,799,380


Software: 6.51%
Bottomline Technologies Incorporated †		120,610		2,957,357
Cadence Design Systems Incorporated †		289,902		5,470,451
PTC Incorporated †		126,776		4,953,138
Qlik Technologies Incorporated †		155,053		4,780,284
SS&C Technologies Holdings		137,313		6,941,172
Synchronoss Technologies Incorporated †		58,060		2,486,710
Ultimate Software Group Incorporated †		19,721		2,903,720

				30,492,832


Materials: 4.35%

Chemicals: 2.05%
Calgon Carbon Corporation †		198,459		4,050,548
Flotek Industries Incorporated †		142,017		2,766,491
Methanex Corporation		54,136		2,796,666

				9,613,705


Metals & Mining: 1.41%
Constellium NV Class A †		184,859		2,911,529
Steel Dynamics Incorporated		163,941		3,695,230

				6,606,759


Paper & Forest Products: 0.89%
Boise Cascade Company †		116,677		4,164,202


Total Common Stocks (Cost $377,232,425)				450,161,995

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


100		Wells Fargo Advantage Equity Gateway Funds		Portfolio of investments—November 30, 2014 (unaudited)

SMALL COMPANY GROWTH PORTFOLIO


Security name	Yield			Shares		Value

Short-Term Investments: 13.93%

Investment Companies: 13.93%
Securities Lending Cash Investments, LLC (l)(r)(u)		0.12	%		48,391,400	$	48,391,400
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)		0.08			16,841,539		16,841,539

Total Short-Term Investments (Cost $65,232,939)							65,232,939


Total investments in securities (Cost $442,465,364) *	110.06	%		515,394,934
Other assets and liabilities, net	(10.06	)		(47,111,790	)

Total net assets	100.00	%	$	468,283,144

†	Non-income-earning security

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

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

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

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

*	Cost for federal income tax purposes is $444,521,024 and unrealized gains (losses) consists of:


Gross unrealized gains	$	90,430,733
Gross unrealized losses		(19,556,823	)

Net unrealized gains	$	70,873,910

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


Portfolio of investments—November 30, 2014 (unaudited)		Wells Fargo Advantage Equity Gateway Funds			101

SMALL COMPANY VALUE PORTFOLIO


Security name	Shares			Value

Common Stocks: 96.29%

Consumer Discretionary: 16.30%

Auto Components: 2.35%
American Axle & Manufacturing Holdings Incorporated †		130,919		$	2,793,811
Dana Holding Corporation		94,200			1,997,040

					4,790,851


Automobiles: 0.76%			��
Thor Industries Incorporated		26,450			1,554,202


Distributors: 1.29%
Core Mark Holding Company Incorporated		43,818			2,633,900


Diversified Consumer Services: 2.11%
Apollo Group Incorporated Class A †		38,092			1,189,232
Houghton Mifflin Harcourt Company †		72,176			1,387,223
Steiner Leisure Limited †		39,089			1,730,470

					4,306,925


Hotels, Restaurants & Leisure: 1.11%
ClubCorp Holdings Incorporated		114,994			2,266,532


Household Durables: 0.59%
The Ryland Group Incorporated		30,688			1,200,821


Media: 1.14%
Scholastic Corporation		65,393			2,321,452


Specialty Retail: 3.64%
Asbury Automotive Group Incorporated †		24,709			1,870,718
DSW Incorporated Class A		82,288			2,919,578
Francescas Holdings Corporation †		100,030			1,268,380
Rent-A-Center Incorporated		39,399			1,359,266

					7,417,942


Textiles, Apparel & Luxury Goods: 3.31%
G-III Apparel Group Limited †		26,169			2,315,695
Oxford Industries Incorporated		31,997			2,119,161
Vera Bradley Incorporated †«		100,354			2,307,138

					6,741,994


Consumer Staples: 0.79%

Food Products: 0.79%
Post Holdings Incorporated †		40,077			1,603,080


Energy: 2.96%

Oil, Gas & Consumable Fuels: 2.96%
Carrizo Oil & Gas Incorporated †		38,500			1,519,210
Laredo Petroleum Holdings Incorporated †«		94,761			990,252

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


102		Wells Fargo Advantage Equity Gateway Funds		Portfolio of investments—November 30, 2014 (unaudited)

SMALL COMPANY VALUE PORTFOLIO


Security name	Shares		Value

Oil, Gas & Consumable Fuels (continued)
PDC Energy Incorporated †		40,100	$	1,183,351
Rex Energy Corporation †«		164,810		1,156,966
Sanchez Energy Corporation †«		105,041		1,185,913

				6,035,692


Financials: 39.15%

Banks: 17.73%
BancorpSouth Incorporated		124,092		2,716,374
BankUnited Incorporated		63,450		1,916,190
City National Corporation		30,254		2,335,306
Columbia Banking System Incorporated		55,735		1,531,040
Great Western Bancorp Incorporated †		97,140		2,172,050
IBERIABANK Corporation		39,117		2,555,122
Independent Bank Group Incorporated		46,923		2,012,997
Investors Bancorp Incorporated		219,394		2,371,649
MB Financial Incorporated		57,448		1,809,612
National Bank Holdings Corporation Class A		111,725		2,148,472
Old National Bancorp		123,274		1,750,491
PrivateBancorp Incorporated		94,397		2,968,786
Square 1 Financial Incorporated †		22,840		488,319
ViewPoint Financial Group Incorporated		76,636		1,827,002
Webster Financial Corporation		67,837		2,134,830
Western Alliance Bancorp †		129,978		3,435,319
Wintrust Financial Corporation		44,177		1,974,270

				36,147,829


Capital Markets: 1.05%
Stifel Financial Corporation †		43,993		2,134,980


Insurance: 7.81%
American Equity Investment Life Holding Company		74,008		1,998,216
AmTrust Financial Services Incorporated		39,156		2,009,486
CNO Financial Group Incorporated		120,410		2,087,909
Employers Holdings Incorporated		93,624		1,898,695
OneBeacon Insurance Group Limited		99,656		1,586,524
Primerica Incorporated		48,663		2,551,401
Selective Insurance Group Incorporated		73,926		1,978,999
Symetra Financial Corporation		79,964		1,811,984

				15,923,214


Real Estate Management & Development: 0.78%
Alexander & Baldwin Incorporated		41,981		1,598,636


REITs: 11.78%
CareTrust REIT Incorporated †		100,624		1,627,090
Cousins Properties Incorporated		174,260		2,132,942
Education Realty Trust Incorporated		245,042		2,852,289
Gramercy Property Trust Incorporated «		308,200		1,818,380
Parkway Properties Incorporated		103,997		2,025,862

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


Portfolio of investments—November 30, 2014 (unaudited)		Wells Fargo Advantage Equity Gateway Funds			103

SMALL COMPANY VALUE PORTFOLIO


Security name	Shares		Value

REITs (continued)
Pebblebrook Hotel Trust		61,092	$	2,637,342
Physicians Realty Trust		134,300		2,076,278
Ramco-Gershenson Properties Trust		117,121		2,096,466
Sabra Health Care REIT Incorporated		82,541		2,336,736
STAG Industrial Incorporated		90,459		2,156,543
Sunstone Hotel Investors Incorporated		140,367		2,247,276

				24,007,204


Health Care: 5.62%

Health Care Equipment & Supplies: 1.34%
Alere Incorporated †		68,497		2,732,345


Health Care Providers & Services: 4.28%
Ensign Group Incorporated		61,144		2,410,296
Health Net Incorporated †		64,163		3,296,695
WellCare Health Plans Incorporated †		41,013		3,024,299

				8,731,290


Industrials: 9.77%

Air Freight & Logistics: 1.09%
Atlas Air Worldwide Holdings Incorporated †		48,655		2,221,101


Commercial Services & Supplies: 3.04%
ACCO Brands Corporation †		255,684		2,239,792
Quad Graphics Incorporated		89,777		1,949,059
United Stationers Incorporated		49,119		2,016,826

				6,205,677


Construction & Engineering: 0.97%
Tutor Perini Corporation †		78,095		1,971,899


Machinery: 0.97%
Briggs & Stratton Corporation		67,031		1,343,972
Global Brass & Copper Holdings Incorporated		51,986		636,829

				1,980,801


Professional Services: 1.65%
FTI Consulting Incorporated †		66,881		2,592,976
Hill International Incorporated †		211,016		770,208

				3,363,184


Road & Rail: 1.36%
Quality Distribution Incorporated †		133,277		1,608,653
Universal Truckload Services		42,306		1,161,723

				2,770,376


Trading Companies & Distributors: 0.69%
TAL International Group Incorporated «		31,909		1,410,059

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


104		Wells Fargo Advantage Equity Gateway Funds		Portfolio of investments—November 30, 2014 (unaudited)

SMALL COMPANY VALUE PORTFOLIO


Security name	Shares		Value

Information Technology: 11.91%

Communications Equipment: 2.05%
ARRIS Group Incorporated †		95,933	$	2,855,925
Extreme Networks Incorporated †		367,680		1,331,002

				4,186,927


Electronic Equipment, Instruments & Components: 5.04%
Celestica Incorporated †		184,936		1,989,911
Itron Incorporated †		46,834		1,892,094
Plexus Corporation †		52,721		2,056,646
Sanmina Corporation †		95,180		2,341,428
Tech Data Corporation †		31,958		1,991,942

				10,272,021


Semiconductors & Semiconductor Equipment: 2.14%
Advanced Energy Industries Incorporated †		114,315		2,335,455
Photronics Incorporated †		113,925		1,027,604
Xcerra Corporation †		124,511		997,333

				4,360,392


Software: 1.53%
EPIQ Systems Incorporated		97,481		1,495,359
Mentor Graphics Corporation		73,693		1,636,722

				3,132,081


Technology Hardware, Storage & Peripherals: 1.15%
QLogic Corporation †		202,559		2,337,531


Materials: 4.42%

Chemicals: 1.37%
Chemtura Corporation †		85,113		1,983,133
Zep Incorporated		59,452		809,142

				2,792,275


Metals & Mining: 3.05%
Commercial Metals Company		110,219		1,800,978
Horsehead Holding Corporation †		153,518		2,397,951
Suncoke Energy Incorporated		99,083		2,014,357

				6,213,286


Telecommunication Services: 0.50%

Diversified Telecommunication Services: 0.50%
ORBCOMM Incorporated †		157,260		1,019,045


Utilities: 4.87%

Electric Utilities: 4.87%
El Paso Electric Company		60,431		2,286,104
PNM Resources Incorporated		82,597		2,392,009

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


Portfolio of investments—November 30, 2014 (unaudited)		Wells Fargo Advantage Equity Gateway Funds			105

SMALL COMPANY VALUE PORTFOLIO


Security name						Shares		Value

Electric Utilities (continued)
Portland General Electric Company							73,294	$	2,702,350
UIL Holdings Corporation							64,000		2,547,202

									9,927,665


Total Common Stocks (Cost $153,876,536)									196,313,209


				Expiration date

Warrants: 0.00%

Health Care: 0.00%

Health Care Equipment & Supplies: 0.00%
EnteroMedics Incorporated †(a)					5-14-2016		9,104		6,201


Total Warrants (Cost $0)									6,201


	Yield
Short-Term Investments: 6.76%

Investment Companies: 6.76%
Securities Lending Cash Investments, LLC (u)(l)(r)		0.12	%				6,184,225		6,184,225
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (u)(l)		0.08					7,594,762		7,594,762

Total Short-Term Investments (Cost $13,778,987)									13,778,987


Total investments in securities (Cost $167,655,523) *	103.05	%		210,098,397
Other assets and liabilities, net	(3.05	)		(6,213,944	)

Total net assets	100.00	%	$	203,884,453

†	Non-income-earning security

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

(a)	The security is fair valued in accordance with procedures approved by the Board of Trustees.

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

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

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

*	Cost for federal income tax purposes is $168,006,920 and unrealized gains (losses) consists of:


Gross unrealized gains	$	48,781,875
Gross unrealized losses		(6,690,398	)

Net unrealized gains	$	42,091,477

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


106		Wells Fargo Advantage Equity Gateway Funds		Statements of assets and liabilities—November 30, 2014 (unaudited)


	C&B Large Cap Value Portfolio		Diversified Large Cap Growth Portfolio

Assets
Investments
In unffiliated securities (including securities on loan), at value (see cost below)	$	310,964,050	$	133,173,819
In affiliated securities, at value (see cost below)		24,831,887		3,251,523

Total investments, at value (see cost below)		335,795,937		136,425,342
Cash		21,207		0
Foreign currency, at value (see cost below)		0		0
Receivable for investments sold		1,943,425		340,761
Receivable for dividends		604,712		114,298
Receivable for securities lending income		1,086		532
Prepaid expenses and other assets		2,561		2,947

Total assets		338,368,928		136,883,880


Liabilities
Payable for investments purchased		0		655,678
Payable upon receipt of securities loaned		0		1,815,925
Payable for daily variation margin on open futures contracts		0		0
Advisory fee payable		178,278		60,737
Professional fees payable		16,958		17,739
Accrued expenses and other liabilities		8,716		7,928

Total liabilities		203,952		2,558,007

Total net assets	$	338,164,976	$	134,325,873


Investments in unaffiliated securities, at cost	$	215,386,586	$	87,975,922

Investments in affiliated securities, at cost	$	24,831,887	$	3,251,523

Total investments, at cost	$	240,218,473	$	91,227,445

Securities on loan, at value	$	0	$	1,778,336

Foreign currency, at cost	$	0	$	0

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


Statements of assets and liabilities—November 30, 2014 (unaudited)		Wells Fargo Advantage Equity Gateway Funds			107


Emerging Growth Portfolio		Index Portfolio		International Growth Portfolio		International Value Portfolio		Large Company Value Portfolio		Small Company Growth Portfolio		Small Company Value Portfolio



$	1,114,960,030	$	2,810,788,830	$	155,769,579	$	477,975,923	$	87,737,524	$	450,161,995	$	196,319,410
	136,874,464		90,992,556		3,267,843		20,812,181		2,138,692		65,232,939		13,778,987

	1,251,834,494		2,901,781,386		159,037,422		498,788,104		89,876,216		515,394,934		210,098,397
	0		28,990		0		0		3,689		393,687		0
	0		0		55,063		4,178,048		0		0		0
	0		166,343		764,583		573,001		284,855		1,585,820		22,974
	91,511		6,383,242		122,568		1,791,356		176,754		123,201		102,705
	67,854		8,277		5,238		8,917		861		47,786		2,475
	8,347		0		6,623		9,115		3,923		6,970		3,672

	1,252,002,206		2,908,368,238		159,991,497		505,348,541		90,346,298		517,552,398		210,230,223



	263,144		6,816,649		771,940		402,008		1,068,145		556,489		0
	130,887,098		15,878,700		1,787,826		14,194,341		404,950		48,391,400		6,184,225
	0		107,505		0		0		0		0		0
	725,530		196,742		107,687		340,113		47,352		296,191		135,488
	18,223		21,955		20,091		11,622		18,872		17,994		17,459
	19,275		192,651		20,547		7,079		4,261		7,180		8,598

	131,913,270		23,214,202		2,708,091		14,955,163		1,543,580		49,269,254		6,345,770

$	1,120,088,936	$	2,885,154,036	$	157,283,406	$	490,393,378	$	88,802,718	$	468,283,144	$	203,884,453


$	797,241,970	$	1,406,154,669	$	120,672,186	$	474,823,132	$	69,483,953	$	377,232,425	$	153,876,536

$	136,874,464	$	71,256,768	$	3,267,843	$	20,812,181	$	2,138,692	$	65,232,939	$	13,778,987

$	934,116,434	$	1,477,411,437	$	123,940,029	$	495,635,313	$	71,622,645	$	442,465,364	$	167,655,523

$	127,774,235	$	15,509,047	$	1,708,610	$	13,451,572	$	394,849	$	47,226,460	$	6,024,011

$	0	$	0	$	55,510	$	4,477,747	$	0	$	0	$	0

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


108		Wells Fargo Advantage Equity Gateway Funds		Statements of operations—six months ended November 30, 2014 (unaudited)


	C&B Large Cap Value Portfolio			Diversified Large Cap Growth Portfolio

Investment income
Dividends *	$	2,952,791		$	564,374
Income from affiliated securities		5,107			497
Securities lending income, net		2,949			9,176
Interest		0			0

Total investment income		2,960,847			574,047


Expenses
Advisory fee		1,046,467			438,979
Custody and accounting fees		11,970			12,455
Professional fees		21,960			24,024
Shareholder report expenses		726			690
Trustees’ fees and expenses		5,547			6,445
Other fees and expenses		4,677			2,848

Total expenses		1,091,347			485,441
Less: Fee waivers and/or expense reimbursements		0			(65,304	)

Net expenses		1,091,347			420,137

Net investment income (loss)		1,869,500			153,910


REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS

Net realized gains on:
Unaffiliated securities		23,094,390			7,393,125
Affiliated securities		0			0
Futures transactions		0			0

Net realized gains on investments		23,094,390			7,393,125

Net change in unrealized gains (losses) on:
Unaffiliated securities		(4,132,467	)		3,667,923
Affiliated securities		0			0
Futures transactions		0			0

Net change in unrealized gains (losses) on investments		(4,132,467	)		3,667,923

Net realized and unrealized gains (losses) on investments		18,961,923			11,061,048

Net increase (decrease) in net assets resulting from operations	$	20,831,423		$	11,214,958


* Net of foreign dividend withholding taxes in the amount of		$20,746			$651

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


Statements of operations—six months ended November 30, 2014 (unaudited)		Wells Fargo Advantage Equity Gateway Funds			109


Emerging Growth Portfolio			Index Portfolio		International Growth Portfolio		International Value Portfolio			Large Company Value Portfolio			Small Company Growth Portfolio			Small Company Value Portfolio


$	624,501		$	28,243,948	$	879,653	$	6,450,877		$	757,243		$	788,155		$	1,396,484
	5,890			534,595		915		1,849			566			6,680			2,202
	333,659			44,926		18,769		155,455			6,389			246,662			23,906
	0			278		28		2,789			0			0			0

	964,050			28,823,747		899,365		6,610,970			764,198			1,041,497			1,422,592



	4,330,904			1,174,627		649,796		2,131,768			292,151			1,588,944			817,710
	33,307			79,054		54,322		69,747			6,499			16,838			11,082
	23,784			27,282		26,265		28,075			24,128			23,114			22,002
	2,391			4,099		1,867		1,884			639			1,411			1,760
	6,092			6,093		6,366		6,372			6,556			6,095			6,252
	10,481			200,397		11,053		25,291			3,231			3,666			3,021

	4,406,959			1,491,552		749,669		2,263,137			333,204			1,640,068			861,827
	0			0		0		0			(1,326	)		0			0

	4,406,959			1,491,552		749,669		2,263,137			331,878			1,640,068			861,827

	(3,442,909	)		27,332,195		149,696		4,347,833			432,320			(598,571	)		560,765





	48,390,077			52,004,846		2,894,828		4,321,304			3,929,387			9,808,746			8,398,624
	0			834,634		0		0			0			0			0
	0			1,606,123		0		0			0			0			0

	48,390,077			54,445,603		2,894,828		4,321,304			3,929,387			9,808,746			8,398,624


	80,834,486			147,070,069		289,174		(41,305,695	)		(649,802	)		12,332,831			(7,937,428	)
	0			1,958,013		0		0			0			0			0
	0			752,525		0		0			0			0			0

	80,834,486			149,780,607		289,174		(41,305,695	)		(649,802	)		12,332,831			(7,937,428	)

	129,224,563			204,226,210		3,184,002		(36,984,391	)		3,279,585			22,141,577			461,196

$	125,781,654		$	231,558,405	$	3,333,698	$	(32,636,558	)	$	3,711,905		$	21,543,006		$	1,021,961


	$0			$8,312		$123,755		$662,904			$13,441			$4,747			$0

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


110		Wells Fargo Advantage Equity Gateway Funds		Statements of changes in net assets


	C&B Large Cap Value Portfolio
	Six months ended November 30, 2014 (unaudited)			Year ended May 31, 2014

Operations
Net investment income	$	1,869,500		$	4,519,408
Net realized gains on investments		23,094,390			41,555,935
Net change in unrealized gains (losses) on investments		(4,132,467	)		9,188,214

Net increase in net assets resulting from operations		20,831,423			55,263,557


Capital share transactions
Transactions in investors’ beneficial interests
Contributions		21,003,541			24,307,963
Withdrawals		(20,618,443	)		(109,777,604	)

Net increase (decrease) in net assets resulting from capital share transactions		385,098			(85,469,641	)

Total increase (decrease) in net assets		21,216,521			(30,206,084	)


Net assets
Beginning of period		316,948,455			347,154,539

End of period	$	338,164,976		$	316,948,455

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


Statements of changes in net assets		Wells Fargo Advantage Equity Gateway Funds			111


	Diversified Large Cap Growth Portfolio
	Six months ended November 30, 2014 (unaudited)			Year ended May 31, 2014

Operations
Net investment income	$	153,910		$	217,848
Net realized gains on investments		7,393,125			17,206,881
Net change in unrealized gains (losses) on investments		3,667,923			12,006,669

Net increase in net assets resulting from operations		11,214,958			29,431,398


Capital share transactions
Transactions in investors’ beneficial interests
Contributions		257,917			4,540,444
Withdrawals		(20,595,346	)		(38,368,891	)

Net decrease in net assets resulting from capital share transactions		(20,337,429	)		(33,828,447	)

Total decrease in net assets		(9,122,471	)		(4,397,049	)


Net assets
Beginning of period		143,448,344			147,845,393
						��
End of period	$	134,325,873		$	143,448,344

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


112		Wells Fargo Advantage Equity Gateway Funds		Statements of changes in net assets


	Emerging Growth Portfolio
	Six months ended November 30, 2014 (unaudited)			Year ended May 31, 2014

Operations
Net investment loss	$	(3,442,909	)	$	(7,250,579	)
Net realized gains on investments		48,390,077			126,561,844
Net change in unrealized gains (losses) on investments		80,834,486			2,831,625

Net increase in net assets resulting from operations		125,781,654			122,142,890


Capital share transactions
Transactions in investors’ beneficial interests
Contributions		22,755,111			100,196,552
Withdrawals		(124,646,482	)		(172,012,866	)

Net decrease in net assets resulting from capital share transactions		(101,891,371	)		(71,816,314	)

Total increase in net assets		23,890,283			50,326,576


Net assets
Beginning of period		1,096,198,653			1,045,872,077

End of period	$	1,120,088,936		$	1,096,198,653

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


Statements of changes in net assets		Wells Fargo Advantage Equity Gateway Funds			113


	Index Portfolio
	Six months ended November 30, 2014 (unaudited)			Year ended May 31, 2014

Operations
Net investment income	$	27,332,195		$	54,636,691
Net realized gains on investments		54,445,603			10,828,401
Net change in unrealized gains (losses) on investments		149,780,607			446,135,782

Net increase in net assets resulting from operations		231,558,405			511,600,874


Capital share transactions
Transactions in investors’ beneficial interests
Contributions		68,698,638			110,111,813
Withdrawals		(252,454,175	)		(397,250,633	)

Net decrease in net assets resulting from capital share transactions		(183,755,537	)		(287,138,820	)

Total increase in net assets		47,802,868			224,462,054


Net assets
Beginning of period		2,837,351,168			2,612,889,114

End of period	$	2,885,154,036		$	2,837,351,168

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


114		Wells Fargo Advantage Equity Gateway Funds		Statements of changes in net assets


	International Growth Portfolio
	Six months ended November 30, 2014 (unaudited)			Year ended May 31, 2014

Operations
Net investment income	$	149,696		$	1,665,920
Net realized gains on investments		2,894,828			7,645,552
Net change in unrealized gains (losses) on investments		289,174			13,428,833

Net increase in net assets resulting from operations		3,333,698			22,740,305


Capital share transactions
Transactions in investors’ beneficial interests
Contributions		4,575,581			13,505,034
Withdrawals		(6,734,073	)		(18,531,879	)

Net decrease in net assets resulting from capital share transactions		(2,158,492	)		(5,026,845	)

Total increase in net assets		1,175,206			17,713,460


Net assets
Beginning of period		156,108,200			138,394,740

End of period	$	157,283,406		$	156,108,200

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


Statements of changes in net assets		Wells Fargo Advantage Equity Gateway Funds			115


	International Value Portfolio
	Six months ended November 30, 2014 (unaudited)			Year ended May 31, 2014

Operations
Net investment income	$	4,347,833		$	14,388,396
Net realized gains on investments		4,321,304			8,585,816
Net change in unrealized gains (losses) on investments		(41,305,695	)		54,753,421

Net increase (decrease) in net assets resulting from operations		(32,636,558	)		77,727,633


Capital share transactions
Transactions in investors’ beneficial interests
Contributions		17,007,628			31,602,874
Withdrawals		(6,213,028	)		(19,826,023	)

Net increase in net assets resulting from capital share transactions		10,794,600			11,776,851

Total increase (decrease) in net assets		(21,841,958	)		89,504,484


Net assets
Beginning of period		512,235,336			422,730,852

End of period	$	490,393,378		$	512,235,336

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


116		Wells Fargo Advantage Equity Gateway Funds		Statements of changes in net assets


	Large Company Value Portfolio
	Six months ended November 30, 2014 (unaudited)			Year ended May 31, 2014

Operations
Net investment income	$	432,320		$	971,468
Net realized gains on investments		3,929,387			9,554,727
Net change in unrealized gains (losses) on investments		(649,802	)		7,711,461

Net increase in net assets resulting from operations		3,711,905			18,237,656


Capital share transactions
Transactions in investors’ beneficial interests
Contributions		742,073			1,607,068
Withdrawals		(11,701,655	)		(22,199,921	)

Net decrease in net assets resulting from capital share transactions		(10,959,582	)		(20,592,853	)

Total decrease in net assets		(7,247,677	)		(2,355,197	)


Net assets
Beginning of period		96,050,395			98,405,592

End of period	$	88,802,718		$	96,050,395

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


Statements of changes in net assets		Wells Fargo Advantage Equity Gateway Funds			117


	Small Company Growth Portfolio
	Six months ended November 30, 2014 (unaudited)			Year ended May 31, 2014

Operations
Net investment loss	$	(598,571	)	$	(977,131	)
Net realized gains on investments		9,808,746			25,678,045
Net change in unrealized gains (losses) on investments		12,332,831			21,247,400

Net increase in net assets resulting from operations		21,543,006			45,948,314


Capital share transactions
Transactions in investors’ beneficial interests
Contributions		118,459,319			152,768,112
Withdrawals		(27,634,709	)		(39,286,894	)

Net increase in net assets resulting from capital share transactions		90,824,610			113,481,218

Total increase in net assets		112,367,616			159,429,532


Net assets
Beginning of period		355,915,528			196,485,996

End of period	$	468,283,144		$	355,915,528

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


118		Wells Fargo Advantage Equity Gateway Funds		Statements of changes in net assets


	Small Company Value Portfolio
	Six months ended November 30, 2014 (unaudited)			Year ended May 31, 2014

Operations
Net investment income	$	560,765		$	1,830,396
Net realized gains on investments		8,398,624			23,264,792
Net change in unrealized gains (losses) on investments		(7,937,428	)		9,025,443

Net increase in net assets resulting from operations		1,021,961			34,120,631


Capital share transactions
Transactions in investors’ beneficial interests
Contributions		12,926,173			18,725,149
Withdrawals		(16,411,190	)		(50,335,526	)

Net decrease in net assets resulting from capital share transactions		(3,485,017	)		(31,610,377	)

Total increase (decrease) in net assets		(2,463,056	)		2,510,254


Net assets
Beginning of period		206,347,509			203,837,255

End of period	$	203,884,453		$	206,347,509

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


Financial highlights		Wells Fargo Advantage Equity Gateway Funds			119


	Ratio to average net assets (annualized)									Total return¹			Portfolio turnover rate
	Net investment income (loss)			Gross expenses			Net expenses			Total return¹			Portfolio turnover rate

C&B Large Cap Value Portfolio
Six months ended November 30, 2014 (unaudited)		1.16	%		0.68	%		0.68	%		6.60	%		17	%
Year ended May 31, 2014		1.35	%		0.68	%		0.68	%		17.80	%		22	%
Year ended May 31, 2013		1.73	%		0.68	%		0.68	%		29.30	%		18	%
Year ended May 31, 2012		1.81	%		0.68	%		0.68	%		(4.61	)%		21	%
Year ended May 31, 2011²		1.27	%		0.67	%		0.67	%		18.08	%		17	%
Year ended September 30, 2010		1.40	%		0.70	%		0.68	%		7.49	%		13	%
Year ended September 30, 2009		2.19	%		0.73	%		0.64	%		(5.53	)%		28	%

Diversified Large Cap Growth Portfolio
Six months ended November 30, 2014 (unaudited)		0.23	%		0.72	%		0.62	%		8.68	%		23	%
Year ended May 31, 2014		0.15	%		0.72	%		0.62	%		21.70	%		54	%
Year ended May 31, 2013		0.51	%		0.71	%		0.62	%		20.30	%		56	%
Year ended May 31, 2012		0.24	%		0.71	%		0.62	%		1.26	%		79	%
Year ended May 31, 2011^2,3		0.40	%		0.69	%		0.62	%		22.78	%		101	%
Year ended September 30, 2010³		0.66	%		0.70	%		0.62	%		7.51	%		11	%
Year ended September 30, 2009³		0.97	%		0.70	%		0.62	%		3.31	%		13	%

Emerging Growth Portfolio
Six months ended November 30, 2014 (unaudited)		(0.62	)%		0.80	%		0.80	%		11.98	%		26	%
Year ended May 31, 2014		(0.62	)%		0.80	%		0.80	%		11.92	%		63	%
Year ended May 31, 2013		(0.47	)%		0.80	%		0.80	%		20.53	%		65	%
Year ended May 31, 2012		(0.57	)%		0.80	%		0.80	%		(4.83	)%		75	%
Year ended May 31, 2011²		(0.77	)%		0.94	%		0.91	%		37.91	%		59	%
Year ended September 30, 2010		(0.66	)%		1.02	%		0.94	%		20.49	%		97	%
Year ended September 30, 2009		(0.53	)%		0.94	%		0.91	%		(5.70	)%		147	%

Index Portfolio
Six months ended November 30, 2014 (unaudited)		1.95	%		0.11	%		0.11	%		8.52	%		2	%
Year ended May 31, 2014		1.99	%		0.10	%		0.10	%		20.33	%		5	%
Year ended May 31, 2013		2.20	%		0.09	%		0.09	%		27.22	%		4	%
Year ended May 31, 2012		2.09	%		0.10	%		0.10	%		(0.52	)%		9	%
Year ended May 31, 2011²		1.93	%		0.10	%		0.10	%		19.39	%		3	%
Year ended September 30, 2010		2.01	%		0.10	%		0.10	%		9.97	%		22	%
Year ended September 30, 2009		2.61	%		0.12	%		0.10	%		(7.00	)%		10	%

International Growth Portfolio
Six months ended November 30, 2014 (unaudited)		0.20	%		0.98	%		0.98	%		2.09	%		25	%
Year ended May 31, 2014		1.13	%		1.00	%		1.00	%		16.45	%		46	%
Year ended May 31, 2013		1.63	%		1.04	%		1.04	%		30.34	%		46	%
Year ended May 31, 2012		2.04	%		0.97	%		0.90	%		(9.44	)%		69	%
Year ended May 31, 2011²		1.62	%		1.10	%		1.10	%		14.50	%		53	%
Year ended September 30, 2010		0.89	%		1.42	%		1.20	%		3.25	%		89	%
Year ended September 30, 2009		1.71	%		1.14	%		1.11	%		6.23	%		95	%

International Value Portfolio
Six months ended November 30, 2014 (unaudited)		1.73	%		0.90	%		0.90	%		(6.43	)%		7	%
Year ended May 31, 2014		3.09	%		0.91	%		0.91	%		18.22	%		11	%
Year ended May 31, 2013		3.04	%		0.91	%		0.91	%		29.45	%		16	%
Year ended May 31, 2012		3.44	%		0.91	%		0.85	%		(21.07	)%		9	%
Year ended May 31, 2011²		3.14	%		0.94	%		0.94	%		14.00	%		16	%
Year ended September 30, 2010		2.41	%		1.20	%		1.06	%		0.92	%		27	%
Year ended September 30, 2009		2.72	%		1.08	%		1.03	%		5.26	%		41	%

Please see footnotes on page 120.

