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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSRS

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-09253

Wells Fargo Funds Trust

(Exact name of registrant as specified in charter)

525 Market St., San Francisco, CA 94105

(Address of principal executive offices) (Zip code)

C. David Messman

Wells Fargo Funds Management, LLC

525 Market St., San Francisco, CA 94105

(Name and address of agent for service)

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

Date of fiscal year end: August 31

Registrant is making a filing for 10 of its series:

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

Date of reporting period: February 28, 2015

ITEM 1. REPORT TO STOCKHOLDERS

Wells Fargo Advantage

Adjustable Rate Government Fund

Semi-Annual Report

February 28, 2015

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

Contents

Letter to shareholders	2
Performance highlights	4
Fund expenses	6
Summary portfolio of investments*	7
Financial statements
Statement of assets and liabilities	9
Statement of operations	10
Statement of changes in net assets	11
Financial highlights	12
Notes to financial statements	17
Other information	22
List of abbreviations	25

* A complete schedule of portfolio holdings as of the report date may be obtained, free of charge, by accessing the following website: http://a584.g.akamai.net/f/584/1326/1d/www.wellsfargoadvantagefunds.com/pdf/semi/holdings/adjustablerategovt.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.

The views expressed and any forward-looking statements are as of February 28, 2015, unless otherwise noted, and are those of the Fund managers and/or Wells Fargo Funds Management, LLC. Discussions of individual securities, or the markets generally, or any Wells Fargo Advantage Fund are not intended as individual recommendations. Future events or results may vary significantly from those expressed in any forward-looking statements; the views expressed are subject to change at any time in response to changing circumstances in the market. Wells Fargo Funds Management, LLC and the Fund disclaim any obligation to publicly update or revise any views expressed or forward-looking statements.

NOT FDIC INSURED  ¡  NO BANK GUARANTEE  ¡   MAY LOSE VALUE

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

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 Adjustable Rate Government Fund for the six-month period that ended February 28, 2015. The period was marked by low interest rates, a large decline in oil prices, and moderate U.S. economic growth. Investment-grade bonds, as measured by the Barclays U.S. Aggregate Bond Index¹, returned 2.25% 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 ended its quantitative easing program in October 2014 and also set expectations for it to begin normalizing monetary policy with higher target ranges for the federal funds rate in 2015.

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 said it intends to increase the size of its balance sheet, a result of quantitative easing, by buying eurozone government bonds. In Japan, the Bank of Japan maintained an aggressive monetary program aimed at combating deflation.

U.S. economic growth was moderate, and oil prices plummeted.

Economic growth advanced during the reporting period, the unemployment rate ticked lower to 5.5% as of February 2015, and inflation remained below the Fed’s longer-run objective of a 2% pace. The period was also marked by dramatically lower oil prices, which fell from more than $90 per barrel at the end of August 2014 to below $50 per barrel at the end of February 2015. While lower oil prices benefited consumers of oil products, the lower prices pressured companies within the energy sector.

Longer-dated securities and higher-rated credits were top performers.

Ten-year U.S. Treasury rates declined during the period, from 2.35% at end of August 2014 to 2.03% by the end of February 2015, benefiting both from safe-haven status as well as relative attractiveness to global investors. With the U.S. economy the furthest along its business cycle, the level of interest rates in the U.S. and Europe diverged. The 10-year U.S. Treasury yield was 2.03% at the end of February 2015 compared with 0.30% for 10-year German government yields, 173 basis points (bps; 100 bps equals 1.00%) higher. This was largely attributed to the Fed being closer to eventually increasing interest rates while the ECB potentially needs to further increase, rather than scale back, its amount of accommodation. Further, U.S. economic activity was healthier than Europe’s.

Treasury bonds with maturities greater than 20 years returned more than 10% during the six-month period that ended February 28, 2015, according to the Barclays U.S. Aggregate Bond Index. This was due, in part, to strong demand from overseas investors because yields in Europe and Japan were substantially lower than U.S. yields. In addition, because the dollar strengthened, the returns from Treasuries were even higher for foreign-domiciled investors. Longer-maturity debt across all sectors outperformed shorter-dated securities.

¹  The Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S. dollar–denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index.

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

Investment-grade corporate bonds returned 2.29% during the six-month reporting period, according to the Barclays U.S. Aggregate Bond Index, and AAA-rated² bonds had higher returns than BBB-rated bonds. Lower-rated credits, including high yield, underperformed as oil prices fell dramatically. Not only were many energy and mining companies negatively affected, but investor trepidation about weak global growth caused investment-grade spreads to modestly widen while high-yield spreads widened substantially.

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

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

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

Sincerely,

Karla M. Rabusch

President

Wells Fargo Advantage Funds

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

²  The ratings indicated are from Standard & Poor’s, Moody’s Investors Service, and/or Fitch Ratings Ltd. Standard & Poor’s rates the creditworthiness of bonds from AAA (highest) to D (lowest). Ratings from A to CCC may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the rating categories. Moody’s rates the creditworthiness of bonds from Aaa (highest) to C (lowest). Ratings Aa to B may be modified by the addition of a number 1 (highest) to 3 (lowest) to show relative standing within the ratings categories. Fitch rates the creditworthiness of bonds from AAA (highest) to D (lowest).

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

Investment objective

The Fund seeks current income consistent with capital preservation.

Adviser

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Michael J. Bray, CFA

Christopher Y. Kauffman, CFA

Average annual total returns¹ (%) as of February 28, 2015

		Including sales charge							Excluding sales charge							Expense ratios2 (%)
	Inception date	1 year			5 year		10 year		1 year			5 year		10 year		Gross		Net3
Class A (ESAAX)	6-30-2000		(1.58	)		1.00		2.11		0.47			1.40		2.32		0.79		0.74
Class B (ESABX)*	6-30-2000		(1.88	)		0.82		2.02		(0.39	)		0.82		2.02		1.54		1.49
Class C (ESACX)	6-30-2000		(1.28	)		0.64		1.56		(0.28	)		0.64		1.56		1.54		1.49
Administrator Class (ESADX)	7-30-2010		–			–		–		0.61			1.54		2.47		0.73		0.60
Institutional Class (EKIZX)	10-1-1991		–			–		–		0.75			1.67		2.59		0.46		0.46
Barclays 6-Month Treasury Bill Index4	–		–			–		–		0.13			0.22		1.84		–		–

* 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 2.00%. For Class B shares, the maximum contingent deferred sales charge is 1.50%. For Class C shares, the maximum contingent deferred sales charge is 1.00%. Performance including a contigent deferred sales charge assumes the sales charge for the corresponding time period. Administrator Class and Institutional Class shares are sold without a front-end sales charge or contingent deferred sales charge.

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

Please see footnotes on page 5.

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

Ten largest long-term holdings5 (%) as of February 28, 2015
FNMA Series 2003-W18 Class 2A, 3.43%, 6-25-2043	1.20
FNMA, 2.80%, 11-1-2035	1.03
FHLMC Series T-67 Class 1A1C, 2.92%, 3-25-2036	0.99
FNMA, 2.40%, 2-1-2036	0.99
FHLMC, 1.86%, 7-1-2034	0.98
FHLMC, 2.48%, 9-1-2030	0.89
FNMA Series 2002-66 Class A3, 3.12%, 4-25-2042	0.86
FNMA Series 2006-W1 Class 3A, 2.15%, 10-25-2045	0.83
FNMA, 2.33%, 12-1-2040	0.80
FNMA Series 2004-W15 Class 3A, 2.63%, 6-25-2044	0.78

Portfolio allocation⁶ as of February 28, 2015

¹  Historical performance shown for Administrator Class shares prior to their inception reflects the performance of Institutional Class shares, adjusted to reflect the higher expenses applicable to Administrator Class shares. Historical performance shown for all classes of the Fund prior to July 12, 2010, is based on the performance of the Fund’s predecessor, Evergreen Adjustable Rate Fund.

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

³  The Adviser has committed through December 31, 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. Without this cap, the Fund’s returns would have been lower.

⁴  The Barclays 6-Month Treasury Bill Index tracks the performance and attributes of recently issued 6-month U.S. Treasury Bills. The index follows Barclays’ monthly rebalancing conventions. You cannot invest directly in an index.

⁵  The ten largest long-term holdings are calculated based on the value of the securities divided by total net assets of the Fund. Holdings are subject to change and may have changed since the date specified.

⁶  Amounts are calculated based on the total long-term investments of the Fund. These percentages are subject to change and may have changed since the date specified.

6 Wells Fargo Advantage Adjustable Rate Government Fund Fund expenses (unaudited)

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and contingent deferred sales charges (if any) on redemptions and (2) ongoing costs, including management fees, distribution (12b-1) and/or shareholder 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 September 1, 2014 to February 28, 2015.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

	Beginning account value 9-1-2014		Ending account value 2-28-2015		Expenses paid during the period1		Net annualized expense ratio
Class A
Actual	$	1,000.00	$	1,000.58	$	3.67		0.74	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.12	$	3.71		0.74	%
Class B
Actual	$	1,000.00	$	996.94	$	7.28		1.47	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.50	$	7.35		1.47	%
Class C
Actual	$	1,000.00	$	996.86	$	7.38		1.49	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.41	$	7.45		1.49	%
Administrator Class
Actual	$	1,000.00	$	1,001.27	$	2.98		0.60	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.82	$	3.01		0.60	%
Institutional Class
Actual	$	1,000.00	$	1,001.99	$	2.23		0.45	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.56	$	2.26		0.45	%

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

Summary portfolio of investments—February 28, 2015 (unaudited) Wells Fargo Advantage Adjustable Rate Government Fund 7

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

Security name	Interest rate			Maturity date		Principal		Value		Percent of net assets
Agency Securities: 94.59%
FHLMC		0.21-8.50	%		1-1-2016 to 2-25-2045	$	325,720,521	$	345,991,341		25.58	%
FHLMC ±		1.86			7-1-2034		12,442,231		13,222,592		0.98
FHLMC ±		2.33			6-1-2037		8,291,923		8,865,330		0.66
FHLMC ±		2.35			6-1-2037		8,480,726		9,064,337		0.67
FHLMC ±		2.36			9-1-2035		7,790,802		8,307,609		0.61
FHLMC ±		2.38			4-1-2038		7,946,931		8,493,979		0.63
FHLMC ±		2.38			1-1-2038		8,041,265		8,611,436		0.64
FHLMC ±		2.39			2-1-2035		6,201,918		6,615,274		0.49
FHLMC ±		2.42			4-1-2034		5,886,618		6,292,077		0.47
FHLMC ±		2.48			9-1-2030		11,352,162		12,075,320		0.89
FHLMC ±		2.69			8-1-2030		6,180,102		6,622,598		0.49
FHLMC ±		2.71			2-1-2036		5,454,852		5,864,519		0.43
FHLMC Series T-62 Class 1A1 ±		1.31			10-25-2044		5,878,424		5,990,843		0.44
FHLMC Series T-67 Class 1A1C ±		2.92			3-25-2036		12,698,698		13,420,911		0.99
FHLMC Series T-67 Class 2A1C ±		2.95			3-25-2036		8,045,876		8,365,603		0.62
FNMA		0.42-11.00			2-1-2016 to 12-1-2046		476,080,959		507,046,819		37.47
FNMA ±		2.03			10-1-2035		8,399,073		8,825,632		0.65
FNMA ±		2.07			12-1-2035		7,358,890		7,738,672		0.57
FNMA ±		2.13			5-1-2033		6,005,987		6,382,680		0.47
FNMA ±		2.22			9-1-2032		7,443,486		7,921,280		0.59
FNMA ±		2.24			2-1-2036		6,144,601		6,555,071		0.49
FNMA ±		2.27			8-1-2039		5,770,401		6,147,987		0.45
FNMA ±		2.28			5-1-2038		5,462,409		5,822,288		0.43
FNMA ��		2.30			1-1-2037		9,773,253		10,459,496		0.77
FNMA ±		2.30			7-1-2038		7,192,290		7,798,216		0.58
FNMA ±		2.31			7-1-2039		5,552,287		5,942,209		0.44
FNMA ±		2.33			12-1-2040		10,126,546		10,785,747		0.80
FNMA ±		2.33			12-1-2040		6,041,538		6,438,480		0.48
FNMA ±		2.34			9-1-2034		5,603,263		5,978,156		0.44
FNMA ±		2.34			1-1-2035		6,842,460		7,294,166		0.54
FNMA ±		2.34			1-1-2038		7,550,021		8,086,413		0.60
FNMA ±		2.34			7-1-2036		5,447,050		5,807,518		0.43
FNMA ±		2.35			12-1-2044		6,924,786		7,386,930		0.55
FNMA ±		2.36			8-1-2037		5,643,299		6,034,646		0.45
FNMA ±		2.36			5-1-2036		5,545,680		5,965,448		0.44
FNMA ±		2.36			12-1-2040		6,814,358		7,271,316		0.54
FNMA ±		2.36			9-1-2039		8,383,927		8,931,630		0.66
FNMA ±		2.37			12-1-2035		5,863,484		6,253,389		0.46
FNMA ±		2.39			12-1-2040		5,438,548		5,807,615		0.43
FNMA ±		2.40			2-1-2036		12,401,812		13,401,749		0.99
FNMA ±		2.40			2-1-2038		7,200,442		7,734,077		0.57
FNMA ±		2.43			4-1-2036		5,614,153		6,010,893		0.44
FNMA ±		2.47			3-1-2037		5,502,141		5,917,370		0.44
FNMA ±		2.49			11-1-2034		6,877,917		7,353,716		0.54

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

8 Wells Fargo Advantage Adjustable Rate Government Fund Summary portfolio of investments—February 28, 2015 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value			Percent of net assets
Agency Securities (continued)
FNMA ±		2.80	%		11-1-2035	$	12,914,315	$	13,884,685			1.03	%
FNMA Series 2001-T12 Class A4 ±		3.36			8-25-2041		7,625,454		7,870,033			0.58
FNMA Series 2002-66 Class A3 ±		3.12			4-25-2042		11,235,040		11,581,056			0.86
FNMA Series 2003-W18 Class 2A ±		3.43			6-25-2043		14,978,638		16,225,100			1.20
FNMA Series 2004-W12 Class 2A ±		3.34			6-25-2044		7,565,789		8,033,491			0.59
FNMA Series 2004-W15 Class 3A ±		2.63			6-25-2044		9,789,228		10,561,510			0.78
FNMA Series 2006-W1 Class 3A ±		2.15			10-25-2045		10,619,366		11,237,923			0.83
GNMA ±		2.04			8-20-2062		7,863,759		8,322,664			0.62
GNMA		0.57-9.00			5-15-2016 to 9-20-2062		8,982,495		9,302,785			0.68
Other securities									1,572,788			0.12
Total Agency Securities (Cost $1,256,177,401)									1,279,495,413			94.59
	Yield					Shares
Short-Term Investments: 5.69%
Investment Companies: 5.62%
Wells Fargo Advantage Government Money Market Fund, Institutional Class (l)(u)		0.01					76,055,353		76,055,353			5.62
						Principal
U.S. Treasury Securities: 0.07%
U.S. Treasury Bill #(z)		0.01			3-19-2015	$	900,000		899,994			0.07
Total Short-Term Investments (Cost $76,955,342)									76,955,347			5.69
Total investments in securities (Cost $1,333,132,743) *									1,356,450,760			100.28	%
Other assets and liabilities, net									(3,765,149	)		(0.28	)
Total net assets								$	1,352,685,611			100.00	%

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

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

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

# 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 $1,333,962,748 and unrealized gains (losses) consists of:

Gross unrealized gains	$	24,236,582
Gross unrealized losses		(1,748,570	)
Net unrealized gains	$	22,488,012

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

Statement of assets and liabilities—February 28, 2015 (unaudited) Wells Fargo Advantage Adjustable Rate Government Fund 9

Assets
Investments
In unaffiliated securities, at value (cost $1,257,077,390)	$	1,280,395,407
In affiliated securities, at value (cost $76,055,353)		76,055,353
Total investments, at value (cost $1,333,132,743)		1,356,450,760
Cash		8,466,149
Principal paydown receivable		3,603,682
Receivable for Fund shares sold		1,045,295
Receivable for interest		3,307,267
Prepaid expenses and other assets		40,391
Total assets		1,372,913,544
Liabilities
Dividends payable		227,155
Payable for investments purchased		13,886,265
Payable for Fund shares redeemed		5,196,958
Payable for daily variation margin on open futures contracts		100,469
Advisory fee payable		290,347
Distribution fees payable		81,492
Administration fees payable		162,885
Accrued expenses and other liabilities		282,362
Total liabilities		20,227,933
Total net assets	$	1,352,685,611
NET ASSETS CONSIST OF
Paid-in capital	$	1,388,011,236
Overdistributed net investment income		(1,419,000	)
Accumulated net realized losses on investments		(56,977,414	)
Net unrealized gains on investments		23,070,789
Total net assets	$	1,352,685,611
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	229,883,636
Shares outstanding – Class A1		25,210,345
Net asset value per share – Class A		$9.12
Maximum offering price per share – Class A2		$9.31
Net assets – Class B	$	763,520
Shares outstanding – Class B1		83,708
Net asset value per share – Class B		$9.12
Net assets – Class C	$	134,871,598
Shares outstanding – Class C1		14,790,382
Net asset value per share – Class C		$9.12
Net assets – Administrator Class	$	85,800,646
Shares outstanding – Administrator Class1		9,409,567
Net asset value per share – Administrator Class		$9.12
Net assets – Institutional Class	$	901,366,211
Shares outstanding – Institutional Class1		98,828,498
Net asset value per share – Institutional Class		$9.12

¹  The Fund has an unlimited number of authorized shares.

²  Maximum offering price is computed as 100/98 of net asset value. On investments of $50,000 or more, the offering price is reduced.

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

10 Wells Fargo Advantage Adjustable Rate Government Fund Statement of operations—six months ended February 28, 2015 (unaudited)

Investment income
Interest	$	9,241,697
Income from affiliated securities		2,231
Total investment income		9,243,928
Expenses
Advisory fee		1,983,450
Administration fees
Fund level		338,087
Class A		190,646
Class B		770
Class C		112,251
Administrator Class		50,688
Institutional Class		348,555
Shareholder servicing fees
Class A		297,883
Class B		1,115
Class C		175,392
Administrator Class		126,002
Distribution fees
Class B		3,611
Class C		526,176
Custody and accounting fees		51,572
Professional fees		32,857
Registration fees		48,740
Shareholder report expenses		40,450
Trustees’ fees and expenses		5,763
Other fees and expenses		30,811
Total expenses		4,364,819
Less: Fee waivers and/or expense reimbursements		(146,630	)
Net expenses		4,218,189
Net investment income		5,025,739
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains (losses) on:
Unaffiliated securities		829,297
Futures transactions		(1,845,554	)
Net realized losses on investments		(1,016,257	)
Net change in unrealized gains (losses) on:
Unaffiliated securities		(2,706,365	)
Futures transactions		35,048
Net change in unrealized gains (losses) on investments		(2,671,317	)
Net realized and unrealized gains (losses) on investments		(3,687,574	)
Net increase in net assets resulting from operations	$	1,338,165

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

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

	Six months ended February 28, 2015 (unaudited)						Year ended August 31, 2014
Operations
Net investment income				$	5,025,739					$	10,805,581
Net realized gains (losses) on investments					(1,016,257	)					593,005
Net change in unrealized gains (losses) on investments					(2,671,317	)					3,546,510
Net increase in net assets resulting from operations					1,338,165						14,945,096
Distributions to shareholders from
Net investment income
Class A					(928,731	)					(1,733,771	)
Class B					(214	)					(575	)
Class C					(20,498	)					(56,786	)
Administrator Class					(466,296	)					(875,098	)
Institutional Class					(4,638,787	)					(8,075,183	)
Tax basis return of capital
Class A					0						(366,434	)
Class B					0						(121	)
Class C					0						(12,002	)
Administrator Class					0						(184,953	)
Institutional Class					0						(1,706,699	)
Total distributions to shareholders					(6,054,526	)					(13,011,622	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		2,231,975			20,407,379			7,244,221			66,263,594
Class B		2,582			23,624			3,858			35,285
Class C		178,564			1,633,706			452,217			4,137,215
Administrator Class		2,621,516			23,974,254			6,986,964			63,914,051
Institutional Class		39,875,545			364,746,468			62,792,794			574,754,504
					410,785,431						709,104,649
Reinvestment of distributions
Class A		86,322			789,041			193,274			1,767,656
Class B		20			186			70			646
Class C		1,670			15,273			5,609			51,307
Administrator Class		41,831			382,348			77,012			704,495
Institutional Class		371,452			3,395,114			729,403			6,672,314
					4,581,962						9,196,418
Payment for shares redeemed
Class A		(4,614,886	)		(42,200,318	)		(10,685,135	)		(97,752,051	)
Class B		(49,123	)		(449,539	)		(189,405	)		(1,734,110	)
Class C		(1,621,557	)		(14,832,006	)		(5,030,472	)		(46,016,981	)
Administrator Class		(6,842,357	)		(62,597,601	)		(4,667,752	)		(42,695,260	)
Institutional Class		(33,665,392	)		(307,852,767	)		(70,479,287	)		(645,076,343	)
					(427,932,231	)					(833,274,745	)
Net decrease in net assets resulting from capital share transactions					(12,564,838	)					(114,973,678	)
Total decrease in net assets					(17,281,199	)					(113,040,204	)
Net assets
Beginning of period					1,369,966,810						1,483,007,014
End of period				$	1,352,685,611					$	1,369,966,810
Overdistributed net investment income				$	(1,419,000	)				$	(390,213	)

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

12 Wells Fargo Advantage Adjustable Rate Government Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended February 28, 2015 (unaudited)			Year ended August 31															Year ended June 30, 20101
CLASS A				2014			2013			2012			2011			20101,2
Net asset value, beginning of period		$9.15			$9.14			$9.19			$9.12			$9.12			$9.11			$9.00
Net investment income		0.03			0.06			0.06			0.09			0.14			0.02			0.20
Net realized and unrealized gains (losses) on investments		(0.02	)		0.02			(0.04	)		0.08			0.04			0.02			0.11
Total from investment operations		0.01			0.08			0.02			0.17			0.18			0.04			0.31
Distributions to shareholders from
Net investment income		(0.04	)		(0.06	)		(0.07	)		(0.09	)		(0.13	)3		(0.01	)3		(0.20	)
Tax basis return of capital		0.00			(0.01	)		(0.00	)4		(0.01	)		(0.05	)3		(0.02	)3		0.00
Total distributions to shareholders		(0.04	)		(0.07	)		(0.07	)		(0.10	)		(0.18	)		(0.03	)		(0.20	)
Net asset value, end of period		$9.12			$9.15			$9.14			$9.19			$9.12			$9.12			$9.11
Total return5		0.06	%		0.90	%		0.23	%		1.84	%		2.04	%		0.49	%		3.51	%
Ratios to average net assets (annualized)
Gross expenses		0.78	%		0.80	%		0.84	%		0.86	%		0.88	%		0.88	%		0.73	%
Net expenses		0.74	%		0.74	%		0.74	%		0.74	%		0.74	%		0.74	%		0.73	%
Net investment income		0.63	%		0.64	%		0.71	%		1.01	%		1.50	%		1.18	%		2.27	%
Supplemental data
Portfolio turnover rate		8	%		18	%		10	%		9	%		18	%		0	%		14	%
Net assets, end of period (000s omitted)		$229,884			$251,686			$281,028			$309,827			$328,427			$353,453			$271,853

¹  After the close of business on July 9, 2010, the Fund acquired the net assets of Evergreen Adjustable Rate Fund which became the accounting and performance survivor in the transaction. The information for the periods prior to July 12, 2010 is that of Class A of Evergreen Adjustable Rate Fund.

²  For the two months ended August 31, 2010. The Fund changed its fiscal year end from June 30 to August 31, effective August 31, 2010.

³  Calculated based upon average shares outstanding

⁴  Amount is less than $0.005.

⁵  Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.

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

Financial highlights Wells Fargo Advantage Adjustable Rate Government Fund 13

(For a share outstanding throughout each period)

	Six months ended February 28, 2015 (unaudited)			Year ended August 31															Year ended June 30, 20101
CLASS B				2014			2013			2012			2011			20101,2
Net asset value, beginning of period		$9.15			$9.14			$9.19			$9.12			$9.12			$9.11			$9.00
Net investment income (loss)		(0.01	)3		(0.01	)3		(0.00	)3,4		0.03	3		0.07	3		0.00	4		0.13	3
Net realized and unrealized gains (losses) on investments		(0.02	)		0.02			(0.05	)		0.07			0.05			0.03			0.11
Total from investment operations		(0.03	)		0.01			(0.05	)		0.10			0.12			0.03			0.24
Distributions to shareholders from
Net investment income		(0.00	)4		(0.00	)4		(0.00	)4		(0.03	)		(0.07	)3		(0.00	)3,4		(0.13	)
Tax basis return of capital		0.00			(0.00	)4		(0.00	)4		(0.00	)4		(0.05	)3		(0.02	)3		0.00
Total distributions to shareholders		(0.00	)4		(0.00	)4		(0.00	)4		(0.03	)		(0.12	)		(0.02	)		(0.13	)
Net asset value, end of period		$9.12			$9.15			$9.14			$9.19			$9.12			$9.12			$9.11
Total return5		(0.31	)%		0.15	%		(0.52	)%		1.08	%		1.28	%		0.36	%		2.73	%
Ratios to average net assets (annualized)
Gross expenses		1.52	%		1.55	%		1.60	%		1.61	%		1.63	%		1.62	%		1.48	%
Net expenses		1.47	%		1.49	%		1.49	%		1.49	%		1.49	%		1.49	%		1.48	%
Net investment income (loss)		(0.12	)%		(0.11	)%		(0.03	)%		0.27	%		0.81	%		0.24	%		1.55	%
Supplemental data
Portfolio turnover rate		8	%		18	%		10	%		9	%		18	%		0	%		14	%
Net assets, end of period (000s omitted)		$764			$1,192			$2,886			$6,660			$14,911			$50,229			$52,414

¹  After the close of business on July 9, 2010, the Fund acquired the net assets of Evergreen Adjustable Rate Fund which became the accounting and performance survivor in the transaction. The information for the periods prior to July 12, 2010 is that of Class B of Evergreen Adjustable Rate Fund.

²  For the two months ended August 31, 2010. The Fund changed its fiscal year end from June 30 to August 31, effective August 31, 2010.

³  Calculated based upon average shares outstanding

⁴  Amount is less than $0.005.

⁵  Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.

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

14 Wells Fargo Advantage Adjustable Rate Government Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended February 28, 2015 (unaudited)			Year ended August 31															Year ended June 30, 20101
CLASS C				2014			2013			2012			2011			20101,2
Net asset value, beginning of period		$9.15			$9.14			$9.19			$9.12			$9.12			$9.11			$9.00
Net investment income (loss)		(0.01	)4		(0.01	)4		(0.00	)3,4		0.02	4		0.06			0.00	3		0.14
Net realized and unrealized gains (losses) on investments		(0.02	)		0.02			(0.05	)		0.08			0.06			0.03			0.10
Total from investment operations		(0.03	)		0.01			(0.05	)		0.10			0.12			0.03			0.24
Distributions to shareholders from
Net investment income		(0.00	)3		(0.00	)3		(0.00	)3		(0.03	)		(0.07	)4		(0.00	)3,4		(0.13	)
Tax basis return of capital		0.00			(0.00	)3		(0.00	)3		(0.00	)3		(0.05	)4		(0.02	)4		0.00
Total distributions to shareholders		(0.00	)3		(0.00	)3		(0.00	)3		(0.03	)		(0.12	)		(0.02	)		(0.13	)
Net asset value, end of period		$9.12			$9.15			$9.14			$9.19			$9.12			$9.12			$9.11
Total return5		(0.31	)%		0.15	%		(0.52	)%		1.08	%		1.28	%		0.36	%		2.73	%
Ratios to average net assets (annualized)
Gross expenses		1.53	%		1.55	%		1.59	%		1.61	%		1.63	%		1.62	%		1.48	%
Net expenses		1.49	%		1.49	%		1.49	%		1.49	%		1.49	%		1.51	%		1.48	%
Net investment income (loss)		(0.13	)%		(0.11	)%		(0.04	)%		0.26	%		0.74	%		0.23	%		1.52	%
Supplemental data
Portfolio turnover rate		8	%		18	%		10	%		9	%		18	%		0	%		14	%
Net assets, end of period (000s omitted)		$134,872			$148,523			$190,110			$248,392			$296,645			$340,278			$349,562

¹  After the close of business on July 9, 2010, the Fund acquired the net assets of Evergreen Adjustable Rate Fund which became the accounting and performance survivor in the transaction. The information for the periods prior to July 12, 2010 is that of Class C of Evergreen Adjustable Rate Fund.

²  For the two months ended August 31, 2010. The Fund changed its fiscal year end from June 30 to August 31, effective August 31, 2010.

³  Amount is less than $0.005.

⁴  Calculated based upon average shares outstanding

⁵  Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.

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

Financial highlights Wells Fargo Advantage Adjustable Rate Government Fund 15

(For a share outstanding throughout each period)

	Six months ended February 28, 2015 (unaudited)			Year ended August 31
ADMINISTRATOR CLASS				2014			2013			2012			2011			20101
Net asset value, beginning of period		$9.15			$9.14			$9.19			$9.12			$9.12			$9.11
Net investment income		0.03			0.07			0.08			0.11			0.14	2		0.02
Net realized and unrealized gains (losses) on investments		(0.02	)		0.03			(0.05	)		0.07			0.06			0.01
Total from investment operations		0.01			0.10			0.03			0.18			0.20			0.03
Distributions to shareholders from
Net investment income		(0.04	)		(0.07	)		(0.08	)		(0.10	)		(0.15	)2		(0.00	)2,3
Tax basis return of capital		0.00			(0.02	)		(0.00	)3		(0.01	)		(0.05	)2		(0.02	)2
Total distributions to shareholders		(0.04	)		(0.09	)		(0.08	)		(0.11	)		(0.20	)		(0.02	)
Net asset value, end of period		$9.12			$9.15			$9.14			$9.19			$9.12			$9.12
Total return4		0.13	%		1.05	%		0.37	%		1.98	%		2.18	%		0.31	%
Ratios to average net assets (annualized)
Gross expenses		0.72	%		0.73	%		0.77	%		0.79	%		0.78	%		0.90	%
Net expenses		0.60	%		0.60	%		0.60	%		0.60	%		0.60	%		0.62	%
Net investment income		0.75	%		0.78	%		0.85	%		1.14	%		1.49	%		2.01	%
Supplemental data
Portfolio turnover rate		8	%		18	%		10	%		9	%		18	%		0	%
Net assets, end of period (000s omitted)		$85,801			$124,345			$102,284			$112,319			$34,946			$10

¹  For the period from July 30, 2010 (commencement of class operations) to August 31, 2010

²  Calculated based upon average shares outstanding

³  Amount is less than $0.005.

⁴  Returns for periods of less than one year are not annualized.

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

16 Wells Fargo Advantage Adjustable Rate Government Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended February 28, 2015 (unaudited)			Year ended August 31															Year ended June 30, 20101
INSTITUTIONAL CLASS				2014			2013			2012			2011			20101,2
Net asset value, beginning of period		$9.15			$9.14			$9.19			$9.12			$9.12			$9.11			$9.00
Net investment income		0.04			0.08			0.09	3		0.12	3		0.15			0.02			0.23
Net realized and unrealized gains (losses) on investments		(0.02	)		0.03			(0.04	)		0.07			0.06			0.03			0.10
Total from investment operations		0.02			0.11			0.05			0.19			0.21			0.05			0.33
Distributions to shareholders from
Net investment income		(0.05	)		(0.08	)		(0.10	)		(0.11	)		(0.16	)3		(0.02	)3		(0.22	)
Tax basis return of capital		0.00			(0.02	)		(0.00	)4		(0.01	)		(0.05	)3		(0.02	)3		0.00
Total distributions to shareholders		(0.05	)		(0.10	)		(0.10	)		(0.12	)		(0.21	)		(0.04	)		(0.22	)
Net asset value, end of period		$9.12			$9.15			$9.14			$9.19			$9.12			$9.12			$9.11
Total return5		0.20	%		1.19	%		0.50	%		2.09	%		2.30	%		0.53	%		3.76	%
Ratios to average net assets (annualized)
Gross expenses		0.45	%		0.47	%		0.51	%		0.53	%		0.55	%		0.55	%		0.48	%
Net expenses		0.45	%		0.46	%		0.47	%		0.49	%		0.49	%		0.49	%		0.48	%
Net investment income		0.92	%		0.93	%		0.98	%		1.25	%		1.72	%		1.21	%		2.52	%
Supplemental data
Portfolio turnover rate		8	%		18	%		10	%		9	%		18	%		0	%		14	%
Net assets, end of period (000s omitted)		$901,366			$844,221			$906,698			$686,587			$597,521			$368,066			$389,075

¹  After the close of business on July 9, 2010, the Fund acquired the net assets of Evergreen Adjustable Rate Fund which became the accounting and performance survivor in the transaction. The information for the periods prior to July 12, 2010 is that of Class I of Evergreen Adjustable Rate Fund.

²  For the two months ended August 31, 2010. The Fund changed its fiscal year end from June 30 to August 31, effective August 31, 2010.

³  Calculated based upon average shares outstanding

⁴  Amount is less than $0.005.

⁵  Returns for periods of less than one year are not annualized.

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

Notes to financial statements (unaudited) Wells Fargo Advantage Adjustable Rate Government Fund 17

1. ORGANIZATION

Wells Fargo Funds Trust (the “Trust”), a Delaware statutory trust organized on March 10, 1999, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). As an investment company, the Trust follows the accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946, Financial Services—Investment Companies. These financial statements report on the Wells Fargo Advantage Adjustable Rate Government Fund (the “Fund”) which is a diversified series of the Trust.

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

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

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

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

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

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

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

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

Security transactions and income recognition

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

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

Distributions to shareholders

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

Federal and other taxes

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

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

As of August 31 2014, capital loss carryforwards available to offset future net realized capital gains were as follows through the indicated expiration dates:

2015	2016	2017	2018	2019
$18,541,278	$10,766,785	$24,262,054	$1,705,150	$66,443

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

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

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of February 28, 2015:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Agency securities	$	0	$	1,279,495,413	$	0	$	1,279,495,413
Short-term investments
Investment companies		76,055,353		0		0		76,055,353
U.S. Treasury securities		899,994		0		0		899,994
Total assets	$	76,955,347	$	1,279,495,413	$	0	$	1,356,450,760
Liabilities
Futures contracts	$	100,469	$	0	$	0	$	100,469
Total liabilities	$	100,469	$	0	$	0	$	100,469

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

The Fund recognizes transfers between levels within the fair value hierarchy at the end of the reporting period. At February 28, 2015, the Fund did not have any transfers into/out of Level 1, Level 2, or Level 3.

4. TRANSACTIONS WITH AFFILIATES

Advisory fee

The Trust has entered into an advisory contract with Funds Management, an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”). The adviser is responsible for implementing investment policies and guidelines and for supervising the subadviser, who is responsible for day-to-day portfolio management of the Fund.

Pursuant to the contract, Funds Management is entitled to receive an annual advisory fee starting at 0.30% and declining to 0.225% as the average daily net assets of the Fund increase. For the six months ended February 28, 2015, the advisory fee was equivalent to an annual rate of 0.29% of the Fund’s average daily net assets.

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Funds Management. Wells Capital Management Incorporated, an affiliate of Funds Management and an indirect wholly owned subsidiary of Wells Fargo, is the subadviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.20% and declining to 0.10% as the average daily net assets of the Fund increase.

Administration fees

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 the Fund an annual fund level administration fee starting at 0.05% and declining to 0.03% as the average daily net assets of the 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		0.16	%
Administrator Class		0.10
Institutional Class		0.08

Funds Management has contractually waived and/or reimbursed advisory and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. Waiver of fees and/or reimbursement of expenses by Funds Management were made first from fund level expenses on a proportionate basis and then from class

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

specific expenses. Funds Management has committed through December 31, 2015 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 0.74% for Class A shares, 1.49% for Class B shares, 1.49% for Class C shares, 0.60% for Administrator Class shares, and 0.46 for Institutional Class shares. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

Distribution fees

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

In addition, Funds Distributor is entitled to receive the front-end sales charges from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class A, Class B, and Class C shares. For the six months ended February 28, 2015, Funds Distributor received $733 from the sale of Class A shares and $792 and $954 in contingent deferred sales charges from redemptions of Class A and Class C shares, respectively.

Shareholder servicing fees

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

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of U.S. government obligations, excluding short-term securities, for the six months ended February 28, 2015 were $170,180,695 and $102,262,459, respectively.

6. DERIVATIVE TRANSACTIONS

During the six months ended February 28, 2015, the Fund entered into futures contracts to speculate on interest rates and to help manage the duration of the portfolio.

At February 28, 2015, the Fund had short futures contracts outstanding as follows:

Expiration date	Counterparty	Contracts		Type		Contract value at February 28, 2015		Unrealized losses
6-19-2015	JPMorgan		267 Short		10-Year U.S. Treasury Notes	$	34,121,766	$	(121,491	)
6-30-2015	JPMorgan		470 Short		5-Year U.S. Treasury Notes		56,062,188		(125,737	)

The Fund had an average notional amount of $89,833,596 in short futures contracts during the six months ended February 28, 2015.

On February 28, 2015, the cumulative unrealized losses on futures contracts in the amount of $247,228 are reflected in net unrealized gains on investments on the Statement of Assets and Liabilities. The payable for daily variation margin on open futures contracts reflected in the Statement of Assets and Liabilities only represents the current day’s variation margin. The realized losses and change in unrealized gains (losses) on futures contracts are reflected in the Statement of Operations.

For certain types of derivative transactions, the Fund has entered into International Swaps and Derivatives Association, Inc. master agreements (“ISDA Master Agreements”) or similar agreements with approved counterparties. The ISDA Master Agreements or similar agreements may have requirements to deliver/deposit securities or cash to/with an exchange or broker-dealer as collateral and allows the Fund to offset, with each counterparty, certain derivative financial instrument’s assets and/or liabilities with collateral held or pledged. Collateral requirements differ by type of derivative. Collateral or margin requirements are set by the broker or exchange clearing house for exchange traded derivatives while collateral terms are contract specific for over-the-counter traded derivatives. Cash collateral that has been pledged to cover obligations of the Fund under ISDA Master Agreements or similar agreements, if any, will be reported separately in the Statement of Assets and Liabilities. Securities pledged as collateral, if any, for the same purpose are noted in the Summary Portfolio of Investments. With respect to balance sheet offsetting, absent an event of default by the

Notes to financial statements (unaudited) Wells Fargo Advantage Adjustable Rate Government Fund 21

counterparty or a termination of the agreement, the reported amounts of financial assets and financial liabilities in the Statement of Assets and Liabilities are not offset across transactions between the Fund and the applicable counterparty. A reconciliation of the gross amounts on the Statement of Assets and Liabilities to the net amounts by derivative type, including any collateral exposure, is as follows:

Derivative type	Counterparty	Gross amounts of liabilities in the Statement of Assets and Liabilities	Amounts subject to netting agreements		Collateral pledged1			Net amount of liabilities
Futures – variation margin	JPMorgan	$100,469	$	0	$	(100,469	)	$	0

¹  Collateral pledged within this table is limited to the collateral for the net transaction with the counterparty.

7. BANK BORROWINGS

The Trust (excluding the money market funds and certain other funds in the Trust) and Wells Fargo Variable Trust are parties to a $150,000,000 revolving credit agreement, whereby the Fund is permitted to use bank borrowings for temporary or emergency purposes, such as to fund shareholder redemption requests. Interest under the credit agreement is charged to the Fund based on a borrowing rate equal to the higher of the Federal Funds rate in effect on that day plus 1.25% or the overnight LIBOR rate in effect on that day plus 1.25%. In addition, an annual commitment fee equal to 0.10% of the unused balance is allocated to each participating fund. For the six months ended February 28, 2015, the Fund paid $250 in commitment fees.

For the six months ended February 28, 2015, there were no borrowings by the Fund 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 Fund and, therefore, cannot be estimated.

22 Wells Fargo Advantage Adjustable Rate Government Fund Other information (unaudited)

PROXY VOTING INFORMATION

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available, upon request, by calling 1-800-222-8222, visiting our website at wellsfargoadvantagefunds.com, or visiting the SEC website at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available on the Fund’s website at wellsfargoadvantagefunds.com or by visiting the SEC website at sec.gov.

PORTFOLIO HOLDINGS INFORMATION

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

Other information (unaudited) Wells Fargo Advantage Adjustable Rate Government Fund 23

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 134 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
William R. Ebsworth (Born 1957)	Trustee, since 2015**	Retired. From 1984 to 2013, equities analyst, portfolio manager, research director at Fidelity Management and Research Company and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. in Boston, Tokyo, and Hong Kong where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Mr. Ebsworth is an Adjunct Lecturer, Finance, at Babson College and a Chartered Financial Analyst.	Asset Allocation Trust
Jane A. Freeman (Born 1953)	Trustee, since 2015**	Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior thereto, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is a Chartered Financial Analyst (inactive), Chair of Taproot Foundation (non-profit organization) and a Board Member of Ruth Bancroft Garden (non-profit organization).	Asset Allocation Trust
Peter G. Gordon (Born 1942)	Trustee, since 1998; Chairman, since 2005	Co-Founder, Retired Chairman, President and CEO of Crystal Geyser Water Company. Trustee Emeritus, Colby College.	Asset Allocation Trust
Isaiah Harris, Jr. (Born 1952)	Trustee, since 2009	Retired. Chairman of the Board of CIGNA Corporation since 2009, and Director since 2005. From 2003 to 2011, Director of Delux Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy. 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
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

24 Wells Fargo Advantage Adjustable Rate Government Fund Other information (unaudited)

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Other directorships during past five years
Timothy J. Penny (Born 1951)	Trustee, since 1996	President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007 and Senior Fellow at the Humphrey Institute Policy Forum at the University of Minnesota since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	Asset Allocation Trust
Michael S. Scofield (Born 1943)	Trustee, since 2010	Served on the Investment Company Institute’s Board of Governors and Executive Committee from 2008-2011 as well the Governing Council of the Independent Directors Council from 2006-2011 and the Independent Directors Council Executive Committee from 2008-2011. Chairman of the IDC from 2008-2010. Institutional Investor (Fund Directions) Trustee of Year in 2007. Trustee of the Evergreen Funds complex (and its predecessors) from 1984 to 2010. Chairman of the Evergreen Funds from 2000-2010. Former Trustee of the Mentor Funds. Retired Attorney, Law Offices of Michael S. Scofield.	Asset Allocation Trust
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.

** William R. Ebsworth and Jane A. Freeman each became a Trustee effective January 1, 2015.

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	Senior Vice President and Secretary of Wells Fargo Funds Management, LLC since 2001. Assistant General Counsel of Wells Fargo Bank, N.A. since 2013 and Vice President and Managing Counsel of Wells Fargo Bank N.A. from 1996 to 2013.
Debra Ann Early (Born 1964)	Chief Compliance Officer, since 2007	Senior Vice President of Wells Fargo Funds Management, LLC since 2007 and Chief Compliance Officer from 2007 to 2014. Chief Compliance Officer of Parnassus Investments from 2005 to 2007. Chief Financial Officer of Parnassus Investments from 2004 to 2007 and Senior Audit Manager of PricewaterhouseCoopers LLP from 1998 to 2004.
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 61 funds and Assistant Treasurer of 73 funds in the Fund Complex.

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

List of abbreviations Wells Fargo Advantage Adjustable Rate Government Fund 25

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

ACA —  ACA Financial Guaranty Corporation

ADR —  American depositary receipt

ADS —  American depositary shares

AGC —  Assured Guaranty Corporation

AGM —  Assured Guaranty Municipal

Ambac —  Ambac Financial Group Incorporated

AMT —  Alternative minimum tax

AUD —  Australian dollar

BAN —  Bond anticipation notes

BHAC —  Berkshire Hathaway Assurance Corporation

BRL —  Brazilian real

CAB —  Capital appreciation bond

CAD —  Canadian dollar

CCAB —  Convertible capital appreciation bond

CDA —  Community Development Authority

CDO —  Collateralized debt obligation

CHF —  Swiss franc

COP —  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

LIFER —  Long Inverse Floating Exempt Receipts

LIQ —  Liquidity agreement

LLC —  Limited liability company

LLLP —  Limited liability limited partnership

LLP —  Limited liability partnership

LOC —  Letter of credit

LP —  Limited partnership

MBIA —  Municipal Bond Insurance Association

MFHR —  Multifamily housing revenue

MSTR —  Municipal securities trust receipts

MTN —  Medium-term note

MUD —  Municipal Utility District

MXN —  Mexican peso

MYR —  Malaysian ringgit

National —  National Public Finance Guarantee Corporation

NGN —  Nigerian naira

NOK —  Norwegian krone

NZD —  New Zealand dollar

PCFA —  Pollution Control Financing Authority

PCL —  Public Company Limited

PCR —  Pollution control revenue

PFA —  Public Finance Authority

PFFA —  Public Facilities Financing Authority

PFOTER —  Puttable floating option tax-exempt receipts

plc —  Public limited company

PLN —  Polish zloty

PUTTER —  Puttable tax-exempt receipts

R&D —  Research & development

Radian —  Radian Asset Assurance

RAN —  Revenue anticipation notes

RDA —  Redevelopment Authority

RDFA —  Redevelopment Finance Authority

REIT —  Real estate investment trust

ROC —  Reset option certificates

RON —  Romanian lei

RUB —  Russian ruble

SAVRS —  Select auction variable rate securities

SBA —  Small Business Authority

SEK —  Swedish krona

SFHR —  Single-family housing revenue

SFMR —  Single-family mortgage revenue

SGD —  Singapore dollar

SPA —  Standby purchase agreement

SPDR —  Standard & Poor’s Depositary Receipts

SPEAR —   Short Puttable Exempt Adjustable Receipts

STRIPS —  Separate trading of registered interest and

      principal securities

TAN —  Tax anticipation notes

TBA —  To be announced

THB —  Thai baht

TIPS —  Treasury inflation-protected securities

TRAN —  Tax revenue anticipation notes

TRY —  Turkish lira

TTFA —  Transportation Trust Fund Authority

TVA —  Tennessee Valley Authority

ZAR —  South African rand

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For more information

More information about Wells Fargo 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

© 2015 Wells Fargo Funds Management, LLC. All rights reserved.

232051 04-15 SA215/SAR215 02-15

Wells Fargo Advantage Conservative Income Fund

Semi-Annual Report

February 28, 2015

Reduce clutter. Save trees.

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

Contents

Letter to shareholders	2
Performance highlights	4
Fund expenses	6
Portfolio of investments	7
Financial statements
Statement of assets and liabilities	13
Statement of operations	14
Statement of changes in net assets	15
Financial highlights	16
Notes to financial statements	17
Other information	22
List of abbreviations	25

The views expressed and any forward-looking statements are as of February 28, 2015, unless otherwise noted, and are those of the Fund managers and/or Wells Fargo Funds Management, LLC. Discussions of individual securities, or the markets generally, or any Wells Fargo Advantage Fund are not intended as individual recommendations. Future events or results may vary significantly from those expressed in any forward-looking statements; the views expressed are subject to change at any time in response to changing circumstances in the market. Wells Fargo Funds Management, LLC and the Fund disclaim any obligation to publicly update or revise any views expressed or forward-looking statements.

NOT FDIC INSURED  ¡  NO BANK GUARANTEE  ¡   MAY LOSE VALUE

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

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 Conservative Income Fund for the six-month period that ended February 28, 2015. The period was marked by low interest rates, a large decline in oil prices, and moderate U.S. economic growth. Investment-grade bonds, as measured by the Barclays U.S. Aggregate Bond Index¹, returned 2.25% 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 ended its quantitative easing program in October 2014 and also set expectations for it to begin normalizing monetary policy with higher target ranges for the federal funds rate in 2015.

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 said it intends to increase the size of its balance sheet, a result of quantitative easing, by buying eurozone government bonds. In Japan, the Bank of Japan maintained an aggressive monetary program aimed at combating deflation.

U.S. economic growth was moderate, and oil prices plummeted.

Economic growth advanced during the reporting period, the unemployment rate ticked lower to 5.5% as of February 2015, and inflation remained below the Fed’s longer-run objective of a 2% pace. The period was also marked by dramatically lower oil prices, which fell from more than $90 per barrel at the end of August 2014 to below $50 per barrel at the end of February 2015. While lower oil prices benefited consumers of oil products, the lower prices pressured companies within the energy sector.

Longer-dated securities and higher-rated credits were top performers.

Ten-year U.S. Treasury rates declined during the period, from 2.35% at end of August 2014 to 2.03% by the end of February 2015, benefiting both from safe-haven status as well as relative attractiveness to global investors. With the U.S. economy the furthest along its business cycle, the level of interest rates in the U.S. and Europe diverged. The 10-year U.S. Treasury yield was 2.03% at the end of February 2015 compared with 0.30% for 10-year German government yields, 173 basis points (bps; 100 bps equals 1.00%) higher. This was largely attributed to the Fed being closer to eventually increasing interest rates while the ECB potentially needs to further increase, rather than scale back, its amount of accommodation. Further, U.S. economic activity was healthier than Europe’s.

Treasury bonds with maturities greater than 20 years returned more than 10% during the six-month period that ended February 28, 2015, according to the Barclays U.S. Aggregate Bond Index. This was due, in part, to strong demand from overseas investors because yields in Europe and Japan were substantially lower than U.S. yields. In addition, because the dollar strengthened, the returns from Treasuries were even higher for foreign-domiciled investors. Longer-maturity debt across all sectors outperformed shorter-dated securities.

¹  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 Conservative Income Fund 3

Investment-grade corporate bonds returned 2.29% during the six-month reporting period, according to the Barclays U.S. Aggregate Bond Index, and AAA-rated² bonds had higher returns than BBB-rated bonds. Lower-rated credits, including high yield, underperformed as oil prices fell dramatically. Not only were many energy and mining companies negatively affected, but investor trepidation about weak global growth caused investment-grade spreads to modestly widen while high-yield spreads widened substantially.

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

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

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

Sincerely,

Karla M. Rabusch

President

Wells Fargo Advantage Funds

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

²  The ratings indicated are from Standard & Poor’s, Moody’s Investors Service, and/or Fitch Ratings Ltd. Standard & Poor’s rates the creditworthiness of bonds from AAA (highest) to D (lowest). Ratings from A to CCC may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the rating categories. Moody’s rates the creditworthiness of bonds from Aaa (highest) to C (lowest). Ratings Aa to B may be modified by the addition of a number 1 (highest) to 3 (lowest) to show relative standing within the ratings categories. Fitch rates the creditworthiness of bonds from AAA (highest) to D (lowest).

4 Wells Fargo Advantage Conservative Income Fund Performance highlights (unaudited)

Investment objective

The Fund seeks current income consistent with capital preservation.

Adviser

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Andrew M. Greenberg, CFA

Anthony J. Melville, CFA

Jeffrey L. Weaver, CFA

Average annual total returns (%) as of February 28, 2015

							Expense ratios1 (%)
	Inception date	1 year		Since inception			Gross		Net2
Institutional Class (WCIIX)	5-31-2013		0.28		0.46			0.43		0.27
Barclays 6-9 Month Treasury Bill Index3	–		0.13		0.11	*		–		–

* Based on inception date of Institutional Class.

Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on fund distributions or the redemption of fund shares. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted, which assumes the reinvestment of dividends and capital gains. Current month-end performance is available on the Fund’s website, 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.

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

Bond values fluctuate in response to the financial condition of individual issuers, general market and economic conditions, and changes in interest rates. Changes in market conditions and government policies may lead to periods of heightened volatility in the bond market and reduced liquidity for certain bonds held by the Fund. In general, when interest rates rise, bond values fall and investors may lose principal value. Interest-rate changes and their impact on the fund and its share price can be sudden and unpredictable. The use of derivatives may reduce returns and/or increase volatility. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). The use of derivatives may reduce returns and/or increase volatility. The Fund is exposed to foreign investment risk, mortgage- and asset-backed securities risk, and municipal 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 Conservative Income Fund 5

Ten largest long-term holdings4 (%) as of February 28, 2015
Citibank Credit Card Issuance Trust Series 2013-A3 Class A3, 1.11%, 7-23-2018	1.60
Penarth Master Issuer Series 2013-1A Class A1, 0.56%, 11-18-2017	1.51
Nissan Auto Lease Trust Series 2014-A Class A2A, 0.48%, 9-15-2016	1.43
La Caisse Centrale Desjardins du Quebec, 0.92%, 1-29-2018	1.42
Principal Life Global Funding II, 1.00%, 12-11-2015	1.33
Harley-Davidson Financial Services Incorporated, 3.88%, 3-15-2016	1.33
JPMorgan Chase & Company, 0.78%, 2-15-2017	1.33
American Express Credit Account Master Trust Series 2012-2 Class A, 0.68%, 3-15-2018	1.29
Bank of the West Auto Trust Series 2014-1 Class A2, 0.69%, 7-17-2017	1.21
CarMax Auto Owner Trust Series 2014-4 Class A2A, 0.67%, 2-15-2018	1.21

Portfolio allocation⁵ as of February 28, 2015

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

²  The Adviser has committed through December 31, 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 amount shown. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses, and extraordinary expenses are excluded from the cap. Without this cap, the Fund’s returns would have been lower.

³  The Barclays 6–9 Month Treasury Bill Index includes all publicly issued zero-coupon U.S. Treasury bills that have a remaining maturity of less than nine months and more than six, are rated investment-grade, and have $250 million or more of outstanding face value. You cannot invest directly in an index.

⁴  The ten largest long-term holdings are calculated based on the value of the securities divided by total net assets of the Fund. Holdings are subject to change and may have changed since the date specified.

⁵  Amounts are calculated based on the total long-term investments of the Fund. These percentages are subject to change and may have changed since the date specified.

6 Wells Fargo Advantage Conservative Income Fund Fund expenses (unaudited)

As a shareholder of the Fund, you incur ongoing costs and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from September 1, 2014 to February 28, 2015.

Actual expenses

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

Hypothetical example for comparison purposes

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

Please note that the expenses shown in the table are meant to highlight your ongoing costs. Therefore, the “Hypothetical” line of the table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds.

	Beginning account value 9-1-2014		Ending account value 2-28-2015		Expenses paid during the period1		Net annualized expense ratio
Institutional Class
Actual	$	1,000.00	$	1,000.49	$	1.34		0.27	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.46	$	1.35		0.27	%

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

Portfolio of investments—February 28, 2015 (unaudited) Wells Fargo Advantage Conservative Income Fund 7

Security name	Interest rate			Maturity date		Principal		Value
Asset-Backed Securities: 22.37%
Ally Auto Receivables Trust Series 2014-3 Class A2		0.81	%		9-15-2017	$	1,000,000	$	1,000,173
American Express Credit Account Master Trust Series 2012-2 Class A		0.68			3-15-2018		3,400,000		3,403,468
Bank of the West Auto Trust Series 2014-1 Class A2 144A		0.69			7-17-2017		3,200,000		3,198,957
Barclays Dryrock Issuance Trust Series 2014-4 Class A ±		0.56			9-15-2020		1,400,000		1,400,574
BMW Vehicle Lease Trust Series 2014-1 Class A2		0.45			3-21-2016		1,097,341		1,096,897
California Republic Auto Receivables Trust Series 2014-1 Class A2		0.62			1-17-2017		472,116		472,124
California Republic Auto Receivables Trust Series 2014-3 Class A3		1.09			11-15-2018		1,500,000		1,500,081
CarMax Auto Owner Trust Series 2013-3 Class A2		0.59			8-15-2016		297,180		297,199
CarMax Auto Owner Trust Series 2014-4 Class A2A		0.67			2-15-2018		3,200,000		3,197,651
Citibank Credit Card Issuance Trust Series 2013-A3 Class A3		1.11			7-23-2018		4,220,000		4,234,238
Fifth Third Auto Trust Series 2014-1 Class A2		0.46			8-15-2016		1,246,589		1,246,554
Fifth Third Auto Trust Series 2014-1 Class A3		0.68			4-16-2018		2,000,000		1,997,932
Ford Credit Auto Lease Trust Series 2013-B Class A2A		0.59			1-15-2016		316,757		316,836
Ford Credit Auto Lease Trust Series 2013-B Class A3		0.76			9-15-2016		1,000,000		1,000,654
Ford Credit Auto Lease Trust Series 2014-A Class A3		0.68			4-15-2017		900,000		899,684
GE Equipment Transportation LLC Series 2015-1 Class A2 %%		0.89			11-24-2017		1,825,000		1,824,804
GM Financial Automobile Leasing Trust Series 2014-1A Class A2 144A		0.61			7-20-2016		1,524,353		1,523,385
GM Financial Automobile Leasing Trust Series 2014-2A Class A3 144A		1.22			1-22-2018		2,500,000		2,499,913
Golden Credit Card Trust Series 2012-5A Class A 144A		0.79			9-15-2017		3,000,000		3,002,739
Hyundai Auto Lease Securitization Trust Series 2013-A Class A3 144A		0.66			6-15-2016		639,573		639,495
Hyundai Auto Lease Securitization Trust Series 2013-B Class A3 144A		0.98			10-17-2016		1,755,000		1,758,808
Hyundai Auto Receivables Trust Series 2012-C Class A3		0.53			4-17-2017		434,109		434,042
M&T Bank Auto Receivables Trust Series 2013-1A Class A3 144A		1.06			11-15-2017		1,146,468		1,149,454
Mercedes-Benz Auto Lease Trust Series 2013-B Class A2		0.53			9-15-2015		2,076		2,076
Mercedes-Benz Auto Lease Trust Series 2013-B Class A3		0.62			7-15-2016		1,000,000		1,000,041
Nissan Auto Lease Trust Series 2013-B Class A3		0.75			6-15-2016		1,000,000		1,000,806
Nissan Auto Lease Trust Series 2014-A Class A2A		0.48			9-15-2016		3,778,530		3,775,125
Oscar US Funding Trust Series 2014-1A Class A2 144A		1.00			8-15-2017		2,500,000		2,496,865
Penarth Master Issuer Series 2013-1A Class A1 144A±		0.56			11-18-2017		4,000,000		4,000,576
Porsche Innovative Lease Owner Pilot Trust Series 2013-1 Class A2 144A		0.54			1-22-2016		198,554		198,573
Smart Trust Series 2014-1US Class A2A		0.58			7-14-2016		953,567		953,238
Volkswagen Auto Lease Trust Series 2014-A Class A3		0.80			4-20-2017		1,765,000		1,763,839
Volkswagen Auto Lease Trust Series 2013-A Class A2A		0.63			12-21-2015		41,342		41,345
Volkswagen Auto Lease Trust Series 2014-A Class A2A		0.52			10-20-2016		955,535		955,252
Volkswagen Auto Lease Trust Series 2015-A Class A2A %%		0.98			6-20-2017		1,000,000		999,995
Volvo Financial Equipment LLC Series 2014-1A Class A2 144A		0.54			11-15-2016		2,531,024		2,530,022
World Omni Automobile Receivables Trust Series 2013-B Class A2		0.48			11-15-2016		316,219		316,217
World Omni Automobile Receivables Trust Series 2015-A Class A2A %%		0.90			7-16-2018		1,000,000		999,916
Total Asset-Backed Securities (Cost $59,134,055)									59,129,548
Certificates of Deposit: 1.51%
Bank of Tokyo-Mitsubishi LLC ±		0.63			7-15-2016		2,000,000		2,000,000
Credit Suisse NY ±		0.58			8-24-2015		2,000,000		2,000,000
Total Certificates of Deposit (Cost $4,000,000)									4,000,000
Corporate Bonds and Notes: 23.38%
Consumer Discretionary: 2.86%
Automobiles: 1.33%
Harley-Davidson Financial Services Incorporated 144A		3.88			3-15-2016		3,400,000		3,507,824

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

8 Wells Fargo Advantage Conservative Income Fund Portfolio of investments—February 28, 2015 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Media: 0.57%
NBCUniversal Media LLC		3.65	%		4-30-2015	$	1,500,000	$	1,507,632
Specialty Retail: 0.96%
Lowe’s Companies Incorporated		2.13			4-15-2016		2,500,000		2,539,543
Financials: 18.79%
Banks: 7.19%
Bank of America Corporation ±		0.73			2-14-2017		1,890,000		1,888,828
Bank of America Corporation		4.50			4-1-2015		500,000		501,508
Branch Banking & Trust Company ±		0.56			9-13-2016		1,050,000		1,045,087
Branch Banking & Trust Corporation		5.63			9-15-2016		250,000		266,653
Capital One NA ±		0.76			2-13-2017		1,500,000		1,499,940
Capital One NA ±		0.94			2-5-2018		1,500,000		1,502,996
Citigroup Incorporated ±		0.78			3-10-2017		350,000		349,510
Citigroup Incorporated ±		0.94			11-15-2016		500,000		502,309
Citigroup Incorporated ±		1.22			7-25-2016		500,000		503,111
Citigroup Incorporated		1.70			7-25-2016		650,000		654,230
Credit Suisse New York ±		0.94			1-29-2018		1,750,000		1,753,978
JPMorgan Chase & Company ±		0.78			2-15-2017		3,500,000		3,506,612
PNC Bank NA ±		0.55			8-1-2017		1,650,000		1,646,558
PNC Bank NA		0.80			1-28-2016		750,000		751,627
PNC Bank NA		1.30			10-3-2016		1,000,000		1,005,538
MUFG Union Bank NA ±		1.00			9-26-2016		1,625,000		1,633,309
									19,011,794
Capital Markets: 1.99%
Goldman Sachs Group Incorporated		3.30			5-3-2015		1,250,000		1,255,653
Goldman Sachs Group Incorporated		3.70			8-1-2015		721,000		729,578
Merrill Lynch & Company Incorporated		5.30			9-30-2015		595,000		610,107
Morgan Stanley ±		0.97			1-5-2018		750,000		751,047
Morgan Stanley		6.00			4-28-2015		1,900,000		1,915,367
									5,261,752
Consumer Finance: 5.26%
American Express Centurion Bank		0.88			11-13-2015		1,150,000		1,154,063
American Express Credit Corporation		1.30			7-29-2016		1,750,000		1,759,079
American Express Credit Corporation		2.75			9-15-2015		1,021,000		1,033,201
American Honda Finance Corporation ±		0.36			9-2-2016		1,150,000		1,148,712
Daimler Finance North America LLC 144A		1.45			8-1-2016		3,000,000		3,020,436
Daimler Finance North America LLC 144A		1.65			4-10-2015		375,000		375,470
General Electric Capital Corporation Series A		5.38			10-20-2016		1,500,000		1,608,800
HSBC Finance Corporation ±		0.66			6-1-2016		350,000		349,568
HSBC Finance Corporation		5.00			6-30-2015		1,560,000		1,582,402
John Deere Capital Corporation ±		0.54			1-16-2018		1,860,000		1,864,741
									13,896,472

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

Portfolio of investments—February 28, 2015 (unaudited) Wells Fargo Advantage Conservative Income Fund 9

Security name	Interest rate			Maturity date		Principal		Value
Diversified Financial Services: 1.00%
General Electric Capital Corporation		3.50	%		6-29-2015	$	925,000	$	934,427
General Electric Capital Corporation		5.00			1-8-2016		1,650,000		1,713,378
									2,647,805
Insurance: 3.35%
ACE INA Holdings Incorporated		2.60			11-23-2015		1,310,000		1,328,776
Berkshire Hathaway Finance Corporation ±		0.55			1-12-2018		2,000,000		2,002,240
Jackson National Life Global Funding Company 144A±		0.50			7-29-2016		2,000,000		2,000,804
Principal Life Global Funding II 144A		1.00			12-11-2015		3,500,000		3,515,754
									8,847,574
Health Care: 0.83%
Health Care Providers & Services: 0.38%
Providence Health & Services Obligated Group ±		0.91			10-1-2015		1,000,000		1,001,486
Pharmaceuticals: 0.45%
Bayer US Finance LLC 144A±		0.50			10-7-2016		1,200,000		1,200,344
Utilities: 0.90%
Electric Utilities: 0.90%
Commonwealth Edison Company		4.70			4-15-2015		524,000		526,578
Southern Company		2.38			9-15-2015		1,825,000		1,842,598
									2,369,176
Total Corporate Bonds and Notes (Cost $61,754,636)									61,791,402
Municipal Obligations: 4.69%
California: 2.19%
California Earthquake Authority (Miscellaneous Revenue)		1.19			7-1-2016		1,750,000		1,746,833
Northern California Transmission Refunding Oregon Project Series B (Utilities Revenue) ##		5.37			5-1-2015		1,000,000		1,008,590
Riverside County CA Public Financing Authority Indian Wells Project Series A Class T (Tax Revenue)		0.83			9-1-2015		1,045,000		1,044,592
University of California Series Y-1 (Education Revenue) ±		0.67			7-1-2041		2,000,000		2,000,180
									5,800,195
Florida: 1.01%
Village Center Florida Community Development District (Water & Sewer Revenue) 144A##		1.30			11-1-2015		2,665,000		2,663,721
Illinois: 0.77%
Chicago IL Midway Airport Series C (Airport Revenue)		1.32			1-1-2016		600,000		604,344
Illinois (GO)		4.96			3-1-2016		1,365,000		1,416,734
									2,021,078
New Jersey: 0.72%
New Jersey Building Authority Series B (Miscellaneous Revenue)		0.75			6-15-2015		1,000,000		1,001,240
New Jersey EDA School Facilities Construction Series QQ (Miscellaneous Revenue)		1.10			6-15-2016		900,000		900,288
									1,901,528
Total Municipal Obligations (Cost $12,375,949)									12,386,522

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

10 Wells Fargo Advantage Conservative Income Fund Portfolio of investments—February 28, 2015 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Non-Agency Mortgage-Backed Securities: 3.98%
Bear Stearns Commercial Mortgage Securities Incorporated Series 2005-T20 Class A4A ±		5.14	%		10-12-2042	$	869,174	$	878,944
CCG Receivables Trust Class 2014-1 Class A2 144A		1.06			11-15-2021		1,925,032		1,925,533
Citigroup Commercial Mortgage Trust Series 2005-CD1 Class A4 ±		5.23			7-15-2044		1,945,245		1,963,802
Commercial Mortgage Trust Pass-Through Certificate Series 2005-C6 Class A5A ±		5.12			6-10-2044		475,152		478,360
JPMorgan Chase Commercial Mortgage Securities Trust Series 2005-LDP5 Class A4 ±		5.23			12-15-2044		1,546,650		1,570,138
JPMorgan Chase Commercial Mortgage Securities Trust Series 2006-LDP6 Class A4 ±		5.48			4-15-2043		1,770,624		1,818,292
JPMorgan Chase Commercial Mortgage Securities Trust Series 2005-LDP3 Class A4A ±		4.94			8-15-2042		396,810		398,694
Merrill Lynch Mortgage Trust Series 2005-CKI1 Class A6 ±		5.27			11-12-2037		1,457,356		1,474,531
Total Non-Agency Mortgage-Backed Securities (Cost $10,590,805)									10,508,294
Yankee Corporate Bonds and Notes: 21.20%
Consumer Discretionary: 0.29%
Automobiles: 0.29%
Volkswagen Group America 144A		1.63			3-22-2015		775,000		775,482
Consumer Staples: 2.03%
Food & Staples Retailing: 1.39%
Wesfarmers Limited 144A		2.98			5-18-2016		1,810,000		1,855,608
Woolworths Limited 144A		2.55			9-22-2015		1,813,000		1,831,964
									3,687,572
Tobacco: 0.64%
BAT International Finance plc 144A		1.40			6-5-2015		1,680,000		1,683,190
Energy: 1.90%
Oil, Gas & Consumable Fuels: 1.90%
BP Capital Markets plc ±		0.61			2-10-2017		1,250,000		1,251,175
BP Capital Markets plc		3.13			10-1-2015		1,000,000		1,014,183
BP Capital Markets plc		3.20			3-11-2016		1,701,000		1,744,763
CNPC General Capital Limited 144A±		1.16			5-14-2017		1,000,000		1,001,436
									5,011,557
Financials: 15.16%
Banks: 11.98%
ABN Amro Bank NV 144A±		1.06			10-28-2016		2,000,000		2,013,460
ANZ Banking Group 144A±		0.69			1-16-2018		1,500,000		1,499,555
ANZ New Zealand International Limited of London 144A		1.85			10-15-2015		1,050,000		1,059,333
Banco Santander Chile 144A±		1.15			4-11-2017		1,250,000		1,244,781
Bank of Montreal		1.30			7-15-2016		3,000,000		3,022,719
Bank of Nova Scotia		0.95			3-15-2016		1,553,000		1,559,094
Banque Federative du Credit Mutuel SA 144A±		1.11			1-20-2017		1,000,000		1,006,491
BPCE SA		1.70			4-25-2016		2,695,000		2,714,576
Export-Import Bank of Korea ±		0.98			1-14-2017		1,400,000		1,406,947
Export-Import Bank of Korea 144A		5.38			10-4-2016		1,000,000		1,064,915
Industrial & Commercial Bank of China Limited ±		1.45			11-13-2017		1,500,000		1,508,235
ING Bank NV 144A		2.00			9-25-2015		2,990,000		3,013,175
Kookmin Bank 144A±		1.13			1-27-2017		2,000,000		2,012,176

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

Portfolio of investments—February 28, 2015 (unaudited) Wells Fargo Advantage Conservative Income Fund 11

Security name	Interest rate			Maturity date		Principal		Value
Banks (continued)
Kookmin Bank 144A±		1.50	%		10-11-2016	$	500,000	$	505,157
Macquarie Bank Limited 144A		0.30			6-24-2015		1,000,000		999,050
Macquarie Bank Limited 144A±		1.05			3-24-2017		1,000,000		1,004,053
Macquarie Bank Limited 144A		3.45			7-27-2015		1,000,000		1,011,446
National Australia Bank Limited		1.30			7-25-2016		1,000,000		1,006,668
Rabobank Nederland 144A		3.20			3-11-2015		900,000		900,471
Royal Bank of Scotland plc		4.88			3-16-2015		850,000		851,193
Sumitomo Mitsui Banking Corporation ±		0.83			1-16-2018		1,500,000		1,504,103
Sumitomo Mitsui Trust Bank Limited 144A±		1.02			9-16-2016		750,000		753,998
									31,661,596
Consumer Finance: 1.06%
Volkswagen International Finance NV 144A±		0.70			11-20-2017		725,000		725,147
Volkswagen International Finance NV 144A		2.88			4-1-2016		2,032,000		2,076,613
									2,801,760
Diversified Financial Services: 2.12%
Abbey National Treasury Services plc ±		0.75			3-13-2017		500,000		500,197
Abbey National Treasury Services plc		4.00			4-27-2016		1,300,000		1,343,806
La Caisse Centrale Desjardins du Quebec 144A±		0.92			1-29-2018		3,760,000		3,759,425
									5,603,428
Information Technology: 0.87%
Internet Software & Services: 0.87%
Alibaba Group Holding Limited 144A±		0.76			11-28-2017		2,300,000		2,292,547
Telecommunication Services: 0.95%
Wireless Telecommunication Services: 0.95%
America Movil SAB de CV ±		1.24			9-12-2016		2,500,000		2,518,885
Total Yankee Corporate Bonds and Notes (Cost $55,994,492)									56,036,017
Short-Term Investments: 23.83%
Commercial Paper: 23.56%
Alpine Securitization Corporation 144A(p)(z)		0.25			5-11-2015		2,000,000		1,998,989
Alpine Securitization Corpotation 144A(p)(z)		0.25			5-4-2015		1,000,000		999,545
Anglesea Funding LLC 144A(p)(z)		0.00			3-2-2015		1,600,000		1,600,000
Anglesea Funding LLC 144A(p)(z)		0.28			4-1-2015		2,100,000		2,099,475
Antalis US Funding Corporation 144A(p)(z)		0.00			3-2-2015		3,250,000		3,250,000
Banco de Chile 144A(z)		0.45			8-28-2015		3,650,000		3,641,833
Banco de Credito e Inversiones 144A(z)		0.39			5-20-2015		1,900,000		1,898,332
Banco de Credito e Inversiones 144A(z)		0.42			4-27-2015		1,000,000		999,316
CNPC Finance Hong Kong Limited 144A(z)		0.30			3-10-2015		1,750,000		1,749,852
CNPC Finance Hong Kong Limited 144A(z)		0.35			3-26-2015		4,000,000		3,998,987
Coca-Cola Company 144A(z)		0.24			6-22-2015		750,000		749,440
Coca-Cola Company 144A(z)		0.30			9-8-2015		1,500,000		1,497,625
Collateralized Commercial Paper Company LLC 144A(z)		0.30			7-6-2015		1,500,000		1,498,425
Collateralized Commercial Paper Company LLC 144A(z)		0.33			5-7-2015		1,000,000		999,377
Crown Point Capital Company LLC 144A(p)(z)		0.23			4-7-2015		1,000,000		999,760
Crown Point Capital Company LLC 144A(p)(z)		0.24			4-17-2015		2,200,000		2,199,297

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

12 Wells Fargo Advantage Conservative Income Fund Portfolio of investments—February 28, 2015 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Commercial Paper (continued)
Institutional Secured Funding LLC 144A(p)(z)		0.24	%		3-17-2015	$	1,000,000	$	999,888
Institutional Secured Funding LLC 144A(p)(z)		0.35			4-2-2015		5,200,000		5,198,343
Midea International Corporation (z)		0.25			3-6-2015		3,500,000		3,499,852
Reckitt Benckiser Treasury Services plc 144A(z)		0.30			8-25-2015		500,000		499,267
Reckitt Benckiser Treasury Services plc 144A(z)		0.37			8-25-2015		2,300,000		2,295,840
Ridgefield Funding Company LLC 144A(p)(z)		0.24			5-5-2015		4,000,000		3,998,222
Salisbury Receivables Company LLC 144A(p)(z)		0.22			4-14-2015		2,000,000		1,999,451
Salisbury Receivables Company LLC 144A(p)(z)		0.27			4-1-2015		2,500,000		2,499,396
Sinopec Century Bright Capital Investment Limited 144A(z)		0.31			3-23-2015		1,500,000		1,499,703
Suncorp Group Limited 144A(z)		0.52			7-6-2015		1,100,000		1,097,960
Suncorp Group Limited 144A(z)		0.61			1-5-2016		2,000,000		1,989,528
White Point Funding Incorporated 144A(p)(z)		0.01			3-6-2015		6,500,000		6,499,783
									62,257,486
	Yield					Shares
Investment Companies: 0.26%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class ##(l)(u)		0.10					685,927		685,927
						Principal
U.S. Treasury Securities: 0.01%
U.S. Treasury Bill (z)#		0.01			3-19-2015	$	30,000		30,000
Total Short-Term Investments (Cost $62,973,413)									62,973,413

Total investments in securities (Cost $266,823,350) *	100.96	%		266,825,196
Other assets and liabilities, net	(0.96	)		(2,549,143	)
Total net assets	100.00	%	$	264,276,053

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

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

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

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

(p) Asset-backed commercial paper

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

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

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

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

* Cost for federal income tax purposes is $266,824,965 and unrealized gains (losses) consists of:

Gross unrealized gains	$	143,841
Gross unrealized losses		(143,610	)
Net unrealized gains	$	231

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

Statement of assets and liabilities—February 28, 2015 (unaudited) Wells Fargo Advantage Conservative Income Fund 13

Assets
Investments
In unaffiliated securities, at value (cost $266,137,423)	$	266,139,269
In affiliated securities, at value (cost $685,927)		685,927
Total investments, at value (cost $266,823,350)		266,825,196
Receivable for Fund shares sold		563,100
Receivable for interest		804,246
Prepaid expenses and other assets		21,570
Total assets		268,214,112
Liabilities
Dividends payable		44,488
Payable for investments purchased		3,824,715
Payable for daily variation margin on open futures contracts		1,641
Advisory fee payable		17,790
Administration fee payable		25,823
Accrued expenses and other liabilities		23,602
Total liabilities		3,938,059
Total net assets	$	264,276,053
NET ASSETS CONSIST OF
Paid-in capital	$	264,298,892
Overdistributed net investment income		(1,354	)
Accumulated net realized losses on investments		(20,724	)
Net unrealized losses on investments		(761	)
Total net assets	$	264,276,053
COMPUTATION OF NET ASSET VALUE PER SHARE
Net assets – Institutional Class	$	264,276,053
Shares outstanding – Institutional Class1		26,416,073
Net asset value per share – Institutional Class		$10.00

¹  The Fund has an unlimited number of authorized shares.