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


120		Wells Fargo Advantage Equity Gateway Funds		Financial highlights


	Ratio to average net assets (annualized)									Total return¹			Portfolio turnover rate
	Net investment income (loss)			Gross expenses			Net expenses			Total return¹			Portfolio turnover rate

Large Company Value Portfolio
Six months ended November 30, 2014 (unaudited)		0.96	%		0.74	%		0.74	%		4.19	%		39	%
Year ended May 31, 2014		0.99	%		0.73	%		0.73	%		20.26	%		62	%
Year ended May 31, 2013		1.49	%		0.78	%		0.74	%		28.91	%		95	%
Year ended May 31, 2012		1.67	%		0.77	%		0.74	%		(6.06	)%		104	%
Year ended May 31, 2011²		1.58	%		0.78	%		0.74	%		21.46	%		38	%
Year ended September 30, 2010		1.73	%		0.73	%		0.72	%		7.02	%		46	%
Year ended September 30, 2009		2.69	%		0.75	%		0.69	%		(9.66	)%		11	%

Small Company Growth Portfolio
Six months ended November 30, 2014 (unaudited)		(0.30	)%		0.83	%		0.83	%		5.46	%		30	%
Year ended May 31, 2014		(0.37	)%		0.83	%		0.83	%		23.47	%		77	%
Year ended May 31, 2013		(0.02	)%		0.86	%		0.86	%		31.39	%		109	%
Year ended May 31, 2012		(0.12	)%		0.83	%		0.83	%		(10.75	)%		107	%
Year ended May 31, 2011²		(0.42	)%		0.83	%		0.83	%		39.64	%		70	%
Year ended September 30, 2010		(0.48	)%		0.87	%		0.86	%		15.25	%		129	%
Year ended September 30, 2009		(0.53	)%		0.89	%		0.87	%		1.75	%		169	%

Small Company Value Portfolio
Six months ended November 30, 2014 (unaudited)		0.55	%		0.84	%		0.84	%		0.38	%		24	%
Year ended May 31, 2014		0.89	%		0.85	%		0.85	%		18.09	%		47	%
Year ended May 31, 2013		0.58	%		0.85	%		0.85	%		30.76	%		57	%
Year ended May 31, 2012		0.69	%		0.84	%		0.84	%		(7.17	)%		60	%
Year ended May 31, 2011²		1.60	%		0.84	%		0.84	%		26.72	%		47	%
Year ended September 30, 2010		0.31	%		0.89	%		0.89	%		16.38	%		60	%
Year ended September 30, 2009		1.16	%		0.90	%		0.88	%		(6.28	)%		99	%

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

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

^3.

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


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

1. ORGANIZATION

Wells Fargo Master Trust (the “Trust”), a Delaware statutory trust organized on March 10, 1999, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). These financial statements report on the following portfolios: the Wells Fargo Advantage C&B Large Cap Value Portfolio (“C&B Large Cap Value Portfolio”), the Wells Fargo Advantage Diversified Large Cap Growth Portfolio (“Diversified Large Cap Growth Portfolio”), the Wells Fargo Advantage Emerging Growth Portfolio (“Emerging Growth Portfolio”), the Wells Fargo Advantage Index Portfolio (“Index Portfolio”), the Wells Fargo Advantage International Growth Portfolio (“International Growth Portfolio”), the Wells Fargo Advantage International Value Portfolio (“International Value Portfolio”), the Wells Fargo Advantage Large Company Value Portfolio (“Large Company Value Portfolio”), the Wells Fargo Advantage Small Company Growth Portfolio (“Small Company Growth Portfolio”), the Wells Fargo Advantage Small Company Value Portfolio (“Small Company Value Portfolio”) (each, a “Portfolio”, collectively, the “Portfolios”). Each Portfolio is a diversified series of the Trust.

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

2. SIGNIFICANT ACCOUNTING POLICIES

Securities valuation

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

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


122		Wells Fargo Advantage Equity Gateway 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.

Foreign currency translation

Security loans

Futures contracts


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

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

Security transactions and income recognition

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

Dividend income is recognized on the ex-dividend date, except for certain dividends from foreign securities, which are recorded as soon as the custodian verifies the ex-dividend date. Dividend income from foreign securities is recorded net of foreign taxes withheld where recovery of such taxes is not assured.

Federal and other taxes

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.


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

The following is a summary of the inputs used in valuing the Portfolio’s assets and liabilities as of November 30, 2014:


	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
C&B Large Cap Value Portfolio
Assets
Investments in:

Common stocks
Consumer discretionary	$	42,500,097	$	0	$	0	$	42,500,097
Consumer staples		35,992,489		0		0		35,992,489
Energy		29,407,489		0		0		29,407,489
Financials		80,741,873		0		0		80,741,873
Health care		46,642,321		0		0		46,642,321
Industrials		31,949,489		0		0		31,949,489
Information technology		22,448,373		0		0		22,448,373
Materials		19,774,604		0		0		19,774,604

Preferred stocks
Consumer staples		1,507,315		0		0		1,507,315

Short-term investments
Investment companies		24,831,887		0		0		24,831,887
Total assets	$	335,795,937	$	0	$	0	$	335,795,937
Diversified Large Cap Growth Portfolio
Assets
Investments in:

Common stocks
Consumer discretionary	$	34,369,514	$	0	$	0	$	34,369,514
Consumer staples		5,286,554		0		0		5,286,554
Energy		5,898,125		0		0		5,898,125
Financials		8,492,110		0		0		8,492,110
Health care		21,264,089		0		0		21,264,089
Industrials		15,002,610		0		0		15,002,610
Information technology		37,159,209		0		0		37,159,209
Materials		4,201,052		0		0		4,201,052
Telecommunication		1,500,556		0		0		1,500,556

Short-term investments
Investment companies		1,435,598		1,815,925		0		3,251,523
Total assets	$	134,609,417	$	1,815,925	$	0	$	136,425,342
Emerging Growth Portfolio
Assets
Investments in:

Common stocks
Consumer discretionary	$	142,492,106	$	0	$	0	$	142,492,106
Consumer staples		16,499,666		0		0		16,499,666
Energy		32,516,507		0		0		32,516,507
Financials		86,291,617		0		0		86,291,617
Health care		348,224,013		0		0		348,224,013
Industrials		118,632,477		0		0		118,632,477
Information technology		364,694,144		0		0		364,694,144
Materials		5,609,500		0		0		5,609,500

Short-term investments
Investment companies		5,987,366		130,887,098		0		136,874,464
Total assets	$	1,120,947,396	$	130,887,098	$	0	$	1,251,834,494


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


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

Common stocks
Consumer discretionary	$	340,482,207	$	0	$	0	$	340,482,207
Consumer staples		281,549,124		0		0		281,549,124
Energy		238,844,080		0		0		238,844,080
Financials		464,060,319		0		0		464,060,319
Health care		408,205,947		0		0		408,205,947
Industrials		297,747,015		0		0		297,747,015
Information technology		568,771,683		0		0		568,771,683
Materials		91,523,247		0		0		91,523,247
Telecommunication services		68,620,168		0		0		68,620,168
Utilities		88,365,228		0		0		88,365,228

Short-term investments
Investment companies		35,068,768		15,878,700		0		50,947,468
U.S. Treasury securities		179,998		2,484,902		0		2,664,900
Total assets	$	2,883,417,784	$	18,363,602	$	0	$	2,901,781,386
Liabilities

Futures contracts	$	107,505	$	0	$	0	$	107,505
Total liabilities	$	107,505	$	0	$	0	$	107,505
International Growth Portfolio
Assets
Investments in:

Common stocks
Belgium	$	6,246,315	$	0	$	0	$	6,246,315
Brazil		276,338		0		0		276,338
China		16,433,660		0		0		16,433,660
Denmark		300,679		0		0		300,679
France		9,048,967		0		0		9,048,967
Germany		18,619,765		0		0		18,619,765
Hong Kong		10,056,539		0		0		10,056,539
Ireland		5,639,335		0		0		5,639,335
Japan		23,280,134		0		0		23,280,134
Mexico		4,797,608		0		0		4,797,608
Netherlands		6,996,537		0		0		6,996,537
South Korea		591,785		0		0		591,785
Spain		3,097,829		0		0		3,097,829
Sweden		1,306,046		0		0		1,306,046
Switzerland		13,918,128		0		0		13,918,128
United Kingdom		28,442,832		28,926		0		28,471,758
United States		3,364,188		0		0		3,364,188

Participation notes
United Kingdom		0		1,232,086		0		1,232,086

Preferred stocks
Germany		2,091,882		0		0		2,091,882

Short-term investments
Investment companies		1,480,017		1,787,826		0		3,267,843
Total assets	$	155,988,584	$	3,048,838	$	0	$	159,037,422


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


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

Common stocks
Australia	$	27,014,669	$	0	$	0	$	27,014,669
Austria		6,371,621		0		0		6,371,621
Belgium		2,882,203		0		0		2,882,203
Brazil		4,834,284		0		0		4,834,284
Canada		14,282,460		0		0		14,282,460
China		12,063,480		0		0		12,063,480
Czech Republic		1,602,829		0		0		1,602,829
Finland		4,607,457		0		0		4,607,457
France		41,171,510		0		0		41,171,510
Germany		38,576,589		0		0		38,576,589
Hong Kong		9,299,596		0		0		9,299,596
Hungary		59,155		0		0		59,155
India		7,659,525		0		0		7,659,525
Ireland		3,026,529		0		0		3,026,529
Israel		5,629,578		0		0		5,629,578
Italy		6,388,885		0		0		6,388,885
Japan		97,017,609		0		0		97,017,609
Liechtenstein		634,823		0		0		634,823
Netherlands		13,757,049		0		0		13,757,049
Norway		8,113,989		0		0		8,113,989
Poland		2,963,675		0		0		2,963,675
Russia		5,216,958		0		0		5,216,958
Singapore		5,534,728		0		0		5,534,728
South Africa		3,224,974		0		0		3,224,974
South Korea		12,332,599		0		0		12,332,599
Spain		7,495,983		0		0		7,495,983
Sweden		10,895,637		0		0		10,895,637
Switzerland		24,816,570		0		0		24,816,570
Taiwan		2,401,260		0		0		2,401,260
Thailand		3,878,063		0		0		3,878,063
United Kingdom		89,590,278		0		0		89,590,278

Preferred stocks
Brazil		4,607,364		0		0		4,607,364

Rights
Spain		0		23,994		0		23,994

Short-term investments
Investment companies		6,617,840		14,194,341		0		20,812,181
Total assets	$	484,569,769	$	14,218,335	$	0	$	498,788,104


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


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

Common stocks
Consumer discretionary	$	7,755,163	$	0	$	0	$	7,755,163
Consumer staples		4,276,180		0		0		4,276,180
Energy		8,038,409		0		0		8,038,409
Financials		26,069,684		0		0		26,069,684
Health care		12,037,660		0		0		12,037,660
Industrials		10,215,162		0		0		10,215,162
Information technology		11,300,967		0		0		11,300,967
Materials		3,218,719		0		0		3,218,719
Telecommunication services		1,714,924						1,714,924
Utilities		3,110,656		0		0		3,110,656

Short-term investments
Investment companies		1,733,742		404,950		0		2,138,692
Total assets	$	89,471,266	$	404,950	$	0	$	89,876,216
Small Company Growth Portfolio
Assets
Investments in:

Common stocks
Consumer discretionary	$	60,694,683	$	0	$	0	$	60,694,683
Consumer staples		7,018,745		0		0		7,018,745
Energy		19,010,001		0		0		19,010,001
Financials		46,837,094		0		0		46,837,094
Health care		118,858,478		0		0		118,858,478
Industrials		63,945,047		0		0		63,945,047
Information technology		113,413,281		0		0		113,413,281
Materials		20,384,666		0		0		20,384,666

Short-term investments
Investment companies		16,841,539		48,391,400		0		65,232,939
Total assets	$	467,003,534	$	48,391,400	$	0	$	515,394,934
Small Company Value Portfolio
Assets
Investments in:

Common stocks
Consumer discretionary	$	33,234,619	$	0	$	0	$	33,234,619
Consumer staples		1,603,080		0		0		1,603,080
Energy		6,035,692		0		0		6,035,692
Financials		79,811,863		0		0		79,811,863
Health care		11,463,635		0		0		11,463,635
Industrials		19,923,097		0		0		19,923,097
Information technology		24,288,952		0		0		24,288,952
Materials		9,005,561		0		0		9,005,561
Telecommunication services		1,019,045		0		0		1,019,045
Utilities		9,927,665		0		0		9,927,665

Warrants
Health care		0		6,201		0		6,201

Short-term investments
Investment companies		7,594,762		6,184,225		0		13,778,987
Total assets	$	203,907,971	$	6,190,426	$	0	$	210,098,397


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

Transfers in and transfers out are recognized at the end of the reporting period. At November 30, 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

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

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


	Advisory Fee						Effective rate for the six months ended November 30, 2014			Subadviser	Subadvisory Fee
	starting at			declining to			Effective rate for the six months ended November 30, 2014			Subadviser	starting at	declining to
C&B Large Cap Value Portfolio		0.65	%¹		0.475	%¹		0.65	%¹	Cooke & Bieler, L.P.	0.45%		0.30	%
Diversified Large Cap Growth Portfolio		0.65	%¹		0.475	%¹		0.65	%¹	WellsCap	0.30%		0.20	%
Emerging Growth Portfolio		0.80	%		0.68	%		0.78	%	WellsCap	0.55%		0.40	%
Index Portfolio		0.10	%		0.05	%		0.08	%	Golden Capital Management, LLC	0.05%		0.02	%
International Growth Portfolio		0.85	%		0.70	%		0.85	%	Artisan Partners Limited Partnership	0.80%		0.50	%
International Value Portfolio		0.85	%		0.70	%		0.85	%	LSV Asset Management	0.35%		0.30	%
Large Company Value Portfolio		0.65	%¹		0.475	%¹		0.65	%¹	Phocas Financial Corporation	0.29%		0.20	%
Small Company Growth Portfolio		0.80	%		0.68	%		0.80	%	Peregrine Capital Management, Inc.	0.50%		0.45	%
Small Company Value Portfolio		0.80	%		0.68	%		0.80	%	Peregrine Capital Management, Inc.	0.45%		0.40	%

^1.	Prior to July 1, 2014, Funds Management received an annual advisory fee which started at 0.65% and declined to 0.55% as the average daily net assets of the Portfolio increased.

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


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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding short-term securities, for the six months ended November 30, 2014 were as follows:


	Purchases at cost		Sales proceeds
C&B Large Cap Value Portfolio	$	50,922,608	$	58,360,404
Diversified Large Cap Growth Portfolio		30,576,822		41,819,044
Emerging Growth Portfolio		289,640,396		366,303,121
Index Portfolio		56,116,557		219,537,688
International Growth Portfolio		37,678,197		39,067,441
International Value Portfolio		52,587,974		35,289,731
Large Company Value Portfolio		34,795,753		42,038,264
Small Company Growth Portfolio		207,779,771		117,145,296
Small Company Value Portfolio		47,146,848		54,932,659

6. DERIVATIVE TRANSACTIONS

During the six months ended November 30, 2014, Index Portfolio entered into futures contracts to gain market exposure.

At November 30, 2014, the Index Portfolio had long futures contracts outstanding as follows:

Expiration date

Counterparty

Contracts

Type

Contract value at
November 30, 2014

Unrealized
gains

12/18/2014

Jefferies Bache

71 Long

S&P 500 Index

36,676,825

1,535,370

Index Portfolio had an average notional amount of $56,300,311 in long futures contracts outstanding during the six months ended November 30, 2014.

For certain types of derivative transactions, the Portfolios have entered into International Swaps and Derivatives Association, Inc. master agreements (“ISDA Master Agreements”) or similar agreements with approved counterparties. The ISDA Master Agreements or similar agreements may have requirements to deliver/deposit securities or cash to/with an exchange or broker-dealer as collateral and allows the Portfolio to offset, with each counterparty, certain derivative financial instrument’s assets and/or liabilities with collateral held or pledged. Collateral requirements differ by type of derivative. Collateral or margin requirements are set by the broker or exchange clearing house for exchange traded derivatives while collateral terms are contract specific for over-the-counter traded derivatives. Cash collateral that has been pledged to cover obligations of the Portfolios 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 Portfolio of Investments or 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 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 liabilities in the Statements of Assets and Liabilities		Amounts subject to netting agreements		Collateral pledged ¹			Net amount of liabilities
Index Portfolio	Futures – variation margin	Jefferies Bache	$	107,505	$	0	$	(107,505	)	$	0

^1.	Collateral pledged within this table is limited to the collateral for the net transaction with the counterparty.


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

7. CONCENTRATION RISK

8. INDEMNIFICATION


Other information (unaudited)		Wells Fargo Advantage Equity Gateway Funds			131

TAX INFORMATION

Pursuant to Section 853 of the Internal Revenue Code, International Value Fund designated the following amounts as foreign taxes paid for the fiscal year ended May 31, 2014. These amounts may be less than the actual foreign taxes paid for financial statement purposes. Foreign taxes paid or withheld should be included in taxable income with an offsetting deduction from gross income or as a credit for taxes paid to foreign governments. None of the income was derived from ineligible foreign sources as defined under Section 901(j) of the Internal Revenue Code.

Creditable

foreign taxes

paid

Per share amount

Foreign

income as % of

ordinary income

distributions

$596,506

$0.0195

70.94%

PROXY VOTING INFORMATION

PORTFOLIO HOLDINGS INFORMATION

The complete portfolio holdings are publicly available on the website(wellsfargoadvantagefunds.com) on a one-month delayed basis. In addition, top ten holdings information (excluding derivative positions) 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 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.


132		Wells Fargo Advantage Equity Gateway Funds		Other information (unaudited)

BOARD OF TRUSTEES AND OFFICERS

Independent Trustees


Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	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
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


Other information (unaudited)		Wells Fargo Advantage Equity Gateway Funds			133


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
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.

**	Leroy Keith, Jr. retired as a Trustee effective December 31, 2014.

Officers


Name and year of birth	Position held and length of service	Principal occupations during past five years or longer
Karla M. Rabusch (Born 1959)	President, since 2003	Executive Vice President of Wells Fargo Bank, N.A. and President of Wells Fargo Funds Management, LLC since 2003.
Nancy Wiser¹ (Born 1967)	Treasurer, since 2012	Executive Vice President of Wells Fargo Funds Management, LLC since 2011. Chief Operating Officer and Chief Compliance Officer at LightBox Capital Management LLC, from 2008 to 2011. Owned and operated a consulting business providing services to various hedge funds including acting as Chief Operating Officer and Chief Compliance Officer for a hedge fund from 2007 to 2008. Chief Operating Officer and Chief Compliance Officer of GMN Capital LLC from 2006 to 2007.
C. David Messman (Born 1960)	Secretary, since 2000; Chief Legal Officer, since 2003	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.
Jeremy DePalma¹ (Born 1974)	Assistant Treasurer, since 2009	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Vice President, Evergreen Investment Services, Inc. from 2004 to 2007. Head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.

^1.

Jeremy DePalma acts as Treasurer of International Value Fund, International Growth Portfolio, and International Value Portfolio and Assistant Treasurer of the remaining funds in this shareholder report. In addition, Jeremy DePalma acts as Treasurer of 57 other funds and Assistant Treasurer of 60 other funds in the Fund Complex. Nancy Wiser serves as Treasurer of the remaining funds in this shareholder report as well as 60 other funds in the Fund Complex.

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


134		Wells Fargo Advantage Equity Gateway Funds		List of abbreviations

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

ACA	— ACA Financial Guaranty Corporation

ADR	— American depositary receipt

ADS	— American depositary shares

AGC	— Assured Guaranty Corporation

AGM	— Assured Guaranty Municipal

Ambac

— Ambac Financial Group Incorporated

AMT	— Alternative minimum tax

AUD	— Australian dollar

BAN	— Bond anticipation notes

BHAC	— Berkshire Hathaway Assurance Corporation

BRL	— Brazilian real

CAB	— Capital appreciation bond

CAD	— Canadian dollar

CCAB	— Convertible capital appreciation bond

CDA	— Community Development Authority

CDO	— Collateralized debt obligation

CHF	— Swiss franc

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

This page is intentionally left blank.

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

NOT FDIC INSURED ¡ NO BANK GUARANTEE ¡ MAY LOSE VALUE

229721 01-15

SEGF/SAR111 11-14

Wells Fargo Advantage Income Funds

LOGO

Semi-Annual Report

November 30, 2014

Wells Fargo Advantage Core Bond Fund

Wells Fargo Advantage Real Return Fund (formerly, Wells Fargo Advantage Inflation-Protected Bond Fund)

LOGO

Reduce clutter. Save trees.

Contents



Letter to shareholders			2

Performance highlights			4

Fund expenses			8

Portfolios of investments
Wells Fargo Advantage Core Bond Fund			10
Wells Fargo Advantage Real Return Fund (formerly, Wells Fargo Advantage Inflation-Protected Bond Fund)			10

Financial statements
Statements of assets and liabilities			11
Statements of operations			12
Statements of changes in net assets			13
Financial highlights			16

Notes to financial statements			20



Master portfolios

Portfolios of investments
Wells Fargo Advantage Core Bond Portfolio (Summary portfolio of investments)			24
Wells Fargo Advantage Real Return Portfolio (formerly, Wells Fargo Advantage Inflation-Protected Bond Portfolio)			31

Financial statements
Statements of assets and liabilities			33
Statements of operations			34
Statements of changes in net assets			35
Financial highlights			37

Notes to financial statements			38

Other information			43

List of abbreviations			46

NOT FDIC INSURED ¡ NO BANK GUARANTEE ¡ MAY LOSE VALUE


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

LOGO

Karla M. Rabusch

President

Wells Fargo Advantage Funds

Major central banks continued to inject liquidity into global banks and markets through various accommodative monetary policies, including quantitative easing.

Dear Valued Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Advantage Income Funds for the six-month period that ended November 30, 2014. The period was marked by a strong U.S. dollar, low interest rates, and sluggish growth outside the U.S.

The U.S. was the fastest-growing developed country, which benefited U.S. companies. Most bond sectors gained modestly amid renewed confidence in economic growth that drove outperformance in credit-sensitive sectors as solid economic growth boosted company revenue and profits and kept default rates low. Investment-grade U.S. bonds (measured by the Barclays U.S. Aggregate Bond Index¹), returned 1.91% during the period.

Major central banks continued to provide stimulus.

Major central banks continued to inject liquidity into global banks and markets through various accommodative monetary policies, including quantitative easing. In the U.S., the Federal Reserve (Fed) kept its key interest rate near zero in order to support the economy and the financial system. It tapered the size of its quantitative easing program each month until the program ended in October 2014 and also discussed changes to its forward guidance as it begins to normalize monetary policy.

Economic growth was sluggish outside the U.S.

The Fed has a dual mandate to maximize employment and keep prices stable, and economic activity during the period showed improvement on both these fronts. The unemployment rate ticked lower to 5.8% as of November 2014. More than 1.5 million jobs were added to payrolls during the reporting period, averaging more than 250,000 per month. On the inflation front, the personal consumption expenditures price index rose from a deflationary danger zone toward the Fed’s longer-run objective of a 2% pace.

Elsewhere, economic data continued to show sluggish growth. The European Union’s gross domestic product was sluggish and the region’s unemployment rate was 11.5% at the end of the reporting period. Japan’s economy faltered in reaction to a sales-tax increase despite Prime Minister Abe’s economic plans to promote growth.

With the U.S. economy the furthest along its business cycle, the level of interest rates in the U.S. and Europe began to diverge—the 10-year U.S. Treasury yield was 2.20% at the end of November 2014 compared with 0.70% for 10-year German government yields, 150 basis points (100 basis points equals 1.00%) higher. This is largely attributed to the Fed being closer to eventually increasing interest rates

^1.


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

while the ECB potentially needs to further increase, rather than scale back, its amount of accommodation. Further, U.S. economic activity is healthier than Europe’s.

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

Sincerely,

LOGO

Karla M. Rabusch

President

Wells Fargo Advantage Funds

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


4		Wells Fargo Advantage Income Funds		Performance highlights (unaudited)

Wells Fargo Advantage Core Bond Fund¹

Investment objective

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

Adviser

Wells Fargo Funds Management, LLC

Subadviser for the master portfolio

Wells Capital Management Incorporated

Portfolio managers

Troy Ludgood

Thomas O’Connor, CFA

Average annual total returns² (%) as of November 30, 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 (MBFAX)	10-31-2001		0.54			3.74		4.65		5.28		4.70		5.13		0.86		0.78
Class B (MBFBX)*	10-31-2001		(0.49	)		3.49		4.54		4.51		3.83		4.54		1.61		1.53
Class C (MBFCX)	10-31-2001		3.45			3.83		4.30		4.45		3.83		4.30		1.61		1.53
Class R (WTRRX)	7-9-2010		–			–		–		5.03		4.36		4.86		1.11		1.03
Class R4 (MBFRX)	11-30-2012		–			–		–		5.48		4.89		5.42		0.63		0.52
Class R6 (WTRIX)	11-30-2012		–			–		–		5.64		5.02		5.54		0.48		0.37
Administrator Class (MNTRX)	6-30-1997		–			–		–		5.37		4.73		5.25		0.80		0.70
Institutional Class (MBFIX)	10-31-2001		–			–		–		5.67		5.00		5.53		0.53		0.42
Investor Class (WTRZX)	4-8-2005		–			–		–		5.26		4.59		5.05		0.89		0.79
Barclays U.S. Aggregate Bond Index⁵	–		–			–		–		5.27		4.10		4.79		–		–

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

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

For Class A shares, the maximum front-end sales charge is 4.50%. For Class B shares, the maximum contingent deferred sales charge is 5.00%. For Class C shares, the maximum contingent deferred sales charge is 1.00%. Performance including a contingent deferred sales charge assumes the sales charge for the corresponding time period. Class R, Class R4, Class R6, Administrator Class, Institutional Class, and Investor Class shares are sold without a front-end sales charge or contingent deferred sales charge.

Please see footnotes on page 5.


Performance highlights (unaudited)		Wells Fargo Advantage Income Funds			5

Wells Fargo Advantage Core Bond Fund (continued)


Ten largest long-term holdings⁶ (%) as of November 30, 2014
U.S. Treasury Note, 0.88%, 8-15-2017			4.65
U.S. Treasury Note, 0.88%, 10-15-2017			4.62
GNMA, 3.50%, 1-21-2045			2.35
U.S. Treasury Note, 0.63%, 9-30-2017			1.85
U.S. Treasury Note, 3.13%, 4-30-2017			1.71
GNMA, 4.00%, 1-21-2045			1.59
U.S. Treasury Note, 1.63%, 8-31-2019			1.52
U.S. Treasury Note, 2.50%, 5-15-2024			1.40
FNMA, 4.50%, 1-14-2045			1.34
GNMA, 3.00%, 1-21-2045			1.19


Portfolio allocation⁷ as of November 30, 2014

^1.

The Fund is a gateway feeder fund that invests all of its assets in a single affiliated master portfolio of the Wells Fargo Master Trust (the “Master Trust”) with a substantially similar investment objective and substantially similar investment strategies. References to the investment activities of the Fund are intended to refer to the investment activities of the affiliated master portfolio in which it invests. See Notes to Financial Statements for a discussion of the Master Trust.

^2.

Historical performance shown for Class R and Investor Class shares prior to their inception reflects the performance of Administrator Class shares, adjusted to reflect the higher expenses applicable to Class R and Investor Class shares. Effective June 20, 2008, Class Z was renamed Investor Class and modified to assume the features and attributes of the Investor Class. Historical performance shown for Class R4 shares prior to their inception reflects the performance of Institutional Class shares, adjusted to reflect the higher expenses applicable to Class R4 shares. Historical performance shown for Class R6 shares prior to their inception reflects the performance of Institutional Class shares and includes the higher expenses applicable to Institutional Class shares. If these expenses had not been included, returns would be higher.

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

^4.

The Adviser has committed through September 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 affiliated master portfolio are included in the cap. Without this cap, the Fund’s returns would have been lower.

^5.

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

^7.	Portfolio allocation is subject to change and represents the portfolio allocation of the affiliated master portfolio which is calculated based on the total long-term investments of the affiliated master portfolio.


6		Wells Fargo Advantage Income Funds		Performance highlights (unaudited)

Wells Fargo Advantage Real Return Fund¹

Investment objective

The Fund seeks returns that exceed the rate of inflation over the long-term.

Adviser

Wells Fargo Funds Management, LLC

Subadviser for the master portfolio

Wells Capital Management Incorporated

Portfolio managers

Kandarp R. Acharya, CFA, FRM²

Michael Bradshaw, CFA²

Michael J. Bray, CFA

Christian L. Chan, CFA²

Jeffrey Everett, CFA²

Ann M. Miletti²

Jay N. Mueller, CFA

Thomas M. Price, CFA²

Dale Winner, CFA²

Average annual total returns (%) as of November 30, 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 (IPBAX)	2-28-2003		(1.95	)		2.18		3.38		2.67		3.13		3.86		1.29		0.85
Class B (IPBBX)*	2-28-2003		(3.10	)		2.08		3.33		1.90		2.45		3.33		2.04		1.60
Class C (IPBCX)	2-28-2003		0.88			2.42		3.10		1.88		2.42		3.10		2.04		1.60
Administrator Class (IPBIX)	2-28-2003		–			–		–		2.92		3.43		4.13		1.23		0.60
Barclays U.S. Treasury Inflation-Protected Securities Index⁵	–		–			–		–		3.29		3.89		4.67		–		–
Consumer Price Index⁶	–		–			–		–		1.32		1.77		2.14		–		–

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

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

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

Bond values fluctuate in response to the financial condition of individual issuers, general market and economic conditions, and changes in interest rates. Changes in market conditions and government policies may lead to periods of heightened volatility in the bond market and reduced liquidity for certain bonds held by the Fund. In general, when interest rates rise, bond values fall and investors may lose principal value. Interest rate changes and their impact on the Fund and its share price can be sudden and unpredictable. Stock values fluctuate in response to the activities of individual companies and general market and economic conditions. High-yield securities have a greater risk of default and tend to be more volatile than higher-rated debt securities. Loans are subject to risks similar to those associated with other below-investment-grade bond investments, such as credit risk (for example, risk of issuer default), below-investment-grade bond risk (for example, risk of greater volatility in value), and risk that the loan may become illiquid or difficult to price. Foreign investments are especially volatile and can rise or fall dramatically due to differences in the political and economic conditions of the host country. These risks are generally intensified in emerging markets. Smaller-company stocks tend to be more volatile and less liquid than those of larger companies. Consult the Fund’s prospectus for additional information on these and other risks.

Please see footnotes on page 7.


Performance highlights (unaudited)		Wells Fargo Advantage Income Funds			7

Wells Fargo Advantage Real Return Fund (continued)


Ten largest long-term holdings⁷ (%) as of November 30, 2014
TIPS, 0.13%, 7-15-2022			3.89
TIPS, 0.13%, 1-15-2022			3.81
TIPS, 0.13%, 4-15-2017			3.44
TIPS, 0.63%, 7-15-2021			3.39
TIPS, 0.13%, 4-15-2016			3.00
TIPS, 2.38%, 1-15-2025			2.98
TIPS, 1.13%, 1-15-2021			2.68
TIPS, 1.25%, 7-15-2020			2.52
TIPS, 0.13%, 1-15-2023			2.03
TIPS, 1.38%, 7-15-2018			2.03


Effective maturity distribution⁸ as of November 30, 2014

^1.

^2.	Effective December 1, 2014, Kandarp Acharya, Michael Bradshaw, Christian Chan, Jeffrey Everett, Ann Miletti, Thomas Price, and Dale Winner became co-portfolio managers of the Fund.

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

^4.

The Adviser has committed through September 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 affiliated master portfolio are included in the cap. Without this cap, the Fund’s returns would have been lower.

^5.	The Barclays U.S. Treasury Inflation-Protected Securities Index is an index of inflation-indexed linked U.S. Treasury securities. You cannot invest directly in an index.

^6.

The Consumer Price Index for All Urban Consumers in U.S. All Items (Consumer Price Index) is published monthly by the U.S. government as an indicator of changes in price levels (or inflation) paid by urban consumers for a representative basket of goods and services. You cannot invest directly in an index.

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

^8.	Effective maturity represents the effective maturity of the affiliated master portfolio and is calculated based on the total long-term investments of the affiliated master portfolio. It is subject to change and may have changed since the date specified.


8		Wells Fargo Advantage Income Funds		Fund expenses (unaudited)

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from June 1, 2014 to November 30, 2014.

Actual expenses

Hypothetical example for comparison purposes


Wells Fargo Advantage Core Bond Fund	Beginning account value 6-1-2014		Ending account value 11-30-2014		Expenses paid during the period¹		Net annualized expense ratio
Class A
Actual	$	1,000.00	$	1,019.64	$	3.95		0.78	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.16	$	3.95		0.78	%
Class B
Actual	$	1,000.00	$	1,015.86	$	7.73		1.53	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.40	$	7.74		1.53	%
Class C
Actual	$	1,000.00	$	1,015.15	$	7.73		1.53	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.40	$	7.74		1.53	%
Class R
Actual	$	1,000.00	$	1,018.65	$	5.21		1.03	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.90	$	5.22		1.03	%
Class R4
Actual	$	1,000.00	$	1,020.47	$	2.63		0.52	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.46	$	2.64		0.52	%
Class R6
Actual	$	1,000.00	$	1,021.24	$	1.87		0.37	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.21	$	1.88		0.37	%
Administrator Class
Actual	$	1,000.00	$	1,020.33	$	3.55		0.70	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.56	$	3.55		0.70	%

Please see footnotes on page 9.


Fund expenses (unaudited)		Wells Fargo Advantage Income Funds			9


Wells Fargo Advantage Core Bond Fund (continued)	Beginning account value 6-1-2014		Ending account value 11-30-2014		Expenses paid during the period¹		Net annualized expense ratio
Institutional Class
Actual	$	1,000.00	$	1,020.97	$	2.13		0.42	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.96	$	2.13		0.42	%
Investor Class
Actual	$	1,000.00	$	1,019.81	$	4.05		0.80	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.06	$	4.05		0.80	%
Wells Fargo Advantage Real Return Fund
Class A
Actual	$	1,000.00	$	991.33	$	4.24		0.85	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.81	$	4.31		0.85	%
Class B
Actual	$	1,000.00	$	988.40	$	7.98		1.60	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.05	$	8.09		1.60	%
Class C
Actual	$	1,000.00	$	987.50	$	7.97		1.60	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.05	$	8.09		1.60	%
Administrator Class
Actual	$	1,000.00	$	992.64	$	3.00		0.60	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.06	$	3.04		0.60	%

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


10		Wells Fargo Advantage Income Funds		Portfolio of investments—November 30, 2014 (unaudited)

CORE BOND FUND


Security name	Value

Investment Companies: 100.08%

Affiliated Master Portfolios: 100.08%
Wells Fargo Advantage Core Bond Portfolio	$	2,525,570,561


Total Investment Companies (Cost $2,481,532,251)		2,525,570,561


Total investments in securities (Cost $2,481,532,251) *	100.08	%		2,525,570,561
Other assets and liabilities, net	(0.08	)		(2,122,875	)

Total net assets	100.00	%	$	2,523,447,686

*	Cost for federal income tax purposes is $2,483,873,625 and unrealized gains (losses) consists of:


Gross unrealized gains	$	41,696,936
Gross unrealized losses		0

Net unrealized gains	$	41,696,936

REAL RETURN FUND


Security name	Value

Investment Companies: 100.01%

Affiliated Master Portfolios: 100.01%
Wells Fargo Advantage Real Return Portfolio	$	27,729,451


Total Investment Companies (Cost $26,993,735)		27,729,451


Total investments in securities (Cost $26,993,735) *	100.01	%		27,729,451
Other assets and liabilities, net	(0.01	)		(2,206	)

Total net assets	100.00	%	$	27,727,245

*	Cost for federal income tax purposes is $26,874,698 and unrealized gains (losses) consists of:


Gross unrealized gains	$	854,753
Gross unrealized losses		0

Net unrealized gains	$	854,753

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


Statements of assets and liabilities—November 30, 2014 (unaudited)		Wells Fargo Advantage Income Funds			11


	Core Bond Fund			Real Return Fund

Assets
Investment in affiliated Master Portfolio, at value (see cost below)	$	2,525,570,561		$	27,729,451
Receivable for Fund shares sold		3,102,828			17,241
Receivable from administrator		0			5,321
Prepaid expenses and other assets		81,031			18,504

Total assets		2,528,754,420			27,770,517


Liabilities
Dividends payable		461,823			0
Payable for Fund shares redeemed		4,328,305			12,020
Distribution fees payable		52,535			5,281
Administration fees payable		159,999			0
Shareholder report expenses payable		0			9,111
Custodian and accounting fees payable		22,116			2,422
Shareholder servicing fees payable		208,487			5,738
Professional fees payable		9,412			8,700
Accrued expenses and other liabilities		64,057			0

Total liabilities		5,306,734			43,272

Total net assets	$	2,523,447,686		$	27,727,245


NET ASSETS CONSIST OF
Paid-in capital	$	2,558,139,600		$	26,632,925
Undistributed net investment income		2,091,464			24,561
Accumulated net realized gains (losses) on investments		(80,821,688	)		334,043
Net unrealized gains on investments		44,038,310			735,716

Total net assets	$	2,523,447,686		$	27,727,245


COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE¹
Net assets – Class A	$	434,091,055		$	13,458,315
Shares outstanding – Class A¹		33,069,774			1,353,667
Net asset value per share – Class A		$13.13			$9.94
Maximum offering price per share – Class A²		$13.75			$10.41
Net assets – Class B	$	1,899,821		$	144,826
Shares outstanding – Class B¹		145,180			14,738
Net asset value per share – Class B		$13.09			$9.83
Net assets – Class C	$	77,591,307		$	8,396,072
Shares outstanding – Class C¹		5,967,873			853,986
Net asset value per share – Class C		$13.00			$9.83
Net assets – Class R	$	17,774,194			N/A
Shares outstanding – Class R¹		1,386,974			N/A
Net asset value per share – Class R		$12.82			N/A
Net assets – Class R4	$	729,187			N/A
Share outstanding – Class R4¹		56,974			N/A
Net asset value per share – Class R4		$12.80			N/A
Net assets – Class R6	$	358,375,346			N/A
Shares outstanding – Class R6¹		27,994,669			N/A
Net asset value per share – Class R6		$12.80			N/A
Net assets – Administrator Class	$	398,726,343		$	5,728,032
Shares outstanding – Administrator Class¹		31,111,383			572,543
Net asset value per share – Administrator Class		$12.82			$10.00
Net assets – Institutional Class	$	1,158,987,403			N/A
Shares outstanding – Institutional Class¹		90,562,882			N/A
Net asset value per share – Institutional Class		$12.80			N/A
Net assets – Investor Class	$	75,273,030			N/A
Shares outstanding – Investor Class¹		5,873,496			N/A
Net asset value per share – Investor Class		$12.82			N/A

Investments in affiliated Master Portfolio, at cost	$	2,481,532,251		$	26,993,735

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

^2.	Maximum offering price is computed as 100/95.50 of net asset value. On investments of $50,000 or more, the offering price is reduced.

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


12		Wells Fargo Advantage Income Funds		Statements of operations—six months ended November 30, 2014 (unaudited)


	Core Bond Fund			Real Return Fund

Investment income
Interest allocated from affiliated Master Portfolio	$	28,091,763		$	298,713
Securities lending income allocated from affiliated Master Portfolio		117,530			0
Expenses allocated from affiliated Master Portfolio		(4,597,395	)		(82,643	)
Waivers allocated from affiliated Master Portfolio		303,660			18,321

Total investment income		23,915,558			234,391


Expenses
Administration fees
Fund level		614,513			7,324
Class A		334,711			11,486
Class B		1,795			136
Class C		62,733			6,955
Class R		14,339			N/A
Class R4		49			N/A
Class R6		46,840			N/A
Administrator Class		204,670			3,038
Institutional Class		458,359			N/A
Investor Class		69,779			N/A
Shareholder servicing fees
Class A		522,986			17,947
Class B		2,805			213
Class C		98,020			10,867
Class R		22,405			N/A
Class R4		61			N/A
Administrator Class		511,676			7,596
Investor Class		91,536			N/A
Distribution fees
Class B		8,416			639
Class C		294,060			32,601
Class R		22,405			N/A
Custody and accounting fees		47,048			1,232
Professional fees		15,339			15,793
Registration fees		48,317			17,930
Shareholder report expenses		66,637			6,576
Trustees’ fees and expenses		6,243			5,414
Other fees and expenses		36,724			3,491

Total expenses		3,602,466			149,238
Less: Fee waivers and/or expense reimbursements		(843,037	)		(63,398	)

Net expenses		2,759,429			85,840

Net investment income		21,156,129			148,551


REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on securities transaction allocated from affiliated Master Portfolio		21,606,787			117,802
Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolio		6,771,544			(541,182	)

Net realized and unrealized gains (losses) on investments		28,378,331			(423,380	)

Net increase (decrease) in net assets resulting from operations	$	49,534,460		$	(274,829	)

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


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


	Core Bond Fund
	Six months ended November 30, 2014 (unaudited)					Year ended May 31, 2014

Operations
Net investment income			$	21,156,129				$	43,855,821
Net realized gains (losses) on investments				21,606,787					(22,845,613	)
Net change in unrealized gains (losses) on investments				6,771,544					38,815,973

Net increase in net assets resulting from operations				49,534,460					59,826,181


Distributions to shareholders from
Net investment income
Class A				(3,306,960	)				(5,865,007	)
Class B				(9,387	)				(44,647	)
Class C				(327,023	)				(785,155	)
Class R				(119,343	)				(228,016	)
Class R4				(1,062	)				(198	)
Class R6				(3,108,266	)				(4,993,318	)
Administrator Class				(3,403,211	)				(7,410,590	)
Institutional Class				(11,133,285	)				(24,972,274	)
Investor Class				(573,289	)				(1,215,426	)
Net realized gains
Class A				0					(4,026,801	)
Class B				0					(66,870	)
Class C				0					(1,061,860	)
Class R				0					(200,189	)
Class R4				0					(116	)
Class R6				0					(3,379,798	)
Administrator Class				0					(5,298,095	)
Institutional Class				0					(14,862,491	)
Investor Class				0					(890,215	)

Total distributions to shareholders				(21,981,826	)				(75,301,066	)


Capital share transactions		Shares					Shares
Proceeds from shares sold
Class A		7,930,447		103,045,125			13,263,129		169,361,027
Class B		2,752		35,701			8,113		103,477
Class C		547,124		7,044,803			1,073,877		13,574,972
Class R		378,671		4,796,433			565,045		7,030,979
Class R4		55,546		705,990			539		6,747
Class R6		5,530,822		70,247,443			9,810,178		123,007,279
Administrator Class		3,436,592		43,566,673			6,606,938		82,398,290
Institutional Class		16,579,470		209,963,882			23,963,448		298,197,431
Investor Class		647,199		8,216,389			913,005		11,375,149

				447,622,439					705,055,351

Reinvestment of distributions
Class A		224,531		2,920,312			676,177		8,599,787
Class B		690		8,937			8,486		107,269
Class C		11,065		142,528			67,017		842,297
Class R		3,819		48,497			12,067		149,720
Class R4		83		1,062			25		314
Class R6		244,991		3,108,034			674,798		8,373,053
Administrator Class		262,396		3,331,973			1,002,318		12,441,990
Institutional Class		690,512		8,756,432			2,632,495		32,642,786
Investor Class		44,464		564,671			166,663		2,068,605

				18,882,446					65,225,821

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


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


	Core Bond Fund
	Six months ended November 30, 2014 (unaudited)						Year ended May 31, 2014

	Shares						Shares

Capital share transactions (continued)
Payment for shares redeemed
Class A		(5,727,663	)	$	(74,406,888	)		(14,705,448	)	$	(187,743,147	)
Class B		(70,154	)		(907,514	)		(437,063	)		(5,557,754	)
Class C		(904,482	)		(11,636,104	)		(3,887,358	)		(49,099,264	)
Class R		(342,943	)		(4,346,504	)		(767,381	)		(9,537,802	)
Class R6		(763,967	)		(9,707,967	)		(3,660,800	)		(45,426,055	)
Administrator Class		(5,126,687	)		(65,072,071	)		(16,446,447	)		(204,932,981	)
Institutional Class		(22,210,347	)		(281,145,332	)		(49,657,817	)		(618,682,076	)
Investor Class		(651,605	)		(8,265,777	)		(2,791,733	)		(34,783,987	)

					(455,488,157	)					(1,155,763,066	)

Net increase (decrease) in net assets resulting from capital share transactions					11,016,728						(385,481,894	)

Total increase (decrease) in net assets					38,569,362						(400,956,779	)


Net assets
Beginning of period					2,484,878,324						2,885,835,103

End of period				$	2,523,447,686					$	2,484,878,324

Undistributed net investment income				$	2,091,464					$	2,917,161

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


Statements of changes in net assets		Wells Fargo Advantage Income Funds			15


	Real Return Fund
	Six months ended November 30, 2014 (unaudited)						Year ended May 31, 2014

Operations
Net investment income				$	148,551					$	314,559
Net realized gains on investments					117,802						354,033
Net change in unrealized gains (losses) on investments					(541,182	)					(1,670,381	)

Net decrease in net assets resulting from operations					(274,829	)					(1,001,789	)


Distributions to shareholders from
Net investment income
Class A					(118,898	)					(145,734	)
Class B					(784	)					(732	)
Class C					(40,049	)					(34,860	)
Administrator Class					(57,817	)					(66,798	)
Net realized gains
Class A					0						(1,033,020	)
Class B					0						(16,137	)
Class C					0						(543,733	)
Administrator Class					0						(360,444	)

Total distributions to shareholders					(217,548	)					(2,201,458	)


Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		60,629			609,085			178,876			1,836,646
Class B		333			3,340			4			45
Class C		23,021			229,137			37,390			375,848
Administrator Class		40,719			411,583			177,114			1,837,587

					1,253,145						4,050,126

Reinvestment of distributions
Class A		10,688			107,299			113,457			1,108,536
Class B		79			784			1,747			16,821
Class C		3,497			34,778			51,174			493,438
Administrator Class		5,423			54,757			40,551			399,342

					197,618						2,018,137

Payment for shares redeemed
Class A		(242,401	)		(2,432,332	)		(1,376,278	)		(14,085,793	)
Class B		(4,678	)		(46,131	)		(35,894	)		(363,974	)
Class C		(82,204	)		(815,268	)		(458,984	)		(4,651,170	)
Administrator Class		(94,872	)		(958,374	)		(355,136	)		(3,657,748	)

					(4,252,105	)					(22,758,685	)

Net decrease in net assets resulting from capital share transactions					(2,801,342	)					(16,690,422	)

Total decrease in net assets					(3,293,719	)					(19,893,669	)


Net assets
Beginning of period					31,020,964						50,914,633

End of period				$	27,727,245					$	31,020,964

Undistributed net investment income				$	24,561					$	93,558

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


16		Wells Fargo Advantage Income Funds		Financial highlights


Core Bond 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 November 30, 2014 (unaudited)	$	12.98		0.10			0.15			(0.10	)		0.00		$	13.13
Year ended May 31, 2014	$	13.02		0.19			0.12			(0.20	)		(0.15	)	$	12.98
Year ended May 31, 2013	$	13.46		0.18			0.12			(0.18	)		(0.56	)	$	13.02
Year ended May 31, 2012	$	13.05		0.26			0.72			(0.26	)		(0.31	)	$	13.46
Year ended May 31, 2011	$	13.25		0.31			0.52			(0.33	)		(0.70	)	$	13.05
Year ended May 31, 2010	$	12.52		0.36			0.96			(0.47	)		(0.12	)	$	13.25
Class B
Six months ended November 30, 2014 (unaudited)	$	12.94		0.05	⁴		0.15			(0.05	)		0.00		$	13.09
Year ended May 31, 2014	$	12.98		0.10	⁴		0.12			(0.11	)		(0.15	)	$	12.94
Year ended May 31, 2013	$	13.43		0.08	⁴		0.10			(0.07	)		(0.56	)	$	12.98
Year ended May 31, 2012	$	13.01		0.16			0.73			(0.16	)		(0.31	)	$	13.43
Year ended May 31, 2011	$	13.22		0.20			0.52			(0.23	)		(0.70	)	$	13.01
Year ended May 31, 2010	$	12.53		0.34			0.84			(0.37	)		(0.12	)	$	13.22
Class C
Six months ended November 30, 2014 (unaudited)	$	12.86		0.05			0.14			(0.05	)		0.00		$	13.00
Year ended May 31, 2014	$	12.90		0.10			0.12			(0.11	)		(0.15	)	$	12.86
Year ended May 31, 2013	$	13.34		0.07			0.12			(0.07	)		(0.56	)	$	12.90
Year ended May 31, 2012	$	12.93		0.16			0.72			(0.16	)		(0.31	)	$	13.34
Year ended May 31, 2011	$	13.14		0.22			0.50			(0.23	)		(0.70	)	$	12.93
Year ended May 31, 2010	$	12.46		0.34			0.83			(0.37	)		(0.12	)	$	13.14
Class R
Six months ended November 30, 2014 (unaudited)	$	12.67		0.08	⁴		0.15			(0.08	)		0.00		$	12.82
Year ended May 31, 2014	$	12.71		0.16	⁴		0.12			(0.17	)		(0.15	)	$	12.67
Year ended May 31, 2013	$	13.16		0.14	⁴		0.11			(0.14	)		(0.56	)	$	12.71
Year ended May 31, 2012	$	12.76		0.22			0.71			(0.22	)		(0.31	)	$	13.16
Year ended May 31, 2011⁵	$	12.78		0.25			0.33			(0.25	)		(0.35	)	$	12.76
Class R4
Six months ended November 30, 2014 (unaudited)	$	12.66		0.11			0.15			(0.12	)		0.00		$	12.80
Year ended May 31, 2014	$	12.70		0.22			0.12			(0.23	)		(0.15	)	$	12.66
Year ended May 31, 2013⁶	$	13.46		0.10	⁴		(0.21	)		(0.09	)		(0.56	)	$	12.70
Class R6
Six months ended November 30, 2014 (unaudited)	$	12.66		0.12			0.15			(0.13	)		0.00		$	12.80
Year ended May 31, 2014	$	12.70		0.24			0.12			(0.25	)		(0.15	)	$	12.66
Year ended May 31, 2013⁶	$	13.46		0.11	⁴		(0.21	)		(0.10	)		(0.56	)	$	12.70
Administrator Class
Six months ended November 30, 2014 (unaudited)	$	12.67		0.10			0.16			(0.11	)		0.00		$	12.82
Year ended May 31, 2014	$	12.71		0.21			0.11			(0.21	)		(0.15	)	$	12.67
Year ended May 31, 2013	$	13.16		0.19			0.10			(0.18	)		(0.56	)	$	12.71
Year ended May 31, 2012	$	12.76		0.27			0.71			(0.27	)		(0.31	)	$	13.16
Year ended May 31, 2011	$	12.98		0.33			0.49			(0.34	)		(0.70	)	$	12.76
Year ended May 31, 2010	$	12.31		0.44			0.83			(0.48	)		(0.12	)	$	12.98
Institutional Class
Six months ended November 30, 2014 (unaudited)	$	12.66		0.12			0.14			(0.12	)		0.00		$	12.80
Year ended May 31, 2014	$	12.70		0.23			0.12			(0.24	)		(0.15	)	$	12.66
Year ended May 31, 2013	$	13.14		0.22			0.12			(0.22	)		(0.56	)	$	12.70
Year ended May 31, 2012	$	12.75		0.31			0.69			(0.30	)		(0.31	)	$	13.14
Year ended May 31, 2011	$	12.96		0.36			0.50			(0.37	)		(0.70	)	$	12.75
Year ended May 31, 2010	$	12.30		0.50			0.79			(0.51	)		(0.12	)	$	12.96
Investor Class
Six months ended November 30, 2014 (unaudited)	$	12.67		0.09			0.16			(0.10	)		0.00		$	12.82
Year ended May 31, 2014	$	12.71		0.19			0.11			(0.19	)		(0.15	)	$	12.67
Year ended May 31, 2013	$	13.16		0.16			0.12			(0.17	)		(0.56	)	$	12.71
Year ended May 31, 2012	$	12.76		0.24			0.72			(0.25	)		(0.31	)	$	13.16
Year ended May 31, 2011	$	12.98		0.30			0.50			(0.32	)		(0.70	)	$	12.76
Year ended May 31, 2010	$	12.30		0.45			0.80			(0.45	)		(0.12	)	$	12.98

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

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

^3.	Portfolio turnover rate is calculated by multiplying the Fund’s investment percentage in the affiliated Master Portfolio by the affiliated Master Portfolio’s portfolio turnover rate.