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

14 Wells Fargo Advantage Conservative Income Fund Statement of operations—six months ended February 28, 2015 (unaudited)

Investment income
Interest (net of foreign interest withholding taxes of $1,865)	$	679,760
Income from affiliated securities		659
Total investment income		680,419
Expenses
Advisory fee		178,340
Administration fee		115,921
Custody and accounting fees		7,778
Professional fees		20,554
Registration fees		9,703
Shareholder report expenses		8,411
Trustees’ fees and expenses		5,825
Other fees and expenses		1,095
Total expenses		347,627
Less: Fee waivers and/or expense reimbursements		(106,868	)
Net expenses		240,759
Net investment income		439,660
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized losses on:
Unaffiliated securities		(5,349	)
Futures transactions		(18,161	)
Net realized losses on investments		(23,510	)
Net change in unrealized gains (losses) on:
Unaffiliated securities		(171,813	)
Futures transactions		703
Net change in unrealized gains (losses) on investments		(171,110	)
Net realized and unrealized gains (losses) on investments		(194,620	)
Net increase in net assets resulting from operations	$	245,040

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

Statement of changes in net assets Wells Fargo Advantage Conservative Income Fund 15

	Six months ended February 28, 2015 (unaudited)						Year ended August 31, 2014
Operations
Net investment income				$	439,660					$	521,040
Net realized gains (losses) on investments					(23,510	)					36,110
Net change in unrealized gains (losses) on investments					(171,110	)					228,803
Net increase in net assets resulting from operations					245,040						785,953
Distributions to shareholders from
Net investment income – Institutional Class					(439,689	)					(522,365	)
Net realized gains – Institutional Class					(9,602	)					(10,290	)
Total distributions to shareholders					(449,291	)					(532,655	)
Capital share transactions		Shares						Shares
Proceeds from shares sold – Institutional Class		16,673,464			166,852,937			17,611,286			176,332,163
Reinvestment of distributions – Institutional Class		32,963			329,834			44,616			446,908
Payment for shares redeemed – Institutional Class		(4,607,519	)		(46,120,953	)		(8,344,325	)		(83,597,346	)
Net increase in net assets resulting from capital share transactions					121,061,818						93,181,725
Total increase in net assets					120,857,567						93,435,023
Net assets
Beginning of period					143,418,486						49,983,463
End of period				$	264,276,053					$	143,418,486
Overdistributed net investment income				$	(1,354	)				$	(1,325	)

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

16 Wells Fargo Advantage Conservative Income Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended February 28, 2015 (unaudited)			Year ended August 31
INSTITUTIONAL CLASS				2014			20131
Net asset value, beginning of period		$10.02			$9.99			$10.00
Net investment income		0.02			0.04			0.01
Net realized and unrealized gains (losses) on investments		(0.02	)		0.03			(0.01	)
Total from investment operations		0.00			0.07			0.00
Distributions to shareholders from
Net investment income		(0.02	)		(0.04	)		(0.01	)
Net realized gains		(0.00	)2		(0.00	)2		0.00
Total distributions to shareholders		(0.02	)		(0.04	)		(0.01	)
Net asset value, end of period		$10.00			$10.02			$9.99
Total return3		0.05	%		0.74	%		0.01	%
Ratios to average net assets (annualized)
Gross expenses		0.39	%		0.43	%		0.74	%
Net expenses		0.27	%		0.27	%		0.27	%
Net investment income		0.49	%		0.44	%		0.44	%
Supplemental data
Portfolio turnover rate		19	%		55	%		10	%
Net assets, end of period (000s omitted)		$264,276			$143,418			$49,983

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

²  Amount is less than $0.005.

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

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

Notes to financial statements (unaudited) Wells Fargo Advantage Conservative Income Fund 17

1. ORGANIZATION

Wells Fargo Funds Trust (the “Trust”), a Delaware statutory trust organized on March 10, 1999, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). As an investment company, the Trust follows the accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946, Financial Services—Investment Companies. These financial statements report on the Wells Fargo Advantage Conservative Income Fund (the “Fund”) which is a diversified series of the Trust.

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

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

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

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

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

When-issued transactions

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

Futures contracts

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

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

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

Security transactions and income recognition

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

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

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

Distributions to shareholders

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

Federal and other taxes

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

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

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

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

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of February 28, 2015:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in :
Asset-backed securities	$	0	$	59,129,548	$	0	$	59,129,548
Certificates of deposit		0		4,000,000		0		4,000,000
Corporate bonds and notes		0		61,791,402		0		61,791,402
Municipal obligations		0		12,386,522		0		12,386,522
Non-agency mortgage-backed securities		0		10,508,294		0		10,508,294
Yankee corporate bonds and notes		0		56,036,017		0		56,036,017
Short-term investments
Commercial paper		0		62,257,486		0		62,257,486
Investment companies		685,927		0		0		685,927
U.S. Treasury securities		30,000		0		0		30,000
Total assets	$	715,927	$	266,109,269	$	0	$	266,825,196
Liabilities
Futures contracts	$	1,641	$	0	$	0	$	1,641
Total liabilities	$	1,641	$	0	$	0	$	1,641

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

The Fund recognizes transfers between levels within the fair value hierarchy at the end of the reporting period. At February 28, 2015, the Fund did not have any transfers into/out of Level 1, Level 2, or Level 3.

4. TRANSACTIONS WITH AFFILIATES

Advisory fee

The Trust has entered into an advisory contract with Funds Management, an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”). The adviser is responsible for implementing investment policies and guidelines and for supervising the subadviser, who is responsible for day-to-day portfolio management of the Fund.

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 the Fund increase. For the six months ended February 28, 2015, the advisory fee was equivalent to an annual rate of 0.20% of the Fund’s average daily net assets.

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

Administration fee

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 the Fund an annual fund level administration fee starting at 0.13% and declining to 0.11% as the average daily net assets of the Fund increase.

Funds Management has contractually waived and/or reimbursed advisory and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. Waiver of fees and/or reimbursement of expenses by Funds Management were made first from fund level expenses on a proportionate basis and then from class specific expenses. Funds Management has committed through December 31, 2015 to waive fees and/or reimburse

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

expenses to the extent necessary to cap the Fund’s expenses at 0.27% for Institutional Class shares. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended February 28, 2015 were $126,105,411 and $26,887,520, respectively.

6. DERIVATIVE TRANSACTIONS

During the six months ended February 28, 2015, the Fund entered into futures contracts to speculate on interest rates and to help manage the duration of the portfolio

At February 28, 2015, the Fund had short futures contracts outstanding as follows:

Expiration date	Counterparty	Contracts	Type		Contract value at February 28, 2015		Unrealized losses
6-30-2015	JPMorgan	15 Short		2-Year U.S. Treasury Notes	$	3,278,672	$	(2,607	)

The Fund had an average notional amount of $3,300,830 in short futures contracts during the six months ended February 28, 2015.

On February 28, 2015, the cumulative unrealized losses on futures contracts in the amount of $2,607 are reflected in net unrealized losses on investments on the Statement of Assets and Liabilities. The payable for daily variation margin on open futures contracts reflected in the Statement of Assets and Liabilities only represents the current day’s variation margin. The realized losses and change in unrealized gains (losses) on futures contracts are reflected in the Statement of Operations.

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

Derivative type	Counterparty	Gross amounts of liabilities in the Statement of Assets and Liabilities	Amounts subject to netting agreements		Collateral pledged1			Net amount of liabilities
Futures – variation margin	JPMorgan	$1,641	$	0	$	(1,641	)	$	0

¹  Collateral pledged within this table is limited to the collateral for the net transaction with the counterparty.

7. BANK BORROWINGS

The Trust (excluding the money market funds and certain other funds in the Trust) and Wells Fargo Variable Trust are parties to a $150,000,000 revolving credit agreement, whereby the Fund is permitted to use bank borrowings for temporary or emergency purposes, such as to fund shareholder redemption requests. Interest under the credit agreement is charged to the Fund based on a borrowing rate equal to the higher of the Federal Funds rate in effect on that day plus 1.25% or the overnight LIBOR rate in effect on that day plus 1.25%. In addition, an annual commitment fee equal to 0.10% of the unused balance is allocated to each participating fund. For the six months ended February 28, 2015, the Fund paid $84 in commitment fees.

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

For the six months ended February 28, 2015, there were no borrowings by the Fund 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 Fund and, therefore, cannot be estimated.

22 Wells Fargo Advantage Conservative Income Fund Other information (unaudited)

PROXY VOTING INFORMATION

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available, upon request, by calling 1-800-222-8222, visiting our website at wellsfargoadvantagefunds.com, or visiting the SEC website at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available on the Fund’s website at wellsfargoadvantagefunds.com or by visiting the SEC website at sec.gov.

PORTFOLIO HOLDINGS INFORMATION

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

Other information (unaudited) Wells Fargo Advantage Conservative Income Fund 23

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 134 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
William R. Ebsworth (Born 1957)	Trustee, since 2015**	Retired. From 1984 to 2013, equities analyst, portfolio manager, research director at Fidelity Management and Research Company and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. in Boston, Tokyo, and Hong Kong where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Mr. Ebsworth is an Adjunct Lecturer, Finance, at Babson College and a Chartered Financial Analyst.	Asset Allocation Trust
Jane A. Freeman (Born 1953)	Trustee, since 2015**	Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior thereto, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is a Chartered Financial Analyst (inactive), Chair of Taproot Foundation (non-profit organization) and a Board Member of Ruth Bancroft Garden (non-profit organization).	Asset Allocation Trust
Peter G. Gordon (Born 1942)	Trustee, since 1998; Chairman, since 2005	Co-Founder, Retired Chairman, President and CEO of Crystal Geyser Water Company. Trustee Emeritus, Colby College.	Asset Allocation Trust
Isaiah Harris, Jr. (Born 1952)	Trustee, since 2009	Retired. Chairman of the Board of CIGNA Corporation since 2009, and Director since 2005. From 2003 to 2011, Director of Delux Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy. 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
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

24 Wells Fargo Advantage Conservative Income Fund Other information (unaudited)

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Other directorships during past five years
Timothy J. Penny (Born 1951)	Trustee, since 1996	President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007 and Senior Fellow at the Humphrey Institute Policy Forum at the University of Minnesota since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	Asset Allocation Trust
Michael S. Scofield (Born 1943)	Trustee, since 2010	Served on the Investment Company Institute’s Board of Governors and Executive Committee from 2008-2011 as well the Governing Council of the Independent Directors Council from 2006-2011 and the Independent Directors Council Executive Committee from 2008-2011. Chairman of the IDC from 2008-2010. Institutional Investor (Fund Directions) Trustee of Year in 2007. Trustee of the Evergreen Funds complex (and its predecessors) from 1984 to 2010. Chairman of the Evergreen Funds from 2000-2010. Former Trustee of the Mentor Funds. Retired Attorney, Law Offices of Michael S. Scofield.	Asset Allocation Trust
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.

** William R. Ebsworth and Jane A. Freeman each became a Trustee effective January 1, 2015.

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	Senior Vice President and Secretary of Wells Fargo Funds Management, LLC since 2001. Assistant General Counsel of Wells Fargo Bank, N.A. since 2013 and Vice President and Managing Counsel of Wells Fargo Bank N.A. from 1996 to 2013.
Debra Ann Early (Born 1964)	Chief Compliance Officer, since 2007	Senior Vice President of Wells Fargo Funds Management, LLC since 2007 and Chief Compliance Officer from 2007 to 2014. Chief Compliance Officer of Parnassus Investments from 2005 to 2007. Chief Financial Officer of Parnassus Investments from 2004 to 2007 and Senior Audit Manager of PricewaterhouseCoopers LLP from 1998 to 2004.
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 61 funds and Assistant Treasurer of 73 funds in the Fund Complex.

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

List of abbreviations Wells Fargo Advantage Conservative Income Fund 25

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

ACA —  ACA Financial Guaranty Corporation

ADR —  American depositary receipt

ADS —  American depositary shares

AGC —  Assured Guaranty Corporation

AGM —  Assured Guaranty Municipal

Ambac —  Ambac Financial Group Incorporated

AMT —  Alternative minimum tax

AUD —  Australian dollar

BAN —  Bond anticipation notes

BHAC —  Berkshire Hathaway Assurance Corporation

BRL —  Brazilian real

CAB —  Capital appreciation bond

CAD —  Canadian dollar

CCAB —  Convertible capital appreciation bond

CDA —  Community Development Authority

CDO —  Collateralized debt obligation

CHF —  Swiss franc

COP —  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

LIFER —  Long Inverse Floating Exempt Receipts

LIQ —  Liquidity agreement

LLC —  Limited liability company

LLLP —  Limited liability limited partnership

LLP —  Limited liability partnership

LOC —  Letter of credit

LP —  Limited partnership

MBIA —  Municipal Bond Insurance Association

MFHR —  Multifamily housing revenue

MSTR —  Municipal securities trust receipts

MTN —  Medium-term note

MUD —  Municipal Utility District

MXN —  Mexican peso

MYR —  Malaysian ringgit

National —  National Public Finance Guarantee Corporation

NGN —  Nigerian naira

NOK —  Norwegian krone

NZD —  New Zealand dollar

PCFA —  Pollution Control Financing Authority

PCL —  Public Company Limited

PCR —  Pollution control revenue

PFA —  Public Finance Authority

PFFA —  Public Facilities Financing Authority

PFOTER —  Puttable floating option tax-exempt receipts

plc —  Public limited company

PLN —  Polish zloty

PUTTER —  Puttable tax-exempt receipts

R&D —  Research & development

Radian —  Radian Asset Assurance

RAN —  Revenue anticipation notes

RDA —  Redevelopment Authority

RDFA —  Redevelopment Finance Authority

REIT —  Real estate investment trust

ROC —  Reset option certificates

RON —  Romanian lei

RUB —  Russian ruble

SAVRS —  Select auction variable rate securities

SBA —  Small Business Authority

SEK —  Swedish krona

SFHR —  Single-family housing revenue

SFMR —  Single-family mortgage revenue

SGD —  Singapore dollar

SPA —  Standby purchase agreement

SPDR —  Standard & Poor’s Depositary Receipts

SPEAR —   Short Puttable Exempt Adjustable Receipts

STRIPS —  Separate trading of registered interest and

      principal securities

TAN —  Tax anticipation notes

TBA —  To be announced

THB —  Thai baht

TIPS —  Treasury inflation-protected securities

TRAN —  Tax revenue anticipation notes

TRY —  Turkish lira

TTFA —  Transportation Trust Fund Authority

TVA —  Tennessee Valley Authority

ZAR —  South African rand

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For more information

More information about Wells Fargo 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

© 2015 Wells Fargo Funds Management, LLC. All rights reserved.

232052 04-15 SA265/SAR265 02-15

Wells Fargo Advantage

Government Securities Fund

Semi-Annual Report

February 28, 2015

Reduce clutter. Save trees.

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

Contents

Letter to shareholders	2
Performance highlights	4
Fund expenses	6
Summary portfolio of investments*	7
Financial statements
Statement of assets and liabilities	10
Statement of operations	11
Statement of changes in net assets	12
Financial highlights	13
Notes to financial statements	19
Other information	24
List of abbreviations	27

* A complete schedule of portfolio holdings as of the report date may be obtained, free of charge, by accessing the following website: http://a584.g.akamai.net/f/584/1326/1d/www.wellsfargoadvantagefunds.com/pdf/semi/holdings/govtsecurities.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.

The views expressed and any forward-looking statements are as of February 28, 2015, unless otherwise noted, and are those of the Fund managers and/or Wells Fargo Funds Management, LLC. Discussions of individual securities, or the markets generally, or any Wells Fargo Advantage Fund are not intended as individual recommendations. Future events or results may vary significantly from those expressed in any forward-looking statements; the views expressed are subject to change at any time in response to changing circumstances in the market. Wells Fargo Funds Management, LLC and the Fund disclaim any obligation to publicly update or revise any views expressed or forward-looking statements.

NOT FDIC INSURED  ¡  NO BANK GUARANTEE  ¡   MAY LOSE VALUE

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

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 Government Securities Fund for the six-month period that ended February 28, 2015. The period was marked by low interest rates, a large decline in oil prices, and moderate U.S. economic growth. Investment-grade bonds, as measured by the Barclays U.S. Aggregate Bond Index¹, returned 2.25% 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 ended its quantitative easing program in October 2014 and also set expectations for it to begin normalizing monetary policy with higher target ranges for the federal funds rate in 2015.

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 said it intends to increase the size of its balance sheet, a result of quantitative easing, by buying eurozone government bonds. In Japan, the Bank of Japan maintained an aggressive monetary program aimed at combating deflation.

U.S. economic growth was moderate, and oil prices plummeted.

Economic growth advanced during the reporting period, the unemployment rate ticked lower to 5.5% as of February 2015, and inflation remained below the Fed’s longer-run objective of a 2% pace. The period was also marked by dramatically lower oil prices, which fell from more than $90 per barrel at the end of August 2014 to below $50 per barrel at the end of February 2015. While lower oil prices benefited consumers of oil products, the lower prices pressured companies within the energy sector.

Longer-dated securities and higher-rated credits were top performers.

Ten-year U.S. Treasury rates declined during the period, from 2.35% at end of August 2014 to 2.03% by the end of February 2015, benefiting both from safe-haven status as well as relative attractiveness to global investors. With the U.S. economy the furthest along its business cycle, the level of interest rates in the U.S. and Europe diverged. The 10-year U.S. Treasury yield was 2.03% at the end of February 2015 compared with 0.30% for 10-year German government yields, 173 basis points (bps; 100 bps equals 1.00%) higher. This was largely attributed to the Fed being closer to eventually increasing interest rates while the ECB potentially needs to further increase, rather than scale back, its amount of accommodation. Further, U.S. economic activity was healthier than Europe’s.

Treasury bonds with maturities greater than 20 years returned more than 10% during the six-month period that ended February 28, 2015, according to the Barclays U.S. Aggregate Bond Index. This was due, in part, to strong demand from overseas investors because yields in Europe and Japan were substantially lower

¹  The Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S. dollar–denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index.

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

than U.S. yields. In addition, because the dollar strengthened, the returns from Treasuries were even higher for foreign-domiciled investors. Longer-maturity debt across all sectors outperformed shorter-dated securities.

Investment-grade corporate bonds returned 2.29% during the six-month reporting period, according to the Barclays U.S. Aggregate Bond Index, and AAA-rated² bonds had higher returns than BBB-rated bonds. Lower-rated credits, including high yield, underperformed as oil prices fell dramatically. Not only were many energy and mining companies negatively affected, but investor trepidation about weak global growth caused investment-grade spreads to modestly widen while high-yield spreads widened substantially.

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

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

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

Sincerely,

Karla M. Rabusch

President

Wells Fargo Advantage Funds

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

²  The ratings indicated are from Standard & Poor’s, Moody’s Investors Service, and/or Fitch Ratings Ltd. Standard & Poor’s rates the creditworthiness of bonds from AAA (highest) to D (lowest). Ratings from A to CCC may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the rating categories. Moody’s rates the creditworthiness of bonds from Aaa (highest) to C (lowest). Ratings Aa to B may be modified by the addition of a number 1 (highest) to 3 (lowest) to show relative standing within the ratings categories. Fitch rates the creditworthiness of bonds from AAA (highest) to D (lowest)

4 Wells Fargo Advantage Government Securities Fund Performance highlights (unaudited)

Investment objective

The Fund seeks current income.

Adviser

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Michael J. Bray, CFA

Christopher Y. Kauffman, CFA

Average annual total returns¹ (%) as of February 28, 2015

		Including sales charge							Excluding sales charge						Expense ratios2 (%)
	Inception date	1 year			5 year		10 year		1 year		5 year		10 year		Gross		Net3
Class A (SGVDX)	8-31-1999		(0.62	)		2.29		3.71		4.07		3.23		4.19		0.89		0.86
Class B (WGSBX)*	7-18-2008		(1.62	)		2.10		3.65		3.38		2.47		3.65		1.64		1.61
Class C (WGSCX)	12-26-2002		2.38			2.46		3.39		3.38		2.46		3.39		1.64		1.61
Administrator Class (WGSDX)	4-8-2005		–			–		–		4.38		3.45		4.41		0.83		0.65
Institutional Class (SGVIX)	8-31-1999		–			–		–		4.45		3.62		4.60		0.56		0.49
Investor Class (STVSX)	10-29-1986									4.13		3.20		4.15		0.92		0.89
Barclays Intermediate Government Index4	–		–			–		–		2.21		2.57		3.88		–		–
Barclays U.S. Aggregate ex Credit Index5	–		–			–		–		4.46		3.62		4.54		–		–

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

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

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

For Class A shares, the maximum front-end sales charge is 4.50%. For Class B shares, the maximum contingent deferred sales charge is 5.00%. For Class C shares, the maximum contingent deferred sales charge is 1.00%. Performance including 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.

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

Please see footnotes on page 5.

Performance highlights (unaudited) Wells Fargo Advantage Government Securities Fund 5

Ten largest long-term holdings6 (%) as of February 28, 2015
U.S. Treasury Note, 0.07%, 1-31-2016	10.32
U.S. Treasury Note, 0.25%, 9-30-2015	8.99
FHLB, 0.00%, 5-27-2015	8.93
U.S. Treasury Note, 0.38%, 3-15-2015	7.09
FNMA, 3.00%, 3-12-2045	6.88
U.S. Treasury Note, 0.38%, 11-15-2015	6.43
FNMA, 4.50%, 3-12-2045	5.07
FHLMC, 3.50%, 3-1-2045	4.50
U.S. Treasury Note, 0.25%, 12-31-2015	4.41
FNMA, 4.00%, 3-12-2045	4.39

Portfolio allocation⁷ as of February 28, 2015

¹  Effective June 20, 2008, the Advisor Class was renamed Class A and modified to assume the features and attributes of Class A. Historical performance shown for Class A shares through June 19, 2008, includes Advisor Class expenses. Historical performance shown for Class B shares prior to their inception reflects the performance of Investor Class shares, adjusted to reflect the higher expenses applicable to Class B. Historical performance shown for Administrator Class shares prior to their inception reflects the performance of Institutional Class shares, adjusted to reflect the higher expenses applicable to Administrator Class shares.

²  Reflects the expense ratios as stated in the most recent prospectuses, which include the impact of 0.01% in acquired fund fees and expenses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report, which do not include acquired fund fees and expenses.

³  The Adviser has committed through December 31 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 0.85% for Class A, 1.60% for Class B, 1.60% for Class C, 0.64% for Administrator Class, 0.48% for Institutional Class, and 0.88% for Investor Class. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses, and extraordinary expenses are excluded from the cap. Without this cap, the Fund’s returns would have been lower.

⁴  The Barclays Intermediate Government Index is an unmanaged index composed of U.S. government securities with maturities in the one to 10-year range, including securities issued by the U.S. Treasury and U.S. government agencies. You cannot invest directly in an index.

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

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

⁷  Amounts are calculated based on the total long-term investments of the Fund. These percentages are subject to change and may have changed since the date specified.

6 Wells Fargo Advantage Government Securities Fund Fund expenses (unaudited)

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and contingent deferred sales charges (if any) on redemptions and (2) ongoing costs, including management fees, distribution (12b-1) and/or shareholder 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 September 1, 2014 to February 28, 2015.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

	Beginning account value 9-1-2014		Ending account value 2-28-2015		Expenses paid during the period1		Net annualized expense ratio
Class A
Actual	$	1,000.00	$	1,021.63	$	4.26		0.85	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.58	$	4.26		0.85	%
Class B
Actual	$	1,000.00	$	1,017.85	$	8.01		1.60	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,016.86	$	8.00		1.60	%
Class C
Actual	$	1,000.00	$	1,017.85	$	8.01		1.60	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,016.86	$	8.00		1.60	%
Administrator Class
Actual	$	1,000.00	$	1,022.69	$	3.21		0.64	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.62	$	3.21		0.64	%
Institutional Class
Actual	$	1,000.00	$	1,023.51	$	2.41		0.48	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.41	$	2.41		0.48	%
Investor Class
Actual	$	1,000.00	$	1,021.46	$	4.41		0.88	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.43	$	4.41		0.88	%

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

Summary portfolio of investments—February 28, 2015 (unaudited) Wells Fargo Advantage Government Securities Fund 7

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

Security name	Interest rate			Maturity date		Principal		Value		Percent of net assets
Agency Securities: 72.84%
FDIC Series 2010-S1 Class 1A ±144A		0.72	%		2-25-2048	$	6,508,796	$	6,511,152		0.51	%
FDIC Series 2013-R1 Class A 144A		1.15			3-25-2033		5,366,022		5,329,192		0.42
FHLB ¤		0.00			5-27-2015		113,270,000		113,259,126		8.93
FHLB		5.63			3-14-2036		6,150,000		8,683,837		0.68
FHLMC		2.38			1-13-2022		10,415,000		10,733,949		0.85
FHLMC %%		3.50			3-1-2045		54,565,000		57,090,765		4.50
FHLMC %%		4.00			3-1-2045		11,875,000		12,696,973		1.00
FHLMC		5.50			7-1-2035		8,105,433		9,105,910		0.72
FHLMC		6.00			5-25-2043		6,668,020		7,703,977		0.61
FHLMC		0.21-10.50			6-1-2016 to 7-25-2043		105,614,221		64,948,677		5.13
FNMA		2.63			9-6-2024		16,000,000		16,457,008		1.30
FNMA %%		3.00			3-18-2030		18,235,000		19,090,479		1.50
FNMA %%		3.00			3-12-2045		85,745,000		87,342,669		6.88
FNMA %%		3.50			3-18-2030		15,180,000		16,095,946		1.27
FNMA %%		3.50			3-12-2045		50,820,000		53,257,774		4.20
FNMA %%		4.00			3-18-2030		12,615,000		13,342,136		1.05
FNMA %%		4.00			3-12-2045		52,050,000		55,652,839		4.39
FNMA		4.50			1-1-2026		11,305,000		11,878,641		0.94
FNMA %%		4.50			3-12-2045		59,157,000		64,287,024		5.07
FNMA		5.00			8-1-2040		23,633,250		26,385,000		2.08
FNMA		5.30			4-1-2017		6,265,835		6,607,275		0.52
FNMA		5.50			8-1-2033		7,899,647		8,931,296		0.70
FNMA		5.67			3-1-2016		6,034,833		6,260,489		0.49
FNMA %%		6.00			3-12-2045		15,585,000		17,723,980		1.40
FNMA Series 2002-T19 Class A1		6.50			7-25-2042		6,195,378		7,068,338		0.56
FNMA Series 2006-M2 Class A2F ±		5.26			5-25-2020		6,790,390		7,488,965		0.59
FNMA		0.37-11.25			3-1-2015 to 8-25-2047		131,411,056		140,912,761		11.09
GNMA		4.00			1-20-2045		17,374,613		18,549,547		1.46
GNMA		5.00			7-20-2040		7,843,352		8,775,574		0.69
GNMA Series 2006-32 Class C ±		5.26			11-16-2038		11,398,849		12,003,638		0.95
GNMA Series 2006-68 Class D ±		5.31			12-16-2037		12,520,000		13,695,102		1.08
GNMA		0.00-12.50			7-15-2016 to 10-16-2052		91,245,956		11,447,205		0.89
Other securities									4,918,542		0.39
Total Agency Securities (Cost $905,221,395)									924,235,786		72.84
Municipal Obligations: 0.61%
Texas: 0.61%
San Antonio TX Retama Development Corporation (Miscellaneous Revenue)		10.00			12-15-2020		5,405,000		7,800,280		0.61
Total Municipal Obligations (Cost $6,665,706)									7,800,280		0.61

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

8 Wells Fargo Advantage Government Securities Fund Summary portfolio of investments—February 28, 2015 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value		Percent of net assets
Non-Agency Mortgage-Backed Securities: 5.85%
Citigroup Commercial Mortgage Trust Series 2006-C4 Class A3 ±		5.77	%		3-15-2049	$	8,876,687	$	9,204,148		0.72	%
Citigroup Commercial Mortgage Trust Series 2006-C5 Class A4		5.43			10-15-2049		11,280,000		11,876,069		0.94
Citigroup Commercial Mortgage Trust Series 2015-GC27 Class A5		3.14			2-10-2048		6,130,000		6,211,180		0.49
GE Capital Commercial Mortgage Corporation Series 2005-C3 Class A7A ±		4.97			7-10-2045		9,360,000		9,384,898		0.74
Lehman Brothers UBS Commercial Mortgage Trust Series 2006-C1 Class A4		5.16			2-15-2031		12,811,647		13,068,124		1.03
NCUA Guaranteed Notes Program Series 2010-C1 Class APT		2.65			10-29-2020		7,879,471		7,974,135		0.63
Other securities									16,524,736		1.30
Total Non-Agency Mortgage-Backed Securities (Cost $75,867,231)									74,243,290		5.85
U.S. Treasury Securities: 50.01%
U.S. Treasury Bond		2.75			8-15-2042		16,720,000		17,221,600		1.36
U.S. Treasury Bond		3.00			11-15-2044		5,965,000		6,469,693		0.51
U.S. Treasury Bond		3.75			8-15-2041		17,565,000		21,641,995		1.71
U.S. Treasury Bond		4.50			2-15-2036		7,475,000		10,083,655		0.80
U.S. Treasury Bond		4.63			2-15-2040		20,150,000		27,912,465		2.20
U.S. Treasury Bond		6.25			8-15-2023		16,335,000		21,913,141		1.73
U.S. Treasury Bond		7.25			8-15-2022		4,685,000		6,478,844		0.51
U.S. Treasury Note ±##		0.07			1-31-2016		130,990,000		130,986,987		10.32
U.S. Treasury Note ##		0.25			9-30-2015		114,015,000		114,077,366		8.99
U.S. Treasury Note		0.25			12-31-2015		56,000,000		56,008,736		4.41
U.S. Treasury Note ##		0.38			3-15-2015		89,940,000		89,947,015		7.09
U.S. Treasury Note ##		0.38			11-15-2015		81,495,000		81,615,939		6.43
U.S. Treasury Note		1.00			8-31-2016		12,240,000		12,340,405		0.97
U.S. Treasury Note		1.38			2-28-2019		37,735,000		37,790,996		2.98
Total U.S. Treasury Securities (Cost $621,132,986)									634,488,837		50.01
Yankee Corporate Bonds and Notes: 1.56%
Financials: 1.56%
Banks: 1.56%
Bank of Nova Scotia 144A		1.65			10-29-2015		13,235,000		13,343,249		1.05
Royal Bank of Canada Incorporated		2.00			10-1-2018		6,370,000		6,452,765		0.51
Total Yankee Corporate Bonds and Notes (Cost $19,598,373)									19,796,014		1.56
	Yield					Shares
Short-Term Investments: 0.33%
Investment Companies: 0.20%
Wells Fargo Advantage Government Money Market Fund, Institutional Class (l)(u)##		0.01					2,598,477		2,598,477		0.20

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

Summary portfolio of investments—February 28, 2015 (unaudited) Wells Fargo Advantage Government Securities Fund 9

Security name	Yield			Maturity date		Principal		Value			Percent of net assets
U.S. Treasury Securities: 0.13%
U.S. Treasury Bill (z) #		0.01	%		3-19-2015	$	1,600,000	$	1,599,989			0.13	%
Total Short-Term Investments (Cost $4,198,457)									4,198,466			0.33
Total investments in securities (Cost $1,632,684,148) *									1,664,762,673			131.20
Other assets and liabilities, net									(395,905,819	)		(31.20	)
Total net assets								$	1,268,856,854			100.00	%

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

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

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

%% Security issued on a when-issued basis

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

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

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

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

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

* Cost for federal income tax purposes is $1,633,676,021 and unrealized gains (losses) consists of:

Gross unrealized gains	$	39,360,419
Gross unrealized losses		(8,273,767	)
Net unrealized gains	$	31,086,652

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

10 Wells Fargo Advantage Government Securities Fund Statement of assets and liabilities—February 28, 2015 (unaudited)

Assets
Investments
In unaffiliated securities, at value (cost $1,630,085,671)	$	1,662,164,196
In affiliated securities, at value (cost $2,598,477)		2,598,477
Total investments, at value (cost $1,632,684,148)		1,664,762,673
Cash		979
Principal paydown receivable		30,728
Receivable for Fund shares sold		541,250
Receivable for interest		3,822,504
Receivable for daily variation margin on open futures contracts		202,183
Prepaid expenses and other assets		32,044
Total assets		1,669,392,361
Liabilities
Dividends payable		51,786
Payable for investments purchased		397,265,760
Payable for Fund shares redeemed		2,406,804
Advisory fee payable		329,384
Distribution fees payable		18,503
Administration fees payable		177,996
Accrued expenses and other liabilities		285,274
Total liabilities		400,535,507
Total net assets	$	1,268,856,854
NET ASSETS CONSIST OF
Paid-in capital	$	1,248,268,413
Overdistributed net investment income		(11,348,041	)
Accumulated net realized losses on investments		(149,512	)
Net unrealized gains on investments		32,085,994
Total net assets	$	1,268,856,854
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	235,810,127
Shares outstanding – Class A1		20,860,252
Net asset value per share – Class A		$11.30
Maximum offering price per share – Class A2		$11.83
Net assets – Class B	$	785,127
Shares outstanding – Class B1		69,469
Net asset value per share – Class B		$11.30
Net assets – Class C	$	30,166,737
Shares outstanding – Class C1		2,668,984
Net asset value per share – Class C		$11.30
Net assets – Administrator Class	$	177,414,833
Shares outstanding – Administrator Class1		15,700,544
Net asset value per share – Administrator Class		$11.30
Net assets – Institutional Class	$	499,803,678
Shares outstanding – Institutional Class1		44,252,587
Net asset value per share – Institutional Class		$11.29
Net assets – Investor Class	$	324,876,352
Shares outstanding – Investor Class1		28,721,971
Net asset value per share – Investor Class		$11.31

¹ The Fund has an unlimited number of authorized shares.

²  Maximum offering price is computed as 100/95.50 of net asset value. On investments of $50,000 or more, the offering price is reduced.

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

Statement of operations—six months ended February 28, 2015 (unaudited) Wells Fargo Advantage Government Securities Fund 11

Investment income
Interest	$	10,497,667
Income from affiliated securities		662
Total investment income		10,498,329
Expenses
Advisory fee		2,408,598
Administration fees
Fund level		317,520
Class A		141,161
Class B		758
Class C		24,522
Administrator Class		97,653
Institutional Class		213,664
Investor Class		315,934
Shareholder servicing fees
Class A		220,564
Class B		1,184
Class C		38,315
Administrator Class		235,458
Investor Class		414,370
Distribution fees
Class B		3,552
Class C		114,945
Custody and accounting fees		41,814
Professional fees		38,272
Registration fees		27,820
Shareholder report expenses		44,875
Trustees’ fees and expenses		3,919
Other fees and expenses		20,348
Total expenses		4,725,246
Less: Fee waivers and/or expense reimbursements		(352,379	)
Net expenses		4,372,867
Net investment income		6,125,462
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on:
Unaffiliated securities		14,641,143
Futures transactions		4,906,143
Net realized gains on investments		19,547,286
Net change in unrealized gains (losses) on:
Unaffiliated securities		3,441,458
Futures transactions		(461,693	)
Net change in unrealized gains (losses) on investments		2,979,765
Net realized and unrealized gains (losses) on investments		22,527,051
Net increase in net assets resulting from operations	$	28,652,513

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

12 Wells Fargo Advantage Government Securities Fund Statement of changes in net assets

	Six months ended February 28, 2015 (unaudited)						Year ended August 31, 2014
Operations
Net investment income				$	6,125,462					$	9,641,392
Net realized gains on investments					19,547,286						26,150,713
Net change in unrealized gains (losses) on investments					2,979,765						23,009,547
Net increase in net assets resulting from operations					28,652,513						58,801,652
Distributions to shareholders from
Net investment income
Class A					(788,485	)					(1,872,053	)
Class B					(710	)					(4,542	)
Class C					(22,748	)					(97,114	)
Administrator Class					(1,078,452	)					(2,550,531	)
Institutional Class					(3,387,487	)					(7,287,898	)
Investor Class					(1,445,451	)					(3,734,536	)
Total distributions to shareholders					(6,723,333	)					(15,546,674	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		7,060,546			79,760,069			1,334,647			14,597,639
Class B		1,363			15,319			3,268			35,619
Class C		126,377			1,418,715			104,199			1,140,397
Administrator Class		1,402,379			15,709,725			5,338,839			58,457,305
Institutional Class		5,739,457			64,239,429			11,859,778			129,354,060
Investor Class		2,598,425			29,114,163			3,439,701			37,627,752
					190,257,420						241,212,772
Reinvestment of distributions
Class A		60,446			678,667			150,226			1,639,169
Class B		48			532			350			3,778
Class C		785			8,801			3,431			37,019
Administrator Class		90,768			1,018,654			199,621			2,179,413
Institutional Class		289,604			3,247,681			652,963			7,128,143
Investor Class		125,654			1,411,295			333,416			3,639,504
					6,365,630						14,627,026
Payment for shares redeemed
Class A		(1,899,712	)		(21,337,050	)		(4,693,790	)		(51,288,609	)
Class B		(36,074	)		(404,089	)		(109,977	)		(1,201,292	)
Class C		(330,181	)		(3,696,298	)		(1,382,379	)		(15,072,513	)
Administrator Class		(4,842,781	)		(54,214,110	)		(18,024,531	)		(196,102,002	)
Institutional Class		(10,479,816	)		(117,668,357	)		(16,381,291	)		(177,928,722	)
Investor Class		(4,547,961	)		(51,103,281	)		(13,804,746	)		(150,877,755	)
					(248,423,185	)					(592,470,893	)
Net decrease in net assets resulting from capital share transactions					(51,800,135	)					(336,631,095	)
Total decrease in net assets					(29,870,955	)					(293,376,117	)
Net assets
Beginning of period					1,298,727,809						1,592,103,926
End of period				$	1,268,856,854					$	1,298,727,809
Overdistributed net investment income				$	(11,348,041	)				$	(10,750,170	)

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

Financial highlights Wells Fargo Advantage Government Securities Fund 13

(For a share outstanding throughout each period)

	Six months ended February 28, 2015 (unaudited)			Year ended August 31															Year ended May 31, 2010
CLASS A				2014			2013			2012			2011			20101
Net asset value, beginning of period		$11.11			$10.77			$11.48			$11.23			$11.16			$10.89			$10.71
Net investment income		0.04	2		0.05			0.07			0.15			0.25			0.06	2		0.29
Net realized and unrealized gains (losses) on investments		0.20			0.40			(0.42	)		0.33			0.16			0.30			0.39
Total from investment operations		0.24			0.45			(0.35	)		0.48			0.41			0.36			0.68
Distributions to shareholders from
Net investment income		(0.05	)		(0.11	)		(0.09	)		(0.17	)		(0.34	)		(0.09	)		(0.41	)
Net realized gains		0.00			0.00			(0.27	)		(0.06	)		0.00			0.00			(0.09	)
Total distributions to shareholders		(0.05	)		(0.11	)		(0.36	)		(0.23	)		(0.34	)		(0.09	)		(0.50	)
Net asset value, end of period		$11.30			$11.11			$10.77			$11.48			$11.23			$11.16			$10.89
Total return3		2.16	%		4.19	%		(3.22	)%		4.35	%		3.75	%		3.29	%		6.48	%
Ratios to average net assets (annualized)
Gross expenses		0.87	%		0.88	%		0.85	%		0.86	%		0.85	%		0.86	%		0.89	%
Net expenses		0.85	%		0.86	%		0.85	%		0.86	%		0.85	%		0.86	%		0.89	%
Net investment income		0.81	%		0.56	%		0.67	%		1.35	%		2.31	%		2.10	%		2.71	%
Supplemental data
Portfolio turnover rate		177	%		349	%		341	%		327	%		268	%		89	%		194	%
Net assets, end of period (000s omitted)		$235,810			$173,772			$202,955			$258,329			$270,253			$326,800			$174,781

¹  For the three months ended August 31, 2010. The Fund changed its fiscal year end from May 31 to August 31, effective August 31, 2010.

²  Calculated based upon average shares outstanding

³  Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.

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

14 Wells Fargo Advantage Government Securities Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended February 28, 2015 (unaudited)			Year ended August 31															Year ended May 31, 2010
CLASS B				2014			2013			2012			2011			20101
Net asset value, beginning of period		$11.11			$10.77			$11.48			$11.23			$11.16			$10.89			$10.70
Net investment income (loss)		0.00	2,3		(0.02	)2		(0.03	)		0.08	2		0.15			0.04	2		0.24	2
Net realized and unrealized gains (losses) on investments		0.20			0.39			(0.41	)		0.31			0.17			0.30			0.37
Total from investment operations		0.20			0.37			(0.44	)		0.39			0.32			0.34			0.61
Distributions to shareholders from
Net investment income		(0.01	)		(0.03	)		(0.00	)3		(0.08	)		(0.25	)		(0.07	)		(0.33	)
Net realized gains		0.00			0.00			(0.27	)		(0.06	)		0.00			0.00			(0.09	)
Total distributions to shareholders		(0.01	)		(0.03	)		(0.27	)		(0.14	)		(0.25	)		(0.07	)		(0.42	)
Net asset value, end of period		$11.30			$11.11			$10.77			$11.48			$11.23			$11.16			$10.89
Total return4		1.78	%		3.42	%		(3.94	)%		3.57	%		2.98	%		3.10	%		5.80	%
Ratios to average net assets (annualized)
Gross expenses		1.62	%		1.61	%		1.60	%		1.61	%		1.60	%		1.60	%		1.63	%
Net expenses		1.60	%		1.60	%		1.60	%		1.61	%		1.60	%		1.60	%		1.63	%
Net investment income (loss)		0.05	%		(0.18	)%		(0.08	)%		0.68	%		1.55	%		1.29	%		2.09	%
Supplemental data
Portfolio turnover rate		177	%		349	%		341	%		327	%		268	%		89	%		194	%
Net assets, end of period (000s omitted)		$785			$1,157			$2,266			$4,727			$7,083			$11,495			$2,159

¹  For the three months ended August 31, 2010. The Fund changed its fiscal year end from May 31 to August 31, effective August 31, 2010.

²  Calculated based upon average shares outstanding

³  Amount is less than $0.005.

⁴  Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.

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

Financial highlights Wells Fargo Advantage Government Securities Fund 15

(For a share outstanding throughout each period)

	Six months ended February 28, 2015 (unaudited)			Year ended August 31															Year ended May 31, 2010
CLASS C				2014			2013			2012			2011			20101
Net asset value, beginning of period		$11.11			$10.77			$11.48			$11.23			$11.16			$10.89			$10.70
Net investment income (loss)		0.00	2,3		(0.02	)2		(0.02	)		0.07			0.17			0.04	2		0.23
Net realized and unrealized gains (losses) on investments		0.20			0.39			(0.42	)		0.32			0.15			0.30			0.38
Total from investment operations		0.20			0.37			(0.44	)		0.39			0.32			0.34			0.61
Distributions to shareholders from
Net investment income		(0.01	)		(0.03	)		(0.00	)3		(0.08	)		(0.25	)		(0.07	)		(0.33	)
Net realized gains		0.00			0.00			(0.27	)		(0.06	)		0.00			0.00			(0.09	)
Total distributions to shareholders		(0.01	)		(0.03	)		(0.27	)		(0.14	)		(0.25	)		(0.07	)		(0.42	)
Net asset value, end of period		$11.30			$11.11			$10.77			$11.48			$11.23			$11.16			$10.89
Total return4		1.78	%		3.42	%		(3.94	)%		3.57	%		2.98	%		3.09	%		5.78	%
Ratios to average net assets (annualized)
Gross expenses		1.62	%		1.63	%		1.60	%		1.61	%		1.60	%		1.61	%		1.64	%
Net expenses		1.60	%		1.61	%		1.60	%		1.61	%		1.60	%		1.61	%		1.64	%
Net investment income (loss)		0.05	%		(0.20	)%		(0.08	)%		0.55	%		1.56	%		1.35	%		1.89	%
Supplemental data
Portfolio turnover rate		177	%		349	%		341	%		327	%		268	%		89	%		194	%
Net assets, end of period (000s omitted)		$30,167			$31,908			$44,647			$75,244			$58,576			$59,580			$34,927

¹  For the three months ended August 31, 2010. The Fund changed its fiscal year end from May 31 to August 31, effective August 31, 2010.

²  Calculated based upon average shares outstanding

³  Amount is less than $0.005.

⁴  Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.

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

16 Wells Fargo Advantage Government Securities Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended February 28, 2015 (unaudited)			Year ended August 31															Year ended May 31, 2010
ADMINISTRATOR CLASS				2014			2013			2012			2011			20101
Net asset value, beginning of period		$11.11			$10.76			$11.48			$11.23			$11.16			$10.89			$10.70
Net investment income		0.06	2		0.06			0.09			0.17	2		0.27	2		0.06	2		0.32
Net realized and unrealized gains (losses) on investments		0.19			0.42			(0.43	)		0.33			0.16			0.30			0.39
Total from investment operations		0.25			0.48			(0.34	)		0.50			0.43			0.36			0.71
Distributions to shareholders from
Net investment income		(0.06	)		(0.13	)		(0.11	)		(0.19	)		(0.36	)		(0.09	)		(0.43	)
Net realized gains		0.00			0.00			(0.27	)		(0.06	)		0.00			0.00			(0.09	)
Total distributions to shareholders		(0.06	)		(0.13	)		(0.38	)		(0.25	)		(0.36	)		(0.09	)		(0.52	)
Net asset value, end of period		$11.30			$11.11			$10.76			$11.48			$11.23			$11.16			$10.89
Total return3		2.27	%		4.51	%		(3.10	)%		4.57	%		3.97	%		3.34	%		6.78	%
Ratios to average net assets (annualized)
Gross expenses		0.80	%		0.81	%		0.79	%		0.79	%		0.74	%		0.79	%		0.81	%
Net expenses		0.64	%		0.64	%		0.64	%		0.64	%		0.64	%		0.67	%		0.70	%
Net investment income		1.01	%		0.79	%		0.88	%		1.49	%		2.50	%		2.30	%		2.90	%
Supplemental data
Portfolio turnover rate		177	%		349	%		341	%		327	%		268	%		89	%		194	%
Net assets, end of period (000s omitted)		$177,415			$211,589			$339,446			$436,578			$276,334			$366,430			$243,760

¹  For the three months ended August 31, 2010. The Fund changed its fiscal year end from May 31 to August 31, effective August 31, 2010.

²  Calculated based upon average shares outstanding

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

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

Financial highlights Wells Fargo Advantage Government Securities Fund 17

(For a share outstanding throughout each period)

	Six months ended February 28, 2015 (unaudited)			Year ended August 31															Year ended May 31, 2010
INSTITUTIONAL CLASS				2014			2013			2012			2011			20101
Net asset value, beginning of period		$11.10			$10.76			$11.47			$11.22			$11.15			$10.88			$10.70
Net investment income		0.07	2		0.10			0.11			0.19	2		0.30			0.07	2		0.32	2
Net realized and unrealized gains (losses) on investments		0.19			0.39			(0.42	)		0.33			0.15			0.30			0.41
Total from investment operations		0.26			0.49			(0.31	)		0.52			0.45			0.37			0.73
Distributions to shareholders from
Net investment income		(0.07	)		(0.15	)		(0.13	)		(0.21	)		(0.38	)		(0.10	)		(0.46	)
Net realized gains		0.00			0.00			(0.27	)		(0.06	)		0.00			0.00			(0.09	)
Total distributions to shareholders		(0.07	)		(0.15	)		(0.40	)		(0.27	)		(0.38	)		(0.10	)		(0.55	)
Net asset value, end of period		$11.29			$11.10			$10.76			$11.47			$11.22			$11.15			$10.88
Total return3		2.35	%		4.59	%		(2.86	)%		4.74	%		4.14	%		3.39	%		6.92	%
Ratios to average net assets (annualized)
Gross expenses		0.54	%		0.55	%		0.52	%		0.53	%		0.52	%		0.52	%		0.54	%
Net expenses		0.48	%		0.48	%		0.48	%		0.48	%		0.48	%		0.48	%		0.48	%
Net investment income		1.17	%		0.94	%		1.05	%		1.71	%		2.71	%		2.52	%		3.06	%
Supplemental data
Portfolio turnover rate		177	%		349	%		341	%		327	%		268	%		89	%		194	%
Net assets, end of period (000s omitted)		$499,804			$540,684			$565,573			$778,919			$718,411			$531,890			$463,726

¹  For the three months ended August 31, 2010. The Fund changed its fiscal year end from May 31 to August 31, effective August 31, 2010.

²  Calculated based upon average shares outstanding

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

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

18 Wells Fargo Advantage Government Securities Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended February 28, 2015 (unaudited)			Year ended August 31															Year ended May 31, 2010
INVESTOR CLASS				2014			2013			2012			2011			20101
Net asset value, beginning of period		$11.12			$10.77			$11.49			$11.24			$11.17			$10.90			$10.71
Net investment income		0.04			0.04			0.07			0.15	2		0.25	2		0.06	2		0.29
Net realized and unrealized gains (losses) on investments		0.20			0.42			(0.44	)		0.33			0.15			0.30			0.40
Total from investment operations		0.24			0.46			(0.37	)		0.48			0.40			0.36			0.69
Distributions to shareholders from
Net investment income		(0.05	)		(0.11	)		(0.08	)		(0.17	)		(0.33	)		(0.09	)		(0.41	)
Net realized gains		0.00			0.00			(0.27	)		(0.06	)		0.00			0.00			(0.09	)
Total distributions to shareholders		(0.05	)		(0.11	)		(0.35	)		(0.23	)		(0.33	)		(0.09	)		(0.50	)
Net asset value, end of period		$11.31			$11.12			$10.77			$11.49			$11.24			$11.17			$10.90
Total return3		2.15	%		4.25	%		(3.33	)%		4.31	%		3.72	%		3.28	%		6.53	%
Ratios to average net assets (annualized)
Gross expenses		0.90	%		0.90	%		0.87	%		0.89	%		0.88	%		0.90	%		0.94	%
Net expenses		0.88	%		0.89	%		0.87	%		0.89	%		0.88	%		0.90	%		0.94	%
Net investment income		0.77	%		0.53	%		0.65	%		1.33	%		2.25	%		2.10	%		2.66	%
Supplemental data
Portfolio turnover rate		177	%		349	%		341	%		327	%		268	%		89	%		194	%
Net assets, end of period (000s omitted)		$324,876			$339,618			$437,217			$640,561			$678,022			$1,146,356			$1,024,088

¹  For the three months ended August 31, 2010. The Fund changed its fiscal year end from May 31 to August 31, effective August 31, 2010.

²  Calculated based upon average shares outstanding

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

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

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

1. ORGANIZATION

Wells Fargo Funds Trust (the “Trust”), a Delaware statutory trust organized on March 10, 1999, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). As an investment company, the Trust follows the accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946, Financial Services—Investment Companies. These financial statements report on the Wells Fargo Advantage Government Securities Fund (the “Fund”) which is a diversified series of the Trust.

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

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

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

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

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

When-issued transactions

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

Futures contracts

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

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

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

Security transactions and income recognition

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

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

Distributions to shareholders

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

Federal and other taxes

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

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

As of August 31, 2014, the Fund had capital loss carryforwards available to offset future net realized capital gains in the amount of $17,843,796 expiring in 2017.

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

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

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of February 28, 2015:

	Quoted prices (Level 1)			Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Agency securities	$	0		$	924,225,597	$	10,189	$	924,235,786
Municipal obligations		0			7,800,280		0		7,800,280
Non-agency mortgage-backed securities		0			74,243,290		0		74,243,290
U.S. Treasury securities		634,488,837			0		0		634,488,837
Yankee corporate bonds and notes		0			19,796,014		0		19,796,014
Short-term investments			��
Investment companies		2,598,477			0		0		2,598,477
U.S. Treasury securities		1,599,989			0		0		1,599,989
		638,687,303			1,026,065,181		10,189		1,664,762,673
Futures contracts		202,183			0		0		202,183
Total assets	$	638,889,486		$	1,026,065,181	$	10,189	$	1,664,964,856

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

The Fund recognizes transfers between levels within the fair value hierarchy at the end of the reporting period. At February 28, 2015, the Fund did not have any transfers into/out of Level 1, Level 2, or Level 3.

4. TRANSACTIONS WITH AFFILIATES

Advisory fee

The Trust has entered into an advisory contract with Funds Management, an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”). The adviser is responsible for implementing investment policies and guidelines and for supervising the subadviser, who is responsible for day-to-day portfolio management of the Fund.

Pursuant to the contract, 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 the Fund increase. For the six months ended February 28, 2015, the advisory fee was equivalent to an annual rate of 0.38% of the Fund’s average daily net assets.

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Funds Management. Wells Capital Management Incorporated, an affiliate of Funds Management and an indirect wholly owned subsidiary of Wells Fargo, is the subadviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.20% and declining to 0.10% as the average daily net assets of the Fund increase.

Administration fees

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 the Fund an annual fund level administration fee starting at 0.05% and declining to 0.03% as the average daily net assets of the 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		0.16	%
Administrator Class		0.10
Institutional Class		0.08
Investor Class		0.19

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

Funds Management has contractually waived and/or reimbursed advisory and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. Waiver of fees and/or reimbursement of expenses by Funds Management were made first from fund level expenses on a proportionate basis and then from class specific expenses. Funds Management has committed through December 31, 2015 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 0.85% for Class A shares, 1.60% for Class B shares, 1.60% for Class C shares, 0.64% for Administrator Class shares, 0.48% for Institutional Class shares, and 0.88% for Investor Class shares. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

Distribution fees

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

In addition, Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class B and Class C shares. For the six months ended February 28, 2015, Funds Distributor received $2,195 from the sale of Class A shares.

Shareholder servicing fees

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

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding short-term securities, for the six months ended February 28, 2015 were as follows:

Purchases at cost		Sales proceeds
U.S. government	Non-U.S. government	U.S. government	Non-U.S. government
$2,941,062,823	$19,554,835	$2,946,079,377	$8,768,534

6. DERIVATIVE TRANSACTIONS

During the six months ended February 28, 2015, the Fund entered into futures contracts to speculate on interest rates and to help manage the duration of the portfolio.

At February 28, 2015, the Fund had long and short futures contracts outstanding as follows:

Expiration date	Counterparty	Contracts	Type	Contract value at February 28, 2015		Unrealized gains (losses)
6-19-2015	JPMorgan	509 Long	10-Year U.S. Treasury Notes	$	65,048,609	$	136,251
6-19-2015	JPMorgan	20 Short	U.S. Treasury Bonds		3,365,625		(31,444	)
6-30-2015	JPMorgan	496 Long	2-Year U.S. Treasury Notes		108,414,751		309
6-30-2015	JPMorgan	546 Long	5-Year U.S. Treasury Notes		65,127,563		(97,647	)

The Fund had an average notional amount of $191,383,971 and $13,617,204 in long futures contracts and short futures contracts, respectively, during the six months ended February 28, 2015.

On February 28, 2015, the cumulative unrealized gains on futures contracts in the amount of $7,469 are reflected in net unrealized gains on investments on the Statement of Assets and Liabilities. The receivable for daily variation margin on open futures contracts reflected in the Statement of Assets and Liabilities only represents the current day’s variation margin. The realized gains and change in unrealized gains (losses) on futures contracts are reflected in the Statement of Operations.

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

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

Derivative type	Counterparty	Gross amounts of assets in the Statement of Assets and Liabilities	Amounts subject to netting agreements		Collateral received		Net amount of assets
Futures – variation margin	JPMorgan	$202,183	$	0	$	0	$	202,183

7. BANK BORROWINGS

The Trust (excluding the money market funds and certain other funds in the Trust) and Wells Fargo Variable Trust are parties to a $150,000,000 revolving credit agreement whereby the Fund is permitted to use bank borrowings for temporary or emergency purposes, such as to fund shareholder redemption requests. Interest under the credit agreement is charged to the Fund based on a borrowing rate equal to the higher of the Federal Funds rate in effect on that day plus 1.25% or the overnight LIBOR rate in effect on that day plus 1.25%. In addition, an annual commitment fee equal to 0.10% of the unused balance is allocated to each participating fund. For the six months ended February 28, 2015, the Fund paid $238 in commitment fees.

For the six months ended February 28, 2015, there were no borrowings by the Fund 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 Fund and, therefore, cannot be estimated.

24 Wells Fargo Advantage Government Securities Fund Other information (unaudited)

PROXY VOTING INFORMATION

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available, upon request, by calling 1-800-222-8222, visiting our website at wellsfargoadvantagefunds.com, or visiting the SEC website at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available on the Fund’s website at wellsfargoadvantagefunds.com or by visiting the SEC website at sec.gov.

PORTFOLIO HOLDINGS INFORMATION

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

Other information (unaudited) Wells Fargo Advantage Government Securities Fund 25

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 134 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
William R. Ebsworth (Born 1957)	Trustee, since 2015**	Retired. From 1984 to 2013, equities analyst, portfolio manager, research director at Fidelity Management and Research Company and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. in Boston, Tokyo, and Hong Kong where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Mr. Ebsworth is an Adjunct Lecturer, Finance, at Babson College and a Chartered Financial Analyst.	Asset Allocation Trust
Jane A. Freeman (Born 1953)	Trustee, since 2015**	Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior thereto, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is a Chartered Financial Analyst (inactive), Chair of Taproot Foundation (non-profit organization) and a Board Member of Ruth Bancroft Garden (non-profit organization).	Asset Allocation Trust
Peter G. Gordon (Born 1942)	Trustee, since 1998; Chairman, since 2005	Co-Founder, Retired Chairman, President and CEO of Crystal Geyser Water Company. Trustee Emeritus, Colby College.	Asset Allocation Trust
Isaiah Harris, Jr. (Born 1952)	Trustee, since 2009	Retired. Chairman of the Board of CIGNA Corporation since 2009, and Director since 2005. From 2003 to 2011, Director of Delux Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy. 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
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

26 Wells Fargo Advantage Government Securities Fund Other information (unaudited)

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Other directorships during past five years
Timothy J. Penny (Born 1951)	Trustee, since 1996	President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007 and Senior Fellow at the Humphrey Institute Policy Forum at the University of Minnesota since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	Asset Allocation Trust
Michael S. Scofield (Born 1943)	Trustee, since 2010	Served on the Investment Company Institute’s Board of Governors and Executive Committee from 2008-2011 as well the Governing Council of the Independent Directors Council from 2006-2011 and the Independent Directors Council Executive Committee from 2008-2011. Chairman of the IDC from 2008-2010. Institutional Investor (Fund Directions) Trustee of Year in 2007. Trustee of the Evergreen Funds complex (and its predecessors) from 1984 to 2010. Chairman of the Evergreen Funds from 2000-2010. Former Trustee of the Mentor Funds. Retired Attorney, Law Offices of Michael S. Scofield.	Asset Allocation Trust
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.

** William R. Ebsworth and Jane A. Freeman each became a Trustee effective January 1, 2015.

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	Senior Vice President and Secretary of Wells Fargo Funds Management, LLC since 2001. Assistant General Counsel of Wells Fargo Bank, N.A. since 2013 and Vice President and Managing Counsel of Wells Fargo Bank N.A. from 1996 to 2013.
Debra Ann Early (Born 1964)	Chief Compliance Officer, since 2007	Senior Vice President of Wells Fargo Funds Management, LLC since 2007 and Chief Compliance Officer from 2007 to 2014. Chief Compliance Officer of Parnassus Investments from 2005 to 2007. Chief Financial Officer of Parnassus Investments from 2004 to 2007 and Senior Audit Manager of PricewaterhouseCoopers LLP from 1998 to 2004.
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 61 funds and Assistant Treasurer of 73 funds in the Fund Complex.

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

List of abbreviations Wells Fargo Advantage Government Securities Fund 27

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

ACA —  ACA Financial Guaranty Corporation

ADR —  American depositary receipt

ADS —  American depositary shares

AGC —  Assured Guaranty Corporation

AGM —  Assured Guaranty Municipal

Ambac —  Ambac Financial Group Incorporated

AMT —  Alternative minimum tax

AUD —  Australian dollar

BAN —  Bond anticipation notes

BHAC —  Berkshire Hathaway Assurance Corporation

BRL —  Brazilian real

CAB —  Capital appreciation bond

CAD —  Canadian dollar

CCAB —  Convertible capital appreciation bond

CDA —  Community Development Authority

CDO —  Collateralized debt obligation

CHF —  Swiss franc

COP —  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

LIFER —  Long Inverse Floating Exempt Receipts

LIQ —  Liquidity agreement

LLC —  Limited liability company

LLLP —  Limited liability limited partnership

LLP —  Limited liability partnership

LOC —  Letter of credit

LP —  Limited partnership

MBIA —  Municipal Bond Insurance Association

MFHR —  Multifamily housing revenue

MSTR —  Municipal securities trust receipts

MTN —  Medium-term note

MUD —  Municipal Utility District

MXN —  Mexican peso

MYR —  Malaysian ringgit

National —  National Public Finance Guarantee Corporation

NGN —  Nigerian naira

NOK —  Norwegian krone

NZD —  New Zealand dollar

PCFA —  Pollution Control Financing Authority

PCL —  Public Company Limited

PCR —  Pollution control revenue

PFA —  Public Finance Authority

PFFA —  Public Facilities Financing Authority

PFOTER —  Puttable floating option tax-exempt receipts

plc —  Public limited company

PLN —  Polish zloty

PUTTER —  Puttable tax-exempt receipts

R&D —  Research & development

Radian —  Radian Asset Assurance

RAN —  Revenue anticipation notes

RDA —  Redevelopment Authority

RDFA —  Redevelopment Finance Authority

REIT —  Real estate investment trust

ROC —  Reset option certificates

RON —  Romanian lei

RUB —  Russian ruble

SAVRS —  Select auction variable rate securities

SBA —  Small Business Authority

SEK —  Swedish krona

SFHR —  Single-family housing revenue

SFMR —  Single-family mortgage revenue

SGD —  Singapore dollar

SPA —  Standby purchase agreement

SPDR —  Standard & Poor’s Depositary Receipts

SPEAR —   Short Puttable Exempt Adjustable Receipts

STRIPS —  Separate trading of registered interest and

      principal securities

TAN —  Tax anticipation notes

TBA —  To be announced

THB —  Thai baht

TIPS —  Treasury inflation-protected securities

TRAN —  Tax revenue anticipation notes

TRY —  Turkish lira

TTFA —  Transportation Trust Fund Authority

TVA —  Tennessee Valley Authority

ZAR —  South African rand

This page is intentionally left blank.

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

© 2015 Wells Fargo Funds Management, LLC. All rights reserved.

232053 04-15 SA216/SAR216 02-15

Wells Fargo Advantage High Income Fund

Semi-Annual Report

February 28, 2015

Reduce clutter. Save trees.

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

Contents

Letter to shareholders	2
Performance highlights	4
Fund expenses	6
Portfolio of investments	7
Financial statements
Statement of assets and liabilities	14
Statement of operations	15
Statement of changes in net assets	16
Financial highlights	17
Notes to financial statements	23
Other information	29
List of abbreviations	32

The views expressed and any forward-looking statements are as of February 28, 2015, unless otherwise noted, and are those of the Fund managers and/or Wells Fargo Funds Management, LLC. Discussions of individual securities, or the markets generally, or any Wells Fargo Advantage Fund are not intended as individual recommendations. Future events or results may vary significantly from those expressed in any forward-looking statements; the views expressed are subject to change at any time in response to changing circumstances in the market. Wells Fargo Funds Management, LLC and the Fund disclaim any obligation to publicly update or revise any views expressed or forward-looking statements.

NOT FDIC INSURED  ¡  NO BANK GUARANTEE  ¡   MAY LOSE VALUE

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

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 High Income Fund for the six-month period that ended February 28, 2015. The period was marked by low interest rates, a large decline in oil prices, and moderate U.S. economic growth. Investment-grade bonds, as measured by the Barclays U.S. Aggregate Bond Index¹, returned 2.25% 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 ended its quantitative easing program in October 2014 and also set expectations for it to begin normalizing monetary policy with higher target ranges for the federal funds rate in 2015.

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 said it intends to increase the size of its balance sheet, a result of quantitative easing, by buying eurozone government bonds. In Japan, the Bank of Japan maintained an aggressive monetary program aimed at combating deflation.

U.S. economic growth was moderate, and oil prices plummeted.

Economic growth advanced during the reporting period, the unemployment rate ticked lower to 5.5% as of February 2015, and inflation remained below the Fed’s longer-run objective of a 2% pace. The period was also marked by dramatically lower oil prices, which fell from more than $90 per barrel at the end of August 2014 to below $50 per barrel at the end of February 2015. While lower oil prices benefited consumers of oil products, the lower prices pressured companies within the energy sector.

Longer-dated securities and higher-rated credits were top performers.

Ten-year U.S. Treasury rates declined during the period, from 2.35% at end of August 2014 to 2.03% by the end of February 2015, benefiting both from safe-haven status as well as relative attractiveness to global investors. With the U.S. economy the furthest along its business cycle, the level of interest rates in the U.S. and Europe diverged. The 10-year U.S. Treasury yield was 2.03% at the end of February 2015 compared with 0.30% for 10-year German government yields, 173 basis points (bps; 100 bps equals 1.00%) higher. This was largely attributed to the Fed being closer to eventually increasing interest rates while the ECB potentially needs to further increase, rather than scale back, its amount of accommodation. Further, U.S. economic activity was healthier than Europe’s.

Treasury bonds with maturities greater than 20 years returned more than 10% during the six-month period that ended February 28, 2015, according to the Barclays U.S. Aggregate Bond Index. This was due, in part, to strong demand from overseas investors because yields in Europe and Japan were substantially lower than U.S. yields. In addition, because the dollar strengthened, the returns from

¹  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 High Income Fund 3

Treasuries were even higher for foreign-domiciled investors. Longer-maturity debt across all sectors outperformed shorter-dated securities.

Investment-grade corporate bonds returned 2.29% during the six-month reporting period, according to the Barclays U.S. Aggregate Bond Index, and AAA-rated² bonds had higher returns than BBB-rated bonds. Lower-rated credits, including high yield, underperformed as oil prices fell dramatically. Not only were many energy and mining companies negatively affected, but investor trepidation about weak global growth caused investment-grade spreads to modestly widen while high-yield spreads widened substantially.

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

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

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

Sincerely,

Karla M. Rabusch

President

Wells Fargo Advantage Funds

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

²  The ratings indicated are from Standard & Poor’s, Moody’s Investors Service, and/or Fitch Ratings Ltd. Standard & Poor’s rates the creditworthiness of bonds from AAA (highest) to D (lowest). Ratings from A to CCC may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the rating categories. Moody’s rates the creditworthiness of bonds from Aaa (highest) to C (lowest). Ratings Aa to B may be modified by the addition of a number 1 (highest) to 3 (lowest) to show relative standing within the ratings categories. Fitch rates the creditworthiness of bonds from AAA (highest) to D (lowest).

4 Wells Fargo Advantage High Income Fund Performance highlights (unaudited)

Investment objective

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

Adviser

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Kevin J. Maas, CFA

Thomas M. Price, CFA

Michael J. Schueller, CFA

Average annual total returns¹ (%) as of February 28, 2015

		Including sales charge								Excluding sales charge							Expense ratios2 (%)
	Inception date	1 year			5 year			10 year		1 year			5 year		10 year		Gross		Net3
Class A (SHBAX)	2-29-2000		(4.82	)		6.61			5.69		(0.33	)		7.60		6.18		1.01		0.91
Class B (WFNBX)*	7-18-2008		(6.07	)		6.49			5.62		(1.07	)		6.80		5.62		1.76		1.66
Class C (WFNCX)	7-18-2008		(2.07	)		6.80			5.38		(1.07	)		6.80		5.38		1.76		1.66
Administrator Class (WFNDX)	7-30-2010		–			–			–		(0.31	)		7.72		6.31		0.95		0.81
Institutional Class (SHYYX)	7-31-2001		–			–			–		0.12			8.05		6.63		0.68		0.51
Investor Class (STHYX)	12-28-1995		–			–	��		–		(0.34	)		7.56		6.16		1.04		0.94
Barclays U.S. Corporate High Yield Bond Index4	–		–			–			–		2.80			9.38		7.92		–		–

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

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

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

For Class A shares, the maximum front-end sales charge is 4.50%. For Class B shares, the maximum contingent deferred sales charge is 5.00%. For Class C shares, the maximum contingent deferred sales charge is 1.00%. Performance including 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.

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

Please see footnotes on page 5.

Performance highlights (unaudited) Wells Fargo Advantage High Income Fund 5

Ten largest long-term holdings5 (%) as of February 28, 2015
Sprint Corporation, 7.88%, 9-15-2023	1.84
Tenet Healthcare Corporation, 8.13%, 4-1-2022	1.24
American Axle Manufacturing Incorporated, 6.63%, 10-15-2022	1.19
Delos Finance SARL , 3.50%, 3-6-2021	1.19
HCA Incorporated, 4.75%, 5-1-2023	1.16
FTI Consulting Incorporated, 6.75%, 10-1-2020	1.14
Neiman Marcus Group Limited, 8.00%, 10-15-2021	1.06
ArcelorMittal, 7.00%, 2-25-2022	1.03
Chrysler Group LLC, 8.25%, 6-15-2021	1.02
Valeant Pharmaceuticals International Incorporated, 7.50%, 7-15-2021	0.99

Credit quality⁶ as of February 28, 2015

¹  Historical performance shown for Class A shares through June 19, 2008, includes Advisor Class expenses. Historical performance shown for Class B and Class C shares prior to their inception reflects the performance of Investor Class shares, adjusted to reflect the higher expenses applicable to Class B and Class C shares. Historical performance shown for Administrator Class shares prior to their inception reflects the performance of Institutional Class shares, adjusted to reflect the higher expenses applicable to Administrator Class shares. Effective June 20, 2008, Advisor Class was renamed Class A and modified to assume the features and attributes of Class A.

²  Reflects the expense ratios as stated in the most recent prospectuses, which include the impact of 0.01% in acquired fund fees and expenses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report, which do not include acquired fund fees and expenses.

³  The Adviser has committed through December 31, 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 0.90% for Class A, 1.65% for Class B, 1.65% for Class C, 0.80% for Administrator Class, 0.50% for Institutional Class, and 0.93% for Investor Class. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses, and extraordinary expenses are excluded from the cap. Without this cap, the Fund’s returns would have been lower.

⁴  The Barclays U.S. Corporate High Yield Bond Index is an unmanaged, U.S. dollar-denominated, nonconvertible, non-investment-grade debt index. The index consists of domestic and corporate bonds rated Ba and below with a minimum outstanding amount of $150 million. You cannot invest directly in an index.

⁵  The ten largest long-term holdings are calculated based on the value of the securities divided by total net assets of the Fund. Holdings are subject to change and may have changed since the date specified.

⁶  The credit quality distribution of portfolio holdings reflected in the chart is based on ratings from Standard & Poor’s, Moody’s Investors Service, and/or Fitch Ratings Ltd. Credit quality ratings apply to the underlying holdings of the Fund and not to the Fund itself. The percentages of the Fund’s portfolio with the ratings depicted in the chart are calculated based on the total market value of fixed income securities held by the Fund. If a security was rated by all three rating agencies, the middle rating was utilized. If rated by two of three rating agencies, the lower rating was utilized, and if rated by one of the rating agencies, that rating was utilized. Standard & Poor’s rates the creditworthiness of bonds, ranging from AAA (highest) to D (lowest). Ratings from A to CCC may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the rating categories. Standard & Poor’s rates the creditworthiness of short-term notes from SP-1 (highest) to SP-3 (lowest). Moody’s rates the creditworthiness of bonds, ranging from Aaa (highest) to C (lowest). Ratings Aa to B may be modified by the addition of a number 1 (highest) to 3 (lowest) to show relative standing within the ratings categories. Moody’s rates the creditworthiness of short-term U.S. tax-exempt municipal securities from MIG 1/VMIG 1 (highest) to SG (lowest). Fitch rates the creditworthiness of bonds, ranging from AAA (highest) to D (lowest). Credit quality and credit quality ratings are subject to change and may have changed since the date specified.

6 Wells Fargo Advantage High Income Fund Fund expenses (unaudited)

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and contingent deferred sales charges (if any) on redemptions and (2) ongoing costs, including management fees, distribution (12b-1) and/or shareholder 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 September 1, 2014 to February 28, 2015.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

	Beginning account value 9-1-2014		Ending account value 2-28-2015		Expenses paid during the period1		Net annualized expense ratio
Class A
Actual	$	1,000.00	$	979.79	$	4.42		0.90	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.33	$	4.51		0.90	%
Class B
Actual	$	1,000.00	$	976.16	$	8.08		1.65	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,016.61	$	8.25		1.65	%
Class C
Actual	$	1,000.00	$	976.17	$	8.08		1.65	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,016.61	$	8.25		1.65	%
Administrator Class
Actual	$	1,000.00	$	980.70	$	3.93		0.80	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.83	$	4.01		0.80	%
Institutional Class
Actual	$	1,000.00	$	982.16	$	2.46		0.50	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.32	$	2.51		0.50	%
Investor Class
Actual	$	1,000.00	$	979.83	$	4.57		0.93	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.18	$	4.66		0.93	%

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

Portfolio of investments—February 28, 2015 (unaudited) Wells Fargo Advantage High Income Fund 7

Security name	Interest rate			Maturity date		Principal		Value
Corporate Bonds and Notes: 73.40%
Consumer Discretionary: 18.31%
Auto Components: 3.66%
American Axle Manufacturing Incorporated		6.63	%		10-15-2022	$	6,000,000	$	6,525,000
Chrysler Group LLC		8.25			6-15-2021		5,000,000		5,581,250
Goodyear Tire & Rubber Company		6.50			3-1-2021		5,000,000		5,375,000
Lear Corporation		5.25			1-15-2025		2,500,000		2,543,750
									20,025,000
Automobiles: 1.57%
General Motors Financial Company		4.00			1-15-2025		3,000,000		3,077,343
General Motors Financial Company		4.25			5-15-2023		3,215,000		3,367,712
General Motors Financial Company		4.38			9-25-2021		2,000,000		2,125,000
									8,570,055
Diversified Consumer Services: 0.22%
Ashtead Capital Incorporated 144A		5.63			10-1-2024		1,135,000		1,191,750
Hotels, Restaurants & Leisure: 1.69%
MGM Resorts International Company		6.63			12-15-2021		4,000,000		4,340,000
MGM Resorts International Company		8.63			2-1-2019		1,000,000		1,150,000
Tunica-Biloxi Gaming Authority 144A(i)		9.00			11-15-2015		6,260,000		3,756,000
									9,246,000
Household Durables: 1.95%
Beazer Homes USA Company		6.63			4-15-2018		1,000,000		1,040,000
Beazer Homes USA Company		7.25			2-1-2023		4,000,000		3,815,000
Lennar Corporation		4.13			12-1-2018		3,000,000		3,037,500
Standard Pacific Corporation		8.38			1-15-2021		2,400,000		2,772,000
									10,664,500
Media: 7.07%
CCO Holdings LLC		6.50			4-30-2021		4,000,000		4,210,000
CCO Holdings LLC		6.63			1-31-2022		2,000,000		2,145,000
CCOH Safari LLC		5.75			12-1-2024		1,000,000		1,035,000
Cequel Communications Holdings 144A		6.38			9-15-2020		4,000,000		4,240,000
Clear Channel Communications Incorporated		9.00			3-1-2021		2,000,000		1,930,000
Clear Channel Communications Incorporated «		10.00			1-15-2018		3,000,000		2,666,250
Clear Channel Communications Incorporated (PIK at 14.00%) ¥		14.00			2-1-2021		2,060,602		1,705,148
Clear Channel Worldwide Holdings Incorporated		6.50			11-15-2022		5,000,000		5,237,500
Cumulus Media Holdings Incorporated «		7.75			5-1-2019		2,400,000		2,496,000
DISH DBS Corporation		5.88			7-15-2022		4,250,000		4,292,500
Gannett Company Incorporated 144A		5.50			9-15-2024		885,000		920,400
Nielsen Finance LLC 144A		5.00			4-15-2022		500,000		511,250
Sinclair Television Group Incorporated 144A		5.63			8-1-2024		3,000,000		3,037,500
Sirius XM Radio Incorporated 144A		5.75			8-1-2021		2,000,000		2,100,000
Sirius XM Radio Incorporated 144A		6.00			7-15-2024		2,000,000		2,125,000
									38,651,548

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

8 Wells Fargo Advantage High Income Fund Portfolio of investments—February 28, 2015 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Specialty Retail: 2.15%
L Brands Incorporated		6.63	%		4-1-2021	$	3,000,000	$	3,442,500
Neiman Marcus Group Limited 144A		8.00			10-15-2021		5,500,000		5,781,875
Sally Beauty Holdings Incorporated		5.75			6-1-2022		2,400,000		2,544,000
									11,768,375
Consumer Staples: 1.90%
Food Products: 1.90%
Dean Foods Company 144A		6.50			3-15-2023		1,000,000		1,006,250
JBS USA LLC/JBS USA Finance Incorporated 144A		5.88			7-15-2024		3,500,000		3,500,000
Post Holdings Incorporated 144A		6.75			12-1-2021		3,000,000		3,067,500
TreeHouse Foods Incorporated		4.88			3-15-2022		2,730,000		2,811,900
									10,385,650
Energy: 10.26%
Energy Equipment & Services: 1.91%
EP Energy LLC and Everest Acquisition Finance Incorporated		9.38			5-1-2020		2,000,000		2,135,000
Gulfmark Offshore Incorporated		6.38			3-15-2022		2,000,000		1,645,000
Key Energy Services Incorporated		6.75			3-1-2021		4,000,000		2,672,500
SESI LLC		7.13			12-15-2021		4,000,000		4,010,000
									10,462,500
Oil, Gas & Consumable Fuels: 8.35%
BreitBurn Energy Partners LP		8.63			10-15-2020		4,000,000		3,280,000
Chesapeake Energy Corporation		4.88			4-15-2022		4,000,000		3,950,000
Chesapeake Energy Corporation		6.63			11-15-2019		3,100,000		2,472,250
Consol Energy Incorporated		5.88			4-15-2022		3,000,000		2,887,500
Energy XXI Gulf Coast Incorporated		7.50			12-15-2021		2,000,000		1,070,000
Halcon Resources Corporation «		8.88			5-15-2021		2,000,000		1,520,000
Midstates Petroleum Incorporated LLC		10.75			10-1-2020		1,000,000		635,000
Newfield Exploration Company		6.88			2-1-2020		4,950,000		5,086,125
Oasis Petroleum Incorporated		6.88			1-15-2023		4,000,000		3,870,000
Peabody Energy Corporation «		6.25			11-15-2021		3,000,000		2,475,000
Penn Virginia Corporation		8.50			5-1-2020		3,000,000		2,940,000
Sabine Pass Liquefaction LLC		5.63			2-1-2021		4,500,000		4,606,875
Targa Resources Partners Incorporated		6.88			2-1-2021		4,000,000		4,240,000
Tesoro Logistics LP Corporation		6.13			10-15-2021		3,500,000		3,710,000
Ultra Petroleum Corporation 144A		5.75			12-15-2018		3,000,000		2,910,000
									45,652,750
Financials: 5.59%
Banks: 0.96%
CIT Group Incorporated		5.25			3-15-2018		5,000,000		5,280,000
Consumer Finance: 2.56%
Ally Financial Incorporated		4.13			2-13-2022		2,000,000		1,990,000
Ally Financial Incorporated		5.50			2-15-2017		1,500,000		1,572,315
Ally Financial Incorporated		6.25			12-1-2017		2,000,000		2,160,000
Ally Financial Incorporated		8.00			3-15-2020		1,580,000		1,892,050

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

Portfolio of investments—February 28, 2015 (unaudited) Wells Fargo Advantage High Income Fund 9

Security name	Interest rate			Maturity date		Principal		Value
Consumer Finance (continued)
Navient Corporation		5.00	%		10-26-2020	$	1,000,000	$	1,015,000
Navient Corporation		5.88			10-25-2024		3,000,000		2,913,750
SLM Corporation		5.50			1-25-2023		2,500,000		2,456,250
									13,999,365
Diversified Financial Services: 1.01%
Alphabet Holdings Company Incorporated		7.75			11-1-2017		3,500,000		3,438,750
Argos Merger Incorporated 144A%%		7.13			3-15-2023		2,000,000		2,070,000
									5,508,750
Insurance: 0.48%
Genworth Holdings Incorporated		4.80			2-15-2024		3,000,000		2,635,821
Real Estate Management & Development: 0.58%
CBRE Services Incorporated		5.00			3-15-2023		3,000,000		3,150,000
Health Care: 7.65%
Health Care Equipment & Supplies: 1.78%
Biomet Incorporated		6.50			8-1-2020		5,000,000		5,331,250
Kinetics Concepts Incorporated		10.50			11-1-2018		4,000,000		4,375,000
									9,706,250
Health Care Providers & Services: 5.87%
Community Health Systems Incorporated		6.88			2-1-2022		1,000,000		1,065,000
Community Health Systems Incorporated		8.00			11-15-2019		4,000,000		4,285,000
Hanger Orthopedic Group		7.13			11-15-2018		4,000,000		4,080,000
HCA Incorporated		4.75			5-1-2023		6,000,000		6,329,400
Iasis Healthcare Corporation		8.38			5-15-2019		5,000,000		5,206,250
Kindred Healthcare Incorporated 144A		8.75			1-15-2023		4,000,000		4,360,000
Tenet Healthcare Corporation		8.13			4-1-2022		6,000,000		6,795,000
									32,120,650
Industrials: 12.76%
Aerospace & Defense: 3.01%
DigitalGlobe Incorporated 144A		5.25			2-1-2021		5,000,000		4,850,000
Esterline Technologies Corporation		7.00			8-1-2020		3,750,000		3,937,500
Huntington Ingalls Industries Incorporated 144A		5.00			12-15-2021		3,400,000		3,565,750
TransDigm Group Incorporated		6.50			7-15-2024		4,000,000		4,090,000
									16,443,250
Airlines: 0.52%
United Continental Holdings Incorporated		6.00			12-1-2020		2,700,000		2,862,000
Building Products: 1.38%
Masco Corporation		5.95			3-15-2022		2,030,000		2,278,675
Nortek Incorporated		8.50			4-15-2021		2,000,000		2,150,000
USG Corporation 144A		5.50			3-1-2025		1,000,000		1,022,500
USG Corporation 144A		5.88			11-1-2021		2,000,000		2,105,000
									7,556,175

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

10 Wells Fargo Advantage High Income Fund Portfolio of investments—February 28, 2015 (unaudited)

Security name	Interest rate				Maturity date		Principal		Value
Commercial Services & Supplies: 2.04%
ADT Corporation		6.25	%			10-15-2021	$	2,500,000	$	2,706,250
Casella Waste Systems Incorporated		7.75				2-15-2019		4,250,000		4,292,500
Deluxe Corporation		6.00				11-15-2020		1,000,000		1,052,500
Deluxe Corporation		7.00				3-15-2019		3,000,000		3,108,750
										11,160,000
				��
Machinery: 1.95%
Manitowoc Company Incorporated		8.50				11-1-2020		4,000,000		4,320,000
Navistar International Corporation		8.25				11-1-2021		3,000,000		3,015,000
Terex Corporation		6.00				5-15-2021		3,250,000		3,335,313
										10,670,313
Professional Services: 1.14%
FTI Consulting Incorporated		6.75				10-1-2020		5,900,000		6,231,875
Road & Rail: 0.71%
The Hertz Corporation		5.88				10-15-2020		2,750,000		2,839,375
The Hertz Corporation		6.25				10-15-2022		1,000,000		1,040,000
										3,879,375
Trading Companies & Distributors: 2.01%
Aircastle Limited		5.50				2-15-2022		2,500,000		2,681,250
Ashtead Capital Incorporated 144A		6.50				7-15-2022		3,740,000		4,067,250
United Rentals North America Incorporated		5.75				11-15-2024		4,000,000		4,237,960
										10,986,460
Information Technology: 2.95%
Internet Software & Services: 0.23%
Zayo Group LLC		10.13				7-1-2020		1,107,000		1,250,910
IT Services: 2.44%
First Data Corporation		10.63				6-15-2021		1,950,000		2,242,500
First Data Corporation (PIK at 10.00%) 144A¥		8.75				1-15-2022		3,000,000		3,240,000
iGATE Corporation		4.75				4-15-2019		4,250,000		4,313,750
Neustar Incorporated «		4.50				1-15-2023		4,000,000		3,520,000
										13,316,250
Semiconductors & Semiconductor Equipment: 0.28%
Magnachip Semiconductor Corporation		6.63				7-15-2021		2,000,000		1,555,000
Materials: 5.20%
Chemicals: 1.54%
Huntsman International LLC		4.88				11-15-2020		4,000,000		4,115,000
W.R. Grace & Company 144A		5.63				10-1-2024		4,000,000		4,300,000
										8,415,000
Containers & Packaging: 1.56%
Reynolds Group Holdings		5.75				10-15-2020		3,000,000		3,116,250
Reynolds Group Holdings		8.25				2-15-2021		3,000,000		3,157,500
Sealed Air Corporation 144A		8.38				9-15-2021		2,000,000		2,262,500
										8,536,250

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

Portfolio of investments—February 28, 2015 (unaudited) Wells Fargo Advantage High Income Fund 11

Security name	Interest rate			Maturity date		Principal		Value
Metals & Mining: 2.10%
AK Steel Corporation		7.63	%		5-15-2020	$	1,000,000	$	907,500
AK Steel Corporation		8.38			4-1-2022		2,840,000		2,527,600
Steel Dynamics Incorporated 144A		5.50			10-1-2024		4,250,000		4,420,000
United States Steel Corporation		6.88			4-1-2021		3,500,000		3,596,250
									11,451,350
Telecommunication Services: 5.63%
Diversified Telecommunication Services: 2.64%
CenturyLink Incorporated		5.63			4-1-2020		3,000,000		3,210,000
Cincinnati Bell Incorporated		8.38			10-15-2020		3,000,000		3,195,000
Frontier Communications Corporation		6.25			9-15-2021		2,615,000		2,680,375
Level 3 Financing Incorporated		7.00			6-1-2020		5,000,000		5,376,050
									14,461,425
Wireless Telecommunication Services: 2.99%
Sprint Capital Corporation		6.90			5-1-2019		3,000,000		3,105,000
Sprint Capital Corporation		7.88			9-15-2023		9,750,000		10,066,875
T-Mobile USA Incorporated		6.25			4-1-2021		3,000,000		3,150,000
									16,321,875
Utilities: 3.15%
Independent Power & Renewable Electricity Producers: 3.15%
Calpine Corporation		5.38			1-15-2023		5,000,000		5,075,000
Dynergy Incorporated		5.88			6-1-2023		3,000,000		2,955,000
NRG Energy Incorporated		6.63			3-15-2023		3,500,000		3,675,000
TerraForm Power Operating LLC 144A		5.88			2-1-2023		1,500,000		1,559,700
The AES Corporation		5.50			3-15-2024		3,910,000		3,968,650
									17,233,350
Total Corporate Bonds and Notes (Cost $400,510,175)									401,349,822
Loans: 6.83%
Aramark Corporation ±		3.25			9-7-2019		3,880,000		3,868,360
Crown Castle Operating Company ±		3.00			1-31-2021		4,950,000		4,938,863
Dell Incorporated ±		4.50			4-29-2020		3,950,000		3,964,813
Delos Finance SARL ±		3.50			3-6-2021		6,500,000		6,497,270
Freescale Semiconductor Incorporated ±		4.25			3-1-2020		3,465,000		3,456,338
SBA Senior Finance II LLC ±		3.25			3-24-2021		3,980,000		3,950,707
Select Medical Corporation ±		3.75			6-1-2018		4,000,000		3,987,520
ServiceMaster Company ±		4.25			7-1-2021		3,491,250		3,489,993
Zayo Group LLC ±		4.00			7-2-2019		3,217,670		3,213,647
Total Loans (Cost $37,451,096)									37,367,511
Municipal Obligations: 1.10%
Alabama: 0.49%
Jefferson County AL Taxable Warrants Series D (GO)		4.90			4-1-2017		2,625,000		2,681,989
Florida: 0.61%
Florida Development Financial Corporation Renaissance Charter School Project Series B (Education Revenue)		7.50			6-15-2018		1,170,000		1,179,278

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

12 Wells Fargo Advantage High Income Fund Portfolio of investments—February 28, 2015 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Florida (continued)
Florida Development Financial Corporation Renaissance Charter School Project Series B (Education Revenue)		8.00	%		12-15-2018	$	2,095,000	$	2,162,103
									3,341,381
Total Municipal Obligations (Cost $5,930,996)									6,023,370
Yankee Corporate Bonds and Notes: 9.94%
Consumer Discretionary: 2.39%
Auto Components: 0.20%
Schaeffler Holding Finance BV 144A		6.75			11-15-2022		1,000,000		1,095,000
Automobiles: 0.69%
Jaguar Land Rover Automotive plc 144A		5.63			2-1-2023		3,500,000		3,762,500
Consumer Finance: 0.54%
Cleopatra Finance Limited 144A		6.50			2-15-2025		3,000,000		2,981,250
Media: 0.96%
Quebecor Media Incorporated		5.75			1-15-2023		5,000,000		5,225,000
Financials: 0.77%
Banks: 0.77%
Royal Bank of Scotland Group plc		5.13			5-28-2024		4,000,000		4,236,804
Health Care: 0.99%
Pharmaceuticals: 0.99%
Valeant Pharmaceuticals International Incorporated 144A		7.50			7-15-2021		5,000,000		5,425,000
Industrials: 0.37%
Aerospace & Defense: 0.37%
Bombardier Incorporated 144A%%		7.50			3-15-2025		2,000,000		2,005,000
Information Technology: 0.49%
Semiconductors & Semiconductor Equipment: 0.49%
NXP Funding LLC 144A		5.75			2-15-2021		2,500,000		2,662,500
Materials: 3.10%
Chemicals: 0.39%
Ineos Finance plc 144A		7.50			5-1-2020		1,000,000		1,061,250
Ineos Group Holdings plc 144A		8.38			2-15-2019		1,000,000		1,066,500
									2,127,750
Containers & Packaging: 0.92%
Ardagh Holdings USA Incorporated 144A		6.75			1-31-2021		5,000,000		5,050,000
Metals & Mining: 1.03%
ArcelorMittal «		7.00			2-25-2022		5,000,000		5,638,500
Paper & Forest Products: 0.76%
Sappi Papier Holding GmbH 144A		6.63			4-15-2021		4,000,000		4,140,000

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

Portfolio of investments—February 28, 2015 (unaudited) Wells Fargo Advantage High Income Fund 13

Security name	Interest rate			Maturity date		Principal		Value
Telecommunication Services: 1.83%
Diversified Telecommunication Services: 0.85%
Intelsat Luxembourg SA		7.75	%		6-1-2021	$	5,000,000	$	4,631,250
Wireless Telecommunication Services: 0.98%
Virgin Media Finance plc 144A		5.75			1-15-2025		2,500,000		2,653,125
Virgin Media Finance plc 144A		6.00			10-15-2024		500,000		537,500
Virgin Media Finance plc 144A		6.38			4-15-2023		2,000,000		2,160,000
									5,350,625
Total Yankee Corporate Bonds and Notes (Cost $53,047,583)									54,331,179
	Yield					Shares
Short-Term Investments: 10.14%
Investment Companies: 9.99%
Securities Lending Cash Investments, LLC (l)(r)(u)		0.13					15,556,625		15,556,625
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)##		0.10					39,100,567		39,100,567
									54,657,192
						Principal
U.S. Treasury Securities: 0.15%
U.S. Treasury Bill (z)#		0.01			3-19-2015	$	800,000		799,994
Total Short-Term Investments (Cost $55,457,182)									55,457,186

Total investments in securities (Cost $552,397,032) *	101.41	%		554,529,068
Other assets and liabilities, net	(1.41	)		(7,719,195	)
Total net assets	100.00	%	$	546,809,873

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

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

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

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

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

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

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

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

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

(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 $552,477,847 and unrealized gains (losses) consists of:

Gross unrealized gains	$	13,600,606
Gross unrealized losses		(11,549,385	)
Net unrealized gains	$	2,051,221

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

14 Wells Fargo Advantage High Income Fund Statement of assets and liabilities—February 28, 2015 (unaudited)

Assets
Investments
In unaffiliated securities (including $15,231,937 of securities loaned), at value (cost $497,739,840)	$	499,871,876
In affiliated securities, at value (cost $54,657,192)		54,657,192
Total investments, at value (cost $552,397,032)		554,529,068
Cash		5,096,215
Receivable for investments sold		3,188,125
Receivable for Fund shares sold		716,394
Receivable for interest		8,404,746
Receivable for securities lending income		8,811
Prepaid expenses and other assets		42,856
Total assets		571,986,215
Liabilities
Dividends payable		483,888
Payable for investments purchased		5,021,250
Payable for Fund shares redeemed		3,687,772
Payable upon receipt of securities loaned		15,556,625
Payable for daily variation margin on open futures contracts		39,000
Advisory fee payable		156,924
Distribution fees payable		13,408
Administration fees payable		82,575
Accrued expenses and other liabilities		134,900
Total liabilities		25,176,342
Total net assets	$	546,809,873
NET ASSETS CONSIST OF
Paid-in capital	$	562,338,840
Overdistributed net investment income		(46,842	)
Accumulated net realized losses on investments		(17,530,693	)
Net unrealized gains on investments		2,048,568
Total net assets	$	546,809,873
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	65,894,165
Shares outstanding – Class A1		9,422,033
Net asset value per share – Class A		$6.99
Maximum offering price per share – Class A2		$7.32
Net assets – Class B	$	277,421
Shares outstanding – Class B1		39,677
Net asset value per share – Class B		$6.99
Net assets – Class C	$	22,293,008
Shares outstanding – Class C1		3,188,082
Net asset value per share – Class C		$6.99
Net assets – Administrator Class	$	84,124,182
Shares outstanding – Administrator Class1		11,907,206
Net asset value per share – Administrator Class		$7.06
Net assets – Institutional Class	$	147,500,647
Shares outstanding – Institutional Class1		20,895,912
Net asset value per share – Institutional Class		$7.06
Net assets – Investor Class	$	226,720,450
Shares outstanding – Investor Class1		32,281,939
Net asset value per share – Investor Class		$7.02

¹  The Fund has an unlimited number of authorized shares.

²  Maximum offering price is computed as 100/95.50 of net asset value. On investments of $50,000 or more, the offering price is reduced.

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

Statement of operations—six months ended February 28, 2015 (unaudited) Wells Fargo Advantage High Income Fund 15

Investment income
Interest	$	16,466,863
Securities lending income, net		81,801
Income from affiliated securities		13,149
Total investment income		16,561,813
Expenses
Advisory fee		1,378,906
Administration fees
Fund level		138,624
Class A		56,916
Class B		295
Class C		19,347
Administrator Class		44,966
Institutional Class		49,428
Investor Class		233,030
Shareholder servicing fees
Class A		88,931
Class B		461
Class C		30,229
Administrator Class		96,294
Investor Class		306,618
Distribution fees
Class B		1,382
Class C		90,688
Custody and accounting fees		18,135
Professional fees		29,308
Registration fees		43,188
Shareholder report expenses		45,154
Trustees’ fees and expenses		4,795
Other fees and expenses		6,524
Total expenses		2,683,219
Less: Fee waivers and/or expense reimbursements		(351,237	)
Net expenses		2,331,982
Net investment income		14,229,831
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized losses on:
Unaffiliated securities		(17,014,427	)
Futures transactions		(611,746	)
Net realized losses on investments		(17,626,173	)
Net change in unrealized gains (losses) on:
Unaffiliated securities		(8,468,598	)
Futures transactions		12,187
Net change in unrealized gains (losses) on investments		(8,456,411	)
Net realized and unrealized gains (losses) on investments		(26,082,584	)
Net decrease in net assets resulting from operations	$	(11,852,753	)

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

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

	Six months ended February 28, 2015 (unaudited)						Year ended August 31, 2014
Operations
Net investment income				$	14,229,831					$	36,580,956
Net realized gains (losses) on investments					(17,626,173	)					8,047,490
Net change in unrealized gains (losses) on investments					(8,456,411	)					13,478,951
Net increase (decrease) in net assets resulting from operations					(11,852,753	)					58,107,397
Distributions to shareholders from
Net investment income
Class A					(1,804,904	)					(4,988,884	)
Class B					(7,956	)					(35,240	)
Class C					(523,844	)					(1,345,745	)
Administrator Class					(2,330,382	)					(3,773,802	)
Institutional Class					(3,377,416	)					(9,751,084	)
Investor Class					(6,185,329	)					(16,603,815	)
Net realized gains
Class A					(969,256	)					(3,842,804	)
Class B					(4,641	)					(38,215	)
Class C					(329,907	)					(1,274,798	)
Administrator Class					(1,216,589	)					(2,836,913	)
Institutional Class					(1,577,413	)					(8,563,107	)
Investor Class					(3,110,108	)					(13,040,948	)
Total distributions to shareholders					(21,437,745	)					(66,095,355	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		456,329			3,228,904			3,794,924			28,252,612
Class B		136			946			16,194			121,959
Class C		79,656			564,237			485,547			3,643,236
Administrator Class		1,465,429			10,439,714			8,278,192			62,362,797
Institutional Class		8,853,950			62,020,412			2,525,658			19,041,640
Investor Class		6,365,789			45,037,375			14,510,420			108,878,323
					121,291,588						222,300,567
Reinvestment of distributions
Class A		385,020			2,687,407			1,143,459			8,497,069
Class B		1,559			10,887			9,113			67,675
Class C		116,907			814,769			337,949			2,509,671
Administrator Class		497,879			3,510,163			829,521			6,226,308
Institutional Class		294,858			2,076,395			683,853			5,128,743
Investor Class		1,183,965			8,306,725			3,599,102			26,847,596
					17,406,346						49,277,062
Payment for shares redeemed
Class A		(2,270,681	)		(16,045,298	)		(7,335,423	)		(54,765,677	)
Class B		(33,848	)		(242,566	)		(93,091	)		(696,788	)
Class C		(756,276	)		(5,339,246	)		(1,278,499	)		(9,551,308	)
Administrator Class		(3,426,798	)		(24,389,965	)		(4,267,272	)		(32,180,199	)
Institutional Class		(4,723,718	)		(33,467,489	)		(15,484,067	)		(116,484,382	)
Investor Class		(14,570,909	)		(104,037,961	)		(20,541,049	)		(153,671,049	)
					(183,522,525	)					(367,349,403	)
Net decrease in net assets resulting from capital share transactions					(44,824,591	)					(95,771,774	)
Total decrease in net assets					(78,115,089	)					(103,759,732	)
Net assets
Beginning of period					624,924,962						728,684,694
End of period				$	546,809,873					$	624,924,962
Overdistributed net investment income				$	(46,842	)				$	(46,842	)

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

Financial highlights Wells Fargo Advantage High Income Fund 17

(For a share outstanding throughout each period)

	Six months ended February 28, 2015 (unaudited)			Year ended August 31															Year ended May 31, 2010
CLASS A				2014			2013			2012			2011			20101
Net asset value, beginning of period		$7.42			$7.50			$7.63			$7.17			$7.14			$6.90			$6.35
Net investment income		0.18			0.39	2		0.43			0.46			0.50			0.13			0.53
Net realized and unrealized gains (losses) on investments		(0.33	)		0.23			(0.10	)		0.47			0.03			0.24			0.54
Total from investment operations		(0.15	)		0.62			0.33			0.93			0.53			0.37			1.07
Distributions to shareholders from
Net investment income		(0.18	)		(0.39	)		(0.42	)		(0.47	)		(0.50	)		(0.13	)		(0.52	)
Net realized gains		(0.10	)		(0.31	)		(0.04	)		0.00			0.00			0.00			0.00
Total distributions to shareholders		(0.28	)		(0.70	)		(0.46	)		(0.47	)		(0.50	)		(0.13	)		(0.52	)
Net asset value, end of period		$6.99			$7.42			$7.50			$7.63			$7.17			$7.14			$6.90
Total return3		(2.02	)%		8.60	%		4.42	%		13.30	%		7.41	%		5.44	%		17.20	%
Ratios to average net assets (annualized)
Gross expenses		1.01	%		1.01	%		0.99	%		1.00	%		1.01	%		1.00	%		1.03	%
Net expenses		0.90	%		0.90	%		0.90	%		0.90	%		0.90	%		0.90	%		0.90	%
Net investment income		5.07	%		5.22	%		5.52	%		6.30	%		6.77	%		7.52	%		7.86	%
Supplemental data
Portfolio turnover rate		25	%		46	%		60	%		22	%		78	%		11	%		77	%
Net assets, end of period (000s omitted)		$65,894			$80,478			$99,410			$123,727			$102,361			$124,730			$99,515

¹  For the three months ended August 31, 2010. The Fund changed its fiscal year end from May 31 to August 31, effective August 31, 2010.

²  Calculated based upon average shares outstanding

³  Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.

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

18 Wells Fargo Advantage High Income Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended February 28, 2015 (unaudited)			Year ended August 31															Year ended May 31, 2010
CLASS B				2014			2013			2012			2011			20101
Net asset value, beginning of period		$7.42			$7.50			$7.63			$7.17			$7.13			$6.90			$6.35
Net investment income		0.15	2		0.34	2		0.37	2		0.41	2		0.45			0.12			0.48
Net realized and unrealized gains (losses) on investments		(0.33	)		0.22			(0.09	)		0.46			0.04			0.23			0.54
Total from investment operations		(0.18	)		0.56			0.28			0.87			0.49			0.35			1.02
Distributions to shareholders from
Net investment income		(0.15	)		(0.33	)		(0.37	)		(0.41	)		(0.45	)		(0.12	)		(0.47	)
Net realized gains		(0.10	)		(0.31	)		(0.04	)		0.00			0.00			0.00			0.00
Total distributions to shareholders		(0.25	)		(0.64	)		(0.41	)		(0.41	)		(0.45	)		(0.12	)		(0.47	)
Net asset value, end of period		$6.99			$7.42			$7.50			$7.63			$7.17			$7.13			$6.90
Total return3		(2.38	)%		7.79	%		3.64	%		12.46	%		6.76	%		5.10	%		16.33	%
Ratios to average net assets (annualized)
Gross expenses		1.76	%		1.76	%		1.74	%		1.75	%		1.76	%		1.75	%		1.78	%
Net expenses		1.65	%		1.65	%		1.65	%		1.65	%		1.65	%		1.65	%		1.65	%
Net investment income		4.32	%		4.51	%		4.77	%		5.59	%		6.04	%		6.66	%		7.17	%
Supplemental data
Portfolio turnover rate		25	%		46	%		60	%		22	%		78	%		11	%		77	%
Net assets, end of period (000s omitted)		$277			$533			$1,047			$1,470			$2,452			$5,451			$4,564

¹  For the three months ended August 31, 2010. The Fund changed its fiscal year end from May 31 to August 31, effective August 31, 2010.

²  Calculated based upon average shares outstanding

³  Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.

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

Financial highlights Wells Fargo Advantage High Income Fund 19

(For a share outstanding throughout each period)

	Six months ended February 28, 2015 (unaudited)			Year ended August 31															Year ended May 31, 2010
CLASS C				2014			2013			2012			2011			20101
Net asset value, beginning of period		$7.42			$7.50			$7.63			$7.17			$7.14			$6.90			$6.35
Net investment income		0.15	2		0.32			0.37			0.41			0.45			0.12			0.48
Net realized and unrealized gains (losses) on investments		(0.33	)		0.24			(0.09	)		0.46			0.03			0.24			0.54
Total from investment operations		(0.18	)		0.56			0.28			0.87			0.48			0.36			1.02
Distributions to shareholders from
Net investment income		(0.15	)		(0.33	)		(0.37	)		(0.41	)		(0.45	)		(0.12	)		(0.47	)
Net realized gains		(0.10	)		(0.31	)		(0.04	)		0.00			0.00			0.00			0.00
Total distributions to shareholders		(0.25	)		(0.64	)		(0.41	)		(0.41	)		(0.45	)		(0.12	)		(0.47	)
Net asset value, end of period		$6.99			$7.42			$7.50			$7.63			$7.17			$7.14			$6.90
Total return3		(2.38	)%		7.80	%		3.65	%		12.47	%		6.62	%		5.25	%		16.33	%
Ratios to average net assets (annualized)
Gross expenses		1.76	%		1.76	%		1.74	%		1.75	%		1.76	%		1.75	%		1.78	%
Net expenses		1.65	%		1.65	%		1.65	%		1.65	%		1.65	%		1.65	%		1.65	%
Net investment income		4.33	%		4.48	%		4.76	%		5.56	%		6.01	%		6.75	%		7.04	%
Supplemental data
Portfolio turnover rate		25	%		46	%		60	%		22	%		78	%		11	%		77	%
Net assets, end of period (000s omitted)		$22,293			$27,791			$31,534			$32,089			$30,645			$30,332			$18,573

¹  For the three months ended August 31, 2010. The Fund changed its fiscal year end from May 31 to August 31, effective August 31, 2010.

²  Calculated based upon average shares outstanding

³  Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.

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

20 Wells Fargo Advantage High Income Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended February 28, 2015 (unaudited)			Year ended August 31
ADMINISTRATOR CLASS				2014			2013			2012			2011			20101
Net asset value, beginning of period		$7.49			$7.58			$7.70			$7.24			$7.20			$7.23
Net investment income		0.18			0.40			0.44			0.48			0.51			0.04
Net realized and unrealized gains (losses) on investments		(0.33	)		0.22			(0.08	)		0.46			0.04			(0.02	)
Total from investment operations		(0.15	)		0.62			0.36			0.94			0.55			0.02
Distributions to shareholders from
Net investment income		(0.18	)		(0.40	)		(0.44	)		(0.48	)		(0.51	)		(0.05	)
Net realized gains		(0.10	)		(0.31	)		(0.04	)		0.00			0.00			0.00
Total distributions to shareholders		(0.28	)		(0.71	)		(0.48	)		(0.48	)		(0.51	)		(0.05	)
Net asset value, end of period		$7.06			$7.49			$7.58			$7.70			$7.24			$7.20
Total return2		(1.93	)%		8.53	%		4.68	%		13.36	%		7.66	%		0.22	%
Ratios to average net assets (annualized)
Gross expenses		0.92	%		0.94	%		0.91	%		0.90	%		0.92	%		0.99	%
Net expenses		0.80	%		0.80	%		0.80	%		0.80	%		0.79	%		0.84	%
Net investment income		5.18	%		5.31	%		5.57	%		6.37	%		6.73	%		7.78	%
Supplemental data
Portfolio turnover rate		25	%		46	%		60	%		22	%		78	%		11	%
Net assets, end of period (000s omitted)		$84,124			$100,159			$64,626			$33,395			$14,654			$10

¹  For the period from July 30, 2010 (commencement of class operations) to August 31, 2010

²  Returns for periods of less than one year are not annualized.

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

Financial highlights Wells Fargo Advantage High Income Fund 21

(For a share outstanding throughout each period)

	Six months ended February 28, 2015 (unaudited)			Year ended August 31															Year ended May 31, 2010
INSTITUTIONAL CLASS				2014			2013			2012			2011			20101
Net asset value, beginning of period		$7.49			$7.57			$7.70			$7.24			$7.20			$6.96			$6.40
Net investment income		0.19			0.43			0.46			0.50			0.54			0.14			0.57
Net realized and unrealized gains (losses) on investments		(0.33	)		0.22			(0.09	)		0.46			0.04			0.24			0.54
Total from investment operations		(0.14	)		0.65			0.37			0.96			0.58			0.38			1.11
Distributions to shareholders from
Net investment income		(0.19	)		(0.42	)		(0.46	)		(0.50	)		(0.54	)		(0.14	)		(0.55	)
Net realized gains		(0.10	)		(0.31	)		(0.04	)		0.00			0.00			0.00			0.00
Total distributions to shareholders		(0.29	)		(0.73	)		(0.50	)		(0.50	)		(0.54	)		(0.14	)		(0.55	)
Net asset value, end of period		$7.06			$7.49			$7.57			$7.70			$7.24			$7.20			$6.96
Total return2		(1.78	)%		9.01	%		4.85	%		13.69	%		7.98	%		5.52	%		17.76	%
Ratios to average net assets (annualized)
Gross expenses		0.68	%		0.68	%		0.66	%		0.67	%		0.68	%		0.67	%		0.68	%
Net expenses		0.50	%		0.50	%		0.50	%		0.50	%		0.50	%		0.50	%		0.50	%
Net investment income		5.47	%		5.65	%		5.92	%		6.69	%		7.15	%		7.94	%		8.18	%
Supplemental data
Portfolio turnover rate		25	%		46	%		60	%		22	%		78	%		11	%		77	%
Net assets, end of period (000s omitted)		$147,501			$123,288			$217,648			$302,894			$238,490			$197,158			$189,936

¹  For the three months ended August 31, 2010. The Fund changed its fiscal year end from May 31 to August 31, effective August 31, 2010.

²  Returns for periods of less than one year are not annualized.

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

22 Wells Fargo Advantage High Income Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended February 28, 2015 (unaudited)			Year ended August 31															Year ended May 31, 2010
INVESTOR CLASS				2014			2013			2012			2011			20101
Net asset value, beginning of period		$7.45			$7.53			$7.66			$7.20			$7.16			$6.93			$6.37
Net investment income		0.18			0.39			0.42			0.47			0.50			0.13			0.53
Net realized and unrealized gains (losses) on investments		(0.33	)		0.23			(0.09	)		0.46			0.04			0.23			0.55
Total from investment operations		(0.15	)		0.62			0.33			0.93			0.54			0.36			1.08
Distributions to shareholders from
Net investment income		(0.18	)		(0.39	)		(0.42	)		(0.47	)		(0.50	)		(0.13	)		(0.52	)
Net realized gains		(0.10	)		(0.31	)		(0.04	)		0.00			0.00			0.00			0.00
Total distributions to shareholders		(0.28	)		(0.70	)		(0.46	)		(0.47	)		(0.50	)		(0.13	)		(0.52	)
Net asset value, end of period		$7.02			$7.45			$7.53			$7.66			$7.20			$7.16			$6.93
Total return2		(2.02	)%		8.56	%		4.40	%		13.24	%		7.53	%		5.27	%		17.28	%
Ratios to average net assets (annualized)
Gross expenses		1.04	%		1.03	%		1.01	%		1.03	%		1.04	%		1.04	%		1.07	%
Net expenses		0.93	%		0.93	%		0.93	%		0.93	%		0.93	%		0.94	%		0.95	%
Net investment income		5.04	%		5.19	%		5.48	%		6.27	%		6.73	%		7.49	%		7.76	%
Supplemental data
Portfolio turnover rate		25	%		46	%		60	%		22	%		78	%		11	%		77	%
Net assets, end of period (000s omitted)		$226,720			$292,677			$314,420			$343,752			$278,024			$322,015			$286,836

¹  For the three months ended August 31, 2010. The Fund changed its fiscal year end from May 31 to August 31, effective August 31, 2010.

²  Returns for periods of less than one year are not annualized.

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

Notes to financial statements (unaudited) Wells Fargo Advantage High Income Fund 23

1. ORGANIZATION

Wells Fargo Funds Trust (the “Trust”), a Delaware statutory trust organized on March 10, 1999, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). As an investment company, the Trust follows the accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946, Financial Services—Investment Companies. These financial statements report on the Wells Fargo Advantage High Income Fund (the “Fund”) which is a diversified series of the Trust.

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

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

Investments in registered open-end investment companies are valued at net asset value. Interests in non-registered investment vehicles that are redeemable at net asset value are fair valued at net asset value when available.

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

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

Security loans

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

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

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

When-issued transactions

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

Loans

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

Futures contracts

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

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

Security transactions and income recognition

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

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

Distributions to shareholders

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

Federal and other taxes

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

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

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

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of February 28, 2015:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Corporate bonds and notes	$	0	$	401,349,822	$	0	$	401,349,822
Loans		0		37,367,511		0		37,367,511
Municipal obligations		0		6,023,370		0		6,023,370
Yankee corporate bonds and notes		0		54,331,179		0		54,331,179
Short-term investments
Investment companies		39,100,567		15,556,625		0		54,657,192
U.S. Treasury securities		799,994		0		0		799,994
Total assets	$	39,900,561	$	514,628,507	$	0	$	554,529,068
Liabilities
Futures contracts	$	39,000	$	0	$	0	$	39,000
Total liabilities	$	39,000	$	0	$	0	$	39,000

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 are reported at their market value at measurement date.

The Fund recognizes transfers between levels within the fair value hierarchy at the end of the reporting period. At February 28, 2015, the Fund did not have any transfers into/out of Level 1, Level 2, or Level 3.

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

4. TRANSACTIONS WITH AFFILIATES

Advisory fee

The Trust has entered into an advisory contract with Funds Management, an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”). The adviser is responsible for implementing investment policies and guidelines and for supervising the subadviser, who is responsible for day-to-day portfolio management of the Fund.

Pursuant to the contract, Funds Management is entitled to receive an annual advisory fee starting at 0.50% and declining to 0.40% as the average daily net assets of the Fund increase. For the six months ended February 28, 2015, the advisory fee was equivalent to an annual rate of 0.50% of the Fund’s average daily net assets.

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

Administration fees

The Trust has entered into an administration agreement with Funds Management. Under this agreement, for providing administrative services, which includes paying fees and expenses for services provided by the transfer agent, sub-transfer agents, omnibus account servicers and record-keepers, Funds Management is entitled to receive from the Fund an annual fund level administration fee starting at 0.05% and declining to 0.03% as the average daily net assets of the 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		0.16	%
Administrator Class		0.10
Institutional Class		0.08
Investor Class		0.19

Funds Management has contractually waived and/or reimbursed advisory and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. Waiver of fees and/or reimbursement of expenses by Funds Management were made first from fund level expenses on a proportionate basis and then from class specific expenses. Funds Management has committed through December 31, 2015 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 0.90% for Class A shares, 1.65% for Class B shares, 1.65% for Class C shares, 0.80% for Administrator Class shares, 0.50% for Institutional Class shares, and 0.93% for Investor Class shares. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

Distribution fees

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

In addition, Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class B and Class C shares. For the six months ended February 28, 2015, Funds Distributor received $2,103 from the sale of Class A.

Shareholder servicing fees

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

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

Notes to financial statements (unaudited) Wells Fargo Advantage High Income Fund 27

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended February 28, 2015 were $129,703,226 and $173,022,225, respectively.

6. DERIVATIVE TRANSACTIONS

During the six months ended February 28, 2015, the Fund entered into futures contracts to speculate on interest rates and to help manage the duration of the portfolio.

At February 28, 2015, the Fund had short futures contracts outstanding as follows:

Expiration date	Counterparty	Contracts	Type		Contract value at February 28, 2015		Unrealized losses
6-30-2015	JPMorgan	312 Short		5-Year U.S. Treasury Notes	$	37,215,750	$	(83,468	)

The Fund had an average notional amount of $37,235,704 in short futures contracts during the six months ended February 28, 2015.

On February 28, 2015, the cumulative unrealized losses on futures contracts in the amount of $83,468 are reflected in net unrealized gains on investments on the Statement of Assets and Liabilities. The payable for daily variation margin on open futures contracts reflected in the Statement of Assets and Liabilities only represents the current day’s variation margin. The realized losses and change in unrealized gains (losses) on futures contracts are reflected in the Statement of Operations.

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

Derivative type	Counterparty	Gross amounts of liabilities in the Statement of Assets and Liabilities	Amounts subject to netting agreements		Collateral pledged1			Net amount of liabilities
Futures – variation margin	JPMorgan	$39,000	$	0	$	(39,000	)	$	0

¹  Collateral pledged within this table is limited to the collateral for the net transaction with the counterparty.

7. BANK BORROWINGS

The Trust (excluding the money market funds and certain other funds in the Trust) and Wells Fargo Variable Trust are parties to a $150,000,000 revolving credit agreement whereby the Fund is permitted to use bank borrowings for temporary or emergency purposes, such as to fund shareholder redemption requests. Interest under the credit agreement is charged to the Fund based on a borrowing rate equal to the higher of the Federal Funds rate in effect on that day plus 1.25% or the overnight LIBOR rate in effect on that day plus 1.25%. In addition, an annual commitment fee equal to 0.10% of the unused balance is allocated to each participating fund. For the six months ended February 28, 2015, the Fund paid $557 in commitment fees.

For the six months ended February 28, 2015, there were no borrowings by the Fund under the agreement.

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

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 Fund and, therefore, cannot be estimated.

Other information (unaudited) Wells Fargo Advantage High Income Fund 29

PROXY VOTING INFORMATION

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available, upon request, by calling 1-800-222-8222, visiting our website at wellsfargoadvantagefunds.com, or visiting the SEC website at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available on the Fund’s website at wellsfargoadvantagefunds.com or by visiting the SEC website at sec.gov.

PORTFOLIO HOLDINGS INFORMATION

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

30 Wells Fargo Advantage High Income Fund Other information (unaudited)

BOARD OF TRUSTEES AND OFFICERS

Each of the Trustees and Officers¹ listed in the table below acts in identical capacities for each fund in the Wells Fargo Advantage family of funds, which consists of 134 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
William R. Ebsworth (Born 1957)	Trustee, since 2015**	Retired. From 1984 to 2013, equities analyst, portfolio manager, research director at Fidelity Management and Research Company and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. in Boston, Tokyo, and Hong Kong where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Mr. Ebsworth is an Adjunct Lecturer, Finance, at Babson College and a Chartered Financial Analyst.	Asset Allocation Trust
Jane A. Freeman (Born 1953)	Trustee, since 2015**	Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior thereto, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is a Chartered Financial Analyst (inactive), Chair of Taproot Foundation (non-profit organization) and a Board Member of Ruth Bancroft Garden (non-profit organization).	Asset Allocation Trust
Peter G. Gordon (Born 1942)	Trustee, since 1998; Chairman, since 2005	Co-Founder, Retired Chairman, President and CEO of Crystal Geyser Water Company. Trustee Emeritus, Colby College.	Asset Allocation Trust
Isaiah Harris, Jr. (Born 1952)	Trustee, since 2009	Retired. Chairman of the Board of CIGNA Corporation since 2009, and Director since 2005. From 2003 to 2011, Director of Delux Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy. 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
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

Other information (unaudited) Wells Fargo Advantage High Income Fund 31

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
Timothy J. Penny (Born 1951)	Trustee, since 1996	President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007 and Senior Fellow at the Humphrey Institute Policy Forum at the University of Minnesota since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	Asset Allocation Trust
Michael S. Scofield (Born 1943)	Trustee, since 2010	Served on the Investment Company Institute’s Board of Governors and Executive Committee from 2008-2011 as well the Governing Council of the Independent Directors Council from 2006-2011 and the Independent Directors Council Executive Committee from 2008-2011. Chairman of the IDC from 2008-2010. Institutional Investor (Fund Directions) Trustee of Year in 2007. Trustee of the Evergreen Funds complex (and its predecessors) from 1984 to 2010. Chairman of the Evergreen Funds from 2000-2010. Former Trustee of the Mentor Funds. Retired Attorney, Law Offices of Michael S. Scofield.	Asset Allocation Trust
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.

** William R. Ebsworth and Jane A. Freeman each became a Trustee effective January 1, 2015.

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	Senior Vice President and Secretary of Wells Fargo Funds Management, LLC since 2001. Assistant General Counsel of Wells Fargo Bank, N.A. since 2013 and Vice President and Managing Counsel of Wells Fargo Bank N.A. from 1996 to 2013.
Debra Ann Early (Born 1964)	Chief Compliance Officer, since 2007	Senior Vice President of Wells Fargo Funds Management, LLC since 2007 and Chief Compliance Officer from 2007 to 2014. Chief Compliance Officer of Parnassus Investments from 2005 to 2007. Chief Financial Officer of Parnassus Investments from 2004 to 2007 and Senior Audit Manager of PricewaterhouseCoopers LLP from 1998 to 2004.
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 61 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.

32 Wells Fargo Advantage High Income Fund List of abbreviations

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

ACA —  ACA Financial Guaranty Corporation

ADR —  American depositary receipt

ADS —  American depositary shares

AGC —  Assured Guaranty Corporation

AGM —  Assured Guaranty Municipal

Ambac —  Ambac Financial Group Incorporated

AMT —  Alternative minimum tax

AUD —  Australian dollar

BAN —  Bond anticipation notes

BHAC —  Berkshire Hathaway Assurance Corporation

BRL —  Brazilian real

CAB —  Capital appreciation bond

CAD —  Canadian dollar

CCAB —  Convertible capital appreciation bond

CDA —  Community Development Authority

CDO —  Collateralized debt obligation

CHF —  Swiss franc

COP —  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

LIFER —  Long Inverse Floating Exempt Receipts

LIQ —  Liquidity agreement

LLC —  Limited liability company

LLLP —  Limited liability limited partnership

LLP —  Limited liability partnership

LOC —  Letter of credit

LP —  Limited partnership

MBIA —  Municipal Bond Insurance Association

MFHR —  Multifamily housing revenue

MSTR —  Municipal securities trust receipts

MTN —  Medium-term note

MUD —  Municipal Utility District

MXN —  Mexican peso

MYR —  Malaysian ringgit

National —  National Public Finance Guarantee Corporation

NGN —  Nigerian naira

NOK —  Norwegian krone

NZD —  New Zealand dollar

PCFA —  Pollution Control Financing Authority

PCL —  Public Company Limited

PCR —  Pollution control revenue

PFA —  Public Finance Authority

PFFA —  Public Facilities Financing Authority

PFOTER —  Puttable floating option tax-exempt receipts

plc —  Public limited company

PLN —  Polish zloty

PUTTER —  Puttable tax-exempt receipts

R&D —  Research & development

Radian —  Radian Asset Assurance

RAN —  Revenue anticipation notes

RDA —  Redevelopment Authority

RDFA —  Redevelopment Finance Authority

REIT —  Real estate investment trust

ROC —  Reset option certificates

RON —  Romanian lei

RUB —  Russian ruble

SAVRS —  Select auction variable rate securities

SBA —  Small Business Authority

SEK —  Swedish krona

SFHR —  Single-family housing revenue

SFMR —  Single-family mortgage revenue

SGD —  Singapore dollar

SPA —  Standby purchase agreement

SPDR —  Standard & Poor’s Depositary Receipts

SPEAR —   Short Puttable Exempt Adjustable Receipts

STRIPS —  Separate trading of registered interest and

      principal securities

TAN —  Tax anticipation notes

TBA —  To be announced

THB —  Thai baht

TIPS —  Treasury inflation-protected securities

TRAN —  Tax revenue anticipation notes

TRY —  Turkish lira

TTFA —  Transportation Trust Fund Authority

TVA —  Tennessee Valley Authority

ZAR —  South African rand

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

© 2015 Wells Fargo Funds Management, LLC. All rights reserved.

232054 04-15 SA217/SAR217 02-15

Wells Fargo Advantage High Yield Bond Fund

Semi-Annual Report

February 28, 2015

Reduce clutter. Save trees.

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

Contents

Letter to shareholders	2
Performance highlights	4
Fund expenses	6
Portfolio of investments	7
Financial statements
Statement of assets and liabilities	14
Statement of operations	15
Statement of changes in net assets	16
Financial highlights	17
Notes to financial statements	22
Other information	27
List of abbreviations	30

The views expressed and any forward-looking statements are as of February 28, 2015, unless otherwise noted, and are those of the Fund managers and/or Wells Fargo Funds Management, LLC. Discussions of individual securities, or the markets generally, or any Wells Fargo Advantage Fund are not intended as individual recommendations. Future events or results may vary significantly from those expressed in any forward-looking statements; the views expressed are subject to change at any time in response to changing circumstances in the market. Wells Fargo Funds Management, LLC and the Fund disclaim any obligation to publicly update or revise any views expressed or forward-looking statements.

NOT FDIC INSURED  ¡  NO BANK GUARANTEE  ¡   MAY LOSE VALUE

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

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 High Yield Bond Fund for the six-month period that ended February 28, 2015. The period was marked by low interest rates, a large decline in oil prices, and moderate U.S. economic growth. Investment-grade bonds, as measured by the Barclays U.S. Aggregate Bond Index¹, returned 2.25% 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 ended its quantitative easing program in October 2014 and also set expectations for it to begin normalizing monetary policy with higher target ranges for the federal funds rate in 2015.

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 said it intends to increase the size of its balance sheet, a result of quantitative easing, by buying eurozone government bonds. In Japan, the Bank of Japan maintained an aggressive monetary program aimed at combating deflation.

U.S. economic growth was moderate, and oil prices plummeted.

Economic growth advanced during the reporting period, the unemployment rate ticked lower to 5.5% as of February 2015, and inflation remained below the Fed’s longer-run objective of a 2% pace. The period was also marked by dramatically lower oil prices, which fell from more than $90 per barrel at the end of August 2014 to below $50 per barrel at the end of February 2015. While lower oil prices benefited consumers of oil products, the lower prices pressured companies within the energy sector.

Longer-dated securities and higher-rated credits were top performers.

Ten-year U.S. Treasury rates declined during the period, from 2.35% at end of August 2014 to 2.03% by the end of February 2015, benefiting both from safe-haven status as well as relative attractiveness to global investors. With the U.S. economy the furthest along its business cycle, the level of interest rates in the U.S. and Europe diverged. The 10-year U.S. Treasury yield was 2.03% at the end of February 2015 compared with 0.30% for 10-year German government yields, 173 basis points (bps; 100 bps equals 1.00%) higher. This was largely attributed to the Fed being closer to eventually increasing interest rates while the ECB potentially needs to further increase, rather than scale back, its amount of accommodation. Further, U.S. economic activity was healthier than Europe’s.

Treasury bonds with maturities greater than 20 years returned more than 10% during the six-month period that ended February 28, 2015, according to the Barclays U.S. Aggregate Bond Index. This was due, in part, to strong demand from overseas investors because yields in Europe and Japan were substantially lower than U.S. yields. In addition, because the dollar strengthened, the returns from Treasuries were even higher for foreign-domiciled investors. Longer-maturity debt across all sectors outperformed shorter-dated securities.

¹  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 High Yield Bond Fund 3

Investment-grade corporate bonds returned 2.29% during the six-month reporting period, according to the Barclays U.S. Aggregate Bond Index, and AAA-rated² bonds had higher returns than BBB-rated bonds. Lower-rated credits, including high yield, underperformed as oil prices fell dramatically. Not only were many energy and mining companies negatively affected, but investor trepidation about weak global growth caused investment-grade spreads to modestly widen while high-yield spreads widened substantially.

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

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

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

Sincerely,

Karla M. Rabusch

President

Wells Fargo Advantage Funds

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

²  The ratings indicated are from Standard & Poor’s, Moody’s Investors Service, and/or Fitch Ratings Ltd. Standard & Poor’s rates the creditworthiness of bonds from AAA (highest) to D (lowest). Ratings from A to CCC may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the rating categories. Moody’s rates the creditworthiness of bonds from Aaa (highest) to C (lowest). Ratings Aa to B may be modified by the addition of a number 1 (highest) to 3 (lowest) to show relative standing within the ratings categories. Fitch rates the creditworthiness of bonds from AAA (highest) to D (lowest).

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

Investment objective

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

Adviser

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio manager

Margaret D. Patel

Average annual total returns¹ (%) as of February 28, 2015

		Including sales charge							Excluding sales charge						Expense ratios2 (%)
	Inception date	1 year			5 year		10 year		1 year		5 year		10 year		Gross		Net3
Class A (EKHAX)	1-20-1998		(0.62	)		7.02		6.06		4.18		8.01		6.53		1.03		1.03
Class B (EKHBX)*	9-11-1935		(1.60	)		6.91		5.98		3.40		7.21		5.98		1.78		1.78
Class C (EKHCX)	1-21-1998		2.40			7.21		5.75		3.40		7.21		5.75		1.78		1.78
Administrator Class (EKHYX)	4-14-1998		–			–		–		4.42		8.26		6.79		0.97		0.80
Institutional Class (EKHIX)	10-31-2014		–			–		–		4.74		8.32		6.83		0.70		0.70
BofA Merrill Lynch U.S. High Yield Master II Constrained Index4	–		–			–		–		2.84		9.15		7.80		–		–

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

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

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

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

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

Please see footnotes on page 5.

Performance highlights (unaudited) Wells Fargo Advantage High Yield Bond Fund 5

Ten largest long-term holdings5 (%) as of February 28, 2015
Constellation Brands Incorporated, 4.75%, 11-15-2024	3.77
Tronox Finance LLC, 6.38%, 8-15-2020	3.44
CommScope Incorporated, 5.50%, 6-15-2024	3.43
Endo Finance LLC, 6.00%, 2-1-2025	2.81
Lear Corporation, 4.75%, 1-15-2023	2.69
Olin Corporation, 5.50%, 8-15-2022	2.64
The Hertz Corporation, 6.25%, 10-15-2022	2.59
Penske Auto Group Incorporated, 5.75, 10-1-2022	2.50
Rayonier Advanced Materials Products Incorporated, 5.50%, 6-1-2024	2.50
Seagate HDD (Cayman), 4.75%, 6-1-2023	2.35

Credit quality⁶ as of February 28, 2015

¹  Historical performance shown for all classes of the Fund prior to July 12, 2010 is based on the performance of the Fund’s predecessor, Evergreen High Income Fund. Historical performance shown for the Institutional Class shares prior to their inception reflects the performance of the Administration Class shares, and is not adjusted to reflect the Institutional Class expenses. If these expenses had been included, returns for the Institutional Class would be higher.

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 December 31, 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. Without this cap, the Fund’s returns would have been lower.

⁴  The BofA Merrill Lynch U.S. High Yield Master II Constrained Index is a market value-weighted index of all domestic and yankee high-yield bonds, including deferred interest bonds and payment-in kind securities. Issues included in the index have maturities of one year or more and have a credit rating lower than BBB–/Baa3, but are not in default. The BofA Merrill Lynch U.S. High Yield Master II Constrained Index limits any individual issuer to a maximum of 2% benchmark exposure. You cannot invest directly in an index.

⁵  The ten largest long-term holdings are calculated based on the value of the securities divided by total net assets of the Fund. Holdings are subject to change and may have changed since the date specified.

⁶  The credit quality distribution of portfolio holdings reflected in the chart is based on ratings from Standard & Poor’s, Moody’s Investors Service, and/or Fitch Ratings Ltd. Credit quality ratings apply to the underlying holdings of the Fund and not to the Fund itself. The percentages of the Fund’s portfolio with the ratings depicted in the chart are calculated based on the total market value of fixed income securities held by the Fund. If a security was rated by all three rating agencies, the middle rating was utilized. If rated by two of three rating agencies, the lower rating was utilized, and if rated by one of the rating agencies, that rating was utilized. Standard & Poor’s rates the creditworthiness of bonds, ranging from AAA (highest) to D (lowest). Ratings from A to CCC may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the rating categories. Standard & Poor’s rates the creditworthiness of short-term notes from SP-1 (highest) to SP-3 (lowest). Moody’s rates the creditworthiness of bonds, ranging from Aaa (highest) to C (lowest). Ratings Aa to B may be modified by the addition of a number 1 (highest) to 3 (lowest) to show relative standing within the ratings categories. Moody’s rates the creditworthiness of short-term U.S. tax-exempt municipal securities from MIG 1/VMIG 1 (highest) to SG (lowest). Fitch rates the creditworthiness of bonds, ranging from AAA (highest) to D (lowest). Credit quality and credit quality ratings are subject to change and may have changed since the date specified.

6 Wells Fargo Advantage High Yield Bond Fund Fund expenses (unaudited)

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and contingent deferred sales charges (if any) on redemptions and (2) ongoing costs, including management fees, distribution (12b-1) and/or shareholder 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 September 1, 2014 to February 28, 2015.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

	Beginning account value 9-1-2014		Ending account value 2-28-2015		Expenses paid during the period¹		Net annualized expense ratio
Class A
Actual	$	1,000.00	$	1,008.41	$	5.13		1.03	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.69	$	5.16		1.03	%
Class B
Actual	$	1,000.00	$	1,001.69	$	8.83		1.78	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.97	$	8.90		1.78	%
Class C
Actual	$	1,000.00	$	1,004.68	$	8.85		1.78	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.97	$	8.90		1.78	%
Administrator Class
Actual	$	1,000.00	$	1,006.55	$	3.98		0.80	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.83	$	4.01		0.80	%
Institutional Class
Actual	$	1,000.00	$	1,009.63	$	3.49		0.70	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.32	$	3.51		0.70	%

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

Portfolio of investments—February 28, 2015 (unaudited) Wells Fargo Advantage High Yield Bond Fund 7

Security name	Shares		Value
Common Stocks: 8.94%
Consumer Discretionary: 1.44%
Auto Components: 0.33%
Gentex Corporation		30,000	$	528,600
Johnson Controls Incorporated		3,000		152,430
Lear Corporation		3,000		326,760
				1,007,790
Distributors: 0.32%
Genuine Parts Company		10,000		960,800
Hotels, Restaurants & Leisure: 0.14%
Marriott International Incorporated Class A		5,000		415,500
Household Durables: 0.28%
Harman International Industries Incorporated		6,000		827,940
Specialty Retail: 0.37%
Group 1 Automotive Incorporated		4,000		325,360
The Home Depot Incorporated		7,000		803,250
				1,128,610
Consumer Staples: 0.68%
Food & Staples Retailing: 0.14%
CVS Health Corporation		4,000		415,480
Food Products: 0.29%
ConAgra Foods Incorporated		25,000		874,500
Household Products: 0.25%
Church & Dwight Company Incorporated		9,000		766,260
Energy: 0.88%
Energy Equipment & Services: 0.10%
Bristow Group Incorporated		5,000		309,700
Oil, Gas & Consumable Fuels: 0.78%
Kinder Morgan Incorporated		5,000		205,050
ONEOK Incorporated		3,000		132,780
Plains All American Pipeline LP		40,000		1,995,600
				2,333,430
Financials: 0.30%
Banks: 0.30%
PNC Financial Services Group Incorporated		10,000		919,600

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

8 Wells Fargo Advantage High Yield Bond Fund Portfolio of investments—February 28, 2015 (unaudited)

Security name	Shares		Value
Health Care: 1.24%
Biotechnology: 0.05%
Amgen Incorporated		1,000	$	157,720
Health Care Equipment & Supplies: 0.50%
Baxter International Incorporated		4,000		276,600
C.R. Bard Incorporated		4,000		676,560
Medtronic plc		5,000		387,950
West Pharmaceutical Services Incorporated		3,000		164,160
				1,505,270
Health Care Providers & Services: 0.04%
McKesson Corporation		500		114,350
Pharmaceuticals: 0.65%
Actavis plc †		3,000		874,080
Mylan Laboratories Incorporated †		10,000		573,250
Novartis AG ADR		5,000		512,000
				1,959,330
Industrials: 2.34%
Aerospace & Defense: 0.35%
Curtiss-Wright Corporation		5,000		362,900
General Dynamics Corporation		5,000		693,900
				1,056,800
Electrical Equipment: 1.20%
AMETEK Incorporated		10,000		531,400
Emerson Electric Company		30,000		1,737,600
Regal-Beloit Corporation		2,000		155,880
Rockwell Automation Incorporated		10,000		1,170,400
				3,595,280
Industrial Conglomerates: 0.22%
Roper Industries Incorporated		4,000		670,280
Machinery: 0.57%
Flowserve Corporation		3,000		186,390
IDEX Corporation		10,000		772,600
John Bean Technologies Corporation		12,000		414,720
Lincoln Electric Holdings Incorporated		5,000		345,200
				1,718,910
Information Technology: 0.90%
Electronic Equipment, Instruments & Components: 0.32%
Amphenol Corporation Class A		10,000		564,600
FEI Company		5,000		394,950
				959,550

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

Portfolio of investments—February 28, 2015 (unaudited) Wells Fargo Advantage High Yield Bond Fund 9

Security name						Shares		Value
IT Services: 0.32%
Automatic Data Processing Incorporated							11,000	$	977,240
Software: 0.06%
CDK Global Incorporated							3,666		171,679
Technology Hardware, Storage & Peripherals: 0.20%
Seagate Technology plc							10,000		611,200
Materials: 0.23%
Chemicals: 0.20%
FMC Corporation							5,000		317,050
Westlake Chemical Corporation							4,000		267,040
									584,090
Containers & Packaging: 0.03%
Sealed Air Corporation							2,000		94,260
Utilities: 0.93%
Electric Utilities: 0.08%
NRG Yield Incorporated Class A «							5,000		256,550
Multi-Utilities: 0.85%
Dominion Resources Incorporated							1,000		72,090
Sempra Energy							23,000		2,488,600
									2,560,690
Total Common Stocks (Cost $25,349,169)									26,952,809
	Interest rate			Maturity date		Principal
Corporate Bonds and Notes: 82.98%
Consumer Discretionary: 12.35%
Auto Components: 4.71%
American Axle Manufacturing Incorporated		6.63	%		10-15-2022	$	2,250,000		2,446,875
Cooper Tire & Rubber Company (i)		7.63			3-15-2027		1,500,000		1,590,000
Dana Holding Corporation		5.50			12-15-2024		2,000,000		2,065,000
Lear Corporation		4.75			1-15-2023		8,000,000		8,100,000
									14,201,875
Hotels, Restaurants & Leisure: 1.06%
Speedway Motorsports Incorporated 144A		5.13			2-1-2023		3,115,000		3,200,663
Media: 1.76%
DISH DBS Corporation		5.00			3-15-2023		5,500,000		5,290,318
Specialty Retail: 4.82%
Group 1 Automotive Incorporated 144A		5.00			6-1-2022		7,000,000		7,000,000
Penske Auto Group Incorporated		5.75			10-1-2022		7,200,000		7,542,000
									14,542,000

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

10 Wells Fargo Advantage High Yield Bond Fund Portfolio of investments—February 28, 2015 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Consumer Staples: 3.77%
Beverages: 3.77%
Constellation Brands Incorporated		4.75	%		11-15-2024	$	10,626,000	$	11,369,820
Energy: 3.77%
Energy Equipment & Services: 2.38%
Bristow Group Incorporated		6.25			10-15-2022		5,990,000		5,870,200
Dresser-Rand Group Incorporated		6.50			5-1-2021		1,225,000		1,304,625
									7,174,825
Oil, Gas & Consumable Fuels: 1.39%
Energy Transfer Equity LP		5.88			1-15-2024		1,500,000		1,605,000
Energy Transfer Equity LP		7.50			10-15-2020		980,000		1,122,100
NGL Energy Partners LP		5.13			7-15-2019		1,500,000		1,462,500
									4,189,600
Financials: 4.83%
REITs: 4.83%
Crown Castle International Corporation		4.88			4-15-2022		1,000,000		1,047,500
Crown Castle International Corporation		5.25			1-15-2023		4,000,000		4,220,000
Iron Mountain Incorporated		5.75			8-15-2024		5,000,000		5,062,500
Sabra Health Care Incorporated		5.38			6-1-2023		4,000,000		4,235,000
									14,565,000
Health Care: 10.86%
Health Care Equipment & Supplies: 1.06%
Halyard Health Incorporated 144A		6.25			10-15-2022		1,000,000		1,050,000
Hologic Incorporated		6.25			8-1-2020		2,062,000		2,159,945
									3,209,945
Health Care Providers & Services: 6.26%
Davita Healthcare Partners Incorpoarted		5.13			7-15-2024		2,000,000		2,075,000
DaVita HealthCare Partners Incorporated		5.75			8-15-2022		4,465,000		4,816,619
Fresenius Medical Care Holdings Incorporated 144A		5.88			1-31-2022		4,529,000		5,083,803
HCA Incorporated		5.38			2-1-2025		6,500,000		6,890,000
									18,865,422
Pharmaceuticals: 3.54%
Endo Finance LLC 144A		6.00			2-1-2025		8,000,000		8,470,000
Forest Laboratories Incorporated 144A		5.00			12-15-2021		2,000,000		2,196,290
									10,666,290
Industrials: 11.05%
Aerospace & Defense: 2.96%
Alliant Techsystems Incorporated 144A		5.25			10-1-2021		3,675,000		3,748,500
Moog Incorporated 144A		5.25			12-1-2022		5,000,000		5,162,500
									8,911,000

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

Portfolio of investments—February 28, 2015 (unaudited) Wells Fargo Advantage High Yield Bond Fund 11

Security name	Interest rate			Maturity date		Principal		Value
Building Products: 1.39%
Dycom Investments Incorporated		7.13	%		1-15-2021	$	4,000,000	$	4,200,000
Commercial Services & Supplies: 1.81%
Clean Harbors Incorporated		5.13			6-1-2021		5,338,000		5,458,105
Electrical Equipment: 1.87%
Belden Incorporated 144A		5.50			9-1-2022		5,500,000		5,637,500
Machinery: 0.43%
Oshkosh Corporation 144A%%		5.38			3-1-2025		1,250,000		1,281,250
Road & Rail: 2.59%
The Hertz Corporation		6.25			10-15-2022		7,500,000		7,800,000
Information Technology: 7.54%
Communications Equipment: 3.43%
CommScope Incorporated 144A		5.50			6-15-2024		10,200,000		10,327,500
Electronic Equipment, Instruments & Components: 0.34%
Anixter International Incorporated		5.13			10-1-2021		1,000,000		1,028,750
IT Services: 1.85%
Neustar Incorporated «		4.50			1-15-2023		6,350,000		5,588,000
Semiconductors & Semiconductor Equipment: 1.92%
Micron Technology Incorporated 144A		5.25			8-1-2023		4,100,000		4,202,500
Micron Technology Incorporated 144A		5.50			2-1-2025		1,550,000		1,588,750
									5,791,250
Materials: 19.66%
Chemicals: 11.89%
Celanese U.S. Holdings LLC		4.63			11-15-2022		6,729,000		6,796,290
Huntsman International LLC		4.88			11-15-2020		1,000,000		1,028,750
Kraton Polymers LLC		6.75			3-1-2019		2,105,000		2,162,888
Olin Corporation		5.50			8-15-2022		7,750,000		7,963,125
Rayonier Advanced Materials Products Incorporated 144A		5.50			6-1-2024		8,775,000		7,524,563
Tronox Finance LLC «		6.38			8-15-2020		10,400,000		10,361,000
								��	35,836,616
Containers & Packaging: 6.04%
Ball Corporation		4.00			11-15-2023		1,500,000		1,473,750
Ball Corporation		5.00			3-15-2022		5,500,000		5,747,500
Sealed Air Corporation 144A		5.25			4-1-2023		1,500,000		1,580,625
Sealed Air Corporation 144A		6.50			12-1-2020		4,635,000		5,250,065
Silgan Holdings Incorporated		5.00			4-1-2020		4,000,000		4,150,000
									18,201,940
Metals & Mining: 0.15%
Commercial Metals Company		4.88			5-15-2023		150,000		143,250
Steel Dynamics Incorporated 144A		5.50			10-1-2024		300,000		312,000
									455,250

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

12 Wells Fargo Advantage High Yield Bond Fund Portfolio of investments—February 28, 2015 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Paper & Forest Products: 1.58%
P.H. Glatfelter Company		5.38	%		10-15-2020	$	4,630,000	$	4,745,750
Telecommunication Services: 3.54%
Diversified Telecommunication Services: 0.78%
GCI Incorporated		8.63			11-15-2019		2,235,000		2,338,369
Wireless Telecommunication Services: 2.76%
MetroPCS Wireless Incorporated		6.63			11-15-2020		1,575,000		1,661,625
SBA Communications Corporation		5.63			10-1-2019		5,700,000		5,999,250
SBA Communications Corporation		5.75			7-15-2020		625,000		657,813
									8,318,688
Utilities: 5.61%
Electric Utilities: 1.52%
DPL Incorporated		7.25			10-15-2021		4,375,000		4,593,750
Gas Utilities: 0.57%
AmeriGas Finance LLC		6.75			5-20-2020		1,600,000		1,708,000
Independent Power & Renewable Electricity Producers: 3.52%
Calpine Corporation 144A		5.88			1-15-2024		2,576,000		2,794,960
Calpine Corporation 144A		6.00			1-15-2022		1,625,000		1,772,063
NRG Energy Incorporated		6.63			3-15-2023		5,743,000		6,030,150
									10,597,173
Total Corporate Bonds and Notes (Cost $245,960,090)									250,094,649
Yankee Corporate Bonds and Notes: 5.19%
Health Care: 0.73%
Pharmaceuticals: 0.73%
Valeant Pharmaceuticals International Incorporated 144A		5.50			3-1-2023		2,195,000		2,208,715
Industrials: 2.11%
Electrical Equipment: 2.11%
Sensata Technologies BV 144A		4.88			10-15-2023		3,000,000		3,127,800
Sensata Technologies BV 144A		5.63			11-1-2024		3,000,000		3,217,500
									6,345,300
Information Technology: 2.35%
Technology Hardware, Storage & Peripherals: 2.35%
Seagate HDD (Cayman)		4.75			6-1-2023		6,640,000		7,073,166
Total Yankee Corporate Bonds and Notes (Cost $14,989,370)									15,627,181

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

Portfolio of investments—February 28, 2015 (unaudited) Wells Fargo Advantage High Yield Bond Fund 13

Security name	Yield			Shares		Value
Short-Term Investments: 4.33%
Investment Companies: 4.33%
Securities Lending Cash Investments, LLC (r)(l)(u)		0.13	%		8,334,835	$	8,334,835
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)##		0.10			4,706,115		4,706,115
Total Short-Term Investments (Cost $13,040,950)							13,040,950

Total investments in securities (Cost $299,339,579) *	101.44	%		305,715,589
Other assets and liabilities, net	(1.44	)		(4,342,335	)
Total net assets	100.00	%	$	301,373,254

† Non-income-earning security

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

(i) Illiquid security

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.

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

(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 Fund as defined in the Investment Company Act of 1940.

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

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

* Cost for federal income tax purposes is $299,259,365 and unrealized gains (losses) consists of:

Gross unrealized gains	$	9,862,317
Gross unrealized losses		(3,406,093	)
Net unrealized gains	$	6,456,224

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

14 Wells Fargo Advantage High Yield Bond Fund Statement of assets and liabilities—February 28, 2015 (unaudited)

Assets
Investments
In unaffiliated securities (including $8,156,082 of securities loaned), at value (cost $286,298,629)	$	292,674,639
In affiliated securities, at value (cost $13,040,950)		13,040,950
Total investments, at value (cost $299,339,579)		305,715,589
Foreign currency, at value (cost $45)		39
Receivable for investments sold		7,988,774
Receivable for Fund shares sold		248,594
Receivable for dividends and interest		3,761,533
Receivable for securities lending income		5,420
Prepaid expenses and other assets		136,546
Total assets		317,856,495
Liabilities
Dividends payable		101,649
Payable for investments purchased		7,063,969
Payable for Fund shares redeemed		624,115
Payable upon receipt of securities loaned		8,334,835
Advisory fee payable		115,714
Distribution fees payable		41,795
Administration fees payable		48,903
Accrued expenses and other liabilities		152,261
Total liabilities		16,483,241
Total net assets	$	301,373,254
NET ASSETS CONSIST OF
Paid-in capital	$	352,234,877
Overdistributed net investment income		(163,588	)
Accumulated net realized losses on investments		(57,074,039	)
Net unrealized gains on investments		6,376,004
Total net assets	$	301,373,254
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	209,717,603
Shares outstanding – Class A1		63,386,422
Net asset value per share – Class A		$3.31
Maximum offering price per share – Class A2		$3.47
Net assets – Class B	$	2,989,145
Shares outstanding – Class B1		903,130
Net asset value per share – Class B		$3.31
Net assets – Class C	$	67,500,712
Shares outstanding – Class C1		20,398,320
Net asset value per share – Class C		$3.31
Net assets – Administrator Class	$	20,317,905
Shares outstanding – Administrator Class1		6,131,533
Net asset value per share – Administrator Class		$3.31
Net assets – Institutional Class	$	847,889
Shares outstanding – Institutional Class1		255,663
Net asset value per share – Institutional Class		$3.32

¹  The Fund has an unlimited number of authorized shares.

²  Maximum offering price is computed as 100/95.50 of net asset value. On investments of $50,000 or more, the offering price is reduced.

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

Statement of operations—six months ended February 28, 2015 (unaudited) Wells Fargo Advantage High Yield Bond Fund 15

Investment income
Interest	$	7,213,320
Dividends		295,717
Securities lending income, net		39,356
Income from affiliated securities		1,183
Total investment income		7,549,576
Expenses
Advisory fee		731,709
Administration fees
Fund level		73,171
Class A		160,893
Class B		2,687
Class C		54,568
Administrator Class		9,719
Institutional Class		224	1
Shareholder servicing fees
Class A		251,394
Class B		4,198
Class C		85,263
Administrator Class		24,299
Distribution fees
Class B		12,594
Class C		255,789
Custody and accounting fees		11,888
Professional fees		34,028
Registration fees		21,081
Shareholder report expenses		27,572
Trustees’ fees and expenses		5,017
Other fees and expenses		6,908
Total expenses		1,773,002
Less: Fee waivers and/or expense reimbursements		(20,673	)
Net expenses		1,752,329
Net investment income		5,797,247
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized losses on:
Unaffiliated securities		(173,765	)
Futures transactions		(288,529	)
Net realized losses on investments		(462,294	)
Net change in unrealized gains (losses) on:
Unaffiliated securities		(4,079,875	)
Futures transactions		214,228
Net change in unrealized gains (losses) on investments		(3,865,647	)
Net realized and unrealized gains (losses) on investments		(4,327,941	)
Net increase in net assets resulting from operations	$	1,469,306

¹  For the period from October 31, 2014 (commencement of class operations) to February 28, 2015

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

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

	Six months ended February 28, 2015 (unaudited)						Year ended August 31, 2014
Operations
Net investment income				$	5,797,247					$	13,443,918
Net realized gains (losses) on investments					(462,294	)					5,377,718
Net change in unrealized gains (losses) on investments					(3,865,647	)					15,459,995
Net increase in net assets resulting from operations					1,469,306						34,281,631
Distributions to shareholders from
Net investment income
Class A					(4,151,620	)					(9,459,253	)
Class B					(56,608	)					(189,519	)
Class C					(1,152,236	)					(2,766,449	)
Administrator Class					(424,367	)					(967,151	)
Institutional Class					(12,416	)1					N/A
Total distributions to shareholders					(5,797,247	)					(13,382,372	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		7,334,237			24,027,360			4,174,488			13,529,333
Class B		49,540			163,376			17,151			56,831
Class C		389,186			1,274,584			821,870			2,678,022
Administrator Class		1,351,571			4,459,182			2,812,042			9,171,050
Institutional Class		347,367	1		1,148,494	1		N/A			N/A
					31,072,996						25,435,236
Reinvestment of distributions
Class A		1,114,188			3,658,800			2,511,673			8,240,513
Class B		15,053			49,462			51,262			167,850
Class C		322,797			1,060,525			770,176			2,526,354
Administrator Class		118,714			390,312			262,316			862,288
Institutional Class		44	1		144	1		N/A			N/A
					5,159,243						11,797,005
Payment for shares redeemed
Class A		(7,667,337	)		(25,048,175	)		(15,822,235	)		(51,599,260	)
Class B		(345,348	)		(1,133,867	)		(1,002,877	)		(3,278,584	)
Class C		(1,991,630	)		(6,523,186	)		(6,460,879	)		(21,047,143	)
Administrator Class		(1,344,287	)		(4,404,789	)		(3,853,847	)		(12,658,859	)
Institutional Class		(91,748	)1		(302,984	)1		N/A			N/A
					(37,413,001	)					(88,583,846	)
Net decrease in net assets resulting from capital share transactions					(1,180,762	)					(51,351,605	)
Total decrease in net assets					(5,508,703	)					(30,452,346	)
Net assets
Beginning of period					306,881,957						337,334,303
End of period				$	301,373,254					$	306,881,957
Overdistributed net investment income				$	(163,588	)				$	(163,588	)

¹  For the period from October 31, 2014 (commencement of class operations) to February 28, 2015

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

Financial highlights Wells Fargo Advantage High Yield Bond Fund 17

(For a share outstanding throughout each period)

	Six months ended February 28, 2015 (unaudited)			Year ended August 31															Year ended April 30, 20101
CLASS A				2014			2013			2012			2011			20101,2
Net asset value, beginning of period		$3.35			$3.15			$3.18			$3.03			$3.05			$3.10			$2.39
Net investment income		0.07			0.14			0.15			0.20			0.21			0.08			0.25
Net realized and unrealized gains (losses) on investments		(0.04	)		0.20			(0.03	)		0.15			(0.02	)		(0.05	)		0.72
Total from investment operations		0.03			0.34			0.12			0.35			0.19			0.03			0.97
Distributions to shareholders from
Net investment income		(0.07	)		(0.14	)		(0.15	)		(0.20	)		(0.21	)		(0.08	)		(0.26	)
Net asset value, end of period		$3.31			$3.35			$3.15			$3.18			$3.03			$3.05			$3.10
Total return3		0.84	%		11.02	%		3.78	%		12.00	%		6.07	%		0.99	%		42.27	%
Ratios to average net assets (annualized)
Gross expenses		1.03	%		1.03	%		1.04	%		1.02	%		1.02	%		1.06	%		1.14	%
Net expenses		1.03	%		1.03	%		1.03	%		1.02	%		1.02	%		1.05	%		1.13	%
Net investment income		4.13	%		4.35	%		4.65	%		6.52	%		6.60	%		7.70	%		8.96	%
Supplemental data
Portfolio turnover rate		35	%		40	%		95	%		37	%		70	%		46	%		129	%
Net assets, end of period (000s omitted)		$209,718			$210,005			$225,743			$261,938			$240,653			$281,044			$292,039

¹  After the close of business on July 9, 2010, the Fund acquired the net assets of Evergreen High Income Fund which became the accounting and performance survivor in the transaction. The information for the periods prior to July 12, 2010 is that of Class A of Evergreen High Income Fund.

²  For the four months ended August 31, 2010. The Fund changed its fiscal year end from April 30 to August 31, effective August 31, 2010.

³  Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.