^4.	Calculated based upon average shares outstanding

^5.	For the period from July 9, 2010 (commencement of class operations) to May 31, 2011

^6.	For the period from November 30, 2012 (commencement of class operations) to May 31, 2013

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


Financial highlights		Wells Fargo Advantage Income Funds			17


Ratio to average net assets (annualized)												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)

	1.51	%		0.83	%		0.78	%		1.96	%		286	%	$	434,091
	1.52	%		0.83	%		0.78	%		2.46	%		646	%	$	397,780
	1.31	%		0.83	%		0.80	%		2.14	%		547	%	$	408,864
	1.91	%		0.82	%		0.82	%		7.65	%		803	%	$	450,013
	2.42	%		0.83	%		0.83	%		6.55	%		761	%	$	346,740
	3.21	%		0.84	%		0.84	%		10.71	%		638	%	$	182,316

	0.77	%		1.58	%		1.53	%		1.59	%		286	%	$	1,900
	0.77	%		1.58	%		1.53	%		1.70	%		646	%	$	2,742
	0.56	%		1.57	%		1.55	%		1.31	%		547	%	$	8,208
	1.23	%		1.57	%		1.57	%		6.95	%		803	%	$	11,998
	1.66	%		1.58	%		1.58	%		5.69	%		761	%	$	18,762
	2.65	%		1.59	%		1.59	%		9.56	%		638	%	$	7,514

	0.77	%		1.58	%		1.53	%		1.52	%		286	%	$	77,591
	0.77	%		1.58	%		1.53	%		1.71	%		646	%	$	81,187
	0.53	%		1.58	%		1.55	%		1.39	%		547	%	$	116,837
	1.18	%		1.57	%		1.57	%		6.90	%		803	%	$	127,677
	1.67	%		1.58	%		1.58	%		5.71	%		761	%	$	111,140
	2.45	%		1.59	%		1.59	%		9.50	%		638	%	$	32,556

	1.27	%		1.08	%		1.03	%		1.87	%		286	%	$	17,774
	1.27	%		1.08	%		1.03	%		2.23	%		646	%	$	17,077
	1.04	%		1.07	%		1.05	%		1.83	%		547	%	$	19,548
	1.67	%		1.07	%		1.07	%		7.43	%		803	%	$	20,088
	2.18	%		1.08	%		1.08	%		4.73	%		761	%	$	14,596

	1.72	%		0.60	%		0.52	%		2.05	%		286	%	$	729
	1.78	%		0.58	%		0.52	%		2.75	%		646	%	$	17
	1.56	%		0.57	%		0.52	%		(0.84	)%		547	%	$	10

	1.92	%		0.45	%		0.37	%		2.12	%		286	%	$	358,375
	1.94	%		0.45	%		0.37	%		2.91	%		646	%	$	290,977
	1.72	%		0.45	%		0.37	%		(0.77	)%		547	%	$	205,225

	1.59	%		0.77	%		0.70	%		2.03	%		286	%	$	398,726
	1.60	%		0.77	%		0.70	%		2.57	%		646	%	$	412,419
	1.43	%		0.76	%		0.70	%		2.19	%		547	%	$	526,028
	2.08	%		0.76	%		0.70	%		7.83	%		803	%	$	802,788
	2.54	%		0.77	%		0.70	%		6.62	%		761	%	$	1,073,115
	3.44	%		0.76	%		0.70	%		10.48	%		638	%	$	1,003,134

	1.88	%		0.50	%		0.42	%		2.10	%		286	%	$	1,158,987
	1.88	%		0.50	%		0.42	%		2.85	%		646	%	$	1,208,745
	1.67	%		0.50	%		0.42	%		2.56	%		547	%	$	1,505,192
	2.32	%		0.49	%		0.42	%		8.05	%		803	%	$	1,965,338
	2.84	%		0.50	%		0.42	%		7.00	%		761	%	$	1,325,962
	3.68	%		0.49	%		0.42	%		10.70	%		638	%	$	1,000,253

	1.49	%		0.86	%		0.80	%		1.98	%		286	%	$	75,273
	1.49	%		0.86	%		0.81	%		2.45	%		646	%	$	73,934
	1.25	%		0.86	%		0.83	%		2.05	%		547	%	$	95,924
	1.85	%		0.85	%		0.85	%		7.67	%		803	%	$	75,160
	2.38	%		0.87	%		0.86	%		6.45	%		761	%	$	38,573
	3.47	%		0.89	%		0.89	%		10.36	%		638	%	$	36,375

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


18		Wells Fargo Advantage Income Funds		Financial highlights


Real Return 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 November 30, 2014 (unaudited)	$	10.11		0.06	⁴		(0.15	)		(0.08	)		0.00		$	9.94
Year ended May 31, 2014	$	10.85		0.10	⁴		(0.21	)		(0.09	)		(0.54	)	$	10.11
Year ended May 31, 2013	$	11.66		0.11			(0.36	)		(0.21	)		(0.35	)	$	10.85
Year ended May 31, 2012	$	10.84		0.27			1.01			(0.36	)		(0.10	)	$	11.66
Year ended May 31, 2011	$	10.29		0.31			0.47			(0.23	)		0.00		$	10.84
Year ended May 31, 2010	$	9.76		0.31	⁴		0.49			(0.27	)		0.00		$	10.29
Class B
Six months ended November 30, 2014 (unaudited)	$	9.99		0.02	⁴		(0.14	)		(0.04	)		0.00		$	9.83
Year ended May 31, 2014	$	10.75		0.01	⁴		(0.20	)		(0.03	)		(0.54	)	$	9.99
Year ended May 31, 2013	$	11.58		0.03	⁴		(0.36	)		(0.15	)		(0.35	)	$	10.75
Year ended May 31, 2012	$	10.76		0.19	⁴		1.00			(0.27	)		(0.10	)	$	11.58
Year ended May 31, 2011	$	10.20		0.19	⁴		0.53			(0.16	)		0.00		$	10.76
Year ended May 31, 2010	$	9.71		0.24	⁴		0.47			(0.22	)		0.00		$	10.20
Class C
Six months ended November 30, 2014 (unaudited)	$	10.00		0.02	⁴		(0.15	)		(0.04	)		0.00		$	9.83
Year ended May 31, 2014	$	10.76		0.03	⁴		(0.21	)		(0.04	)		(0.54	)	$	10.00
Year ended May 31, 2013	$	11.59		0.04			(0.37	)		(0.15	)		(0.35	)	$	10.76
Year ended May 31, 2012	$	10.77		0.19			1.00			(0.27	)		(0.10	)	$	11.59
Year ended May 31, 2011	$	10.21		0.24	⁴		0.48			(0.16	)		0.00		$	10.77
Year ended May 31, 2010	$	9.72		0.23	⁴		0.48			(0.22	)		0.00		$	10.21
Administrator Class
Six months ended November 30, 2014 (unaudited)	$	10.17		0.07	⁴		(0.15	)		(0.09	)		0.00		$	10.00
Year ended May 31, 2014	$	10.90		0.13	⁴		(0.22	)		(0.10	)		(0.54	)	$	10.17
Year ended May 31, 2013	$	11.71		0.15	⁴		(0.37	)		(0.24	)		(0.35	)	$	10.90
Year ended May 31, 2012	$	10.89		0.39	⁴		0.92			(0.39	)		(0.10	)	$	11.71
Year ended May 31, 2011	$	10.30		0.33			0.51			(0.25	)		0.00		$	10.89
Year ended May 31, 2010	$	9.75		0.33	⁴		0.49			(0.27	)		0.00		$	10.30

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

^2.	Total return calculations do not include any sales charges.

^3.	Portfolio turnover rate is calculated by multiplying the Fund’s investment percentage in the affiliated Master Portfolio by the affiliated Master Portfolio’s portfolio turnover rate.

^4.	Calculated based upon average shares outstanding

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


Financial highlights		Wells Fargo Advantage Income Funds			19


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)

	1.20	%		1.24	%		0.85	%		(0.87	)%		3	%	$	13,458
	0.96	%		1.20	%		0.85	%		(0.76	)%		9	%	$	15,415
	1.09	%		1.08	%		0.85	%		(2.27	)%		15	%	$	28,298
	2.42	%		1.11	%		0.85	%		12.02	%		23	%	$	36,935
	2.90	%		1.04	%		0.85	%		7.59	%		19	%	$	30,581
	3.09	%		0.98	%		0.85	%		8.23	%		31	%	$	30,086

	0.49	%		1.99	%		1.60	%		(1.16	)%		3	%	$	145
	0.09	%		1.95	%		1.60	%		(1.53	)%		9	%	$	190
	0.29	%		1.83	%		1.60	%		(3.02	)%		15	%	$	571
	1.69	%		1.84	%		1.60	%		11.25	%		23	%	$	899
	1.83	%		1.79	%		1.60	%		7.11	%		19	%	$	1,570
	2.41	%		1.75	%		1.60	%		7.38	%		31	%	$	2,942

	0.42	%		1.99	%		1.60	%		(1.25	)%		3	%	$	8,396
	0.29	%		1.95	%		1.60	%		(1.46	)%		9	%	$	9,095
	0.39	%		1.83	%		1.60	%		(3.01	)%		15	%	$	13,774
	1.68	%		1.86	%		1.60	%		11.24	%		23	%	$	15,631
	2.27	%		1.79	%		1.60	%		7.11	%		19	%	$	14,074
	2.32	%		1.75	%		1.60	%		7.36	%		31	%	$	12,412

	1.45	%		1.18	%		0.60	%		(0.74	)%		3	%	$	5,728
	1.31	%		1.14	%		0.60	%		(0.51	)%		9	%	$	6,320
	1.34	%		1.02	%		0.60	%		(2.08	)%		15	%	$	8,271
	3.42	%		1.01	%		0.60	%		12.26	%		23	%	$	9,833
	3.32	%		0.98	%		0.60	%		8.22	%		19	%	$	35,427
	3.26	%		0.92	%		0.60	%		8.49	%		31	%	$	28,476

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


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

1. ORGANIZATION

Each Fund seeks to achieve its investment objective by investing all investable assets in a separate diversified portfolio (an “affiliated Master Portfolio”) 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 Portfolio as a partnership investment 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 each affiliated Master Portfolio for the six months ended November 30, 2014 are included in this report and should be read in conjunction with each Fund’s financial statements. As of November 30, 2014, Core Bond Fund owned 84% of Wells Fargo Advantage Core Bond Portfolio and Real Return Fund owned 63% of Wells Fargo Advantage Real Return Portfolio (formerly, Wells Fargo Advantage Inflation-Protected Bond Portfolio).

2. SIGNIFICANT ACCOUNTING POLICIES

Securities valuation

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

Security transactions and income recognition

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

Distributions to shareholders

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

Federal and other taxes


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

As of May 31, 2014, capital loss carryforwards available to offset future net realized capital gains were as follows through the indicated expiration dates:


	2016		2017		No expiration Short-term
Core Bond Fund	$	52,517,044	$	17,505,682	$	28,134,403

As of May 31, 2014, Core Bond Fund had $2,116,257 of deferred post-October capital losses which were recognized on the first day of the current fiscal year.

Class allocations

3. FAIR VALUATION MEASUREMENTS

Level 1 – quoted prices in active markets for identical securities

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

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

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

At November 30, 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. At November 30, 2014, the Funds did not have any transfers into/out of Level 1, Level 2, or Level 3.

4. TRANSACTIONS WITH AFFILIATES

Advisory fees

Since each Fund invests all of its assets in a single affiliated Master Portfolio, Funds Management does not currently receive an advisory fee.

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


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

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		0.16	%
Class R4, Institutional Class		0.08
Class R6		0.03
Administrator Class		0.10
Investor Class		0.19

Funds Management has contractually waived and/or reimbursed administration fees to the extent necessary to maintain certain net operating expense ratios for the Funds. Waiver of fees and/or reimbursement of expenses by Funds Management were made first from fund level expenses on a proportionate basis and then from class specific expenses. Funds Management has committed through September 30, 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			Institutional Class			Investor Class
Core Bond Fund		0.78	%		1.53	%		1.53	%		1.03	%		0.52	%		0.37	%		0.70	%		0.42	%		0.79	%
Real Return Fund		0.85	%		1.60	%		1.60	%		N/A			N/A			N/A			0.60	%		N/A			N/A

After September 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. Prior to October 1, 2014, the expense cap for Core Bond Fund was 0.81% for Investor Class.

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.


	Front-end sales charges
	Class A
Core Bond Fund	$	3,761
Real Return Fund		205

Shareholder servicing fees

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

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


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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding short-term securities, for the six months ended November 30, 2014 were as follows:


	Purchases at cost*				Sales proceeds*
	U.S. government		Non-U.S. government		U.S. government		Non-U.S. government
Core Bond Fund	$	6,527,850,851	$	1,108,318,642	$	6,518,218,979	$	1,022,214,467
Real Return Fund		902,366		0		2,555,949		0

The Funds seek to achieve their investment objective by investing all of its investable assets in a single affiliated Master Portfolio. Purchases and sales have been calculated by multiplying each Fund’s ownership percentage of the affiliated Master Portfolio by the affiliated Master Portfolio’s purchases and sales.

6. BANK BORROWINGS

The Trust (excluding the money market funds and certain other funds in the Trust) and Wells Fargo Variable Trust are parties to a $150,000,000 revolving credit agreement whereby the Funds are permitted to use bank borrowings for temporary or emergency purposes, such as to fund shareholder redemption requests. Interest under the credit agreement is charged to each Fund based on a borrowing rate equal to the higher of the Federal Funds rate in effect on that day plus 1.25% or the overnight LIBOR rate in effect on that day plus 1.25%. In addition, an annual commitment fee equal to 0.10% of the unused balance is allocated to each participating fund. For the six months ended November 30, 2014, the Funds paid the following amounts in commitment fees:


	Commitment fee
Core Bond Fund	$	1,374
Real Return Fund		17

For the six months ended November 30, 2014, there were no borrowings by the Funds under the agreement.

7. INDEMNIFICATION

8. SUBSEQUENT DISTRIBUTIONS

On December 9, 2014, Real Return Fund declared distributions from long-term capital gains to shareholders of record on December 8, 2014. The per share amounts payable on December 10, 2014 were as follows:


	Long-term capital gains
Class A	$	0.07839
Class B		0.07839
Class C		0.07839
Administrator Class		0.07839


24		Wells Fargo Advantage Income Funds		Summary portfolio of investments—November 30, 2014 (unaudited)

CORE BOND PORTFOLIO


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

Agency Securities: 29.23%
FHLMC		0.85-7.50	%		8-1-2017 to 1-15-2045	$	176,335,247	$	185,188,504		6.21	%
FHLMC		4.00			11-15-2039		9,514,843		10,261,882		0.34
FHLMC		5.00			8-1-2039		15,552,178		17,550,342		0.59
FNMA		0.00-7.50			9-1-2016 to 12-11-2044		249,631,627		265,832,530		8.89
FNMA		2.50			11-1-2027		14,796,323		15,143,122		0.51
FNMA ±		2.82			11-1-2044		10,766,329		11,168,639		0.37
FNMA		3.00			10-25-2042		17,211,045		17,442,327		0.58
FNMA ±		3.23			4-1-2044		14,871,672		15,580,571		0.52
FNMA %%		3.50			1-14-2045		20,700,000		21,510,210		0.72
FNMA		4.00			3-1-2032		18,152,985		19,574,150		0.65
FNMA %%		4.00			1-14-2045		33,400,000		35,547,514		1.19
FNMA %%		4.50			1-14-2045		37,100,000		40,218,719		1.35
FNMA		5.00			7-1-2041		10,584,486		11,894,460		0.40
FNMA Series 2012-130 Class DC		3.00			12-25-2042		18,092,447		18,335,573		0.61
GNMA		3.50-8.05			7-15-2019 to 12-18-2044		3,287,698		3,455,883		0.11
GNMA %%		3.00			1-21-2045		34,900,000		35,639,581		1.19
GNMA %%		3.50			1-21-2045		67,400,000		70,587,020		2.36
GNMA %%		4.00			12-18-2044		20,500,000		21,987,851		0.74
GNMA %%		4.00			1-21-2045		44,600,000		47,704,571		1.60
Other securities									9,051,151		0.30


Total Agency Securities (Cost $864,562,687)									873,674,600		29.23


Asset-Backed Securities: 15.30%
Ally Auto Receivables Trust		0.63-2.23			2-16-2016 to 1-15-2020		13,585,541		13,615,857		0.45
Ally Auto Receivables Trust Series 2014-1 Class A4		1.53			4-15-2019		17,815,000		17,875,446		0.60
Capital Auto Receivables Asset Trust		0.46-1.83			6-20-2016 to 3-16-2020		53,424,000		53,681,611		1.80
Chase Issuance Trust		0.52-1.58			7-15-2020 to 8-16-2021		20,081,000		20,050,526		0.67
Chase Issuance Trust Series 2013-A9 Class A ±		0.57			11-16-2020		13,959,000		13,986,778		0.47
Citibank Credit Card Issuance Trust Series 2013-A7 Class A7 ±		0.59			9-10-2020		14,099,000		14,126,846		0.47
Citibank Credit Card Issuance Trust Series 2014-A3 Class A3 ±		0.36			5-9-2018		15,918,000		15,918,000		0.53
Citibank Credit Card Issuance Trust Series 2014-A6 Class A6		2.15			7-15-2021		32,537,000		32,764,173		1.10
Ford Credit Auto Owner Trust Series 2014-1 Class A 144A		2.26			11-15-2025		9,567,000		9,664,689		0.32
SLM Student Loan Trust		0.33-2.95			1-25-2018 to 2-15-2046		81,650,356		81,304,077		2.75
Toyota Auto Receivables Owner Trust Series 2014-B Class A2		0.40			12-15-2016		9,637,000		9,632,422		0.32	��
Other securities									174,866,428		5.82


Total Asset-Backed Securities (Cost $456,083,939)									457,486,853		15.30

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


Summary portfolio of investments—November 30, 2014 (unaudited)		Wells Fargo Advantage Income Funds			25

CORE BOND PORTFOLIO


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

Corporate Bonds and Notes: 18.91%

Consumer Discretionary: 1.47%

Auto Components: 0.06%
Other securities								$	1,866,917		0.06	%


Automobiles: 0.46%
Other securities									13,740,624		0.46


Hotels, Restaurants & Leisure: 0.08%
Other securities									2,213,359		0.08


Media: 0.69%
Other securities									20,431,905		0.69


Multiline Retail: 0.12%
Other securities									3,663,449		0.12


Specialty Retail: 0.06%
Other securities									1,872,573		0.06


Consumer Staples: 1.15%

Beverages: 0.32%
Other securities									9,711,190		0.32


Food Products: 0.54%
Other securities									16,091,974		0.54


Tobacco: 0.29%
Other securities									8,644,910		0.29


Energy: 2.21%

Energy Equipment & Services: 0.02%
Other securities									759,848		0.02


Oil, Gas & Consumable Fuels: 2.19%
Other securities									65,416,863		2.19


Financials: 7.34%

Banks: 2.87%
Bank of America Corporation		1.50	%		10-9-2015	$	11,242,000		11,309,171		0.38
Other securities									74,333,179		2.49

									85,642,350		2.87


Capital Markets: 1.23%
Other securities									36,754,181		1.23


Consumer Finance: 1.03%
Other securities									30,924,184		1.03

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


26		Wells Fargo Advantage Income Funds		Summary portfolio of investments—November 30, 2014 (unaudited)

CORE BOND PORTFOLIO


Security name	Value		Percent of net assets

Diversified Financial Services: 0.19%
Other securities	$	5,732,694		0.19	%


Insurance: 0.92%
Other securities		27,633,687		0.92


REITs: 1.10%
Other securities		32,844,870		1.10


Health Care: 1.54%

Biotechnology: 0.58%
Other securities		17,252,876		0.58


Health Care Providers & Services: 0.32%
Other securities		9,584,490		0.32


Life Sciences Tools & Services: 0.25%
Other securities		7,547,238		0.25


Pharmaceuticals: 0.39%
Other securities		11,642,987		0.39


Industrials: 0.72%

Aerospace & Defense: 0.27%
Other securities		7,933,394		0.27


Machinery: 0.06%
Other securities		1,725,506		0.06


Road & Rail: 0.39%
Other securities		11,705,600		0.39


Information Technology: 1.10%

Electronic Equipment, Instruments & Components: 0.15%
Other securities		4,355,384		0.15


IT Services: 0.13%
Other securities		3,748,573		0.13


Semiconductors & Semiconductor Equipment: 0.02%
Other securities		725,092		0.02


Software: 0.32%
Other securities		9,646,263		0.32


Technology Hardware, Storage & Peripherals: 0.48%
Other securities		14,508,523		0.48


Materials: 0.50%

Chemicals: 0.33%
Other securities		9,930,161		0.33

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


Summary portfolio of investments—November 30, 2014 (unaudited)		Wells Fargo Advantage Income Funds			27

CORE BOND PORTFOLIO


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

Metals & Mining: 0.17%
Other securities								$	5,031,707		0.17	%


Telecommunication Services: 1.31%

Diversified Telecommunication Services: 1.31%
Verizon Communications Incorporated		1.35-5.15	%		6-9-2017 to 11-1-2034	$	32,724,000		33,597,214		1.13
Other securities									5,503,246		0.18

									39,100,460		1.31


Utilities: 1.57%

Electric Utilities: 0.89%
Other securities									26,556,052		0.89


Gas Utilities: 0.09%
Other securities									2,608,803		0.09


Multi-Utilities: 0.59%
Other securities									17,718,580		0.59


Total Corporate Bonds and Notes (Cost $550,940,409)									565,267,267		18.91


Municipal Obligations: 0.98%

California: 0.27%
Other securities									8,188,556		0.27


Illinois: 0.05%
Other securities									1,585,771		0.05


Nevada: 0.14%
Other securities									4,240,684		0.14


New Jersey: 0.18%
Other securities									5,407,466		0.18


New York: 0.14%
Other securities									4,024,594		0.14


Ohio: 0.04%
Other securities									1,212,740		0.04


Texas: 0.16%
Other securities									4,763,967		0.16


Total Municipal Obligations (Cost $22,612,089)									29,423,778		0.98


Non-Agency Mortgage Backed Securities: 5.16%
Commercial Mortgage Trust		3.07-4.21			12-10-2044 to 12-10-2047		45,320,000		47,520,293		1.58
Impact Funding LLC Series 2010-1 Class A1 144A		5.31			1-25-2051		10,841,564		12,449,324		0.42
Other securities									94,131,398		3.16


Total Non-Agency Mortgage Backed Securities (Cost $151,195,776)									154,101,015		5.16

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


28		Wells Fargo Advantage Income Funds		Summary portfolio of investments—November 30, 2014 (unaudited)

CORE BOND PORTFOLIO


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

U.S. Treasury Securities: 29.96%
U.S. Treasury Bond		3.13-3.75	%		11-15-2041 to 11-15-2043	$	7,802,000	$	8,920,653		0.30	%
U.S. Treasury Bond		3.13			2-15-2043		20,513,000		21,412,044		0.72
U.S. Treasury Bond		3.13			8-15-2044		11,625,000		12,143,580		0.41
U.S. Treasury Bond		3.38			5-15-2044		13,915,000		15,226,057		0.51
U.S. Treasury Bond		3.63			8-15-2043		8,969,000		10,260,393		0.34
U.S. Treasury Bond		3.63			2-15-2044		15,814,000		18,098,380		0.60
U.S. Treasury Note ##		0.38			10-31-2016		9,873,000		9,858,348		0.33
U.S. Treasury Note %%		0.50			11-30-2016		19,946,000		19,949,183		0.67
U.S. Treasury Note		0.63-2.75			8-31-2017 to 11-15-2024		45,891,000		46,638,190		1.56
U.S. Treasury Note		0.63			9-30-2017		56,005,000		55,663,706		1.86
U.S. Treasury Note ##		0.88			5-15-2017		30,714,000		30,853,165		1.03
U.S. Treasury Note		0.88			8-15-2017		139,524,000		139,829,279		4.68
U.S. Treasury Note ##		0.88			10-15-2017		138,683,000		138,845,536		4.64
U.S. Treasury Note		1.00			9-15-2017		12,558,000		12,629,618		0.42
U.S. Treasury Note		1.50			1-31-2019		9,563,000		9,638,462		0.32
U.S. Treasury Note		1.50			5-31-2019		20,847,000		20,941,458		0.70
U.S. Treasury Note		1.50			10-31-2019		31,889,000		31,918,912		1.07
U.S. Treasury Note		1.63			3-31-2019		34,453,000		34,840,596		1.16
U.S. Treasury Note		1.63			6-30-2019		26,028,000		26,282,189		0.88
U.S. Treasury Note		1.63			7-31-2019		34,285,000		34,593,016		1.16
U.S. Treasury Note		1.63			8-31-2019		45,236,000		45,607,071		1.53
U.S. Treasury Note %%		1.63			11-30-2019		11,300,000		11,292,093		0.38
U.S. Treasury Note		1.75			9-30-2019		25,287,000		25,622,837		0.86
U.S. Treasury Note		2.00			10-31-2021		20,939,000		21,099,309		0.71
U.S. Treasury Note		2.50			5-15-2024		40,711,000		41,941,856		1.40
U.S. Treasury Note		3.13			4-30-2017		48,591,000		51,464,720		1.72


Total U.S. Treasury Securities (Cost $878,685,604)									895,570,651		29.96


Yankee Corporate Bonds and Notes: 5.21%

Consumer Discretionary: 0.34%

Media: 0.17%
Other securities									4,937,892		0.17


Textiles, Apparel & Luxury Goods: 0.17%
Other securities									5,054,241		0.17


Consumer Staples: 0.16%

Beverages: 0.16%
Other securities									4,784,078		0.16


Energy: 1.22%

Oil, Gas & Consumable Fuels: 1.22%
Other securities									36,574,843		1.22

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


Summary portfolio of investments—November 30, 2014 (unaudited)		Wells Fargo Advantage Income Funds			29

CORE BOND PORTFOLIO


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

Financials: 2.30%

Banks: 1.88%
Bank of Tokyo-Mitsubishi UFJ Limited 144A		2.35	%		9-8-2019	$	10,515,000	$	10,531,298		0.35	%
Other securities									45,727,296		1.53

									56,258,594		1.88


Consumer Finance: 0.16%
Other securities									4,790,924		0.16


Diversified Financial Services: 0.26%
Other securities									7,608,191		0.26


Health Care: 0.32%

Pharmaceuticals: 0.32%
Other securities									9,694,119		0.32


Information Technology: 0.37%

Internet Software & Services: 0.37%
Other securities									11,104,517		0.37


Materials: 0.17%

Chemicals: 0.05%
Other securities									1,388,576		0.05


Metals & Mining: 0.12%
Other securities									3,633,585		0.12


Telecommunication Services: 0.23%

Diversified Telecommunication Services: 0.08%
Other securities									2,348,995		0.08


Wireless Telecommunication Services: 0.15%
Other securities									4,485,633		0.15


Utilities: 0.10%

Electric Utilities: 0.10%
Other securities									2,969,249		0.10


Total Yankee Corporate Bonds and Notes (Cost $152,240,431)									155,633,437		5.21


Yankee Government Bonds: 1.43%
Other securities									42,692,495		1.43


Total Yankee Government Bonds (Cost $40,387,654)									42,692,495		1.43

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


30		Wells Fargo Advantage Income Funds		Summary portfolio of investments—November 30, 2014 (unaudited)

CORE BOND PORTFOLIO


Security name	Yield			Shares		Value			Percent of net assets
Short-Term Investments: 5.50%

Investment Companies: 5.50%
Securities Lending Cash Investments, LLC (l)(u)(r)		0.12	%		747,555	$	747,555			0.03	%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)##		0.08			163,584,955		163,584,955			5.47

							164,332,510			5.50


Total Short-Term Investments (Cost $164,332,510)							164,332,510			5.50


Total investments in securities (Cost $3,281,041,099) *							3,338,182,606			111.68	%
Other assets and liabilities, net							(349,138,883	)		(11.68	)

Total net assets						$	2,989,043,723			100.00	%

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

%%	Security issued on a when-issued basis

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

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

(l)	The security represents an affiliate of the Portfolio 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 $3,286,132,910 and unrealized gains (losses) consists of:


Gross unrealized gains	$	60,627,009
Gross unrealized losses		(8,577,313	)

Net unrealized gains	$	52,049,696

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


Portfolio of investments—November 30, 2014 (unaudited)		Wells Fargo Advantage Income Funds			31

REAL RETURN PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

U.S. Treasury Securities: 99.58%
TIPS		0.13	%		4-15-2016	$	2,081,216	$	2,095,849
TIPS		0.13			4-15-2017		2,378,869		2,409,906
TIPS		0.13			4-15-2018		453,068		457,847
TIPS		0.13			4-15-2019		863,439		868,093
TIPS		0.13			1-15-2022		2,692,224		2,663,199
TIPS		0.13			7-15-2022		2,748,084		2,721,892
TIPS		0.13			1-15-2023		1,448,850		1,422,477
TIPS		0.13			7-15-2024		877,135		855,343
TIPS		0.38			7-15-2023		1,135,308		1,139,388
TIPS		0.63			7-15-2021		2,302,276		2,372,783
TIPS		0.63			1-15-2024		1,025,221		1,044,284
TIPS		0.63			2-15-2043		740,232		685,467
TIPS		0.75			2-15-2042		995,454		955,091
TIPS		1.13			1-15-2021		1,768,163		1,870,246
TIPS		1.25			7-15-2020		1,653,516		1,767,454
TIPS		1.38			7-15-2018		1,335,610		1,420,547
TIPS		1.38			1-15-2020		1,260,313		1,346,368
TIPS		1.38			2-15-2044		801,728		895,054
TIPS		1.63			1-15-2018		613,537		651,404
TIPS		1.75			1-15-2028		886,220		1,011,606
TIPS		1.88			7-15-2019		1,137,076		1,242,610
TIPS		2.00			1-15-2016		947,408		972,943
TIPS		2.00			1-15-2026		995,378		1,154,249
TIPS		2.13			1-15-2019		1,202,874		1,314,892
TIPS		2.13			2-15-2040		390,947		501,970
TIPS		2.13			2-15-2041		592,371		766,056
TIPS		2.38			1-15-2017		944,240		1,004,141
TIPS		2.38			1-15-2025		1,755,223		2,086,658
TIPS		2.38			1-15-2027		849,816		1,027,348
TIPS		2.50			7-15-2016		925,217		975,742
TIPS		2.50			1-15-2029		803,764		1,005,019
TIPS		2.63			7-15-2017		597,199		648,754
TIPS		3.38			4-15-2032		348,657		497,463
TIPS		3.63			4-15-2028		743,183		1,030,470
TIPS		3.88			4-15-2029		680,513		981,746