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

18 Wells Fargo Advantage High Yield Bond Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended February 28, 2015 (unaudited)			Year ended August 31															Year ended April 30, 20101
CLASS B				2014			2013			2012			2011			20101,2
Net asset value, beginning of period		$3.36			$3.15			$3.18			$3.03			$3.05			$3.10			$2.39
Net investment income		0.05	3		0.12	3		0.13	3		0.18	3		0.18	3		0.07			0.22
Net realized and unrealized gains (losses) on investments		(0.05	)		0.21			(0.03	)		0.15			(0.02	)		(0.05	)		0.73
Total from investment operations		0.00			0.33			0.10			0.33			0.16			0.02			0.95
Distributions to shareholders from
Net investment income		(0.05	)		(0.12	)		(0.13	)		(0.18	)		(0.18	)		(0.07	)		(0.24	)
Net asset value, end of period		$3.31			$3.36			$3.15			$3.18			$3.03			$3.05			$3.10
Total return4		0.17	%		10.53	%		3.01	%		11.17	%		5.28	%		0.74	%		41.23	%
Ratios to average net assets (annualized)
Gross expenses		1.78	%		1.78	%		1.78	%		1.77	%		1.78	%		1.81	%		1.89	%
Net expenses		1.78	%		1.78	%		1.78	%		1.77	%		1.77	%		1.81	%		1.88	%
Net investment income		3.37	%		3.63	%		3.93	%		5.80	%		5.85	%		6.98	%		8.29	%
Supplemental data
Portfolio turnover rate		35	%		40	%		95	%		37	%		70	%		46	%		129	%
Net assets, end of period (000s omitted)		$2,989			$3,972			$6,667			$13,247			$21,656			$50,671			$54,017

¹  After the close of business on July 9, 2010, the Fund acquired the net assets of Evergreen High Income Fund which became the accounting and performance survivor in the transaction. The information for the periods prior to July 12, 2010 is that of Class B of Evergreen High Income Fund.

²  For the four months ended August 31, 2010. The Fund changed its fiscal year end from April 30 to August 31, effective August 31, 2010.

³  Calculated based upon average shares outstanding

⁴  Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.

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

Financial highlights Wells Fargo Advantage High Yield Bond Fund 19

(For a share outstanding throughout each period)

	Six months ended February 28, 2015 (unaudited)			Year ended August 31															Year ended April 30, 20101
CLASS C				2014			2013			2012			2011			20101,2
Net asset value, beginning of period		$3.35			$3.15			$3.18			$3.03			$3.05			$3.10			$2.39
Net investment income		0.06			0.12			0.13			0.18			0.18			0.07			0.23
Net realized and unrealized gains (losses) on investments		(0.05	)		0.20			(0.03	)		0.15			(0.02	)		(0.05	)		0.72
Total from investment operations		0.01			0.32			0.10			0.33			0.16			0.02			0.95
Distributions to shareholders from
Net investment income		(0.05	)		(0.12	)		(0.13	)		(0.18	)		(0.18	)		(0.07	)		(0.24	)
Net asset value, end of period		$3.31			$3.35			$3.15			$3.18			$3.03			$3.05			$3.10
Total return3		0.47	%		10.20	%		3.01	%		11.17	%		5.28	%		0.74	%		41.23	%
Ratios to average net assets (annualized)
Gross expenses		1.78	%		1.78	%		1.79	%		1.77	%		1.77	%		1.81	%		1.89	%
Net expenses		1.78	%		1.78	%		1.78	%		1.77	%		1.77	%		1.81	%		1.88	%
Net investment income		3.38	%		3.60	%		3.90	%		5.78	%		5.85	%		6.97	%		8.21	%
Supplemental data
Portfolio turnover rate		35	%		40	%		95	%		37	%		70	%		46	%		129	%
Net assets, end of period (000s omitted)		$67,501			$72,728			$83,548			$99,633			$95,999			$104,954			$106,886

¹  After the close of business on July 9, 2010, the Fund acquired the net assets of Evergreen High Income Fund which became the accounting and performance survivor in the transaction. The information for the periods prior to July 12, 2010 is that of Class C of Evergreen High Income Fund.

²  For the four months ended August 31, 2010. The Fund changed its fiscal year end from April 30 to August 31, effective August 31, 2010.

³  Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.

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

20 Wells Fargo Advantage High Yield Bond Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended February 28, 2015 (unaudited)			Year ended August 31															Year ended April 30, 20101
ADMINISTRATOR CLASS				2014			2013			2012			2011			20101,2
Net asset value, beginning of period		$3.36			$3.15			$3.18			$3.03			$3.05			$3.10			$2.39
Net investment income		0.07			0.15			0.16			0.21			0.22			0.08			0.26
Net realized and unrealized gains (losses) on investments		(0.05	)		0.21			(0.03	)		0.15			(0.03	)		(0.05	)		0.72
Total from investment operations		0.02			0.36			0.13			0.36			0.19			0.03			0.98
Distributions to shareholders from
Net investment income		(0.07	)		(0.15	)		(0.16	)		(0.21	)		(0.21	)		(0.08	)		(0.27	)
Net asset value, end of period		$3.31			$3.36			$3.15			$3.18			$3.03			$3.05			$3.10
Total return3		0.66	%		11.61	%		4.02	%		12.25	%		6.30	%		1.07	%		42.62	%
Ratios to average net assets (annualized)
Gross expenses		0.97	%		0.96	%		0.96	%		0.95	%		0.95	%		0.87	%		0.89	%
Net expenses		0.80	%		0.80	%		0.80	%		0.80	%		0.80	%		0.81	%		0.88	%
Net investment income		4.37	%		4.57	%		4.91	%		6.73	%		6.79	%		7.95	%		9.17	%
Supplemental data
Portfolio turnover rate		35	%		40	%		95	%		37	%		70	%		46	%		129	%
Net assets, end of period (000s omitted)		$20,318			$20,177			$21,376			$37,469			$26,234			$48,709			$93,639

¹  After the close of business on July 9, 2010, the Fund acquired the net assets of Evergreen High Income Fund which became the accounting and performance survivor in the transaction. The information for the periods prior to July 12, 2010 is that of Class I of Evergreen High Income Fund.

²  For the four months ended August 31, 2010. The Fund changed its fiscal year end from April 30 to August 31, effective August 31, 2010.

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

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

Financial highlights Wells Fargo Advantage High Yield Bond Fund 21

(For a share outstanding throughout the period)

INSTITUTIONAL CLASS	Six months ended February 28, 20151 (unaudited)
Net asset value, beginning of period		$3.33
Net investment income		0.05	2
Net realized and unrealized gains (losses) on investments		(0.01	)
Total from investment operations		0.04
Distributions to shareholders from
Net investment income		(0.05	)
Net asset value, end of period		$3.32
Total return3		1.15	%
Ratios to average net assets (annualized)
Gross expenses		0.70	%
Net expenses		0.70	%
Net investment income		4.44	%
Supplemental data
Portfolio turnover rate		35	%
Net assets, end of period (000s omitted)		$848

¹  For the period from October 31, 2014 (commencement of class operations) to February 28, 2015

²  Calculated based upon average shares outstanding

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

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

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

1. ORGANIZATION

Wells Fargo Funds Trust (the “Trust”), a Delaware statutory trust organized on March 10, 1999, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). As an investment company, the Trust follows the accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946, Financial Services—Investment Companies. These financial statements report on the Wells Fargo Advantage High Yield Bond Fund (the “Fund”) which is a diversified series of the Trust.

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

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 that day, the prior day’s price will be deemed “stale” and a fair value price will be determined in accordance with the Fund’s Valuation Procedures.

Equity securities that are not listed on a foreign or domestic exchange or market, but have a public trading market, are valued at the quoted bid price from an independent broker-dealer that the Management Valuation Team of Wells Fargo Funds Management, LLC (“Funds Management”) has determined is an acceptable source.

Investments in registered open-end investment companies are valued at net asset value. Interests in non-registered investment vehicles that are redeemable at net asset value are fair valued at net asset value when available.

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

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

Foreign currency translation

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

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

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

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

When-issued transactions

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

Futures contracts

The 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 Statement of Assets and Liabilities as an asset or liability and in the Statement of Operations as unrealized gains or losses until the contracts are closed, at which point they are recorded as net realized gains or losses on futures contracts. With futures contracts, there is minimal counterparty risk to the Fund since futures are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default.

Security transactions and income recognition

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

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

Dividend income is recognized on the ex-dividend date.

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

Distributions to shareholders

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

Federal and other taxes

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

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

As of August 31, 2014, the Fund had capital loss carryforwards available to offset future net realized capital gains in the amount of $56,906,187 with $19,655,495 expiring in 2016, and $37,250,692 expiring in 2017.

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

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

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of February 28, 2015:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Consumer discretionary	$	4,340,640	$	0	$	0	$	4,340,640
Consumer staples		2,056,240		0		0		2,056,240
Energy		2,643,130		0		0		2,643,130
Financials		919,600		0		0		919,600
Health care		3,736,670		0		0		3,736,670
Industrials		7,041,270		0		0		7,041,270
Information technology		2,719,669		0		0		2,719,669
Materials		678,350		0		0		678,350
Utilities		2,817,240		0		0		2,817,240
Corporate bonds and notes		0		250,094,649		0		250,094,649
Yankee corporate bonds and notes		0		15,627,181		0		15,627,181
Short-term investments
Investment companies		4,706,115		8,334,835		0		13,040,950
Total Assets		31,658,924		274,056,665		0		305,715,589

The Fund recognizes transfers between levels within the fair value hierarchy at the end of the reporting period. At February 28, 2015, the Fund did not have any transfers into/out of Level 1, Level 2, or Level 3.

4. TRANSACTIONS WITH AFFILIATES

Advisory fee

The Trust has entered into an advisory contract with Funds Management, an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”). The adviser is responsible for implementing investment policies and guidelines and for supervising the subadviser, who is responsible for day-to-day portfolio management of the Fund.

Pursuant to the contract, Funds Management is entitled to receive an annual advisory fee starting at 0.50% and declining to 0.40% as the average daily net assets of the Fund increase. For the six months ended February 28, 2015, the advisory fee was equivalent to an annual rate of 0.50% of the Fund’s average daily net assets.

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

Administration fees

The Trust has entered into an administration agreement with Funds Management. Under this agreement, for providing administrative services, which includes paying fees and expenses for services provided by the transfer agent, sub-transfer agents, omnibus account servicers and record-keepers, Funds Management is entitled to receive from the Fund an annual fund level administration fee starting at 0.05% and declining to 0.03% as the average daily net assets of the 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		0.16	%
Administrator Class		0.10
Institutional Class		0.08

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

Funds Management has contractually waived and/or reimbursed advisory and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. Waiver of fees and/or reimbursement of expenses by Funds Management were made first from fund level expenses on a proportionate basis and then from class specific expenses. Funds Management has committed through December 31, 2015 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.03% for Class A shares, 1.78% for Class B shares, 1.78% for Class C shares, 0.80% for Administrator Class shares and 0.70% for Institutional Class shares. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

Distribution fees

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

In addition, Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class B and Class C shares. For the six months ended February 28, 2015, Funds Distributor received $2,103 from the sale of Class A shares.

Shareholder servicing fees

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

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended February 28, 2015 were $100,920,248 and $101,002,414, respectively.

6. DERIVATIVE TRANSACTIONS

During the six months ended February 28, 2015, the Fund entered into futures contracts to speculate on interest rates and to help manage the duration of the portfolio.

As of February 28, 2015, the Fund did not have any open futures contracts. The Fund had an average notional amount of $3,055,493 in short futures contracts during the six months ended February 28, 2015.

7. BANK BORROWINGS

The Trust (excluding the money market funds and certain other funds in the Trust) and Wells Fargo Variable Trust are parties to a $150,000,000 revolving credit agreement, whereby the Fund is permitted to use bank borrowings for temporary or emergency purposes, such as to fund shareholder redemption requests. Interest under the credit agreement is charged to the Fund based on a borrowing rate equal to the higher of the Federal Funds rate in effect on that day plus 1.25% or the overnight LIBOR rate in effect on that day plus 1.25%. In addition, an annual commitment fee equal to 0.10% of the unused balance is allocated to each participating fund. For the six months ended February 28, 2015, the Fund paid $279 in commitment fees.

For the six months ended February 28, 2015, there were no borrowings by the Fund 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 Fund and, therefore, cannot be estimated.

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

PROXY VOTING INFORMATION

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available, upon request, by calling 1-800-222-8222, visiting our website at wellsfargoadvantagefunds.com, or visiting the SEC website at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available on the Fund’s website at wellsfargoadvantagefunds.com or by visiting the SEC website at sec.gov.

PORTFOLIO HOLDINGS INFORMATION

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

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

BOARD OF TRUSTEES AND OFFICERS

Each of the Trustees and Officers¹ listed in the table below acts in identical capacities for each fund in the Wells Fargo Advantage family of funds, which consists of 134 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
William R. Ebsworth (Born 1957)	Trustee, since 2015**	Retired. From 1984 to 2013, equities analyst, portfolio manager, research director at Fidelity Management and Research Company and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. in Boston, Tokyo, and Hong Kong where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Mr. Ebsworth is an Adjunct Lecturer, Finance, at Babson College and a Chartered Financial Analyst.	Asset Allocation Trust
Jane A. Freeman (Born 1953)	Trustee, since 2015**	Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior thereto, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is a Chartered Financial Analyst (inactive), Chair of Taproot Foundation (non-profit organization) and a Board Member of Ruth Bancroft Garden (non-profit organization).	Asset Allocation Trust
Peter G. Gordon (Born 1942)	Trustee, since 1998; Chairman, since 2005	Co-Founder, Retired Chairman, President and CEO of Crystal Geyser Water Company. Trustee Emeritus, Colby College.	Asset Allocation Trust
Isaiah Harris, Jr. (Born 1952)	Trustee, since 2009	Retired. Chairman of the Board of CIGNA Corporation since 2009, and Director since 2005. From 2003 to 2011, Director of Delux Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy. 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
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

Other information (unaudited) Wells Fargo Advantage High Yield Bond Fund 29

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
Timothy J. Penny (Born 1951)	Trustee, since 1996	President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007 and Senior Fellow at the Humphrey Institute Policy Forum at the University of Minnesota since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	Asset Allocation Trust
Michael S. Scofield (Born 1943)	Trustee, since 2010	Served on the Investment Company Institute’s Board of Governors and Executive Committee from 2008-2011 as well the Governing Council of the Independent Directors Council from 2006-2011 and the Independent Directors Council Executive Committee from 2008-2011. Chairman of the IDC from 2008-2010. Institutional Investor (Fund Directions) Trustee of Year in 2007. Trustee of the Evergreen Funds complex (and its predecessors) from 1984 to 2010. Chairman of the Evergreen Funds from 2000-2010. Former Trustee of the Mentor Funds. Retired Attorney, Law Offices of Michael S. Scofield.	Asset Allocation Trust
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.

** William R. Ebsworth and Jane A. Freeman each became a Trustee effective January 1, 2015.

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	Senior Vice President and Secretary of Wells Fargo Funds Management, LLC since 2001. Assistant General Counsel of Wells Fargo Bank, N.A. since 2013 and Vice President and Managing Counsel of Wells Fargo Bank N.A. from 1996 to 2013.
Debra Ann Early (Born 1964)	Chief Compliance Officer, since 2007	Senior Vice President of Wells Fargo Funds Management, LLC since 2007 and Chief Compliance Officer from 2007 to 2014. Chief Compliance Officer of Parnassus Investments from 2005 to 2007. Chief Financial Officer of Parnassus Investments from 2004 to 2007 and Senior Audit Manager of PricewaterhouseCoopers LLP from 1998 to 2004.
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 61 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.

30 Wells Fargo Advantage High Yield Bond Fund List of abbreviations

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

ACA —  ACA Financial Guaranty Corporation

ADR —  American depositary receipt

ADS —  American depositary shares

AGC —  Assured Guaranty Corporation

AGM —  Assured Guaranty Municipal

Ambac —  Ambac Financial Group Incorporated

AMT —  Alternative minimum tax

AUD —  Australian dollar

BAN —  Bond anticipation notes

BHAC —  Berkshire Hathaway Assurance Corporation

BRL —  Brazilian real

CAB —  Capital appreciation bond

CAD —  Canadian dollar

CCAB —  Convertible capital appreciation bond

CDA —  Community Development Authority

CDO —  Collateralized debt obligation

CHF —  Swiss franc

COP —  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

LIFER —  Long Inverse Floating Exempt Receipts

LIQ —  Liquidity agreement

LLC —  Limited liability company

LLLP —  Limited liability limited partnership

LLP —  Limited liability partnership

LOC —  Letter of credit

LP —  Limited partnership

MBIA —  Municipal Bond Insurance Association

MFHR —  Multifamily housing revenue

MSTR —  Municipal securities trust receipts

MTN —  Medium-term note

MUD —  Municipal Utility District

MXN —  Mexican peso

MYR —  Malaysian ringgit

National —  National Public Finance Guarantee Corporation

NGN —  Nigerian naira

NOK —  Norwegian krone

NZD —  New Zealand dollar

PCFA —  Pollution Control Financing Authority

PCL —  Public Company Limited

PCR —  Pollution control revenue

PFA —  Public Finance Authority

PFFA —  Public Facilities Financing Authority

PFOTER —  Puttable floating option tax-exempt receipts

plc —  Public limited company

PLN —  Polish zloty

PUTTER —  Puttable tax-exempt receipts

R&D —  Research & development

Radian —  Radian Asset Assurance

RAN —  Revenue anticipation notes

RDA —  Redevelopment Authority

RDFA —  Redevelopment Finance Authority

REIT —  Real estate investment trust

ROC —  Reset option certificates

RON —  Romanian lei

RUB —  Russian ruble

SAVRS —  Select auction variable rate securities

SBA —  Small Business Authority

SEK —  Swedish krona

SFHR —  Single-family housing revenue

SFMR —  Single-family mortgage revenue

SGD —  Singapore dollar

SPA —  Standby purchase agreement

SPDR —  Standard & Poor’s Depositary Receipts

SPEAR —   Short Puttable Exempt Adjustable Receipts

STRIPS —  Separate trading of registered interest and

      principal securities

TAN —  Tax anticipation notes

TBA —  To be announced

THB —  Thai baht

TIPS —  Treasury inflation-protected securities

TRAN —  Tax revenue anticipation notes

TRY —  Turkish lira

TTFA —  Transportation Trust Fund Authority

TVA —  Tennessee Valley Authority

ZAR —  South African rand

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For more information

More information about Wells Fargo 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

© 2015 Wells Fargo Funds Management, LLC. All rights reserved.

232055 04-15 SA218/SAR218 02-15

Wells Fargo Advantage Income Plus Fund

Semi-Annual Report

February 28, 2015

Reduce clutter. Save trees.

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

Contents

Letter to shareholders	2
Performance highlights	4
Fund expenses	6
Portfolio of investments	7
Financial statements
Statement of assets and liabilities	17
Statement of operations	18
Statement of changes in net assets	19
Financial highlights	20
Notes to financial statements	26
Other information	32
List of abbreviations	35

The views expressed and any forward-looking statements are as of February 28, 2015, unless otherwise noted, and are those of the Fund managers and/or Wells Fargo Funds Management, LLC. Discussions of individual securities, or the markets generally, or any Wells Fargo Advantage Fund are not intended as individual recommendations. Future events or results may vary significantly from those expressed in any forward-looking statements; the views expressed are subject to change at any time in response to changing circumstances in the market. Wells Fargo Funds Management, LLC and the Fund disclaim any obligation to publicly update or revise any views expressed or forward-looking statements.

NOT FDIC INSURED  ¡  NO BANK GUARANTEE  ¡   MAY LOSE VALUE

2 Wells Fargo Advantage Income Plus Fund Letter to shareholders (unaudited)

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 Plus Fund for the six-month period that ended February 28, 2015. The period was marked by low interest rates, a large decline in oil prices, and moderate U.S. economic growth. Investment-grade bonds, as measured by the Barclays U.S. Aggregate Bond Index¹, returned 2.25% 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 ended its quantitative easing program in October 2014 and also set expectations for it to begin normalizing monetary policy with higher target ranges for the federal funds rate in 2015.

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 said it intends to increase the size of its balance sheet, a result of quantitative easing, by buying eurozone government bonds. In Japan, the Bank of Japan maintained an aggressive monetary program aimed at combating deflation.

U.S. economic growth was moderate, and oil prices plummeted.

Economic growth advanced during the reporting period, the unemployment rate ticked lower to 5.5% as of February 2015, and inflation remained below the Fed’s longer-run objective of a 2% pace. The period was also marked by dramatically lower oil prices, which fell from more than $90 per barrel at the end of August 2014 to below $50 per barrel at the end of February 2015. While lower oil prices benefited consumers of oil products, the lower prices pressured companies within the energy sector.

Longer-dated securities and higher-rated credits were top performers.

Ten-year U.S. Treasury rates declined during the period, from 2.35% at end of August 2014 to 2.03% by the end of February 2015, benefiting both from safe-haven status as well as relative attractiveness to global investors. With the U.S. economy the furthest along its business cycle, the level of interest rates in the U.S. and Europe diverged. The 10-year U.S. Treasury yield was 2.03% at the end of February 2015 compared with 0.30% for 10-year German government yields, 173 basis points (bps; 100 bps equals 1.00%) higher. This was largely attributed to the Fed being closer to eventually increasing interest rates while the ECB potentially needs to further increase, rather than scale back, its amount of accommodation. Further, U.S. economic activity was healthier than Europe’s.

Treasury bonds with maturities greater than 20 years returned more than 10% during the six-month period that ended February 28, 2015, according to the Barclays U.S. Aggregate Bond Index. This was due, in part, to strong demand from overseas investors because yields in Europe and Japan were substantially lower than U.S. yields. In addition, because the dollar strengthened, the returns from Treasuries were even higher for foreign-domiciled investors. Longer-maturity debt across all sectors outperformed shorter-dated securities.

¹  The Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S. dollar–denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index.

Letter to shareholders (unaudited) Wells Fargo Advantage Income Plus Fund 3

Investment-grade corporate bonds returned 2.29% during the six-month reporting period, according to the Barclays U.S. Aggregate Bond Index, and AAA-rated bonds² had higher returns than BBB-rated bonds. Lower-rated credits, including high yield, underperformed as oil prices fell dramatically. Not only were many energy and mining companies negatively affected, but investor trepidation about weak global growth caused investment-grade spreads to modestly widen while high-yield spreads widened substantially.

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

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

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

Sincerely,

Karla M. Rabusch

President

Wells Fargo Advantage Funds

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

²  The ratings indicated are from Standard & Poor’s, Moody’s Investors Service, and/or Fitch Ratings Ltd. Standard & Poor’s rates the creditworthiness of bonds from AAA (highest) to D (lowest). Ratings from A to CCC may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the rating categories. Moody’s rates the creditworthiness of bonds from Aaa (highest) to C (lowest). Ratings Aa to B may be modified by the addition of a number 1 (highest) to 3 (lowest) to show relative standing within the ratings categories. Fitch rates the creditworthiness of bonds from AAA (highest) to D (lowest).

4 Wells Fargo Advantage Income Plus Fund Performance highlights (unaudited)

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

Portfolio managers

Michael J. Bray, CFA

Thomas M. Price, CFA

Noah Wise, CFA

Average annual total returns¹ (%) as of February 28, 2015

		Including sales charge							Excluding sales charge						Expense ratios2 (%)
	Inception date	1 year			5 year		10 year		1 year		5 year		10 year		Gross		Net3
Class A (STYAX)	7-13-1998		0.88			4.12		4.93		5.59		5.08		5.41		0.94		0.85
Class B (STYBX)*	7-13-1998		(0.25	)		3.95		4.86		4.75		4.30		4.86		1.69		1.60
Class C (WFIPX)	7-13-1998		3.79			4.32		4.63		4.79		4.32		4.63		1.69		1.60
Administrator Class (WIPDX)	7-30-2010		–			–		–		5.72		5.22		5.45		0.88		0.73
Institutional Class (WIPIX)	7-18-2008		–			–		–		5.86		5.41		5.63		0.61		0.59
Investor Class (WIPNX)	7-18-2008									5.58		5.06		5.39		0.97		0.86
Barclays U.S. Universal Bond Index4	–		–			–		–		4.80		4.69		5.03		–		–

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

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

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

For Class A shares, the maximum front-end sales charge is 4.50%. For Class B shares, the maximum contingent deferred sales charge is 5.00%. For Class C shares, the maximum contingent deferred sales charge is 1.00%. Performance including 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.

Bond values fluctuate in response to the financial condition of individual issuers, general market and economic conditions, and changes in interest rates. Changes in market conditions and government policies may lead to periods of heightened volatility in the bond market and reduced liquidity for certain bonds held by the Fund. In general, when interest rates rise, bond values fall and investors may lose principal value. Interest-rate changes and their impact on the Fund and its share price can be sudden and unpredictable. Loans are subject to risks similar to those associated with other below-investment-grade bond investments, such as credit risk (for example, risk of issuer default), below-investment-grade bond risk (for example, risk of greater volatility in value), and risk that the loan may become illiquid or difficult to price. The use of derivatives may reduce returns and/or increase volatility. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). The Fund is exposed to foreign investment risk, high-yield securities risk, and mortgage and asset-backed securities risk. Consult the Fund’s prospectus for additional information on these and other risks.

Please see footnotes on page 5.

Performance highlights (unaudited) Wells Fargo Advantage Income Plus Fund 5

Ten largest long-term holdings5 (%) as of February 28, 2015
FNMA, 3.00%, 3-1-2045	4.77
U.S. Treasury Note, 0.38%, 3-15-2015	4.47
FNMA, 3.50%, 3-1-2045	3.64
U.S. Treasury Note, 2.25%, 7-31-2018	3.34
FNMA, 4.50%, 3-1-2045	3.15
FHLMC, 3.50%, 3-1-2045	2.42
U.S. Treasury Note, 1.00%, 8-31-2016	2.11
U.S. Treasury Note, 0.25%, 12-15-2015	2.08
FNMA, 4.00%, 3-1-2045	2.01
U.S. Treasury Note, 1.00%, 5-31-2018	1.89

Portfolio allocation⁶ as of February 28, 2015

¹  Historical performance shown for Administrator Class shares prior to their inception reflects the performance of Institutional Class shares and has been adjusted to include the higher expenses applicable to Administrator Class shares. Historical performance shown for Institutional Class shares prior to their inception reflects the performance of Class A shares and includes the higher expenses applicable to Class A shares. Historical performance shown for Investor Class shares prior to their inception reflects the performance of Class A shares and has been adjusted to include the higher expenses applicable to Investor Class shares. If these expenses had not been included, returns would have been higher.

²  Reflects the expense ratios as stated in the most recent prospectuses, which include the impact of 0.01% in acquired fund fees and expenses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report, which do not include acquired fund fees and expenses.

³  The Adviser has committed through December 31, 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 0.84% for Class A, 1.59% for Class B, 1.59% for Class C, 0.72% for Administrator Class, 0.58% for Institutional Class, and 0.85% for Investor Class. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses, and extraordinary expenses are excluded from the cap. Without this cap, the Fund’s returns would have been lower.

⁴  The Barclays U.S. Universal Bond Index is an unmanaged market value-weighted performance benchmark for the U.S. dollar-denominated bond market, which includes investment-grade, high yield, and emerging market debt securities with maturities of one year or more. You cannot invest directly in an index.

⁵  The ten largest long-term holdings are calculated based on the value of the securities divided by total net assets of the Fund. Holdings are subject to change and may have changed since the date specified.

⁶  Amounts are calculated based on the total long-term investments of the Fund. These percentages are subject to change and may have changed since the date specified.

6 Wells Fargo Advantage Income Plus Fund Fund expenses (unaudited)

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and contingent deferred sales charges (if any) on redemptions and (2) ongoing costs, including management fees, distribution (12b-1) and/or shareholder 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 September 1, 2014 to February 28, 2015.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

	Beginning account value 9-1-2014		Ending account value 2-28-2015		Expenses paid during the period¹		Net annualized expense ratio
Class A
Actual	$	1,000.00	$	1,023.42	$	4.21		0.84	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.63	$	4.21		0.84	%
Class B
Actual	$	1,000.00	$	1,020.23	$	7.96		1.59	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,016.91	$	7.95		1.59	%
Class C
Actual	$	1,000.00	$	1,020.38	$	7.97		1.59	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,016.91	$	7.95		1.59	%
Administrator Class
Actual	$	1,000.00	$	1,023.98	$	3.61		0.72	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.22	$	3.61		0.72	%
Institutional Class
Actual	$	1,000.00	$	1,025.49	$	2.91		0.58	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.92	$	2.91		0.58	%
Investor Class
Actual	$	1,000.00	$	1,024.14	$	4.27		0.85	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.58	$	4.26		0.85	%

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

Portfolio of investments—February 28, 2015 (unaudited) Wells Fargo Advantage Income Plus Fund 7

Security name	Interest rate			Maturity date		Principal		Value
Agency Securities: 29.96%
FHLB Series VN-2015 Class A		5.46	%		11-27-2015	$	717,974	$	742,176
FHLMC ±		1.90			1-1-2036		76,892		79,983
FHLMC %%		3.50			3-1-2045		12,585,000		13,167,548
FHLMC %%		4.00			3-1-2045		6,310,000		6,746,771
FHLMC		5.00			6-1-2036		666,238		738,241
FHLMC		5.00			8-1-2040		681,603		759,967
FHLMC		5.50			10-1-2017		246,617		259,208
FHLMC		5.50			8-1-2038		151,711		169,181
FHLMC		5.50			12-1-2038		1,331,940		1,487,340
FHLMC		5.50			6-1-2040		1,764,290		1,970,139
FHLMC		7.50			5-1-2038		3,894		4,066
FHLMC		8.00			2-1-2030		447		497
FHLMC Series 2013-K28 Class B ±144A		3.49			6-25-2046		1,970,000		2,011,234
FHLMC Series 2013-K30 Class B ±144A		3.56			6-25-2045		2,515,000		2,545,703
FHLMC Series 2013-K32 Class B ±144A		3.54			10-25-2046		1,875,000		1,918,204
FHLMC Series 2640 Class G		4.50			7-15-2018		815,615		848,575
FHLMC Series 3774 Class AB		3.50			12-15-2020		469,458		489,032
FHLMC Series K020 Class X1 ±(c)		1.46			5-25-2022		14,379,068		1,221,631
FHLMC Series T-42 Class A5		7.50			2-25-2042		2,364,447		2,755,034
FHLMC Series T-57 Class 2A1 ±		3.26			7-25-2043		73,755		76,490
FHLMC Series T-59 Class 2A1 ±		2.93			10-25-2043		68,756		71,602
FNMA ±		2.25			8-1-2036		113,572		121,275
FNMA ±		2.36			9-1-2036		59,251		63,929
FNMA ±		2.40			1-1-2036		255,662		275,659
FNMA		2.75			10-1-2022		2,250,000		2,303,418
FNMA %%		3.00			3-1-2030		3,355,000		3,512,397
FNMA %%		3.00			3-1-2045		25,520,000		25,995,509
FNMA		3.27			7-1-2022		1,293,504		1,370,827
FNMA %%		3.50			3-1-2030		4,945,000		5,243,376
FNMA %%		3.50			3-1-2045		18,915,000		19,822,330
FNMA		3.95			9-1-2021		433,805		476,846
FNMA		4.00			9-1-2024		229,105		242,413
FNMA %%		4.00			3-1-2030		2,570,000		2,718,136
FNMA %%		4.00			3-1-2045		10,230,000		10,938,108
FNMA		4.26			4-1-2021		2,845,617		3,171,883
FNMA		4.39			1-1-2020		1,561,971		1,725,977
FNMA		4.50			1-1-2026		3,345,000		3,514,733
FNMA %%		4.50			3-1-2045		15,790,000		17,159,290
FNMA		5.00			1-1-2024		279,806		303,676
FNMA		5.00			2-1-2036		66,076		73,518
FNMA		5.00			6-1-2040		219,938		245,401
FNMA		5.00			8-1-2040		4,230,723		4,723,330
FNMA		5.50			11-1-2023		140,733		152,805
FNMA		5.50			8-1-2034		228,700		258,538
FNMA		5.50			2-1-2035		68,828		77,762
FNMA		5.50			8-1-2038		808,739		922,396
FNMA		5.50			8-1-2038		342,930		385,448
FNMA		6.00			10-1-2037		1,211,177		1,379,143
FNMA		6.00			11-1-2037		102,191		116,213
FNMA %%		6.00			3-1-2045		795,000		904,111

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

8 Wells Fargo Advantage Income Plus Fund Portfolio of investments—February 28, 2015 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Agency Securities (continued)
FNMA		6.50	%		7-1-2036	$	21,637	$	24,741
FNMA		6.50			7-1-2036		57,442		65,684
FNMA		6.50			11-1-2036		14,029		16,042
FNMA		6.50			7-1-2037		1,745,584		2,112,941
FNMA		7.00			12-1-2022		526,471		576,939
FNMA		7.00			7-1-2036		34,803		41,318
FNMA		7.00			11-1-2037		20,699		23,108
FNMA		7.50			5-1-2038		2,058		2,099
FNMA Series 2002-T12 Class A3		7.50			5-25-2042		9,317		11,125
FNMA Series 2003-W08 Class 4A ±		3.18			11-25-2042		194,371		202,161
FNMA Series 2003-W14 Class 2A ±		2.24			6-25-2045		161,854		166,804
FNMA Series 2003-W14 Class 2A ±		3.48			1-25-2043		101,580		103,392
FNMA Series 2004-W11 Class 1A3		7.00			5-25-2044		1,992,934		2,362,003
FNMA Series 2004-W15 Class 1A3		7.00			8-25-2044		1,359,206		1,571,355
GNMA		4.00			1-20-2045		4,131,585		4,410,978
GNMA		5.00			7-20-2040		1,741,328		1,948,293
GNMA		7.50			12-15-2029		802		919
GNMA Series 2008-22 Class XM ±(c)		0.60			2-16-2050		3,347,700		111,857
GNMA Series 2008-86 Class D		5.46			6-16-2040		3,102,896		3,271,780
Total Agency Securities (Cost $159,502,230)									163,284,608
Asset-Backed Securities: 0.85%
CVS Pass-Through Trust First Lien		6.04			12-10-2028		1,451,553		1,707,443
GE Equipment Transportation LLC Series 2015-1 Class A2 %%		0.89			11-24-2017		840,000		839,910
Volkswagen Auto Lease Trust Series 2015-A Class A2A %%		0.98			6-20-2017		2,080,000		2,079,990
Total Asset-Backed Securities (Cost $4,361,913)									4,627,343
Corporate Bonds and Notes: 26.84%
Consumer Discretionary: 4.49%
Auto Components: 0.77%
Delphi Corporation		5.00			2-15-2023		1,025,000		1,103,156
Lear Corporation		5.38			3-15-2024		1,320,000		1,359,600
TRW Automotive Incorporated 144A		4.50			3-1-2021		1,750,000		1,767,500
									4,230,256
Automobiles: 0.42%
Ford Motor Company		7.45			7-16-2031		1,645,000		2,299,690
Diversified Consumer Services: 0.69%
ERAC USA Finance LLC 144A		4.50			2-15-2045		1,950,000		1,977,193
Service Corporation International		8.00			11-15-2021		1,500,000		1,770,000
									3,747,193
Hotels, Restaurants & Leisure: 0.05%
Agua Caliente Band of Cahuilla Indians 144A		6.44			10-1-2016		298,000		287,922
Household Durables: 0.31%
Toll Brothers Finance Corporation		4.38			4-15-2023		1,655,000		1,671,550

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

Portfolio of investments—February 28, 2015 (unaudited) Wells Fargo Advantage Income Plus Fund 9

Security name	Interest rate			Maturity date		Principal		Value
Internet & Catalog Retail: 0.19%
Amazon.com Incorporated		4.95	%		12-5-2044	$	955,000	$	1,026,925
Media: 1.58%
CBS Corporation		7.88			7-30-2030		775,000		1,096,706
CCOH Safari LLC		5.75			12-1-2024		1,530,000		1,583,550
DISH DBS Corporation		5.13			5-1-2020		1,290,000		1,301,288
Gannett Company Incorporated 144A		5.50			9-15-2024		1,405,000		1,461,200
News America Incorporated		7.85			3-1-2039		1,180,000		1,769,200
Sirius XM Radio Incorporated 144A		6.00			7-15-2024		1,320,000		1,402,500
									8,614,444
Specialty Retail: 0.48%
L Brands Incorporated		6.63			4-1-2021		1,020,000		1,170,450
Sally Beauty Holdings Incorporated		5.75			6-1-2022		1,360,000		1,441,600
									2,612,050
Consumer Staples: 0.57%
Beverages: 0.26%
Constellation Brands Incorporated		4.25			5-1-2023		1,385,000		1,436,938
Food & Staples Retailing: 0.31%
Walgreens Boots Alliance Incorporated		4.80			11-18-2044		1,530,000		1,664,571
Energy: 2.78%
Energy Equipment & Services: 0.26%
SESI LLC		7.13			12-15-2021		1,410,000		1,413,525
Oil, Gas & Consumable Fuels: 2.52%
Chesapeake Energy Corporation		4.88			4-15-2022		1,545,000		1,525,688
Concho Resources Incorporated		5.50			4-1-2023		820,000		848,700
Continental Resources Incorporated		4.50			4-15-2023		1,300,000		1,268,942
DCP Midstream LLC 144A		5.35			3-15-2020		1,330,000		1,310,825
Energy Transfer Equity LP		7.50			10-15-2020		1,200,000		1,374,000
Enterprise Products Operating LLC		5.10			2-15-2045		1,135,000		1,292,050
Kinder Morgan Energy Partners LP		5.50			3-1-2044		1,070,000		1,143,189
Marathon Petroleum Corporation		4.75			9-15-2044		630,000		643,027
Newfield Exploration Company		5.63			7-1-2024		325,000		338,813
Newfield Exploration Company		6.88			2-1-2020		1,300,000		1,335,750
Phillips 66 Partners LP		3.61			2-15-2025		1,300,000		1,305,953
Sabine Pass Liquefaction LLC		5.63			4-15-2023		1,300,000		1,329,250
									13,716,187
Financials: 10.12%
Banks: 2.70%
Australia and New Zealand Banking Group Limited 144A		2.40			11-23-2016		3,320,000		3,396,340
Bank of America Corporation		6.50			8-1-2016		2,300,000		2,465,940
Bank of America Corporation		7.63			6-1-2019		2,480,000		2,996,363
CBA Capital Trust II ±144A		6.02			3-29-2049		1,300,000		1,345,500
CIT Group Incorporated		5.38			5-15-2020		1,650,000		1,773,750

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

10 Wells Fargo Advantage Income Plus Fund Portfolio of investments—February 28, 2015 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Banks (continued)
JPMorgan Chase & Company Series Q ±		5.15	%		12-29-2049	$	1,620,000	$	1,587,600
PNC Financial Services Group Incorporated ±		4.48			5-29-2049		1,165,000		1,167,913
									14,733,406
Capital Markets: 1.40%
Affiliated Managers Group Incorporated		3.50			8-1-2025		2,440,000		2,428,586
Blackstone Holdings Finance Company LLC 144A		5.88			3-15-2021		1,110,000		1,297,975
Lazard Group LLC		3.75			2-13-2025		2,625,000		2,602,541
Morgan Stanley		4.35			9-8-2026		1,260,000		1,313,474
									7,642,576
Consumer Finance: 1.25%
Ally Financial Incorporated		8.00			3-15-2020		913,000		1,093,318
General Motors Financial Company Incorporated		4.25			5-15-2023		1,350,000		1,414,125
HSBC Finance Corporation		6.68			1-15-2021		2,185,000		2,612,157
Navient Corporation		8.00			3-25-2020		1,425,000		1,658,344
									6,777,944
Diversified Financial Services: 1.39%
Daimler Finance North America LLC %%144A		2.25			3-2-2020		3,375,000		3,387,231
General Electric Capital Corporation ±		6.38			11-15-2067		2,200,000		2,392,940
Moody’s Corporation		4.88			2-15-2024		1,595,000		1,779,183
									7,559,354
Insurance: 2.66%
Allstate Corporation ±		5.75			8-15-2053		1,635,000		1,767,435
Endurance Specialty Holdings Limited		7.00			7-15-2034		1,520,000		1,926,276
National Life Insurance Company of Vermont 144A		10.50			9-15-2039		1,315,000		2,110,429
Platinum Underwriters Finance Incorporated Series B		7.50			6-1-2017		1,730,000		1,923,084
Protective Life Corporation		8.45			10-15-2039		1,855,000		2,803,224
Prudential Financial Incorporated ±		8.88			6-15-2068		1,645,000		1,946,652
ZFS Finance (USA) Trust II ±144A		6.45			12-15-2065		1,920,000		2,016,960
									14,494,060
Real Estate Management & Development: 0.18%
CBRE Services Incorporated		5.00			3-15-2023		940,000		987,000
REITs: 0.54%
American Tower Corporation		7.00			10-15-2017		1,455,000		1,641,055
Crown Castle International Corporation		5.25			1-15-2023		1,250,000		1,318,750
									2,959,805
Health Care: 1.31%
Health Care Equipment & Supplies: 0.38%
Medtronic Incorporated 144A		4.63			3-15-2045		1,825,000		2,064,971
Health Care Providers & Services: 0.91%
Fresenius Medical Care Holdings Incorporated 144A		5.88			1-31-2022		1,435,000		1,610,788
HCA Incorporated		6.50			2-15-2020		1,450,000		1,649,375

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

Portfolio of investments—February 28, 2015 (unaudited) Wells Fargo Advantage Income Plus Fund 11

Security name	Interest rate			Maturity date		Principal		Value
Health Care Providers & Services (continued)
Tenet Healthcare Corporation		6.00	%		10-1-2020	$	1,575,000	$	1,714,781
									4,974,944
Pharmaceuticals: 0.02%
Teva Pharmaceutical Finance Company LLC		6.15			2-1-2036		67,000		85,498
Industrials: 2.23%
Aerospace & Defense: 0.36%
DigitalGlobe Incorporated 144A		5.25			2-1-2021		635,000		615,950
Huntington Ingalls Industries Incorporated 144A		5.00			12-15-2021		1,250,000		1,310,938
									1,926,888
Building Products: 0.21%
Masco Corporation		5.95			3-15-2022		1,030,000		1,156,175
Commercial Services & Supplies: 0.12%
The ADT Corporation		3.50			7-15-2022		730,000		669,775
Professional Services: 0.59%
FTI Consulting Incorporated		6.75			10-1-2020		1,055,000		1,114,344
Verisk Analytics Incorporated		5.80			5-1-2021		1,810,000		2,071,826
									3,186,170
Trading Companies & Distributors: 0.95%
Air Lease Corporation		4.25			9-15-2024		1,270,000		1,308,100
Ashtead Capital Incorporated 144A		6.50			7-15-2022		790,000		859,125
International Lease Finance Corporation		8.25			12-15-2020		1,190,000		1,478,575
United Rentals North America Incorporated		5.75			11-15-2024		1,460,000		1,546,855
									5,192,655
Information Technology: 2.13%
Communications Equipment: 0.28%
Motorola Solutions Incorporated		4.00			9-1-2024		1,465,000		1,517,835
Electronic Equipment, Instruments & Components: 0.77%
Arrow Electronics Incorporated %%		4.00			4-1-2025		2,410,000		2,398,225
Corning Incorporated		7.25			8-15-2036		1,417,000		1,835,508
									4,233,733
Semiconductors & Semiconductor Equipment: 0.81%
KLA-Tencor Corporation		4.65			11-1-2024		2,800,000		2,957,472
Micron Technology Incorporated		5.88			2-15-2022		1,385,000		1,462,906
									4,420,378
Software: 0.27%
Activision Blizzard Incorporated 144A		5.63			9-15-2021		1,370,000		1,465,900

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

12 Wells Fargo Advantage Income Plus Fund Portfolio of investments—February 28, 2015 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Materials: 0.97%
Chemicals: 0.30%
W.R. Grace & Company 144A«		5.63	%		10-1-2024	$	1,520,000	$	1,634,000
Containers & Packaging: 0.25%
Owens-Brockway Glass Container Incorporated 144A		5.00			1-15-2022		1,310,000		1,359,125
Metals & Mining: 0.29%
Steel Dynamics Incorporated		6.38			8-15-2022		1,465,000		1,571,213
Paper & Forest Products: 0.13%
International Paper Company		7.30			11-15-2039		540,000		726,342
Telecommunication Services: 1.41%
Diversified Telecommunication Services: 0.69%
CenturyLink Incorporated		5.63			4-1-2020		1,375,000		1,471,250
Frontier Communications Corporation		6.25			9-15-2021		880,000		902,000
Verizon Communications Incorporated		6.55			9-15-2043		1,080,000		1,421,120
									3,794,370
Wireless Telecommunication Services: 0.72%
SBA Tower Trust 144A		3.72			4-15-2048		1,820,000		1,857,326
Sprint Corporation		7.88			9-15-2023		860,000		887,950
T-Mobile USA Incorporated		6.63			4-1-2023		1,105,000		1,174,063
									3,919,339
Utilities: 0.83%
Independent Power & Renewable Electricity Producers: 0.83%
Calpine Corporation 144A		5.88			1-15-2024		1,275,000		1,383,375
Harper Lake Solar Funding Corporation 144A		7.65			12-31-2018		1,110,914		1,222,474
NRG Energy Incorporated		7.63			1-15-2018		800,000		888,000
The AES Corporation		5.50			3-15-2024		1,010,000		1,025,150
									4,518,999
Total Corporate Bonds and Notes (Cost $137,959,163)									146,293,706
Municipal Obligations: 2.14%
California: 0.71%
California Build America Bonds Stem Cell Research and Cures Series A (GO)		4.99			4-1-2039		1,505,000		1,602,404
San Jose CA Series B (Airport Revenue, AGM Insured)		6.60			3-1-2041		2,000,000		2,293,780
									3,896,184
Illinois: 0.13%
Chicago IL Series B (GO)		6.31			1-1-2044		675,000		709,148
Michigan: 0.39%
Michigan Finance Authority Local Government Loan Program Project Series E (Lease Revenue)		7.19			11-1-2022		1,915,000		2,139,572

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

Portfolio of investments—February 28, 2015 (unaudited) Wells Fargo Advantage Income Plus Fund 13

Security name	Interest rate			Maturity date		Principal		Value
Puerto Rico: 0.37%
Puerto Rico Commonwealth Government Development Bank Refunding Bond (Miscellaneous Revenue, National Insured) ±		4.75	%		12-1-2015	$	2,005,000	$	2,010,113
Texas: 0.36%
North Texas Tollway Authority Build America Bonds Sub Lien Series B-2 (Transportation Revenue)		8.91			2-1-2030		1,595,000		1,934,895
Washington: 0.18%
Metropolitan Washington DC Airports Authority Dulles Toll Road Revenue Build America Bonds (Transportation Revenue)		7.46			10-1-2046		695,000		992,189
Total Municipal Obligations (Cost $11,066,537)									11,682,101
Non-Agency Mortgage-Backed Securities: 4.07%
Banc of America Commercial Mortgage Securities Incorporated Series 2007-1 Class AMFX ±		5.48			1-15-2049		2,535,000		2,662,832
Bear Stearns Commercial Mortgage Securities Incorporated Series 2005-T20 Class A4A ±		5.14			10-12-2042		2,342,990		2,369,327
Citigroup Commercial Mortgage Trust Series 2015-GC27 Class A5		3.14			2-10-2048		2,315,000		2,345,658
Commercial Mortgage Trust Pass-Through Certificate Series 2005-C6 Class A5A ±		5.12			6-10-2044		1,908,525		1,921,414
Commercial Mortgage Trust Pass-Through Certificate Series 2014-LC17 Class A5		3.92			10-10-2047		1,270,000		1,376,439
Credit Suisse First Boston Commercial Mortgage Trust Series 1998-C2 Class AX ±(c)		0.33			11-15-2030		302,408		953
Financial Asset Securitization Incorporated Series 1997-NAM2 Class B2 (s)		7.88			7-25-2027		45,692		42,499
GAHR Commercial Mortgage Trust Series 2015-NRF Class AFX 144A		3.23			12-15-2019		1,600,000		1,649,076
GE Capital Commercial Mortgage Corporation Series 2005-C3 Class A7A ±		4.97			7-10-2045		2,695,000		2,702,169
JPMorgan Chase Commercial Mortgage Trust Series 2007-LDPX Class AM ±		5.46			1-15-2049		1,980,000		2,057,202
Lehman Brothers UBS Commercial Mortgage Trust Series 2006-C1 Class A4		5.16			2-15-2031		3,449,851		3,518,914
Mach One Trust Commercial Mortgage Backed Series 2004-1 Class X ±144A(c)(i)		0.54			5-28-2040		363,350		3,710
Morgan Stanley Capital I Series 2004-RR2 Class X ±144A(c)		0.58			10-28-2033		217,037		2,470
Morgan Stanley Capital I Series 2005-T19 Class A4A		4.89			6-12-2047		1,498,489		1,504,886
Total Non-Agency Mortgage-Backed Securities (Cost $22,605,098)									22,157,549
U.S. Treasury Securities: 24.07%
U.S. Treasury Bond		2.75			11-15-2042		3,280,000		3,374,556
U.S. Treasury Bond		2.88			5-15-2043		5,370,000		5,664,093
U.S. Treasury Bond		3.00			11-15-2044		3,685,000		3,996,784
U.S. Treasury Bond		4.50			2-15-2036		5,095,000		6,873,073
U.S. Treasury Note		0.25			12-15-2015		11,350,000		11,354,438
U.S. Treasury Note		0.25			5-15-2016		2,975,000		2,971,745
U.S. Treasury Note		0.38			3-15-2015		24,345,000		24,346,899
U.S. Treasury Note		0.38			11-15-2015		5,820,000		5,828,637
U.S. Treasury Note		0.38			3-15-2016		2,250,000		2,251,582
U.S. Treasury Note		0.88			1-31-2018		10,075,000		10,040,362
U.S. Treasury Note		1.00			8-31-2016		11,380,000		11,473,350
U.S. Treasury Note		1.00			5-31-2018		10,335,000		10,296,244
U.S. Treasury Note		1.25			10-31-2018		7,145,000		7,146,672
U.S. Treasury Note		1.38			7-31-2018		4,290,000		4,319,494
U.S. Treasury Note		1.63			12-31-2019		1,690,000		1,700,299
U.S. Treasury Note		2.00			2-15-2025		1,355,000		1,355,106
U.S. Treasury Note		2.25			7-31-2018		17,585,000		18,218,341
Total U.S. Treasury Securities (Cost $128,996,240)									131,211,675

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

14 Wells Fargo Advantage Income Plus Fund Portfolio of investments—February 28, 2015 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Yankee Corporate Bonds and Notes: 7.60%
Consumer Discretionary: 0.82%
Automobiles: 0.21%
Jaguar Land Rover Automotive plc 144A		5.63	%		2-1-2023	$	1,065,000	$	1,144,875
Media: 0.61%
Myriad International Holdings BV 144A		6.38			7-28-2017		1,445,000		1,567,825
WPP Finance 2010		5.63			11-15-2043		1,470,000		1,771,374
									3,339,199
Consumer Staples: 0.26%
Food Products: 0.26%
BRF SA 144A		3.95			5-22-2023		1,525,000		1,437,923
Energy: 0.92%
Energy Equipment & Services: 0.49%
Ensco plc		4.70			3-15-2021		2,605,000		2,676,093
Oil, Gas & Consumable Fuels: 0.43%
Ecopetrol SA		4.13			1-16-2025		1,860,000		1,770,162
Talisman Energy Incorporated		5.50			5-15-2042		545,000		557,401
									2,327,563
Financials: 2.28%
Banks: 1.79%
BBVA Bancomer SA 144A		4.50			3-10-2016		1,720,000		1,778,480
BPCE SA 144A		5.15			7-21-2024		2,005,000		2,146,367
Nordea Bank AB ±144A		5.50			12-31-2049		1,800,000		1,845,000
Oversea-Chinese Banking Corporation Limited ±144A		4.00			10-15-2024		2,505,000		2,589,930
Royal Bank of Scotland Group plc		5.13			5-28-2024		1,295,000		1,371,665
									9,731,442
Capital Markets: 0.49%
Macquarie Group Limited 144A		6.00			1-14-2020		2,365,000		2,683,258
Health Care: 0.58%
Pharmaceuticals: 0.58%
Actavis Funding SCS		4.85			6-15-2044		1,255,000		1,291,519
Perrigo Company plc		5.30			11-15-2043		1,635,000		1,848,990
									3,140,509
Information Technology: 0.59%
Internet Software & Services: 0.19%
Tencent Holdings Limited 144A		3.38			5-2-2019		1,000,000		1,026,850
Technology Hardware, Storage & Peripherals: 0.40%
Seagate HDD (Cayman) 144A		4.75			1-1-2025		2,075,000		2,197,000

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

Portfolio of investments—February 28, 2015 (unaudited) Wells Fargo Advantage Income Plus Fund 15

Security name	Interest rate			Maturity date		Principal		Value
Materials: 0.88%
Chemicals: 0.57%
Agrium Incorporated %%		4.13	%		3-15-2035	$	1,955,000	$	1,927,464
Ineos Finance plc 144A		7.50			5-1-2020		1,100,000		1,167,375
									3,094,839
Metals & Mining: 0.31%
ArcelorMittal SA		6.13			6-1-2018		1,565,000		1,693,917
Telecommunication Services: 0.41%
Wireless Telecommunication Services: 0.41%
Globo Communicacoes Participacoes SA 144A		4.88			4-11-2022		2,145,000		2,220,075
Utilities: 0.86%
Electric Utilities: 0.86%
Comision Federal de Electricidad 144A		4.88			1-15-2024		1,635,000		1,720,020
Western Power Distributions Holdings Limited 144A		7.38			12-15-2028		2,265,000		2,964,673
									4,684,693
Total Yankee Corporate Bonds and Notes (Cost $38,791,292)									41,398,236
	Yield					Shares
Short-Term Investments: 24.72%
Investment Companies: 24.58%
Securities Lending Cash Investments, LLC (l)(r)(u)		0.13					1,344,000		1,344,000
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)##		0.10					132,609,569		132,609,569
									133,953,569
						Principal
U.S. Treasury Securities: 0.14%
U.S. Treasury Bill (z)#		0.01			3-19-2015	$	50,000		50,000
U.S. Treasury Bill (z)#		0.01			3-19-2015		700,000		699,995
									749,995
Total Short-Term Investments (Cost $134,703,561)									134,703,564

Total investments in securities (Cost $637,986,034) *	120.25	%		655,358,782
Other assets and liabilities, net	(20.25	)		(110,356,870	)
Total net assets	100.00	%	$	545,001,912

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

16 Wells Fargo Advantage Income Plus Fund Portfolio of investments—February 28, 2015 (unaudited)

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

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

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

(c) Investment in an interest-only security entitles holders to receive only the interest payments on the underlying mortgages. The principal amount shown is the notional amount of the underlying mortgages. The rate represents the coupon rate.

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

(s) The security is currently in default with regards to scheduled interest and/or principal payments. The Fund has stopped accruing interest on the security.

(i) Illiquid security

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

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

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

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

(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 $638,185,688 and unrealized gains (losses) consists of:

Gross unrealized gains	$	18,635,008
Gross unrealized losses		(1,461,914	)
Net unrealized gains	$	17,173,094

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

Statement of assets and liabilities—February 28, 2015 (unaudited) Wells Fargo Advantage Income Plus Fund 17

Assets
Investments
In unaffiliated securities (including $1,315,688 of securities loaned), at value (cost $504,032,465)	$	521,405,213
In affiliated securities, at value (cost $133,953,569)		133,953,569
Total investments, at value (cost $637,986,034)		655,358,782
Cash		1,699,549
Receivable for investments sold		3,513,411
Principal paydown receivable		11
Receivable for Fund shares sold		1,007,335
Receivable for interest		3,522,059
Receivable for daily variation margin on open futures contracts		104,864
Receivable for securities lending income		330
Prepaid expenses and other assets		188,797
Total assets		665,395,138
Liabilities
Payable for investments purchased		118,177,602
Payable for Fund shares redeemed		458,010
Payable upon receipt of securities loaned		1,344,000
Payable for daily variation margin on open futures contracts		5,625
Advisory fee payable		138,877
Distribution fees payable		13,864
Administration fees payable		85,598
Accrued expenses and other liabilities		169,650
Total liabilities		120,393,226
Total net assets	$	545,001,912
NET ASSETS CONSIST OF
Paid-in capital	$	548,091,825
Undistributed net investment income		227,634
Accumulated net realized losses on investments		(20,733,916	)
Net unrealized gains on investments		17,416,369
Total net assets	$	545,001,912
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	188,917,085
Shares outstanding – Class A1		15,231,633
Net asset value per share – Class A		$12.40
Maximum offering price per share – Class A2		$12.98
Net assets – Class B	$	592,426
Shares outstanding – Class B1		47,651
Net asset value per share – Class B		$12.43
Net assets – Class C	$	22,432,142
Shares outstanding – Class C1		1,809,174
Net asset value per share – Class C		$12.40
Net assets – Administrator Class	$	97,252,892
Shares outstanding – Administrator Class1		7,853,555
Net asset value per share – Administrator Class		$12.38
Net assets – Institutional Class	$	65,728,623
Shares outstanding – Institutional Class1		5,294,889
Net asset value per share – Institutional Class		$12.41
Net assets – Investor Class	$	170,078,744
Shares outstanding – Investor Class1		13,713,672
Net asset value per share – Investor Class		$12.40

¹  The Fund has an unlimited number of authorized shares.

²  Maximum offering price is computed as 100/95.50 of net asset value. On investments of $50,000 or more, the offering price is reduced.

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

18 Wells Fargo Advantage Income Plus Fund Statement of operations—six months ended February 28, 2015 (unaudited)

Investment income
Interest (net of foreign interest withholding taxes of $1,370)	$	6,529,323
Income from affiliated securities		47,495
Securities lending income, net		3,354
Total investment income		6,580,172
Expenses
Advisory fee		1,012,103
Administration fees
Fund level		126,813
Class A		130,269
Class B		539
Class C		18,287
Administrator Class		49,298
Institutional Class		22,801
Investor Class		157,018
Shareholder servicing fees
Class A		203,546
Class B		842
Class C		28,573
Administrator Class		123,246
Investor Class		200,958
Distribution fees
Class B		2,526
Class C		85,720
Custody and accounting fees		18,975
Professional fees		32,015
Registration fees		39,929
Shareholder report expenses		32,868
Trustees’ fees and expenses		5,376
Other fees and expenses		8,001
Total expenses		2,299,703
Less: Fee waivers and/or expense reimbursements		(206,059	)
Net expenses		2,093,644
Net investment income		4,486,528
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on:
Unaffiliated securities		4,899,330
Futures transactions		1,746,307
Net realized gains on investments		6,645,637
Net change in unrealized gains (losses) on:
Unaffiliated securities		1,522,959
Futures transactions		(9,380	)
Net change in unrealized gains (losses) on investments		1,513,579
Net realized and unrealized gains (losses) on investments		8,159,216
Net increase in net assets resulting from operations	$	12,645,744

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

Statement of changes in net assets Wells Fargo Advantage Income Plus Fund 19

	Six months ended February 28, 2015 (unaudited)						Year ended August 31, 2014
Operations
Net investment income				$	4,486,528					$	9,774,480
Net realized gains on investments					6,645,637						10,554,149
Net change in unrealized gains (losses) on investments					1,513,579						11,729,731
Net increase in net assets resulting from operations					12,645,744						32,058,360
Distributions to shareholders from
Net investment income
Class A					(1,419,867	)					(2,785,204	)
Class B					(3,131	)					(13,132	)
Class C					(108,854	)					(338,257	)
Administrator Class					(896,890	)					(2,257,480	)
Institutional Class					(567,082	)					(736,477	)
Investor Class					(1,401,900	)					(3,450,416	)
Net realized gains
Class A					(280,520	)					0
Class B					(1,076	)					0
Class C					(36,727	)					0
Administrator Class					(161,370	)					0
Institutional Class					(105,379	)					0
Investor Class					(272,008	)					0
Total distributions to shareholders					(5,254,804	)					(9,580,966	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		5,873,680			71,965,084			1,160,901			13,868,244
Class B		3,022			37,000			1,314			15,572
Class C		108,477			1,331,099			121,464			1,456,327
Administrator Class		651,825			7,981,767			1,398,185			16,701,941
Institutional Class		2,750,810			33,573,189			492,530			5,877,370
Investor Class		1,080,278			13,304,553			1,209,453			14,530,064
					128,192,692						52,449,518
Reinvestment of distributions
Class A		125,816			1,542,477			200,967			2,404,891
Class B		319			3,912			1,010			12,092
Class C		8,749			107,109			21,094			252,249
Administrator Class		85,925			1,051,106			186,098			2,223,323
Institutional Class		51,729			635,009			55,722			667,499
Investor Class		127,068			1,556,833			264,594			3,166,726
					4,896,446						8,726,780
Payment for shares redeemed
Class A		(1,363,692	)		(16,728,095	)		(3,358,614	)		(40,016,695	)
Class B		(17,093	)		(210,090	)		(77,587	)		(923,855	)
Class C		(287,632	)		(3,519,334	)		(710,658	)		(8,466,146	)
Administrator Class		(1,205,817	)		(14,781,307	)		(2,289,649	)		(27,320,284	)
Institutional Class		(156,812	)		(1,924,999	)		(574,594	)		(6,862,926	)
Investor Class		(1,270,020	)		(15,557,505	)		(2,494,085	)		(29,776,812	)
					(52,721,330	)					(113,366,718	)
Net increase (decrease) in net assets resulting from capital share transactions					80,367,808						(52,190,420	)
Total increase (decrease) in net assets					87,758,748						(29,713,026	)
Net assets
Beginning of period					457,243,164						486,956,190
End of period				$	545,001,912					$	457,243,164
Undistributed net investment income				$	227,634					$	138,830

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

20 Wells Fargo Advantage Income Plus Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended February 28, 2015 (unaudited)			Year ended August 31															Year ended May 31, 2010
CLASS A				2014			2013			2012			2011			20101
Net asset value, beginning of period		$12.24			$11.66			$12.57			$12.04			$12.00			$11.59			$10.82
Net investment income		0.11	2		0.26			0.25			0.30			0.37	2		0.09	2		0.37	2
Net realized and unrealized gains (losses) on investments		0.17			0.57			(0.51	)		0.55			0.18			0.44			0.88
Total from investment operations		0.28			0.83			(0.26	)		0.85			0.55			0.53			1.25
Distributions to shareholders from
Net investment income		(0.10	)		(0.25	)		(0.25	)		(0.29	)		(0.42	)		(0.12	)		(0.48	)
Net realized gains		(0.02	)		0.00			(0.40	)		(0.03	)		(0.09	)		0.00			0.00
Total distributions to shareholders		(0.12	)		(0.25	)		(0.65	)		(0.32	)		(0.51	)		(0.12	)		(0.48	)
Net asset value, end of period		$12.40			$12.24			$11.66			$12.57			$12.04			$12.00			$11.59
Total return3		2.34	%		7.16	%		(2.25	)%		7.19	%		4.76	%		4.62	%		11.74	%
Ratios to average net assets (annualized)
Gross expenses		0.91	%		0.93	%		0.91	%		0.89	%		0.88	%		0.91	%		1.03	%
Net expenses		0.84	%		0.85	%		0.87	%		0.88	%		0.88	%		0.88	%		0.90	%
Net investment income		1.76	%		2.10	%		2.00	%		2.42	%		3.17	%		3.07	%		3.29	%
Supplemental data
Portfolio turnover rate		148	%		267	%		256	%		256	%		215	%		84	%		187	%
Net assets, end of period (000s omitted)		$188,917			$129,646			$146,836			$172,577			$163,499			$261,227			$130,382

¹ For the three months ended August 31, 2010. The Fund changed its fiscal year end from May 31 to August 31, effective August 31, 2010.

²  Calculated based upon average shares outstanding

³  Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.

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

Financial highlights Wells Fargo Advantage Income Plus Fund 21

(For a share outstanding throughout each period)

	Six months ended February 28, 2015 (unaudited)			Year ended August 31															Year ended May 31, 2010
CLASS B				2014			2013			2012			2011			20101
Net asset value, beginning of period		$12.26			$11.68			$12.59			$12.05			$12.01			$11.61			$10.82
Net investment income		0.06	2		0.16	2		0.15	2		0.21	2		0.29	2		0.07	2		0.29	2
Net realized and unrealized gains (losses) on investments		0.19			0.57			(0.51	)		0.56			0.17			0.43			0.89
Total from investment operations		0.25			0.73			(0.36	)		0.77			0.46			0.50			1.18
Distributions to shareholders from
Net investment income		(0.06	)		(0.15	)		(0.15	)		(0.20	)		(0.33	)		(0.10	)		(0.39	)
Net realized gains		(0.02	)		0.00			(0.40	)		(0.03	)		(0.09	)		0.00			0.00
Total distributions to shareholders		(0.08	)		(0.15	)		(0.55	)		(0.23	)		(0.42	)		(0.10	)		(0.39	)
Net asset value, end of period		$12.43			$12.26			$11.68			$12.59			$12.05			$12.01			$11.61
Total return3		2.02	%		6.30	%		(3.00	)%		6.45	%		3.97	%		4.31	%		11.04	%
Ratios to average net assets (annualized)
Gross expenses		1.66	%		1.68	%		1.66	%		1.63	%		1.63	%		1.65	%		1.78	%
Net expenses		1.59	%		1.60	%		1.62	%		1.62	%		1.63	%		1.62	%		1.65	%
Net investment income		1.01	%		1.35	%		1.24	%		1.71	%		2.40	%		2.33	%		2.54	%
Supplemental data
Portfolio turnover rate		148	%		267	%		256	%		256	%		215	%		84	%		187	%
Net assets, end of period (000s omitted)		$592			$753			$1,597			$2,823			$4,054			$6,140			$1,839

¹  For the three months ended August 31, 2010. The Fund changed its fiscal year end from May 31 to August 31, effective August 31, 2010.

²  Calculated based upon average shares outstanding

³  Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.

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

22 Wells Fargo Advantage Income Plus Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended February 28, 2015 (unaudited)			Year ended August 31															Year ended May 31, 2010
CLASS C				2014			2013			2012			2011			20101
Net asset value, beginning of period		$12.23			$11.65			$12.56			$12.03			$12.00			$11.59			$10.82
Net investment income		0.06			0.16			0.15			0.21			0.29	2		0.07	2		0.29	2
Net realized and unrealized gains (losses) on investments		0.19			0.58			(0.51	)		0.55			0.16			0.44			0.88
Total from investment operations		0.25			0.74			(0.36	)		0.76			0.45			0.51			1.17
Distributions to shareholders from
Net investment income		(0.06	)		(0.16	)		(0.15	)		(0.20	)		(0.33	)		(0.10	)		(0.40	)
Net realized gains		(0.02	)		0.00			(0.40	)		(0.03	)		(0.09	)		0.00			0.00
Total distributions to shareholders		(0.08	)		(0.16	)		(0.55	)		(0.23	)		(0.42	)		(0.10	)		(0.40	)
Net asset value, end of period		$12.40			$12.23			$11.65			$12.56			$12.03			$12.00			$11.59
Total return3		2.04	%		6.35	%		(3.00	)%		6.40	%		3.92	%		4.42	%		10.93	%
Ratios to average net assets (annualized)
Gross expenses		1.66	%		1.68	%		1.66	%		1.64	%		1.63	%		1.66	%		1.78	%
Net expenses		1.59	%		1.60	%		1.62	%		1.63	%		1.63	%		1.63	%		1.65	%
Net investment income		1.01	%		1.35	%		1.24	%		1.65	%		2.41	%		2.32	%		2.53	%
Supplemental data
Portfolio turnover rate		148	%		267	%		256	%		256	%		215	%		84	%		187	%
Net assets, end of period (000s omitted)		$22,432			$24,212			$29,692			$41,259			$30,364			$30,253			$14,533

¹  For the three months ended August 31, 2010. The Fund changed its fiscal year end from May 31 to August 31, effective August 31, 2010.

²  Calculated based upon average shares outstanding

³  Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.

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

Financial highlights Wells Fargo Advantage Income Plus Fund 23

(For a share outstanding throughout each period)

	Six months ended February 28, 2015 (unaudited)			Year ended August 31
ADMINISTRATOR CLASS				2014			2013			2012			2011			20101
Net asset value, beginning of period		$12.22			$11.64			$12.55			$12.02			$12.00			$11.87
Net investment income		0.11			0.27	2		0.26	2		0.33			0.39	2		0.03	2
Net realized and unrealized gains (losses) on investments		0.18			0.57			(0.51	)		0.54			0.16			0.14
Total from investment operations		0.29			0.84			(0.25	)		0.87			0.55			0.17
Distributions to shareholders from
Net investment income		(0.11	)		(0.26	)		(0.26	)		(0.31	)		(0.44	)		(0.04	)
Net realized gains		(0.02	)		0.00			(0.40	)		(0.03	)		(0.09	)		0.00
Total distributions to shareholders		(0.13	)		(0.26	)		(0.66	)		(0.34	)		(0.53	)		(0.04	)
Net asset value, end of period		$12.38			$12.22			$11.64			$12.55			$12.02			$12.00
Total return3		2.40	%		7.31	%		(2.11	)%		7.37	%		4.82	%		1.43	%
Ratios to average net assets (annualized)
Gross expenses		0.85	%		0.87	%		0.85	%		0.83	%		0.82	%		0.86	%
Net expenses		0.72	%		0.72	%		0.72	%		0.73	%		0.75	%		0.86	%
Net investment income		1.88	%		2.24	%		2.14	%		2.53	%		3.29	%		3.31	%
Supplemental data
Portfolio turnover rate		148	%		267	%		256	%		256	%		215	%		84	%
Net assets, end of period (000s omitted)		$97,253			$101,653			$105,094			$162,067			$90,063			$10

¹  For the period from July 30, 2010 (commencement of class operations) to August 31, 2010

²  Calculated based upon average shares outstanding

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

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

24 Wells Fargo Advantage Income Plus Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended February 28, 2015 (unaudited)			Year ended August 31															Year ended May 31, 2010
INSTITUTIONAL CLASS				2014			2013			2012			2011			20101
Net asset value, beginning of period		$12.24			$11.67			$12.57			$12.03			$12.00			$11.60			$10.82
Net investment income		0.12	2		0.28			0.27	2		0.34			0.41	2		0.10	2		0.41	2
Net realized and unrealized gains (losses) on investments		0.19			0.57			(0.49	)		0.56			0.17			0.43			0.88
Total from investment operations		0.31			0.85			(0.22	)		0.90			0.58			0.53			1.29
Distributions to shareholders from
Net investment income		(0.12	)		(0.28	)		(0.28	)		(0.33	)		(0.46	)		(0.13	)		(0.51	)
Net realized gains		(0.02	)		0.00			(0.40	)		(0.03	)		(0.09	)		0.00			0.00
Total distributions to shareholders		(0.14	)		(0.28	)		(0.68	)		(0.36	)		(0.55	)		(0.13	)		(0.51	)
Net asset value, end of period		$12.41			$12.24			$11.67			$12.57			$12.03			$12.00			$11.60
Total return3		2.55	%		7.36	%		(1.89	)%		7.62	%		5.04	%		4.71	%		12.06	%
Ratios to average net assets (annualized)
Gross expenses		0.58	%		0.60	%		0.56	%		0.56	%		0.55	%		0.59	%		0.68	%
Net expenses		0.58	%		0.58	%		0.56	%		0.56	%		0.55	%		0.56	%		0.61	%
Net investment income		1.99	%		2.38	%		2.26	%		2.74	%		3.53	%		3.36	%		3.58	%
Supplemental data
Portfolio turnover rate		148	%		267	%		256	%		256	%		215	%		84	%		187	%
Net assets, end of period (000s omitted)		$65,729			$32,438			$31,221			$161,191			$161,276			$147,102			$112,163

¹  For the three months ended August 31, 2010. The Fund changed its fiscal year end from May 31 to August 31, effective August 31, 2010.

²  Calculated based upon average shares outstanding

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

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

Financial highlights Wells Fargo Advantage Income Plus Fund 25

(For a share outstanding throughout each period)

	Six months ended February 28, 2015 (unaudited)			Year ended August 31															Year ended May 31, 2010
INVESTOR CLASS				2014			2013			2012			2011			20101
Net asset value, beginning of period		$12.23			$11.66			$12.57			$12.03			$12.00			$11.60			$10.82
Net investment income		0.11			0.25			0.24			0.30			0.37	2		0.09	2		0.37	2
Net realized and unrealized gains (losses) on investments		0.18			0.57			(0.51	)		0.56			0.17			0.43			0.88
Total from investment operations		0.29			0.82			(0.27	)		0.86			0.54			0.52			1.25
Distributions to shareholders from
Net investment income		(0.10	)		(0.25	)		(0.24	)		(0.29	)		(0.42	)		(0.12	)		(0.47	)
Net realized gains		(0.02	)		0.00			(0.40	)		(0.03	)		(0.09	)		0.00			0.00
Total distributions to shareholders		(0.12	)		(0.25	)		(0.64	)		(0.32	)		(0.51	)		(0.12	)		(0.47	)
Net asset value, end of period		$12.40			$12.23			$11.66			$12.57			$12.03			$12.00			$11.60
Total return3		2.41	%		7.06	%		(2.26	)%		7.25	%		4.67	%		4.52	%		11.79	%
Ratios to average net assets (annualized)
Gross expenses		0.94	%		0.95	%		0.93	%		0.91	%		0.90	%		0.97	%		1.07	%
Net expenses		0.85	%		0.86	%		0.89	%		0.90	%		0.90	%		0.92	%		0.94	%
Net investment income		1.75	%		2.10	%		1.98	%		2.40	%		3.14	%		3.00	%		3.25	%
Supplemental data
Portfolio turnover rate		148	%		267	%		256	%		256	%		215	%		84	%		187	%
Net assets, end of period (000s omitted)		$170,079			$168,541			$172,516			$195,346			$189,051			$198,176			$188,551

¹  For the three months ended August 31, 2010. The Fund changed its fiscal year end from May 31 to August 31, effective August 31, 2010.

²  Calculated based upon average shares outstanding

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

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

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

1. ORGANIZATION

Wells Fargo Funds Trust (the “Trust”), a Delaware statutory trust organized on March 10, 1999, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). As an investment company, the Trust follows the accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946, Financial Services—Investment Companies. These financial statements report on the Wells Fargo Advantage Income Plus Fund (the “Fund”) which is a diversified series of the Trust.

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

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

Investments in registered open-end investment companies are valued at net asset value. Interests in non-registered investment vehicles that are redeemable at net asset value are fair valued at net asset value when available.

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

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

Security loans

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

Notes to financial statements (unaudited) Wells Fargo Advantage Income Plus Fund 27

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

When-issued transactions

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

Futures contracts

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

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

Security transactions and income recognition

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

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

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

Distributions to shareholders

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

Federal and other taxes

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

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

28 Wells Fargo Advantage Income Plus Fund Notes to financial statements (unaudited)

As of August 31, 2014, the Fund had capital loss carryforwards available to offset future net realized capital gains in the amount of $27,081,872 with $16,809,059 expiring in 2016 and $10,272,813 expiring in 2017.

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of February 28, 2015:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Agency securities	$	0	$	163,284,608	$	0	$	163,284,608
Asset-backed securities		0		4,627,343		0		4,627,343
Corporate bonds and notes		0		146,293,706		0		146,293,706
Municipal obligations		0		11,682,101		0		11,682,101
Non-agency mortgage-backed securities		0		22,157,549		0		22,157,549
U.S. Treasury securities		131,211,675		0		0		131,211,675
Yankee corporate bonds and notes		0		41,398,236		0		41,398,236
Short-term investments
Investment companies		132,609,569		1,344,000		0		133,953,569
U.S. Treasury securities		699,995		50,000		0		749,995
		264,521,239		390,837,543		0		655,358,782
Futures contracts		104,864		0		0		104,864
Total assets	$	264,626,103	$	390,837,543	$	0	$	655,463,646
Liabilities
Futures contracts	$	5,625	$	0	$	0	$	5,625
Total liabilities	$	5,625	$	0	$	0	$	5,625

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

Notes to financial statements (unaudited) Wells Fargo Advantage Income Plus Fund 29

The Fund recognizes transfers between levels within the fair value hierarchy at the end of the reporting period. At February 28, 2015, the Fund did not have any transfers into/out of Level 1, Level 2, or Level 3.

4. TRANSACTIONS WITH AFFILIATES

Advisory fee

The Trust has entered into an advisory contract with Funds Management, an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”). The adviser is responsible for implementing investment policies and guidelines and for supervising the subadviser, who is responsible for day-to-day portfolio management of the Fund.

Pursuant to the contract, 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 the Fund increase. For the six months ended February 28, 2015, the advisory fee was equivalent to an annual rate of 0.40% of the Fund’s average daily net assets.

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Funds Management. WellsCap, an affiliate of Funds Management and an indirect wholly owned subsidiary of Wells Fargo, is the subadviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.20% and declining to 0.10% as the average daily net assets of the Fund increase.

Administration fees

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 the Fund an annual fund level administration fee starting at 0.05% and declining to 0.03% as the average daily net assets of the 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		0.16	%
Administrator Class		0.10
Institutional Class		0.08
Investor Class		0.19

Funds Management has contractually waived and/or reimbursed advisory and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. Waiver of fees and/or reimbursement of expenses by Funds Management were made first from fund level expenses on a proportionate basis and then from class specific expenses. Funds Management has committed through December 31, 2015 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 0.84% for Class A shares, 1.59% for Class B shares, 1.59% for Class C shares, 0.72% for Administrator Class shares, 0.58 % for Institutional Class shares, and 0.85% for Investor Class shares. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

Distribution fees

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

In addition, Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class B and Class C shares. For the six months ended February 28, 2015, Funds Distributor received $1,714 from the sale of Class A shares and $76 and $48 in contingent deferred sales charges from redemptions of Class B and Class C shares, respectively.

Shareholder servicing fees

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

30 Wells Fargo Advantage Income Plus Fund Notes to financial statements (unaudited)

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding short-term securities, for the six months ended February 28, 2015 were as follows:

Purchases at cost		Sales proceeds
U.S. government	Non-U.S. government	U.S. government	Non-U.S. government
$691,068,398	$90,828,653	$686,765,614	$42,436,985

6. DERIVATIVE TRANSACTIONS

During the six months ended February 28, 2015, the Fund entered into futures contracts to speculate on interest rates and to help manage the duration of the portfolio.

At February 28, 2015, the Fund had long and short futures contracts outstanding as follows:

Expiration date	Counterparty	Contracts	Type		Contract value at February 28, 2015		Unrealized gains (losses)
6-19-2015	JPMorgan	79 Long		U.S. Treasury Bonds	$	13,294,219	$	114,241
6-19-2015	JPMorgan	36 Short		10-Year U.S. Treasury Notes		4,600,688		(16,381	)
6-30-2015	JPMorgan	305 Long		5-Year U.S. Treasury Notes		36,380,781		(54,431	)
6-30-2015	JPMorgan	261 Long		2-Year U.S. Treasury Notes		57,048,891		192

The Fund had an average notional amount of $91,553,838 and $628,771 in long and short futures contracts, respectively, during the six months ended February 28, 2015.

On February 28, 2015, the cumulative unrealized gains on futures contracts in the amount of $43,621 are reflected in net unrealized gains on investments on the Statement of Assets and Liabilities. The receivable and payable for daily variation margin on open futures contracts reflected in the Statement of Assets and Liabilities only represents the current day’s variation margin. The realized gains and change in unrealized gains (losses) on futures contracts are reflected in the Statement of Operations.

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

Derivative type	Counterparty	Gross amounts of assets in the Statement of Assets and Liabilities	Amounts subject to netting agreements			Collateral received		Net amount of assets
Futures – variation margin	JPMorgan	$104,864	$	(5,625	)	$	0	$	99,239
Derivative type	Counterparty	Gross amounts of liabilities in the Statement of Assets and Liabilities	Amounts subject to netting agreements			Collateral pledged		Net amount of liabilities
Futures – variation margin	JPMorgan	$5,625	$	(5,625	)	$	0		$0

Notes to financial statements (unaudited) Wells Fargo Advantage Income Plus Fund 31

7. BANK BORROWINGS

The Trust (excluding the money market funds and certain other funds in the Trust) and Wells Fargo Variable Trust are parties to a $150,000,000 revolving credit agreement, whereby the Fund is permitted to use bank borrowings for temporary or emergency purposes, such as to fund shareholder redemption requests. Interest under the credit agreement is charged to the Fund based on a borrowing rate equal to the higher of the Federal Funds rate in effect on that day plus 1.25% or the overnight LIBOR rate in effect on that day plus 1.25%. In addition, an annual commitment fee equal to 0.10% of the unused balance is allocated to each participating fund. For the six months ended February 28, 2015, the Fund paid $263 in commitment fees.

For the six months ended February 28, 2015, there were no borrowings by the Fund 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 Fund and, therefore, cannot be estimated.

9. SUBSEQUENT DISTRIBUTIONS

On March 25, 2015, the Fund declared distributions from net investment income to shareholders of record on March 24, 2015. The per share amounts payable on March 26, 2015 were as follows:

	Net investment income
Class A		$0.01762
Class B		0.00944
Class C		0.00952
Administrator Class		0.01892
Institutional Class		0.02020
Investor Class		0.01741

On April 24, 2015, the Fund declared distributions from net investment income to shareholders of record on April 23, 2015. The per share amounts payable on April 27, 2015 were as follows:

	Net investment income
Class A		$0.01797
Class B		0.00937
Class C		0.01000
Administrator Class		0.01907
Institutional Class		0.02053
Investor Class		0.01775

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

32 Wells Fargo Advantage Income Plus Fund Other information (unaudited)

PROXY VOTING INFORMATION

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available, upon request, by calling 1-800-222-8222, visiting our website at wellsfargoadvantagefunds.com, or visiting the SEC website at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available on the Fund’s website at wellsfargoadvantagefunds.com or by visiting the SEC website at sec.gov.

PORTFOLIO HOLDINGS INFORMATION

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

Other information (unaudited) Wells Fargo Advantage Income Plus Fund 33

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 134 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
William R. Ebsworth (Born 1957)	Trustee, since 2015**	Retired. From 1984 to 2013, equities analyst, portfolio manager, research director at Fidelity Management and Research Company and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. in Boston, Tokyo, and Hong Kong where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Mr. Ebsworth is an Adjunct Lecturer, Finance, at Babson College and a Chartered Financial Analyst.	Asset Allocation Trust
Jane A. Freeman (Born 1953)	Trustee, since 2015**	Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior thereto, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is a Chartered Financial Analyst (inactive), Chair of Taproot Foundation (non-profit organization) and a Board Member of Ruth Bancroft Garden (non-profit organization).	Asset Allocation Trust
Peter G. Gordon (Born 1942)	Trustee, since 1998; Chairman, since 2005	Co-Founder, Retired Chairman, President and CEO of Crystal Geyser Water Company. Trustee Emeritus, Colby College.	Asset Allocation Trust
Isaiah Harris, Jr. (Born 1952)	Trustee, since 2009	Retired. Chairman of the Board of CIGNA Corporation since 2009, and Director since 2005. From 2003 to 2011, Director of Delux Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy. 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
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 Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007 and Senior Fellow at the Humphrey Institute Policy Forum at the University of Minnesota since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	Asset Allocation Trust

34 Wells Fargo Advantage Income Plus Fund Other information (unaudited)

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Other directorships during past five years
Michael S. Scofield (Born 1943)	Trustee, since 2010	Served on the Investment Company Institute’s Board of Governors and Executive Committee from 2008-2011 as well the Governing Council of the Independent Directors Council from 2006-2011 and the Independent Directors Council Executive Committee from 2008-2011. Chairman of the IDC from 2008-2010. Institutional Investor (Fund Directions) Trustee of Year in 2007. Trustee of the Evergreen Funds complex (and its predecessors) from 1984 to 2010. Chairman of the Evergreen Funds from 2000-2010. Former Trustee of the Mentor Funds. Retired Attorney, Law Offices of Michael S. Scofield.	Asset Allocation Trust
Donald C. Willeke (Born 1940)	Trustee, since 1996	Principal of the law firm of Willeke & Daniels. General Counsel of the Minneapolis Employees Retirement Fund from 1984 until its consolidation into the Minnesota Public Employees Retirement Association on June 30, 2010. Director and Vice Chair of The Tree Trust (non-profit corporation). Director of the American Chestnut Foundation (non-profit corporation).	Asset Allocation Trust

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

** William R. Ebsworth and Jane A. Freeman each became a Trustee effective January 1, 2015.

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	Senior Vice President and Secretary of Wells Fargo Funds Management, LLC since 2001. Assistant General Counsel of Wells Fargo Bank, N.A. since 2013 and Vice President and Managing Counsel of Wells Fargo Bank N.A. from 1996 to 2013.
Debra Ann Early (Born 1964)	Chief Compliance Officer, since 2007	Senior Vice President of Wells Fargo Funds Management, LLC since 2007 and Chief Compliance Officer from 2007 to 2014. Chief Compliance Officer of Parnassus Investments from 2005 to 2007. Chief Financial Officer of Parnassus Investments from 2004 to 2007 and Senior Audit Manager of PricewaterhouseCoopers LLP from 1998 to 2004.
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 61 funds and Assistant Treasurer of 73 funds in the Fund Complex.

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

List of abbreviations Wells Fargo Advantage Income Plus Fund 35

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

LIFER —  Long Inverse Floating Exempt Receipts

LIQ —  Liquidity agreement

LLC —  Limited liability company

LLLP —  Limited liability limited partnership

LLP —  Limited liability partnership

LOC —  Letter of credit

LP —  Limited partnership

MBIA —  Municipal Bond Insurance Association

MFHR —  Multifamily housing revenue

MSTR —  Municipal securities trust receipts

MTN —  Medium-term note

MUD —  Municipal Utility District

MXN —  Mexican peso

MYR —  Malaysian ringgit

National —  National Public Finance Guarantee Corporation

NGN —  Nigerian naira

NOK —  Norwegian krone

NZD —  New Zealand dollar

PCFA —  Pollution Control Financing Authority

PCL —  Public Company Limited

PCR —  Pollution control revenue

PFA —  Public Finance Authority

PFFA —  Public Facilities Financing Authority

PFOTER —  Puttable floating option tax-exempt receipts

plc —  Public limited company

PLN —  Polish zloty

PUTTER —  Puttable tax-exempt receipts

R&D —  Research & development

Radian —  Radian Asset Assurance

RAN —  Revenue anticipation notes

RDA —  Redevelopment Authority

RDFA —  Redevelopment Finance Authority

REIT —  Real estate investment trust

ROC —  Reset option certificates

RON —  Romanian lei

RUB —  Russian ruble

SAVRS —  Select auction variable rate securities

SBA —  Small Business Authority

SEK —  Swedish krona

SFHR —  Single-family housing revenue

SFMR —  Single-family mortgage revenue

SGD —  Singapore dollar

SPA —  Standby purchase agreement

SPDR —  Standard & Poor’s Depositary Receipts

SPEAR —   Short Puttable Exempt Adjustable Receipts

STRIPS —  Separate trading of registered interest and

      principal securities

TAN —  Tax anticipation notes

TBA —  To be announced

THB —  Thai baht

TIPS —  Treasury inflation-protected securities

TRAN —  Tax revenue anticipation notes

TRY —  Turkish lira

TTFA —  Transportation Trust Fund Authority

TVA —  Tennessee Valley Authority

ZAR —  South African rand

This page is intentionally left blank.

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

© 2015 Wells Fargo Funds Management, LLC. All rights reserved.

232056 04-15 SA219/SAR219 02-15

Wells Fargo Advantage

Short Duration Government Bond Fund

Semi-Annual Report

February 28, 2015

Reduce clutter. Save trees.

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Contents

Letter to shareholders	2
Performance highlights	4
Fund expenses	6
Portfolio of investments	7
Financial statements
Statement of assets and liabilities	12
Statement of operations	13
Statement of changes in net assets	14
Financial highlights	15
Notes to financial statements	21
Other information	25
List of abbreviations	28

The views expressed and any forward-looking statements are as of February 28, 2015, unless otherwise noted, and are those of the Fund managers and/or Wells Fargo Funds Management, LLC. Discussions of individual securities, or the markets generally, or any Wells Fargo Advantage Fund are not intended as individual recommendations. Future events or results may vary significantly from those expressed in any forward-looking statements; the views expressed are subject to change at any time in response to changing circumstances in the market. Wells Fargo Funds Management, LLC and the Fund disclaim any obligation to publicly update or revise any views expressed or forward-looking statements.

NOT FDIC INSURED  ¡  NO BANK GUARANTEE  ¡   MAY LOSE VALUE

2 Wells Fargo Advantage Short Duration Government Bond Fund Letter to shareholders (unaudited)

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 Short Duration Government Bond Fund for the six-month period that ended February 28, 2015. The period was marked by low interest rates, a large decline in oil prices, and moderate U.S. economic growth. Investment-grade bonds, as measured by the Barclays U.S. Aggregate Bond Index¹, returned 2.25% 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 ended its quantitative easing program in October 2014 and also set expectations for it to begin normalizing monetary policy with higher target ranges for the federal funds rate in 2015.

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 said it intends to increase the size of its balance sheet, a result of quantitative easing, by buying eurozone government bonds. In Japan, the Bank of Japan maintained an aggressive monetary program aimed at combating deflation.

U.S. economic growth was moderate, and oil prices plummeted.

Economic growth advanced during the reporting period, the unemployment rate ticked lower to 5.5% as of February 2015, and inflation remained below the Fed’s longer-run objective of a 2% pace. The period was also marked by dramatically lower oil prices, which fell from more than $90 per barrel at the end of August 2014 to below $50 per barrel at the end of February 2015. While lower oil prices benefited consumers of oil products, the lower prices pressured companies within the energy sector.

Longer-dated securities and higher-rated credits were top performers.

Ten-year U.S. Treasury rates declined during the period, from 2.35% at end of August 2014 to 2.03% by the end of February 2015, benefiting both from safe-haven status as well as relative attractiveness to global investors. With the U.S. economy the furthest along its business cycle, the level of interest rates in the U.S. and Europe diverged. The 10-year U.S. Treasury yield was 2.03% at the end of February 2015 compared with 0.30% for 10-year German government yields, 173 basis points (bps; 100 bps equals 1.00%) higher. This was largely attributed to the

¹  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 Short Duration Government Bond Fund 3

Fed being closer to eventually increasing interest rates while the ECB potentially needs to further increase, rather than scale back, its amount of accommodation. Further, U.S. economic activity was healthier than Europe’s.

Treasury bonds with maturities greater than 20 years returned more than 10% during the six-month period that ended February 28, 2015, according to the Barclays U.S. Aggregate Bond Index. This was due, in part, to strong demand from overseas investors because yields in Europe and Japan were substantially lower than U.S. yields. In addition, because the dollar strengthened, the returns from Treasuries were even higher for foreign-domiciled investors. Longer-maturity debt across all sectors outperformed shorter-dated securities.

Investment-grade corporate bonds returned 2.29% during the six-month reporting period, according to the Barclays U.S. Aggregate Bond Index, and AAA-rated² bonds had higher returns than BBB-rated bonds. Lower-rated credits, including high yield, underperformed as oil prices fell dramatically. Not only were many energy and mining companies negatively affected, but investor trepidation about weak global growth caused investment-grade spreads to modestly widen while high-yield spreads widened substantially.

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

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

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

Sincerely,

Karla M. Rabusch

President

Wells Fargo Advantage Funds

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

²  The ratings indicated are from Standard & Poor’s, Moody’s Investors Service, and/or Fitch Ratings Ltd. Standard & Poor’s rates the creditworthiness of bonds from AAA (highest) to D (lowest). Ratings from A to CCC may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the rating categories. Moody’s rates the creditworthiness of bonds from Aaa (highest) to C (lowest). Ratings Aa to B may be modified by the addition of a number 1 (highest) to 3 (lowest) to show relative standing within the ratings categories. Fitch rates the creditworthiness of bonds from AAA (highest) to D (lowest).

4 Wells Fargo Advantage Short Duration Government Bond Fund Performance highlights (unaudited)

Investment objective

The Fund seeks to provide current income consistent with capital preservation.

Adviser

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Troy Ludgood

Thomas O’Connor, CFA

Average annual total returns¹ (%) as of February 28, 2015

		Including sales charge							Excluding sales charge							Expense ratios2 (%)
	Inception date	1 year			5 year		10 year		1 year			5 year		10 year		Gross		Net3
Class A (MSDAX)	3-11-1996		(1.42	)		0.98		2.76		0.59			1.39		2.97		0.79		0.78
Class B (MSDBX)*	5-31-2002		(3.06	)		0.77		2.66		(0.06	)		0.77		2.66		1.54		1.53
Class C (MSDCX)	5-31-2002		(1.06	)		0.63		2.20		(0.06	)		0.63		2.20		1.54		1.53
Class R6 (MSDRX)	11-30-2012		–			–		–		1.01			1.83		3.42		0.42		0.37
Administrator Class (MNSGX)	12-18-1992		–			–		–		0.87			1.60		3.22		0.73		0.60
Institutional Class (WSGIX)	4-8-2005		–			–		–		1.06			1.79		3.40		0.46		0.42
Barclays 1-3 Year U.S. Government Index4	–		–			–		–		0.69			0.97		2.68		–		–

* 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 2.00%. For Class B shares, the maximum contingent deferred sales charge is 3.00%. For Class C shares, the maximum contingent deferred sales charge is 1.00%. Performance including a contingent deferred sales charge assumes the sales charge for the corresponding time period. Class R6, Administrator Class, and Institutional Class shares are sold without a front-end sales charge or contingent deferred sales charge.

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

Please see footnotes on page 5.

Performance highlights (unaudited) Wells Fargo Advantage Short Duration Government Bond Fund 5

Ten largest long-term holdings5 (%) as of February 28, 2015
U.S. Treasury Note, 0.63%, 7-15-2016	9.88
U.S. Treasury Note, 0.63%, 12-31-2016	8.67
U.S. Treasury Note 0.50%, 1-31-2017	7.10
U.S. Treasury Note, 0.50%, 2-28-2017	4.79
U.S. Treasury Note, 0.50%, 8-31-2016	4.48
U.S. Treasury Note, 0.88%, 10-15-2017	2.42
FHLMC Series 4327 Class A, 4.00%, 2-15-2040	2.02
U.S. Treasury Note, 0.38%, 10-31-2016	1.94
U.S. Treasury Note, 1.00%, 2-15-2018	1.70
U.S. Treasury Note, 1.00%, 9-15-2017	1.64

Portfolio allocation⁶ as of February 28, 2015

¹  Historical performance shown for Class R6 shares prior to their inception reflects the performance of Institutional Class shares and includes the higher expenses applicable to Institutional Class shares. If these expenses had not been included, returns would be higher. 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.

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 December 31, 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. Without this cap, the Fund’s returns would have been lower.

⁴  The Barclays 1-3 Year U.S. Government Index is composed of all publicly issued, nonconvertible domestic debt of the U.S. government and its agencies. The index also includes corporate debt guaranteed by the U.S. government. Only notes and bonds with a minimum maturity of one year up to a maximum maturity of 2.9 years are included. You cannot invest directly in an index.

⁵  The ten largest long-term holdings are calculated based on the value of the securities divided by total net assets of the Fund. Holdings are subject to change and may have changed since the date specified.

⁶  Amounts are calculated based on the total long-term investments of the Fund. These percentages are subject to change and may have changed since the date specified.

6 Wells Fargo Advantage Short Duration Government Bond Fund Fund expenses (unaudited)

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and contingent deferred sales charges (if any) on redemptions and (2) ongoing costs, including management fees, distribution (12b-1) and/or shareholder 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 September 1, 2014 to February 28, 2015.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

	Beginning account value 9-1-2014		Ending account value 2-28-2015		Expenses paid during the period1		Net annualized expense ratio
Class A
Actual	$	1,000.00	$	1,004.23	$	3.88		0.78	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.93	$	3.91		0.78	%
Class B
Actual	$	1,000.00	$	1,000.51	$	7.59		1.53	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.21	$	7.65		1.53	%
Class C
Actual	$	1,000.00	$	1,000.51	$	7.59		1.53	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.21	$	7.65		1.53	%
Class R6
Actual	$	1,000.00	$	1,006.27	$	1.84		0.37	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.96	$	1.86		0.37	%
Administrator Class
Actual	$	1,000.00	$	1,005.12	$	2.98		0.60	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.82	$	3.01		0.60	%
Institutional Class
Actual	$	1,000.00	$	1,006.02	$	2.09		0.42	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.71	$	2.11		0.42	%

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

Portfolio of investments—February 28, 2015 (unaudited) Wells Fargo Advantage Short Duration Government Bond Fund 7

Security name	Interest rate			Maturity date		Principal		Value
Agency Securities: 34.53%
FHLMC ±		2.32	%		8-1-2044	$	8,630,586	$	8,824,847
FHLMC ±		2.51			9-1-2043		5,413,198		5,567,018
FHLMC ±		2.58			12-1-2041		1,726,559		1,793,587
FHLMC ±		3.11			8-1-2041		5,022,386		5,330,718
FHLMC ±		3.26			10-1-2041		4,139,176		4,392,744
FHLMC		3.50			7-1-2028		4,024,041		4,312,573
FHLMC		3.50			2-1-2029		10,163,257		10,887,489
FHLMC		3.50			9-1-2029		2,728,085		2,924,115
FHLMC		3.50			10-1-2029		2,125,369		2,278,320
FHLMC		3.50			11-1-2029		19,135,278		20,482,162
FHLMC		3.50			12-1-2029		2,536,811		2,719,630
FHLMC		3.50			1-1-2030		8,647,832		9,272,736
FHLMC		3.50			2-1-2030		926,572		993,243
FHLMC		3.50			2-1-2030		1,479,000		1,585,849
FHLMC ±		3.64			6-1-2041		7,102,355		7,557,413
FHLMC ±		3.69			10-1-2041		4,747,043		5,060,941
FHLMC		4.00			6-1-2031		4,097,907		4,426,475
FHLMC		4.00			4-1-2032		1,843,373		1,988,278
FHLMC		4.00			11-15-2039		5,449,316		5,857,356
FHLMC		4.50			8-1-2018		5,221,309		5,479,917
FHLMC		4.50			10-1-2018		2,794,110		2,932,501
FHLMC		4.50			9-1-2024		3,179,335		3,434,161
FHLMC		4.50			12-1-2024		1,103,504		1,191,539
FHLMC		4.50			7-1-2025		2,329,452		2,514,990
FHLMC		4.50			6-1-2026		1,125,379		1,215,188
FHLMC		4.50			7-1-2026		1,387,368		1,497,518
FHLMC		4.50			8-1-2026		651,592		702,387
FHLMC		4.50			4-1-2031		3,054,331		3,328,660
FHLMC		4.50			7-1-2032		1,957,670		2,130,347
FHLMC		5.50			12-15-2039		12,388,080		13,959,731
FHLMC		5.50			7-1-2041		1,686,880		1,943,648
FHLMC ±		5.89			7-1-2038		5,067,084		5,432,700
FHLMC ±		5.92			10-1-2038		435,425		465,289
FHLMC		6.00			5-15-2039		3,807,141		4,312,668
FHLMC ±		6.07			6-1-2037		1,176,860		1,262,091
FHLMC		6.50			11-1-2037		751,487		856,536
FHLMC		6.50			12-1-2038		1,169,644		1,340,902
FHLMC		7.00			3-25-2044		2,048,226		2,578,345
FHLMC Series 2638 Class MJ		5.00			7-15-2033		3,836,256		4,254,983
FHLMC Series 2744 Class JH		5.00			2-15-2034		2,927,000		3,228,484
FHLMC Series 2762 Class LY		5.00			3-15-2034		1,716,305		1,903,147
FHLMC Series 3574 Class D		5.00			9-15-2039		2,016,097		2,209,399
FHLMC Series 4227 Class AB		3.50			10-15-2037		7,594,630		7,933,936
FHLMC Series 4327 Class A		4.00			2-15-2040		23,634,384		25,520,716
FHLMC Series 4382 Class AB		3.00			7-15-2040		8,548,786		8,870,255
FHLMC Series T-57 Class 1A3		7.50			7-25-2043		389,900		468,497
FHLMC Series T-59 Class 1A3		7.50			10-25-2043		168,290		204,697
FHLMC Series T-60 Class 1A3		7.50			3-25-2044		61,377		73,981
FHLMC Structured Pass-Through Securities Series T-51 Class 2A ±		7.50			8-25-2042		1,786,400		2,150,921
FHLMC Structured Pass-Through Securities Series T-55 Class 1A2		7.00			3-25-2043		534,116		595,414

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

8 Wells Fargo Advantage Short Duration Government Bond Fund Portfolio of investments—February 28, 2015 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Agency Securities (continued)
FNMA ±		2.25	%		11-1-2042	$	8,834,356	$	9,033,702
FNMA ±		2.30			5-1-2042		4,495,821		4,624,871
FNMA ±		2.34			5-1-2042		6,355,834		6,543,624
FNMA ±		2.34			10-1-2043		3,047,793		3,120,949
FNMA ±		2.50			10-1-2043		4,894,765		5,038,984
FNMA (a)		2.55			4-1-2045		2,760,000		2,816,239
FNMA (a)		2.60			3-1-2045		2,760,000		2,824,756
FNMA ±		2.66			12-1-2041		7,179,572		7,493,950
FNMA ±		2.66			11-1-2044		8,651,874		8,908,355
FNMA ±		3.04			10-1-2041		933,538		993,514
FNMA ±		3.23			11-1-2041		4,438,398		4,705,210
FNMA ±		3.29			6-1-2041		1,912,601		2,034,421
FNMA		3.50			11-1-2029		2,793,973		2,993,587
FNMA		3.50			2-1-2030		882,000		943,685
FNMA		3.50			2-1-2030		2,210,000		2,368,705
FNMA		3.50			2-1-2030		1,976,000		2,114,221
FNMA		3.50			2-1-2030		2,047,000		2,194,011
FNMA		3.50			2-1-2030		773,000		828,513
FNMA		3.50			2-1-2030		1,672,000		1,792,080
FNMA		3.50			3-1-2030		1,459,000		1,563,717
FNMA		4.00			9-1-2025		1,726,755		1,845,849
FNMA		4.00			12-1-2025		3,513,483		3,749,088
FNMA		4.00			6-1-2026		11,952,858		12,811,482
FNMA		4.00			8-1-2030		5,503,503		5,915,249
FNMA		4.00			4-1-2032		1,360,688		1,483,939
FNMA		4.00			8-1-2032		1,391,175		1,513,449
FNMA		4.00			3-1-2033		8,085,512		8,717,991
FNMA		4.50			6-1-2025		2,535,024		2,732,327
FNMA		4.50			2-1-2026		758,195		794,772
FNMA		4.50			10-1-2026		8,581,241		9,244,624
FNMA		4.50			12-1-2031		6,085,347		6,608,655
FNMA		5.00			2-1-2023		5,179,656		5,573,104
FNMA		5.00			5-1-2023		967,634		1,049,031
FNMA		5.00			8-1-2030		1,197,045		1,333,284
FNMA		5.50			12-1-2033		2,439,798		2,791,255
FNMA		5.50			9-1-2039		1,124,731		1,294,413
FNMA		6.00			3-25-2035		1,076,872		1,142,735
FNMA		7.50			7-1-2032		262,890		301,815
FNMA Grantor Trust Series 2000-T6 Class A1		7.50			6-25-2030		609,922		702,613
FNMA Grantor Trust Series 2001-T16 Class A2		7.00			7-25-2042		368,249		439,073
FNMA Grantor Trust Series 2001-T3 Class A1		7.50			11-25-2040		681,852		797,265
FNMA Series 1999-T2 Class A1 ±		7.50			1-19-2039		397,194		440,286
FNMA Series 2001-T4 Class A1		7.50			7-25-2041		92,235		110,337
FNMA Series 2001-W03 Class A ±		6.92			9-25-2041		626,570		716,345	��
FNMA Series 2002-14 Class A2		7.00			1-25-2042		680,204		789,586
FNMA Series 2002-14 Class A2		7.50			1-25-2042		1,458,478		1,744,380
FNMA Series 2002-26 Class A2		7.50			1-25-2048		561,489		679,600
FNMA Series 2002-26 Class A1		7.00			1-25-2048		877,965		1,028,218
FNMA Series 2002-33 Class A2		7.50			6-25-2032		201,860		237,559
FNMA Series 2002-90 Class A1		6.50			6-25-2042		26,203		29,853

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

Portfolio of investments—February 28, 2015 (unaudited) Wells Fargo Advantage Short Duration Government Bond Fund 9

Security name	Interest rate			Maturity date		Principal		Value
Agency Securities (continued)
FNMA Series 2002-T12 Class A3		7.50	%		5-25-2042	$	3,219,629	$	3,844,748
FNMA Series 2002-W1 Class 2A ±		6.50			2-25-2042		538,893		630,383
FNMA Series 2002-W6 Class 2A1 ±		6.42			6-25-2042		11,150		12,863
FNMA Series 2002-W8 Class A3		7.50			6-25-2042		112,674		131,341
FNMA Series 2003-63 Class GB		4.00			7-25-2033		4,086,229		4,340,707
FNMA Series 2003-W1 Class 2A ±		6.53			12-25-2042		283,444		329,949
FNMA Series 2003-W2 Class 1A1		6.50			7-25-2042		162,823		188,434
FNMA Series 2003-W4 Class 4A ±		7.00			10-25-2042		684,304		785,997
FNMA Series 2004-W02 Class 5A		7.50			3-25-2044		119,999		138,211
FNMA Series 2004-W11 Class 1A2		6.50			5-25-2044		4,646,271		5,498,560
FNMA Series 2004-W14 Class 2A		7.50			7-25-2044		139,237		162,505
FNMA Series 2004-W8 Class 3A		7.50			6-25-2044		1,139,145		1,336,829
FNMA Series 2004-W9 Class 1A3		6.05			2-25-2044		3,911,519		4,392,374
FNMA Series 2004-W9 Class 2A3		7.50			2-25-2044		776,096		890,630
FNMA Series 2005-W1 Class 1A4		7.50			10-25-2044		351,595		421,293
FNMA Series 2005-W3 Class 1A		7.50			3-25-2045		214,626		256,274
FNMA Series 2009-14 Class A		7.00			6-25-2035		1,508,071		1,750,947
FNMA Series 2010-98 Class EA		4.00			9-25-2030		2,618,037		2,806,894
FNMA Series 2011-46 Class BA		4.00			4-25-2037		11,470,045		12,023,257
FNMA Series 2011-M2 Class A1		2.02			4-25-2021		2,976,159		3,020,542
FNMA Series 2012-28 Class PT		4.00			3-25-2042		1,323,289		1,400,772
FNMA Series 2012-65 Class HJ		5.00			7-25-2040		9,476,328		10,451,670
FNMA Series 2013-103 Class H		4.50			3-25-2038		6,235,664		6,802,698
GNMA		5.50			3-15-2033		1,435,331		1,652,579
GNMA Series 2001-53 Class PB		6.50			11-20-2031		3,336,000		3,871,778
Total Agency Securities (Cost $435,670,295)									436,946,548
Asset-Backed Securities: 12.50%
Ally Master Owner Trust Series 2014-5 Class A1 ±		0.66			10-15-2019		8,868,000		8,868,000
Ally Master Owner Trust Series 2015-2 Class A1 ±		0.74			1-15-2021		4,386,000		4,387,632
American Express Issuance Trust II Series 2013-2 Class A ±		0.59			5-17-2021		7,020,000		7,040,695
American Express Issuance Trust II Series 2013-2 Class A ±		0.60			8-15-2019		5,323,000		5,344,452
Avis Budget Rental Car Funding LLC Series 2012-3A Class A 144A		2.10			3-20-2019		8,934,000		8,976,794
Bank of America Credit Card Trust Series 2014-A3 Class A ±		0.46			1-15-2020		1,986,000		1,985,043
California Republic Auto Receivables Trust Series 2013-2 Class A2		1.23			3-15-2019		4,323,091		4,334,249
California Republic Auto Receivables Trust Series 2014-1 Class A4		1.48			8-15-2019		3,136,000		3,137,408
California Republic Auto Receivables Trust Series 2014-2 Class A3		0.91			8-15-2018		3,253,000		3,250,287
California Republic Auto Receivables Trust Series 2014-2 Class A4		1.57			12-16-2019		3,579,000		3,580,274
California Republic Auto Receivables Trust Series 2014-3 Class A4		1.79			3-16-2020		3,179,000		3,191,131
Capital Auto Receivables Asset Trust Series 2013-1 Class A3		0.79			6-20-2017		5,028,000		5,025,873
Capital Auto Receivables Asset Trust Series 2014-1 Class A3		1.32			6-20-2018		7,875,000		7,899,806
Capital Auto Receivables Asset Trust Series 2014-2 Class A4		1.62			10-22-2018		3,186,000		3,195,924
Capital Auto Receivables Asset Trust Series 2014-3 Class A4		1.83			4-22-2019		3,144,000		3,146,694
Capital Auto Receivables Asset Trust Series 2015-1 Class A4		1.86			10-21-2019		2,433,000		2,425,098
Chase Issuance Trust Series 2013-A9 Class A ±		0.59			11-16-2020		2,940,000		2,942,193
Discover Card Execution Note Trust Series 2014-A1 Class A1 ±		0.60			7-15-2021		8,014,000		8,023,545
Ford Credit Floorplan Master Owner Trust Series 2015-1 Class A2 ±		0.57			1-15-2020		1,989,000		1,989,370
GE Capital Credit Card Master Note Trust Series 2012-3 Class A ±		0.62			3-15-2020		10,572,000		10,583,227
Navient Student Loan Trust Series 2014-8 Class A2 ±		0.61			4-25-2023		8,384,000		8,387,848

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

10 Wells Fargo Advantage Short Duration Government Bond Fund Portfolio of investments—February 28, 2015 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Asset-Backed Securities (continued)
Navient Student Loan Trust Series 2014-CTA Class A 144A±		0.87	%		9-16-2024	$	10,413,603	$	10,391,120
Nelnet Student Loan Trust Series 2004-4 Class A5 ±		0.42			1-25-2037		4,096,513		4,049,260
Nelnet Student Loan Trust Series 2006-2 Class A4 ±		0.34			10-26-2026		3,044,620		3,041,688
SLC Student Loan Trust Series 2007-2 Class A2 ±		0.66			5-15-2028		973,421		972,177
SLC Student Loan Trust Series 2010-1 Class A ±		1.14			11-25-2042		1,912,468		1,933,700
SLM Student Loan Trust Series 2002-6 Class A4 ±		0.42			3-15-2019		626,022		626,073
SLM Student Loan Trust Series 2003-6 Class A4 ±		0.44			12-17-2018		406,568		406,496
SLM Student Loan Trust Series 2005-6 Class A5 ±		1.46			7-27-2026		1,427,370		1,445,365
SLM Student Loan Trust Series 2010-1 Class A ±		0.57			3-25-2025		4,406,537		4,399,394
SLM Student Loan Trust Series 2010-A Class 2A 144A±		3.42			5-16-2044		4,646,848		4,912,266
SLM Student Loan Trust Series 2010-A Class1A 144A±		3.20			5-16-2044		3,608,068		3,731,615
SLM Student Loan Trust Series 2011-C Class A2A 144A±		3.42			10-17-2044		1,882,000		2,024,601
SLM Student Loan Trust Series 2012-B Class A2 144A		3.48			10-15-2030		3,197,000		3,322,374
SLM Student Loan Trust Series 2012-E Class A2 144A±		1.92			6-15-2045		3,636,000		3,738,928
SLM Student Loan Trust Series 2013-C Class A2B 144A±		1.57			10-15-2031		1,071,000		1,084,043
SLM Student Loan Trust Series 2014-A Class A2B 144A±		1.31			1-15-2026		4,304,000		4,321,470
Total Asset-Backed Securities (Cost $158,010,306)									158,116,113
Non-Agency Mortgage-Backed Securities: 4.78%
CFCRE Commercial Mortgage Trust Series 2011-C2 Class A1		1.56			12-15-2047		363,284		363,716
Commercial Mortgage Trust Series 2012-LC4 Class A2		2.26			12-10-2044		4,352,000		4,427,316
Commercial Mortgage Trust Series 2013-CR6 Class A1		0.72			3-10-2046		2,740,350		2,721,729
DBUBS Mortgage Trust Series 2011 Class C2 144A		3.53			7-10-2044		986,805		1,030,708
DBUBS Mortgage Trust Series 2011-LC3A Class A1		2.24			8-10-2044		1,141,609		1,148,261
GS Mortgage Securities Trust Series 2010-C1 Class A1 144A		3.68			8-10-2043		1,915,559		1,985,370
GS Mortgage Securities Trust Series 2010-C2 Class A1 144A		3.85			12-10-2043		7,307,723		7,473,513
GS Mortgage Securities Trust Series 2011-GC3 Class A2 144A		3.65			3-10-2044		8,827,103		8,994,050
JPMorgan Chase Commercial Mortgage Securities Corporation Series 2010-C1 Class A2 144A		4.61			6-15-2043		2,478,000		2,629,203
JPMorgan Chase Commercial Mortgage Securities Corporation Series 2010-C2 Class A2 144A		3.62			11-15-2043		2,259,000		2,370,760
JPMorgan Chase Commercial Mortgage Securities Corporation Series 2010-CNTR Class A1 144A		3.30			8-5-2032		1,626,816		1,682,274
JPMorgan Chase Commercial Mortgage Securities Corporation Series 2011-C3 Class A2 144A		3.67			2-15-2046		5,516,780		5,675,497
JPMorgan Chase Commercial Mortgage Securities Corporation Series 2011-C5 Class A2		3.15			8-15-2046		800,664		823,241
JPMorgan Chase Commercial Mortgage Securities Corporation Series 2012-CBX Class A3		3.14			6-15-2045		2,973,556		3,074,436
JPMorgan Chase Commercial Mortgage Securities Corporation Series 2012-LC9 Class A2		1.68			12-15-2047		3,876,000		3,896,016
Morgan Stanley Bank of America Merrill Lynch Trust Series 2012-C6 Class A2		1.87			11-15-2045		6,091,000		6,151,581
Morgan Stanley Capital I Trust Series 2011-C2 Class A3 144A		4.21			6-15-2044		705,000		759,763
Morgan Stanley Dean Witter Capital I Series 2011-C3 Class A2		3.22			7-15-2049		5,185,764		5,338,000
Total Non-Agency Mortgage-Backed Securities (Cost $61,705,269)									60,545,434
U.S. Treasury Securities: 48.21%
U.S. Treasury Note		0.25			2-29-2016		16,935,000		16,931,037
U.S. Treasury Note		0.38			10-31-2016		24,615,000		24,553,463
U.S. Treasury Note		0.50			6-30-2016		18,086,000		18,111,429
U.S. Treasury Note		0.50			8-31-2016		56,673,000		56,717,262

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

Portfolio of investments—February 28, 2015 (unaudited) Wells Fargo Advantage Short Duration Government Bond Fund 11

Security name	Interest rate			Maturity date		Principal		Value
U.S. Treasury Securities (continued)
U.S. Treasury Note ##		0.50	%		9-30-2016	$	13,865,000	$	13,868,791
U.S. Treasury Note		0.50			1-31-2017		90,012,000		89,829,186
U.S. Treasury Note %%		0.50			2-28-2017		60,713,000		60,565,953
U.S. Treasury Note		0.63			7-15-2016		124,632,000		124,992,311
U.S. Treasury Note		0.63			8-15-2016		16,262,000		16,305,192
U.S. Treasury Note		0.63			12-31-2016		109,558,000		109,643,565
U.S. Treasury Note		0.88			10-15-2017		30,698,000		30,674,025
U.S. Treasury Note		0.88			1-15-2018		5,625,000		5,607,861
U.S. Treasury Note		1.00			9-15-2017		20,691,000		20,760,501
U.S. Treasury Note		1.00			2-15-2018		21,469,000		21,467,325
Total U.S. Treasury Securities (Cost $609,737,713)									610,027,901
	Yield					Shares
Short-Term Investments: 3.93%
Investment Companies: 3.93%
Wells Fargo Advantage Government Money Market Fund, Institutional Class ##(l)(u)		0.01					49,711,816		49,711,816
Total Short-Term Investments (Cost $49,711,816)									49,711,816

Total investments in securities (Cost $1,314,835,399) *	103.95	%		1,315,347,812
Other assets and liabilities, net	(3.95	)		(49,996,354	)
Total net assets	100.00	%	$	1,265,351,458

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

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

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

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

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

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

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

* Cost for federal income tax purposes is $1,315,363,220 and unrealized gains (losses) consists of:

Gross unrealized gains	$	3,146,354
Gross unrealized losses		(3,161,762	)
Net unrealized losses	$	(15,408	)

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

12 Wells Fargo Advantage Short Duration Government Bond Fund Statement of assets and liabilities—February 28, 2015 (unaudited)

Assets
Investments
In unaffiliated securities, at value (cost $1,265,123,583)	$	1,265,635,996
In affiliated securities, at value (cost $49,711,816)		49,711,816
Total investments, at value (cost $1,314,835,399)		1,315,347,812
Cash		179,406
Receivable for investments sold		47,547,847
Principal paydown receivable		858,629
Receivable for Fund shares sold		414,116
Receivable for interest		2,495,174
Prepaid expenses and other assets		17,234
Total assets		1,366,860,218
Liabilities
Dividends payable		114,772
Payable for investments purchased		99,359,747
Payable for Fund shares redeemed		1,478,332
Advisory fee payable		260,587
Distribution fees payable		22,069
Administration fees payable		142,207
Accrued expenses and other liabilities		131,046
Total liabilities		101,508,760
Total net assets	$	1,265,351,458
NET ASSETS CONSIST OF
Paid-in capital	$	1,303,311,669
Overdistributed net investment income		(2,522,072	)
Accumulated net realized losses on investments		(35,950,552	)
Net unrealized gains on investments		512,413
Total net assets	$	1,265,351,458
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	90,581,719
Shares outstanding – Class A1		8,991,201
Net asset value per share – Class A		$10.07
Maximum offering price per share – Class A2		$10.28
Net assets – Class B	$	163,627
Shares outstanding – Class B1		16,229
Net asset value per share – Class B		$10.08
Net assets – Class C	$	36,076,997
Shares outstanding – Class C1		3,575,263
Net asset value per share – Class C		$10.09
Net assets – Class R6	$	47,558,282
Shares outstanding – Class R61		4,706,603
Net assets – Class R6		$10.10
Net assets – Administrator Class	$	186,290,344
Shares outstanding – Administrator Class1		18,462,004
Net asset value per share – Administrator Class		$10.09
Net assets – Institutional Class	$	904,680,489
Shares outstanding – Institutional Class1		89,674,999
Net asset value per share – Institutional Class		$10.09

¹  The Fund has an unlimited number of authorized shares.

²  Maximum offering price is computed as 100/98 of net asset value. On investments of $50,000 or more, the offering price is reduced.

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

Statement of operations—six months ended February 28, 2015 (unaudited) Wells Fargo Advantage Short Duration Government Bond Fund 13

Investment income
Interest	$	8,685,044
Income from affiliated securities		2,425
Total investment income		8,687,469
Expenses
Advisory fee		1,897,848
Administration fees
Fund level		322,523
Class A		78,393
Class B		178
Class C		31,802
Class R6		7,035
Administrator Class		94,148
Institutional Class		366,772
Shareholder servicing fees
Class A		122,489
Class B		278
Class C		49,691
Administrator Class		235,138
Distribution fees
Class B		834
Class C		149,072
Custody and accounting fees		36,765
Professional fees		26,165
Registration fees		43,246
Shareholder report expenses		31,782
Trustees’ fees and expenses		4,795
Other fees and expenses		16,005
Total expenses		3,514,959
Less: Fee waivers and/or expense reimbursements		(250,704	)
Net expenses		3,264,255
Net investment income		5,423,214
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on investments		2,697,605
Net change in unrealized gains (losses) on investments		(743,396	)
Net realized and unrealized gains (losses) on investments		1,954,209
Net increase in net assets resulting from operations	$	7,377,423

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

14 Wells Fargo Advantage Short Duration Government Bond Fund Statement of changes in net assets

	Six months ended February 28, 2015 (unaudited)						Year ended August 31, 2014
Operations
Net investment income				$	5,423,214					$	8,479,376
Net realized gains (losses) on investments					2,697,605						(4,014,003	)
Net change in unrealized gains (losses) on investments					(743,396	)					13,243,893
Net increase (decrease) in net assets resulting from operations					7,377,423						17,709,266
Distributions to shareholders from
Net investment income
Class A					(514,892	)					(1,294,991	)
Class B					(330	)					(2,258	)
Class C					(60,291	)					(209,312	)
Class R6					(342,789	)					(380,974	)
Administrator Class					(1,160,021	)					(2,670,961	)
Institutional Class					(6,473,247	)					(13,956,138	)
Total distributions to shareholders					(8,551,570	)					(18,514,634	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		429,571			4,330,941			2,050,091			20,702,596
Class B		4,663			47,021			6,231			62,998
Class C		145,018			1,465,025			299,780			3,033,330
Class R6		1,033,932			10,453,395			6,291,982			63,793,536
Administrator Class		2,041,896			20,616,233			3,637,751			36,805,716
Institutional Class		16,009,760			161,568,643			33,734,906			341,098,630
					198,481,258						465,496,806
Reinvestment of distributions
Class A		46,999			473,806			118,250			1,194,227
Class B		28			284			198			1,999
Class C		5,434			54,871			19,110			193,392
Class R6		33,904			342,789			37,650			380,974
Administrator Class		107,789			1,088,637			243,609			2,464,121
Institutional Class		591,455			5,971,729			1,258,055			12,725,255
					7,932,116						16,959,968
Payment for shares redeemed
Class A		(2,097,582	)		(21,140,274	)		(4,076,175	)		(41,155,799	)
Class B		(11,022	)		(111,210	)		(68,648	)		(693,890	)
Class C		(973,700	)		(9,832,093	)		(2,166,936	)		(21,918,485	)
Class R6		(1,151,209	)		(11,641,505	)		(1,834,211	)		(18,570,451	)
Administrator Class		(2,646,164	)		(26,708,165	)		(8,159,129	)		(82,511,132	)
Institutional Class		(16,365,574	)		(165,121,661	)		(49,642,019	)		(501,916,330	)
					(234,554,908	)					(666,766,087	)
Net decrease in net assets resulting from capital share transactions					(28,141,534	)					(184,309,313	)
Total decrease in net assets					(29,315,681	)					(185,114,681	)
Net assets
Beginning of period					1,294,667,139						1,479,781,820
End of period				$	1,265,351,458					$	1,294,667,139
Overdistributed net investment income				$	(2,522,072	)				$	606,284

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

Financial highlights Wells Fargo Advantage Short Duration Government Bond Fund 15

(For a share outstanding throughout each period)

	Six months ended February 28, 2015 (unaudited)			Year ended August 31															Year ended May 31, 2010
CLASS A				2014			2013			2012			2011			20101
Net asset value, beginning of period		$10.08			$10.09			$10.35			$10.36			$10.47			$10.41			$10.30
Net investment income		0.03			0.03			0.08	2		0.10			0.16			0.05			0.19	2
Net realized and unrealized gains (losses) on investments		0.01			0.07			(0.14	)		0.09			0.07			0.08			0.20
Total from investment operations		0.04			0.10			(0.06	)		0.19			0.23			0.13			0.39
Distributions to shareholders from
Net investment income		(0.05	)		(0.11	)		(0.20	)		(0.20	)		(0.25	)		(0.07	)		(0.28	)
Net realized gains		0.00			0.00			0.00			0.00			(0.09	)		0.00			0.00
Total distributions to shareholders		(0.05	)		(0.11	)		(0.20	)		(0.20	)		(0.34	)		(0.07	)		(0.28	)
Net asset value, end of period		$10.07			$10.08			$10.09			$10.35			$10.36			$10.47			$10.41
Total return3		0.42	%		1.03	%		(0.63	)%		1.86	%		2.17	%		1.23	%		3.85	%
Ratios to average net assets (annualized)
Gross expenses		0.78	%		0.80	%		0.82	%		0.86	%		0.87	%		0.86	%		0.88	%
Net expenses		0.78	%		0.78	%		0.79	%		0.83	%		0.83	%		0.84	%		0.85	%
Net investment income		0.56	%		0.38	%		0.80	%		0.98	%		1.60	%		1.85	%		1.86	%
Supplemental data
Portfolio turnover rate		273	%		408	%		324	%		399	%		485	%		135	%		501	%
Net assets, end of period (000s omitted)		$90,582			$107,005			$126,316			$167,266			$162,719			$181,951			$162,737

¹  For the three months ended August 31, 2010. The Fund changed its fiscal year end from May 31 to August 31, effective August 31, 2010.

²  Calculated based upon average shares outstanding

³  Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.

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

16 Wells Fargo Advantage Short Duration Government Bond Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended February 28, 2015 (unaudited)			Year ended August 31															Year ended May 31, 2010
CLASS B				2014			2013			2012			2011			20101
Net asset value, beginning of period		$10.09			$10.10			$10.36			$10.36			$10.48			$10.42			$10.31
Net investment income (loss)		(0.01	)2		(0.04	)2		0.01	2		0.03	2		0.09			0.03			0.14	2
Net realized and unrealized gains (losses) on investments		0.02			0.07			(0.15	)		0.10			0.05			0.08			0.18
Total from investment operations		0.01			0.03			(0.14	)		0.13			0.14			0.11			0.32
Distributions to shareholders from
Net investment income		(0.02	)		(0.04	)		(0.12	)		(0.13	)		(0.17	)		(0.05	)		(0.21	)
Net realized gains		0.00			0.00			0.00			0.00			(0.09	)		0.00			0.00
Total distributions to shareholders		(0.02	)		(0.04	)		(0.12	)		(0.13	)		(0.26	)		(0.05	)		(0.21	)
Net asset value, end of period		$10.08			$10.09			$10.10			$10.36			$10.36			$10.48			$10.42
Total return3		0.05	%		0.28	%		(1.37	)%		1.22	%		1.32	%		1.04	%		3.08	%
Ratios to average net assets (annualized)
Gross expenses		1.53	%		1.56	%		1.58	%		1.60	%		1.62	%		1.62	%		1.66	%
Net expenses		1.53	%		1.53	%		1.54	%		1.57	%		1.58	%		1.59	%		1.60	%
Net investment income (loss)		(0.18	)%		(0.37	)%		(0.06	)%		0.25	%		0.85	%		1.07	%		1.30	%
Supplemental data
Portfolio turnover rate		273	%		408	%		324	%		399	%		485	%		135	%		501	%
Net assets, end of period (000s omitted)		$164			$228			$856			$1,115			$1,543			$1,548			$1,760

¹  For the three months ended August 31, 2010. The Fund changed its fiscal year end from May 31 to August 31, effective August 31, 2010.

²  Calculated based upon average shares outstanding

³  Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.

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

Financial highlights Wells Fargo Advantage Short Duration Government Bond Fund 17

(For a share outstanding throughout each period)

	Six months ended February 28, 2015 (unaudited)			Year ended August 31															Year ended May 31, 2010
CLASS C				2014			2013			2012			2011			20101
Net asset value, beginning of period		$10.10			$10.11			$10.37			$10.37			$10.48			$10.43			$10.32
Net investment income (loss)		(0.01	)		(0.05	)		0.01	2		0.03			0.08			0.03			0.11	2
Net realized and unrealized gains (losses) on investments		0.02			0.08			(0.15	)		0.09			0.07			0.07			0.20
Total from investment operations		0.01			0.03			(0.14	)		0.12			0.15			0.10			0.31
Distributions to shareholders from
Net investment income		(0.02	)		(0.04	)		(0.12	)		(0.12	)		(0.17	)		(0.05	)		(0.20	)
Net realized gains		0.00			0.00			0.00			0.00			(0.09	)		0.00			0.00
Total distributions to shareholders		(0.02	)		(0.04	)		(0.12	)		(0.12	)		(0.26	)		(0.05	)		(0.20	)
Net asset value, end of period		$10.09			$10.10			$10.11			$10.37			$10.37			$10.48			$10.43
Total return3		0.05	%		0.28	%		(1.37	)%		1.20	%		1.41	%		0.94	%		3.06	%
Ratios to average net assets (annualized)
Gross expenses		1.53	%		1.55	%		1.57	%		1.61	%		1.62	%		1.62	%		1.65	%
Net expenses		1.53	%		1.53	%		1.54	%		1.58	%		1.58	%		1.59	%		1.60	%
Net investment income (loss)		(0.19	)%		(0.37	)%		0.05	%		0.23	%		0.85	%		1.10	%		1.01	%
Supplemental data
Portfolio turnover rate		273	%		408	%		324	%		399	%		485	%		135	%		501	%
Net assets, end of period (000s omitted)		$36,077			$44,423			$63,126			$78,385			$69,077			$72,124			$65,664

¹  For the three months ended August 31, 2010. The Fund changed its fiscal year end from May 31 to August 31, effective August 31, 2010.

²  Calculated based upon average shares outstanding

³  Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.

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

18 Wells Fargo Advantage Short Duration Government Bond Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended February 28, 2015 (unaudited)			Year ended August 31
CLASS R6				2014			20131
Net asset value, beginning of period		$10.11			$10.13			$10.33
Net investment income		0.05			0.08	2		0.13	2
Net realized and unrealized gains (losses) on investments		0.01			0.05			(0.15	)
Total from investment operations		0.06			0.13			(0.02	)
Distributions to shareholders from
Net investment income		(0.07	)		(0.15	)		(0.18	)
Net asset value, end of period		$10.10			$10.11			$10.13
Total return3		0.63	%		1.35	%		(0.17	)%
Ratios to average net assets (annualized)
Gross expenses		0.40	%		0.41	%		0.43	%
Net expenses		0.37	%		0.37	%		0.37	%
Net investment income		0.97	%		0.76	%		0.81	%
Supplemental data
Portfolio turnover rate		273	%		408	%		324	%
Net assets, end of period (000s omitted)		$47,558			$48,446			$2,983

¹  For the period from November 30, 2012 (commencement of class operations) to August 31, 2013

²  Calculated based upon average shares outstanding

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

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

Financial highlights Wells Fargo Advantage Short Duration Government Bond Fund 19

(For a share outstanding throughout each period)

	Six months ended February 28, 2015 (unaudited)			Year ended August 31															Year ended May 31, 2010
ADMINISTRATOR CLASS				2014			2013			2012			2011			20101
Net asset value, beginning of period		$10.10			$10.11			$10.36			$10.37			$10.48			$10.42			$10.32
Net investment income		0.04			0.06	2		0.10	2		0.13			0.17			0.05			0.22	2
Net realized and unrealized gains (losses) on investments		0.01			0.06			(0.13	)		0.09			0.08			0.08			0.19
Total from investment operations		0.05			0.12			(0.03	)		0.22			0.25			0.13			0.41
Distributions to shareholders from
Net investment income		(0.06	)		(0.13	)		(0.22	)		(0.23	)		(0.27	)		(0.07	)		(0.31	)
Net realized gains		0.00			0.00			0.00			0.00			(0.09	)		0.00			0.00
Total distributions to shareholders		(0.06	)		(0.13	)		(0.22	)		(0.23	)		(0.36	)		(0.07	)		(0.31	)
Net asset value, end of period		$10.09			$10.10			$10.11			$10.36			$10.37			$10.48			$10.42
Total return3		0.51	%		1.21	%		(0.34	)%		2.10	%		2.41	%		1.29	%		4.01	%
Ratios to average net assets (annualized)
Gross expenses		0.72	%		0.74	%		0.76	%		0.80	%		0.80	%		0.79	%		0.80	%
Net expenses		0.60	%		0.60	%		0.60	%		0.60	%		0.60	%		0.60	%		0.60	%
Net investment income		0.75	%		0.56	%		0.99	%		1.20	%		1.84	%		2.06	%		2.13	%
Supplemental data
Portfolio turnover rate		273	%		408	%		324	%		399	%		485	%		135	%		501	%
Net assets, end of period (000s omitted)		$186,290			$191,469			$234,808			$285,637			$247,357			$435,363			$505,432

¹  For the three months ended August 31, 2010. The Fund changed its fiscal year end from May 31 to August 31, effective August 31, 2010.

²  Calculated based upon average shares outstanding

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

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

20 Wells Fargo Advantage Short Duration Government Bond Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended February 28, 2015 (unaudited)			Year ended August 31															Year ended May 31, 2010
INSTITUTIONAL CLASS				2014			2013			2012			2011			20101
Net asset value, beginning of period		$10.10			$10.10			$10.36			$10.37			$10.48			$10.43			$10.32
Net investment income		0.05			0.07			0.12			0.15			0.21			0.06			0.31	2
Net realized and unrealized gains (losses) on investments		0.01			0.08			(0.15	)		0.09			0.06			0.07			0.13
Total from investment operations		0.06			0.15			(0.03	)		0.24			0.27			0.13			0.44
Distributions to shareholders from
Net investment income		(0.07	)		(0.15	)		(0.23	)		(0.25	)		(0.29	)		(0.08	)		(0.33	)
Net realized gains		0.00			0.00			0.00			0.00			(0.09	)		0.00			0.00
Total distributions to shareholders		(0.07	)		(0.15	)		(0.23	)		(0.25	)		(0.38	)		(0.08	)		(0.33	)
Net asset value, end of period		$10.09			$10.10			$10.10			$10.36			$10.37			$10.48			$10.43
Total return3		0.60	%		1.50	%		(0.26	)%		2.28	%		2.59	%		1.24	%		4.30	%
Ratios to average net assets (annualized)
Gross expenses		0.45	%		0.47	%		0.49	%		0.53	%		0.54	%		0.53	%		0.55	%
Net expenses		0.42	%		0.42	%		0.42	%		0.42	%		0.42	%		0.42	%		0.42	%
Net investment income		0.93	%		0.74	%		1.16	%		1.39	%		1.97	%		2.27	%		2.98	%
Supplemental data
Portfolio turnover rate		273	%		408	%		324	%		399	%		485	%		135	%		501	%
Net assets, end of period (000s omitted)		$904,680			$903,096			$1,051,693			$1,157,125			$862,174			$572,274			$489,762

¹  For the three months ended August 31, 2010. The Fund changed its fiscal year end from May 31 to August 31, effective August 31, 2010.

²  Calculated based upon average shares outstanding

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

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

Notes to financial statements (unaudited) Wells Fargo Advantage Short Duration Government Bond Fund 21

1. ORGANIZATION

Wells Fargo Funds Trust (the “Trust”), a Delaware statutory trust organized on March 10, 1999, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). As an investment company, the Trust follows the accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946, Financial Services – Investment Companies. These financial statements report on the Wells Fargo Advantage Short Duration Government Bond Fund (the “Fund”) which is a diversified series of the Trust.

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

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

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

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

When-issued transactions

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

TBA sale commitments

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

22 Wells Fargo Advantage Short Duration Government Bond Fund Notes to financial statements (unaudited)

closed through the acquisition of an offsetting purchase commitment, the Fund realizes a gain or loss. If the Fund delivers securities under the commitment, the Fund realizes a gain or a loss from the sale of the securities based upon the unit price established at the date the commitment was entered into.

Security transactions and income recognition

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

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

Distributions to shareholders

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

Federal and other taxes

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

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

As of August 31, 2014, the Fund had capital loss carryforwards which consist of $22,628,036 in short-term capital losses and $6,306,407 in long-term capital losses.

As of August 31, 2014, the Fund had $9,437,999 of current year deferred post-October capital losses, which was recognized on the first day of the current fiscal year.

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

Notes to financial statements (unaudited) Wells Fargo Advantage Short Duration Government Bond Fund 23

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

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of February 28, 2015:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in :
Agency securities	$	0	$	436,946,548	$	0	$	436,946,548
Asset-backed securities		0		158,116,113		0		158,116,113
Non-agency mortgage-backed securities		0		60,545,434		0		60,545,434
U.S. Treasury securities		610,027,901		0		0		610,027,901
Short-term investments
Investment companies		49,711,816		0		0		49,711,816
Total assets	$	659,739,717	$	655,608,095	$	0	$	1,315,347,812

The Fund recognizes transfers between levels within the fair value hierarchy at the end of the reporting period. At February 28, 2015, the Fund did not have any transfers into/out of Level 1, Level 2, or Level 3.

4. TRANSACTIONS WITH AFFILIATES

Advisory fee

The Trust has entered into an advisory contract with Funds Management, an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”). The adviser is responsible for implementing investment policies and guidelines and for supervising the subadviser, who is responsible for day-to-day portfolio management of the Fund.

Pursuant to the contract, Funds Management is entitled to receive an annual advisory fee starting at 0.30% and declining to 0.225% as the average daily net assets of the Fund increase. For the six months ended February 28, 2015, the advisory fee was equivalent to an annual rate of 0.29% of the Fund’s average daily net assets.

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Funds Management. Wells Capital Management Incorporated, an affiliate of Funds Management and an indirect wholly owned subsidiary of Wells Fargo, is the subadviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.15% and declining to 0.05% as the average daily net assets of the Fund increase.

Administration fees

The Trust has entered into an administration agreement with Funds Management. Under this agreement, for providing administrative services, which includes paying fees and expenses for services provided by the transfer agent, sub-transfer agents, omnibus account servicers and record-keepers, Funds Management is entitled to receive from the Fund an annual fund level administration fee starting at 0.05% and declining to 0.03% as the average daily net assets of the 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		0.16	%
Class R6		0.03
Administrator Class		0.10
Institutional Class		0.08

Funds Management has contractually waived and/or reimbursed advisory and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. Waiver of fees and/or reimbursement of expenses by Funds Management were made first from fund level expenses on a proportionate basis and then from class

24 Wells Fargo Advantage Short Duration Government Bond Fund Notes to financial statements (unaudited)

specific expenses. Funds Management has committed through December 31, 2015 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 0.78% for Class A shares, 1.53% for Class B shares, 1.53% for Class C shares, 0.37% for Class R6 shares, 0.60% for Administrator Class shares, and 0.42% for Institutional Class shares. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

Distribution fees

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

In addition, Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class B and Class C shares. For the six months ended February 28, 2015, Funds Distributor received $723 from the sale of Class A shares.

Shareholder servicing fees

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

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding short-term securities, for the six months ended February 28, 2015 were as follows:

Purchases at cost		Sales proceeds
U.S. government	Non-U.S. government	U.S. government	Non-U.S. government
$3,453,663,044	$112,985,537	$3,425,802,486	$105,711,459

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 Fund is permitted to use bank borrowings for temporary or emergency purposes, such as to fund shareholder redemption requests. Interest under the credit agreement is charged to the Fund based on a borrowing rate equal to the higher of the Federal Funds rate in effect on that day plus 1.25% or the overnight LIBOR rate in effect on that day plus 1.25%. In addition, an annual commitment fee equal to 0.10% of the unused balance is allocated to each participating fund. For the six months ended February 28, 2015, the Fund paid $715 in commitment fees.

For the six months ended February 28, 2015, there were no borrowings by the Fund under the agreement.

7. INDEMNIFICATION

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

Other information (unaudited) Wells Fargo Advantage Short Duration Government Bond Fund 25

PROXY VOTING INFORMATION

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available, upon request, by calling 1-800-222-8222, visiting our website at wellsfargoadvantagefunds.com, or visiting the SEC website at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available on the Fund’s website at wellsfargoadvantagefunds.com or by visiting the SEC website at sec.gov.

PORTFOLIO HOLDINGS INFORMATION

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

26 Wells Fargo Advantage Short Duration Government Bond Fund Other information (unaudited)

BOARD OF TRUSTEES AND OFFICERS

Each of the Trustees and Officers¹ listed in the table below acts in identical capacities for each fund in the Wells Fargo Advantage family of funds, which consists of 134 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
William R. Ebsworth (Born 1957)	Trustee, since 2015**	Retired. From 1984 to 2013, equities analyst, portfolio manager, research director at Fidelity Management and Research Company and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. in Boston, Tokyo, and Hong Kong where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Mr. Ebsworth is an Adjunct Lecturer, Finance, at Babson College and a Chartered Financial Analyst.	Asset Allocation Trust
Jane A. Freeman (Born 1953)	Trustee, since 2015**	Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior thereto, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is a Chartered Financial Analyst (inactive), Chair of Taproot Foundation (non-profit organization) and a Board Member of Ruth Bancroft Garden (non-profit organization).	Asset Allocation Trust
Peter G. Gordon (Born 1942)	Trustee, since 1998; Chairman, since 2005	Co-Founder, Retired Chairman, President and CEO of Crystal Geyser Water Company. Trustee Emeritus, Colby College.	Asset Allocation Trust
Isaiah Harris, Jr. (Born 1952)	Trustee, since 2009	Retired. Chairman of the Board of CIGNA Corporation since 2009, and Director since 2005. From 2003 to 2011, Director of Delux Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy. 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
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

Other information (unaudited) Wells Fargo Advantage Short Duration Government Bond Fund 27

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Other directorships during past five years
Timothy J. Penny (Born 1951)	Trustee, since 1996	President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007 and Senior Fellow at the Humphrey Institute Policy Forum at the University of Minnesota since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	Asset Allocation Trust
Michael S. Scofield (Born 1943)	Trustee, since 2010	Served on the Investment Company Institute’s Board of Governors and Executive Committee from 2008-2011 as well the Governing Council of the Independent Directors Council from 2006-2011 and the Independent Directors Council Executive Committee from 2008-2011. Chairman of the IDC from 2008-2010. Institutional Investor (Fund Directions) Trustee of Year in 2007. Trustee of the Evergreen Funds complex (and its predecessors) from 1984 to 2010. Chairman of the Evergreen Funds from 2000-2010. Former Trustee of the Mentor Funds. Retired Attorney, Law Offices of Michael S. Scofield.	Asset Allocation Trust
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.

** William R. Ebsworth and Jane A. Freeman each became a Trustee effective January 1, 2015.

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	Senior Vice President and Secretary of Wells Fargo Funds Management, LLC since 2001. Assistant General Counsel of Wells Fargo Bank, N.A. since 2013 and Vice President and Managing Counsel of Wells Fargo Bank N.A. from 1996 to 2013.
Debra Ann Early (Born 1964)	Chief Compliance Officer, since 2007	Senior Vice President of Wells Fargo Funds Management, LLC since 2007 and Chief Compliance Officer from 2007 to 2014. Chief Compliance Officer of Parnassus Investments from 2005 to 2007. Chief Financial Officer of Parnassus Investments from 2004 to 2007 and Senior Audit Manager of PricewaterhouseCoopers LLP from 1998 to 2004.
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 61 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.

28 Wells Fargo Advantage Short Duration Government Bond Fund List of abbreviations

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

ACA —  ACA Financial Guaranty Corporation

ADR —  American depositary receipt

ADS —  American depositary shares

AGC —  Assured Guaranty Corporation

AGM —  Assured Guaranty Municipal

Ambac —  Ambac Financial Group Incorporated

AMT —  Alternative minimum tax

AUD —  Australian dollar

BAN —  Bond anticipation notes

BHAC —  Berkshire Hathaway Assurance Corporation

BRL —  Brazilian real

CAB —  Capital appreciation bond

CAD —  Canadian dollar

CCAB —  Convertible capital appreciation bond

CDA —  Community Development Authority

CDO —  Collateralized debt obligation

CHF —  Swiss franc

COP —  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

LIFER —  Long Inverse Floating Exempt Receipts

LIQ —  Liquidity agreement

LLC —  Limited liability company

LLLP —  Limited liability limited partnership

LLP —  Limited liability partnership

LOC —  Letter of credit

LP —  Limited partnership

MBIA —  Municipal Bond Insurance Association

MFHR —  Multifamily housing revenue

MSTR —  Municipal securities trust receipts

MTN —  Medium-term note

MUD —  Municipal Utility District

MXN —  Mexican peso

MYR —  Malaysian ringgit

National —  National Public Finance Guarantee Corporation

NGN —  Nigerian naira

NOK —  Norwegian krone

NZD —  New Zealand dollar

PCFA —  Pollution Control Financing Authority

PCL —  Public Company Limited

PCR —  Pollution control revenue

PFA —  Public Finance Authority

PFFA —  Public Facilities Financing Authority

PFOTER —  Puttable floating option tax-exempt receipts

plc —  Public limited company

PLN —  Polish zloty

PUTTER —  Puttable tax-exempt receipts

R&D —  Research & development

Radian —  Radian Asset Assurance

RAN —  Revenue anticipation notes

RDA —  Redevelopment Authority

RDFA —  Redevelopment Finance Authority

REIT —  Real estate investment trust

ROC —  Reset option certificates

RON —  Romanian lei

RUB —  Russian ruble

SAVRS —  Select auction variable rate securities

SBA —  Small Business Authority

SEK —  Swedish krona

SFHR —  Single-family housing revenue

SFMR —  Single-family mortgage revenue

SGD —  Singapore dollar

SPA —  Standby purchase agreement

SPDR —  Standard & Poor’s Depositary Receipts

SPEAR —   Short Puttable Exempt Adjustable Receipts

STRIPS —  Separate trading of registered interest and

      principal securities

TAN —  Tax anticipation notes

TBA —  To be announced

THB —  Thai baht

TIPS —  Treasury inflation-protected securities

TRAN —  Tax revenue anticipation notes

TRY —  Turkish lira

TTFA —  Transportation Trust Fund Authority

TVA —  Tennessee Valley Authority

ZAR —  South African rand

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

© 2015 Wells Fargo Funds Management, LLC. All rights reserved.

232057 04-15 SA220/SAR220 02-15

Wells Fargo Advantage Short-Term Bond Fund

Semi-Annual Report

February 28, 2015

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Contents

Letter to shareholders	2
Performance highlights	4
Fund expenses	6
Portfolio of investments	7
Financial statements
Statement of assets and liabilities	18
Statement of operations	19
Statement of changes in net assets	20
Financial highlights	21
Notes to financial statements	25
Other information	31
List of abbreviations	34

The views expressed and any forward-looking statements are as of February 28, 2015, unless otherwise noted, and are those of the Fund managers and/or Wells Fargo Funds Management, LLC. Discussions of individual securities, or the markets generally, or any Wells Fargo Advantage Fund are not intended as individual recommendations. Future events or results may vary significantly from those expressed in any forward-looking statements; the views expressed are subject to change at any time in response to changing circumstances in the market. Wells Fargo Funds Management, LLC and the Fund disclaim any obligation to publicly update or revise any views expressed or forward-looking statements.

NOT FDIC INSURED  ¡  NO BANK GUARANTEE  ¡   MAY LOSE VALUE

2 Wells Fargo Advantage Short-Term Bond Fund Letter to shareholders (unaudited)

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 Short-Term Bond Fund for the six-month period that ended February 28, 2015. The period was marked by low interest rates, a large decline in oil prices, and moderate U.S. economic growth. Investment-grade bonds, as measured by the Barclays U.S. Aggregate Bond Index¹, returned 2.25% 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 ended its quantitative easing program in October 2014 and also set expectations for it to begin normalizing monetary policy with higher target ranges for the federal funds rate in 2015.

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 said it intends to increase the size of its balance sheet, a result of quantitative easing, by buying eurozone government bonds. In Japan, the Bank of Japan maintained an aggressive monetary program aimed at combating deflation.

U.S. economic growth was moderate, and oil prices plummeted.

Economic growth advanced during the reporting period, the unemployment rate ticked lower to 5.5% as of February 2015, and inflation remained below the Fed’s longer-run objective of a 2% pace. The period was also marked by dramatically lower oil prices, which fell from more than $90 per barrel at the end of August 2014 to below $50 per barrel at the end of February 2015. While lower oil prices benefited consumers of oil products, the lower prices pressured companies within the energy sector.

Longer-dated securities and higher-rated credits were top performers.

Ten-year U.S. Treasury rates declined during the period, from 2.35% at end of August 2014 to 2.03% by the end of February 2015, benefiting both from safe-haven status as well as relative attractiveness to global investors. With the U.S. economy the furthest along its business cycle, the level of interest rates in the U.S. and Europe diverged. The 10-year U.S. Treasury yield was 2.03% at the end of February 2015 compared with 0.30% for 10-year German government yields, 173 basis points (bps; 100 bps equals 1.00%) higher. This was largely attributed to the Fed being closer to eventually increasing interest rates while the ECB potentially needs to further increase, rather than scale back, its amount of accommodation. Further, U.S. economic activity was healthier than Europe’s.

Treasury bonds with maturities greater than 20 years returned more than 10% during the six-month period that ended February 28, 2015, according to the Barclays U.S. Aggregate Bond Index. This was due, in part, to strong demand from overseas investors because yields in Europe and Japan were substantially lower than U.S. yields. In addition, because the dollar strengthened, the returns from

¹  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 Short-Term Bond Fund 3

Treasuries were even higher for foreign-domiciled investors. Longer-maturity debt across all sectors outperformed shorter-dated securities.

Investment-grade corporate bonds returned 2.29% during the six-month reporting period, according to the Barclays U.S. Aggregate Bond Index, and AAA-rated² bonds had higher returns than BBB-rated bonds. Lower-rated credits, including high yield, underperformed as oil prices fell dramatically. Not only were many energy and mining companies negatively affected, but investor trepidation about weak global growth caused investment-grade spreads to modestly widen while high-yield spreads widened substantially.

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

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

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

Sincerely,

Karla M. Rabusch

President

Wells Fargo Advantage Funds

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

²  The ratings indicated are from Standard & Poor’s, Moody’s Investors Service, and/or Fitch Ratings Ltd. Standard & Poor’s rates the creditworthiness of bonds from AAA (highest) to D (lowest). Ratings from A to CCC may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the rating categories. Moody’s rates the creditworthiness of bonds from Aaa (highest) to C (lowest). Ratings Aa to B may be modified by the addition of a number 1 (highest) to 3 (lowest) to show relative standing within the ratings categories. Fitch rates the creditworthiness of bonds from AAA (highest) to D (lowest).

4 Wells Fargo Advantage Short-Term Bond Fund Performance highlights (unaudited)

Investment objective

The Fund seeks current income consistent with capital preservation.

Adviser

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Christopher Y. Kauffman, CFA

Jay N. Mueller, CFA

Noah Wise, CFA

Average annual total returns¹ (%) as of February 28, 2015

		Including sales charge							Excluding sales charge						Expense ratios2 (%)
	Inception date	1 year			5 year		10 year		1 year		5 year		10 year		Gross		Net3
Class A (SSTVX)	8-31-1999		(1.08	)		1.48		2.89		0.94		1.89		3.09		0.81		0.73
Class C (WFSHX)	3-31-2008		(0.81	)		1.13		2.31		0.19		1.13		2.31		1.56		1.48
Institutional Class (SSHIX)	8-31-1999		–			–		–		1.24		2.21		3.42		0.48		0.48
Investor Class (SSTBX)	8-31-1987		–			–		–		0.93		1.89		3.06		0.84		0.74
Barclays 1-3 Year Government/Credit Index4	–		–			–		–		0.80		1.28		2.91		–		–

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 2.00%. For Class C shares, the maximum contingent deferred sales charge is 1.00%. Performance including a contingent deferred sales charge assumes the sales charge for the corresponding time period. Institutional Class and Investor Class shares are sold without a front-end sales charge or contingent deferred sales charge.

Bond values fluctuate in response to the financial condition of individual issuers, general market and economic conditions, and changes in interest rates. Changes in market conditions and government policies may lead to periods of heightened volatility in the bond market and reduced liquidity for certain bonds held by the Fund. In general, when interest rates rise, bond values fall and investors may lose principal value. Interest-rate changes and their impact on the Fund and its share price can be sudden and unpredictable. Loans are subject to risks similar to those associated with other below-investment-grade bond investments, such as credit risk (for example, risk of issuer default), below-investment-grade bond risk (for example, risk of greater volatility in value), and risk that the loan may become illiquid or difficult to price. The use of derivatives may reduce returns and/or increase volatility. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). The Fund is exposed to foreign investment risk, high-yield securities risk, and mortgage- and asset-backed securities risk. Consult the Fund’s prospectus for additional information on these and other risks.

Please see footnotes on page 5.

Performance highlights (unaudited) Wells Fargo Advantage Short-Term Bond Fund 5

Ten largest long-term holdings5 (%) as of February 28, 2015
Chase Issuance Trust Series 2012-A5 Class A5, 0.59%, 8-15-2017	0.81
JPMorgan Chase Commercial Mortgage Securities Corporation Series 2014-INN Class A, 1.09%, 6-15-2029	0.74
Nissan Auto Lease Trust Series 2014-B Class A2A, 0.73%, 4-17-2017	0.73
GNMA Series 2012-19 Class A, 1.83%, 3-16-2039	0.70
U.S. Treasury Note, 1.38%, 2-28-2019	0.68
Port Arthur TX Navigation District Jefferson County Environmental Facilities Motiva Enterprises LLC Project Series D, 0.09%, 11-1-2040	0.67
Volvo Financial Equipment LLC Series 2014-1A Class A2, 0.54%, 11-15-2016	0.66
Murray Street Investment Trust I, 4.65%, 3-9-2017	0.63
Bear Stearns Companies Incorporated, 5.55%, 1-22-2017	0.62
Deutsche Annington Finance BV, 3.20%, 10-2-2017	0.61

Portfolio allocation⁶ as of February 28, 2015

¹  Effective June 20, 2008, Advisor Class was renamed Class A and modified to assume the features and attributes of Class A. Historical performance shown for Class A shares through June 19, 2008, includes Advisor Class expenses. Historical performance shown for Class C shares prior to their inception reflects the performance of Investor Class shares, adjusted to include the higher expenses applicable to Class C shares.

²  Reflects the expense ratios as stated in the most recent prospectuses, which include the impact of 0.01% in acquired fund fees and expenses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report, which do not include acquired fund fees and expenses.

³  The Adviser has committed through December 31, 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 0.72% for Class A, 1.47% for Class C, 0.48% for Institutional Class, and 0.73% for Investor Class. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses, and extraordinary expenses are excluded from the cap. Without this cap, the Fund’s returns would have been lower.