Total U.S. Treasury Securities (Cost $42,000,296)									43,864,359

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


32		Wells Fargo Advantage Income Funds		Portfolio of investments—November 30, 2014 (unaudited)

REAL RETURN PORTFOLIO


Security name	Yield			Shares		Value

Short-Term Investments: 0.12%

Investment Companies: 0.12%
Wells Fargo Advantage Government Money Market Fund, Institutional Class (l)(u)		0.01	%		51,224	$	51,224


Total Short-Term Investments (Cost $51,224)							51,224


Total investments in securities (Cost $42,051,520) *	99.70	%		43,915,583
Other assets and liabilities, net	0.30			131,758

Total net assets	100.00	%	$	44,047,341

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

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

*	Cost for federal income tax purposes is $42,051,520 and unrealized gains (losses) consists of:


Gross unrealized gains	$	2,401,906
Gross unrealized losses		(537,843	)

Net unrealized gains	$	1,864,063

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


Statements of assets and liabilities—November 30, 2014 (unaudited)		Wells Fargo Advantage Income Funds			33


	Core Bond Portfolio		Real Return Portfolio

Assets
Investments
In unaffiliated securities (including securities on loan), at value (see cost below)	$	3,173,850,096	$	43,864,359
In affiliated securities, at value (see cost below)		164,332,510		51,224

Total investments, at value (see cost below)		3,338,182,606		43,915,583
Cash		717,939		0
Receivable for investments sold		459,991,077		0
Principal paydown receivable		118,453		0
Receivable for interest		12,074,876		160,282
Receivable for securities lending income		380		0
Prepaid expenses and other assets		5,061		2,497

Total assets		3,811,090,392		44,078,362


Liabilities
Payable for investments purchased		820,351,809		0
Payable upon receipt of securities loaned		747,555		0
Advisory fee payable		827,141		9,762
Shareholder report expenses payable		4,027		1,990
Custodian and accounting fees payable		88,929		2,838
Professional fees payable		27,208		16,431

Total liabilities		822,046,669		31,021

Total net assets	$	2,989,043,723	$	44,047,341


Investments in unaffiliated securities, at cost	$	3,116,708,589	$	42,000,296

Investments in affiliated securities, at cost	$	164,332,510	$	51,224

Total investments, at cost	$	3,281,041,099	$	42,051,520

Securities on loan, at value	$	731,946	$	0

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


34		Wells Fargo Advantage Income Funds		Statements of operations—six months ended November 30, 2014 (unaudited)


	Core Bond Portfolio			Real Return Portfolio

Investment income
Interest	$	33,167,125		$	460,129
Securities lending income, net		138,443			0
Income from affiliated securities		40,846			13

Total investment income		33,346,414			460,142


Expenses
Advisory fee		5,273,560			91,084
Custody and accounting fees		85,556			4,812
Professional fees		32,629			22,364
Shareholder report expenses		3,758			1,207
Trustees’ fees and expenses		6,095			6,370
Other fees and expenses		32,258			2,492

Total expenses		5,433,856			128,329
Less: Fee waivers and/or expense reimbursements		(358,908	)		(28,455	)

Net expenses		5,074,948			99,874

Net investment income		28,271,466			360,268


REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS

Net realized gains (losses) on:
Unaffiliated securities		25,152,081			180,621
Futures transactions		0			(1,641	)
TBA sale commitments		(2,043	)		0

Net realized gain (losses) on investments		25,150,038			178,980
Net change in unrealized gains (losses) on investments		8,723,076			(826,904	)

Net realized and unrealized gains (losses) on investments		33,873,114			(647,924	)

Net increase (decrease) in net assets resulting from operations	$	62,144,580		$	(287,656	)

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


Statements of changes in net assets		Wells Fargo Advantage Income Funds			35


	Core Bond Portfolio
	Six months ended November 30, 2014 (unaudited)			Year ended May 31, 2014

Operations
Net investment income	$	28,271,466		$	57,008,763
Net realized gains (losses) on investments		25,150,038			(25,731,456	)
Net change in unrealized gains (losses) on investments		8,723,076			45,003,848

Net increase in net assets resulting from operations		62,144,580			76,281,155


Capital share transactions
Transactions in investors’ beneficial interests
Contributions		304,034,567			222,957,263
Withdrawals		(273,677,183	)		(751,133,453	)

Net increase (decrease) in net assets resulting from capital share transactions		30,357,384			(528,176,190	)

Total increase (decrease) in net assets		92,501,964			(451,895,035	)


Net assets
Beginning of period		2,896,541,759			3,348,436,794

End of period	$	2,989,043,723		$	2,896,541,759

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


36		Wells Fargo Advantage Income Funds		Statements of changes in net assets


	Real Return Portfolio
	Six months ended November 30, 2014 (unaudited)			Year ended May 31, 2014

Operations
Net investment income	$	360,268		$	781,968
Net realized gains on investments		178,980			518,616
Net change in unrealized gains (losses) on investments		(826,904	)		(2,086,498	)

Net decrease in net assets resulting from operations		(287,656	)		(785,914	)


Capital share transactions
Transactions in investors’ beneficial interests
Contributions		2,260,422			5,773,010
Withdrawals		(5,125,842	)		(24,418,897	)

Net decrease in net assets resulting from capital share transactions		(2,865,420	)		(18,645,887	)

Total decrease in net assets		(3,153,076	)		(19,431,801	)


Net assets
Beginning of period		47,200,417			66,632,218

End of period	$	44,047,341		$	47,200,417

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


Financial highlights		Wells Fargo Advantage Income Funds			37


	Ratio to average net assets (annualized)												Portfolio turnover rate
	Net investment income			Gross expenses			Net expenses			Total return¹			Portfolio turnover rate

Core Bond Portfolio
Six months ended November 30, 2014 (unaudited)		1.95	%		0.37	%		0.35	%		2.13	%		286	%
Year ended May 31, 2014		1.94	%		0.37	%		0.35	%		2.90	%		646	%
Year ended May 31, 2013		1.75	%		0.37	%		0.35	%		2.61	%		547	%
Year ended May 31, 2012		2.33	%		0.37	%		0.35	%		8.20	%		803	%
Year ended May 31, 2011		2.99	%		0.37	%		0.35	%		7.02	%		789	%
Year ended May 31, 2010		3.78	%		0.38	%		0.34	%		10.87	%		638	%

Real Return Portfolio
Six months ended November 30, 2014 (unaudited)		1.58	%		0.56	%		0.44	%		(0.65	)%		3	%
Year ended May 31, 2014		1.45	%		0.53	%		0.44	%		(0.26	)%		9	%
Year ended May 31, 2013		1.52	%		0.50	%		0.44	%		(1.86	)%		15	%
Year ended May 31, 2012		3.00	%		0.48	%		0.44	%		12.62	%		23	%
Year ended May 31, 2011		3.25	%		0.44	%		0.43	%		8.19	%		19	%
Year ended May 31, 2010		3.53	%		0.45	%		0.44	%		8.28	%		31	%

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

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


38		Wells Fargo Advantage Income Funds		Notes to financial statements (unaudited)

1. ORGANIZATION

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

2. SIGNIFICANT ACCOUNTING POLICIES

Securities valuation

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

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

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

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

Security loans


Notes to financial statements (unaudited)		Wells Fargo Advantage Income Funds			39

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.

When-issued transactions

Futures contracts

Each Portfolio is subject to interest rate risk in the normal course of pursuing its investment objectives. A 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 Portfolios 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.

TBA sale commitments

Inflation-indexed bonds and TIPS


40		Wells Fargo Advantage Income Funds		Notes to financial statements (unaudited)

bond repaid at maturity may be less than the original principal. The value of inflation-indexed bonds is expected to change in response to changes in real interest rates. Real interest rates are tied to the relationship between nominal interest rates and the rate of inflation. If nominal interest rates increase at a faster rate than inflation, real interest rates may rise, leading to a decrease in value of inflation-indexed bonds. Inflation-indexed bonds, including TIPS, decline in value when real interest rates rise. In certain interest rate environments, such as when real interest rates are rising faster than nominal interest rates, inflation-indexed bonds may experience greater losses than other fixed income securities with similar durations.

Mortgage dollar roll transactions

Security transactions and income recognition

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

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 interest holders in proportion to their holdings of the Portfolio regardless of whether such interest, dividends and gains have been distributed by the Portfolio.

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.


Notes to financial statements (unaudited)		Wells Fargo Advantage Income Funds			41

The following is a summary of the inputs used in valuing the Portfolio’s assets and liabilities as of November 30, 2014:


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

Agency securities	$	0	$	873,674,600	$	0	$	873,674,600

Asset-backed securities		0		457,486,853		0		457,486,853

Corporate bonds and notes		0		565,267,267		0		565,267,267

Municipal obligations		0		29,423,778		0		29,423,778

Non-agency mortgage backed securities		0		154,101,015		0		154,101,015

U.S. Treasury securities		895,570,651		0		0		895,570,651

Yankee corporate bonds and notes		0		155,633,437		0		155,633,437

Yankee government bonds		0		42,692,495		0		42,692,495

Short-term investments
Investment companies		163,584,955		747,555		0		164,332,510
Total assets	$	1,059,155,606	$	2,279,027,000	$	0	$	3,338,182,606
Real Return Portfolio
Assets
Investments in:

U.S. Treasury securities	$	43,864,359	$	0	$	0	$	43,864,359

Short-term investments
Investment companies		51,224		0		0		51,224
Total assets	$	43,915,583	$	0	$	0	$	43,915,583

Transfers in and transfers out are recognized at the end of the reporting period. At November 30, 2014, the Portfolios did not have any transfers into/out of Level 1, Level 2, or Level 3.

4. TRANSACTIONS WITH AFFILIATES

Advisory fees

Funds Management is entitled to receive an annual advisory fee starting at 0.40% and declining to 0.30% as the average daily net assets of each Portfolio increase. For the six months ended November 30, 2014, the advisory fee for Core Bond Portfolio and Real Return Portfolio was equivalent to an annual rate of 0.36% and 0.40%, respectively, of each Portfolio’s average daily net assets.

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Portfolios. The fees for subadvisory services are borne by Funds Management. WellsCap, an affiliate of Funds Management and an indirect wholly owned subsidiary of Wells Fargo, is the subadviser to each Portfolio and is entitled to receive a fee from Funds Management at an annual rate starting at 0.20% and declining to 0.10% as the average daily net assets of each Portfolio increase.

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


42		Wells Fargo Advantage Income Funds		Notes to financial statements (unaudited)

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding short-term securities, for the six months ended November 30, 2014 were as follows:


	Purchases at cost				Sales proceeds
	U.S. government		Non-U.S. government		U.S. government		Non-U.S. government
Core Bond Portfolio	$	7,725,789,756	$	1,311,708,402	$	7,714,390,320	$	1,209,803,078
Real Return Portfolio		1,433,360		0		4,059,988		0

6. DERIVATIVE TRANSACTIONS

During the six months ended November 30, 2014, Real Return Portfolio entered into futures contracts to speculate on interest rates and to help manage the duration of the portfolio.

At November 30, 2014, Real Return Portfolio did not have any open futures contracts. Real Return Portfolio had an average notional amount of $58,023 in short futures contracts outstanding during the six months ended November 30, 2014.

The realized gains or losses and change in unrealized gains or losses on derivative instruments are reflected in the Statements of Operations.

7. INDEMNIFICATION


Other information (unaudited)		Wells Fargo Advantage Income Funds			43

PROXY VOTING INFORMATION

PORTFOLIO HOLDINGS INFORMATION


44		Wells Fargo Advantage Income Funds		Other information (unaudited)

BOARD OF TRUSTEES AND OFFICERS

Independent Trustees


Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	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
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


Other information (unaudited)		Wells Fargo Advantage Income Funds			45

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

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.

**	Leroy Keith, Jr. retired as a Trustee effective December 31, 2014.

Officers


Name and year of birth	Position held and length of service	Principal occupations during past five years or longer
Karla M. Rabusch (Born 1959)	President, since 2003	Executive Vice President of Wells Fargo Bank, N.A. and President of Wells Fargo Funds Management, LLC since 2003.
Nancy Wiser¹ (Born 1967)	Treasurer, since 2012	Executive Vice President of Wells Fargo Funds Management, LLC since 2011. Chief Operating Officer and Chief Compliance Officer at LightBox Capital Management LLC, from 2008 to 2011. Owned and operated a consulting business providing services to various hedge funds including acting as Chief Operating Officer and Chief Compliance Officer for a hedge fund from 2007 to 2008. Chief Operating Officer and Chief Compliance Officer of GMN Capital LLC from 2006 to 2007.
C. David Messman (Born 1960)	Secretary, since 2000; Chief Legal Officer, since 2003	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.
Jeremy DePalma¹ (Born 1974)	Assistant Treasurer, since 2009	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Vice President, Evergreen Investment Services, Inc. from 2004 to 2007. Head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.

^1.	Nancy Wiser acts as Treasurer of 73 funds in the Fund Complex. Jeremy DePalma acts as Treasurer of 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.


46		Wells Fargo Advantage Income Funds		List of abbreviations

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

ACA	— ACA Financial Guaranty Corporation

ADR	— American depositary receipt

ADS	— American depositary shares

AGC	— Assured Guaranty Corporation

AGM	— Assured Guaranty Municipal

Ambac

— Ambac Financial Group Incorporated

AMT	— Alternative minimum tax

AUD	— Australian dollar

BAN	— Bond anticipation notes

BHAC	— Berkshire Hathaway Assurance Corporation

BRL	— Brazilian real

CAB	— Capital appreciation bond

CAD	— Canadian dollar

CCAB	— Convertible capital appreciation bond

CDA	— Community Development Authority

CDO	— Collateralized debt obligation

CHF	— Swiss franc

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

This page is intentionally left blank.

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

NOT FDIC INSURED ¡ NO BANK GUARANTEE ¡ MAY LOSE VALUE

229722 01-15

SILD/SAR103 11-14

Wells Fargo Advantage

WealthBuilder Portfolios^SM

LOGO

Semi-Annual Report

November 30, 2014

Wells Fargo Advantage WealthBuilder Conservative Allocation Portfolio^SM

Wells Fargo Advantage WealthBuilder Moderate Balanced Portfolio^SM

Wells Fargo Advantage WealthBuilder Growth Balanced Portfolio^SM

Wells Fargo Advantage WealthBuilder Growth Allocation Portfolio^SM

Wells Fargo Advantage WealthBuilder Equity Portfolio^SM

Wells Fargo Advantage WealthBuilder Tactical Equity Portfolio^SM

LOGO

Reduce clutter. Save trees.

Contents


Letter to shareholders			2

Performance highlights
Wells Fargo Advantage WealthBuilder Conservative Allocation Portfolio			4
Wells Fargo Advantage WealthBuilder Moderate Balanced Portfolio			6
Wells Fargo Advantage WealthBuilder Growth Balanced Portfolio			8
Wells Fargo Advantage WealthBuilder Growth Allocation Portfolio			10
Wells Fargo Advantage WealthBuilder Equity Portfolio			12
Wells Fargo Advantage WealthBuilder Tactical Equity Portfolio			14

Fund expenses			16

Portfolio of investments
Wells Fargo Advantage WealthBuilder Conservative Allocation Portfolio			17
Wells Fargo Advantage WealthBuilder Moderate Balanced Portfolio			19
Wells Fargo Advantage WealthBuilder Growth Balanced Portfolio			21
Wells Fargo Advantage WealthBuilder Growth Allocation Portfolio			23
Wells Fargo Advantage WealthBuilder Equity Portfolio			25
Wells Fargo Advantage WealthBuilder Tactical Equity Portfolio			26

Financial statements
Statements of assets and liabilities			28
Statements of operations			30
Statements of changes in net assets			32
Financial highlights			38

Notes to financial statements			40

Other information			51

List of abbreviations			54

NOT FDIC INSURED ¡ NO BANK GUARANTEE ¡ MAY LOSE VALUE


2		Wells Fargo Advantage WealthBuilder Portfolios		Letter to shareholders (unaudited)

LOGO

Karla M. Rabusch

President

Wells Fargo Advantage Funds

Major central banks continued to inject liquidity into global banks and markets through various accommodative monetary policies, including quantitative easing.

Dear Valued Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Advantage WealthBuilder Portfolios for the six-month period that ended November 30, 2014. The period was marked by continued accommodative monetary policy in developed countries, broader economic growth, and low inflation.

Major central banks continued to provide stimulus.

Major central banks continued to inject liquidity into global banks and markets through various accommodative monetary policies, including quantitative easing. In the U.S., the Federal Reserve (Fed) kept its key interest rate near zero in order to support the economy and the financial system. It tapered the size of its quantitative easing program each month until the program ended in October 2014 and also discussed changes to its forward guidance as it begins to normalize monetary policy.

Challenging geopolitical situations and concerns about slowing global growth remained.

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

^2.

^3.


Letter to shareholders (unaudited)		Wells Fargo Advantage WealthBuilder Portfolios			3

Economic news out of Europe trended lower during the reporting period. Slower European growth and expectations of higher U.S. interest rates sent the euro lower, pressuring European returns for U.S. dollar-denominated investors. Returns in Asia were dampened by a sluggish Japanese economy as well as a late-period decline in the yen. Among countries in the MSCI EAFE Index (Net), most of the major markets (such as Japan, Germany, and France) ended the period with losses. By contrast, U.S. economic news remained favorable; gross domestic product grew at a 3.9% annualized gain, pushing the U.S. stock market to a solid gain. Meanwhile, 10-year U.S. Treasury yields trended lower over the period, reaching 2.20% by the end of November.

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

Sincerely,

LOGO

Karla M. Rabusch

President

Wells Fargo Advantage Funds

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


4		Wells Fargo Advantage WealthBuilder Portfolios		Performance highlights (unaudited)

Wells Fargo Advantage WealthBuilder Conservative Allocation Portfolio

Investment objective

The Portfolio seeks current income with a secondary emphasis on capital appreciation.

Adviser

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Kandarp Acharya, CFA, FRM

Christian L. Chan, CFA

Average annual total returns (%) as of November 30, 2014

Including sales charge

Excluding sales charge

Expense ratios¹ (%)

Inception date

1 year

5 year

10 year

1 year

5 year

10 year

Gross

Net²

Wells Fargo Advantage WealthBuilder Conservative Allocation Portfolio (WBCAX)

9-30-2004

1.70

4.16

3.64

3.25

4.48

3.80

2.08

2.03

WealthBuilder Conservative Allocation Composite Index³

–

6.43

6.02

5.59

–

Barclays U.S. Aggregate Bond Index⁴

–

5.27

4.10

4.79

–

MSCI ACWI ex USA (Net)⁵

–

0.61

5.64

5.96

–

Russell 3000® Index⁶

–

15.53

16.28

8.32

–

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

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

For WealthBuilder Portfolio shares, the maximum front-end sales charge is 1.50%.

Balanced funds may invest in stocks and bonds. Stock values fluctuate in response to the activities of individual companies and general market and economic conditions. Bond values fluctuate in response to the financial condition of individual issuers, general market and economic conditions, and changes in interest rates. Changes in market conditions and government policies may lead to periods of heightened volatility in the bond market and reduced liquidity for certain bonds held by the Portfolio. In general, when interest rates rise, bond values fall and investors may lose principal value. Interest rate changes and their impact on the Portfolio and its share price can be sudden and unpredictable. The Portfolio will indirectly be exposed to all of the risks of an investment in the underlying funds and will indirectly bear expenses of the underlying funds. The use of derivatives may reduce returns and/or increase volatility. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). The Portfolio is exposed to alternative investment risk, foreign investment risk, high-yield securities risk, mortgage- and asset-backed securities risk, and smaller-company investment risk. Consult the Portfolio’s prospectus for additional information on these and other risks.

Please see footnotes on page 5.


Performance highlights (unaudited)		Wells Fargo Advantage WealthBuilder Portfolios			5

Wells Fargo Advantage WealthBuilder Conservative Allocation Portfolio (continued)


Ten largest holdings⁷ (%) as of November 30, 2014
Wells Fargo Advantage Core Bond Portfolio			24.36
Wells Fargo Advantage Short Duration Government Bond Fund Institutional Class			20.53
Wells Fargo Advantage Government Securities Fund Institutional Class			18.74
PIMCO High Yield Fund Institutional Class			6.53
Oppenheimer International Bond Fund Class Y			4.67
MFS Value Fund Class I			2.92
PIMCO CommodityRealReturn Strategy Fund Institutional Class			2.53
Voya Global Real Estate Fund Class I			1.80
Thornburg International Value Fund Institutional Class			1.74
T. Rowe Price Blue Chip Growth Fund Retail Class			1.70

Current target allocation⁸ as of November 30, 2014

^1.

Reflects the expense ratios as stated in the most recent prospectus, which include the impact of 0.53% in acquired fund fees and expenses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report, which do not include acquired fund fees and expenses.

^2.

The Adviser has committed through September 30, 2015, to waive fees and/or reimburse expenses to the extent necessary to cap the Portfolio’s Total Annual Fund Operating Expenses After Fee Waiver, excluding certain expenses, at 1.50%. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses, and extraordinary expenses are excluded from the cap. Without this cap, the Portfolio’s returns would have been lower.

^3.

Source: Wells Fargo Funds Management, LLC. The WealthBuilder Conservative Allocation Composite Index is weighted 80% in the Barclays U.S. Aggregate Bond Index, 14% in the Russell 3000^® Index, and 6% in the MSCI ACWI ex USA Index (Net) (includes Treasury issues, agency issues, corporate bond issues, and mortgage-backed securities). You cannot invest directly in an index.

^4.

^5.

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

^6.	The Russell 3000® Index measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. You cannot invest directly in an index.

^7.	The ten largest holdings are calculated based on the value of the holdings divided by total net assets of the Portfolio. Holdings are subject to change and may have changed since the date specified.

^8.	Current target allocation is subject to change and is calculated based on the total long-term investments of the Portfolio. The Portfolio’s use of futures contracts to implement a Tactical Asset Allocation (TAA) shift toward stocks or bonds is reflected in the allocation shown.


6		Wells Fargo Advantage WealthBuilder Portfolios		Performance highlights (unaudited)

Wells Fargo Advantage WealthBuilder Moderate Balanced Portfolio

Investment objective

The Portfolio seeks a combination of current income and capital appreciation.

Adviser

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Kandarp Acharya, CFA, FRM

Christian L. Chan, CFA

Average annual total returns (%) as of November 30, 2014

Including sales charge

Excluding sales charge

Expense ratios¹ (%)

Inception date

1 year

5 year

10 year

1 year

5 year

10 year

Gross

Net²

Wells Fargo Advantage WealthBuilder Moderate Balanced Portfolio (WBBBX)

9-30-2004

2.91

6.46

4.32

4.48

6.78

4.48

2.14

2.10

WealthBuilder Moderate Balanced Composite Index³

–

7.57

7.89

6.28

–

Barclays U.S. Aggregate Bond Index⁴

–

5.27

4.10

4.79

–

MSCI ACWI ex USA (Net)⁵

–

0.61

5.64

5.96

–

Russell 3000^® Index⁶

–

15.53

16.28

8.32

–

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

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

For WealthBuilder Portfolio shares, the maximum front-end sales charge is 1.50%.

Balanced funds may invest in stocks and bonds. Stock values fluctuate in response to the activities of individual companies and general market and economic conditions. Bond values fluctuate in response to the financial condition of individual issuers, general market and economic conditions, and changes in interest rates. Changes in market conditions and government policies may lead to periods of heightened volatility in the bond market and reduced liquidity for certain bonds held by the Portfolio. In general, when interest rates rise, bond values fall and investors may lose principal value. Interest rate changes and their impact on the Portfolio and its share price can be sudden and unpredictable. The Portfolio will indirectly be exposed to all of the risks of an investment in the underlying funds and will indirectly bear expenses of the underlying funds. The use of derivatives may reduce returns and/or increase volatility. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). The Portfolio is exposed to alternative investment risk, foreign investment risk, high-yield securities risk, mortgage- and asset-backed securities risk, and smaller-company investment risk. Consult the Portfolio’s prospectus for additional information on these and other risks.

Please see footnotes on page 7.


Performance highlights (unaudited)		Wells Fargo Advantage WealthBuilder Portfolios			7

Wells Fargo Advantage WealthBuilder Moderate Balanced Portfolio (continued)


Ten largest holdings⁷ (%) as of November 30, 2014
Wells Fargo Advantage Core Bond Portfolio			17.93
Wells Fargo Advantage Government Securities Fund Institutional Class			13.78
Wells Fargo Advantage Short Duration Government Bond Fund Institutional Class			12.8
PIMCO High Yield Fund Institutional Class			5.96
MFS Value Fund Class I			5.91
Oppenheimer International Bond Fund Class Y			4.59
Thornburg International Value Fund Institutional Class			3.54
T. Rowe Price Blue Chip Growth Fund Retail Class			3.44
Oakmark Fund Class I			2.94
Invesco Growth and Income Fund Class R6			2.93

Current target allocation⁸ as of November 30, 2014

^1.

Reflects the expense ratios as stated in the most recent prospectus, which include the impact of 0.60% in acquired fund fees and expenses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report, which do not include acquired fund fees and expenses.

^2.

^3.

Source: Wells Fargo Funds Management, LLC. The WealthBuilder Moderate Balanced Composite Index is weighted 60% in the Barclays U.S. Aggregate Bond Index, 28% in the Russell 3000^® Index, and 12% in the MSCI ACWI ex USA (Net) (includes Treasury issues, agency issues, corporate bond issues, and mortgage-backed securities). You cannot invest directly in an index.

^4.

^5.

^6.	The Russell 3000^® Index measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. You cannot invest directly in an index.

^7.	The ten largest holdings are calculated based on the value of the holdings divided by total net assets of the Portfolio. Holdings are subject to change and may have changed since the date specified.

^8.	Current target allocation is subject to change and is calculated based on the total long-term investments of the Portfolio. The Portfolio’s use of futures contracts to implement a Tactical Asset Allocation (TAA) shift toward stocks or bonds is reflected in the allocation shown.


8		Wells Fargo Advantage WealthBuilder Portfolios		Performance highlights (unaudited)

Wells Fargo Advantage WealthBuilder Growth Balanced Portfolio

Investment objective

The Portfolio seeks a combination of capital appreciation and current income.

Adviser

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Kandarp Acharya, CFA, FRM

Christian L. Chan, CFA

Average annual total returns (%) as of November 30, 2014

Including sales charge

Excluding sales charge

Expense ratios¹ (%)

Inception date

1 year

5 year

10 year

1 year

5 year

10 year

Gross

Net²

Wells Fargo Advantage WealthBuilder Growth Balanced Portfolio (WBGBX)

10-1-1997

4.11

9.11

4.79

5.70

9.44

4.95

2.21

2.17

WealthBuilder Growth Balanced Composite Index³

–

8.70

9.68

6.86

–

Barclays U.S. Aggregate Bond Index⁴

–

5.27

4.10

4.79

–

MSCI ACWI ex USA (Net)⁵

–

0.61

5.64

5.96

–

Russell 3000^® Index⁶

–

15.53

16.28

8.32

–

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

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

For WealthBuilder Portfolio shares, the maximum front-end sales charge is 1.50%.

Balanced funds may invest in stocks and bonds. Stock values fluctuate in response to the activities of individual companies and general market and economic conditions. Bond values fluctuate in response to the financial condition of individual issuers, general market and economic conditions, and changes in interest rates. Changes in market conditions and government policies may lead to periods of heightened volatility in the bond market and reduced liquidity for certain bonds held by the Portfolio. In general, when interest rates rise, bond values fall and investors may lose principal value. Interest rate changes and their impact on the Portfolio and its share price can be sudden and unpredictable. The Portfolio will indirectly be exposed to all of the risks of an investment in the underlying funds and will indirectly bear expenses of the underlying funds. The use of derivatives may reduce returns and/or increase volatility. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). The Portfolio is exposed to alternative investment risk, foreign investment risk, high-yield securities risk, mortgage- and asset-backed securities risk, and smaller-company investment risk. Consult the Portfolio’s prospectus for additional information on these and other risks.

Please see footnotes on page 9.


Performance highlights (unaudited)		Wells Fargo Advantage WealthBuilder Portfolios			9

Wells Fargo Advantage WealthBuilder Growth Balanced Portfolio (continued)


Ten largest long-term holdings⁷ (%) as of November 30, 2014
Wells Fargo Advantage Government Securities Fund Institutional Class			12.54
Wells Fargo Advantage Core Bond Portfolio			11.60
MFS Value Fund Class I			9.16
Thornburg International Value Fund Institutional Class			5.44
T. Rowe Price Blue Chip Growth Fund Retail Class			5.37
PIMCO High Yield Fund Institutional Class			4.84
Oppenheimer International Bond Fund Class Y			4.83
Oakmark Fund Class I			4.54
Invesco Growth and Income Fund Class R6			4.52
American Century Growth Fund Institutional Class			3.83


Current target allocation⁸ as of November 30, 2014

^1.