⁴  The Barclays 1-3 Year Government/Credit Index is the one- to three-year component of the Barclays Government/Credit Bond Index which includes securities in the Government and Credit Indices. The Government Index includes Treasuries (that is, public obligations of the U.S. Treasury that have remaining maturities of more than one year) and agencies (that is, publicly issued debt of U.S. Government agencies, quasi-federal corporations, and corporate or foreign debt guaranteed by the U.S. Government). The Credit Index includes publicly issued U.S. corporate and foreign debentures and secured notes that meet specified maturity, liquidity, and quality requirements. You cannot invest directly in an index.

⁵  The ten largest long-term holdings are calculated based on the value of the securities divided by total net assets of the Fund. Holdings are subject to change and may have changed since the date specified.

⁶  Amounts are calculated based on the total long-term investments of the Fund. These percentages are subject to change and may have changed since the date specified.

6 Wells Fargo Advantage Short-Term Bond Fund Fund expenses (unaudited)

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and contingent deferred sales charges (if any) on redemptions and (2) ongoing costs, including management fees, distribution (12b-1) and/or shareholder 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 September 1, 2014 to February 28, 2015.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

	Beginning account value 9-1-2014		Ending account value 2-28-2015		Expenses paid during the period¹		Net annualized expense ratio
Class A
Actual	$	1,000.00	$	1,003.76	$	3.73		0.75	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.08	$	3.76		0.75	%
Class C
Actual	$	1,000.00	$	1,000.05	$	7.44		1.50	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.36	$	7.50		1.50	%
Institutional Class
Actual	$	1,000.00	$	1,004.06	$	2.29		0.46	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.51	$	2.31		0.46	%
Investor Class
Actual	$	1,000.00	$	1,003.72	$	3.78		0.76	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.03	$	3.81		0.76	%

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

Portfolio of investments—February 28, 2015 (unaudited) Wells Fargo Advantage Short-Term Bond Fund 7

Security name	Interest rate			Maturity date		Principal		Value
Agency Securities: 12.15%
FDIC Series 2010-R1 Class A 144A		2.18	%		5-25-2050	$	2,459,808	$	2,480,795
FDIC Series 2013-R1 Class A 144A		1.15			3-25-2033		1,676,876		1,665,374
FHLMC ±		2.38			4-1-2032		59,632		63,255
FHLMC ±		2.41			9-1-2031		7,104		7,256
FHLMC ±		2.53			7-1-2029		4,998		5,216
FHLMC ±		2.90			5-1-2026		105,404		111,070
FHLMC		3.00			2-15-2024		1,293,668		1,338,908
FHLMC		3.50			6-15-2038		1,340,789		1,407,074
FHLMC		4.50			5-15-2018		199,268		208,817
FHLMC		4.50			7-15-2022		31,510		31,535
FHLMC		5.00			10-15-2032		416,873		430,756
FHLMC		6.00			10-1-2021		550,546		604,940
FHLMC		8.50			9-1-2017		68,764		71,263
FHLMC		9.00			8-1-2018		55,219		58,239
FHLMC		9.00			6-1-2019		58,105		61,946
FHLMC		9.00			10-1-2019		157,193		171,821
FHLMC		9.50			12-1-2022		119,253		129,689
FHLMC		10.50			1-1-2016		538		545
FHLMC		10.50			11-1-2017		499		538
FHLMC		10.50			8-1-2018		46,971		50,920
FHLMC		10.50			2-1-2019		989		1,100
FHLMC		10.50			4-1-2019		418		454
FHLMC		10.50			5-1-2019		462		513
FHLMC		10.50			6-1-2019		2,482		2,740
FHLMC		10.50			7-1-2019		986		1,101
FHLMC Series 2597 Series AE		5.50			4-15-2033		334,572		367,515
FHLMC Series 2631 Class LC		4.50			6-15-2018		448,775		470,279
FHLMC Series 2642 Class AR		4.50			7-15-2023		461,274		499,016
FHLMC Series 2656 Class BG		5.00			10-15-2032		1,564,818		1,637,953
FHLMC Series 2835 Class NG		5.50			7-15-2033		50,349		50,338
FHLMC Series 2958 Class QD		4.50			4-15-2020		1,505,226		1,571,141
FHLMC Series 3117 Class PL		5.00			8-15-2034		451,275		454,582
FHLMC Series 3656 Class BH		3.00			12-15-2019		1,724,659		1,743,708
FHLMC Series 3778 Class BM		3.50			8-15-2028		607,529		626,908
FHLMC Series 3794 Class LK		3.00			2-15-2024		2,088,929		2,132,005
FHLMC Series 3855 Class HL		3.50			2-15-2026		471,213		489,605
FHLMC Series 3920 Class AB		3.00			9-15-2025		1,222,719		1,262,135
FHLMC Series T-42 Class A6		9.50			2-25-2042		503,691		623,373
FHLMC Series T-57 Class 2A1 ±		3.26			7-25-2043		25,200		26,134
FHLMC Series T-59 Class 2A1 ±		2.93			10-25-2043		1,177,067		1,225,783
FNMA ±		2.31			11-1-2031		68,196		71,661
FNMA		2.73			10-1-2017		3,026,703		3,132,093
FNMA		2.93			12-1-2017		2,360,499		2,456,679
FNMA		3.34			4-1-2016		957,969		978,284
FNMA		3.34			9-1-2017		1,405,410		1,472,394
FNMA		3.50			10-1-2023		1,575,681		1,673,560
FNMA		3.50			11-1-2023		936,357		994,569
FNMA		3.69			6-1-2017		3,336,735		3,525,584
FNMA		3.74			5-1-2018		2,252,774		2,399,539
FNMA		4.00			5-25-2019		384,239		406,227

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

8 Wells Fargo Advantage Short-Term Bond Fund Portfolio of investments—February 28, 2015 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Agency Securities (continued)
FNMA		4.00	%		12-15-2024	$	608,269	$	635,272
FNMA		4.00			6-25-2026		1,436,630		1,535,121
FNMA		4.00			8-25-2037		1,285,452		1,320,760
FNMA		4.44			9-1-2015		1,682,193		1,717,469
FNMA		5.00			1-15-2022		1,646,185		1,742,112
FNMA		5.00			3-25-2034		287,070		290,680
FNMA		5.09			2-1-2016		855,655		876,147
FNMA		5.24			1-1-2018		1,762,204		1,836,125
FNMA		5.50			8-25-2034		2,365,332		2,487,208
FNMA		6.00			4-1-2021		775,899		818,861
FNMA		6.00			3-1-2033		843,555		972,620
FNMA		6.28			11-1-2018		610,876		626,363
FNMA		6.50			8-1-2031		484,100		576,084
FNMA		7.60			8-1-2018		199,829		215,939
FNMA		8.00			4-1-2017		91,298		95,440
FNMA		8.00			9-1-2019		62,932		66,624
FNMA		8.00			9-1-2023		8,483		9,079
FNMA		8.33			7-15-2020		26,640		29,330
FNMA		8.50			7-1-2018		46,044		48,677
FNMA		8.50			2-1-2023		42,377		44,550
FNMA		9.00			2-15-2020		1,160		1,330
FNMA		9.00			11-1-2024		96,859		108,354
FNMA		11.00			10-15-2020		21,637		22,152
FNMA		12.00			3-1-2017		553		555
FNMA Grantor Trust Series 2002-T12 Class A4		9.50			5-25-2042		790,783		989,792
FNMA Series 1989-29 Class Z		10.00			6-25-2019		88,192		98,841
FNMA Series 1989-63 Class Z		9.40			10-25-2019		45,753		49,341
FNMA Series 2002-T1 Class A4		9.50			11-25-2031		68,938		84,187
FNMA Series 2003-15 Class CB		5.00			3-25-2018		900,411		940,065
FNMA Series 2003-41 Class PE		5.50			5-25-2023		1,316,621		1,426,355
FNMA Series 2003-W11 Class A1 ±		3.46			6-25-2033		17,103		17,932
FNMA Series 2003-W6 Class 6A ±		3.09			8-25-2042		1,271,785		1,375,284
FNMA Series 2003-W6 Class PT4 ±		8.82			10-25-2042		108,737		128,872
FNMA Series 2004-90 Class XY		4.00			9-25-2034		847,664		883,948
FNMA Series 2004-W6 Class 1A4		5.50			7-25-2034		310,059		311,254
FNMA Series 2006-48 Class TD		5.50			12-25-2034		384,960		391,311
FNMA Series 2008-53 Class CA		5.00			7-25-2023		1,055,790		1,121,791
FNMA Series 2011-133 Class A		3.50			6-25-2029		1,884,631		1,964,866
FNMA Series 2011-17 Class ED		3.50			7-25-2025		490,883		509,470
FNMA Series 2011-39 Class CA		3.00			5-25-2024		482,146		493,405
FNMA Series 2011-66 Class BE		3.00			3-25-2025		1,103,148		1,131,394
FNMA Series 2011-71 Class DJ		3.00			3-25-2025		2,194,854		2,252,634
FNMA Series G95-2 Class IO ±(c)		10.00			5-25-2020		117,296		5,141
GNMA		4.00			8-16-2023		680,237		714,418
GNMA		4.50			4-20-2035		623,242		661,706
GNMA		8.00			12-15-2023		34,578		40,324
GNMA		9.00			11-15-2017		25,640		27,051
GNMA		9.00			11-15-2024		24,585		28,310
GNMA		10.00			2-20-2018		6,693		7,172
GNMA		12.50			4-15-2019		2,108		2,118

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

Portfolio of investments—February 28, 2015 (unaudited) Wells Fargo Advantage Short-Term Bond Fund 9

Security name	Interest rate			Maturity date		Principal		Value
Agency Securities (continued)
GNMA Series 2008-36 Class AN		4.25	%		10-16-2022	$	641,321	$	659,293
GNMA Series 2008-36 Class NA		4.25			10-16-2022		1,349,645		1,386,930
GNMA Series 2010-6 Class EA		4.00			9-16-2023		738,434		768,981
GNMA Series 2010-89 Class DG		3.00			12-20-2035		1,503,841		1,524,443
GNMA Series 2011-82 Class HT		2.00			7-16-2036		339,599		343,428
GNMA Series 2012-19 Class A		1.83			3-16-2039		4,630,058		4,674,562
Total Agency Securities (Cost $79,303,205)									80,288,401
Asset-Backed Securities: 8.09%
ASG Resecuritization Trust Series 2009-4 Class A60 144A		6.00			6-28-2037		329,554		333,451
Chase Issuance Trust Series 2012-A3 Class A3		0.79			6-15-2017		3,945,000		3,949,450
Chase Issuance Trust Series 2012-A5 Class A5		0.59			8-15-2017		5,410,000		5,412,510
Citibank Credit Card Issuance Trust Series 2012-A1 Class A1		0.55			10-10-2017		3,000,000		2,999,940
CNH Equipment Trust Series 2013-C Class A2		0.63			1-17-2017		1,035,662		1,035,895
Ford Credit Auto Lease Trust Series 2014-B Class A2A		0.51			3-15-2017		4,000,000		3,995,404
Ford Credit Auto Owner Trust Series 2014-A Class A2		0.48			11-15-2016		1,705,396		1,705,350
GE Equipment LLC Series 2013-2 Class A2		0.61			6-24-2016		1,231,963		1,232,288
GE Equipment Small Ticket LLC Series 2013-1A Class A2 144A		0.73			1-25-2016		344,287		344,418
GE Equipment Transportation LLC Series 2015-1 Class A2 %%		0.89			11-24-2017		1,430,000		1,429,846
Golden National Mortgage Asset-Backed Certificates Series 1998-GN1 Class M2 (s)(i)		8.02			2-25-2027		34,322		34,316
Home Equity Asset Trust Series 2003-6 Class M1 ±		1.22			2-25-2034		1,501,119		1,417,055
Honda Auto Receivables Owner Trust Series 2014-3 Class A2		0.48			12-15-2016		2,400,000		2,398,594
Hyundai Auto Lease Securitization Trust Series 2013-B Class A2 144A		0.75			3-15-2016		1,172,938		1,173,342
Hyundai Auto Lease Securitization Trust Series 2014-A Class A2 144A		0.52			7-15-2016		3,271,955		3,272,599
Hyundai Auto Receivables Trust Series 2013-B Class A3		0.71			9-15-2017		3,674,514		3,677,645
Mercedes-Benz Auto Lease Trust Series 2013-B Class A2		0.53			9-15-2015		37,366		37,365
Mercedes-Benz Auto Lease Trust Series 2014-A Class A2A		0.48			6-15-2016		2,968,455		2,967,508
Nissan Auto Lease Trust Series 2013-B Class A2A		0.57			1-15-2016		600,969		601,064
Nissan Auto Lease Trust Series 2014-B Class A2A		0.73			4-17-2017		4,870,000		4,871,446
Porsche Innovative Lease Owner Pilot Trust Series 2013-1 Class A2 144A		0.54			1-22-2016		463,512		463,556
Susquehanna Auto Receivables Trust Series 2014-1A Class A2 144A		0.58			10-17-2016		2,000,000		1,999,308
Volkswagen Auto Lease Trust Series 2013-A Class A2A		0.63			12-21-2015		203,758		203,770
Volkswagen Auto Lease Trust Series 2015-A Class A2A %%		0.98			6-20-2017		3,520,000		3,519,983
Volvo Financial Equipment LLC Series 2014-1A Class A2 144A		0.54			11-15-2016		4,419,248		4,417,498
Total Asset-Backed Securities (Cost $53,579,651)									53,493,601
Corporate Bonds and Notes: 35.72%
Consumer Discretionary: 3.22%
Automobiles: 1.84%
Ford Motor Company		6.50			8-1-2018		2,667,000		3,045,546
General Motors Financial Company		3.15			1-15-2020		3,000,000		3,031,479
Harley-Davidson Financial Services Incorporated 144A		2.70			3-15-2017		3,000,000		3,087,144
Hyundai Motor Company 144A		4.50			4-15-2015		3,006,000		3,018,258
									12,182,427
Media: 0.89%
Cox Communications Incorporated		5.50			10-1-2015		2,000,000		2,055,178
McGraw-Hill Company Incorporated		5.90			11-15-2017		3,500,000		3,846,318
									5,901,496

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

10 Wells Fargo Advantage Short-Term Bond Fund Portfolio of investments—February 28, 2015 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Specialty Retail: 0.49%
International Game Technology		7.50	%		6-15-2019	$	3,000,000	$	3,207,693
Consumer Staples: 0.48%
Beverages: 0.16%
Constellation Brands Incorporated		7.25			9-1-2016		1,000,000		1,081,000
Food & Staples Retailing: 0.32%
Tyson Foods Incorporated		6.60			4-1-2016		1,995,000		2,111,847
Energy: 4.19%
Energy Equipment & Services: 0.96%
SESI LLC		6.38			5-1-2019		3,000,000		3,015,000
Spectra Energy Capital Company		6.20			4-15-2018		3,000,000		3,330,198
									6,345,198
Oil, Gas & Consumable Fuels: 3.23%
Boardwalk Pipelines LP		5.88			11-15-2016		1,000,000		1,046,724
Chevron Corporation %%		1.37			3-2-2018		3,170,000		3,169,290
DCP Midstream Operating Company		2.50			12-1-2017		3,000,000		2,913,981
Enterprise Products Operating LLC		5.25			1-31-2020		2,010,000		2,268,301
Kinder Morgan Incorporated		3.05			12-1-2019		3,500,000		3,532,865
Pioneer Natural Resources Company		5.88			7-15-2016		2,940,000		3,111,431
Rockies Express Pipeline LLC 144A		3.90			4-15-2015		3,250,000		3,250,000
Weatherford Bermuda Company		5.50			2-15-2016		2,000,000		2,060,162
									21,352,754
Financials: 15.95%
Banks: 4.49%
Associated Banc Corporation		5.13			3-28-2016		2,000,000		2,080,928
Australia and New Zealand Banking Group Limited 144A		2.40			11-23-2016		3,000,000		3,068,982
Bank of America Corporation		6.50			8-1-2016		3,000,000		3,216,444
Capital One NA		1.65			2-5-2018		3,000,000		2,995,080
Citigroup Incorporated		2.40			2-18-2020		2,000,000		1,991,828
JPMorgan Chase & Company		2.25			1-23-2020		1,500,000		1,491,516
PNC Bank NA		1.50			2-23-2018		3,000,000		3,006,120
Santander Holdings USA		4.63			4-19-2016		2,000,000		2,074,764
UBS AG		5.88			7-15-2016		3,000,000		3,193,482
Union Bank NA		5.95			5-11-2016		3,325,000		3,504,021
US Bancorp NA		3.44			2-1-2016		2,000,000		2,042,426
US Bank NA ±		3.78			4-29-2020		1,006,000		1,010,827
									29,676,418
Capital Markets: 2.15%
Bear Stearns Companies LLC		5.55			1-22-2017		3,875,000		4,161,025
Janus Capital Group Incorporated		6.70			6-15-2017		2,900,000		3,195,113
Lazard Group LLC		6.85			6-15-2017		3,000,000		3,339,291
Merrill Lynch & Company Incorporated		5.30			9-30-2015		1,400,000		1,435,546
Morgan Stanley		1.88			1-5-2018		2,045,000		2,053,550
									14,184,525

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

Portfolio of investments—February 28, 2015 (unaudited) Wells Fargo Advantage Short-Term Bond Fund 11

Security name	Interest rate			Maturity date		Principal		Value
Consumer Finance: 3.31%
Daimler Finance NA LLC 144A%%		1.65	%		3-2-2018	$	3,000,000	$	3,012,018
Discover Financial Services Company		6.45			6-12-2017		3,000,000		3,295,632
Ford Motor Credit Company		5.63			9-15-2015		1,000,000		1,025,591
Gatx Financial Corporation		5.70			4-15-2015		2,635,000		2,649,627
HSBC Finance Corporation		5.25			4-15-2015		3,000,000		3,016,404
Murray Street Investment Trust I		4.65			3-9-2017		4,000,000		4,250,712
SLM Corporation		3.88			9-10-2015		1,500,000		1,515,000
Toll Brothers Finance Corporation		8.91			10-15-2017		2,710,000		3,130,050
									21,895,034
Diversified Financial Services: 1.14%
Moody’s Corporation		2.75			7-15-2019		3,000,000		3,049,068
Raymond James Financial Incorporated		4.25			4-15-2016		2,000,000		2,080,970
Toll Road Investors Partnership II LP 144A¤		0.00			2-15-2016		2,500,000		2,400,203
									7,530,241
Insurance: 2.89%
Genworth Financial Incorporated		8.63			12-15-2016		2,000,000		2,161,156
Lincoln National Corporation		8.75			7-1-2019		2,426,000		3,040,496
MetLife Insurance Company 144A		7.70			11-1-2015		3,000,000		3,131,250
Prudential Insurance Company 144A		8.10			7-15-2015		3,910,000		4,013,380
Symetra Financial Corporation 144A		6.13			4-1-2016		3,000,000		3,125,781
Unum Group 144A		6.85			11-15-2015		1,533,000		1,594,921
W.R. Berkley Corporation		5.60			5-15-2015		2,000,000		2,019,164
									19,086,148
REITs: 1.97%
American Tower Corporation		4.50			1-15-2018		2,700,000		2,878,929
ARC Properties Operating Partnership LP		2.00			2-6-2017		1,085,000		1,056,821
Digital Realty Trust LP		4.50			7-15-2015		3,000,000		3,012,393
Realty Income Corporation		2.00			1-31-2018		3,000,000		3,017,235
Regency Centers LP		5.25			8-1-2015		3,000,000		3,055,428
									13,020,806
Health Care: 1.01%
Biotechnology: 0.53%
Biogen Idec Incorporated		6.88			3-1-2018		3,045,000		3,509,366
Life Sciences Tools & Services: 0.48%
Life Technologies Corporation		4.40			3-1-2015		3,170,000		3,170,000
Industrials: 3.40%
Airlines: 0.62%
Delta Air Lines Incorporated		4.75			11-7-2021		2,594,504		2,782,605
US Airway 2010-1 Class B Pass-Through Trust		8.50			10-22-2018		1,227,922		1,326,156
									4,108,761

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

12 Wells Fargo Advantage Short-Term Bond Fund Portfolio of investments—February 28, 2015 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Building Products: 0.02%
Owens Corning Incorporated		6.50	%		12-1-2016	$	148,000	$	159,453
Commercial Services & Supplies: 0.91%
Boardwalk Pipelines LLC		5.20			6-1-2018		2,179,000		2,256,644
Brambles USA Incorporated 144A		3.95			4-1-2015		2,000,000		2,004,400
Penske Truck Leasing Company LP 144A		3.13			5-11-2015		1,740,000		1,747,606
									6,008,650
Machinery: 0.98%
CNH Capital LLC		3.25			2-1-2017		1,760,000		1,773,200
CNH Capital LLC		3.88			11-1-2015		1,145,000		1,152,156
SPX Corporation		6.88			9-1-2017		3,250,000		3,542,500
									6,467,856
Road & Rail: 0.87%
JB Hunt Transportation Services Company		3.38			9-15-2015		3,700,000		3,746,350
Ryder System Incorporated		2.65			3-2-2020		2,000,000		2,011,664
									5,758,014
Information Technology: 2.39%
Electronic Equipment, Instruments & Components: 0.46%
Arrow Electronics Incorporated		3.38			11-1-2015		3,000,000		3,052,278
IT Services: 0.41%
Western Union Company		2.38			12-10-2015		2,700,000		2,726,776
Semiconductors & Semiconductor Equipment: 0.53%
Kla-Tencor Corporation		2.38			11-1-2017		1,365,000		1,384,440
Kla-Tencor Corporation		3.38			11-1-2019		2,000,000		2,074,052
									3,458,492
Software: 0.99%
CDK Global Incorporated 144A		3.30			10-15-2019		3,500,000		3,531,857
Fidelity National Information Services Incorporated		2.00			4-15-2018		2,000,000		2,008,090
Symantec Corporation		2.75			9-15-2015		1,000,000		1,009,149
									6,549,096
Materials: 1.15%
Chemicals: 0.19%
Ecolab Incorporated		1.55			1-12-2018		1,275,000		1,274,012
Construction Materials: 0.50%
Martin Marietta Material ±		1.36			6-30-2017		3,310,000		3,292,646
Metals & Mining: 0.46%
Glencore Funding LLC 144A		1.70			5-27-2016		3,000,000		3,010,674

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

Portfolio of investments—February 28, 2015 (unaudited) Wells Fargo Advantage Short-Term Bond Fund 13

Security name	Interest rate			Maturity date		Principal		Value
Telecommunication Services: 1.33%
Diversified Telecommunication Services: 1.33%
Clearwire Communications LLC 144A		14.75	%		12-1-2016	$	2,710,000	$	3,252,000
Crown Castle Towers LLC 144A		3.21			8-15-2035		2,650,000		2,674,078
Crown Castle Towers LLC 144A		5.50			1-15-2037		2,695,000		2,840,339
									8,766,417
Utilities: 2.60%
Electric Utilities: 2.60%
Dayton Power & Light Company		1.88			9-15-2016		4,000,000		4,044,068
FPL Group Capital Incorporated		2.60			9-1-2015		3,000,000		3,028,149
Interstate Power & Light Company		3.30			6-15-2015		3,750,000		3,778,954
Monongahela Power Company 144A		5.70			3-15-2017		3,000,000		3,239,670
Progress Energy Incorporated		5.63			1-15-2016		3,000,000		3,124,374
									17,215,215
Total Corporate Bonds and Notes (Cost $235,723,140)									236,103,293
Municipal Obligations: 3.94%
California: 1.27%
California PCFA Waste Management Services Incorporated Series A1 (Resource Recovery Revenue) ±		1.88			4-1-2025		2,000,000		2,002,620
California Public Works Board Lease Series E (Miscellaneous Revenue)		3.68			12-1-2015		2,960,000		3,020,236
San Bernardino County CA Financing Authority (Miscellaneous Revenue, National Insured) ¤		0.00			8-1-2017		3,500,000		3,335,255
									8,358,111
Florida: 0.22%
Village Center Florida Community Development District Utility (Water & Sewer Revenue) 144A		1.60			10-1-2016		1,445,000		1,444,379
Georgia: 0.46%
Georgia Municipal Gas Authority Gas Portfolio III Series F (Utilities Revenue)		4.77			8-1-2015		3,000,000		3,051,390
Illinois: 0.30%
Chicago IL (Tax Revenue)		6.30			12-1-2021		1,800,000		1,986,372
New Jersey: 0.42%
New Jersey EDA Series B (Lease Revenue, AGM Insured) ¤		0.00			2-15-2018		3,000,000		2,799,330
Oregon: 0.59%
Portland OR Taxable Pension (GO) ±(m)(n)		0.11			6-1-2019		3,975,000		3,865,688
Texas: 0.68%
Port Arthur TX Navigation District Jefferson County Environmental Facilities Motiva Enterprises LLC Project Series D (Industrial Development Revenue) ±		0.09			11-1-2040		4,500,000		4,500,000
Total Municipal Obligations (Cost $25,718,955)									26,005,270

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

14 Wells Fargo Advantage Short-Term Bond Fund Portfolio of investments—February 28, 2015 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Non-Agency Mortgage-Backed Securities: 11.69%
Bank of America Mortgage Securities Series 2002-K Class 3A1 ±		2.63	%		10-20-2032	$	21,112	$	21,282
Bear Stearns Commercial Mortgage Securities Incorporated Series 2005-PWR 9 Class A4A		4.87			9-11-2042		2,479,955		2,497,441
Bear Stearns Commercial Mortgage Securities Incorporated Series 2005-PWR8 Class A4		4.67			6-11-2041		1,444,526		1,446,734
Bear Stearns Commercial Mortgage Securities Incorporated Series 2005-T20 Class A4A ±		5.14			10-12-2042		1,743,071		1,762,665
Citigroup Commercial Mortgage Trust Series 2005-CD1 Class A4 ±		5.23			7-15-2044		2,321,294		2,343,439
CNH Equipment Trust Series 2012-B Class A3		0.86			9-15-2017		2,477,827		2,479,194
CNH Equipment Trust Series 2014-A Class A2		0.49			6-15-2017		1,348,401		1,347,830
Commercial Mortgage Trust Pass-Through Certificate Series 2005-C6 Class A5A ±		5.12			6-10-2044		2,212,622		2,227,564
Commercial Mortgage Trust Series 2010-C1 Class A1 144A		3.16			7-10-2046		1,749,811		1,761,325
Commercial Mortgage Trust Series 2012-CR2 Class A1		0.82			8-15-2045		1,529,042		1,528,511
Commercial Mortgage Trust Series 2013-FL3 Class B 144A ±		2.32			10-13-2028		3,000,000		3,042,435
Commercial Mortgage Trust Series 2014-BBG Class A 144A ±		0.97			3-15-2029		2,100,000		2,094,168
ContiMortgage Home Equity Trust Series 1996-2 ±(c)(i)		0.00			7-15-2027		903,437		20,273
Countrywide Home Loans Mortgage Pass-Through Trust Series 2001-HYB1 Class 2A1 ±		1.93			6-19-2031		315,281		314,348
Countrywide Home Loans Mortgage Pass-Through Trust Series 2004-20 Class 3A1 ±		2.24			9-25-2034		65,240		55,472
Credit Suisse Mortgage Capital Certificates Series 2006-C5 Class A3		5.31			12-15-2039		983,879		1,029,669
Drexel Burnham Lambert CMO Trust Series T Class 4		8.45			9-20-2019		71,299		75,575
EquiFirst Mortgage Loan Trust Series 2003-2 Class 3A3 ±		1.30			9-25-2033		549,455		525,849
Equity Mortgage Trust Series 2014-INNS Class A 144A ±		1.02			5-8-2031		4,000,000		3,994,776
FedEx Corporation 1998 Pass-Through Certificates		7.02			1-15-2016		605,702		637,501
Greenwich Capital Commercial Funding Corporation Series 2007-GG9 Class A4		5.44			3-10-2039		3,000,000		3,180,006
GS Mortgage Securities Trust Series 2014-GSFL Class A 144A ±		1.17			7-15-2031		3,000,000		3,000,000
GSMPS Mortgage Loan Trust Series 1998-1 Class A 144A ±		8.00			9-19-2027		326,681		332,670
GSMPS Mortgage Loan Trust Series 2006-RP2 Class 1AF1 144A ±		0.57			4-25-2036		1,173,352		988,678
JPMorgan Chase Commercial Mortgage Securities Corporation Series 2005-LDP5 Class A4 ±		5.23			12-15-2044		2,715,630		2,756,869
JPMorgan Chase Commercial Mortgage Securities Corporation Series 2006-CB16 Class A4		5.55			5-12-2045		969,954		1,008,650
JPMorgan Chase Commercial Mortgage Securities Corporation Series 2007-CB18 Class A4		5.44			6-12-2047		2,699,864		2,857,865
JPMorgan Chase Commercial Mortgage Securities Corporation Series 2014-INN Class A 144A ±		1.09			6-15-2029		5,000,000		4,987,875
JPMorgan Chase Commercial Mortgage Securities Corporation Series 2014-PHH Class A 144A ±		1.37			8-15-2027		3,000,000		2,998,422
JPMorgan Chase Commercial Mortgage Trust Series 2007-LDPX Class AM ±		5.46			1-15-2049		3,300,000		3,428,670
Lehman Brothers UBS Commercial Mortgage Trust Series 2005-C5 Class 4		4.95			9-15-2030		2,350,535		2,356,366
Lehman Brothers UBS Commercial Mortgage Trust Series 2007-C6 Class A4 ±		5.86			7-15-2040		807,017		848,430
Macquarie Equipment Funding Trust Series 2014-A Class A2 144A		0.80			11-21-2016		3,600,000		3,604,626
Master Mortgages Trust Series 2002-3 Class 4A1 ±		2.50			10-25-2032		9,381		9,360
Morgan Stanley Capital I Series 2005-IQ10 Class A4A ±		5.23			9-15-2042		2,278,104		2,294,725
Morgan Stanley Capital I Series 2005-T19 Class A4A		4.89			6-12-2047		1,489,743		1,496,102
Morgan Stanley Capital I Series 2006-HQ8 Class A4 ±		5.41			3-12-2044		2,802,578		2,855,454
Morgan Stanley Capital I Series 2007-IQ Class A4		5.81			12-12-2049		2,656,982		2,881,685
NCUA Guaranteed Notes Program Series 2010-C1 Class APT		2.65			10-29-2020		2,225,073		2,251,805
Nomura Asset Acceptance Corporation Series 2005-AR1 Class 1A1 ±		2.46			2-25-2035		714,293		713,855

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

Portfolio of investments—February 28, 2015 (unaudited) Wells Fargo Advantage Short-Term Bond Fund 15

Security name	Interest rate			Maturity date		Principal		Value
Non-Agency Mortgage-Backed Securities (continued)
SBA Tower Trust Series 2014-1A Class C 144A		2.90	%		10-15-2044	$	3,000,000	$	3,018,456
Structured Mortgage Asset Residential Trust Series 1992-5B Class BO ¤(i)		0.00			6-25-2023		7,207		6,785
Wilshire Funding Corporation Series 1996-3 Class M2 ±		7.09			8-25-2032		86,024		84,406
Wilshire Funding Corporation Series 1996-3 Class M3 ±		7.09			8-25-2032		87,622		84,426
Wilshire Funding Corporation Series 1998-2 Class M1 ±		2.00			12-28-2037		32,055		31,304
Total Non-Agency Mortgage-Backed Securities (Cost $77,777,478)									77,283,541
	Dividend yield					Shares
Preferred Stocks: 0.25%
Financials: 0.25%
Banks: 0.25%
Huntington Bancshares ±(a)(i)		2.99					80,000		1,626,446
Total Preferred Stocks (Cost $1,958,484)									1,626,446
	Interest rate					Principal
U.S. Treasury Securities: 0.69%
U.S. Treasury Note		1.38			2-28-2019	$	4,530,000		4,536,723
Total U.S. Treasury Securities (Cost $4,497,394)									4,536,723
Yankee Corporate Bonds and Notes: 13.94%
Consumer Discretionary: 1.02%
Media: 0.48%
British Sky Broadcasting Group plc 144A		6.10			2-15-2018		2,838,000		3,159,653
Specialty Retail: 0.54%
Seagate HDD Cayman Company		3.75			11-15-2018		3,500,000		3,575,541
Consumer Staples: 0.53%
Food & Staples Retailing: 0.53%
Tesco plc 144A		2.70			1-5-2017		3,470,000		3,482,419
Energy: 2.18%
Oil, Gas & Consumable Fuels: 2.18%
BP Capital Markets plc		1.67			2-13-2018		3,000,000		3,007,836
Ecopetrol SA		4.25			9-18-2018		3,000,000		3,159,000
Korea National Oil Corporation 144A		2.75			1-23-2019		3,000,000		3,053,460
Petrobras Global Finance Company		3.25			3-17-2017		2,065,000		1,923,775
Transocean Incorporated		5.05			12-15-2016		3,235,000		3,239,044
									14,383,115
Financials: 7.06%
Banks: 4.49%
Bank of Nova Scotia 144A		1.65			10-29-2015		3,430,000		3,458,054
Banque Federative du Credit Mutuel SA 144A		1.70			1-20-2017		2,850,000		2,868,685
BPCE SA		1.61			7-25-2017		3,000,000		3,008,613

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

16 Wells Fargo Advantage Short-Term Bond Fund Portfolio of investments—February 28, 2015 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Banks (continued)
Canadian Imperial Bank 144A		2.75	%		1-27-2016	$	3,000,000	$	3,058,536
Corporacion Andina De Fomento		3.75			1-15-2016		3,385,000		3,469,869
Experian Finance plc 144A		2.38			6-15-2017		3,800,000		3,819,251
HBOS plc 144A		6.75			5-21-2018		2,000,000		2,238,948
Sumitomo Mitsui Banking Corporation		1.75			1-16-2018		2,500,000		2,505,023
Swedbank Hypotek 144A		2.13			8-31-2016		3,000,000		3,058,521
Westpac Banking Corporation 144A		5.30			10-15-2015		2,150,000		2,214,117
									29,699,617
Diversified Financial Services: 0.25%
Credit Suisse		6.00			2-15-2018		1,500,000		1,665,743
Insurance: 1.39%
Allied World Assurance Company		7.50			8-1-2016		3,000,000		3,249,336
Endurance Specialty Holdings Limited		6.15			10-15-2015		2,850,000		2,936,042
QBE Insurance Group Limited 144A		2.40			5-1-2018		2,985,000		2,997,838
									9,183,216
Real Estate Management & Development: 0.93%
Deutsche Annington Finance BV 144A		3.20			10-2-2017		4,000,000		4,110,136
Korea Land & Housing Corporation 144A		1.88			8-2-2017		2,000,000		2,002,980
									6,113,116
Health Care: 0.98%
Pharmaceuticals: 0.98%
Actavis Funding SCS		1.30			6-15-2017		3,500,000		3,456,663
Perrigo Company plc		1.30			11-8-2016		3,000,000		2,994,696
									6,451,359
Information Technology: 0.90%
Internet Software & Services: 0.45%
Alibaba Group Holding Limited 144A		2.50			11-28-2019		3,000,000		2,979,645
Semiconductors & Semiconductor Equipment: 0.45%
TSMC Global Limited 144A		1.63			4-3-2018		3,035,000		2,991,958
Materials: 0.51%
Construction Materials: 0.51%
Lafarge SA 144A		6.20			7-9-2015		3,321,000		3,370,815
Telecommunication Services: 0.30%
Wireless Telecommunication Services: 0.30%
Telefonica Moviles Chile SA 144A		2.88			11-9-2015		2,000,000		2,019,256
Utilities: 0.46%
Multi-Utilities: 0.46%
Korea Western Power Company 144A		3.13			5-10-2017		3,000,000		3,079,197
Total Yankee Corporate Bonds and Notes (Cost $92,091,673)									92,154,650

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

Portfolio of investments—February 28, 2015 (unaudited) Wells Fargo Advantage Short-Term Bond Fund 17

Security name	Yield					Shares		Value
Short-Term Investments: 5.42%
Investment Companies: 5.35%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)##		0.10	%				35,347,886	$	35,347,886
				Maturity date		Principal
U.S. Treasury Securities: 0.07%
U.S. Treasury Bill #(z)		0.02			3-19-2015	$	475,000		474,997
Total Short-Term Investments (Cost $35,822,880)									35,822,883

Total investments in securities (Cost $606,472,860) *	91.89	%		607,314,808
Other assets and liabilities, net	8.11			53,622,138
Total net assets	100.00	%	$	660,936,946

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

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

(c) Investment in an interest-only security entitles holders to receive only the interest payments on the underlying mortgages. The principal amount shown is the notional amount of the underlying mortgages. The rate represents the coupon rate.

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

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

(m) The security is an auction-rate security which has an interest rate that resets at predetermined short-term intervals through a Dutch auction. The rate shown is the rate in effect at period end.

(n) The auction to set the interest rate on the security failed at period end due to insufficient investor interest. A failed auction does not itself cause a default.

(i) Illiquid security

(s) The security is currently in default with regards to scheduled interest and/or principal payments. The Fund has stopped accruing interest on the security.

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

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

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

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

# 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 $ 606,472,860 and unrealized gains (losses) consists of:

Gross unrealized gains	$	3,758,096
Gross unrealized losses		(2,916,148	)
Net unrealized gains	$	841,948

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

18 Wells Fargo Advantage Short-Term Bond Fund Statement of assets and liabilities—February 28, 2015 (unaudited)

Assets
Investments
In unaffiliated securities, at value (cost $571,124,974)	$	571,966,922
In affiliated securities, at value (cost $35,347,886)		35,347,886
Total investments, at value (cost $606,472,860)		607,314,808
Cash		1,620,706
Receivable for investments sold		3,607,987
Principal paydown receivable		13,527
Receivable for Fund shares sold		60,183,764
Receivable for interest		4,154,357
Receivable for daily variation margin on open futures contracts		68,141
Prepaid expenses and other assets		26,646
Total assets		676,989,936
Liabilities
Dividends payable		184,077
Payable for investments purchased		14,724,428
Payable for Fund shares redeemed		815,412
Payable for daily variation margin on open futures contracts		4,517
Advisory fee payable		121,340
Distribution fee payable		7,920
Administration fees payable		87,820
Accrued expenses and other liabilities		107,476
Total liabilities		16,052,990
Total net assets	$	660,936,946
NET ASSETS CONSIST OF
Paid-in capital	$	658,945,635
Undistributed net investment income		22,588
Accumulated net realized gains on investments		1,125,253
Net unrealized gains on investments		843,470
Total net assets	$	660,936,946
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	61,357,852
Shares outstanding – Class A1		6,980,148
Net asset value per share – Class A		$8.79
Maximum offering price per share – Class A2		$8.97
Net assets – Class C	$	13,181,569
Shares outstanding – Class C1		1,501,412
Net asset value per share – Class C		$8.78
Net assets – Institutional Class	$	350,911,751
Shares outstanding – Institutional Class1		39,908,873
Net asset value per share – Institutional Class		$8.79
Net assets – Investor Class	$	235,485,774
Shares outstanding – Investor Class1		26,804,492
Net asset value per share – Investor Class		$8.79

¹  The Fund has an unlimited number of authorized shares.

²  Maximum offering price is computed as 100/98 of net asset value. On investments of $50,000 or more, the offering price is reduced.

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

Statement of operations—six months ended February 28, 2015 (unaudited) Wells Fargo Advantage Short-Term Bond Fund 19

Investment income
Interest (net of foreign interest withholding taxes of $3,979)	$	5,422,257
Dividends		29,321
Income from affiliated securities		14,742
Securities lending income, net		135
Total investment income		5,466,455
Expenses
Advisory fee		953,475
Administration fees
Fund level		158,913
Class A		48,761
Class C		11,214
Institutional Class		128,266
Investor Class		228,015
Shareholder servicing fees
Class A		76,190
Class C		17,522
Investor Class		299,782
Distribution fee
Class C		52,567
Custody and accounting fees		20,775
Professional fees		26,042
Registration fees		30,401
Shareholder report expenses		21,914
Trustees’ fees and expenses		4,795
Other fees and expenses		6,548
Total expenses		2,085,180
Less: Fee waivers and/or expense reimbursements		(87,877	)
Net expenses		1,997,303
Net investment income		3,469,152
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on:
Unaffiliated securities		319,153
Futures transactions		921,964
Net realized gains on investments		1,241,117
Net change in unrealized gains (losses) on:
Unaffiliated securities		(2,110,963	)
Futures transactions		(110,842	)
Net change in unrealized gains (losses) on investments		(2,221,805	)
Net realized and unrealized gains (losses) on investments		(980,688	)
Net increase in net assets resulting from operations	$	2,488,464

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

20 Wells Fargo Advantage Short-Term Bond Fund Statement of changes in net assets (unaudited)

	Six months ended February 28, 2015 (unaudited)						Year ended August 31, 2014
Operations
Net investment income				$	3,469,152					$	8,049,360
Net realized gains on investments					1,241,117						1,660,981
Net change in unrealized gains (losses) on investments					(2,221,805	)					2,395,846
Net increase in net assets resulting from operations					2,488,464						12,106,187
Distributions to shareholders from
Net investment income
Class A					(295,444	)					(785,936	)
Class C					(15,564	)					(61,579	)
Institutional Class					(2,015,531	)					(4,551,352	)
Investor Class					(1,154,392	)					(2,784,889	)
Net realized gains
Class A					(151,151	)					0
Class C					(33,347	)					0
Institutional Class					(806,358	)					0
Investor Class					(572,046	)					0
Total distributions to shareholders					(5,043,833	)					(8,183,756	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		2,258,184			19,895,689			4,711,737			41,479,785
Class C		189,919			1,668,671			485,053			4,264,729
Institutional Class		14,901,843			131,147,954			22,820,784			201,021,960
Investor Class		2,137,045			18,806,658			5,760,381			50,701,458
					171,518,972						297,467,932
Reinvestment of distributions
Class A		43,618			383,354			76,536			674,307
Class C		4,348			38,130			5,618			49,419
Institutional Class		191,272			1,681,878			303,096			2,671,966
Investor Class		185,373			1,628,308			295,606			2,603,622
					3,731,670						5,999,314
Payment for shares redeemed
Class A		(2,118,516	)		(18,644,157	)		(5,499,067	)		(48,464,493	)
Class C		(378,361	)		(3,325,836	)		(710,751	)		(6,249,544	)
Institutional Class		(12,644,748	)		(111,173,277	)		(16,348,750	)		(144,017,590	)
Investor Class		(3,576,984	)		(31,444,580	)		(6,315,079	)		(55,569,852	)
					(164,587,850	)					(254,301,479	)
Net increase in net assets resulting from capital share transactions					10,662,792						49,165,767
Total increase in net assets					8,107,423						53,088,198
Net assets
Beginning of period					652,829,523						599,741,325
End of period				$	660,936,946					$	652,829,523
Undistributed net investment income				$	22,588					$	34,367

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

Financial highlights Wells Fargo Advantage Short-Term Bond Fund 21

(For a share outstanding throughout each period)

	Six months ended February 28, 2015 (unaudited)			Year ended August 31															Year ended May 31, 2010
CLASS A				2014			2013			2012			2011			20101
Net asset value, beginning of period		$8.82			$8.77			$8.81			$8.76			$8.73			$8.66			$8.23
Net investment income		0.04			0.10			0.10			0.14			0.16			0.05			0.23
Net realized and unrealized gains (losses) on investments		(0.01	)		0.05			(0.04	)		0.05			0.04			0.07			0.46
Total from investment operations		0.03			0.15			0.06			0.19			0.20			0.12			0.69
Distributions to shareholders from
Net investment income		(0.04	)		(0.10	)		(0.10	)		(0.14	)		(0.17	)		(0.05	)		(0.26	)
Net realized gains		(0.02	)		0.00			0.00			0.00			0.00			0.00			0.00
Total distributions to shareholders		(0.06	)		(0.10	)		(0.10	)		(0.14	)		(0.17	)		(0.05	)		(0.26	)
Net asset value, end of period		$8.79			$8.82			$8.77			$8.81			$8.76			$8.73			$8.66
Total return2		0.38	%		1.72	%		0.72	%		2.22	%		2.33	%		1.37	%		8.43	%
Ratios to average net assets (annualized)
Gross expenses		0.79	%		0.82	%		0.87	%		0.90	%		0.89	%		0.89	%		0.93	%
Net expenses		0.75	%		0.78	%		0.80	%		0.80	%		0.80	%		0.80	%		0.80	%
Net investment income		0.97	%		1.12	%		1.17	%		1.63	%		1.84	%		2.05	%		2.64	%
Supplemental data
Portfolio turnover rate		29	%		70	%		75	%		44	%		51	%		11	%		45	%
Net assets, end of period (000s omitted)		$61,358			$59,962			$65,812			$69,247			$56,555			$47,121			$41,369

¹  For the three months ended August 31, 2010. The Fund changed its fiscal year end from May 31 to August 31, effective August 31, 2010.

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

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

22 Wells Fargo Advantage Short-Term Bond Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended February 28, 2015 (unaudited)			Year ended August 31															Year ended May 31, 2010
CLASS C				2014			2013			2012			2011			20101
Net asset value, beginning of period		$8.81			$8.76			$8.80			$8.75			$8.73			$8.65			$8.22
Net investment income		0.01			0.03			0.04			0.08			0.10			0.03			0.16
Net realized and unrealized gains (losses) on investments		(0.01	)		0.05			(0.04	)		0.05			0.03			0.08			0.46
Total from investment operations		0.00			0.08			0.00			0.13			0.13			0.11			0.62
Distributions to shareholders from
Net investment income		(0.01	)		(0.03	)		(0.04	)		(0.08	)		(0.11	)		(0.03	)		(0.19	)
Net realized gains		(0.02	)		0.00			0.00			0.00			0.00			0.00			0.00
Total distributions to shareholders		(0.03	)		(0.03	)		(0.04	)		(0.08	)		(0.11	)		(0.03	)		(0.19	)
Net asset value, end of period		$8.78			$8.81			$8.76			$8.80			$8.75			$8.73			$8.65
Total return2		0.00	%		0.97	%		(0.03	)%		1.46	%		1.45	%		1.29	%		7.61	%
Ratios to average net assets (annualized)
Gross expenses		1.55	%		1.57	%		1.62	%		1.65	%		1.65	%		1.65	%		1.68	%
Net expenses		1.50	%		1.53	%		1.55	%		1.55	%		1.55	%		1.55	%		1.55	%
Net investment income		0.22	%		0.37	%		0.42	%		0.89	%		1.10	%		1.28	%		1.70	%
Supplemental data
Portfolio turnover rate		29	%		70	%		75	%		44	%		51	%		11	%		45	%
Net assets, end of period (000s omitted)		$13,182			$14,852			$16,686			$18,501			$19,510			$14,299			$11,050

¹  For the three months ended August 31, 2010. The Fund changed its fiscal year end from May 31 to August 31, effective August 31, 2010.

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

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

Financial highlights Wells Fargo Advantage Short-Term Bond Fund 23

(For a share outstanding throughout each period)

	Six months ended February 28, 2015 (unaudited)			Year ended August 31															Year ended May 31, 2010
INSTITUTIONAL CLASS				2014			2013			2012			2011			20101
Net asset value, beginning of period		$8.83			$8.77			$8.81			$8.77			$8.74			$8.66			$8.24
Net investment income		0.07			0.12			0.13			0.17			0.19			0.06			0.25
Net realized and unrealized gains (losses) on investments		(0.03	)		0.07			(0.04	)		0.04			0.04			0.08			0.45
Total from investment operations		0.04			0.19			0.09			0.21			0.23			0.14			0.70
Distributions to shareholders from
Net investment income		(0.06	)		(0.13	)		(0.13	)		(0.17	)		(0.20	)		(0.06	)		(0.28	)
Net realized gains		(0.02	)		0.00			0.00			0.00			0.00			0.00			0.00
Total distributions to shareholders		(0.08	)		(0.13	)		(0.13	)		(0.17	)		(0.20	)		(0.06	)		0.00
Net asset value, end of period		$8.79			$8.83			$8.77			$8.81			$8.77			$8.74			$8.66
Total return2		0.41	%		2.15	%		1.04	%		2.43	%		2.66	%		1.57	%		8.65	%
Ratios to average net assets (annualized)
Gross expenses		0.46	%		0.49	%		0.53	%		0.57	%		0.56	%		0.56	%		0.58	%
Net expenses		0.46	%		0.47	%		0.48	%		0.48	%		0.48	%		0.48	%		0.48	%
Net investment income		1.25	%		1.42	%		1.47	%		1.95	%		2.17	%		2.38	%		2.84	%
Supplemental data
Portfolio turnover rate		29	%		70	%		75	%		44	%		51	%		11	%		45	%
Net assets, end of period (000s omitted)		$350,912			$330,613			$269,123			$282,512			$327,124			$292,080			$285,559

¹  For the three months ended August 31, 2010. The Fund changed its fiscal year end from May 31 to August 31, effective August 31, 2010.

²  Returns for periods of less than one year are not annualized.

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

24 Wells Fargo Advantage Short-Term Bond Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended February 28, 2015 (unaudited)			Year ended August 31															Year ended May 31, 2010
INVESTOR CLASS				2014			2013			2012			2011			20101
Net asset value, beginning of period		$8.82			$8.76			$8.80			$8.76			$8.73			$8.66			$8.23
Net investment income		0.04			0.09			0.10			0.14			0.16			0.05			0.23
Net realized and unrealized gains (losses) on investments		(0.01	)		0.07			(0.04	)		0.04			0.04			0.07			0.45
Total from investment operations		0.03			0.16			0.06			0.18			0.20			0.12			0.68
Distributions to shareholders from
Net investment income		(0.04	)		(0.10	)		(0.10	)		(0.14	)		(0.17	)		(0.05	)		(0.25	)
Net realized gains		(0.02	)		0.00			0.00			0.00			0.00			0.00			0.00
Total distributions to shareholders		(0.06	)		(0.10	)		(0.10	)		(0.14	)		(0.17	)		(0.05	)		(0.25	)
Net asset value, end of period		$8.79			$8.82			$8.76			$8.80			$8.76			$8.73			$8.66
Total return2		0.37	%		1.83	%		0.70	%		2.08	%		2.30	%		1.36	%		8.38	%
Ratios to average net assets (annualized)
Gross expenses		0.82	%		0.85	%		0.90	%		0.93	%		0.92	%		0.94	%		0.99	%
Net expenses		0.76	%		0.79	%		0.82	%		0.83	%		0.83	%		0.84	%		0.85	%
Net investment income		0.96	%		1.10	%		1.15	%		1.61	%		1.82	%		2.02	%		2.73	%
Supplemental data
Portfolio turnover rate		29	%		70	%		75	%		44	%		51	%		11	%		45	%
Net assets, end of period (000s omitted)		$235,486			$247,403			$248,120			$248,254			$248,514			$266,746			$267,625

¹  For the three months ended August 31, 2010. The Fund changed its fiscal year end from May 31 to August 31, effective August 31, 2010.

²  Returns for periods of less than one year are not annualized.

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

Notes to financial statements (unaudited) Wells Fargo Advantage Short-Term Bond Fund 25

1. ORGANIZATION

Wells Fargo Funds Trust (the “Trust”), a Delaware statutory trust organized on March 10, 1999, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). As an investment company, the Trust follows the accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946, Financial Services – Investment Companies. These financial statements report on the Wells Fargo Advantage Short-Term Bond Fund (the “Fund”) which is a diversified series of the Trust.

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

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 that day, the prior day’s price will be deemed “stale” and a fair value price will be determined in accordance with the Fund’s Valuation Procedures.

Equity securities that are not listed on a foreign or domestic exchange or market, but have a public trading market, are valued at the quoted bid price from an independent broker-dealer that the Management Valuation Team of Wells Fargo Funds Management, LLC (“Funds Management”) has determined is an acceptable source.

Investments in registered open-end investment companies are valued at net asset value. Interests in non-registered investment vehicles that are redeemable at net asset value are fair valued at net asset value when available.

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

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

Security loans

The Fund may lend its securities from time to time in order to earn additional income in the form of fees or interest on securities received as collateral or the investment of any cash received as collateral. The Fund continues to receive interest or dividends on the securities loaned. The Fund receives collateral in the form of cash or securities with a value at least equal to the value of the securities on loan. The value of the loaned securities is determined at the close of each business day and any additional required collateral is delivered to the Fund on the next business day. In a securities lending transaction, the net asset value of the Fund will be affected by an increase or decrease in the value of the securities loaned and by an increase or decrease in the value of the instrument in which collateral is invested. The amount

26 Wells Fargo Advantage Short-Term Bond Fund Notes to financial statements (unaudited)

of securities lending activity undertaken by the Fund fluctuates from time to time. In the event of default or bankruptcy by the borrower, the Fund may be prevented from recovering the loaned securities or gaining access to the collateral or may experience delays or costs in doing so. In addition, the investment of any cash collateral received may lose all or part of its value. The Fund has the right under the lending agreement to recover the securities from the borrower on demand.

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

When-issued transactions

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

Futures contracts

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

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

Security transactions and income recognition

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

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

Dividend income is recognized on the ex-dividend date.

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

Distributions to shareholders

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

Federal and other taxes

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

Notes to financial statements (unaudited) Wells Fargo Advantage Short-Term Bond Fund 27

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

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of February 28, 2015:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in :
Agency securities		0		80,288,401		0		80,288,401
Asset-backed securities		0		53,493,601		0		53,493,601
Corporate bonds and notes		0		236,103,293		0		236,103,293
Municipal obligations		0		22,139,582		3,865,688		26,005,270
Non-agency mortgage-backed securities		0		77,283,541		0		77,283,541
Preferred stocks
Financials		0		0		1,626,446		1,626,446
U.S. Treasury securities		4,536,723		0		0		4,536,723
Yankee corporate bonds and notes		0		92,154,650		0		92,154,650
Short-term investments
Investment companies		35,347,886		0		0		35,347,886
U.S. Treasury securities		474,997		0		0		474,997
		40,359,606		561,463,068		5,492,134		607,314,808
Futures contracts		68,141		0		0		68,141
Total assets	$	40,427,747	$	561,463,068	$	5,492,134	$	607,382,949
Liabilities
Futures contracts	$	4,517	$	0	$	0	$	4,517
Total liabilities	$	4,517	$	0	$	0	$	4,517

28 Wells Fargo Advantage Short-Term Bond Fund Notes to financial statements (unaudited)

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

The Fund recognizes transfers between levels within the fair value hierarchy at the end of the reporting period. At February 28, 2015, the Fund did not have any transfers into/out of Level 1, Level 2, or Level 3.

4. TRANSACTIONS WITH AFFILIATES

Advisory fee

The Trust has entered into an advisory contract with Funds Management, an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”). The adviser is responsible for implementing investment policies and guidelines and for supervising the subadviser, who is responsible for day-to-day portfolio management of the Fund.

Pursuant to the contract, Funds Management is entitled to receive an annual advisory fee starting at 0.30% and declining to 0.225% as the average daily net assets of the Fund increase. For the six months ended February 28, 2015, the advisory fee was equivalent to an annual rate of 0.30% of the Fund’s average daily net assets.

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Funds Management. WellsCap, an affiliate of Funds Management and an indirect wholly owned subsidiary of Wells Fargo, is the subadviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.15% and declining to 0.05% as the average daily net assets of the Fund increase.

Administration fees

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 the Fund an annual fund level administration fee starting at 0.05% and declining to 0.03% as the average daily net assets of the 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 C		0.16	%
Institutional Class		0.08
Investor Class		0.19

Funds Management has contractually waived and/or reimbursed advisory and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. Waiver of fees and/or reimbursement of expenses by Funds Management were made first from fund level expenses on a proportionate basis and then from class specific expenses. Funds Management has committed through December 31, 2015, to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 0.72% for Class A shares, 1.47% for Class C shares, 0.48% for Institutional Class shares, and 0.73% for Investor Class shares. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Prior to January 1, 2015, the Fund’s expenses were capped at 0.77% for Class A shares, 1.52% for Class C shares and 0.78% for Investor Class shares.

Distribution fee

The Trust has adopted a Distribution Plan for Class C shares of the Fund pursuant to Rule 12b-1 under the 1940 Act. A distribution fee is charged to Class C shares and paid to Wells Fargo Funds Distributor, LLC (“Funds Distributor”), the principal underwriter, at an annual rate of 0.75% of the average daily net assets of Class C shares.

In addition, Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class B and Class C shares. For the six months ended February 28, 2015, Funds Distributor received $723 from the sale of Class A shares.

Shareholder servicing fees

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

Notes to financial statements (unaudited) Wells Fargo Advantage Short-Term Bond Fund 29

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding short-term securities, for the six months ended February 28, 2015 were as follows:

Purchases at cost		Sales proceeds
U.S. government	Non-U.S. government	U.S. government	Non-U.S. government
$6,843,293	$198,245,064	$1,614,000	$170,535,081

6. DERIVATIVE TRANSACTIONS

During the six months ended February 28, 2015, the Fund entered into futures contracts to speculate on interest rates and to help manage the duration of the portfolio.

At February 28, 2015, the Fund had long futures contracts outstanding as follows:

Expiration date	Counterparty		Contracts	Type		Contract value at February 28, 2015		Unrealized gains (losses)
6-30-2015		JPMorgan	623 Long		2-Year U.S. Treasury Notes	$	136,174,173	$	2,130
6-30-2015		JPMorgan	24 Long		5-Year U.S. Treasury Notes		2,862,750		(608	)

The Fund had an average notional amount of $197,657,818 and $7,009,615 in long and short futures contracts, respectively, during the six months ended February 28, 2015.

On February 28, 2015, the cumulative unrealized gains on futures contracts in the amount of $1,522 are reflected in net unrealized gains on investments on the Statement of Assets and Liabilities. The receivable and payable for daily variation margin on open futures contracts reflected in the Statement of Assets and Liabilities only represents the current day’s variation margin. The realized gains and change in unrealized gains (losses) on futures contracts are reflected in the Statement of Operations.

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

Derivative type	Counterparty	Gross amounts of assets in the Statement of Assets and Liabilities	Amounts subject to netting agreements			Collateral received		Net amount of assets
Futures – variation margin	JPMorgan	$68,141	$	(4,517	)	$	0	$	63,624

Derivative type	Counterparty	Gross amounts of liabilities in the Statement of Assets and Liabilities	Amounts subject to netting agreements			Collateral pledged		Net amount of liabilities
Futures – variation margin	JPMorgan	$4,517	$	(4,517	)	$	0	$	0

30 Wells Fargo Advantage Short-Term Bond Fund Notes to financial statements (unaudited)

7. BANK BORROWINGS

The Trust (excluding the money market funds and certain other funds in the Trust) and Wells Fargo Variable Trust are parties to a $150,000,000 revolving credit agreement, whereby the Fund is permitted to use bank borrowings for temporary or emergency purposes, such as to fund shareholder redemption requests. Interest under the credit agreement is charged to the Fund based on a borrowing rate equal to the higher of the Federal Funds rate in effect on that day plus 1.25% or the overnight LIBOR rate in effect on that day plus 1.25%. In addition, an annual commitment fee equal to 0.10% of the unused balance is allocated to each participating fund. For the six months ended February 28, 2015, the Fund paid $363 in commitment fees.

For the six months ended February 28, 2015, there were no borrowings by the Fund 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 Fund and, therefore, cannot be estimated.

Other information (unaudited) Wells Fargo Advantage Short-Term Bond Fund 31

PROXY VOTING INFORMATION

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available, upon request, by calling 1-800-222-8222, visiting our website at wellsfargoadvantagefunds.com, or visiting the SEC website at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available on the Fund’s website at wellsfargoadvantagefunds.com or by visiting the SEC website at sec.gov.

PORTFOLIO HOLDINGS INFORMATION

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

32 Wells Fargo Advantage Short-Term Bond Fund Other information (unaudited)

BOARD OF TRUSTEES AND OFFICERS

Each of the Trustees and Officers¹ listed in the table below acts in identical capacities for each fund in the Wells Fargo Advantage family of funds, which consists of 134 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
William R. Ebsworth (Born 1957)	Trustee, since 2015**	Retired. From 1984 to 2013, equities analyst, portfolio manager, research director at Fidelity Management and Research Company and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. in Boston, Tokyo, and Hong Kong where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Mr. Ebsworth is an Adjunct Lecturer, Finance, at Babson College and a Chartered Financial Analyst.	Asset Allocation Trust
Jane A. Freeman (Born 1953)	Trustee, since 2015**	Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior thereto, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is a Chartered Financial Analyst (inactive), Chair of Taproot Foundation (non-profit organization) and a Board Member of Ruth Bancroft Garden (non-profit organization).	Asset Allocation Trust
Peter G. Gordon (Born 1942)	Trustee, since 1998; Chairman, since 2005	Co-Founder, Retired Chairman, President and CEO of Crystal Geyser Water Company. Trustee Emeritus, Colby College.	Asset Allocation Trust
Isaiah Harris, Jr. (Born 1952)	Trustee, since 2009	Retired. Chairman of the Board of CIGNA Corporation since 2009, and Director since 2005. From 2003 to 2011, Director of Delux Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy. 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
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

Other information (unaudited) Wells Fargo Advantage Short-Term Bond Fund 33

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
Timothy J. Penny (Born 1951)	Trustee, since 1996	President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007 and Senior Fellow at the Humphrey Institute Policy Forum at the University of Minnesota since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	Asset Allocation Trust
Michael S. Scofield (Born 1943)	Trustee, since 2010	Served on the Investment Company Institute’s Board of Governors and Executive Committee from 2008-2011 as well the Governing Council of the Independent Directors Council from 2006-2011 and the Independent Directors Council Executive Committee from 2008-2011. Chairman of the IDC from 2008-2010. Institutional Investor (Fund Directions) Trustee of Year in 2007. Trustee of the Evergreen Funds complex (and its predecessors) from 1984 to 2010. Chairman of the Evergreen Funds from 2000-2010. Former Trustee of the Mentor Funds. Retired Attorney, Law Offices of Michael S. Scofield.	Asset Allocation Trust
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.

** William R. Ebsworth and Jane A. Freeman each became a Trustee effective January 1, 2015.

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	Senior Vice President and Secretary of Wells Fargo Funds Management, LLC since 2001. Assistant General Counsel of Wells Fargo Bank, N.A. since 2013 and Vice President and Managing Counsel of Wells Fargo Bank N.A. from 1996 to 2013.
Debra Ann Early (Born 1964)	Chief Compliance Officer, since 2007	Senior Vice President of Wells Fargo Funds Management, LLC since 2007 and Chief Compliance Officer from 2007 to 2014. Chief Compliance Officer of Parnassus Investments from 2005 to 2007. Chief Financial Officer of Parnassus Investments from 2004 to 2007 and Senior Audit Manager of PricewaterhouseCoopers LLP from 1998 to 2004.
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 61 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.

34 Wells Fargo Advantage Short-Term Bond Fund List of abbreviations

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

ACA —  ACA Financial Guaranty Corporation

ADR —  American depositary receipt

ADS —  American depositary shares

AGC —  Assured Guaranty Corporation

AGM —  Assured Guaranty Municipal

Ambac —  Ambac Financial Group Incorporated

AMT —  Alternative minimum tax

AUD —  Australian dollar

BAN —  Bond anticipation notes

BHAC —  Berkshire Hathaway Assurance Corporation

BRL —  Brazilian real

CAB —  Capital appreciation bond

CAD —  Canadian dollar

CCAB —  Convertible capital appreciation bond

CDA —  Community Development Authority

CDO —  Collateralized debt obligation

CHF —  Swiss franc

COP —  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

LIFER —  Long Inverse Floating Exempt Receipts

LIQ —  Liquidity agreement

LLC —  Limited liability company

LLLP —  Limited liability limited partnership

LLP —  Limited liability partnership

LOC —  Letter of credit

LP —  Limited partnership

MBIA —  Municipal Bond Insurance Association

MFHR —  Multifamily housing revenue

MSTR —  Municipal securities trust receipts

MTN —  Medium-term note

MUD —  Municipal Utility District

MXN —  Mexican peso

MYR —  Malaysian ringgit

National —  National Public Finance Guarantee Corporation

NGN —  Nigerian naira

NOK —  Norwegian krone

NZD —  New Zealand dollar

PCFA —  Pollution Control Financing Authority

PCL —  Public Company Limited

PCR —  Pollution control revenue

PFA —  Public Finance Authority

PFFA —  Public Facilities Financing Authority

PFOTER —  Puttable floating option tax-exempt receipts

plc —  Public limited company

PLN —  Polish zloty

PUTTER —  Puttable tax-exempt receipts

R&D —  Research & development

Radian —  Radian Asset Assurance

RAN —  Revenue anticipation notes

RDA —  Redevelopment Authority

RDFA —  Redevelopment Finance Authority

REIT —  Real estate investment trust

ROC —  Reset option certificates

RON —  Romanian lei

RUB —  Russian ruble

SAVRS —  Select auction variable rate securities

SBA —  Small Business Authority

SEK —  Swedish krona

SFHR —  Single-family housing revenue

SFMR —  Single-family mortgage revenue

SGD —  Singapore dollar

SPA —  Standby purchase agreement

SPDR —  Standard & Poor’s Depositary Receipts

SPEAR —   Short Puttable Exempt Adjustable Receipts

STRIPS —  Separate trading of registered interest and

      principal securities

TAN —  Tax anticipation notes

TBA —  To be announced

THB —  Thai baht

TIPS —  Treasury inflation-protected securities

TRAN —  Tax revenue anticipation notes

TRY —  Turkish lira

TTFA —  Transportation Trust Fund Authority

TVA —  Tennessee Valley Authority

ZAR —  South African rand

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For more information

More information about Wells Fargo 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

© 2015 Wells Fargo Funds Management, LLC. All rights reserved.

232058 04-15 SA221/SAR221 02-15

Wells Fargo Advantage

Short-Term High Yield Bond Fund

Semi-Annual Report

February 28, 2015

Reduce clutter. Save trees.

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

Contents

Letter to shareholders	2
Performance highlights	4
Fund expenses	6
Portfolio of investments	7
Financial statements
Statement of assets and liabilities	14
Statement of operations	15
Statement of changes in net assets	16
Financial highlights	17
Notes to financial statements	22
Other information	26
List of abbreviations	29

The views expressed and any forward-looking statements are as of February 28, 2015, unless otherwise noted, and are those of the Fund managers and/or Wells Fargo Funds Management, LLC. Discussions of individual securities, or the markets generally, or any Wells Fargo Advantage Fund are not intended as individual recommendations. Future events or results may vary significantly from those expressed in any forward-looking statements; the views expressed are subject to change at any time in response to changing circumstances in the market. Wells Fargo Funds Management, LLC and the Fund disclaim any obligation to publicly update or revise any views expressed or forward-looking statements.

NOT FDIC INSURED  ¡  NO BANK GUARANTEE  ¡   MAY LOSE VALUE

2 Wells Fargo Advantage Short-Term High Yield Bond Fund Letter to shareholders (unaudited)

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 Short-Term High Yield Bond Fund for the six-month period that ended February 28, 2015. The period was marked by low interest rates, a large decline in oil prices, and moderate U.S. economic growth. Investment-grade bonds, as measured by the Barclays U.S. Aggregate Bond Index¹, returned 2.25% 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 ended its quantitative easing program in October 2014 and also set expectations for it to begin normalizing monetary policy with higher target ranges for the federal funds rate in 2015.

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 said it intends to increase the size of its balance sheet, a result of quantitative easing, by buying eurozone government bonds. In Japan, the Bank of Japan maintained an aggressive monetary program aimed at combating deflation.

U.S. economic growth was moderate, and oil prices plummeted.

Economic growth advanced during the reporting period, the unemployment rate ticked lower to 5.5% as of February 2015, and inflation remained below the Fed’s longer-run objective of a 2% pace. The period was also marked by dramatically lower oil prices, which fell from more than $90 per barrel at the end of August 2014 to below $50 per barrel at the end of February 2015. While lower oil prices benefited consumers of oil products, the lower prices pressured companies within the energy sector.

Longer-dated securities and higher-rated credits were top performers.

Ten-year U.S. Treasury rates declined during the period, from 2.35% at end of August 2014 to 2.03% by the end of February 2015, benefiting both from safe-haven status as well as relative attractiveness to global investors. With the U.S. economy the furthest along its business cycle, the level of interest rates in the U.S. and Europe diverged. The 10-year U.S. Treasury yield was 2.03% at the end of February 2015 compared with 0.30% for 10-year German government yields, 173 basis points (bps; 100 bps equals 1.00%) higher. This was largely attributed to the Fed being closer to eventually increasing interest rates while the ECB potentially needs to further increase, rather than scale back, its amount of accommodation. Further, U.S. economic activity was healthier than Europe’s.

Treasury bonds with maturities greater than 20 years returned more than 10% during the six-month period that ended February 28, 2015, according to the Barclays U.S. Aggregate Bond Index. This was due, in part, to strong demand from overseas investors because yields in Europe and Japan were substantially lower than U.S. yields. In addition, because the dollar strengthened, the returns from Treasuries were even higher for foreign-domiciled investors. Longer-maturity debt across all sectors outperformed shorter-dated securities.

¹  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 Short-Term High Yield Bond Fund 3

Investment-grade corporate bonds returned 2.29% during the six-month reporting period, according to the Barclays U.S. Aggregate Bond Index, and AAA-rated² bonds had higher returns than BBB-rated bonds. Lower-rated credits, including high yield, underperformed as oil prices fell dramatically. Not only were many energy and mining companies negatively affected, but investor trepidation about weak global growth caused investment-grade spreads to modestly widen while high-yield spreads widened substantially.

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

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

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

Sincerely,

Karla M. Rabusch

President

Wells Fargo Advantage Funds

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

²  The ratings indicated are from Standard & Poor’s, Moody’s Investors Service, and/or Fitch Ratings Ltd. Standard & Poor’s rates the creditworthiness of bonds from AAA (highest) to D (lowest). Ratings from A to CCC may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the rating categories. Moody’s rates the creditworthiness of bonds from Aaa (highest) to C (lowest). Ratings Aa to B may be modified by the addition of a number 1 (highest) to 3 (lowest) to show relative standing within the ratings categories. Fitch rates the creditworthiness of bonds from AAA (highest) to D (lowest).

4 Wells Fargo Advantage Short-Term High Yield Bond Fund Performance highlights (unaudited)

Investment objective

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

Adviser

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Kevin J. Maas, CFA

Thomas M. Price, CFA

Michael J. Schueller, CFA

Average annual total returns¹ (%) as of February 28, 2015

		Including sales charge							Excluding sales charge						Expense ratios2 (%)
	Inception date	1 year			5 year		10 year		1 year		5 year		10 year		Gross		Net3
Class A (SSTHX)	2-29-2000		(1.41	)		3.63		3.94		1.63		4.26		4.26		0.92		0.83
Class C (WFHYX)	3-31-2008		(0.12	)		3.49		3.50		0.88		3.49		3.50		1.67		1.58
Administrator Class (WDHYX)	7-30-2010		–			–		–		1.80		4.41		4.33		0.86		0.67
Institutional Class (STYIX)	11-30-2012		–			–		–		1.95		4.44		4.35		0.59		0.52
Investor Class (STHBX)	6-30-1997		–			–		–		1.60		4.23		4.25		0.95		0.86
BofA Merrill Lynch High Yield U.S. Corporates, Cash Pay, BB Rated, 1-5 Year Index4	–		–			–		–		3.28		7.64		7.01		–		–
BofA Merrill Lynch High Yield U.S. Corporates, Cash Pay, B Rated, 1-5 Year Index5	–		–			–		–		1.36		8.03		7.33		–		–
Short-Term High Yield Bond Index III6	–		–			–		–		2.71		7.76		7.14		–		–

Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on fund distributions or the redemption of fund shares. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. 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 3.00%. For Class C shares, the maximum contingent deferred sales charge is 1.00%. Performance including a contingent deferred sales charge assumes the sales charge for the corresponding time period. Administrator Class, Institutional Class, and Investor Class shares are sold without a front-end sales charge or contingent deferred sales charge.

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

Please see footnotes on page 5.

Performance highlights (unaudited) Wells Fargo Advantage Short-Term High Yield Bond Fund 5

Ten largest long-term holdings7 (%) as of February 28, 2015
Chesapeake Energy Corporation, 3.50%, 4-15-2019	1.50
CIT Group Incorporated, 4.25%, 8-15-2017	1.44
CCO Holdings LLC , 7.38%, 6-1-2020	1.44
Sally Holdings Incorporated, 6.88%, 11-15-2019	1.36
Case New Holland Industrial Incorporated, 7.88%, 12-1-2017	1.28
Ineos US Finance LLC, 3.75%, 5-4-2018	1.22
AES Corporation, 8.00%, 10-15-2017	1.21
Virgin Media Investment Holdings Limited, 3.50%, 6-7-2020	1.20
NRG Energy Incorporated, 7.63%, 1-15-2018	1.20
SESI LLC, 6.38%, 5-1-2019	1.17

Credit quality⁸ as of February 28, 2015

¹  Effective June 20, 2008, Advisor Class was renamed Class A and modified to assume the features and attributes of Class A. Historical performance shown for Class A shares through June 19, 2008, includes Advisor Class expenses. Historical performance shown for Class C shares prior to their inception reflects the performance of Investor Class shares, adjusted to include the higher expenses applicable to Class C shares. Historical performance shown for Administrator Class shares prior to their inception reflects the performance of Class A shares and includes the higher expenses applicable to Class A shares. If these expenses had not been included, returns would be higher. Historical performance shown for Institutional Class shares prior to their inception reflects the performance of Administrator Class shares and includes the higher expenses applicable to Administrator Class shares. If these expenses had not been included, returns would be higher.

²  Reflects the expense ratios as stated in the most recent prospectuses, which include the impact of 0.02% 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.

³  The Adviser has committed through December 31, 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 0.81% for Class A, 1.56% for Class C, 0.65% for Administrator Class, 0.50% for Institutional Class, and 0.84% for Investor Class. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses, and extraordinary expenses are excluded from the cap. Without this cap, the Fund’s returns would have been lower.

⁴  The BofA Merrill Lynch High Yield U.S. Corporates, Cash Pay, BB Rated, 1-5 Year Index is an unmanaged index that generally tracks the performance of BB rated U.S. dollar-denominated corporate bonds publicly issued in the U.S. domestic market with maturities of one to five years. You cannot invest directly in an index.

⁵ The BofA Merrill Lynch High Yield U.S. Corporates, Cash Pay, B Rated, 1-5 Year Index is an unmanaged index that generally tracks the performance of B rated U.S. dollar-denominated corporate bonds publicly issued in the U.S. domestic market with maturities of one to five years. You cannot invest directly in an index.

⁶  The Short-Term High Yield Bond Index III is comprised of 70% of BofA Merrill Lynch High Yield U.S. Corporates, Cash Pay, BB Rated, 1-5 Year Index and 30% of BofA Merrill Lynch High Yield U.S. Corporates, Cash Pay, B Rated, 1-5 Year Index. The BofA Merrill Lynch High Yield U.S. Corporates, Cash Pay, BB Rated, 1-5 Year Index is an unmanaged index that generally tracks the performance of BB rated U.S. dollar-denominated corporate bonds publicly issued in the U.S. domestic market with maturities of one to five years. The BofA Merrill Lynch High Yield U.S. Corporates, Cash Pay, B Rated, 1-5 Year Index is an unmanaged index that generally tracks the performance of B rated U.S. dollar-denominated corporate bonds publicly issued in the U.S. domestic market with maturities of one to five years. You cannot invest directly in an index.

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

⁸  The credit quality distribution of portfolio holdings reflected in the chart is based on ratings from Standard & Poor’s, Moody’s Investors Service, and/or Fitch Ratings Ltd. Credit quality ratings apply to the underlying holdings of the Fund and not to the Fund itself. The percentages of the Fund’s portfolio with the ratings depicted in the chart are calculated based on the total market value of fixed income securities held by the Fund. If a security was rated by all three rating agencies, the middle rating was utilized. If rated by two of three rating agencies, the lower rating was utilized, and if rated by one of the rating agencies, that rating was utilized. Standard & Poor’s rates the creditworthiness of bonds, ranging from AAA (highest) to D (lowest). Ratings from A to CCC may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the rating categories. Standard & Poor’s rates the creditworthiness of short-term notes from SP-1 (highest) to SP-3 (lowest). Moody’s rates the creditworthiness of bonds, ranging from Aaa (highest) to C (lowest). Ratings Aa to B may be modified by the addition of a number 1 (highest) to 3 (lowest) to show relative standing within the ratings categories. Moody’s rates the creditworthiness of short-term U.S. tax-exempt municipal securities from MIG 1/VMIG 1 (highest) to SG (lowest). Fitch rates the creditworthiness of bonds, ranging from AAA (highest) to D (lowest). Credit quality and credit quality ratings are subject to change and may have changed since the date specified.