Reflects the expense ratios as stated in the most recent prospectus, which include the impact of 0.67% in acquired fund fees and expenses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report, which do not include acquired fund fees and expenses.

^2.

^3.

Source: Wells Fargo Funds Management, LLC. The WealthBuilder Growth Balanced Composite Index is weighted 40% in the Barclays U.S. Aggregate Bond Index, 42% in the Russell 3000^® Index, and 18% in the MSCI ACWI ex USA (Net) (includes Treasury issues, agency issues, corporate bond issues, and mortgage-backed securities). You cannot invest directly in an index.

^4.

^5.

^6.	The Russell 3000^® Index measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. You cannot invest directly in an index.

^7.	The ten largest long-term holdings are calculated based on the value of the holdings divided by total net assets of the Portfolio. Holdings are subject to change and may have changed since the date specified.

^8.	Current target allocation is subject to change and is calculated based on the total long-term investments of the Portfolio. The Portfolio’s use of futures contracts to implement a Tactical Asset Allocation (TAA) shift toward stocks or bonds is reflected in the allocation shown.


10		Wells Fargo Advantage WealthBuilder Portfolios		Performance highlights (unaudited)

Wells Fargo Advantage WealthBuilder Growth Allocation Portfolio

Investment objective

The Portfolio seeks capital appreciation with a secondary emphasis on current income.

Adviser

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Kandarp Acharya, CFA, FRM

Christian L. Chan, CFA

Average annual total returns (%) as of November 30, 2014

Including sales charge

Excluding sales charge

Expense ratios¹ (%)

Inception date

1 year

5 year

10 year

1 year

5 year

10 year

Gross

Net²

Wells Fargo Advantage WealthBuilder Growth Allocation Portfolio (WBGGX)

9-30-2004

4.71

10.28

4.98

6.31

10.61

5.14

2.29

2.22

WealthBuilder Growth Allocation Composite Index³

–

9.80

11.41

7.34

–

Barclays U.S. Aggregate Bond Index⁴

–

5.27

4.10

4.79

–

MSCI ACWI ex USA (Net)⁵

–

0.61

5.64

5.96

–

Russell 3000^® Index⁶

–

15.53

16.28

8.32

–

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

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

For WealthBuilder Portfolio shares, the maximum front-end sales charge is 1.50%.

Balanced funds may invest in stocks and bonds. Stock values fluctuate in response to the activities of individual companies and general market and economic conditions. Bond values fluctuate in response to the financial condition of individual issuers, general market and economic conditions, and changes in interest rates. Changes in market conditions and government policies may lead to periods of heightened volatility in the bond market and reduced liquidity for certain bonds held by the Portfolio. In general, when interest rates rise, bond values fall and investors may lose principal value. Interest rate changes and their impact on the Portfolio and its share price can be sudden and unpredictable. The Portfolio will indirectly be exposed to all of the risks of an investment in the underlying funds and will indirectly bear expenses of the underlying funds. The use of derivatives may reduce returns and/or increase volatility. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). The Portfolio is exposed to alternative investment risk, foreign investment risk, high-yield securities risk, mortgage- and asset-backed securities risk, and smaller-company investment risk. Consult the Portfolio’s prospectus for additional information on these and other risks.

Please see footnotes on page 11.


Performance highlights (unaudited)		Wells Fargo Advantage WealthBuilder Portfolios			11

Wells Fargo Advantage WealthBuilder Growth Allocation Portfolio (continued)


Ten largest holdings⁷ (%) as of November 30, 2014
MFS Value Fund Class I			11.78
Thornburg International Value Fund Institutional Class			7.00
T. Rowe Price Blue Chip Growth Fund Retail Class			6.98
Wells Fargo Advantage Core Bond Portfolio			5.84
Wells Fargo Advantage Government Securities Fund Institutional Class			5.84
Oakmark Fund Class I			5.83
Invesco Growth and Income Fund Class R6			5.8
American Century Growth Fund Institutional Class			4.94
Wells Fargo Advantage International Growth Portfolio			4.64
Wells Fargo Advantage Endeavor Select Fund Institutional Class			3.95


Current target allocation⁸ as of November 30, 2014

^1.

Reflects the expense ratios as stated in the most recent prospectus, which include the impact of 0.72% in acquired fund fees and expenses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report, which do not include acquired fund fees and expenses.

^2.

^3.

Source: Wells Fargo Funds Management, LLC. The WealthBuilder Growth Allocation Composite Index is weighted 20% in the Barclays U.S. Aggregate Bond Index, 56% in the Russell 3000^® Index, and 24% in the MSCI ACWI ex USA (Net) (includes Treasury issues, agency issues, corporate bond issues, and mortgage-backed securities). You cannot invest directly in an index.

^4.

^5.

^6.	The Russell 3000^® Index measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. You cannot invest directly in an index.

^7.	The ten largest holdings are calculated based on the value of the holdings divided by total net assets of the Portfolio. Holdings are subject to change and may have changed since the date specified.

^8.	Current target allocation is subject to change and is calculated based on the total long-term investments of the Portfolio. The Portfolio’s use of futures contracts to implement a Tactical Asset Allocation (TAA) shift toward stocks or bonds is reflected in the allocation shown.


12		Wells Fargo Advantage WealthBuilder Portfolios		Performance highlights (unaudited)

Wells Fargo Advantage WealthBuilder Equity Portfolio

Investment objective

The Portfolio seeks long-term capital appreciation with no emphasis on income.

Adviser

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Kandarp Acharya, CFA, FRM

Christian L. Chan, CFA

Average annual total returns (%) as of November 30, 2014

Including sales charge

Excluding sales charge

Expense ratios¹ (%)

Inception date

1 year

5 year

10 year

1 year

5 year

10 year

Gross

Net²

Wells Fargo Advantage WealthBuilder Equity Portfolio (WBGIX)

10-1-1997

5.52

10.75

4.98

7.13

11.09

5.13

2.39

2.28

WealthBuilder Equity Composite Index³

–

10.89

13.06

7.70

–

MSCI ACWI ex USA (Net)⁴

–

0.61

5.64

5.96

–

Russell 3000^® Index⁵

–

15.53

16.28

8.32

–

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

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

For WealthBuilder Portfolio shares, the maximum front-end sales charge is 1.50%.

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

Please see footnotes on page 13.


Performance highlights (unaudited)		Wells Fargo Advantage WealthBuilder Portfolios			13

Wells Fargo Advantage WealthBuilder Equity Portfolio (continued)


Ten largest holdings⁶ (%) as of November 30, 2014
MFS Value Fund Class I			15.03
T. Rowe Price Blue Chip Growth Fund Retail Class			10.55
Thornburg International Value Fund Institutional Class			9.04
American Century Growth Fund Institutional Class			7.55
Oakmark Fund Class I			7.49
Invesco Growth and Income Fund Class R6			7.45
Wells Fargo Advantage Endeavor Select Fund Institutional Class			6.10
Wells Fargo Advantage International Growth Portfolio			6.07
Wells Fargo Advantage Large Cap Growth Fund Institutional Class			6.00
Dodge & Cox International Stock Fund			2.99

Portfolio allocation⁷ as of November 30, 2014

^1.

Reflects the expense ratios as stated in the most recent prospectus, which include the impact of 0.78% in acquired fund fees and expenses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report, which do not include acquired fund fees and expenses.

^2.

^3.	Source: Wells Fargo Funds Management, LLC. The WealthBuilder Equity Composite Index is weighted 70% in the Russell 3000^® Index and 30% in the MSCI ACWI ex USA (Net). You cannot invest directly in an index.

^4.

^5.	The Russell 3000^® Index measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. You cannot invest directly in an index.

^6.	The ten largest holdings are calculated based on the value of the holdings divided by total net assets of the Portfolio. Holdings are subject to change and may have changed since the date specified.

^7.	Portfolio allocation is subject to change and is calculated based on the total long-term investments of the Portfolio.


14		Wells Fargo Advantage WealthBuilder Portfolios		Performance highlights (unaudited)

Wells Fargo Advantage WealthBuilder Tactical Equity Portfolio

Investment objective

The Portfolio seeks long-term capital appreciation with no emphasis on income.

Adviser

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Kandarp Acharya, CFA, FRM

Christian L. Chan, CFA

Average annual total returns (%) as of November 30, 2014

Including sales charge

Excluding sales charge

Expense ratios¹ (%)

Inception date

1 year

5 year

10 year

1 year

5 year

10 year

Gross

Net²

Wells Fargo Advantage WealthBuilder Tactical Equity Portfolio (WBGAX)

10-1-1997

4.90

11.24

5.60

6.50

11.57

5.76

2.32

2.26

WealthBuilder Tactical Equity Composite Index³

–

10.89

13.06

7.70

–

MSCI ACWI ex USA (Net)⁴

–

0.61

5.64

5.96

–

Russell 3000^® Index⁵

–

15.53

16.28

8.32

–

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

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

For WealthBuilder Portfolio shares, the maximum front-end sales charge is 1.50%.

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

Please see footnotes on page 15.


Performance highlights (unaudited)		Wells Fargo Advantage WealthBuilder Portfolios			15

Wells Fargo Advantage WealthBuilder Tactical Equity Portfolio (continued)


Ten largest holdings⁶ (%) as of November 30, 2014
MFS Value Fund Class I			15.09
Thornburg International Value Fund Institutional Class			9.01
T. Rowe Price Blue Chip Growth Fund Retail Class			8.83
Oakmark Fund Class I			7.51
Invesco Growth and Income Fund Class R6			7.47
American Century Growth Fund Institutional Class			6.33
Wells Fargo Advantage International Growth Portfolio			6.04
Wells Fargo Advantage Endeavor Select Fund Institutional Class			5.08
Wells Fargo Advantage Large Cap Growth Fund Institutional Class			5.02
Wells Fargo Advantage Emerging Growth Portfolio			3.75

Portfolio allocation⁷ as of November 30, 2014

^1.

Reflects the expense ratios as stated in the most recent prospectus, which include the impact of 0.76% in acquired fund fees and expenses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report, which do not include acquired fund fees and expenses.

^2.

^3.	Source: Wells Fargo Funds Management, LLC. The WealthBuilder Tactical Equity Composite Index is weighted 70% in the Russell 3000^® Index, and 30% in the MSCI ACWI ex USA (Net). You cannot invest directly in an index.

^4.

^5.	The Russell 3000^® Index measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. You cannot invest directly in an index.

^6.	The ten largest holdings are calculated based on the value of the holdings divided by total net assets of the Portfolio. Holdings are subject to change and may have changed since the date specified.

^7.	Portfolio allocation is subject to change and is calculated based on the total long-term investments of the Portfolio.


16		Wells Fargo Advantage WealthBuilder Portfolios		Fund expenses (unaudited)

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from June 1, 2014 to November 30, 2014.

Actual expenses

Hypothetical example for comparison purposes


	Beginning account value 6-1-2014		Ending account value 11-30-2014		Expenses paid during the period¹		Net annualized expense ratio
Wells Fargo Advantage WealthBuilder Conservative Allocation Portfolio
Actual	$	1,000.00	$	1,009.96	$	7.56		1.50	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.55	$	7.59		1.50	%
Wells Fargo Advantage WealthBuilder Moderate Balanced Portfolio
Actual	$	1,000.00	$	1,017.20	$	7.59		1.50	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.55	$	7.59		1.50	%
Wells Fargo Advantage WealthBuilder Growth Balanced Portfolio
Actual	$	1,000.00	$	1,023.58	$	7.61		1.50	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.55	$	7.59		1.50	%
Wells Fargo Advantage WealthBuilder Growth Allocation Portfolio
Actual	$	1,000.00	$	1,028.42	$	7.63		1.50	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.55	$	7.59		1.50	%
Wells Fargo Advantage WealthBuilder Equity Portfolio
Actual	$	1,000.00	$	1,036.84	$	7.66		1.50	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.55	$	7.59		1.50	%
Wells Fargo Advantage WealthBuilder Tactical Equity Portfolio
Actual	$	1,000.00	$	1,033.76	$	7.65		1.50	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.55	$	7.59		1.50	%

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


Portfolio of investments—November 30, 2014 (unaudited)		Wells Fargo Advantage WealthBuilder Portfolios			17

WEALTHBUILDER CONSERVATIVE ALLOCATION PORTFOLIO


Security name	Shares		Value


Investment Companies: 99.49%

Affiliated Master Portfolios: 26.96%
Wells Fargo Advantage Core Bond Portfolio			$	135,561,478
Wells Fargo Advantage Emerging Growth Portfolio				4,003,132
Wells Fargo Advantage International Growth Portfolio				6,520,915
Wells Fargo Advantage Small Company Value Portfolio				3,980,052

				150,065,577


Alternative Investment Funds: 3.55%
AQR Managed Futures Strategy Fund Class I		253,321		2,854,924
PIMCO CommodityRealReturn Strategy Fund Institutional Class		2,841,669		14,094,679
The Arbitrage Fund Class I		214,002		2,773,471

				19,723,074


International Equity Funds: 4.63%
DFA International Small Cap Value Portfolio Institutional Class		110,101		2,137,067
Dodge & Cox International Stock Fund		71,317		3,224,240
Oppenheimer Developing Markets Fund Class Y		69,132		2,658,121
T. Rowe Price International Discovery Fund		38,453		2,155,297
Templeton Institutional Foreign Equity Fund Primary Class		147,712		3,220,124
Thornburg International Value Fund Institutional Class		338,284		9,712,138
Wells Fargo Advantage Emerging Markets Equity Fund Institutional Class (l)		119,946		2,674,787

				25,781,774


International Fixed Income Funds: 4.67%
Oppenheimer International Bond Fund Class Y		4,324,311		25,989,109


U.S. Equity Funds: 13.89%
American Century Growth Fund Institutional Class		182,810		6,754,833
Invesco Growth and Income Fund Class R6		272,566		8,043,416
MFS Value Fund Class I		449,909		16,228,202
Oakmark Fund Class I		113,550		8,074,559
Royce Pennsylvania Mutual Fund Investor Class		274,917		3,975,306
T. Rowe Price Blue Chip Growth Fund Retail Class		132,167		9,456,570
Voya Global Real Estate Fund Class I		489,600		10,002,520
Wells Fargo Advantage Endeavor Select Fund Institutional Class (l)		345,679		5,427,154
Wells Fargo Advantage Large Cap Growth Fund Institutional Class (l)		110,001		5,392,264
Wells Fargo Advantage Small Cap Value Fund Institutional Class (l)		112,521		3,928,116

				77,282,940


U.S. Fixed Income Funds: 45.79%
PIMCO High Yield Fund Institutional Class		3,816,883		36,336,726
Wells Fargo Advantage Government Securities Fund Institutional Class (l)		9,293,909		104,277,657
Wells Fargo Advantage Short Duration Government Bond Fund Institutional Class (l)		11,301,747		114,260,667

				254,875,050


Total Investment Companies (Cost $513,557,096)				553,717,524

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


18		Wells Fargo Advantage WealthBuilder Portfolios		Portfolio of investments—November 30, 2014 (unaudited)

WEALTHBUILDER CONSERVATIVE ALLOCATION PORTFOLIO


Security name	Yield					Shares		Value

Short-Term Investments: 0.44%

Investment Companies: 0.17%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)		0.08	%				979,477	$	979,477


				Maturity date		Principal
U.S. Treasury Securities: 0.27%
U.S. Treasury Bill #(z)		0.02			12-4-2014	$	490,000		489,999
U.S. Treasury Bill #(z)		0.02			12-11-2014		1,010,000		1,009,994

									1,499,993


Total Short-Term Investments (Cost $2,479,472)									2,479,470


Total investments in securities (Cost $516,036,568) *	99.93	%		556,196,994
Other assets and liabilities, net	0.07			383,160

Total net assets	100.00	%	$	556,580,154

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

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

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

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

*	Cost for federal income tax purposes is $522,502,365 and unrealized gains (losses) consists of:


Gross unrealized gains	$	45,390,361
Gross unrealized losses		(11,695,732	)

Net unrealized gains	$	33,694,629

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


Portfolio of investments—November 30, 2014 (unaudited)		Wells Fargo Advantage WealthBuilder Portfolios			19

WEALTHBUILDER MODERATE BALANCED PORTFOLIO


Security name	Shares		Value


Investment Companies: 99.50%

Affiliated Master Portfolios: 23.21%
Wells Fargo Advantage Core Bond Portfolio			$	158,041,780
Wells Fargo Advantage Emerging Growth Portfolio				12,831,236
Wells Fargo Advantage International Growth Portfolio				20,936,564
Wells Fargo Advantage Small Company Value Portfolio				12,745,212

				204,554,792


Alternative Investment Funds: 3.52%
AQR Managed Futures Strategy Fund Class I		407,117		4,588,205
PIMCO CommodityRealReturn Strategy Fund Institutional Class		4,449,110		22,067,587
The Arbitrage Fund Class I		338,026		4,380,812

				31,036,604


International Equity Funds: 9.32%
DFA International Small Cap Value Portfolio Institutional Class		343,996		6,676,961
Dodge & Cox International Stock Fund		228,258		10,319,533
Oppenheimer Developing Markets Fund Class Y		219,726		8,448,463
T. Rowe Price International Discovery Fund		121,242		6,795,591
Templeton Institutional Foreign Equity Fund Primary Class		469,388		10,232,652
Thornburg International Value Fund Institutional Class		1,086,830		31,202,881
Wells Fargo Advantage Emerging Markets Equity Fund Institutional Class (l)		380,240		8,479,349

				82,155,430
				��

International Fixed Income Funds: 4.59%
Oppenheimer International Bond Fund Class Y		6,724,984		40,417,155


U.S. Equity Funds: 26.33%
American Century Growth Fund Institutional Class		587,422		21,705,230
Invesco Growth and Income Fund Class R6		875,682		25,841,376
MFS Value Fund Class I		1,443,101		52,052,650
Oakmark Fund Class I		364,837		25,943,545
Royce Pennsylvania Mutual Fund Investor Class		881,689		12,749,219
T. Rowe Price Blue Chip Growth Fund Retail Class		424,300		30,358,664
Voya Global Real Estate Fund Class I		784,191		16,021,015
Wells Fargo Advantage Endeavor Select Fund Institutional Class (l)		1,111,241		17,446,490
Wells Fargo Advantage Large Cap Growth Fund Institutional Class (l)		352,738		17,291,208
Wells Fargo Advantage Small Cap Value Fund Institutional Class (l)		362,161		12,643,038

				232,052,435


U.S. Fixed Income Funds: 32.53%
PIMCO High Yield Fund Institutional Class		5,514,102		52,494,255
Wells Fargo Advantage Government Securities Fund Institutional Class (l)		10,823,461		121,439,232
Wells Fargo Advantage Short Duration Government Bond Fund Institutional Class (l)		11,155,182		112,778,890

				286,712,377


Total Investment Companies (Cost $788,036,458)				876,928,793

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


20		Wells Fargo Advantage WealthBuilder Portfolios		Portfolio of investments—November 30, 2014 (unaudited)

WEALTHBUILDER MODERATE BALANCED PORTFOLIO


Security name	Yield					Shares		Value

Short-Term Investments: 0.57%

Investment Companies: 0.05%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)		0.08	%				476,264	$	476,264


				Maturity date		Principal
U.S. Treasury Securities: 0.52%
U.S. Treasury Bill #(z)		0.02			12-4-2014	$	��1,540,000		1,539,996
U.S. Treasury Bill #(z)		0.02			12-11-2014		3,020,000		3,019,982

									4,559,978


Total Short-Term Investments (Cost $5,036,248)									5,036,242


Total investments in securities (Cost $793,072,706) *	100.07	%		881,965,035
Other assets and liabilities, net	(0.07	)		(581,962	)

Total net assets	100.00	%	$	881,383,073

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

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

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

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

*	Cost for federal income tax purposes is $801,732,009 and unrealized gains (losses) consists of:


Gross unrealized gains	$	99,393,816
Gross unrealized losses		(19,160,790	)

Net unrealized gains	$	80,233,026

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


Portfolio of investments—November 30, 2014 (unaudited)		Wells Fargo Advantage WealthBuilder Portfolios			21

WEALTHBUILDER GROWTH BALANCED PORTFOLIO


Security name	Shares		Value


Investment Companies: 99.27%

Affiliated Master Portfolios: 19.75%
Wells Fargo Advantage Core Bond Portfolio			$	112,385,185
Wells Fargo Advantage Emerging Growth Portfolio				22,231,825
Wells Fargo Advantage International Growth Portfolio				35,302,864
Wells Fargo Advantage Small Company Value Portfolio				21,529,467

				191,449,341


Alternative Investment Funds: 3.43%
AQR Managed Futures Strategy Fund Class I		456,806		5,148,200
PIMCO CommodityRealReturn Strategy Fund Institutional Class		4,723,694		23,429,521
The Arbitrage Fund Class I		361,760		4,688,414

				33,266,135


International Equity Funds: 14.14%
DFA International Small Cap Value Portfolio Institutional Class		570,498		11,073,376
Dodge & Cox International Stock Fund		378,680		17,120,124
Oppenheimer Developing Markets Fund Class Y		362,171		13,925,465
T. Rowe Price International Discovery Fund		200,999		11,265,997
Templeton Institutional Foreign Equity Fund Primary Class		777,004		16,938,695
Thornburg International Value Fund Institutional Class		1,836,865		52,736,381
Wells Fargo Advantage Emerging Markets Equity Fund Institutional Class (l)		624,519		13,926,775

				136,986,813


International Fixed Income Funds: 4.83%
Oppenheimer International Bond Fund Class Y		7,786,122		46,794,594


U.S. Equity Funds: 39.75%
American Century Growth Fund Institutional Class		1,005,499		37,153,205
Invesco Growth and Income Fund Class R6		1,485,243		43,829,508
MFS Value Fund Class I		2,461,957		88,802,783
Oakmark Fund Class I		618,514		43,982,544
Royce Pennsylvania Mutual Fund Investor Class		1,484,608		21,467,432
T. Rowe Price Blue Chip Growth Fund Retail Class		727,046		52,020,123
Voya Global Real Estate Fund Class I		860,037		17,570,564
Wells Fargo Advantage Endeavor Select Fund Institutional Class (l)		1,897,493		29,790,644
Wells Fargo Advantage Large Cap Growth Fund Institutional Class (l)		603,127		29,565,261
Wells Fargo Advantage Small Cap Value Fund Institutional Class (l)		604,477		21,102,295

				385,284,359


U.S. Fixed Income Funds: 17.37%
PIMCO High Yield Fund Institutional Class		4,923,048		46,867,413
Wells Fargo Advantage Government Securities Fund Institutional Class (l)		10,828,819		121,499,347

				168,366,760


Total Investment Companies (Cost $815,421,588)				962,148,002

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


22		Wells Fargo Advantage WealthBuilder Portfolios		Portfolio of investments—November 30, 2014 (unaudited)

WEALTHBUILDER GROWTH BALANCED PORTFOLIO


Security name	Yield					Shares		Value

Short-Term Investments: 0.78%

Investment Companies: 0.28%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)		0.08	%				2,751,249	$	2,751,249


				Maturity date		Principal
U.S. Treasury Securities: 0.50%
U.S. Treasury Bill #(z)		0.02			12-4-2014	$	1,585,000		1,584,996
U.S. Treasury Bill #(z)		0.02			12-11-2014		3,250,000		3,249,981

									4,834,977


Total Short-Term Investments (Cost $7,586,231)									7,586,226


Total investments in securities (Cost $823,007,819) *	100.05	%		969,734,228
Other assets and liabilities, net	(0.05	)		(516,843	)

Total net assets	100.00	%	$	969,217,385

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

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

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

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

*	Cost for federal income tax purposes is $845,195,142 and unrealized gains (losses) consists of:


Gross unrealized gains	$	155,342,113
Gross unrealized losses		(30,803,027	)

Net unrealized gains	$	124,539,086

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


Portfolio of investments—November 30, 2014 (unaudited)		Wells Fargo Advantage WealthBuilder Portfolios			23

WEALTHBUILDER GROWTH ALLOCATION PORTFOLIO


Security name	Shares		Value


Investment Companies: 99.36%

Affiliated Master Portfolios: 16.33%
Wells Fargo Advantage Core Bond Portfolio			$	24,845,312
Wells Fargo Advantage Emerging Growth Portfolio				12,742,404
Wells Fargo Advantage International Growth Portfolio				19,731,134
Wells Fargo Advantage Small Company Value Portfolio				12,097,626

				69,416,476


Alternative Investment Funds: 3.42%
AQR Managed Futures Strategy Fund Class I		201,204		2,267,573
PIMCO CommodityRealReturn Strategy Fund Institutional Class		2,059,144		10,213,355
The Arbitrage Fund Class I		159,136		2,062,407

				14,543,335


International Equity Funds: 18.13%
DFA International Small Cap Value Portfolio Institutional Class		318,035		6,173,061
Dodge & Cox International Stock Fund		211,646		9,568,522
Oppenheimer Developing Markets Fund Class Y		206,158		7,926,757
T. Rowe Price International Discovery Fund		113,067		6,337,396
Templeton Institutional Foreign Equity Fund Primary Class		432,566		9,429,946
Thornburg International Value Fund Institutional Class		1,035,940		29,741,850
Wells Fargo Advantage Emerging Markets Equity Fund Institutional Class (l)		354,467		7,904,606

				77,082,138


International Fixed Income Funds: 2.50%
Oppenheimer International Bond Fund Class Y		1,767,303		10,621,492


U.S. Equity Funds: 50.63%
American Century Growth Fund Institutional Class		568,211		20,995,397
Invesco Growth and Income Fund Class R6		835,326		24,650,481
MFS Value Fund Class I		1,388,519		50,083,879
Oakmark Fund Class I		348,497		24,781,591
Royce Pennsylvania Mutual Fund Investor Class		833,708		12,055,420
T. Rowe Price Blue Chip Growth Fund Retail Class		414,612		29,665,486
Voya Global Real Estate Fund Class I		374,587		7,652,811
Wells Fargo Advantage Endeavor Select Fund Institutional Class (l)		1,069,006		16,783,398
Wells Fargo Advantage Large Cap Growth Fund Institutional Class (l)		341,985		16,764,125
Wells Fargo Advantage Small Cap Value Fund Institutional Class (l)		338,314		11,810,545

				215,243,133


U.S. Fixed Income Funds: 8.35%
PIMCO High Yield Fund Institutional Class		1,117,747		10,640,947
Wells Fargo Advantage Government Securities Fund Institutional Class (l)		2,213,432		24,834,703

				35,475,650


Total Investment Companies (Cost $349,547,445)				422,382,224

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


24		Wells Fargo Advantage WealthBuilder Portfolios		Portfolio of investments—November 30, 2014 (unaudited)

WEALTHBUILDER GROWTH ALLOCATION PORTFOLIO


Security name	Yield					Shares		Value

Short-Term Investments: 0.71%

Investment Companies: 0.23%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)		0.08	%				966,950	$	966,950


				Maturity date		Principal
U.S. Treasury Securities : 0.48%
U.S. Treasury Bill #(z)		0.02			12-4-2014	$	655,000		654,998
U.S. Treasury Bill #(z)		0.02			12-11-2014		1,380,000		1,379,992

									2,034,990


Total Short-Term Investments (Cost $3,001,943)									3,001,940


Total investments in securities (Cost $352,549,388) *	100.07	%		425,384,164
Other assets and liabilities, net	(0.07	)		(301,905	)

Total net assets	100.00	%	$	425,082,259

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

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

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

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

*	Cost for federal income tax purposes is $360,059,707 and unrealized gains (losses) consists of:


Gross unrealized gains	$	76,778,608
Gross unrealized losses		(11,454,151	)

Net unrealized gains	$	65,324,457

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


Portfolio of investments—November 30, 2014 (unaudited)		Wells Fargo Advantage WealthBuilder Portfolios			25

WEALTHBUILDER EQUITY PORTFOLIO


Security name				Shares		Value


Investment Companies: 99.90%

Affiliated Master Portfolios: 11.03%
Wells Fargo Advantage Emerging Growth Portfolio						$	3,469,370
Wells Fargo Advantage International Growth Portfolio							8,431,553
Wells Fargo Advantage Small Company Value Portfolio							3,410,445

							15,311,368


International Equity Funds: 23.81%
DFA International Small Cap Value Portfolio Institutional Class					139,904		2,715,538
Dodge & Cox International Stock Fund					91,716		4,146,499
Oppenheimer Developing Markets Fund Class Y					87,904		3,379,917
T. Rowe Price International Discovery Fund					48,853		2,738,239
Templeton Institutional Foreign Equity Fund Primary Class					189,310		4,126,968
Thornburg International Value Fund Institutional Class					436,932		12,544,320
Wells Fargo Advantage Emerging Markets Equity Fund Institutional Class (l)					152,252		3,395,228

							33,046,709


U.S. Equity Funds: 65.06%
American Century Growth Fund Institutional Class					283,735		10,484,013
Invesco Growth and Income Fund Class R6					350,403		10,340,404
MFS Value Fund Class I					578,352		20,861,175
Oakmark Fund Class I					146,185		10,395,232
Royce Pennsylvania Mutual Fund Investor Class					235,877		3,410,783
T. Rowe Price Blue Chip Growth Fund Retail Class					204,672		14,644,281
Wells Fargo Advantage Endeavor Select Fund Institutional Class (l)					539,130		8,464,338
Wells Fargo Advantage Large Cap Growth Fund Institutional Class (l)					169,932		8,330,059
Wells Fargo Advantage Small Cap Value Fund Institutional Class (l)					96,772		3,378,298

							90,308,583


Total Investment Companies (Cost $100,523,696)							138,666,660


	Yield
Short-Term Investments: 0.29%

Investment Companies: 0.29%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (u)(l)		0.08	%		394,733		394,733


Total Short-Term Investments (Cost $394,733)							394,733


Total investments in securities (Cost $100,918,429) *	100.19	%		139,061,393
Other assets and liabilities, net	(0.19	)		(258,696	)

Total net assets	100.00	%	$	138,802,697

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

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

*	Cost for federal income tax purposes is $101,131,999 and unrealized gains (losses) consists of:


Gross unrealized gains	$	38,671,618
Gross unrealized losses		(742,224	)

Net unrealized gains	$	37,929,394

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


26		Wells Fargo Advantage WealthBuilder Portfolios		Portfolio of investments—November 30, 2014 (unaudited)

WEALTHBUILDER TACTICAL EQUITY PORTFOLIO


Security name				Shares		Value


Investment Companies: 99.64%

Affiliated Master Portfolios: 13.48%
Wells Fargo Advantage Emerging Growth Portfolio						$	16,063,993
Wells Fargo Advantage International Growth Portfolio							25,874,003
Wells Fargo Advantage Small Company Value Portfolio							15,794,968

							57,732,964


International Equity Funds: 23.51%
DFA International Small Cap Value Portfolio Institutional Class					422,060		8,192,181
Dodge & Cox International Stock Fund					278,555		12,593,450
Oppenheimer Developing Markets Fund Class Y					266,200		10,235,405
T. Rowe Price International Discovery Fund					149,068		8,355,245
Templeton Institutional Foreign Equity Fund Primary Class					572,894		12,489,094
Thornburg International Value Fund Institutional Class					1,344,235		38,592,987
Wells Fargo Advantage Emerging Markets Equity Fund Institutional Class (l)					460,165		10,261,690

							100,720,052


U.S. Equity Funds: 62.65%
American Century Growth Fund Institutional Class					733,127		27,089,030
Invesco Growth and Income Fund Class R6					1,084,475		32,002,861
MFS Value Fund Class I					1,792,127		64,642,035
Oakmark Fund Class I					452,527		32,179,211
Royce Pennsylvania Mutual Fund Investor Class					1,088,979		15,746,640
T. Rowe Price Blue Chip Growth Fund Retail Class					528,425		37,808,828
Wells Fargo Advantage Endeavor Select Fund Institutional Class (l)					1,384,699		21,739,781
Wells Fargo Advantage Large Cap Growth Fund Institutional Class (l)					438,879		21,513,863
Wells Fargo Advantage Small Cap Value Fund Institutional Class (l)					446,450		15,585,565

							268,307,814


Total Investment Companies (Cost $327,743,664)							426,760,830


	Yield
Short-Term Investments: 0.33%

Investment Companies: 0.33%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (u)(l)		0.08	%		1,401,701		1,401,701


Total Short-Term Investments (Cost $1,401,701)							1,401,701


Total investments in securities (Cost $329,145,365) *	99.97	%		428,162,531
Other assets and liabilities, net	0.03			114,431

Total net assets	100.00	%	$	428,276,962

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

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

*	Cost for federal income tax purposes is $337,170,494 and unrealized gains (losses) consists of:


Gross unrealized gains	$	99,017,166
Gross unrealized losses		(8,025,129	)

Net unrealized gains	$	90,992,037

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

This page is intentionally left blank.


28		Wells Fargo Advantage WealthBuilder Portfolios		Statements of assets and liabilities—November 30, 2014 (unaudited)


	WealthBuilder Conservative Allocation Portfolio		WealthBuilder Moderate Balanced Portfolio

Assets
Investments
In unaffiliated Underlying Funds and securities, at value (see cost below)	$	169,191,295	$	386,855,772
In affiliated Underlying Funds, at value (see cost below)		236,940,122		290,554,471
In affiliated Master Portfolios, at value (see cost below)		150,065,577		204,554,792

Total investments, at value (see cost below)		556,196,994		881,965,035
Cash		0		0
Receivable for investments sold		120,523		804,436
Receivable for Portfolio shares sold		1,707,914		2,026,086
Receivable for dividends		457,433		578,250
Prepaid expenses and other assets		37,729		57,817

Total assets		558,520,593		885,431,624


Liabilities
Payable for investments purchased		428,429		541,205
Payable for Portfolio shares redeemed		706,171		2,081,149
Payable for daily variation margin on open futures contracts		101,750		319,375
Advisory fee payable		69,737		111,868
Distribution fee payable		344,165		542,336
Administration fee payable		142,255		224,166
Shareholder servicing fees payable		114,722		180,469
Accrued expenses and other liabilities		33,210		47,983

Total liabilities		1,940,439		4,048,551

Total net assets	$	556,580,154	$	881,383,073


NET ASSETS CONSIST OF
Paid-in capital	$	510,049,974	$	770,724,026
Undistributed (overdistributed) or (accumulated) net investment income (loss)		54,686		(130,248	)
Accumulated net realized gains (losses) on investments		5,432,858		19,087,964
Net unrealized gains on investments		41,042,636		91,701,331

Total net assets	$	556,580,154	$	881,383,073


COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets	$	556,580,154	$	881,383,073
Shares outstanding¹		50,525,628		70,958,185
Net asset value per share		$11.02		$12.42
Maximum offering price per share²		$11.19		$12.61

Investments in unaffiliated Underlying Funds and securities, at cost	$	142,394,564	$	322,123,420

Investments in affiliated Underlying Funds, at cost	$	226,032,863	$	269,177,853

Investments in affiliated Master Portfolios, at cost	$	147,609,141	$	201,771,433

Total investments, at cost	$	516,036,568	$	793,072,706

^1.	Each Portfolio has an unlimited number of authorized shares.

^2.	Maximum offering price is computed as 100/98.50 of net asset value. On investments of $50,000 or more, the offering price is reduced.

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


Statements of assets and liabilities—November 30, 2014 (unaudited)		Wells Fargo Advantage WealthBuilder Portfolios			29


WealthBuilder Growth Balanced Portfolio			WealthBuilder Growth Allocation Portfolio			WealthBuilder Equity Portfolio			WealthBuilder Tactical Equity Portfolio



$	559,649,316		$	276,903,361		$	99,787,369		$	299,926,967
	218,635,571			79,064,327			23,962,656			70,502,600
	191,449,341			69,416,476			15,311,368			57,732,964

	969,734,228			425,384,164			139,061,393			428,162,531
	0			167,544			0			306,333
	0			0			5,267			291,966
	1,909,323			995,626			119,446			601,556
	441,911			95,995			0			0
	49,526			31,080			18,782			30,653

	972,134,988			426,674,409			139,204,888			429,393,039



	510,988			257,073			0			0
	851,581			636,165			219,259			570,658
	349,500			151,250			0			0
	125,910			49,257			10,600			50,513
	592,953			258,419			84,929			261,416
	245,087			106,813			35,104			108,052
	197,135			86,140			28,310			87,138
	44,449			47,033			23,989			38,300

	2,917,603			1,592,150			402,191			1,116,077

$	969,217,385		$	425,082,259		$	138,802,697		$	428,276,962



$	808,762,102		$	340,120,985		$	115,740,884		$	410,163,993
	(1,115,427	)		(1,077,864	)		(1,006,280	)		(3,212,721	)
	11,900,215			11,980,607			(14,074,871	)		(77,691,476	)
	149,670,495			74,058,531			38,142,964			99,017,166

$	969,217,385		$	425,082,259		$	138,802,697		$	428,276,962



$	969,217,385		$	425,082,259		$	138,802,697		$	428,276,962
	65,679,855			27,972,289			8,963,915			22,926,571
	$14.76			$15.20			$15.48			$18.68
	$14.98			$15.43			$15.72			$18.96

$	447,986,940		$	220,091,744		$	70,387,885		$	222,003,633

$	185,587,416		$	63,504,584		$	16,102,062		$	49,419,770

$	189,433,463		$	68,953,060		$	14,428,482		$	57,721,962

$	823,007,819		$	352,549,388		$	100,918,429		$	329,145,365

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


30		Wells Fargo Advantage WealthBuilder Portfolios		Statements of operations—six months ended November 30, 2014 (unaudited)


	WealthBuilder Conservative Allocation Portfolio			WealthBuilder Moderate Balanced Portfolio

Investment income
Dividends from affiliated Underlying Funds	$	1,511,004		$	1,567,578
Dividends from unaffiliated Underlying Funds		1,992,294			3,491,504
Interest allocated from affiliated Master Portfolios		1,502,982			1,701,406
Dividends allocated from affiliated Master Portfolios*		67,858			206,968
Securities lending income allocated from affiliated Master Portfolios		8,611			14,578
Interest		123			366
Expenses allocated from affiliated Master Portfolios		(311,668	)		(480,800	)
Waivers allocated from affiliated Master Portfolios		16,204			18,326

Total investment income		4,787,408			6,519,926


Expenses
Advisory fee		571,089			873,392
Administration fee		885,188			1,353,758
Shareholder servicing fees		712,966			1,091,431
Distribution fee		2,141,583			3,275,221
Custody and accounting fees		38,658			41,572
Professional fees		14,737			14,263
Registration fees		20,264			37,752
Shareholder report expenses		17,281			40,721
Trustees’ fees and expenses		6,596			6,346
Interest expense		446			0
Other fees and expenses		8,602			15,993

Total expenses		4,417,410			6,750,449
Less: Fee waivers and/or expense reimbursements		(133,797	)		(200,007	)

Net expenses		4,283,613			6,550,442

Net investment income (loss)		503,795			(30,516	)


REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS

Net realized gains (losses) on:
Unaffiliated Underlying Funds		4,930,625			10,660,061
Affiliated Underlying Funds		(1,163,042	)		(1,148,937	)
Futures transactions		904,752			2,688,628
Capital gain distributions from unaffiliated Underlying Funds		813,952			2,568,825
Securities transactions allocated from affiliated Master Portfolios		1,864,083			2,893,606

Net realized gains on investments		7,350,370			17,662,183


Net change in unrealized gains (losses) on:
Unaffiliated Underlying Funds		(6,722,894	)		(10,243,300	)
Affiliated Underlying Funds		3,406,611			5,163,057
Futures transactions		356,491			1,230,182
Securities transactions allocated from affiliated Master Portfolios		451,285			987,762

Net change in unrealized gains (losses) on investments		(2,508,507	)		(2,862,299	)

Net realized and unrealized gains (losses) on investments		4,841,863			14,799,884

Net increase in net assets resulting from operations	$	5,345,658		$	14,769,368


* Net of foreign dividend withholding taxes allocated from affiliated Master Portfolios in the amount of		$5,390			$16,394

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


Statements of operations—six months ended November 30, 2014 (unaudited)		Wells Fargo Advantage WealthBuilder Portfolios			31


WealthBuilder Growth Balanced Portfolio			WealthBuilder Growth Allocation Portfolio			WealthBuilder Equity Portfolio			WealthBuilder Tactical Equity Portfolio


$	721,900		$	143,118		$	106		$	625
	4,284,057			1,653,944			456,565			1,418,935
	1,278,992			276,239			0			0
	344,303			192,885			72,062			261,713
	18,415			8,509			2,427			9,709
	392			166			0			0
	(547,540	)		(235,332	)		(67,808	)		(252,747	)
	13,769			2,950			0			0

	6,114,288			2,042,479			463,352			1,438,235



	948,023			410,414			136,398			422,279
	1,469,435			636,141			211,417			654,532
	1,184,091			513,017			170,108			527,849
	3,555,085			1,539,052			511,493			1,583,546
	42,553			38,553			16,753			29,406
	14,640			14,245			14,349			14,245
	35,394			12,119			13,089			15,752
	41,083			21,256			12,096			23,101
	6,745			5,900			5,890			6,461
	0			0			0			244
	9,954			6,116			4,025			6,347

	7,307,003			3,196,813			1,095,618			3,283,762
	(196,834	)		(118,710	)		(72,632	)		(116,426	)

	7,110,169			3,078,103			1,022,986			3,167,336

	(995,881	)		(1,035,624	)		(559,634	)		(1,729,101	)





	16,285,902			7,822,004			4,844,857			12,831,387
	114,774			33,439			71,561			21,048
	2,861,986			1,229,020			0			0
	4,306,275			2,402,140			1,027,889			3,152,876
	3,681,684			1,502,160			787,647			2,121,696

	27,250,621			12,988,763			6,731,954			18,127,007



	(11,960,016	)		(4,226,686	)		(2,021,489	)		(5,704,999	)
	5,489,725			2,441,265			1,123,812			2,708,666
	1,242,189			505,688			0			0
	925,697			611,789			(195,018	)		236,462

	(4,302,405	)		(667,944	)		(1,092,695	)		(2,759,871	)

	22,948,216			12,320,819			5,639,259			15,367,136

$	21,952,335		$	11,285,195		$	5,079,625		$	13,638,035


	$27,094			$15,139			$6,633			$20,410

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


32		Wells Fargo Advantage WealthBuilder Portfolios		Statements of changes in net assets


	WealthBuilder Conservative Allocation Portfolio
	Six months ended November 30, 2014 (unaudited)						Year ended May 31, 2014

Operations
Net investment income				$	503,795					$	1,922,305
Net realized gains on investments					7,350,370						14,263,314
Net change in unrealized gains (losses) on investments					(2,508,507	)					8,392,129

Net increase in net assets resulting from operations					5,345,658						24,577,748


Distributions to shareholders from
Net investment income					(454,457	)					(2,575,184	)
Net realized gains					0						(23,468,739	)

Total distributions to shareholders					(454,457	)					(26,043,923	)


Capital share transactions		Shares						Shares
Proceeds from shares sold		5,149,498			56,272,791			10,056,730			109,055,405
Reinvestment of distributions		41,503			452,581			2,436,686			25,988,027
Payment for shares redeemed		(7,869,730	)		(85,973,019	)		(19,568,052	)		(212,617,956	)

Net decrease in net assets resulting from capital share transactions					(29,247,647	)					(77,574,524	)

Total decrease in net assets					(24,356,446	)					(79,040,699	)


Net assets
Beginning of period					580,936,600						659,977,299

End of period				$	556,580,154					$	580,936,600

Undistributed net investment income				$	54,686					$	5,348

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


Statements of changes in net assets		Wells Fargo Advantage WealthBuilder Portfolios			33


	WealthBuilder Moderate Balanced Portfolio
	Six months ended November 30, 2014 (unaudited)						Year ended May 31, 2014

Operations
Net investment income (loss)				$	(30,516	)				$	1,442,504
Net realized gains on investments					17,662,183						33,305,747
Net change in unrealized gains (losses) on investments					(2,862,299	)					28,661,373

Net increase in net assets resulting from operations					14,769,368						63,409,624


Distributions to shareholders from
Net investment income					0						(2,786,020	)
Net realized gains					0						(47,081,373	)

Total distributions to shareholders					0						(49,867,393	)


Capital share transactions		Shares						Shares
Proceeds from shares sold		6,927,218			84,956,350			15,090,262			183,334,200
Reinvestment of distributions		0			0			4,212,471			49,797,264
Payment for shares redeemed		(6,990,169	)		(85,669,277	)		(14,712,825	)		(178,597,796	)

Net increase (decrease) in net assets resulting from capital share transactions					(712,927	)					54,533,668

Total increase in net assets					14,056,441						68,075,899


Net assets
Beginning of period					867,326,632						799,250,733

End of period				$	881,383,073					$	867,326,632

Overdistributed/accumulated net investment income (loss)				$	(130,248	)				$	(99,732	)

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


34		Wells Fargo Advantage WealthBuilder Portfolios		Statements of changes in net assets


	WealthBuilder Growth Balanced Portfolio
	Six months ended November 30, 2014 (unaudited)						Year ended May 31, 2014

Operations
Net investment income (loss)				$	(995,881	)				$	314,386
Net realized gains on investments					27,250,621						49,040,673
Net change in unrealized gains (losses) on investments					(4,302,405	)					47,732,300

Net increase in net assets resulting from operations					21,952,335						97,087,359


Distributions to shareholders from
Net investment income					0						(2,254,368	)


Capital share transactions		Shares						Shares
Proceeds from shares sold		5,491,525			79,613,780			13,489,194			185,885,140
Reinvestment of distributions		0			0			159,741			2,252,344
Payment for shares redeemed		(4,756,711	)		(68,941,431	)		(9,808,510	)		(134,662,900	)

Net increase in net assets resulting from capital share transactions					10,672,349						53,474,584

Total increase in net assets					32,624,684						148,307,575


Net assets
Beginning of period					936,592,701						788,285,126

End of period				$	969,217,385					$	936,592,701

Overdistributed/accumulated net investment income (loss)				$	(1,115,427	)				$	(119,546	)

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


Statements of changes in net assets		Wells Fargo Advantage WealthBuilder Portfolios			35


	WealthBuilder Growth Allocation Portfolio
	Six months ended November 30, 2014 (unaudited)						Year ended May 31, 2014

Operations
Net investment loss				$	(1,035,624	)				$	(702,253	)
Net realized gains on investments					12,988,763						21,676,743
Net change in unrealized gains (losses) on investments					(667,944	)					26,671,747

Net increase in net assets resulting from operations					11,285,195						47,646,237


Distributions to shareholders from
Net investment income					0						(43,287	)
Net realized gains					0						(4,017,022	)

Total distributions to shareholders					0						(4,060,309	)


Capital share transactions		Shares						Shares
Proceeds from shares sold		2,736,296			40,812,851			5,796,666			82,027,261
Reinvestment of distributions		0			0			287,901			4,051,991
Payment for shares redeemed		(1,970,748	)		(29,253,449	)		(3,707,919	)		(52,150,247	)

Net increase in net assets resulting from capital share transactions					11,559,402						33,929,005

Total increase in net assets					22,844,597						77,514,933


Net assets
Beginning of period					402,237,662						324,722,729

End of period				$	425,082,259					$	402,237,662

Accumulated net investment loss				$	(1,077,864	)				$	(42,240	)

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


36		Wells Fargo Advantage WealthBuilder Portfolios		Statements of changes in net assets


	WealthBuilder Equity Portfolio
	Six months ended November 30, 2014 (unaudited)						Year ended May 31, 2014

Operations
Net investment loss				$	(559,634	)				$	(698,344	)
Net realized gains on investments					6,731,954						8,097,766
Net change in unrealized gains (losses) on investments					(1,092,695	)					12,397,639

Net increase in net assets resulting from operations					5,079,625						19,797,061


Capital share transactions		Shares						Shares
Proceeds from shares sold		563,298			8,413,546			1,836,620			26,018,840
Payment for shares redeemed		(850,054	)		(12,827,040	)		(2,094,333	)		(29,567,549	)

Net decrease in net assets resulting from capital share transactions					(4,413,494	)					(3,548,709	)

Total increase in net assets					666,131						16,248,352


Net assets
Beginning of period					138,136,566						121,888,214

End of period				$	138,802,697					$	138,136,566

Accumulated net investment loss				$	(1,006,280	)				$	(446,646	)

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


Statements of changes in net assets		Wells Fargo Advantage WealthBuilder Portfolios			37


	WealthBuilder Tactical Equity Portfolio
	Six months ended November 30, 2014 (unaudited)						Year ended May 31, 2014

Operations
Net investment loss				$	(1,729,101	)				$	(1,766,475	)
Net realized gains on investments					18,127,007						23,788,503
Net change in unrealized gains (losses) on investments					(2,759,871	)					35,395,782

Net increase in net assets resulting from operations					13,638,035						57,417,810


Capital share transactions		Shares						Shares
Proceeds from shares sold		1,915,960			35,059,872			4,165,113			71,353,382
Payment for shares redeemed		(2,336,352	)		(42,370,440	)		(4,611,575	)		(78,155,419	)

Net decrease in net assets resulting from capital share transactions					(7,310,568	)					(6,802,037	)

Total increase in net assets					6,327,467						50,615,773


Net assets
Beginning of period					421,949,495						371,333,722

End of period				$	428,276,962					$	421,949,495

Accumulated net investment loss				$	(3,212,721	)				$	(1,483,620	)

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


38		Wells Fargo Advantage WealthBuilder Portfolios		Financial highlights


	Beginning net asset value per share		Net investment income (loss)¹			Net realized and unrealized gains (losses) on investments			Distributions from net investment income			Distributions from net realized gains			Ending net asset value per share
WealthBuilder Conservative Allocation Portfolio
Six months ended November 30, 2014 (unaudited)	$	10.92		0.01			0.10			(0.01	)		0.00		$	11.02
Year ended May 31, 2014	$	10.95		0.03			0.42			(0.05	)		(0.43	)	$	10.92
Year ended May 31, 2013	$	10.57		0.06			0.59			(0.08	)		(0.19	)	$	10.95
Year ended May 31, 2012	$	11.02		0.16			(0.20	)		(0.21	)		(0.20	)	$	10.57
Year ended May 31, 2011	$	10.08		0.18			0.96			(0.20	)		0.00		$	11.02
Year ended May 31, 2010	$	9.38		0.21			0.71			(0.22	)		0.00		$	10.08
WealthBuilder Moderate Balanced Portfolio
Six months ended November 30, 2014 (unaudited)	$	12.21		(0.00	)³		0.21			0.00			0.00		$	12.42
Year ended May 31, 2014	$	12.03		0.02			0.91			(0.04	)		(0.71	)	$	12.21
Year ended May 31, 2013	$	10.96		0.04	⁴		1.21			(0.06	)		(0.12	)	$	12.03
Year ended May 31, 2012	$	11.50		0.13	⁴		(0.48	)		(0.19	)		(0.00	)³	$	10.96
Year ended May 31, 2011	$	10.01		0.14			1.54			(0.19	)		0.00		$	11.50
Year ended May 31, 2010	$	9.01		0.15			1.00			(0.15	)		0.00		$	10.01
WealthBuilder Growth Balanced Portfolio
Six months ended November 30, 2014 (unaudited)	$	14.42		(0.02	)		0.36			0.00			0.00		$	14.76
Year ended May 31, 2014	$	12.90		0.01			1.55			(0.04	)		0.00		$	14.42
Year ended May 31, 2013	$	10.97		0.01			1.95			(0.03	)		0.00		$	12.90
Year ended May 31, 2012	$	11.82		0.09			(0.82	)		(0.12	)		0.00		$	10.97
Year ended May 31, 2011	$	9.60		0.06			2.26			(0.10	)		0.00		$	11.82
Year ended May 31, 2010	$	8.30		0.10			1.29			(0.09	)		0.00		$	9.60
WealthBuilder Growth Allocation Portfolio
Six months ended November 30, 2014 (unaudited)	$	14.78		(0.04	)		0.46			0.00			0.00		$	15.20
Year ended May 31, 2014	$	13.08		(0.03	)		1.89			(0.00	)³		(0.16	)	$	14.78
Year ended May 31, 2013	$	10.87		(0.01	)		2.23			(0.01	)		0.00		$	13.08
Year ended May 31, 2012	$	11.83		0.05	⁴		(0.94	)		(0.07	)		0.00		$	10.87
Year ended May 31, 2011	$	9.34		0.02			2.53			(0.06	)		0.00		$	11.83
Year ended May 31, 2010	$	7.98		0.04			1.36			(0.04	)		0.00		$	9.34
WealthBuilder Equity Portfolio
Six months ended November 30, 2014 (unaudited)	$	14.93		(0.06	)		0.61			0.00			0.00		$	15.48
Year ended May 31, 2014	$	12.82		(0.08	)		2.19			0.00			0.00		$	14.93
Year ended May 31, 2013	$	10.34		(0.05	)		2.53			0.00			0.00		$	12.82
Year ended May 31, 2012	$	11.45		(0.04	)		(1.07	)		0.00			0.00		$	10.34
Year ended May 31, 2011	$	9.10		(0.07	)		2.42			0.00			0.00		$	11.45
Year ended May 31, 2010	$	7.72		(0.06	)		1.44			0.00			0.00		$	9.10
WealthBuilder Tactical Equity Portfolio
Six months ended November 30, 2014 (unaudited)	$	18.07		(0.08	)		0.69			0.00			0.00		$	18.68
Year ended May 31, 2014	$	15.61		(0.08	)		2.54			0.00			0.00		$	18.07
Year ended May 31, 2013	$	13.12		(0.07	)		2.58			(0.02	)		0.00		$	15.61
Year ended May 31, 2012	$	13.89		(0.08	)⁴		(0.69	)		0.00			0.00		$	13.12
Year ended May 31, 2011	$	11.05		(0.10	)		2.94			0.00			0.00		$	13.89
Year ended May 31, 2010	$	9.13		(0.06	)		1.98			0.00			0.00		$	11.05

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

^2.	Total return calculations do not include any sales charges.

^3.	Amount is less than $0.005.

^4.	Calculated based upon average shares outstanding

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


Financial highlights		Wells Fargo Advantage WealthBuilder Portfolios			39


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

	0.18	%		1.55	%		1.50	%		1.00	%		79	%	$	556,580
	0.32	%		1.55	%		1.50	%		4.19	%		139	%	$	580,937
	0.53	%		1.54	%		1.50	%		6.19	%		128	%	$	659,977
	1.51	%		1.54	%		1.50	%		(0.32	)%		176	%	$	662,092
	1.75	%		1.58	%		1.50	%		11.42	%		168	%	$	630,085
	2.18	%		1.56	%		1.50	%		9.87	%		157	%	$	442,245

	(0.01	)%		1.55	%		1.50	%		1.72	%		64	%	$	881,383
	0.17	%		1.54	%		1.50	%		7.94	%		110	%	$	867,327
	0.34	%		1.54	%		1.50	%		11.42	%		115	%	$	799,251
	1.20	%		1.54	%		1.50	%		(2.96	)%		145	%	$	709,801
	1.24	%		1.55	%		1.50	%		16.96	%		142	%	$	691,145
	1.62	%		1.57	%		1.50	%		12.81	%		130	%	$	472,947

	(0.21	)%		1.54	%		1.50	%		2.36	%		46	%	$	969,217
	0.04	%		1.54	%		1.50	%		12.07	%		94	%	$	936,593
	0.06	%		1.54	%		1.50	%		17.85	%		117	%	$	788,285
	0.84	%		1.54	%		1.50	%		(6.17	)%		131	%	$	689,816
	0.59	%		1.54	%		1.50	%		24.27	%		140	%	$	785,283
	1.12	%		1.56	%		1.50	%		16.75	%		120	%	$	590,907

	(0.50	)%		1.56	%		1.50	%		2.84	%		30	%	$	425,082
	(0.19	)%		1.57	%		1.50	%		14.28	%		60	%	$	402,238
	(0.13	)%		1.57	%		1.50	%		20.39	%		98	%	$	324,723
	0.49	%		1.57	%		1.50	%		(7.47	)%		96	%	$	276,657
	0.16	%		1.57	%		1.50	%		27.33	%		110	%	$	313,206
	0.47	%		1.60	%		1.50	%		17.51	%		97	%	$	219,357

	(0.82	)%		1.61	%		1.50	%		3.68	%		14	%	$	138,803
	(0.53	)%		1.61	%		1.50	%		16.46	%		26	%	$	138,137
	(0.38	)%		1.63	%		1.50	%		23.98	%		44	%	$	121,888
	(0.39	)%		1.60	%		1.50	%		(9.69	)%		24	%	$	109,727
	(0.68	)%		1.60	%		1.50	%		25.82	%		52	%	$	141,425
	(0.68	)%		1.61	%		1.50	%		17.88	%		46	%	$	119,993

	(0.82	)%		1.56	%		1.50	%		3.38	%		17	%	$	428,277
	(0.45	)%		1.56	%		1.50	%		15.76	%		23	%	$	421,949
	(0.49	)%		1.56	%		1.50	%		19.16	%		67	%	$	371,334
	(0.58	)%		1.56	%		1.50	%		(5.54	)%		31	%	$	346,832
	(0.81	)%		1.55	%		1.50	%		25.70	%		73	%	$	416,863
	(0.54	)%		1.57	%		1.50	%		21.03	%		89	%	$	356,382

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


40		Wells Fargo Advantage WealthBuilder Portfolios		Notes to financial statements (unaudited)

1. ORGANIZATION

Wells Fargo Funds Trust (the “Trust”), a Delaware statutory trust organized on March 10, 1999, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). These financial statements report on the following funds: the Wells Fargo Advantage WealthBuilder Conservative Allocation Portfolio (“WealthBuilder Conservative Allocation Portfolio”), the Wells Fargo Advantage WealthBuilder Moderate Balanced Portfolio (“WealthBuilder Moderate Balanced Portfolio”), the Wells Fargo Advantage WealthBuilder Growth Balanced Portfolio (“WealthBuilder Growth Balanced Portfolio”), the Wells Fargo Advantage WealthBuilder Growth Allocation Portfolio (“WealthBuilder Growth Allocation Portfolio” ), the Wells Fargo Advantage WealthBuilder Equity Portfolio (“WealthBuilder Equity Portfolio” ), and the Wells Fargo Advantage WealthBuilder Tactical Equity Portfolio (“WealthBuilder Tactical Equity Portfolio”) (each, a “Portfolio”, collectively, the “Portfolios”). Each Portfolio is a diversified series of the Trust.