6 Wells Fargo Advantage Short-Term High Yield Bond Fund Fund expenses (unaudited)

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and contingent deferred sales charges (if any) on redemptions and (2) ongoing costs, including management fees, distribution (12b-1) and/or shareholder 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 September 1, 2014 to February 28, 2015.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

	Beginning account value 9-1-2014		Ending account value 2-28-2015		Expenses paid during the period¹		Net annualized expense ratio
Class A
Actual	$	1,000.00	$	1,008.69	$	4.03		0.81	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.78	$	4.06		0.81	%
Class C
Actual	$	1,000.00	$	1,004.96	$	7.76		1.56	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.06	$	7.80		1.56	%
Administrator Class
Actual	$	1,000.00	$	1,009.48	$	3.24		0.65	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.57	$	3.26		0.65	%
Institutional Class
Actual	$	1,000.00	$	1,011.46	$	2.49		0.50	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.32	$	2.51		0.50	%
Investor Class
Actual	$	1,000.00	$	1,008.54	$	4.18		0.84	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.63	$	4.21		0.84	%

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

Portfolio of investments—February 28, 2015 (unaudited) Wells Fargo Advantage Short-Term High Yield Bond Fund 7

Security name	Interest rate			Maturity date		Principal		Value
Corporate Bonds and Notes: 57.53%
Consumer Discretionary: 19.22%
Airlines: 0.76%
US Airways Group Incorporated		6.13	%		6-1-2018	$	10,000,000	$	10,587,500
Auto Components: 2.88%
Allison Transmission Incorporated 144A		7.13			5-15-2019		6,670,000		6,961,813
Goodyear Tire & Rubber Company		8.25			8-15-2020		14,190,000		15,094,613
Tenneco Incorporated		6.88			12-15-2020		9,650,000		10,287,383
TRW Automotive Incorporated 144A		7.25			3-15-2017		7,400,000		8,140,000
									40,483,809
Automobiles: 0.95%
Chrysler Group LLC/CG Co-Issuer Incorporated		8.00			6-15-2019		12,640,000		13,353,149
Diversified Consumer Services: 4.44%
Avis Budget Car Rental LLC ±		3.01			12-1-2017		11,611,000		11,669,055
Avis Budget Car Rental LLC		4.88			11-15-2017		8,120,000		8,343,300
Hertz Corporation		7.50			10-15-2018		5,870,000		6,075,450
Service Corporation International		7.00			6-15-2017		14,176,000		15,451,840
United Rentals North America Incorporated		5.75			7-15-2018		15,230,000		15,810,644
United Rentals North America Incorporated		7.38			5-15-2020		4,550,000		4,936,750
									62,287,039
Hotels, Restaurants & Leisure: 0.45%
MGM Resorts International		7.50			6-1-2016		5,265,000		5,580,900
MGM Resorts International		7.63			1-15-2017		735,000		793,800
									6,374,700
Household Durables: 3.85%
Beazer Homes USA Company		6.63			4-15-2018		12,395,000		12,890,800
DR Horton Incorporated		3.63			2-15-2018		3,930,000		4,004,670
DR Horton Incorporated		4.75			5-15-2017		6,050,000		6,322,250
Jarden Corporation		7.50			5-1-2017		13,115,000		14,459,288
Lennar Corporation		4.13			12-1-2018		9,870,000		9,993,375
Lennar Corporation		4.75			12-15-2017		600,000		622,500
Pulte Group Incorporated		7.63			10-15-2017		5,185,000		5,820,163
									54,113,046
Media: 3.14%
CCO Holdings LLC		7.38			6-1-2020		18,865,000		20,232,713
CSC Holdings LLC		7.63			7-15-2018		8,050,000		9,096,500
DISH DBS Corporation		4.25			4-1-2018		14,670,000		14,743,350
									44,072,563
Specialty Retail: 2.37%
Limited Brands Incorporated		6.90			7-15-2017		12,815,000		14,208,631
Sally Holdings Incorporated		6.88			11-15-2019		17,825,000		19,028,188
									33,236,819

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

8 Wells Fargo Advantage Short-Term High Yield Bond Fund Portfolio of investments—February 28, 2015 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Textiles, Apparel & Luxury Goods: 0.38%
Hanesbrands Incorporated		6.38	%		12-15-2020	$	5,035,000	$	5,362,275
Energy: 8.11%
Energy Equipment & Services: 1.87%
Exterran Holdings Incorporated		7.25			12-1-2018		7,840,000		7,918,400
SESI LLC		6.38			5-1-2019		16,400,000		16,482,000
Targa Resources Partners 144A		5.00			1-15-2018		1,835,000		1,910,694
									26,311,094
Oil, Gas & Consumable Fuels: 6.24%
Carrizo Oil & Gas Incorporated		8.63			10-15-2018		6,495,000		6,754,800
Chesapeake Energy Corporation ±		3.50			4-15-2019		21,490,000		21,113,925
Crestwood Midstream Partners LP		7.75			4-1-2019		1,945,000		2,025,231
El Paso LLC		7.00			6-15-2017		5,300,000		5,866,040
EP Energy LLC/Everest Acquisition Finance LLC		6.88			5-1-2019		14,740,000		15,108,500
Kinder Morgan Finance Company LLC 144A		6.00			1-15-2018		9,000,000		9,865,665
Peabody Energy Corporation		7.38			11-1-2016		7,100,000		7,455,000
Tesoro Corporation		4.25			10-1-2017		4,000,000		4,160,000
WPX Energy Incorporated		5.25			1-15-2017		14,965,000		15,264,300
									87,613,461
Financials: 5.54%
Banks: 1.84%
AmSouth Bank		5.20			4-1-2015		5,370,000		5,389,767
CIT Group Incorporated		4.25			8-15-2017		19,755,000		20,248,875
CIT Group Incorporated		5.00			5-15-2017		135,000		140,400
									25,779,042
Consumer Finance: 2.75%
Ally Financial Incorporated ±		2.94			7-18-2016		4,560,000		4,601,674
Ally Financial Incorporated		5.50			2-15-2017		9,500,000		9,957,995
Ally Financial Incorporated		6.25			12-1-2017		1,915,000		2,068,200
General Motors Financial Company Incorporated		3.25			5-15-2018		880,000		898,700
Navient LLC		6.00			1-25-2017		8,000,000		8,460,320
SLM Corporation		4.63			9-25-2017		870,000		896,100
Toll Brothers Finance Corporation		4.00			12-31-2018		2,650,000		2,722,875
Toll Brothers Finance Corporation		8.91			10-15-2017		7,750,000		8,951,250
									38,557,114
REITs: 0.95%
Iron Mountain Incorporated		7.75			10-1-2019		12,520,000		13,380,750
Health Care: 2.62%
Health Care Equipment & Supplies: 1.21%
Biomet Incorporated		6.50			8-1-2020		9,235,000		9,846,819
Fresenius US Finance II Incorporated 144A		9.00			7-15-2015		7,000,000		7,175,000
									17,021,819

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

Portfolio of investments—February 28, 2015 (unaudited) Wells Fargo Advantage Short-Term High Yield Bond Fund 9

Security name	Interest rate			Maturity date		Principal		Value
Health Care Providers & Services: 1.41%
Fresenius Medical Care Holdings Incorporated		6.88	%		7-15-2017	$	12,834,000	$	14,117,400
HCA Incorporated		8.00			10-1-2018		4,610,000		5,382,175
Universal Health Services Incorporated		7.13			6-30-2016		300,000		323,250
									19,822,825
Industrials: 6.59%
Aerospace & Defense: 0.83%
Esterline Technologies Corporation		7.00			8-1-2020		10,695,000		11,229,750
Huntington Ingalls Industries Incorporated		7.13			3-15-2021		365,000		393,342
									11,623,092
Building Products: 0.75%
Masco Corporation		5.85			3-15-2017		508,000		544,830
Masco Corporation		6.13			10-3-2016		9,409,000		10,044,108
									10,588,938
Commercial Services & Supplies: 0.84%
Deluxe Corporation		7.00			3-15-2019		2,770,000		2,870,413
Mobile Mini Incorporated		7.88			12-1-2020		470,000		497,025
RR Donnelley & Sons Company		5.50			5-15-2015		6,550,000		6,582,750
RR Donnelley & Sons Company		7.25			5-15-2018		1,705,000		1,901,075
									11,851,263
Diversified Consumer Services: 0.94%
ADT Corporation		2.25			7-15-2017		13,255,000		13,122,450
Electrical Equipment: 0.36%
General Cable Corporation ±(i)		2.63			4-1-2015		5,000,000		4,975,000
Machinery: 2.67%
Case New Holland Industrial Incorporated		7.88			12-1-2017		16,095,000		17,945,925
Manitowoc Company Incorporated		8.50			11-1-2020		6,140,000		6,631,200
SPX Corporation		6.88			9-1-2017		11,805,000		12,867,450
									37,444,575
Trading Companies & Distributors: 0.20%
International Lease Finance Corporation		5.75			5-15-2016		2,750,000		2,863,438
Information Technology: 1.62%
Electronic Equipment, Instruments & Components: 0.63%
Jabil Circuit Incorporated		7.75			7-15-2016		8,300,000		8,922,500
Internet Software & Services: 0.99%
IAC/InterActiveCorp		4.88			11-30-2018		13,400,000		13,869,000
Materials: 5.86%
Chemicals: 0.34%
Polyone Corporation		7.38			9-15-2020		4,480,000		4,754,400

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

10 Wells Fargo Advantage Short-Term High Yield Bond Fund Portfolio of investments—February 28, 2015 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Construction Materials: 0.40%
Vulcan Materials Company		6.40	%		11-30-2017	$	3,250,000	$	3,550,625
Vulcan Materials Company		6.50			12-1-2016		635,000		682,625
Vulcan Materials Company		7.00			6-15-2018		1,265,000		1,416,800
									5,650,050
Containers & Packaging: 2.52%
Greif Incorporated		6.75			2-1-2017		9,180,000		9,891,450
Owens Brockway Glass Container Incorporated		7.38			5-15-2016		6,560,000		6,986,400
Owens-Illinois Incorporated		7.80			5-15-2018		9,305,000		10,468,125
Reynolds Group Holdings Limited		7.13			4-15-2019		195,000		202,800
Reynolds Group Holdings Limited		7.88			8-15-2019		7,345,000		7,793,045
									35,341,820
Metals & Mining: 2.60%
Commercial Metals Company		7.35			8-15-2018		13,150,000		14,267,750
Steel Dynamics Incorporated		6.13			8-15-2019		9,690,000		10,392,525
Sunchoke Energy Incorporated		7.63			8-1-2019		4,310,000		4,476,151
US Steel Corporation		7.00			2-1-2018		6,923,000		7,398,956
									36,535,382
Telecommunication Services: 4.89%
Diversified Telecommunication Services: 3.14%
CenturyLink Incorporated		6.00			4-1-2017		10,390,000		11,117,300
Frontier Communications Corporation		8.13			10-1-2018		8,540,000		9,714,250
Level 3 Financing Incorporated		8.13			7-1-2019		10,080,000		10,659,600
Windstream Corporation		7.88			11-1-2017		8,050,000		8,714,125
Windstream Corporation		9.88			12-1-2018		3,630,000		3,829,650
									44,034,925
Wireless Telecommunication Services: 1.75%
Sprint Nextel Corporation		6.00			12-1-2016		14,260,000		14,964,088
T-Mobile USA Incorporated		6.46			4-28-2019		9,270,000		9,629,213
									24,593,301
Utilities: 3.08%
Gas Utilities: 0.68%
AmeriGas Partners LP		6.25			8-20-2019		9,085,000		9,493,825
Independent Power & Renewable Electricity Producers: 2.40%
AES Corporation		8.00			10-15-2017		15,080,000		16,965,000
NRG Energy Incorporated		7.63			1-15-2018		15,130,000		16,794,300
									33,759,300
Total Corporate Bonds and Notes (Cost $809,184,806)									807,780,264
Loans: 33.48%
Activision Blizzard Incorporated ±		3.25			10-12-2020		10,091,250		10,114,864
Allison Transmission Incorporated ±		2.93			8-7-2017		1,279,843		1,276,912

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

Portfolio of investments—February 28, 2015 (unaudited) Wells Fargo Advantage Short-Term High Yield Bond Fund 11

Security name	Interest rate			Maturity date		Principal		Value
Loans (continued)
Allison Transmission Incorporated ±		3.50	%		8-23-2019	$	6,198,157	$	6,197,413
Aramark Corporation ±		3.25			9-7-2019		14,137,750		14,095,337
Aramark Corporation ±		3.67			7-26-2016		253,281		250,748
Berry Plastics Group Incorporated ±		3.50			2-8-2020		15,836,150		15,756,969
Biomet Incorporated ±		3.67			7-25-2017		10,122,125		10,110,485
Biomet Incorporated ±		3.17			3-25-2015		1,030,986		1,030,471
CDW LLC ±		3.25			4-29-2020		13,452,370		13,329,012
Cequel Communications LLC ±		3.50			2-14-2019		13,101,980		13,103,683
Chrysler Group LLC ±		3.50			5-24-2017		7,749,169		7,744,364
CHS/Community Health Systems Incorporated ±		4.25			1-27-2021		6,831,000		6,844,116
CHS/Community Health Systems Incorporated ±		3.42			1-25-2017		10,069,821		10,065,290
Cinemark USA Incorporated ±		3.18			12-18-2019		980,000		978,951
Crown Castle Operating Company ±		3.00			1-31-2021		8,728,872		8,709,232
Dell Incorporated ±<		4.50			4-29-2020		11,786,128		11,830,326
Delos Finance SARL ±		3.50			3-6-2021		9,865,000		9,860,857
DigitalGlobe Incorporated ±		3.75			1-31-2020		11,325,836		11,308,168
EFS Cogen Holdings I LLC ±		3.75			12-17-2020		6,931,709		6,905,715
Generac Power Systems Incorporated ±		3.25			5-31-2020		13,432,069		13,327,165
HCA Incorporated ±		2.67			2-2-2016		6,741,496		6,728,013
HCA Incorporated ±		2.92			3-31-2017		8,887,500		8,886,434
Huntsman International LLC ±		3.75			8-12-2021		11,120,000		11,138,570
Iasis Healthcare LLC ±		4.50			5-3-2018		7,732,125		7,736,997
Ineos US Finance LLC ±		3.75			5-4-2018		17,151,252		17,090,193
Intelsat Jackson Holdings SA ±		3.75			6-30-2019		14,548,512		14,434,160
KAR Auction Services Incorporated ±		3.50			3-7-2021		5,855,404		5,804,170
Level 3 Financing Incorporated ±		4.00			1-15-2020		8,300,000		8,295,850
Lifepoint Hospitals Incorporated ±		2.68			7-24-2017		4,793,654		4,807,124
Michaels Stores Incorporated ±		3.75			1-28-2020		13,960,717		13,869,135
NBTY Incorporated ±		3.50			10-1-2017		8,172,889		8,019,648
Novelis Incorporated ±		3.75			3-10-2017		13,196,683		13,174,644
Omnova Solutions Incorporated ±		4.25			5-31-2018		2,274,063		2,248,479
Peabody Energy Corporation ±		4.25			9-24-2020		7,519,813		7,076,670
Pinnacle Foods Finance LLC ±		3.00			4-29-2020		6,066,631		6,027,865
Rexnord LLC ±		4.00			8-21-2020		11,440,681		11,405,902
Reynolds Group Holdings Incorporated ±		4.00			12-1-2018		7,303,464		7,323,403
Salix Pharmaceuticals Limited ±		4.25			1-2-2020		9,688,534		9,682,527
SBA Senior Finance II LLC ±		3.25			3-24-2021		9,666,425		9,595,280
Select Medical Corporation ±		2.99			12-20-2016		948,664		948,076
Select Medical Corporation ±		3.75			6-1-2018		9,304,881		9,275,849
Sensata Technologies BV ±		3.25			5-12-2019		4,577,388		4,583,934
Serta Simmons Holdings LLC ±		4.25			10-1-2019		1,832,328		1,828,737
Spectrum Brands Incorporated ±		3.50			9-4-2019		987,500		985,031
SunGard Data Systems Incorporated ±		4.00			3-8-2020		5,317,693		5,316,044
Tempur-Pedic International Incorporated ±		3.50			3-18-2020		9,267,988		9,244,818
The Hertz Corporation ±		3.50			3-11-2018		10,097,449		10,018,588
The Hertz Corporation ±		4.00			3-11-2018		2,205,000		2,196,048
The Manitowoc Company Incorporated ±		3.25			1-3-2021		1,685,000		1,679,743
TransDigm Incorporated ±		3.50			2-14-2017		776,348		774,407
TransDigm Incorporated ±		3.75			2-28-2020		16,225,992		16,151,028
Valeant Pharmaceuticals International Incorporated ±		3.50			2-13-2019		15,677,867		15,641,965

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

12 Wells Fargo Advantage Short-Term High Yield Bond Fund Portfolio of investments—February 28, 2015 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Loans (continued)
Virgin Media Investment Holdings Limited ±		3.50	%		6-7-2020	$	16,935,000	$	16,882,840
Wendy’s International Incorporated ±		3.25			5-15-2019		2,020,892		2,011,636
West Corporation ±		3.25			6-30-2018		12,772,955		12,730,421
Zayo Group LLC ±<		4.00			7-2-2019		13,563,723		13,546,768
Total Loans (Cost $472,153,176)									470,001,075
Municipal Obligations: 1.08%
Alabama: 0.42%
Jefferson County AL Taxable Warrants Series B (GO)		4.90			4-1-2017		4,225,000		4,316,725
Jefferson County AL Taxable Warrants Series D (GO)		4.90			4-1-2017		1,540,000		1,573,433
									5,890,158
California: 0.33%
California Judgment Trust (Miscellaneous Revenue) ±		1.60			6-1-2015		1,185,000		1,184,988
Oakland CA Redevelopment Agency Refunding Bond Subordinated Housing Series A (Tax Revenue, Ambac Insured)		5.38			9-1-2016		3,420,000		3,478,037
									4,663,025
Texas: 0.33%
Dallas-Fort Worth TX International Airport Facilities Improvement Corporation (Industrial Development Revenue)		7.00			1-1-2016		4,485,000		4,643,948
Total Municipal Obligations (Cost $15,111,053)									15,197,131
Non-Agency Mortgage-Backed Securities: 0.00%
Salomon Brothers Mortgage Securities VII Series 1994-5 Class B2 ±(i)		2.73			4-25-2024		41,645		35,264
Total Non-Agency Mortgage-Backed Securities (Cost $41,243)									35,264
Yankee Corporate Bonds and Notes: 4.03%
Consumer Discretionary: 1.27%
Automobiles: 0.65%
Jaguar Land Rover Automotive plc 144A		4.13			12-15-2018		8,735,000		9,106,238
Media: 0.62%
Numericable Group SA 144A		4.88			5-15-2019		8,745,000		8,745,000
Financials: 0.18%
Diversified Financial Services: 0.18%
AerCap Ireland Capital Limited 144A		2.75			5-15-2017		2,535,000		2,540,552
Information Technology: 0.98%
Electronic Equipment, Instruments & Components: 0.98%
NXP BV/NXP Funding LLC 144A		3.50			9-15-2016		13,600,000		13,804,000
Materials: 1.44%
Metals & Mining: 1.44%
ArcelorMittal SA		6.13			6-1-2018		10,000,000		10,823,750
FMG Resources Limited 144A«		6.00			4-1-2017		9,260,000		9,346,805
									20,170,555

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

Portfolio of investments—February 28, 2015 (unaudited) Wells Fargo Advantage Short-Term High Yield Bond Fund 13

Security name	Interest rate			Maturity date		Principal		Value
Telecommunication Services: 0.16%
Diversified Telecommunication Services: 0.16%
Intelsat Jackson Holdings SA		7.25	%		4-1-2019	$	2,140,000	$	2,214,900
Total Yankee Corporate Bonds and Notes (Cost $56,708,686)									56,581,245
	Yield					Shares
Short-Term Investments: 2.40%
Investment Companies: 2.40%
Securities Lending Cash Investments, LLC (l)(r)(u)		0.13					1,055,000		1,055,000
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)##		0.10					32,653,432		32,653,432
Total Short-Term Investments (Cost $33,708,432)									33,708,432

Total investments in securities (Cost $1,386,907,396) *	98.52	%		1,383,303,411
Other assets and liabilities, net	1.48			20,767,547
Total net assets	100.00	%	$	1,404,070,958

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

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

(i) Illiquid security

< All or a portion of the position represents an unfunded loan commitment.

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

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

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

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

## All or a portion of this security is segregated for unfunded loans.

* Cost for federal income tax purposes is $1,387,066,345 and unrealized gains (losses) consists of:

Gross unrealized gains	$	6,973,122
Gross unrealized losses		(10,736,056	)
Net unrealized losses	$	(3,762,934	)

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

14 Wells Fargo Advantage Short-Term High Yield Bond Fund Statement of assets and liabilities—February 28, 2015 (unaudited)

Assets
Investments
In unaffiliated securities (including $1,032,817 of securities loaned), at value (cost $1,353,198,964)	$	1,349,594,979
In affiliated securities, at value (cost $33,708,432)		33,708,432
Total investments, at value (cost $1,386,907,396)		1,383,303,411
Receivable for investments sold		32,198,867
Principal paydown receivable		341
Receivable for Fund shares sold		1,649,113
Receivable for interest		15,131,648
Receivable for securities lending income		8,881
Prepaid expenses and other assets		106,120
Total assets		1,432,398,381
Liabilities
Dividends payable		656,504
Payable for investments purchased		21,664,810
Payable for Fund shares redeemed		4,107,023
Payable upon receipt of securities loaned		1,055,000
Advisory fee payable		344,409
Distribution fee payable		76,160
Administration fees payable		194,486
Accrued expenses and other liabilities		229,031
Total liabilities		28,327,423
Total net assets	$	1,404,070,958
NET ASSETS CONSIST OF
Paid-in capital	$	1,421,950,295
Overdistributed net investment income		(802,825	)
Accumulated net realized losses on investments		(13,472,527	)
Net unrealized losses on investments		(3,603,985	)
Total net assets	$	1,404,070,958
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	216,876,729
Shares outstanding – Class A1		26,640,446
Net asset value per share – Class A		$8.14
Maximum offering price per share – Class A2		$8.39
Net assets – Class C	$	127,313,408
Shares outstanding – Class C1		15,638,767
Net asset value per share – Class C		$8.14
Net assets – Administrator Class	$	371,349,969
Shares outstanding – Administrator Class1		45,631,440
Net asset value per share – Administrator Class		$8.14
Net assets – Institutional Class	$	507,300,671
Shares outstanding – Institutional Class1		62,427,322
Net asset value per share – Institutional Class		$8.13
Net assets – Investor Class	$	181,230,181
Shares outstanding – Investor Class1		22,259,991
Net asset value per share – Investor Class		$8.14

¹  The Fund has an unlimited number of authorized shares.

²  Maximum offering price is computed as 100/97 of net asset value. On investments of $50,000 or more, the offering price is reduced.

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

Statement of operations—six months ended February 28, 2015 (unaudited) Wells Fargo Advantage Short-Term High Yield Bond Fund 15

Investment income
Interest	$	31,689,217
Securities lending income, net		51,209
Income from affiliated securities		20,477
Total investment income		31,760,903
Expenses
Advisory fee		3,333,696
Administration fees
Fund level		393,467
Class A		193,823
Class C		106,375
Administrator Class		224,314
Institutional Class		219,328
Investor Class		191,591
Shareholder servicing fees
Class A		302,849
Class C		166,211
Administrator Class		558,025
Investor Class		251,149
Distribution fee
Class C		498,633
Custody and accounting fees		42,392
Professional fees		28,944
Registration fees		68,016
Shareholder report expenses		62,711
Trustees’ fees and expenses		5,245
Other fees and expenses		24,173
Total expenses		6,670,942
Less: Fee waivers and/or expense reimbursements		(976,686	)
Net expenses		5,694,256
Net investment income		26,066,647
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized losses on investments		(12,710,486	)
Net change in unrealized gains (losses) on investments		(1,186,924	)
Net realized and unrealized gains (losses) on investments		(13,897,410	)
Net increase in net assets resulting from operations	$	12,169,237

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

16 Wells Fargo Advantage Short-Term High Yield Bond Fund Statement of changes in net assets

	Six months ended February 28, 2015 (unaudited)						Year ended August 31, 2014
Operations
Net investment income				$	26,066,647					$	54,855,027
Net realized losses on investments					(12,710,486	)					(1,133,585	)
Net change in unrealized gains (losses) on investments					(1,186,924	)					(62,645	)
Net increase in net assets resulting from operations					12,169,237						53,658,797
Distributions to shareholders from
Net investment income
Class A					(3,914,320	)					(9,990,440	)
Class C					(1,651,736	)					(3,525,479	)
Administrator Class					(7,584,967	)					(18,901,024	)
Institutional Class					(9,700,212	)					(13,627,741	)
Investor Class					(3,227,201	)					(8,293,472	)
Net realized gains
Class A					0						(679,349	)
Class C					0						(311,057	)
Administrator Class					0						(1,207,759	)
Institutional Class					0						(665,596	)
Investor Class					0						(604,264	)
Total distributions to shareholders					(26,078,436	)					(57,806,181	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		2,660,513			21,558,504			15,249,110			125,909,022
Class C		1,293,313			10,482,374			5,706,301			47,093,148
Administrator Class		8,474,919			68,634,959			44,029,190			363,558,568
Institutional Class		16,838,325			136,382,125			64,080,938			527,975,480
Investor Class		5,001,870			40,545,152			18,738,706			154,708,427
					277,603,114						1,219,244,645
Reinvestment of distributions
Class A		459,625			3,727,177			1,244,498			10,266,433
Class C		194,901			1,580,478			444,388			3,665,809
Administrator Class		844,354			6,845,262			2,075,373			17,116,408
Institutional Class		752,521			6,091,312			970,793			7,988,302
Investor Class		383,600			3,110,776			994,682			8,205,806
					21,355,005						47,242,758
Payment for shares redeemed
Class A		(10,199,574	)		(82,601,054	)		(17,587,268	)		(144,910,840	)
Class C		(3,346,846	)		(27,115,267	)		(4,904,512	)		(40,456,301	)
Administrator Class		(25,803,616	)		(209,054,668	)		(51,142,790	)		(422,085,077	)
Institutional Class		(21,249,989	)		(171,488,828	)		(24,797,924	)		(204,250,615	)
Investor Class		(10,907,054	)		(88,242,818	)		(23,422,680	)		(193,143,088	)
					(578,502,635	)					(1,004,845,921	)
Net increase (decrease) in net assets resulting from capital share transactions					(279,544,516	)					261,641,482
Total increase (decrease) in net assets					(293,453,715	)					257,494,098
Net assets
Beginning of period					1,697,524,673						1,440,030,575
End of period				$	1,404,070,958					$	1,697,524,673
Overdistributed net investment income				$	(802,825	)				$	(791,036	)

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

Financial highlights Wells Fargo Advantage Short-Term High Yield Bond Fund 17

(For a share outstanding throughout each period)

	Six months ended February 28, 2015 (unaudited)			Year ended August 31															Year ended May 31, 2010
CLASS A				2014			2013			2012			2011			20101
Net asset value, beginning of period		$8.20			$8.21			$8.26			$8.04			$8.18			$8.09			$7.82
Net investment income		0.13			0.27			0.31			0.36			0.40			0.11			0.45
Net realized and unrealized gains (losses) on investments		(0.06	)		0.01			(0.05	)		0.26			(0.14	)		0.09			0.26
Total from investment operations		0.07			0.28			0.26			0.62			0.26			0.20			0.71
Distributions to shareholders from
Net investment income		(0.13	)		(0.27	)		(0.31	)		(0.36	)		(0.40	)		(0.11	)		(0.44	)
Net realized gains		0.00			(0.02	)		(0.00	)2		(0.04	)		0.00			0.00			0.00
Total distributions to shareholders		(0.13	)		(0.29	)		(0.31	)		(0.40	)		(0.40	)		(0.11	)		(0.44	)
Net asset value, end of period		$8.14			$8.20			$8.21			$8.26			$8.04			$8.18			$8.09
Total return3		0.87	%		3.40	%		3.17	%		7.81	%		3.10	%		2.43	%		9.17	%
Ratios to average net assets (annualized)
Gross expenses		0.91	%		0.91	%		0.94	%		0.99	%		1.00	%		1.01	%		1.03	%
Net expenses		0.81	%		0.81	%		0.81	%		0.81	%		0.81	%		0.81	%		0.81	%
Net investment income		3.23	%		3.27	%		3.73	%		4.33	%		4.77	%		5.14	%		5.50	%
Supplemental data
Portfolio turnover rate		13	%		28	%		33	%		28	%		36	%		15	%		40	%
Net assets, end of period (000s omitted)		$216,877			$276,436			$285,726			$261,173			$201,523			$235,754			$212,688

¹  For the three months ended August 31, 2010. The Fund changed its fiscal year end from May 31 to August 31, effective August 31, 2010.

²  Amount is less than $0.005.

³  Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.

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

18 Wells Fargo Advantage Short-Term High Yield Bond Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended February 28, 2015 (unaudited)			Year ended August 31															Year ended May 31, 2010
CLASS C				2014			2013			2012			2011			20101
Net asset value, beginning of period		$8.20			$8.21			$8.26			$8.04			$8.18			$8.09			$7.82
Net investment income		0.10			0.21			0.25			0.29	2		0.33			0.09			0.38
Net realized and unrealized gains (losses) on investments		(0.06	)		0.01			(0.06	)		0.26			(0.14	)		0.09			0.26
Total from investment operations		0.04			0.22			0.19			0.55			0.19			0.18			0.64
Distributions to shareholders from
Net investment income		(0.10	)		(0.21	)		(0.24	)		(0.29	)		(0.33	)		(0.09	)		(0.37	)
Net realized gains		0.00			(0.02	)		(0.00	)3		(0.04	)		0.00			0.00			0.00
Total distributions to shareholders		(0.10	)	��	(0.22	)		(0.24	)		(0.33	)		(0.33	)		(0.09	)		(0.37	)
Net asset value, end of period		$8.14			$8.20			$8.21			$8.26			$8.04			$8.18			$8.09
Total return4		0.50	%		2.62	%		2.40	%		7.00	%		2.33	%		2.24	%		8.35	%
Ratios to average net assets (annualized)
Gross expenses		1.66	%		1.66	%		1.69	%		1.73	%		1.75	%		1.76	%		1.78	%
Net expenses		1.56	%		1.56	%		1.56	%		1.56	%		1.56	%		1.56	%		1.56	%
Net investment income		2.48	%		2.52	%		2.98	%		3.58	%		3.97	%		4.39	%		4.69	%
Supplemental data
Portfolio turnover rate		13	%		28	%		33	%		28	%		36	%		15	%		40	%
Net assets, end of period (000s omitted)		$127,313			$143,444			$133,379			$102,780			$71,831			$36,050			$32,985

¹  For the three months ended August 31, 2010. The Fund changed its fiscal year end from May 31 to August 31, effective August 31, 2010.

²  Calculated based upon average shares outstanding

³  Amount is less than $0.005.

⁴  Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.

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

Financial highlights Wells Fargo Advantage Short-Term High Yield Bond Fund 19

(For a share outstanding throughout each period)

	Six months ended February 28, 2015 (unaudited)			Year ended August 31
ADMINISTRATOR CLASS				2014			2013			2012			2011			20101
Net asset value, beginning of period		$8.20			$8.20			$8.26			$8.03			$8.18			$8.18
Net investment income		0.14			0.28			0.32			0.37			0.41			0.03	2
Net realized and unrealized gains (losses) on investments		(0.06	)		0.02			(0.06	)		0.27			(0.15	)		0.00	3
Total from investment operations		0.08			0.30			0.26			0.64			0.26			0.03
Distributions to shareholders from
Net investment income		(0.14	)		(0.28	)		(0.32	)		(0.37	)		(0.41	)		(0.03	)
Net realized gains		0.00			(0.02	)		(0.00	)3		(0.04	)		0.00			0.00
Total distributions to shareholders		(0.14	)		(0.30	)		(0.32	)		(0.41	)		(0.41	)		(0.03	)
Net asset value, end of period		$8.14			$8.20			$8.20			$8.26			$8.03			$8.18
Total return4		0.95	%		3.69	%		3.21	%		8.12	%		3.15	%		0.39	%
Ratios to average net assets (annualized)
Gross expenses		0.85	%		0.84	%		0.87	%		0.92	%		0.94	%		0.89	%
Net expenses		0.65	%		0.65	%		0.65	%		0.65	%		0.65	%		0.64	%
Net investment income		3.38	%		3.44	%		3.89	%		4.48	%		4.87	%		4.39	%
Supplemental data
Portfolio turnover rate		13	%		28	%		33	%		28	%		36	%		15	%
Net assets, end of period (000s omitted)		$371,350			$509,059			$550,981			$459,746			$249,301			$60

¹  For the period from July 30, 2010 (commencement of class operations) to August 31, 2010

²  Calculated based upon average shares outstanding

³  Amount is less than $0.005.

⁴  Returns for periods of less than one year are not annualized.

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

20 Wells Fargo Advantage Short-Term High Yield Bond Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended February 28, 2015 (unaudited)			Year ended August 31
INSTITUTIONAL CLASS				2014			20131
Net asset value, beginning of period		$8.18			$8.19			$8.28
Net investment income		0.14			0.29			0.25
Net realized and unrealized gains (losses) on investments		(0.05	)		0.01			(0.09	)
Total from investment operations		0.09			0.30			0.16
Distributions to shareholders from
Net investment income		(0.14	)		(0.29	)		(0.25	)
Net realized gains		0.00			(0.02	)		(0.00	)2
Total distributions to shareholders		(0.14	)		(0.31	)		(0.25	)
Net asset value, end of period		$8.13			$8.18			$8.19
Total return3		1.15	%		3.72	%		1.92	%
Ratios to average net assets (annualized)
Gross expenses		0.58	%		0.58	%		0.60	%
Net expenses		0.50	%		0.50	%		0.50	%
Net investment income		3.54	%		3.58	%		4.05	%
Supplemental data
Portfolio turnover rate		13	%		28	%		33	%
Net assets, end of period (000s omitted)		$507,301			$540,824			$211,642

¹  For the period from November 30, 2012 (commencement of class operations) to August 31, 2013

²  Amount is less than $0.005.

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

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

Financial highlights Wells Fargo Advantage Short-Term High Yield Bond Fund 21

(For a share outstanding throughout each period)

	Six months ended February 28, 2015 (unaudited)			Year ended August 31															Year ended May 31, 2010
INVESTOR CLASS				2014			2013			2012			2011			20101
Net asset value, beginning of period		$8.20			$8.21			$8.26			$8.03			$8.18			$8.09			$7.82
Net investment income		0.13			0.27			0.31			0.35	2		0.39			0.11			0.44
Net realized and unrealized gains (losses) on investments		(0.06	)		0.00	3		(0.06	)		0.27			(0.15	)		0.08			0.26
Total from investment operations		0.07			0.27			0.25			0.62			0.24			0.19			0.70
Distributions to shareholders from
Net investment income		(0.13	)		(0.26	)		(0.30	)		(0.35	)		(0.39	)		(0.10	)		(0.43	)
Net realized gains		0.00			(0.02	)		(0.00	)3		(0.04	)		0.00			0.00			0.00
Total distributions to shareholders		(0.13	)		(0.28	)		(0.30	)		(0.39	)		(0.39	)		(0.10	)		(0.43	)
Net asset value, end of period		$8.14			$8.20			$8.21			$8.26			$8.03			$8.18			$8.09
Total return4		0.85	%		3.36	%		3.13	%		7.91	%		2.95	%		2.42	%		9.12	%
Ratios to average net assets (annualized)
Gross expenses		0.94	%		0.94	%		0.97	%		1.01	%		1.03	%		1.05	%		1.07	%
Net expenses		0.84	%		0.84	%		0.84	%		0.84	%		0.84	%		0.85	%		0.86	%
Net investment income		3.20	%		3.24	%		3.70	%		4.30	%		4.76	%		5.10	%		5.49	%
Supplemental data
Portfolio turnover rate		13	%		28	%		33	%		28	%		36	%		15	%		40	%
Net assets, end of period (000s omitted)		$181,230			$227,763			$258,302			$232,175			$170,952			$177,946			$165,759

¹  For the three months ended August 31, 2010. The Fund changed its fiscal year end from May 31 to August 31, effective August 31, 2010.

²  Calculated based upon average shares outstanding

³  Amount is less than $0.005.

⁴  Returns for periods of less than one year are not annualized.

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

22 Wells Fargo Advantage Short-Term High Yield Bond Fund Notes to financial statements (unaudited)

1. ORGANIZATION

Wells Fargo Funds Trust (the “Trust”), a Delaware statutory trust organized on March 10, 1999, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). As an investment company, the Trust follows the accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification 946, Financial Services – Investment Companies. These financial statements report on the Wells Fargo Advantage Short-Term High Yield Bond Fund (the “Fund”) which is a diversified series of the Trust.

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

Investments in registered open-end investment companies are valued at net asset value. Interests in non-registered investment vehicles that are redeemable at net asset value are fair valued at net asset value when available.

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

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

Security loans

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

Notes to financial statements (unaudited) Wells Fargo Advantage Short-Term High Yield Bond Fund 23

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

When-issued transactions

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

Loans

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

Security transactions and income recognition

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

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

Distributions to shareholders

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

Federal and other taxes

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

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

As of August 31, 2014, the Fund had capital loss carryforwards which consist of $760,488 in short-term capital losses.

Class allocations

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

24 Wells Fargo Advantage Short-Term High Yield Bond Fund 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 the Fund’s investments. The three-level hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to significant unobservable inputs (Level 3). The Fund’s investments are classified within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement. The inputs are summarized into three broad levels as follows:

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

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

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

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

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of February 28, 2015:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in :
Corporate bonds and notes	$	0	$	807,780,264	$	0	$	807,780,264
Loans		0		465,822,105		4,178,970		470,001,075
Municipal obligations		0		15,197,131		0		15,197,131
Non-agency mortgage-backed securities		0		35,264		0		35,264
Yankee corporate bonds and notes		0		56,581,245		0		56,581,245
Short-term investments
Investment companies		32,653,432		1,055,000		0		33,708,432
Total assets	$	32,653,432	$	1,346,471,009	$	4,178,970	$	1,383,303,411

The Fund recognizes transfers between levels within the fair value hierarchy at the end of the reporting period. At February 28, 2015, the Fund did not have any transfers into/out of Level 1, Level 2, or Level 3.

4. TRANSACTIONS WITH AFFILIATES

Advisory fee

The Trust has entered into an advisory contract with Funds Management, an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”). The adviser is responsible for implementing investment policies and guidelines and for supervising the subadviser, who is responsible for day-to-day portfolio management of the Fund.

Pursuant to the contract, Funds Management is entitled to receive an annual advisory fee starting at 0.45% and declining to 0.35% as the average daily net assets of the Fund increase. For the six months ended February 28, 2015, the advisory fee was equivalent to an annual rate of 0.42% of the Fund’s average daily net assets.

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

Notes to financial statements (unaudited) Wells Fargo Advantage Short-Term High Yield Bond Fund 25

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 the Fund an annual fund level administration fee starting at 0.05% and declining to 0.03% as the average daily net assets of the 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 C		0.16	%
Administrator Class		0.10
Institutional Class		0.08
Investor Class		0.19

Funds Management has contractually waived and/or reimbursed advisory and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. Waiver of fees and/or reimbursement of expenses by Funds Management were made first from fund level expenses on a proportionate basis and then from class specific expenses. Funds Management has committed through December 31, 2015 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 0.81% for Class A shares, 1.56% for Class C shares, 0.65% for Administrator Class shares, 0.50% for Institutional Class shares, and 0.84% for Investor Class shares. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

Distribution fee

The Trust has adopted a Distribution Plan for Class C shares of the Fund pursuant to Rule 12b-1 under the 1940 Act. A distribution fee is charged to Class C shares and paid to Wells Fargo Funds Distributor, LLC (“Funds Distributor”), the principal underwriter, at an annual rate of 0.75% of the average daily net assets of Class C shares.

In addition, Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the six months ended February 28, 2015, Funds Distributor received $3,148 from the sale of Class A shares.

Shareholder servicing fees

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

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended February 28, 2015 were $198,362,819 and $374,679,224, respectively.

As of February 28, 2015, the Fund had unfunded term loan commitments of $10,894,631.

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 Fund is permitted to use bank borrowings for temporary or emergency purposes, such as to fund shareholder redemption requests. Interest under the credit agreement is charged to the Fund based on a borrowing rate equal to the higher of the Federal Funds rate in effect on that day plus 1.25% or the overnight LIBOR rate in effect on that day plus 1.25%. In addition, an annual commitment fee equal to 0.10% of the unused balance is allocated to each participating fund. For the six months ended February 28, 2015, the Fund paid $1,544 in commitment fees.

For the six months ended February 28, 2015, there were no borrowings by the Fund under the agreement.

7. INDEMNIFICATION

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

26 Wells Fargo Advantage Short-Term High Yield Bond Fund Other information (unaudited)

PROXY VOTING INFORMATION

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available, upon request, by calling 1-800-222-8222, visiting our website at wellsfargoadvantagefunds.com, or visiting the SEC website at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available on the Fund’s website at wellsfargoadvantagefunds.com or by visiting the SEC website at sec.gov.

PORTFOLIO HOLDINGS INFORMATION

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

Other information (unaudited) Wells Fargo Advantage Short-Term High Yield Bond Fund 27

BOARD OF TRUSTEES AND OFFICERS

Each of the Trustees and Officers¹ listed in the table below acts in identical capacities for each fund in the Wells Fargo Advantage family of funds, which consists of 134 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
William R. Ebsworth (Born 1957)	Trustee, since 2015**	Retired. From 1984 to 2013, equities analyst, portfolio manager, research director at Fidelity Management and Research Company and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. in Boston, Tokyo, and Hong Kong where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Mr. Ebsworth is an Adjunct Lecturer, Finance, at Babson College and a Chartered Financial Analyst.	Asset Allocation Trust
Jane A. Freeman (Born 1953)	Trustee, since 2015**	Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior thereto, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is a Chartered Financial Analyst (inactive), Chair of Taproot Foundation (non-profit organization) and a Board Member of Ruth Bancroft Garden (non-profit organization).	Asset Allocation Trust
Peter G. Gordon (Born 1942)	Trustee, since 1998; Chairman, since 2005	Co-Founder, Retired Chairman, President and CEO of Crystal Geyser Water Company. Trustee Emeritus, Colby College.	Asset Allocation Trust
Isaiah Harris, Jr. (Born 1952)	Trustee, since 2009	Retired. Chairman of the Board of CIGNA Corporation since 2009, and Director since 2005. From 2003 to 2011, Director of Delux Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy. 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
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

28 Wells Fargo Advantage Short-Term High Yield Bond Fund Other information (unaudited)

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Other directorships during past five years
Timothy J. Penny (Born 1951)	Trustee, since 1996	President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007 and Senior Fellow at the Humphrey Institute Policy Forum at the University of Minnesota since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	Asset Allocation Trust
Michael S. Scofield (Born 1943)	Trustee, since 2010	Served on the Investment Company Institute’s Board of Governors and Executive Committee from 2008-2011 as well the Governing Council of the Independent Directors Council from 2006-2011 and the Independent Directors Council Executive Committee from 2008-2011. Chairman of the IDC from 2008-2010. Institutional Investor (Fund Directions) Trustee of Year in 2007. Trustee of the Evergreen Funds complex (and its predecessors) from 1984 to 2010. Chairman of the Evergreen Funds from 2000-2010. Former Trustee of the Mentor Funds. Retired Attorney, Law Offices of Michael S. Scofield.	Asset Allocation Trust
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.

** William R. Ebsworth and Jane A. Freeman each became a Trustee effective January 1, 2015.

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	Senior Vice President and Secretary of Wells Fargo Funds Management, LLC since 2001. Assistant General Counsel of Wells Fargo Bank, N.A. since 2013 and Vice President and Managing Counsel of Wells Fargo Bank N.A. from 1996 to 2013.
Debra Ann Early (Born 1964)	Chief Compliance Officer, since 2007	Senior Vice President of Wells Fargo Funds Management, LLC since 2007 and Chief Compliance Officer from 2007 to 2014. Chief Compliance Officer of Parnassus Investments from 2005 to 2007. Chief Financial Officer of Parnassus Investments from 2004 to 2007 and Senior Audit Manager of PricewaterhouseCoopers LLP from 1998 to 2004.
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 61 funds and Assistant Treasurer of 73 funds in the Fund Complex.

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

List of abbreviations Wells Fargo Advantage Short-Term High Yield Bond Fund 29

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

LIFER —  Long Inverse Floating Exempt Receipts

LIQ —  Liquidity agreement

LLC —  Limited liability company

LLLP —  Limited liability limited partnership

LLP —  Limited liability partnership

LOC —  Letter of credit

LP —  Limited partnership

MBIA —  Municipal Bond Insurance Association

MFHR —  Multifamily housing revenue

MSTR —  Municipal securities trust receipts

MTN —  Medium-term note

MUD —  Municipal Utility District

MXN —  Mexican peso

MYR —  Malaysian ringgit

National —  National Public Finance Guarantee Corporation

NGN —  Nigerian naira

NOK —  Norwegian krone

NZD —  New Zealand dollar

PCFA —  Pollution Control Financing Authority

PCL —  Public Company Limited

PCR —  Pollution control revenue

PFA —  Public Finance Authority

PFFA —  Public Facilities Financing Authority

PFOTER —  Puttable floating option tax-exempt receipts

plc —  Public limited company

PLN —  Polish zloty

PUTTER —  Puttable tax-exempt receipts

R&D —  Research & development

Radian —  Radian Asset Assurance

RAN —  Revenue anticipation notes

RDA —  Redevelopment Authority

RDFA —  Redevelopment Finance Authority

REIT —  Real estate investment trust

ROC —  Reset option certificates

RON —  Romanian lei

RUB —  Russian ruble

SAVRS —  Select auction variable rate securities

SBA —  Small Business Authority

SEK —  Swedish krona

SFHR —  Single-family housing revenue

SFMR —  Single-family mortgage revenue

SGD —  Singapore dollar

SPA —  Standby purchase agreement

SPDR —  Standard & Poor’s Depositary Receipts

SPEAR —   Short Puttable Exempt Adjustable Receipts

STRIPS —  Separate trading of registered interest and

      principal securities

TAN —  Tax anticipation notes

TBA —  To be announced

THB —  Thai baht

TIPS —  Treasury inflation-protected securities

TRAN —  Tax revenue anticipation notes

TRY —  Turkish lira

TTFA —  Transportation Trust Fund Authority

TVA —  Tennessee Valley Authority

ZAR —  South African rand

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For more information

More information about Wells Fargo 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

© 2015 Wells Fargo Funds Management, LLC. All rights reserved.

232059 04-15 SA222/SAR222 02-15

Wells Fargo Advantage
Ultra Short-Term Income Fund

Semi-Annual Report

February 28, 2015

Reduce clutter. Save trees.

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

Contents

Letter to shareholders	2
Performance highlights	4
Fund expenses	6
Portfolio of investments	7
Financial statements
Statement of assets and liabilities	21
Statement of operations	22
Statement of changes in net assets	23
Financial highlights	24
Notes to financial statements	29
Other information	35
List of abbreviations	38

The views expressed and any forward-looking statements are as of February 28, 2015, unless otherwise noted, and are those of the Fund managers and/or Wells Fargo Funds Management, LLC. Discussions of individual securities, or the markets generally, or any Wells Fargo Advantage Fund are not intended as individual recommendations. Future events or results may vary significantly from those expressed in any forward-looking statements; the views expressed are subject to change at any time in response to changing circumstances in the market. Wells Fargo Funds Management, LLC and the Fund disclaim any obligation to publicly update or revise any views expressed or forward-looking statements.

NOT FDIC INSURED  ¡  NO BANK GUARANTEE  ¡   MAY LOSE VALUE

2 Wells Fargo Advantage Ultra Short-Term Income Fund Letter to shareholders (unaudited)

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 Ultra Short-Term Income Fund for the six-month period that ended February 28, 2015. The period was marked by low interest rates, a large decline in oil prices, and moderate U.S. economic growth. Investment-grade bonds, as measured by the Barclays U.S. Aggregate Bond Index¹, returned 2.25% 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 ended its quantitative easing program in October 2014 and also set expectations for it to begin normalizing monetary policy with higher target ranges for the federal funds rate in 2015.

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 said it intends to increase the size of its balance sheet, a result of quantitative easing, by buying eurozone government bonds. In Japan, the Bank of Japan maintained an aggressive monetary program aimed at combating deflation.

U.S. economic growth was moderate, and oil prices plummeted.

Economic growth advanced during the reporting period, the unemployment rate ticked lower to 5.5% as of February 2015, and inflation remained below the Fed’s longer-run objective of a 2% pace. The period was also marked by dramatically lower oil prices, which fell from more than $90 per barrel at the end of August 2014 to below $50 per barrel at the end of February 2015. While lower oil prices benefited consumers of oil products, the lower prices pressured companies within the energy sector.

Longer-dated securities and higher-rated credits were top performers.

Ten-year U.S. Treasury rates declined during the period, from 2.35% at end of August 2014 to 2.03% by the end of February 2015, benefiting both from safe-haven status as well as relative attractiveness to global investors. With the U.S. economy the furthest along its business cycle, the level of interest rates in the U.S. and Europe diverged. The 10-year U.S. Treasury yield was 2.03% at the end of February 2015 compared with 0.30% for 10-year German government yields, 173 basis points (bps; 100 bps equals 1.00%) higher. This was largely attributed to the Fed being closer to eventually increasing interest rates while the ECB potentially needs to further increase, rather than scale back, its amount of accommodation. Further, U.S. economic activity was healthier than Europe’s.

Treasury bonds with maturities greater than 20 years returned more than 10% during the six-month period that ended February 28, 2015, according to the Barclays U.S. Aggregate Bond Index. This was due, in part, to strong demand from overseas investors because yields in Europe and Japan were substantially lower

¹  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 Ultra Short-Term Income Fund 3

than U.S. yields. In addition, because the dollar strengthened, the returns from Treasuries were even higher for foreign-domiciled investors. Longer-maturity debt across all sectors outperformed shorter-dated securities.

Investment-grade corporate bonds returned 2.29% during the six-month reporting period, according to the Barclays U.S. Aggregate Bond Index, and AAA-rated² bonds had higher returns than BBB-rated bonds. Lower-rated credits, including high yield, underperformed as oil prices fell dramatically. Not only were many energy and mining companies negatively affected, but investor trepidation about weak global growth caused investment-grade spreads to modestly widen while high-yield spreads widened substantially.

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

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

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

Sincerely,

Karla M. Rabusch

President

Wells Fargo Advantage Funds

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

²  The ratings indicated are from Standard & Poor’s, Moody’s Investors Service, and/or Fitch Ratings Ltd. Standard & Poor’s rates the creditworthiness of bonds from AAA (highest) to D (lowest). Ratings from A to CCC may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the rating categories. Moody’s rates the creditworthiness of bonds from Aaa (highest) to C (lowest). Ratings Aa to B may be modified by the addition of a number 1 (highest) to 3 (lowest) to show relative standing within the ratings categories. Fitch rates the creditworthiness of bonds from AAA (highest) to D (lowest).

4 Wells Fargo Advantage Ultra Short-Term Income Fund Performance highlights (unaudited)

Investment objective

The Fund seeks current income consistent with capital preservation.

Adviser

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Christopher Y. Kauffman, CFA

Jay N. Mueller, CFA

Thomas M. Price, CFA

Noah Wise, CFA

Average annual total returns¹ (%) as of February 28, 2015

		Including sales charge							Excluding sales charge							Expense ratios2 (%)
	Inception date	1 year			5 year		10 year		1 year			5 year		10 year		Gross		Net3
Class A (SADAX)	8-31-1999		(1.85	)		0.68		1.69		0.15			1.09		1.89		0.78		0.71
Class C (WUSTX)	7-18-2008		(1.68	)		0.35		1.14		(0.68	)		0.35		1.14		1.53		1.46
Administrator Class (WUSDX)	4-8-2005		–			–		–		0.30			1.24		2.02		0.72		0.56
Institutional Class (SADIX)	8-31-1999		–			–		–		0.50			1.46		2.28		0.45		0.36
Investor Class (STADX)	11-25-1998		–			–		–		0.01			1.05		1.86		0.81		0.74
Barclays Short-Term U.S. Government/Corporate Index4	–		–			–		–		0.21			0.35		1.98		–		–
Barclays 9-12 Month U.S. Short-Term Treasury Index5	–		–			–		–		0.21			0.34		1.98		–		–
Barclays 1-3 Year U.S. Government/Credit Bond Index6	–		–			–		–		0.80			1.28		2.91		–		–

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 2.00%. For Class C shares, the maximum contingent deferred sales charge is 1.00%. Performance including a contingent deferred sales charge assumes the sales charge for the corresponding time period. Administrator Class, Institutional Class, and Investor Class shares are sold without a front-end sales charge or contingent deferred sales charge.

Bond values fluctuate in response to the financial condition of individual issuers, general market and economic conditions, and changes in interest rates. Changes in market conditions and government policies may lead to periods of heightened volatility in the bond market and reduced liquidity for certain bonds held by the Fund. In general, when interest rates rise, bond values fall and investors may lose principal value. Interest-rate changes and their impact on the Fund and its share price can be sudden and unpredictable. Loans are subject to risks similar to those associated with other below-investment-grade bond investments, such as credit risk (for example, risk of issuer default), below-investment-grade bond risk (for example, risk of greater volatility in value), and risk that the loan may become illiquid or difficult to price. The use of derivatives may reduce returns and/or increase volatility. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). The Fund is exposed to foreign investment risk, high-yield securities risk, and mortgage- and asset-backed securities risk. Consult the Fund’s prospectus for additional information on these and other risks.

Please see footnotes on page 5.

Performance highlights (unaudited) Wells Fargo Advantage Ultra Short-Term Income Fund 5

Ten largest long-term holdings7 (%) as of February 28, 2015
FNMA, 3.50%, 3-18-2030	1.08
Chase Issuance Trust Series 2012-A5 Class A5, 0.59%, 8-15-2017	0.98
Nissan Auto Lease Trust Series 2014-B Class A2A, 0.73%, 4-17-2017	0.90
JPMorgan Chase Commercial Mortgage Securities Corporation Series 2014-INN Class A, 1.09%, 6-15-2029	0.89
Ford Credit Auto Lease Trust Series 2014-B Class A2A, 0.51%, 3-15-2017	0.74
Providence Health & Services Company, 1.06%, 10-1-2016	0.72
Port Arthur TX Naval District Environmental Facilities Motiva Enterprises Project Series B, 0.09%, 12-1-2039	0.72
Chase Issuance Trust Series 2012-A3 Class A3, 0.79%, 6-15-2017	0.71
Bear Stearns Companies Incorporated, 5.55%, 1-22-2017	0.69
Experian Finance plc, 2.38%, 6-15-2017	0.69

Portfolio allocation⁸ as of February 28, 2015

¹  Effective June 20, 2008, Advisor Class was renamed Class A and modified to assume the features and attributes of Class A. Historical performance shown for Class A shares through June 19, 2008, includes Advisor Class expenses. Historical performance shown for Class C shares prior to their inception reflects the performance of Investor Class shares, adjusted to reflect the higher expenses applicable to Class C shares. Historical performance shown for Administrator Class shares prior to their inception reflects the performance of Institutional Class shares, adjusted to reflect the higher expenses applicable to Administrator Class shares.

²  Reflects the expense ratios as stated in the most recent prospectuses, which include the impact of 0.01% in acquired fund fees and expenses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report, which do not include acquired fund fees and expenses.

³  The Adviser has committed through December 31, 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 0.70% for Class A, 1.45% for Class C, 0.55% for Administrator Class, 0.35% for Institutional Class, and 0.73% for Investor Class. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses, and extraordinary expenses are excluded from the cap. Without this cap, the Fund’s returns would have been lower.

⁴  The Barclays Short-Term U.S. Government/Corporate Index contains securities that have fallen out of the Barclays U.S. Government/Credit Index because of the standard minimum one-year to maturity constraint. Securities in the Barclays Short-Term U.S. Government/Corporate Index must have a maturity from one up to (but not including) 12 months. You cannot invest directly in an index.

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

⁶  The Barclays 1-3 Year U.S. Government/Credit Bond Index is the one- to three-year component of the Barclays U.S. Government/Credit Bond Index that includes securities in the Government and Credit Indexes. The Government Index includes Treasuries (that is, public obligations of the U.S. Treasury that have remaining maturities of more than one year) and agencies (that is, publicly issued debt of U.S. Government agencies, quasi-federal corporations, and corporate or foreign debt guaranteed by the U.S. Government). The Credit Index includes publicly issued U.S. corporate and foreign debentures and secured notes that meet specified maturity, liquidity, and quality requirements. You cannot invest directly in an index.

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

⁸  Amounts are calculated based on the total long-term investments of the Fund. These percentages are subject to change and may have changed since the date specified.

6 Wells Fargo Advantage Ultra Short-Term Income Fund Fund expenses (unaudited)

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and contingent deferred sales charges (if any) on redemptions and (2) ongoing costs, including management fees, distribution (12b-1) and/or shareholder 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 September 1, 2014 to February 28, 2015.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

	Beginning account value 9-1-2014		Ending account value 2-28-2015		Expenses paid during the period¹		Net annualized expense ratio
Class A
Actual	$	1,000.00	$	999.02	$	3.47		0.70	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.32	$	3.51		0.70	%
Class C
Actual	$	1,000.00	$	995.35	$	7.17		1.45	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.60	$	7.25		1.45	%
Administrator Class
Actual	$	1,000.00	$	999.76	$	2.73		0.55	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.07	$	2.76		0.55	%
Institutional Class
Actual	$	1,000.00	$	1,000.77	$	1.74		0.35	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.06	$	1.76		0.35	%
Investor Class
Actual	$	1,000.00	$	998.89	$	3.62		0.73	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.17	$	3.66		0.73	%

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

Portfolio of investments—February 28, 2015 (unaudited) Wells Fargo Advantage Ultra Short-Term Income Fund 7

Security name	Interest rate			Maturity date		Principal		Value
Agency Securities: 15.95%
FDIC Series 2013-R1 Class A 144A		1.15	%		3-25-2033	$	3,689,127	$	3,663,820
FHLMC ±		2.36			3-1-2035		1,590,023		1,700,031
FHLMC ±		2.37			11-1-2035		6,566,412		7,017,784
FHLMC ±		2.38			4-1-2032		141,625		150,231
FHLMC ±		2.38			6-1-2032		6,580		6,981
FHLMC ±		2.44			10-1-2031		77,462		78,073
FHLMC ±		2.46			1-1-2029		76,797		77,587
FHLMC ±		2.53			7-1-2029		4,998		5,216
FHLMC		4.50			2-1-2020		2,050,769		2,178,795
FHLMC		4.50			8-1-2020		1,156,052		1,231,840
FHLMC		4.50			1-1-2022		959,742		1,022,606
FHLMC		5.00			12-1-2019		2,320,046		2,476,077
FHLMC		5.50			8-1-2018		600,287		630,936
FHLMC		6.00			4-1-2016		72,475		74,118
FHLMC		6.00			5-1-2017		334,071		346,540
FHLMC		6.00			1-1-2024		2,131,719		2,338,466
FHLMC		7.00			6-1-2031		420,940		489,811
FHLMC		9.00			11-1-2016		52,565		54,968
FHLMC		9.00			12-1-2016		188,410		195,567
FHLMC		9.00			8-1-2018		61,325		64,679
FHLMC		9.00			10-1-2019		46,059		50,345
FHLMC		9.50			12-1-2016		23,398		23,709
FHLMC		9.50			5-1-2020		9,290		9,405
FHLMC		9.50			9-1-2020		107,155		118,331
FHLMC		9.50			12-1-2022		203,918		221,764
FHLMC		10.00			11-17-2021		35,137		36,073
FHLMC		10.50			5-1-2020		114,357		128,409
FHLMC Series 2530 Class BH		5.00			11-15-2017		1,438,475		1,498,863
FHLMC Series 2617 Class GR		4.50			5-15-2018		461,093		479,913
FHLMC Series 2684 Class PE		5.00			1-15-2033		59,784		61,274
FHLMC Series 2690 Class TG		4.50			4-15-2032		365,527		376,378
FHLMC Series 2704 Class BH		4.50			11-15-2023		1,257,037		1,359,829
FHLMC Series 2707 Class QE		4.50			11-15-2018		912,604		959,156
FHLMC Series 2727 Class PE		4.50			7-15-2032		602,012		615,827
FHLMC Series 2843 Class BC		5.00			8-15-2019		1,124,681		1,185,616
FHLMC Series 2849 Class B		5.00			8-15-2019		2,046,283		2,163,605
FHLMC Series 2855 Class WN		4.00			9-15-2019		458,628		484,338
FHLMC Series 2864 Class NB		5.50			7-15-2033		1,906,454		2,021,705
FHLMC Series 2881 Class AE		5.00			8-15-2034		938,265		996,415
FHLMC Series 2896 Class CB		4.50			11-15-2019		1,664,987		1,746,809
FHLMC Series 2907 Class HE		5.00			5-15-2033		2,755,994		2,802,246
FHLMC Series 2937 Class HJ		5.00			10-15-2019		70,349		70,557
FHLMC Series 2953 Class LD		5.00			12-15-2034		591,579		625,143
FHLMC Series 2963 Class BP		5.00			9-15-2034		307,643		315,189
FHLMC Series 3053 Class AC		5.00			2-15-2035		318,594		319,876
FHLMC Series 3166 Class AC		5.00			6-15-2021		10,585,600		11,469,053
FHLMC Series 3420 Class A		4.50			1-15-2027		104,681		105,056
FHLMC Series 3501 Class AC		4.00			8-15-2023		1,201,197		1,235,845
FHLMC Series 3538 Class DE		3.50			7-15-2023		1,002,485		1,021,716
FHLMC Series 3574 Class EA		3.00			9-15-2021		443,067		454,044

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

8 Wells Fargo Advantage Ultra Short-Term Income Fund Portfolio of investments—February 28, 2015 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Agency Securities (continued)
FHLMC Series 3589 Class CA		4.00	%		10-15-2021	$	719,465	$	736,596
FHLMC Series 3619 Class EB		3.50			5-15-2024		223,481		230,653
FHLMC Series 3647 Class BG		4.00			12-15-2027		30,834		30,838
FHLMC Series 3649 Class DG		4.00			4-15-2028		3,943,376		4,034,871
FHLMC Series 3656 Class EC		3.50			5-15-2024		590,932		600,577
FHLMC Series 3660 Class HE		3.50			10-15-2023		262,322		265,032
FHLMC Series 3689 Class BD		2.00			7-15-2020		484,435		485,691
FHLMC Series 3706 Class AB		3.50			7-15-2020		1,738,806		1,780,473
FHLMC Series 3728 Class EA		3.50			9-15-2020		1,808,810		1,838,641
FHLMC Series 3728 Class EH		3.00			9-15-2020		1,353,224		1,373,160
FHLMC Series 3772 Class HC		3.00			10-15-2018		1,224,735		1,258,454
FHLMC Series 3780 Class DG		3.00			10-15-2027		1,074,684		1,091,273
FHLMC Series 3780 Class GX		3.50			9-15-2028		5,336,530		5,541,303
FHLMC Series 3784 Class DA		4.00			7-15-2025		443,428		459,692
FHLMC Series 3821 Class LA		3.50			4-15-2025		845,377		877,602
FHLMC Series 3834 Class EA		3.50			6-15-2029		944,554		986,467
FHLMC Series 3842 Class CJ		2.00			9-15-2018		398,785		403,320
FHLMC Series 3878 Class JA		3.50			1-15-2025		661,062		680,199
FHLMC Series 3888 Class JP		4.00			2-15-2037		336,878		344,095
FHLMC Series 3898 Class NE		4.00			7-15-2040		1,172,330		1,214,712
FHLMC Series 3952 Class MK		3.00			11-15-2021		967,864		974,560
FHLMC Series K003 Class A3		4.32			12-25-2015		1,584,945		1,616,659
FHLMC Series K003 Class AAB		4.77			5-25-2018		1,077,719		1,138,507
FHLMC Series K702 Class A1		2.08			12-25-2017		4,763,762		4,846,513
FHLMC Series T-42 Class A6		9.50			2-25-2042		968,636		1,198,795
FHLMC Series Y2-2015 Class 1		2.60			4-20-2015		260,590		261,368
FNMA ±		1.77			10-1-2031		148,918		153,402
FNMA		1.89			2-1-2017		2,000,000		2,032,433
FNMA ±		1.98			1-1-2023		19,447		19,519
FNMA ±		2.14			12-1-2034		1,579,851		1,690,509
FNMA ±		2.25			5-1-2032		44,783		47,715
FNMA ±		2.31			11-1-2031		98,018		102,998
FNMA ±		2.32			4-1-2038		4,461,913		4,746,242
FNMA ±		2.34			6-1-2032		144,796		152,877
FNMA ±		2.38			12-1-2040		454,382		482,388
FNMA ±		2.39			2-1-2033		695,077		737,062
FNMA ±		2.40			8-1-2045		1,455,950		1,554,486
FNMA ±		2.42			5-1-2036		1,627,879		1,741,728
FNMA ±		2.49			11-1-2034		2,467,088		2,637,756
FNMA ±		2.50			5-1-2036		1,740,168		1,847,702
FNMA		2.71			9-1-2017		3,591,002		3,709,168
FNMA		3.00			1-1-2021		911,851		956,062
FNMA		3.09			5-1-2016		1,136,178		1,157,469
FNMA		3.18			12-1-2017		4,364,173		4,476,896
FNMA		3.21			2-1-2016		467,228		475,096
FNMA ±		3.36			4-1-2033		5,378		5,601
FNMA ±		3.45			7-1-2033		64,649		65,647
FNMA		3.50			9-1-2018		836,466		887,622
FNMA %%		3.50			3-18-2030		17,000,000		18,025,763
FNMA		3.77			1-1-2018		1,178,664		1,185,286

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

Portfolio of investments—February 28, 2015 (unaudited) Wells Fargo Advantage Ultra Short-Term Income Fund 9

Security name	Interest rate			Maturity date		Principal		Value
Agency Securities (continued)
FNMA		4.00	%		5-25-2019	$	163,302	$	172,647
FNMA		4.00			12-15-2024		945,729		987,712
FNMA		4.22			5-1-2016		2,244,200		2,307,941
FNMA		4.29			5-1-2016		770,404		793,016
FNMA		4.44			9-1-2015		3,923,525		4,005,801
FNMA		4.50			9-25-2018		1,015,656		1,064,935
FNMA		4.50			6-1-2019		254,394		268,298
FNMA		5.00			1-15-2022		3,668,642		3,882,421
FNMA		5.09			12-1-2016		971,405		1,029,648
FNMA		5.14			2-1-2016		5,997,606		6,084,219
FNMA		5.23			7-1-2018		1,713,837		1,784,362
FNMA		5.24			1-1-2018		2,150,308		2,240,510
FNMA		5.27			12-1-2016		943,776		1,002,317
FNMA		5.40			12-1-2016		970,493		1,031,934
FNMA		5.52			5-1-2017		1,428,461		1,544,734
FNMA		5.85			5-1-2016		4,000,000		4,199,815
FNMA		6.00			4-1-2021		1,440,955		1,520,743
FNMA		6.50			8-1-2031		778,859		926,850
FNMA		6.74			12-1-2015		1,211,158		1,252,988
FNMA		7.84			4-1-2018		4,655,756		4,976,754
FNMA		8.33			7-15-2020		37,091		40,835
FNMA		8.50			7-1-2017		160,072		168,103
FNMA		9.00			12-1-2016		141,582		147,931
FNMA		9.00			2-15-2020		131,429		150,788
FNMA		9.00			10-15-2021		69,871		78,649
FNMA		9.00			6-1-2024		96,862		106,385
FNMA		9.50			12-1-2020		92,212		101,798
FNMA		9.50			3-1-2021		20,611		21,162
FNMA		10.00			3-20-2018		29,589		30,440
FNMA		10.25			9-1-2021		105,090		117,481
FNMA		10.50			8-1-2020		4,777		5,309
FNMA		10.50			4-1-2022		72,428		77,021
FNMA Series 1988-4 Class Z		9.25			3-25-2018		37,722		40,346
FNMA Series 1988-9 Class Z		9.45			4-25-2018		23,535		25,104
FNMA Series 1989-30 Class Z		9.50			6-25-2019		108,416		119,022
FNMA Series 1989-49 Class E		9.30			8-25-2019		14,072		15,107
FNMA Series 1990-111 Class Z		8.75			9-25-2020		25,768		27,611
FNMA Series 1990-119 Class J		9.00			10-25-2020		67,042		75,348
FNMA Series 1990-124 Class Z		9.00			10-25-2020		30,025		33,792
FNMA Series 1990-21 Class Z		9.00			3-25-2020		129,201		145,034
FNMA Series 1990-27 Class Z		9.00			3-25-2020		90,326		101,431
FNMA Series 1990-30 Class D		9.75			3-25-2020		26,048		29,282
FNMA Series 1990-77 Class D		9.00			6-25-2020		38,852		43,877
FNMA Series 1991-132 Class Z		8.00			10-25-2021		160,243		182,220
FNMA Series 1992-71 Class X		8.25			5-25-2022		66,448		77,035
FNMA Series 2000-T6 Class A2		9.50			6-25-2030		569,938		646,414
FNMA Series 2001-T10 Class A3		9.50			12-25-2041		1,187,680		1,371,346
FNMA Series 2001-T12 Class A3		9.50			8-25-2041		995,012		1,161,959
FNMA Series 2001-T8 Class A3 ±		3.63			7-25-2041		2,311,011		2,372,421
FNMA Series 2002-94 Class BK		5.50			1-25-2018		1,124,715		1,165,623

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

10 Wells Fargo Advantage Ultra Short-Term Income Fund Portfolio of investments—February 28, 2015 (unaudited)

Security name	Interest rate			Maturity date		Principal			Value
Agency Securities (continued)
FNMA Series 2002-T1 Class A4		9.50	%		11-25-2031	$	1,286,076		$	1,570,562
FNMA Series 2002-W4 Class A6 ±		3.36			5-25-2042		1,187,565			1,244,422
FNMA Series 2003-125 Class AY		4.00			12-25-2018		2,218,752			2,345,743
FNMA Series 2003-129 Class AP		4.00			1-25-2019		569,672			582,641
FNMA Series 2003-15 Class CN		5.00			3-25-2018		393,593			411,766
FNMA Series 2003-35 Class BC		5.00			5-25-2018		773,842			817,057
FNMA Series 2003-35 Class ME		5.00			5-25-2018		396,421			415,425
FNMA Series 2003-W11 Class A1 ±		3.46			6-25-2033		44,094			46,234
FNMA Series 2003-W3 Class 1A4 ±		3.40			8-25-2042		53,897			60,145
FNMA Series 2004-10 Class FA ±		0.52			2-25-2034		1,831,412			1,835,968
FNMA Series 2004-92 Class QY		4.50			8-25-2034		873,182			912,309
FNMA Series 2004-W6 Class 1A4		5.50			7-25-2034		926,281			929,852
FNMA Series 2006-74 Class DP		5.50			3-25-2035		262,202			265,350
FNMA Series 2006-M3 Class B		5.10			8-25-2016		1,289,437			1,359,547
FNMA Series 2007-2 Class FA ±		0.37			2-25-2037		81,806			81,839
FNMA Series 2007-36 Class AB		5.00			11-25-2021		1,064,711			1,094,863
FNMA Series 2007-W2 Class 1A1 ±		0.49			3-25-2037		1,231,862			1,232,930
FNMA Series 2008-36 Class AB		4.50			10-25-2022		535,519			543,797
FNMA Series 2008-76 Class GF ±		0.82			9-25-2023		941,677			948,093
FNMA Series 2008-81 Class LK		5.00			9-25-2023		521,000			548,753
FNMA Series 2009-76 Class HA		4.00			1-25-2019		511,660			525,399
FNMA Series 2010-153 Class AB		2.00			11-25-2018		1,369,761			1,389,450
FNMA Series 2010-153 Class BG		2.50			11-25-2018		1,058,208			1,077,625
FNMA Series 2010-25 Class ND		3.50			3-25-2025		562,049			582,746
FNMA Series 2010-39 Class PD		3.00			6-25-2038		556,291			566,376
FNMA Series 2010-39 Class VY		4.50			3-25-2025		2,570,000			2,666,367
FNMA Series 2010-57 Class DQ		3.00			6-25-2025		901,825			929,532
FNMA Series 2010-70 Class CT		4.00			11-25-2027		339,620			342,523
FNMA Series 2010-9 Class MB		5.00			5-25-2032		1,000,000			1,037,958
FNMA Series 2010-9 Class PD		4.50			10-25-2039		64,457			64,543
FNMA Series 2011-111 Class MA		4.00			7-25-2038		1,286,484			1,303,666
FNMA Series 2011-115 Class DP		3.50			4-25-2034		578,370			587,282
FNMA Series 2011-122 Class A		3.00			12-25-2025		624,881			646,801
FNMA Series 2011-129 Class LG		3.00			3-25-2037		1,030,814			1,059,668
FNMA Series 2011-33 Class GA		3.50			10-25-2028		1,686,687			1,737,085
FNMA Series 2011-35 Class PA		4.00			2-25-2039		1,680,733			1,733,588
FNMA Series 2011-39 Class DA		3.50			7-25-2024		719,179			734,587
FNMA Series 2011-40 Class CA		3.50			12-25-2028		4,710,982			4,860,843
FNMA Series 2011-42 Class A		3.00			2-25-2024		6,564,551	��		6,785,100
FNMA Series 2011-56 Class AC		2.00			7-25-2018		381,294			386,506
FNMA Series 2011-61 Class VA		5.00			4-25-2040		1,754,648			1,807,804
FNMA Series 2011-99 Class AB		4.00			12-25-2038		410,112			417,805
FNMA Series 2012-94 Class E		3.00			6-25-2022		199,385			206,419
FNMA Series 2013-M12 Class A		1.53			10-25-2017		2,114,544			2,129,720
FNMA Series 2013-M5 Class ASQ2		0.59			8-25-2015		3,452,262			3,452,196
FNMA Series 2014-M3 Class ASQ2		0.56			3-25-2016		6,413,733			6,413,258
FNMA Series G-22 Class ZT		8.00			12-25-2016		157,464			164,032
GNMA		7.00			6-15-2033		624,374			763,192
GNMA		9.00			11-15-2017		44,924			47,396
GNMA		9.50			11-15-2017		12,208			12,438
GNMA		10.00			10-20-2017		37,178			37,868

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

Portfolio of investments—February 28, 2015 (unaudited) Wells Fargo Advantage Ultra Short-Term Income Fund 11