Each Portfolio is a fund-of-funds that may invest in various affiliated mutual funds, unaffiliated mutual funds, and exchange-traded funds (collectively, the “Underlying Funds”) to pursue its investment objective. The Underlying Funds incur separate expenses in seeking to achieve their investment objectives. The investment in affiliated funds may also include investments in one or more separate diversified portfolios (each, an “affiliated Master Portfolio”, collectively, the “affiliated Master Portfolios”) of Wells Fargo Master Trust, a registered open-end management investment company. Each affiliated Master Portfolio directly acquires portfolio securities, and a Portfolio investing in an affiliated Master Portfolio acquires an indirect interest in those securities. Each Portfolio accounts for its investment in the affiliated Master Portfolios as partnership investments and records on a daily basis its share of the affiliated Master Portfolio’s income, expense, and realized and unrealized gains and losses. The financial statements and financial highlights for the Underlying Funds are presented in separate financial statements and may be obtained by contacting Investor Services for the Wells Fargo Advantage Funds for information on the affiliated mutual funds or the servicing agent of the unaffiliated mutual funds.

As of November 31, 2014, the Portfolios own the following percentages of the affiliated Master Portfolios:


	Wells Fargo Advantage Core Bond Portfolio		Wells Fargo Advantage Emerging Growth Portfolio			Wells Fargo Advantage International Growth Portfolio		Wells Fargo Advantage Small Company Value Portfolio
WealthBuilder Conservative Allocation Portfolio		5%		0	%*		4%		2%
WealthBuilder Moderate Balanced Portfolio		5%		1	%		13%		6%
WealthBuilder Growth Balanced Portfolio		4%		2	%		22%		11%
WealthBuilder Growth Allocation Portfolio		1%		1	%		13%		6%
WealthBuilder Equity Portfolio		N/A		0	%*		5%		2%
WealthBuilder Tactical Equity Portfolio		N/A		1	%		16%		8%

*	The amount owned is less than 1%.

2. SIGNIFICANT ACCOUNTING POLICIES

Securities valuation

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

Investments in underlying open-end investment companies are valued at net asset per share as reported by the Underlying Funds as of the close of the regular trading on the New York Stock Exchange on each day the exchange is open for trading. Investments in affiliated Master Portfolios are valued daily based on each Portfolio’s proportionate share of each affiliated Master Portfolio’s net assets, which are also valued daily.

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


Notes to financial statements (unaudited)		Wells Fargo Advantage WealthBuilder Portfolios			41

Futures contracts

Each Portfolio is subject to interest rate risk and equity price risk in the normal course of pursuing its investment objectives. A Portfolio may buy and sell futures contracts in order to effect tactical allocations changes in a Portfolio. 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.

Security transactions and income recognition

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

Income dividends and capital gain distributions from Underlying Funds are recorded on the ex-dividend date. Capital gain distributions from Underlying Funds are treated as realized gains.

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

Each Portfolio records on a daily basis its proportionate share of each affiliated Master Portfolio’s interest and dividend income, in addition to expenses and realized and unrealized gains and losses.

Distributions to shareholders

Federal and other taxes

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

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

At May 31, 2014, capital loss carryforwards available to offset future net realized capital gains were as follows through the indicated expiration date:


	2018
WealthBuilder Equity Portfolio	$	20,146,330
WealthBuilder Tactical Equity Portfolio		90,019,467

At May 31, 2014, late-year ordinary losses which were recognized on the first day of the current fiscal year were as follows:


	Late-year ordinary loss
WealthBuilder Moderate Balanced Portfolio	$	115,264
WealthBuilder Growth Balanced Portfolio		196,345
WealthBuilder Growth Allocation Portfolio		61,716
WealthBuilder Equity Portfolio		446,918
WealthBuilder Tactical Equity Portfolio		1,579,251


42		Wells Fargo Advantage WealthBuilder Portfolios		Notes to financial statements (unaudited)

3. FAIR VALUATION MEASUREMENTS

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

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 the Portfolio’s assets and liabilities as of November 30, 2014:


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

Investment companies	$	403,651,947	$	150,065,577	$	0	$	553,717,524

Short-term investments
Investment companies		979,477		0		0		979,477
U.S. Treasury securities		1,009,994		489,999		0		1,499,993
Total assets	$	405,641,418	$	150,555,576	$	0	$	556,196,994
Liabilities

Futures contracts	$	101,750	$	0	$	0	$	101,750
Total liabilities	$	101,750	$	0	$	0	$	101,750
WealthBuilder Moderate Balanced Portfolio
Assets
Investments in:

Investment companies	$	672,374,001	$	204,554,792	$	0	$	876,928,793

Short-term investments
Investment companies		476,264		0		0		476,264
U.S. Treasury securities		3,019,982		1,539,996		0		4,559,978
Total assets	$	675,870,247	$	206,094,788	$	0	$	881,965,035
Liabilities

Futures contracts	$	319,375	$	0	$	0	$	319,375
Total liabilities	$	319,375	$	0	$	0	$	319,375
WealthBuilder Growth Balanced Portfolio
Assets
Investments in:

Investment companies	$	770,698,661	$	191,449,341	$	0	$	962,148,002

Short-term investments
Investment companies		2,751,249		0		0		2,751,249
U.S. Treasury securities		3,249,981		1,584,996		0		4,834,977
Total assets	$	776,699,891	$	193,034,337	$	0	$	969,734,228
Liabilities

Futures contracts	$	349,500	$	0	$	0	$	349,500
Total liabilities	$	349,500	$	0	$	0	$	349,500


Notes to financial statements (unaudited)		Wells Fargo Advantage WealthBuilder Portfolios			43


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

Investment companies	$	352,965,748	$	69,416,476	$	0	$	422,382,224

Short-term investments
Investment companies		966,950		0		0		966,950
U.S. Treasury securities		1,379,992		654,998		0		2,034,990
Total assets	$	355,312,690	$	70,071,474	$	0	$	425,384,164
Liabilities

Futures contracts	$	151,250	$	0	$	0	$	151,250
Total liabilities	$	151,250	$	0	$	0	$	151,250
WealthBuilder Equity Portfolio
Assets
Investments in:

Investment companies	$	123,355,292	$	15,311,368	$	0	$	138,666,660

Short-term investments
Investment companies		394,733		0		0		394,733
Total assets	$	123,750,025	$	15,311,368	$	0	$	139,061,393
WealthBuilder Tactical Equity Portfolio
Assets
Investments in:

Investment companies	$	369,027,866	$	57,732,964	$	0	$	426,760,830

Short-term investments
Investment companies		1,401,701		0		0		1,401,701
Total assets	$	370,429,567	$	57,732,964	$	0	$	428,162,531

Transfers in and transfers out are recognized at the end of the reporting period. At November 30, 2014, the Portfolios did not have any transfers into/out of Level 1, Level 2, or Level 3.

4. TRANSACTIONS WITH AFFILIATES

Advisory fees

Pursuant to the contract, Funds Management is entitled to receive an annual advisory fee starting at 0.20% and declining to 0.15% as the average daily net assets of each Portfolio increase. For the six months ended November 30, 2014, the advisory fee was equivalent to an annual rate of 0.20% of each Portfolio’s average daily net assets.

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

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Portfolios. The fee for subadvisory services is borne by Funds Management. Wells Capital Management Incorporated, an affiliate of Funds Management and an indirect wholly owned subsidiary of Wells Fargo, is the subadviser to each Portfolio and is paid an annual subadvisory fee of 0.15% of the average daily net assets of each Portfolio.


44		Wells Fargo Advantage WealthBuilder Portfolios		Notes to financial statements (unaudited)

Administration fee

The Trust has entered into an administration agreement with Funds Management. Under this agreement, for providing administrative services, which includes paying fees and expenses for services provided by the transfer agent, sub-transfer agents, omnibus account servicers, and record-keepers, Funds Management is entitled to receive from each Portfolio an annual fee starting at 0.31% and declining to 0.29% as the average daily net assets of each Portfolio increase. For the six months ended November 30, 2014, the administration fee for each Portfolio was equivalent to an annual rate of 0.31% of each Portfolio’s average daily net assets.

Funds Management has contractually waived and/or reimbursed advisory and administration fees to the extent necessary to maintain certain net operating expense ratios for the Portfolios. Funds Management has committed through September 30, 2015 to waive fees and/or reimburse expenses to the extent necessary to cap each Portfolio’s expenses at 1.50%. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

Distribution fee

The Trust has adopted a Distribution Plan for each Portfolio pursuant to Rule 12b-1 under the 1940 Act. Distribution fees are charged and paid to Wells Fargo Funds Distributor, LLC (“Funds Distributor”), the principal underwriter of each Portfolio, at an annual rate of 0.75% of each Portfolio’s average daily net assets.

In addition, Funds Distributor is entitled to receive the front-end sales charge from the purchase of shares and a contingent deferred sales charge on the redemption of certain shares. For the six months ended November 30, 2014, Funds Distributor received the following amounts in front-end sales charges.


	Front-end sales charges
WealthBuilder Conservative Allocation Portfolio	$	7,522
WealthBuilder Moderate Balanced Portfolio		14,370
WealthBuilder Growth Balanced Portfolio		10,023
WealthBuilder Growth Allocation Portfolio		4,208
WealthBuilder Equity Portfolio		904
WealthBuilder Tactical Equity Portfolio		2,179

Shareholder servicing fees

The Trust has entered into contracts with one or more shareholder servicing agents, whereby each Portfolio is charged a fee at an annual rate of 0.25% of its average daily net assets.

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding short-term securities, for the six months ended November 30, 2014 were as follows:


	Purchases at cost*				Sales proceeds*
	U.S. government		Non-U.S. government		U.S. government		Non-U.S. government
WealthBuilder Conservative Allocation Portfolio	$	350,386,215	$	107,918,901	$	349,869,219	$	157,095,910
WealthBuilder Moderate Balanced Portfolio		408,491,129		153,287,779		407,888,399		179,088,112
WealthBuilder Growth Balanced Portfolio		290,482,372		166,136,656		290,053,764		148,943,178
WealthBuilder Growth Allocation Portfolio		64,217,763		71,399,071		64,123,010		58,324,513
WealthBuilder Equity Portfolio		0		18,987,736		0		23,038,181
WealthBuilder Tactical Equity Portfolio		0		73,033,493		0		80,054,083

The Portfolios seek to achieve their investment objective by investing some of their investable assets in affiliated Master Portfolios. Purchases and sales related to these investments have been calculated by aggregating the results of multiplying such Portfolio’s ownership percentage of the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. Purchases and sales of the affiliated and unaffiliated Underlying Funds in which the Portfolios invest are actual aggregate purchases and sales of those investments.


Notes to financial statements (unaudited)		Wells Fargo Advantage WealthBuilder Portfolios			45

6. INVESTMENTS IN AFFILIATES

A summary of each Portfolio’s transactions in shares of affiliated Underlying Funds (excluding short-term investments and affiliated Master Portfolios) during the six months ended November 30, 2014 were as follows:


	Shares, beginning of period		Shares purchases		Shares sold		Shares, end of period		Value, end of period		Dividend from affiliated Underlying Funds
WealthBuilder Conservative Allocation Portfolio
Wells Fargo Advantage Emerging Markets Equity Fund Institutional Class		124,956		9,345		14,355		119,946	$	2,674,787	$	0
Wells Fargo Advantage Endeavor Select Fund Institutional Class		352,934		49,209		56,464		345,679		5,427,154		0
Wells Fargo Advantage Government Securities Fund Institutional Class		9,842,243		303,143		851,477		9,293,909		104,277,657		639,396
Wells Fargo Advantage Large Cap Growth Fund Institutional Class		113,706		14,825		18,530		110,001		5,392,264		0
Wells Fargo Advantage Short Duration Government Bond Fund Institutional Class		16,122,120		504,552		5,324,925		11,301,747		114,260,667		871,379
Wells Fargo Advantage Small Cap Value Fund Institutional Class		116,827		11,860		16,166		112,521		3,928,116		0
									$	235,960,645	$	1,510,775
WealthBuilder Moderate Balanced Portfolio
Wells Fargo Advantage Emerging Markets Equity Fund Institutional Class		377,318		26,053		23,131		380,240	$	8,479,349	$	0
Wells Fargo Advantage Endeavor Select Fund Institutional Class		1,054,814		123,289		66,862		1,111,241		17,446,490		0
Wells Fargo Advantage Government Securities Fund Institutional Class		10,790,243		575,330		542,112		10,823,461		121,439,232		722,115
Wells Fargo Advantage Large Cap Growth Fund Institutional Class		337,208		40,463		24,933		352,738		17,291,208		0
Wells Fargo Advantage Short Duration Government Bond Fund Institutional Class		15,700,980		684,355		5,230,153		11,155,182		112,778,890		845,155
Wells Fargo Advantage Small Cap Value Fund Institutional Class		343,845		23,143		4,827		362,161		12,643,038		0
									$	290,078,207	$	1,567,270
WealthBuilder Growth Balanced Portfolio
Wells Fargo Advantage Emerging Markets Equity Fund Institutional Class		622,240		18,863		16,584		624,519	$	13,926,775	$	0
Wells Fargo Advantage Endeavor Select Fund Institutional Class		1,744,997		183,438		30,942		1,897,493		29,790,644		0
Wells Fargo Advantage Government Securities Fund Institutional Class		10,704,744		874,400		750,325		10,828,819		121,499,347		721,049
Wells Fargo Advantage Large Cap Growth Fund Institutional Class		558,091		62,604		17,568		603,127		29,565,261		0
Wells Fargo Advantage Small Cap Value Fund Institutional Class		571,925		33,220		668		604,477		21,102,295		0
									$	215,884,322	$	721,049
WealthBuilder Growth Allocation Portfolio
Wells Fargo Advantage Emerging Markets Equity Fund Institutional Class		353,801		5,695		5,029		354,467	$	7,904,606	$	0
Wells Fargo Advantage Endeavor Select Fund Institutional Class		973,625		98,007		2,626		1,069,006		16,783,398		0
Wells Fargo Advantage Government Securities Fund Institutional Class		2,095,468		407,554		289,590		2,213,432		24,834,703		142,820
Wells Fargo Advantage Large Cap Growth Fund Institutional Class		310,007		34,517		2,539		341,985		16,764,125		0
Wells Fargo Advantage Small Cap Value Fund Institutional Class		316,069		22,245		0		338,314		11,810,545		0
									$	78,097,377	$	142,820


46		Wells Fargo Advantage WealthBuilder Portfolios		Notes to financial statements (unaudited)


	Shares, beginning of period		Shares purchases		Shares sold		Shares, end of period		Value, end of period		Dividend from affiliated Underlying Funds
WealthBuilder Equity Portfolio
Wells Fargo Advantage Emerging Markets Equity Fund Institutional Class		151,324		13,263		12,335		152,252	$	3,395,228	$	0
Wells Fargo Advantage Endeavor Select Fund Institutional Class		573,769		6,131		40,770		539,130		8,464,338		0
Wells Fargo Advantage Large Cap Growth Fund Institutional Class		184,176		1,260		15,504		169,932		8,330,059		0
Wells Fargo Advantage Small Cap Value Fund Institutional Class		95,232		5,339		3,799		96,772		3,378,298		0
									$	23,567,923	$	0
WealthBuilder Tactical Equity Portfolio
Wells Fargo Advantage Emerging Markets Equity Fund Institutional Class		464,763		36,503		41,101		460,165	$	10,261,690	$	0
Wells Fargo Advantage Endeavor Select Fund Institutional Class		1,323,581		152,717		91,599		1,384,699		21,739,781		0
Wells Fargo Advantage Large Cap Growth Fund Institutional Class		422,618		51,886		35,625		438,879		21,513,863		0
Wells Fargo Advantage Small Cap Value Fund Institutional Class		428,042		34,616		16,208		446,450		15,585,565		0
									$	69,100,899	$	0

7. DERIVATIVE TRANSACTIONS

During the six months ended November 30, 2014, the Portfolios entered into futures contracts to gain market exposure to certain asset classes consistent with an active asset allocation strategy.

At November 30, 2014, the Portfolios had long and short futures contracts outstanding as follows:


	Expiration date	Counterparty	Contracts	Type	Contract value at November 30, 2014		Unrealized gains (losses)
WealthBuilder Conservative Allocation Portfolio	12-18-2014	Goldman Sachs	27 Long	S&P 500 Index	$	13,947,525	$	1,084,541
	3-20-2015	Goldman Sachs	98 Short	U.S. Treasury Bonds		13,977,250		(202,331	)
WealthBuilder Moderate Balanced Portfolio	12-18-2014	Goldman Sachs	85 Long	S&P 500 Index		43,908,875		3,442,835
	3-20-2015	Goldman Sachs	307 Short	U.S. Treasury Bonds		43,785,875		(633,833	)
WealthBuilder Growth Balanced Portfolio	12-18-2014	Goldman Sachs	93 Long	S&P 500 Index		48,041,475		3,637,792
	3-20-2015	Goldman Sachs	336 Short	U.S. Treasury Bonds		47,922,000		(693,706	)
WealthBuilder Growth Allocation Portfolio	12-18-2014	Goldman Sachs	40 Long	S&P 500 Index		20,663,000		1,525,187
	3-20-2015	Goldman Sachs	146 Short	U.S. Treasury Bonds		20,823,250		(301,432	)

The Portfolios had average notional amounts in futures contracts outstanding during the six months ended November 30, 2014 as follows:


	Long contracts		Short contracts
WealthBuilder Conservative Allocation Portfolio	$	14,866,818	$	14,782,361
WealthBuilder Moderate Balanced Portfolio		47,055,597		49,136,528
WealthBuilder Growth Balanced Portfolio		51,644,743		54,572,417
WealthBuilder Growth Allocation Portfolio		22,565,863		24,220,978


Notes to financial statements (unaudited)		Wells Fargo Advantage WealthBuilder Portfolios			47

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

The fair value of derivative instruments as of November 30, 2014 was as follows for WealthBuilder Conservative Allocation Portfolio:

Asset derivatives

Liability derivatives

Statements of Assets and
Liabilities location

Fair value

Statements of Assets and
Liabilities location

Fair value

Interest rate contracts

Receivable for daily variation margin on open futures contracts

Payable for daily variation margin on open futures contracts

40,500

Equity contracts

Receivable for daily variation margin on open futures contracts

Payable for daily variation margin on open futures contracts

61,250

101,750

*	Only the current day’s variation margin as of November 30, 2014 is reported separately on the Statements of Assets and Liabilities.

The effect of derivative instruments on the Statements of Operations for the six months ended November 30, 2014 was as follows for WealthBuilder Conservative Allocation Portfolio:


	Amount of realized gains (losses) on derivatives			Change in unrealized gains (losses) on derivatives
Interest rate contracts	$	(518,227	)	$	(115,060	)
Equity contracts		1,422,979			471,551
	$	904,752		$	356,491

The fair value of derivative instruments as of November 30, 2014 was as follows for WealthBuilder Moderate Balanced Portfolio:

Asset derivatives

Liability derivatives

Statements of Assets and
Liabilities location

Fair value

Statements of Assets and
Liabilities location

Fair value

Interest rate contracts

Receivable for daily variation margin on open futures contracts

Payable for daily variation margin on open futures contracts

191,875

Equity contracts

Receivable for daily variation margin on open futures contracts

Payable for daily variation margin on open futures contracts

127,500

319,375

*	Only the current day’s variation margin as of November 30, 2014 is reported separately on the Statements of Assets and Liabilities.

The effect of derivative instruments on the Statements of Operations for the six months ended November 30, 2014 was as follows for WealthBuilder Moderate Balanced Portfolio:


	Amount of realized gains (losses) on derivatives			Change in unrealized gains (losses) on derivatives
Interest rate contracts	$	(1,585,442	)	$	(373,683	)
Equity contracts		4,274,070			1,603,865
	$	2,688,628		$	1,230,182


48		Wells Fargo Advantage WealthBuilder Portfolios		Notes to financial statements (unaudited)

The fair value of derivative instruments as of November 30, 2014 was as follows for WealthBuilder Growth Balanced Portfolio:

Asset derivatives

Liability derivatives

Statements of Assets and
Liabilities location

Fair value

Statements of Assets and
Liabilities location

Fair value

Interest rate contracts

Receivable for daily variation margin on open futures contracts

Payable for daily variation margin on open futures contracts

210,000

Equity contracts

Receivable for daily variation margin on open futures contracts

Payable for daily variation margin on open futures contracts

139,500

349,500

*	Only the current day’s variation margin as of November 30, 2014 is reported separately on the Statements of Assets and Liabilities.

The effect of derivative instruments on the Statements of Operations for the six months ended November 30, 2014 was as follows for WealthBuilder Growth Balanced Portfolio:


	Amount of realized gains (losses) on derivatives			Change in unrealized gains (losses) on derivatives
Interest rate contracts	$	(1,730,787	)	$	(413,602	)
Equity contracts		4,592,773			1,655,791
	$	2,861,986		$	1,242,189

The fair value of derivative instruments as of November 30, 2014 was as follows for WealthBuilder Growth Allocation Portfolio:

Asset derivatives

Liability derivatives

Statements of Assets and
Liabilities location

Fair value

Statements of Assets and
Liabilities location

Fair value

Interest rate contracts

Receivable for daily variation margin on open futures contracts

Payable for daily variation margin on open futures contracts

91,250

Equity contracts

Receivable for daily variation margin on open futures contracts

Payable for daily variation margin on open futures contracts

60,000

151,250

*	Only the current day’s variation margin as of November 30, 2014 is reported separately on the Statements of Assets and Liabilities.

The effect of derivative instruments on the Statements of Operations for the six months ended November 30, 2014 was as follows for WealthBuilder Growth Allocation Portfolio:


	Amount of realized gains (losses) on derivatives			Change in unrealized gains (losses) on derivatives
Interest rate contracts	$	(752,379	)	$	(181,746	)
Equity contracts		1,981,399			687,434
	$	1,229,020		$	505,688


Notes to financial statements (unaudited)		Wells Fargo Advantage WealthBuilder Portfolios			49

derivatives while collateral terms are contract specific for over-the-counter traded derivatives. Cash collateral that has been pledged to cover obligations of the 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 Portfolio of Investments. With respect to balance sheet offsetting, absent an event of default by the counterparty or a termination of the agreement, the reported amounts of financial assets and financial liabilities in the Statements of Assets and Liabilities are not offset across transactions between the Portfolio and the applicable counterparty. 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 liabilities in the Statements of Assets and Liabilities		Amounts subject to netting arrangements			Collateral pledged¹			Net amount of liabilites
WealthBuilder Conservative Allocation Portfolio	Futures – variation margin	Goldman Sachs	$	101,750	$	0		$	(101,750	)	$	0
WealthBuilder Moderate Balanced Portfolio	Futures – variation margin	Goldman Sachs		319,375		0			(319,375	)		0
WealthBuilder Growth Balanced Portfolio	Futures – variation margin	Goldman Sachs		349,500		0	��		(349,500	)		0
WealthBuilder Growth Allocation Portfolio	Futures – variation margin	Goldman Sachs		151,250		0			(151,250	)		0

^1.

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

8. BANK BORROWINGS

The Trust (excluding the money market funds and certain other funds in the Trust) and Wells Fargo Variable Trust are parties to a $150,000,000 revolving credit agreement whereby the Portfolios are permitted to use bank borrowings for temporary or emergency purposes, such as to fund shareholder redemption requests. Interest under the credit agreement is charged to each Portfolio based on a borrowing rate equal to the higher of the Federal Funds rate in effect on that day plus 1.25% or the overnight LIBOR rate in effect on that day plus 1.25%. In addition, an annual commitment fee equal to 0.10% of the unused balance is allocated to each participating Portfolio. For the six months ended November 30, 2014, the Portfolios paid the following amounts in commitment fees:


	Commitment fee
WealthBuilder Conservative Allocation Portfolio	$	323
WealthBuilder Moderate Balanced Portfolio		485
WealthBuilder Growth Balanced Portfolio		697
WealthBuilder Growth Allocation Portfolio		300
WealthBuilder Equity Portfolio		103
WealthBuilder Tactical Equity Portfolio		314

During the six months ended November 30, 2014, the Portfolios had the following borrowing activity:


	Average borrowings outstanding (annualized)		Average interest rate (annualized)			Interest paid
WealthBuilder Conservative Allocation Portfolio	$	32,555		1.37	%	$	446
WealthBuilder Tactical Equity Portfolio		17,810		1.37	%		244

9. INDEMNIFICATION


50		Wells Fargo Advantage WealthBuilder Portfolios		Notes to financial statements (unaudited)

10. SUBSEQUENT DISTRIBUTIONS

On December 9, 2014, the Portfolios declared distributions from short-term capital gains and long-term capital gains to shareholders of record on December 8, 2014. The per share amounts payable on December 10, 2014 were as follows:


	Short-term capital gains		Long-term capital gains
WealthBuilder Conservative Allocation Portfolio	$	0.07319	$	0.16600
WealthBuilder Moderate Balanced Portfolio		0.04987		0.31481
WealthBuilder Growth Balanced Portfolio		0.00000		0.48234
WealthBuilder Growth Allocation Portfolio		0.00000		0.61409

On December 30, 2014, the Portfolios declared distributions from net investment income to shareholders of record on December 29, 2014. The per share amounts payable on December 31, 2014 were as follows:


	Net investment income
WealthBuilder Conservative Allocation Portfolio	$	0.03160
WealthBuilder Moderate Balanced Portfolio		0.06575
WealthBuilder Growth Balanced Portfolio		0.10440
WealthBuilder Growth Allocation Portfolio		0.12419


Other information (unaudited)		Wells Fargo Advantage WealthBuilder Portfolios			51

PROXY VOTING INFORMATION

PORTFOLIO HOLDINGS INFORMATION

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


52		Wells Fargo Advantage WealthBuilder Portfolios		Other information (unaudited)

BOARD OF TRUSTEES AND OFFICERS

Independent Trustees


Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	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


Other information (unaudited)		Wells Fargo Advantage WealthBuilder Portfolios			53


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.

**	Leroy Keith, Jr. retired as a Trustee effective December 31, 2014.

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.


54		Wells Fargo Advantage WealthBuilder Portfolios		List of abbreviations

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

ACA	— ACA Financial Guaranty Corporation

ADR	— American depositary receipt

ADS	— American depositary shares

AGC	— Assured Guaranty Corporation

AGM	— Assured Guaranty Municipal

Ambac

— Ambac Financial Group Incorporated

AMT	— Alternative minimum tax

AUD	— Australian dollar

BAN	— Bond anticipation notes

BHAC	— Berkshire Hathaway Assurance Corporation

BRL	— Brazilian real

CAB	— Capital appreciation bond

CAD	— Canadian dollar

CCAB	— Convertible capital appreciation bond

CDA	— Community Development Authority

CDO	— Collateralized debt obligation

CHF	— Swiss franc

COP	— 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

NOT FDIC INSURED ¡ NO BANK GUARANTEE ¡ MAY LOSE VALUE

229723 01-15

SWBP/SAR102 11-14

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

A Portfolio of Investments for each Fund is included as part of the report to shareholders filed under Item 1 of this Form.

ITEM 7.

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

Not applicable.

ITEM 8.

PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES

Not applicable.

ITEM 9.

PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS

Not applicable.

ITEM 10.

SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

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

ITEM 11.

CONTROLS AND PROCEDURES

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

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

ITEM 12.

EXHIBITS

(a)(1) Not applicable.

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

(a)(3) Not applicable.

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

SIGNATURES

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


Wells Fargo Funds Trust

By:		/s/ Karla M. Rabusch
		Karla M. Rabusch
		President

Date:		January 27, 2015

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the date indicated.


Wells Fargo Funds Trust

By:		/s/ Karla M. Rabusch
		Karla M. Rabusch
		President

Date:		January 27, 2015


By:		/s/ Nancy Wiser
		Nancy Wiser
		Treasurer

Date:		January 27, 2015

By:		/s/ Jeremy DePalma
		Jeremy DePalma
		Treasurer

Date:		January 27, 2015

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