Security name	Interest rate			Maturity date		Principal		Value
Agency Securities (continued)
GNMA Series 2004-11 Class QE		5.00	%		12-16-2032	$	1,147,245	$	1,179,066
GNMA Series 2008-36 Class GA		4.25			10-16-2022		2,986,448		3,070,140
GNMA Series 2009-122 Class AC		4.00			3-16-2023		848,108		879,389
GNMA Series 2009-35 Class PA		5.00			11-16-2032		501,871		513,074
GNMA Series 2009-74 Class BP		3.50			1-20-2037		498,679		506,744
GNMA Series 2009-93 Class UW		5.00			10-20-2020		1,742,362		1,796,661
GNMA Series 2010-10 Class KC		3.00			8-20-2035		394,904		396,654
GNMA Series 2010-133 Class QK		3.50			9-16-2034		948,813		965,793
GNMA Series 2010-145 Class UA		1.25			1-20-2036		150,596		150,850
GNMA Series 2010-167 Class KW		5.00			9-20-2036		408,036		413,665
GNMA Series 2010-27 Class AK		4.00			2-16-2023		1,808,449		1,867,032
GNMA Series 2010-29 Class PL		3.00			8-20-2036		457,188		459,899
GNMA Series 2010-32 Class PL		3.25			3-20-2036		411,754		414,138
GNMA Series 2010-43 Class JA		3.00			9-20-2037		785,086		802,166
GNMA Series 2010-69 Class DQ		2.75			4-20-2040		258,197		262,627
GNMA Series 2010-7 Class CK		3.50			1-16-2034		537,632		543,474
GNMA Series 2010-87 Class ME		2.00			3-20-2036		1,284,657		1,292,071
GNMA Series 2011-29 Class AG		3.00			8-16-2037		313,867		319,021
Total Agency Securities (Cost $265,874,833)									267,228,145
Asset-Backed Securities: 11.66%
Chase Issuance Trust Series 2012-A3 Class A3		0.79			6-15-2017		11,850,000		11,863,367
Chase Issuance Trust Series 2012-A5 Class A5		0.59			8-15-2017		16,444,000		16,451,630
Citibank Credit Card Issuance Trust Series 2005-A5 Class A5		4.55			6-20-2017		3,180,000		3,220,860
Citibank Credit Card Issuance Trust Series 2012-A1 Class A1		0.55			10-10-2017		10,000,000		9,999,800
CNH Equipment Trust Series 2013-C Class A2		0.63			1-17-2017		2,329,881		2,330,405
Countrywide Asset-Backed Certificates Series 2004-AB2 Class A3 ±		0.99			5-25-2036		420,639		419,413
Dell Equipment Finance Trust Series 2014-1 Class A2 144A		0.64			7-22-2016		4,000,000		4,000,880
FedEx Corporation 1998 Pass-Through Certificates		7.02			1-15-2016		1,700,823		1,790,116
Ford Credit Auto Lease Trust Series 2014-A Class A2A		0.50			10-15-2016		5,291,733		5,289,389
Ford Credit Auto Lease Trust Series 2014-B Class A2A		0.51			3-15-2017		12,450,000		12,435,695
Ford Credit Auto Owner Trust Series 2014-A Class A2		0.48			11-15-2016		4,775,109		4,774,980
GE Equipment LLC Series 2013-1 Class A2		0.64			3-22-2016		763,589		763,673
GE Equipment LLC Series 2013-2 Class A2		0.61			6-24-2016		3,316,823		3,317,699
GE Equipment Small Ticket LLC Series 2013-1A Class A2 144A		0.73			1-25-2016		2,187,233		2,188,068
GE Equipment Transportation LLC Series 2015-1 Class A2 %%		0.89			11-24-2017		3,995,000		3,994,571
Honda Auto Receivables Owner Trust Series 2013-2 Class A3		0.53			2-16-2017		3,126,215		3,125,534
Honda Auto Receivables Owner Trust Series 2013-3 Class A3		0.77			5-15-2017		1,525,000		1,526,548
Honda Auto Receivables Owner Trust Series 2014-3 Class A2		0.48			12-15-2016		7,200,000		7,195,781
Hyundai Auto Lease Securitization Trust Series 2013-A Class A3 144A		0.66			6-15-2016		3,278,193		3,277,796
Hyundai Auto Lease Securitization Trust Series 2013-B Class A2 144A		0.75			3-15-2016		3,187,985		3,189,082
Hyundai Auto Lease Securitization Trust Series 2014-A Class A2 144A		0.52			7-15-2016		8,652,502		8,654,207
Hyundai Auto Lease Securitization Trust Series 2014-B Class A2 144A		0.61			2-15-2017		11,100,000		11,088,822
Hyundai Auto Receivables Trust Series 2013-B Class A3		0.71			9-15-2017		11,023,543		11,032,935
Macquarie Equipment Funding Trust Series 2014-A Class A2 144A		0.80			11-21-2016		11,400,000		11,414,649
Mercedes-Benz Auto Lease Trust Series 2013-B Class A2		0.53			9-15-2015		101,096		101,093
Mercedes-Benz Auto Lease Trust Series 2014-A Class A2A		0.48			6-15-2016		8,278,278		8,275,637
Nissan Auto Lease Trust Series 2013-B Class A2A		0.57			1-15-2016		6,009,689		6,010,639
Nissan Auto Lease Trust Series 2014-B Class A2A		0.73			4-17-2017		15,140,000		15,144,497
Porsche Innovative Lease Owner Pilot Trust Series 2013-1 Class A2 144A		0.54			1-22-2016		1,481,924		1,482,063

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

12 Wells Fargo Advantage Ultra Short-Term Income Fund Portfolio of investments—February 28, 2015 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Asset-Backed Securities (continued)
Susquehanna Auto Receivables Trust Series 2014-1A Class A2 144A		0.58	%		10-17-2016	$	5,750,000	$	5,748,011
Toyota Auto Receivables Owner Trust Series 2013-B Class A2		0.48			2-15-2016		764,981		765,003
Volkswagen Auto Lease Trust Series 2013-A Class A2A		0.63			12-21-2015		388,690		388,714
Volkswagen Auto Lease Trust Series 2015-A Class A2A %%		0.98			6-20-2017		9,700,000		9,699,952
World Omni Automobile Lease Trust Series 2013-A Class A2A		0.73			5-16-2016		4,318,434		4,321,709
Total Asset-Backed Securities (Cost $195,303,058)									195,283,218
Corporate Bonds and Notes: 40.52%
Consumer Discretionary: 3.57%
Automobiles: 1.09%
Harley-Davidson Financial Services Incorporated 144A		1.15			9-15-2015		2,500,000		2,506,650
Harley-Davidson Financial Services Incorporated 144A		2.70			3-15-2017		6,000,000		6,174,288
Harley-Davidson Financial Services Incorporated 144A		3.88			3-15-2016		1,500,000		1,547,570
Volkswagen Group America 144A		1.25			5-23-2017		3,000,000		2,996,277
Volkswagen Group America 144A		1.60			11-20-2017		5,000,000		5,025,585
									18,250,370
Media: 2.48%
Cox Communications Incorporated		5.50			10-1-2015		9,000,000		9,248,301
DIRECTV Holdings LLC		3.55			3-15-2015		3,000,000		3,002,832
McGraw-Hill Company Incorporated		5.90			11-15-2017		4,692,000		5,156,264
News America Incorporated		7.60			10-11-2015		5,618,000		5,841,164
News America Incorporated		8.00			10-17-2016		827,000		918,516
Omnicom Group Incorporated		5.90			4-15-2016		7,000,000		7,368,725
Thomson Reuters Corporation		1.65			9-29-2017		10,000,000		10,013,320
									41,549,122
Consumer Staples: 1.94%
Beverages: 0.56%
Constellation Brands Incorporated		7.25			9-1-2016		8,600,000		9,296,600
Food & Staples Retailing: 0.77%
Tyson Foods Incorporated		6.60			4-1-2016		7,446,000		7,882,112
Walgreens Boots Alliance Company		1.75			11-17-2017		5,000,000		5,050,370
									12,932,482
Tobacco: 0.61%
Lorillard Tobacco Company		3.50			8-4-2016		10,000,000		10,298,220
Energy: 5.72%
Energy Equipment & Services: 0.36%
Enterprise Products Operating LLC		3.70			6-1-2015		6,000,000		6,046,056
Oil, Gas & Consumable Fuels: 5.36%
Anadarko Petroleum Corporation		6.38			9-15-2017		9,700,000		10,855,251
Boardwalk Pipelines LP		5.88			11-15-2016		9,000,000		9,420,516
Colorado Interstate Gas Company		5.95			3-15-2015		8,450,000		8,465,016
DCP Midstream Operating Company		2.50			12-1-2017		7,628,000		7,409,282

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

Portfolio of investments—February 28, 2015 (unaudited) Wells Fargo Advantage Ultra Short-Term Income Fund 13

Security name	Interest rate			Maturity date		Principal		Value
Oil, Gas & Consumable Fuels (continued)
El Paso LLC		7.00	%		6-15-2017	$	4,574,000	$	5,062,503
Enterprise Products Operating LLC		1.25			8-13-2015		3,000,000		3,005,910
Marathon Petroleum Corporation		3.50			3-1-2016		9,029,000		9,235,168
Nabors Industries Incorporated		2.35			9-15-2016		10,000,000		10,024,410
ONEOK Partners LP		3.25			2-1-2016		10,000,000		10,144,800
Rockies Express Pipeline LLC 144A		3.90			4-15-2015		10,000,000		10,000,000
Southwestern Energy Company		3.30			1-23-2018		2,000,000		2,027,908
Williams Partners LP		7.25			2-1-2017		3,700,000		4,073,090
									89,723,854
Financials: 15.53%
Banks: 3.23%
Associated Banc Corporation		5.13			3-28-2016		3,500,000		3,641,624
Bank of America Corporation		1.70			8-25-2017		4,000,000		4,018,440
Bank of America Corporation		6.05			5-16-2016		8,000,000		8,434,360
Bank One Corporation		4.90			4-30-2015		4,260,000		4,286,186
Citigroup Incorporated		4.88			5-7-2015		5,589,000		5,631,387
PNC Funding Corporation		5.25			11-15-2015		9,221,000		9,502,637
UBS AG (Stamford Connecticut)		5.88			7-15-2016		8,000,000		8,515,952
US Bank NA ±		3.78			4-29-2020		10,000,000		10,047,980
									54,078,566
Capital Markets: 2.66%
Bear Stearns Companies LLC		5.55			1-22-2017		10,785,000		11,581,073
Goldman Sachs Group Incorporated		5.63			1-15-2017		6,261,000		6,725,817
Janus Capital Group Incorporated		6.70			6-15-2017		8,418,000		9,274,641
Merrill Lynch & Company Incorporated		5.30			9-30-2015		1,600,000		1,640,624
Morgan Stanley		1.75			2-25-2016		5,500,000		5,540,645
Morgan Stanley		1.88			1-5-2018		6,060,000		6,085,337
Morgan Stanley		6.00			4-28-2015		3,660,000		3,689,602
									44,537,739
Consumer Finance: 4.49%
AIG Global Funding 144A		1.65			12-15-2017		4,000,000		4,018,928
Capital One Bank USA NA		1.30			6-5-2017		5,145,000		5,109,129
Capital One Financial Corporation		1.00			11-6-2015		2,315,000		2,318,065
Daimler Finance NA LLC 144A %%		1.65			3-2-2018		7,000,000		7,028,042
Discover Financial Services Company		6.45			6-12-2017		570,000		626,170
ERAC USA Finance LLC 144A		1.40			4-15-2016		1,024,000		1,026,293
ERAC USA Finance LLC 144A		2.75			3-15-2017		750,000		769,868
ERAC USA Finance LLC 144A		5.90			11-15-2015		1,020,000		1,055,624
Ford Motor Credit Company LLC		6.63			8-15-2017		5,180,000		5,789,354
Ford Motor Credit Company LLC		12.00			5-15-2015		1,000,000		1,022,398
General Motors Financial Company Incorporated		2.75			5-15-2016		9,890,000		10,035,185
HSBC Finance Corporation		5.50			1-19-2016		2,665,000		2,768,975
Hyundai Capital America Company 144A		3.75			4-6-2016		7,331,000		7,529,839

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

14 Wells Fargo Advantage Ultra Short-Term Income Fund Portfolio of investments—February 28, 2015 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Consumer Finance (continued)
Nissan Motor Acceptance Corporation 144A±		0.78	%		3-3-2017	$	4,000,000	$	4,011,896
SLM Corporation		3.88			9-10-2015		3,500,000		3,535,000
The Western Union Company ±		1.26			8-21-2015		8,830,000		8,852,861
Toll Brothers Finance Corporation		8.91			10-15-2017		8,405,000		9,707,775
									75,205,402
Diversified Financial Services: 0.34%
Toll Road Investors Partnership II LP 144A¤		0.00			2-15-2016		6,000,000		5,760,486
Energy Equipment & Services: 0.33%
Texas Eastern Transmission LP 144A		6.00			9-15-2017		5,000,000		5,516,310
Insurance: 2.71%
MetLife Insurance Company 144A		7.70			11-1-2015		8,500,000		8,871,875
Platinum Underwriters Finance Incorporated Series B		7.50			6-1-2017		2,705,000		3,006,902
Prudential Insurance Company 144A		8.10			7-15-2015		11,090,000		11,383,220
Symetra Financial Corporation 144A		6.13			4-1-2016		9,100,000		9,481,536
Unum Group 144A		6.85			11-15-2015		3,799,000		3,952,449
W.R. Berkley Corporation		5.60			5-15-2015		8,620,000		8,702,597
									45,398,579
REITs: 1.77%
ARC Properties Operating Partnership LP		2.00			2-6-2017		2,915,000		2,839,295
Camden Property Trust		5.00			6-15-2015		6,490,000		6,568,451
Digital Realty Trust LP		4.50			7-15-2015		8,210,000		8,243,916
Health Care REIT Incorporated		6.20			6-1-2016		3,000,000		3,183,261
Realty Income Corporation		5.50			11-15-2015		3,833,000		3,952,854
Regency Centers LP		5.25			8-1-2015		4,788,000		4,876,463
									29,664,240
Health Care: 2.45%
Biotechnology: 1.08%
Amgen Incorporated		1.25			5-22-2017		11,020,000		11,013,531
Biogen Idec Incorporated		6.88			3-1-2018		6,200,000		7,145,506
									18,159,037
Health Care Providers & Services: 0.72%
Providence Health & Services Company ±		1.06			10-1-2016		12,000,000		12,056,256
Life Sciences Tools & Services: 0.65%
Life Technologies Corporation		4.40			3-1-2015		5,830,000		5,830,000
Thermo Fisher Scientific Incorporated		1.30			2-1-2017		5,000,000		5,001,235
									10,831,235
Industrials: 3.41%
Aerospace & Defense: 0.56%
L-3 Communications Corporation		3.95			11-15-2016		9,000,000		9,325,404

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

Portfolio of investments—February 28, 2015 (unaudited) Wells Fargo Advantage Ultra Short-Term Income Fund 15

Security name	Interest rate			Maturity date		Principal		Value
Airlines: 0.69%
Delta Air Lines Incorporated 2009-1 Series B Pass Through Trust		9.75	%		6-17-2018	$	7,975,375	$	8,992,235
United Airlines Incorporated 2009-2A Series A-2 Pass Through Trust		9.75			7-15-2018		2,255,669		2,503,793
									11,496,028
Commercial Services & Supplies: 0.54%
Penske Truck Leasing Company LP 144A		2.50			3-15-2016		2,720,000		2,761,834
Penske Truck Leasing Company LP 144A		3.13			5-11-2015		6,310,000		6,337,581
									9,099,415
Machinery: 0.56%
CNH Capital LLC		3.25			2-1-2017		5,240,000		5,279,300
CNH Capital LLC		3.88			11-1-2015		4,105,000		4,130,656
									9,409,956
Road & Rail: 0.63%
GATX Corporation		4.75			5-15-2015		5,442,000		5,483,936
Ryder System Incorporated		3.15			3-2-2015		5,000,000		5,000,000
									10,483,936
Trading Companies & Distributors: 0.43%
International Lease Finance Corporation		8.63			9-15-2015		7,000,000		7,236,250
Information Technology: 1.50%
Electronic Equipment, Instruments & Components: 0.53%
Arrow Electronics Incorporated		3.38			11-1-2015		8,800,000		8,953,349
IT Services: 0.18%
Fidelity National Information Services Incorporated		1.45			6-5-2017		3,000,000		2,994,573
Semiconductors & Semiconductor Equipment: 0.60%
Kla-Tencor Corporation		2.38			11-1-2017		10,000,000		10,142,420
Technology Hardware, Storage & Peripherals: 0.19%
Xerox Corporation		6.40			3-15-2016		2,950,000		3,113,589
Materials: 2.03%
Chemicals: 0.81%
Eastman Chemical Company		3.00			12-15-2015		9,760,000		9,924,027
Ecolab Incorporated		1.55			1-12-2018		3,725,000		3,722,113
									13,646,140
Construction Materials: 0.58%
Martin Marietta Material ±		1.36			6-30-2017		9,690,000		9,639,195
Metals & Mining: 0.18%
Glencore Funding LLC 144A		1.70			5-27-2016		3,000,000		3,010,674
Paper & Forest Products: 0.46%
Georgia-Pacific LLC		7.70			6-15-2015		7,570,000		7,709,061

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

16 Wells Fargo Advantage Ultra Short-Term Income Fund Portfolio of investments—February 28, 2015 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Telecommunication Services: 1.76%
Diversified Telecommunication Services: 1.76%
CenturyLink Incorporated		5.15	%		6-15-2017	$	1,500,000	$	1,582,500
CenturyLink Incorporated		6.00			4-1-2017		1,000,000		1,070,000
Clearwire Communications LLC 144A		14.75			12-1-2016		7,290,000		8,748,000
Crown Castle Towers LLC 144A		3.21			8-15-2035		8,061,000		8,134,242
Crown Castle Towers LLC 144A		5.50			1-15-2037		7,305,000		7,698,951
Verizon Communications Incorporated		0.70			11-2-2015		2,325,000		2,326,688
									29,560,381
Utilities: 2.61%
Electric Utilities: 1.84%
Dayton Power & Light Company		1.88			9-15-2016		9,000,000		9,099,153
Eversource Energy		1.60			1-15-2018		5,000,000		4,999,600
Exelon Corporation		4.90			6-15-2015		2,000,000		2,023,634
LG&E & KU Energy LLC		2.13			11-15-2015		7,635,000		7,696,729
NextEra Energy Capital Holdings Incorporated		1.34			9-1-2015		7,000,000		7,024,199
									30,843,315
Gas Utilities: 0.77%
CenterPoint Energy Resource Corporation		6.15			5-1-2016		3,000,000		3,172,887
Questar Corporation		2.75			2-1-2016		9,500,000		9,666,516
									12,839,403
Total Corporate Bonds and Notes (Cost $679,361,596)									678,807,643
Municipal Obligations: 3.78%
California: 0.54%
California PCFA Waste Management Services Incorporated Series A1 (Resource Recovery Revenue) ±		1.88			4-1-2025		4,000,000		4,005,240
California Public Works Board Lease Series E (Miscellaneous Revenue)		3.68			12-1-2015		5,000,000		5,101,750
									9,106,990
Connecticut: 0.37%
Connecticut Series A (GO)		5.46			3-1-2019		5,675,000		6,142,109
Florida: 0.31%
Village Center Florida Community Development District (Water & Sewer Revenue) 144A##		1.30			11-1-2015		2,250,000		2,248,920
Village Center Florida Community Development District (Water & Sewer Revenue) 144A		1.60			11-1-2016		2,000,000		1,999,420
Village Center Florida Community Development District Little Sumter Service Area System Series B (Water & Sewer Revenue) 144A		1.30			10-1-2015		1,000,000		999,660
									5,248,000
New Jersey: 1.36%
Atlantic City (GO, AGM Insured)		3.30			12-15-2016		1,600,000		1,636,992
New Jersey EDA School Facilities Series QQ (Education Revenue)		1.80			6-15-2017		10,000,000		10,070,300
New Jersey EDA Series B (Lease Revenue, AGM Insured) ¤		0.00			2-15-2018		10,000,000		9,331,100
New Jersey Turnpike Authority Series B (Transportation Revenue, Ambac Insured)		4.25			1-1-2016		1,725,000		1,767,901
									22,806,293

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

Portfolio of investments—February 28, 2015 (unaudited) Wells Fargo Advantage Ultra Short-Term Income Fund 17

Security name	Interest rate			Maturity date		Principal		Value
South Carolina: 0.15%
South Carolina Jobs EDA Waste Management South Carolina Incorporated Project (Resource Recovery Revenue) ±		1.88	%		11-1-2016	$	2,500,000	$	2,553,975
Texas: 1.05%
Gulf Coast Waste Disposal Authority Waste Management of Texas Series B (Resource Recovery Revenue) ±		0.70			5-1-2028		4,000,000		4,000,320
Port Arthur TX Naval District Environmental Facilities Motiva Enterprises Project Series B (Resource Recovery Revenue) ±		0.09			12-1-2039		12,000,000		12,000,000
Port Arthur TX Navigation District Jefferson County Environmental Facilities Motiva Enterprises LLC Project Series D (Industrial Development Revenue) ±		0.09			11-1-2040		1,500,000		1,500,000
									17,500,320
Total Municipal Obligations (Cost $63,075,613)									63,357,687
Non-Agency Mortgage-Backed Securities: 12.02%
Bank of America Commercial Mortgage Incorporated Series 2007-3 Class A1A ±		5.58			6-10-2049		917,420		986,617
Bank of America Mortgage Securities Series 2002-K Class 3A1 ±		2.63			10-20-2032		2,346		2,365
Bear Stearns Commercial Mortgage Securities Incorporated Series 2005-PW10 Class A4 ±		5.41			12-11-2040		5,743,309		5,859,117
Bear Stearns Commercial Mortgage Securities Incorporated Series 2005-PWR 9 Class A4A		4.87			9-11-2042		4,393,621		4,424,600
Bear Stearns Commercial Mortgage Securities Incorporated Series 2005-PWR8 Class A4		4.67			6-11-2041		4,122,059		4,128,358
Bear Stearns Commercial Mortgage Securities Incorporated Series 2007-PWR15 Class A4		5.33			2-11-2044		2,309,725		2,455,531
Citigroup Commercial Mortgage Trust Series 2005-CD1 Class A4 ±		5.23			7-15-2044		3,477,299		3,510,472
CNH Equipment Trust Series 2012-B Class A3		0.86			9-15-2017		7,433,480		7,437,583
CNH Equipment Trust Series 2014-A Class A2		0.49			6-15-2017		5,200,977		5,198,772
Collateralized Mortgage Obligation Trust Series 66 Class Z		8.00			9-20-2021		64,840		70,782
Commercial Mortgage Trust Series 2005-C6 Class A5A ±		5.12			6-10-2044		9,206,061		9,268,230
Commercial Mortgage Trust Series 2010-C1 Class A1 144A		3.16			7-10-2046		6,038,565		6,078,298
Commercial Mortgage Trust Series 2013-FL3 Class B 144A±		2.32			10-13-2028		9,000,000		9,127,305
Commercial Mortgage Trust Series 2014-BBG Class A 144A±		0.97			3-15-2029		5,400,000		5,385,004
Countrywide Home Loans Mortgage Pass-Through Trust Series 2001-HYB1 Class 1A1 ±		2.08			6-19-2031		590,532		591,467
Countrywide Home Loans Mortgage Pass-Through Trust Series 2001-HYB1 Class 2A1 ±		1.93			6-19-2031		269,174		268,377
Countrywide Home Loans Mortgage Pass-Through Trust Series 2004-20 Class 3A1 ±		2.24			9-25-2034		156,938		133,441
Credit Suisse First Boston Mortgage Securities Corporation Series 2005-C5 Class A4 ±		5.10			8-15-2038		1,632,469		1,647,545
Credit Suisse First Boston Mortgage Securities Corporation Series 2006-C4 Class A3		5.47			9-15-2039		5,383,580		5,641,884
Credit Suisse Mortgage Capital Certificates Series 2006-C5 Class A3		5.31			12-15-2039		8,813,654		9,223,841
DLJ Mortgage Acceptance Corporation Series 1990-2 Class A ±(i)		3.43			1-25-2022		77,400		78,259
DLJ Mortgage Acceptance Corporation Series 1991-3 Class A1 ±(i)		1.95			1-25-2021		19,649		19,796
EquiFirst Mortgage Loan Trust Series 2003-2 Class 3A3 ±		1.30			9-25-2033		634,371		607,116
Equity Mortgage Trust Series 2014-INNS Class A 144A±		1.02			5-8-2031		11,000,000		10,985,634
GE Capital Commercial Mortgage Corporation Series 2005-C3 Class A7A ±		4.97			7-10-2045		5,430,000		5,444,444
GE Equipment Transportation LLC Series 2014-1 Class A2		0.55			12-23-2016		8,396,107		8,395,049
GS Mortgage Securities Trust Series 2014-GSFL Class A 144A±		1.17			7-15-2031		10,000,000		10,000,000
GSMPS Mortgage Loan Trust Series 1998-1 Class A 144A±		8.00			9-19-2027		75,137		76,514
Housing Securities Incorporated Series 1992-8 Class E ±		3.56			6-25-2024		117,438		117,814
JPMorgan Chase Commercial Mortgage Securities Corporation Series 2005-LDP5 Class A4 ±		5.23			12-15-2044		4,577,005		4,646,512

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

18 Wells Fargo Advantage Ultra Short-Term Income Fund Portfolio of investments—February 28, 2015 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Non-Agency Mortgage-Backed Securities (continued)
JPMorgan Chase Commercial Mortgage Securities Corporation Series 2006-CB17 Class A4		5.43	%		12-12-2043	$	951,124	$	998,845
JPMorgan Chase Commercial Mortgage Securities Corporation Series 2006-LDP6 Class A4 ±		5.48			4-15-2043		1,751,430		1,798,582
JPMorgan Chase Commercial Mortgage Securities Corporation Series 2006-LDP7 Class A4 ±		5.88			4-15-2045		2,200,000		2,286,053
JPMorgan Chase Commercial Mortgage Securities Corporation Series 2014-INN Class A 144A±		1.09			6-15-2029		15,000,000		14,963,625
JPMorgan Chase Commercial Mortgage Securities Corporation Series 2014-PHH Class A 144A±		1.37			8-15-2027		10,000,000		9,994,740
Lehman Brothers UBS Commercial Mortgage Trust Series 2005-C5 Class 4		4.95			9-15-2030		4,637,811		4,649,318
Lehman Brothers UBS Commercial Mortgage Trust Series 2007-C2 Class A3		5.43			2-15-2040		2,907,729		3,094,327
Lehman Brothers UBS Commercial Mortgage Trust Series 2007-C6 Class A4 ±		5.86			7-15-2040		950,796		999,588
Master Mortgages Trust Series 2002-3 Class 4A1 ±		2.50			10-25-2032		18,762		18,720
Morgan Stanley Capital I Series 2005-IQ10 Class A4A ±		5.23			9-15-2042		4,452,026		4,484,508
Morgan Stanley Capital I Series 2005-T19 Class A4A		4.89			6-12-2047		2,859,956		2,872,165
Morgan Stanley Capital I Series 2006-HQ8 Class A4 ±		5.41			3-12-2044		1,868,385		1,903,636
Morgan Stanley Capital I Series 2007-IQ Class A4		5.81			12-12-2049		7,661,537		8,309,480
Morgan Stanley Mortgage Trust Series 35 Class 2 ±(w)(i)		15,318.50			4-20-2021		7		423
NCUA Guaranteed Notes Program Series 2010-C1 Class A1		1.60			10-29-2020		3,404,142		3,409,738
NCUA Guaranteed Notes Program Series 2010-C1 Class APT		2.65			10-29-2020		5,183,863		5,246,142
NCUA Guaranteed Notes Program Series 2010-R1 Class 2A		1.84			10-7-2020		303,047		304,691
Prudential Home Mortgage Securities Series 1988-1 Class A ±		2.46			4-25-2018		12,158		12,291
Resecuritization Mortgage Trust Series 1998-B Class A 144A±		0.42			4-26-2021		8,859		8,410
Salomon Brothers Mortgage Securities VII Series 1990-2 Class A ±		2.51			11-25-2020		353,080		357,894
SCG Trust Series 2013-SRP1 Class A 144A±		1.56			11-15-2026		7,500,000		7,500,255
Springleaf Mortgage Loan Trust Series 2012-2A Class A 144A±		2.22			10-25-2057		1,684,110		1,705,723
Structured Asset Mortgage Investments Incorporated Series 2001-4 Class A2 ±		9.44			10-25-2024		94,114		97,380
Structured Asset Securities Corporation Series 1998-2 Class A ±		0.69			2-25-2028		198,453		195,863
UBS Barclays Commercial Mortgage Trust Series 2012-C2 Class A1		1.01			5-10-2063		3,529,737		3,531,262
Wilshire Funding Corporation Series 1996-3 Class M2 ±		7.09			8-25-2032		142,187		139,511
Wilshire Funding Corporation Series 1996-3 Class M3 ±		7.09			8-25-2032		127,677		123,019
Wilshire Funding Corporation Series 1998-2 Class M1 ±		2.00			12-28-2037		612,235		597,898
Total Non-Agency Mortgage-Backed Securities (Cost $202,099,675)									201,414,814
Yankee Corporate Bonds and Notes: 12.14%
Consumer Staples: 0.96%
Food & Staples Retailing: 0.96%
FBG Finance Limited 144A		5.13			6-15-2015		5,900,000		5,977,172
Tesco plc 144A		2.70			1-5-2017		10,100,000		10,136,148
									16,113,320
Energy: 1.45%
Energy Equipment & Services: 0.51%
Ensco plc		3.25			3-15-2016		8,380,000		8,523,482
Oil, Gas & Consumable Fuels: 0.94%
BP Capital Markets plc		1.67			2-13-2018		2,000,000		2,005,224
Petrobras Global Finance Company		3.25			3-17-2017		5,435,000		5,063,300

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

Portfolio of investments—February 28, 2015 (unaudited) Wells Fargo Advantage Ultra Short-Term Income Fund 19

Security name	Interest rate			Maturity date		Principal		Value
Oil, Gas & Consumable Fuels (continued)
Transocean Incorporated		5.05	%		12-15-2016	$	8,765,000	$	8,775,956
									15,844,480
Financial Services: 0.60%
Caisse Centrale Desjardins 144A		1.75			1-29-2018		10,000,000		9,971,060
Financials: 6.40%
Banks: 4.16%
ABN AMRO Bank NV 144A		1.38			1-22-2016		9,815,000		9,856,812
Banque Federative du Credit Mutuel SA 144A		1.70			1-20-2017		8,150,000		8,203,431
BPCE SA		1.61			7-25-2017		10,000,000		10,028,710
Corporacion Andina De Fomento		3.75			1-15-2016		2,360,000		2,419,170
Experian Finance plc 144A		2.38			6-15-2017		11,500,000		11,558,259
ING Bank NV 144A		1.38			3-7-2016		8,000,000		8,034,160
Royal Bank of Scotland plc		3.95			9-21-2015		3,000,000		3,050,973
Shinhan Bank 144A±		0.90			4-8-2017		5,000,000		5,011,265
Sumitomo Mitsui Banking Corporation		1.35			7-11-2017		5,000,000		4,975,040
Sumitomo Mitsui Banking Corporation		1.75			1-16-2018		2,500,000		2,505,023
Westpac Banking Corporation 144A		5.30			10-15-2015		4,040,000		4,160,481
									69,803,324
Diversified Financial Services: 0.65%
AerCap Ireland Capital Limited 144A		2.75			5-15-2017		2,600,000		2,605,694
Credit Suisse New York		6.00			2-15-2018		7,500,000		8,328,713
									10,934,407
Insurance: 1.04%
Allied World Assurance Company		7.50			8-1-2016		9,252,000		10,020,952
Endurance Specialty Holdings Limited		6.15			10-15-2015		7,130,000		7,345,255
									17,366,207
Real Estate Management & Development: 0.24%
Korea Land & Housing Corporation 144A		1.88			8-2-2017		4,000,000		4,005,960
Thrifts & Mortgage Finance: 0.31%
Korea Finance Corporation		3.25			9-20-2016		5,000,000		5,151,170
Health Care: 1.23%
Pharmaceuticals: 1.23%
Actavis Funding SCS		1.30			6-15-2017		10,171,000		10,045,063
Perrigo Company plc		1.30			11-8-2016		10,550,000		10,531,348
									20,576,411
Information Technology: 0.20%
Semiconductors & Semiconductor Equipment: 0.20%
TSMC Global Limited 144A		0.95			4-3-2016		3,385,000		3,370,736
Materials: 0.58%
Construction Materials: 0.58%
Lafarge SA 144A		6.20			7-9-2015		9,590,000		9,733,850

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

20 Wells Fargo Advantage Ultra Short-Term Income Fund Portfolio of investments—February 28, 2015 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Telecommunication Services: 0.72%
Diversified Telecommunication Services: 0.48%
Telefonica Emisiones SAU		6.42	%		6-20-2016	$	7,500,000	$	8,000,618
Wireless Telecommunication Services: 0.24%
America Movil SAB de CV ±		1.24			9-12-2016		4,000,000		4,030,216
Total Yankee Corporate Bonds and Notes (Cost $204,128,290)									203,425,241
	Yield					Shares
Short-Term Investments: 5.42%
Investment Companies: 5.31%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)##		0.10					88,849,705		88,849,705
						Principal
U.S. Treasury Securities: 0.11%
U.S. Treasury Bill (z)#		0.02			3-19-2015	$	1,850,000		1,849,987
Total Short-Term Investments (Cost $90,699,681)									90,699,692

Total investments in securities (Cost $1,700,542,746) *	101.49	%		1,700,216,440
Other assets and liabilities, net	(1.49	)		(24,902,711	)
Total net assets	100.00	%	$	1,675,313,729

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

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

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

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

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

(i) Illiquid security

(w) The security is a structured note which generates income based on a coupon formula (-1,500 * 1 month LIBOR + 15,573.5%) and the prepayment behavior of the underlying collateral. The coupon is subject to a mandatory cap of 15,573.5% and a mandatory floor of 11%.

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

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

(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 $1,699,991,901 and unrealized gains (losses) consists of:

Gross unrealized gains	$	5,776,627
Gross unrealized losses		(5,552,088	)
Net unrealized gains	$	224,539

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

Statement of assets and liabilities—February 28, 2015 (unaudited) Wells Fargo Advantage Ultra Short-Term Income Fund 21

Assets
Investments
In unaffiliated securities, at value (cost $1,611,693,041)	$	1,611,366,735
In affiliated securities, at value (cost $88,849,705)		88,849,705
Total investments, at value (cost $1,700,542,746)		1,700,216,440
Cash		5,220,973
Receivable for investments sold		10,280,893
Principal paydown receivable		504,789
Receivable for Fund shares sold		1,010,060
Receivable for interest		11,520,601
Receivable for daily variation margin on open futures contracts		12,375
Prepaid expenses and other assets		102,077
Total assets		1,728,868,208
Liabilities
Dividends payable		631,580
Payable for investments purchased		47,586,115
Payable for Fund shares redeemed		4,411,583
Payable for daily variation margin on open futures contracts		284,599
Advisory fee payable		272,090
Distribution fee payable		4,873
Administration fees payable		213,402
Accrued expenses and other liabilities		150,237
Total liabilities		53,554,479
Total net assets	$	1,675,313,729
NET ASSETS CONSIST OF
Paid-in capital	$	1,764,589,976
Overdistributed net investment income		(1,633,056	)
Accumulated net realized losses on investments		(86,883,690	)
Net unrealized losses on investments		(759,501	)
Total net assets	$	1,675,313,729
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	167,793,762
Shares outstanding – Class A1		19,761,516
Net asset value per share – Class A		$8.49
Maximum offering price per share – Class A2		$8.66
Net assets – Class C	$	8,055,952
Shares outstanding – Class C1		949,850
Net asset value per share – Class C		$8.48
Net assets – Administrator Class	$	52,251,702
Shares outstanding – Administrator Class1		6,177,602
Net asset value per share – Administrator Class		$8.46
Net assets – Institutional Class	$	1,162,333,540
Shares outstanding – Institutional Class1		136,947,331
Net asset value per share – Institutional Class		$8.49
Net assets – Investor Class	$	284,878,773
Shares outstanding – Investor Class1		33,536,919
Net asset value per share – Investor Class		$8.49

¹  The Fund has an unlimited number of authorized shares.

²  Maximum offering price is computed as 100/98 of net asset value. On investments of $50,000 or more, the offering price is reduced.

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

22 Wells Fargo Advantage Ultra Short-Term Income Fund Statement of operations—six months ended February 28, 2015 (unaudited)

Investment income
Interest	$	12,861,444
Income from affiliated securities		47,411
Securities lending income, net		852
Total investment income		12,909,707
Expenses
Advisory fee		2,727,825
Administration fees
Fund level		473,428
Class A		153,161
Class C		6,862
Administrator Class		40,434
Institutional Class		526,119
Investor Class		282,640
Shareholder servicing fees
Class A		239,315
Class C		10,722
Administrator Class		100,011
Investor Class		371,103
Distribution fee
Class C		32,166
Custody and accounting fees		53,423
Professional fees		36,012
Registration fees		43,529
Shareholder report expenses		39,286
Trustees’ fees and expenses		4,795
Other fees and expenses		13,373
Total expenses		5,154,204
Less: Fee waivers and/or expense reimbursements		(811,856	)
Net expenses		4,342,348
Net investment income		8,567,359
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized losses on:
Unaffiliated securities		(402,873	)
Futures transactions		(3,540,109	)
Net realized losses on investments		(3,942,982	)
Net change in unrealized gains (losses) on:
Unaffiliated securities		(4,850,769	)
Futures transactions		117,650
Net change in unrealized gains (losses) on investments		(4,733,119	)
Net realized and unrealized gains (losses) on investments		(8,676,101	)
Net decrease in net assets resulting from operations	$	(108,742	)

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

Statement of changes in net assets Wells Fargo Advantage Ultra Short-Term Income Fund 23

	Six months ended February 28, 2015 (unaudited)						Year ended August 31, 2014
Operations
Net investment income				$	8,567,359					$	16,905,144
Net realized losses on investments					(3,942,982	)					(3,098,045	)
Net change in unrealized gains (losses) on investments					(4,733,119	)					4,121,513
Net increase (decrease) in net assets resulting from operations					(108,742	)					17,928,612
Distributions to shareholders from
Net investment income
Class A					(718,308	)					(1,311,025	)
Class C					(384	)					(4,885	)
Administrator Class					(365,760	)					(1,089,252	)
Institutional Class					(7,264,643	)					(12,933,549	)
Investor Class					(1,078,153	)					(2,280,773	)
Total distributions to shareholders					(9,427,248	)					(17,619,484	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		7,906,269			67,291,806			19,620,269			167,527,734
Class C		153,402			1,303,865			160,363			1,367,745
Administrator Class		2,050,238			17,386,974			13,855,490			117,870,044
Institutional Class		84,905,168			722,045,317			200,951,647			1,715,174,083
Investor Class		3,029,162			25,777,633			9,811,002			83,805,971
					833,805,595						2,085,745,577
Reinvestment of distributions
Class A		81,573			693,515			148,168			1,264,904
Class C		43			363			549			4,687
Administrator Class		30,114			255,085			67,702			575,851
Institutional Class		321,201			2,730,386			590,277			5,037,910
Investor Class		122,061			1,037,731			256,307			2,188,945
					4,717,080						9,072,297
Payment for shares redeemed
Class A		(11,252,562	)		(95,702,677	)		(15,311,490	)		(130,736,274	)
Class C		(268,915	)		(2,284,592	)		(487,060	)		(4,154,932	)
Administrator Class		(10,006,109	)		(84,846,091	)		(16,944,553	)		(144,114,902	)
Institutional Class		(114,576,455	)		(973,856,880	)		(152,147,868	)		(1,298,604,917	)
Investor Class		(6,284,014	)		(53,457,360	)		(12,513,153	)		(106,880,999	)
					(1,210,147,600	)					(1,684,492,024	)
Net increase (decrease) in net assets resulting from capital share transactions					(371,624,925	)					410,325,850
Total increase (decrease) in net assets					(381,160,915	)					410,634,978
Net assets
Beginning of period					2,056,474,644						1,645,839,666
End of period				$	1,675,313,729					$	2,056,474,644
Overdistributed net investment income				$	(1,633,056	)				$	(773,167	)

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

24 Wells Fargo Advantage Ultra Short-Term Income Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended February 28, 2015 (unaudited)			Year ended August 31															Year ended May 31, 2010
CLASS A				2014			2013			2012			2011			20101
Net asset value, beginning of period		$8.53			$8.53			$8.55			$8.52			$8.52			$8.48			$8.03
Net investment income		0.03			0.06			0.06			0.10			0.10			0.04			0.17
Net realized and unrealized gains (losses) on investments		(0.04	)		0.00			(0.02	)		0.03			0.02			0.04			0.48
Total from investment operations		(0.01	)		0.06			0.04			0.13			0.12			0.08			0.65
Distributions to shareholders from
Net investment income		(0.03	)		(0.06	)		(0.06	)		(0.10	)		(0.12	)		(0.04	)		(0.20	)
Net asset value, end of period		$8.49			$8.53			$8.53			$8.55			$8.52			$8.52			$8.48
Total return2		(0.10	)%		0.74	%		0.52	%		1.47	%		1.37	%		0.94	%		8.22	%
Ratios to average net assets (annualized)
Gross expenses		0.77	%		0.78	%		0.83	%		0.88	%		0.87	%		0.88	%		0.91	%
Net expenses		0.70	%		0.70	%		0.70	%		0.70	%		0.70	%		0.70	%		0.70	%
Net investment income		0.66	%		0.70	%		0.72	%		1.11	%		1.17	%		1.62	%		1.98	%
Supplemental data
Portfolio turnover rate		31	%		47	%		56	%		61	%		60	%		9	%		45	%
Net assets, end of period (000s omitted)		$167,794			$196,459			$158,363			$146,400			$160,768			$208,845			$154,016

¹  For the three months ended August 31, 2010. The Fund changed its fiscal year end from May 31 to August 31, effective August 31, 2010.

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

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

Financial highlights Wells Fargo Advantage Ultra Short-Term Income Fund 25

(For a share outstanding throughout each period)

	Six months ended February 28, 2015 (unaudited)			Year ended August 31															Year ended May 31, 2010
CLASS C				2014			2013			2012			2011			20101
Net asset value, beginning of period		$8.52			$8.52			$8.55			$8.52			$8.52			$8.48			$8.03
Net investment income (loss)		(0.01	)		(0.01	)		(0.00	)2		0.03			0.04			0.02			0.12
Net realized and unrealized gains (losses) on investments		(0.03	)		0.01			(0.03	)		0.03			0.01			0.04			0.47
Total from investment operations		(0.04	)		0.00			(0.03	)		0.06			0.05			0.06			0.59
Distributions to shareholders from
Net investment income		(0.00	)2		(0.00	)2		(0.00	)2		(0.03	)		(0.05	)		(0.02	)		(0.14	)
Net asset value, end of period		$8.48			$8.52			$8.52			$8.55			$8.52			$8.52			$8.48
Total return3		(0.47	)%		0.05	%		(0.31	)%		0.71	%		0.61	%		0.75	%		7.41	%
Ratios to average net assets (annualized)
Gross expenses		1.52	%		1.53	%		1.59	%		1.63	%		1.62	%		1.63	%		1.67	%
Net expenses		1.45	%		1.45	%		1.45	%		1.45	%		1.45	%		1.45	%		1.45	%
Net investment income (loss)		(0.08	)%		(0.05	)%		(0.02	)%		0.37	%		0.43	%		0.88	%		1.30	%
Supplemental data
Portfolio turnover rate		31	%		47	%		56	%		61	%		60	%		9	%		45	%
Net assets, end of period (000s omitted)		$8,056			$9,078			$11,859			$14,951			$19,117			$21,226			$16,519

¹  For the three months ended August 31, 2010. The Fund changed its fiscal year end from May 31 to August 31, effective August 31, 2010.

²  Amount is less than $0.005.

³  Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.

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

26 Wells Fargo Advantage Ultra Short-Term Income Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended February 28, 2015 (unaudited)			Year ended August 31															Year ended May 31, 2010
ADMINISTRATOR CLASS				2014			2013			2012			2011			20101
Net asset value, beginning of period		$8.50			$8.50			$8.52			$8.48			$8.48			$8.45			$8.00
Net investment income		0.04	2		0.07			0.07			0.11			0.11			0.04			0.19
Net realized and unrealized gains (losses) on investments		(0.04	)		0.01			(0.01	)		0.04			0.02			0.03			0.46
Total from investment operations		0.00			0.08			0.06			0.15			0.13			0.07			0.65
Distributions to shareholders from
Net investment income		(0.04	)		(0.08	)		(0.08	)		(0.11	)		(0.13	)		(0.04	)		(0.20	)
Net asset value, end of period		$8.46			$8.50			$8.50			$8.52			$8.48			$8.48			$8.45
Total return3		(0.02	)%		0.89	%		0.67	%		1.74	%		1.52	%		0.86	%		8.41	%
Ratios to average net assets (annualized)
Gross expenses		0.71	%		0.72	%		0.77	%		0.82	%		0.79	%		0.79	%		0.81	%
Net expenses		0.55	%		0.55	%		0.55	%		0.55	%		0.55	%		0.55	%		0.55	%
Net investment income		0.82	%		0.84	%		0.87	%		1.26	%		1.33	%		1.65	%		2.32	%
Supplemental data
Portfolio turnover rate		31	%		47	%		56	%		61	%		60	%		9	%		45	%
Net assets, end of period (000s omitted)		$52,252			$119,884			$145,498			$103,810			$107,449			$205,587			$82,835

¹  For the three months ended August 31, 2010. The Fund changed its fiscal year end from May 31 to August 31, effective August 31, 2010.

²  Calculated based upon average shares outstanding

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

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

Financial highlights Wells Fargo Advantage Ultra Short-Term Income Fund 27

(For a share outstanding throughout each period)

	Six months ended February 28, 2015 (unaudited)			Year ended August 31															Year ended May 31, 2010
INSTITUTIONAL CLASS				2014			2013			2012			2011			20101
Net asset value, beginning of period		$8.53			$8.52			$8.55			$8.51			$8.51			$8.48			$8.03
Net investment income		0.04			0.09			0.09			0.13			0.13			0.04			0.19
Net realized and unrealized gains (losses) on investments		(0.03	)		0.01			(0.03	)		0.04			0.02			0.04			0.49
Total from investment operations		0.01			0.10			0.06			0.17			0.15			0.08			0.68
Distributions to shareholders from
Net investment income		(0.05	)		(0.09	)		(0.09	)		(0.13	)		(0.15	)		(0.05	)		(0.23	)
Net asset value, end of period		$8.49			$8.53			$8.52			$8.55			$8.51			$8.51			$8.48
Total return2		0.08	%		1.21	%		0.75	%		1.94	%		1.72	%		1.03	%		8.48	%
Ratios to average net assets (annualized)
Gross expenses		0.44	%		0.45	%		0.50	%		0.55	%		0.54	%		0.54	%		0.57	%
Net expenses		0.35	%		0.35	%		0.35	%		0.35	%		0.35	%		0.35	%		0.35	%
Net investment income		1.01	%		1.05	%		1.07	%		1.46	%		1.50	%		2.01	%		2.26	%
Supplemental data
Portfolio turnover rate		31	%		47	%		56	%		61	%		60	%		9	%		45	%
Net assets, end of period (000s omitted)		$1,162,334			$1,418,101			$996,437			$588,228			$596,838			$260,747			$197,087

¹  For the three months ended August 31, 2010. The Fund changed its fiscal year end from May 31 to August 31, effective August 31, 2010.

²  Returns for periods of less than one year are not annualized.

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

28 Wells Fargo Advantage Ultra Short-Term Income Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended February 28, 2015 (unaudited)			Year ended August 31															Year ended May 31, 2010
INVESTOR CLASS				2014			2013			2012			2011			20101
Net asset value, beginning of period		$8.53			$8.53			$8.56			$8.52			$8.52			$8.48			$8.03
Net investment income		0.03			0.06			0.06			0.09			0.10			0.04			0.18
Net realized and unrealized gains (losses) on investments		(0.04	)		0.00			(0.03	)		0.04			0.01			0.04			0.47
Total from investment operations		(0.01	)		0.06			0.03			0.13			0.11			0.08			0.65
Distributions to shareholders from
Net investment income		(0.03	)		(0.06	)		(0.06	)		(0.09	)		(0.11	)		(0.04	)		(0.20	)
Net asset value, end of period		$8.49			$8.53			$8.53			$8.56			$8.52			$8.52			$8.48
Total return2		(0.11	)%		0.71	%		0.37	%		1.56	%		1.34	%		0.93	%		8.18	%
Ratios to average net assets (annualized)
Gross expenses		0.80	%		0.81	%		0.87	%		0.91	%		0.90	%		0.92	%		0.98	%
Net expenses		0.73	%		0.73	%		0.73	%		0.73	%		0.73	%		0.74	%		0.75	%
Net investment income		0.64	%		0.67	%		0.69	%		1.08	%		1.15	%		1.66	%		2.16	%
Supplemental data
Portfolio turnover rate		31	%		47	%		56	%		61	%		60	%		9	%		45	%
Net assets, end of period (000s omitted)		$284,879			$312,953			$333,684			$351,969			$384,998			$436,991			$453,772

¹  For the three months ended August 31, 2010. The Fund changed its fiscal year end from May 31 to August 31, effective August 31, 2010.

²  Returns for periods of less than one year are not annualized.

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

Notes to financial statements (unaudited) Wells Fargo Advantage Ultra Short-Term Income Fund 29

1. ORGANIZATION

Wells Fargo Funds Trust (the “Trust”), a Delaware statutory trust organized on March 10, 1999, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). As an investment company, the Trust follows the accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946, Financial Services—Investment Companies. These financial statements report on the Wells Fargo Advantage Ultra Short-Term Income Fund (the “Fund”) which is a diversified series of the Trust.

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

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

Investments in registered open-end investment companies are valued at net asset value. Interests in non-registered investment vehicles that are redeemable at net asset value are fair valued at net asset value when available.

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

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

Security loans

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

30 Wells Fargo Advantage Ultra Short-Term Income Fund Notes to financial statements (unaudited)

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

When-issued transactions

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

Futures contracts

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

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

Security transactions and income recognition

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

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

Distributions to shareholders

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

Federal and other taxes

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

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

Notes to financial statements (unaudited) Wells Fargo Advantage Ultra Short-Term Income Fund 31

Capital loss carryforwards that do not expire are required to be utilized prior to capital loss carryforwards that expire. As of August 31, 2014, capital loss carryforwards available to offset future net realized capital gains were as follows through the indicated expiration dates:

					No expiration
2015	2016	2017	2018	2019	Short-term	Long-term
$2,154,408	$8,848,032	$35,029,445	$7,738,751	$7,448,920	$1,262,457	$20,608,750

As of August 31, 2014, the Fund had $400,790 of current year deferred post-October capital losses, which was recognized on the first day of the current fiscal year.

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

32 Wells Fargo Advantage Ultra Short-Term Income Fund Notes to financial statements (unaudited)

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of February 28, 2015:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Agency securities	$	0	$	267,228,145	$	0	$	267,228,145
Asset-backed securities		0		195,283,218		0		195,283,218
Corporate bonds and notes		0		678,807,643		0		678,807,643
Municipal obligations		0		63,357,687		0		63,357,687
Non-agency mortgage-backed securities		0		201,414,814		0		201,414,814
Yankee corporate bonds and notes		0		203,425,241		0		203,425,241
Short-term investments
Investment companies		88,849,705		0		0		88,849,705
U.S. Treasury securities		1,849,987		0		0		1,849,987
		90,699,692		1,609,516,748		0		1,700,216,440
Futures contracts		12,375		0		0		12,375
Total assets	$	90,712,067	$	1,609,516,748	$	0	$	1,700,228,815
Liabilities
Futures contracts	$	284,599	$	0	$	0	$	284,599
Total liabilities	$	284,599	$	0	$	0	$	284,599

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

The Fund recognizes transfers between levels within the fair value hierarchy at the end of the reporting period. At February 28, 2015, the Fund did not have any transfers into/out of Level 1, Level 2, or Level 3.

4. TRANSACTIONS WITH AFFILIATES

Advisory fee

The Trust has entered into an advisory contract with Funds Management, an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”). The adviser is responsible for implementing investment policies and guidelines and for supervising the subadviser who is responsible for day-to-day portfolio management of the Fund.

Pursuant to the contract, Funds Management is entitled to receive an annual advisory fee starting at 0.30% and declining to 0.225% as the average daily net assets of the Fund increase. For the six months ended February 28, 2015, the advisory fee was equivalent to an annual rate of 0.29% of the Fund’s average daily net assets.

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Funds Management. WellsCap, an affiliate of Funds Management and an indirect wholly owned subsidiary of Wells Fargo, is the subadviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.15% and declining to 0.05% as the average daily net assets of the Fund increase.

Administration fees

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 the Fund an

Notes to financial statements (unaudited) Wells Fargo Advantage Ultra Short-Term Income Fund 33

annual fund level administration fee starting at 0.05% and declining to 0.03% as the average daily net assets of the 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 C		0.16	%
Administrator Class		0.10
Institutional Class		0.08
Investor Class		0.19

Funds Management has contractually waived and/or reimbursed advisory and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. Waiver of fees and/or reimbursement of expenses by Funds Management were made first from fund level expenses on a proportionate basis and then from class specific expenses. Funds Management has committed through December 31, 2015 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 0.70% for Class A shares, 1.45% for Class C shares, 0.55% for Administrator Class shares, 0.35% for Institutional Class shares, and 0.73% for Investor Class shares. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

Distribution fee

The Trust has adopted a Distribution Plan for Class C shares of the Fund pursuant to Rule 12b-1 under the 1940 Act. A distribution fee is charged to Class C shares and paid to Wells Fargo Funds Distributor, LLC (“Funds Distributor”), the principal underwriter, at an annual rate of 0.75% of the average daily net assets of Class C shares.

In addition, Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the six months ended February 28, 2015, Funds Distributor received $489 from the sale of Class A shares.

Shareholder servicing fees

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

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding short-term securities, for the six months ended February 28, 2015 were as follows:

Purchases at cost		Sales proceeds
U.S. government	Non-U.S. government	U.S. government	Non-U.S. government
$134,909,579	$412,812,180	$109,460,788	$493,163,211

6. DERIVATIVE TRANSACTIONS

During the six months ended February 28, 2015, the Fund entered into futures contracts to speculate on interest rates and to help manage the duration of the portfolio.

At February 28, 2015, the Fund had long and short futures contracts outstanding as follows:

Expiration date	Counterparty	Contracts	Type		Contract value at February 28, 2015		Unrealized losses
6-30-2015	JPMorgan	99 Long		5-Year U.S. Treasury Notes	$	11,808,844		(17,438	)
6-30-2015	JPMorgan	2,486 Short		2-Year U.S. Treasury Notes		543,385,221		(415,757	)

34 Wells Fargo Advantage Ultra Short-Term Income Fund Notes to financial statements (unaudited)

The Fund had an average notional amount of $6,074,457 and $597,512,773 in long and short futures contracts, respectively, during the six months ended February 28, 2015.

On February 28, 2015, the cumulative unrealized losses on futures contracts in the amount of $433,195 are reflected in net unrealized losses on investments on the Statement of Assets and Liabilities. The receivable and payable for daily variation margin on open futures contracts reflected in the Statement of Assets and Liabilities only represents the current day’s variation margin. The realized losses and change in unrealized gains (losses) on futures contracts are reflected in the Statement of Operations.

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

Derivative type	Counterparty	Gross amounts of assets in the Statement of Assets and Liabilities	Amounts subject to netting agreements			Collateral received		Net amount of assets
Futures – variation margin	JPMorgan	$12,375	$	(12,375	)	$	0	$	0

Derivative type	Counterparty	Gross amounts of liabilities in the Statement of Assets and Liabilities	Amounts subject to netting agreements			Collateral pledged1			Net amount of liabilities
Futures – variation margin	JPMorgan	$284,599	$	(12,375	)	$	(272,224	)	$	0

¹ Collateral pledged within this table is limited to the collateral for the net transaction with the counterparty.

7. BANK BORROWINGS

The Trust (excluding the money market funds and certain other funds in the Trust) and Wells Fargo Variable Trust are parties to a $150,000,000 revolving credit agreement, whereby the Fund is permitted to use bank borrowings for temporary or emergency purposes, such as to fund shareholder redemption requests. Interest under the credit agreement is charged to the Fund based on a borrowing rate equal to the higher of the Federal Funds rate in effect on that day plus 1.25% or the overnight LIBOR rate in effect on that day plus 1.25%. In addition, an annual commitment fee equal to 0.10% of the unused balance is allocated to each participating fund. For the six months ended February 28, 2015, the Fund paid $1,104 in commitment fees.

For the six months ended February 28, 2015, there were no borrowings by the Fund 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 Fund and, therefore, cannot be estimated.

Other information (unaudited) Wells Fargo Advantage Ultra Short-Term Income Fund 35

PROXY VOTING INFORMATION

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available, upon request, by calling 1-800-222-8222, visiting our website at wellsfargoadvantagefunds.com, or visiting the SEC website at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available on the Fund’s website at wellsfargoadvantagefunds.com or by visiting the SEC website at sec.gov.

PORTFOLIO HOLDINGS INFORMATION

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

36 Wells Fargo Advantage Ultra Short-Term Income Fund Other information (unaudited)

BOARD OF TRUSTEES AND OFFICERS

Each of the Trustees and Officers¹ listed in the table below acts in identical capacities for each fund in the Wells Fargo Advantage family of funds, which consists of 134 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
William R. Ebsworth (Born 1957)	Trustee, since 2015**	Retired. From 1984 to 2013, equities analyst, portfolio manager, research director at Fidelity Management and Research Company and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. in Boston, Tokyo, and Hong Kong where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Mr. Ebsworth is an Adjunct Lecturer, Finance, at Babson College and a Chartered Financial Analyst.	Asset Allocation Trust
Jane A. Freeman (Born 1953)	Trustee, since 2015**	Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior thereto, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is a Chartered Financial Analyst (inactive), Chair of Taproot Foundation (non-profit organization) and a Board Member of Ruth Bancroft Garden (non-profit organization).	Asset Allocation Trust
Peter G. Gordon (Born 1942)	Trustee, since 1998; Chairman, since 2005	Co-Founder, Retired Chairman, President and CEO of Crystal Geyser Water Company. Trustee Emeritus, Colby College.	Asset Allocation Trust
Isaiah Harris, Jr. (Born 1952)	Trustee, since 2009	Retired. Chairman of the Board of CIGNA Corporation since 2009, and Director since 2005. From 2003 to 2011, Director of Delux Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy. 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
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

Other information (unaudited) Wells Fargo Advantage Ultra Short-Term Income Fund 37

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
Timothy J. Penny (Born 1951)	Trustee, since 1996	President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007 and Senior Fellow at the Humphrey Institute Policy Forum at the University of Minnesota since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	Asset Allocation Trust
Michael S. Scofield (Born 1943)	Trustee, since 2010	Served on the Investment Company Institute’s Board of Governors and Executive Committee from 2008-2011 as well the Governing Council of the Independent Directors Council from 2006-2011 and the Independent Directors Council Executive Committee from 2008-2011. Chairman of the IDC from 2008-2010. Institutional Investor (Fund Directions) Trustee of Year in 2007. Trustee of the Evergreen Funds complex (and its predecessors) from 1984 to 2010. Chairman of the Evergreen Funds from 2000-2010. Former Trustee of the Mentor Funds. Retired Attorney, Law Offices of Michael S. Scofield.	Asset Allocation Trust
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.

** William R. Ebsworth and Jane A. Freeman each became a Trustee effective January 1, 2015.

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	Senior Vice President and Secretary of Wells Fargo Funds Management, LLC since 2001. Assistant General Counsel of Wells Fargo Bank, N.A. since 2013 and Vice President and Managing Counsel of Wells Fargo Bank N.A. from 1996 to 2013.
Debra Ann Early (Born 1964)	Chief Compliance Officer, since 2007	Senior Vice President of Wells Fargo Funds Management, LLC since 2007 and Chief Compliance Officer from 2007 to 2014. Chief Compliance Officer of Parnassus Investments from 2005 to 2007. Chief Financial Officer of Parnassus Investments from 2004 to 2007 and Senior Audit Manager of PricewaterhouseCoopers LLP from 1998 to 2004.
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 61 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.

38 Wells Fargo Advantage Ultra Short-Term Income Fund List of abbreviations

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

ACA —  ACA Financial Guaranty Corporation

ADR —  American depositary receipt

ADS —  American depositary shares

AGC —  Assured Guaranty Corporation

AGM —  Assured Guaranty Municipal

Ambac —  Ambac Financial Group Incorporated

AMT —  Alternative minimum tax

AUD —  Australian dollar

BAN —  Bond anticipation notes

BHAC —  Berkshire Hathaway Assurance Corporation

BRL —  Brazilian real

CAB —  Capital appreciation bond

CAD —  Canadian dollar

CCAB —  Convertible capital appreciation bond

CDA —  Community Development Authority

CDO —  Collateralized debt obligation

CHF —  Swiss franc

COP —  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

LIFER —  Long Inverse Floating Exempt Receipts

LIQ —  Liquidity agreement

LLC —  Limited liability company

LLLP —  Limited liability limited partnership

LLP —  Limited liability partnership

LOC —  Letter of credit

LP —  Limited partnership

MBIA —  Municipal Bond Insurance Association

MFHR —  Multifamily housing revenue

MSTR —  Municipal securities trust receipts

MTN —  Medium-term note

MUD —  Municipal Utility District

MXN —  Mexican peso

MYR —  Malaysian ringgit

National —  National Public Finance Guarantee Corporation

NGN —  Nigerian naira

NOK —  Norwegian krone

NZD —  New Zealand dollar

PCFA —  Pollution Control Financing Authority

PCL —  Public Company Limited

PCR —  Pollution control revenue

PFA —  Public Finance Authority

PFFA —  Public Facilities Financing Authority

PFOTER —  Puttable floating option tax-exempt receipts

plc —  Public limited company

PLN —  Polish zloty

PUTTER —  Puttable tax-exempt receipts

R&D —  Research & development

Radian —  Radian Asset Assurance

RAN —  Revenue anticipation notes

RDA —  Redevelopment Authority

RDFA —  Redevelopment Finance Authority

REIT —  Real estate investment trust

ROC —  Reset option certificates

RON —  Romanian lei

RUB —  Russian ruble

SAVRS —  Select auction variable rate securities

SBA —  Small Business Authority

SEK —  Swedish krona

SFHR —  Single-family housing revenue

SFMR —  Single-family mortgage revenue

SGD —  Singapore dollar

SPA —  Standby purchase agreement

SPDR —  Standard & Poor’s Depositary Receipts

SPEAR —   Short Puttable Exempt Adjustable Receipts

STRIPS —  Separate trading of registered interest and

      principal securities

TAN —  Tax anticipation notes

TBA —  To be announced

THB —  Thai baht

TIPS —  Treasury inflation-protected securities

TRAN —  Tax revenue anticipation notes

TRY —  Turkish lira

TTFA —  Transportation Trust Fund Authority

TVA —  Tennessee Valley Authority

ZAR —  South African rand

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For more information

More information about Wells Fargo 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

© 2015 Wells Fargo Funds Management, LLC. All rights reserved.

232060 04-15 SA223/SAR223 02-15

ITEM 2. CODE OF ETHICS

Not applicable.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT

Not applicable.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES

Not applicable.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS

Not applicable.

ITEM 6. INVESTMENTS

A Portfolio of Investments for each series of Wells Fargo Funds Trust (except for Wells Fargo Advantage Adjustable Rate Government Fund and Wells Fargo Advantage Government Securities Fund) is included as part of the report to shareholders filed under Item 1 of this Form. Wells Fargo Advantage Adjustable Rate Government Fund and Wells Fargo Advantage Government Securities Fund included a Summary Portfolio of Investments under Item 1. A Portfolio of Investments for each of Wells Fargo Advantage Adjustable Rate Government Fund and Wells Fargo Advantage Government Securities Fund are filed under this Item.

Portfolio of investments—February 28, 2015 (unaudited) Wells Fargo Advantage Adjustable Rate Government Fund 1

Security name	Interest rate			Maturity date		Principal		Value
Agency Securities: 94.59%
FDIC Series 2010-S2 Class 3A 144A±		0.87	%		12-29-2045	$	1,463,489	$	1,428,623
Federal Agricultural Mortgage Corporation Series 2000-A Class A ±		0.04			12-15-2039		142,871		144,165
FHLMC ±		0.86			4-1-2030		138,357		140,396
FHLMC ±		1.00			3-15-2024		1,022,958		1,026,424
FHLMC ±		1.79			2-1-2037		16,294		17,136
FHLMC ±		1.86			7-1-2034		12,442,231		13,222,592
FHLMC ±		1.88			12-1-2017		14,888		15,099
FHLMC ±		1.88			5-1-2018		783		784
FHLMC ±		1.88			6-1-2018		9,335		9,405
FHLMC ±		1.88			9-1-2018		1,584		1,620
FHLMC ±		1.88			5-1-2019		6,541		6,549
FHLMC ±		1.91			1-1-2030		7,131		7,312
FHLMC ±		1.91			1-1-2030		10,571		11,151
FHLMC ±		1.91			7-1-2030		191,993		200,596
FHLMC ±		1.92			9-1-2016		2,850		2,914
FHLMC ±		1.92			11-1-2016		55,964		56,725
FHLMC ±		1.92			7-1-2018		2,013		2,090
FHLMC ±		1.92			1-1-2019		6,494		6,550
FHLMC ±		1.92			2-1-2019		11,418		11,524
FHLMC ±		1.92			2-1-2035		441,692		461,538
FHLMC ±		1.94			2-1-2037		648,064		676,782
FHLMC ±		1.96			6-1-2035		3,971,329		4,202,409
FHLMC ±		2.00			1-1-2023		56,818		60,551
FHLMC ±		2.03			3-1-2018		11,651		11,981
FHLMC ±		2.04			5-1-2028		323,490		340,516
FHLMC ±		2.04			5-1-2035		1,182,929		1,255,885
FHLMC ±		2.06			1-1-2037		3,397,475		3,581,902
FHLMC ±		2.07			10-1-2030		16,343		17,071
FHLMC ±		2.08			6-1-2037		1,269,629		1,340,804
FHLMC ±		2.09			8-1-2036		4,338,752		4,631,130
FHLMC ±		2.11			6-1-2024		10,708		10,756
FHLMC ±		2.11			11-1-2034		972,623		1,031,666
FHLMC ±		2.14			6-1-2020		1,912		1,919
FHLMC ±		2.14			12-1-2035		1,043,327		1,105,568
FHLMC ±		2.14			5-1-2020		828		831
FHLMC ±		2.14			5-1-2020		603		621
FHLMC ±		2.16			3-1-2025		125,990		132,569
FHLMC ±		2.17			8-1-2018		2,429		2,484
FHLMC ±		2.19			7-1-2024		49,436		49,611
FHLMC ±		2.19			1-1-2024		18,499		18,542
FHLMC ±		2.20			7-1-2030		24,129		24,467
FHLMC ±		2.20			8-1-2033		2,718,417		2,891,907
FHLMC ±		2.21			6-1-2020		99,415		102,310
FHLMC ±		2.22			8-1-2035		403,471		422,425
FHLMC ±		2.22			1-1-2030		29,397		30,855
FHLMC ±		2.22			1-1-2022		22,991		23,703
FHLMC ±		2.23			10-1-2037		1,801,984		1,913,812
FHLMC ±		2.23			11-1-2030		1,028,629		1,058,665
FHLMC ±		2.24			12-1-2017		3,050		3,059
FHLMC ±		2.25			6-1-2033		2,406,279		2,562,285

2 Wells Fargo Advantage Adjustable Rate Government Fund Portfolio of investments—February 28, 2015 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Agency Securities (continued)
FHLMC ±		2.25	%		1-1-2035	$	589,787	$	626,777
FHLMC ±		2.26			7-1-2019		1,635		1,642
FHLMC ±		2.26			5-1-2033		440,339		468,192
FHLMC ±		2.27			12-1-2036		706,222		753,288
FHLMC ±		2.27			10-1-2035		2,540,698		2,693,779
FHLMC ±		2.27			6-1-2036		4,212,706		4,481,020
FHLMC ±		2.27			6-1-2035		3,039,455		3,244,585
FHLMC ±		2.28			11-1-2035		718,715		766,545
FHLMC ±		2.28			4-1-2035		594,589		633,919
FHLMC ±		2.28			10-1-2035		3,566,034		3,802,450
FHLMC ±		2.29			6-1-2033		673,160		713,900
FHLMC ±		2.30			8-1-2034		1,959,413		2,086,621
FHLMC ±		2.30			10-1-2036		1,164,723		1,244,718
FHLMC ±		2.31			7-1-2017		18,903		18,988
FHLMC ±		2.31			4-1-2023		418,532		427,503
FHLMC ±		2.31			8-1-2036		4,449,654		4,741,503
FHLMC ±		2.31			6-1-2036		1,640,313		1,747,384
FHLMC ±		2.33			10-1-2018		14,506		14,578
FHLMC ±		2.33			7-1-2036		750,205		794,229
FHLMC ±		2.33			6-1-2037		8,291,923		8,865,330
FHLMC ±		2.33			5-1-2037		4,032,377		4,330,944
FHLMC ±		2.34			5-1-2039		2,676,601		2,876,021
FHLMC ±		2.34			1-1-2037		2,505,229		2,673,343
FHLMC ±		2.34			3-1-2037		2,953,547		3,159,123
FHLMC ±		2.34			12-1-2033		1,345,115		1,434,926
FHLMC ±		2.34			12-1-2034		927,167		990,330
FHLMC ±		2.34			11-1-2036		2,054,624		2,193,526
FHLMC ±		2.34			10-1-2033		2,697,135		2,872,504
FHLMC ±		2.34			10-1-2033		666,810		710,636
FHLMC ±		2.34			10-1-2033		1,417,956		1,513,156
FHLMC ±		2.35			8-1-2033		559,734		596,456
FHLMC ±		2.35			1-1-2033		1,292,973		1,378,763
FHLMC ±		2.35			5-1-2038		2,347,224		2,506,320
FHLMC ±		2.35			10-1-2033		65,237		65,966
FHLMC ±		2.35			2-1-2034		1,532,260		1,629,934
FHLMC ±		2.35			4-1-2034		1,305,405		1,397,539
FHLMC ±		2.35			9-1-2035		2,953,922		3,150,764
FHLMC ±		2.35			3-1-2034		1,120,587		1,194,105
FHLMC ±		2.35			3-1-2034		1,240,146		1,321,921
FHLMC ±		2.35			5-1-2032		75,533		79,268
FHLMC ±		2.35			5-1-2034		3,273,349		3,496,253
FHLMC ±		2.35			6-1-2037		8,480,726		9,064,337
FHLMC ±		2.36			1-1-2034		1,466,908		1,563,173
FHLMC ±		2.36			2-1-2034		1,244,105		1,324,042
FHLMC ±		2.36			4-1-2034		1,062,850		1,132,872
FHLMC ±		2.36			9-1-2035		7,790,802		8,307,609
FHLMC ±		2.36			7-1-2034		275,638		296,764
FHLMC ±		2.36			1-1-2036		3,201,831		3,434,873
FHLMC ±		2.36			2-1-2036		2,452,991		2,615,991
FHLMC ±		2.36			5-1-2038		3,003,280		3,203,292

Portfolio of investments—February 28, 2015 (unaudited) Wells Fargo Advantage Adjustable Rate Government Fund 3

Security name	Interest rate			Maturity date		Principal		Value
Agency Securities (continued)
FHLMC ±		2.36	%		2-1-2037	$	736,052	$	787,532
FHLMC ±		2.37			6-1-2035		3,669,067		3,894,688
FHLMC ±		2.37			2-1-2036		1,549,649		1,652,311
FHLMC ±		2.37			3-1-2027		160,395		165,003
FHLMC ±		2.37			4-1-2035		4,457,589		4,760,039
FHLMC ±		2.37			4-1-2036		1,107,768		1,184,212
FHLMC ±		2.37			5-1-2035		500,621		530,117
FHLMC ±		2.37			11-1-2035		2,263,898		2,419,517
FHLMC ±		2.37			11-1-2036		1,877,177		2,004,897
FHLMC ±		2.37			8-1-2035		4,603,608		4,919,999
FHLMC ±		2.37			4-1-2037		1,198,706		1,281,944
FHLMC ±		2.37			8-1-2035		1,002,298		1,069,363
FHLMC ±		2.37			12-1-2032		4,369,434		4,652,253
FHLMC ±		2.38			9-1-2033		450,601		480,392
FHLMC ±		2.38			5-1-2034		738,225		787,070
FHLMC ±		2.38			5-1-2034		160,339		170,846
FHLMC ±		2.38			9-1-2034		3,069,725		3,273,572
FHLMC ±		2.38			10-1-2034		3,317,080		3,544,390
FHLMC ±		2.38			2-1-2035		2,774,330		2,962,608
FHLMC ±		2.38			7-1-2035		4,401,313		4,704,540
FHLMC ±		2.38			8-1-2035		4,285,753		4,578,711
FHLMC ±		2.38			12-1-2035		3,539,487		3,776,909
FHLMC ±		2.38			2-1-2036		2,348,166		2,505,642
FHLMC ±		2.38			2-1-2036		2,452,647		2,618,846
FHLMC ±		2.38			3-1-2036		1,535,857		1,638,952
FHLMC ±		2.38			1-1-2037		418,902		447,788
FHLMC ±		2.38			4-1-2037		4,360,667		4,667,796
FHLMC ±		2.38			4-1-2038		7,946,931		8,493,979
FHLMC ±		2.38			4-1-2038		2,578,211		2,750,301
FHLMC ±		2.38			4-1-2034		4,822,412		5,144,096
FHLMC ±		2.38			2-1-2036		1,219,995		1,302,375
FHLMC ±		2.38			10-1-2034		2,080,587		2,221,439
FHLMC ±		2.38			7-1-2031		2,759,609		2,911,475
FHLMC ±		2.38			1-1-2038		8,041,265		8,611,436
FHLMC ±		2.38			6-1-2036		4,680,801		5,002,636
FHLMC ±		2.39			11-1-2022		350,700		368,228
FHLMC ±		2.39			2-1-2035		6,201,918		6,615,274
FHLMC ±		2.39			9-1-2030		539,195		566,975
FHLMC ±		2.39			2-1-2034		1,068,435		1,141,055
FHLMC ±		2.39			4-1-2035		3,839,975		4,104,843
FHLMC ±		2.39			5-1-2035		4,501,929		4,808,652
FHLMC ±		2.39			2-1-2036		1,431,788		1,528,450
FHLMC ±		2.39			8-1-2027		8,978		9,133
FHLMC ±		2.40			5-1-2025		103,094		105,649
FHLMC ±		2.40			11-1-2029		191,122		196,399
FHLMC ±		2.40			5-1-2034		2,703,384		2,870,436
FHLMC ±		2.40			10-1-2036		1,489,412		1,594,323
FHLMC ±		2.40			11-1-2035		2,045,749		2,200,213
FHLMC ±		2.40			10-1-2036		981,042		1,049,069
FHLMC ±		2.40			4-1-2037		1,169,621		1,251,175

4 Wells Fargo Advantage Adjustable Rate Government Fund Portfolio of investments—February 28, 2015 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Agency Securities (continued)
FHLMC ±		2.41	%		1-1-2035	$	625,405	$	669,842
FHLMC ±		2.41			1-1-2037		4,794,750		5,122,261
FHLMC ±		2.41			2-1-2034		3,293,854		3,555,397
FHLMC ±		2.41			4-1-2036		3,675,650		3,935,765
FHLMC ±		2.41			11-1-2027		902,531		960,980
FHLMC ±		2.41			11-1-2029		255,324		265,774
FHLMC ±		2.42			9-1-2033		1,601,349		1,712,317
FHLMC ±		2.42			4-1-2034		5,886,618		6,292,077
FHLMC ±		2.42			9-1-2036		1,244,567		1,330,671
FHLMC ±		2.42			1-1-2036		1,213,076		1,296,394
FHLMC ±		2.42			3-1-2037		793,168		848,000
FHLMC ±		2.42			6-1-2026		1,560,398		1,648,586
FHLMC ±		2.43			6-1-2035		672,939		713,877
FHLMC ±		2.43			6-1-2035		2,411,100		2,575,773
FHLMC ±		2.44			9-1-2032		3,052,534		3,236,042
FHLMC ±		2.44			9-1-2029		1,177,651		1,261,658
FHLMC ±		2.44			7-1-2031		389,820		414,172
FHLMC ±		2.44			2-1-2031		1,229,762		1,304,451
FHLMC ±		2.45			10-1-2033		3,114,843		3,316,982
FHLMC ±		2.46			4-1-2035		2,342,146		2,513,972
FHLMC ±		2.46			9-1-2033		1,280,908		1,364,212
FHLMC ±		2.46			5-1-2023		83,221		84,574
FHLMC ±		2.46			6-1-2035		3,512,962		3,741,433
FHLMC ±		2.46			6-1-2019		70,479		71,539
FHLMC ±		2.48			9-1-2030		11,352,162		12,075,320
FHLMC ±		2.48			7-1-2038		3,109,262		3,342,272
FHLMC ±		2.48			4-1-2035		1,551,844		1,663,626
FHLMC ±		2.48			2-1-2036		263,813		282,156
FHLMC ±		2.48			4-1-2038		2,927,162		3,123,569
FHLMC ±		2.48			1-1-2028		27,163		28,668
FHLMC ±		2.48			1-1-2028		5,883		6,270
FHLMC ±		2.48			6-1-2035		919,432		986,754
FHLMC ±		2.48			12-1-2034		5,198,105		5,569,884
FHLMC ±		2.48			2-1-2035		1,775,910		1,892,576
FHLMC ±		2.49			1-1-2019		607		608
FHLMC ±		2.49			1-1-2037		1,794,785		1,921,500
FHLMC ±		2.49			4-1-2034		971,963		1,042,676
FHLMC ±		2.49			9-1-2038		1,291,880		1,383,605
FHLMC ±		2.49			7-1-2034		1,139,422		1,208,679
FHLMC ±		2.50			5-1-2037		504,939		541,469
FHLMC ±		2.50			4-1-2037		2,132,902		2,296,555
FHLMC ±		2.50			11-1-2018		12,426		12,491
FHLMC ±		2.50			6-1-2019		93,600		96,629
FHLMC ±		2.50			6-1-2028		239,591		249,248
FHLMC ±		2.50			7-1-2027		839,018		884,686
FHLMC ±		2.51			12-1-2032		1,152,259		1,235,428
FHLMC ±		2.51			4-1-2037		855,279		919,855
FHLMC ±		2.52			10-1-2030		2,879,635		3,068,291
FHLMC ±		2.53			9-1-2031		82,746		85,480
FHLMC ±		2.53			7-1-2029		87,102		91,527

Portfolio of investments—February 28, 2015 (unaudited) Wells Fargo Advantage Adjustable Rate Government Fund 5

Security name	Interest rate			Maturity date		Principal		Value
Agency Securities (continued)
FHLMC ±		2.53	%		12-1-2018	$	25,869	$	26,137
FHLMC ±		2.53			12-1-2018		20,007		20,399
FHLMC ±		2.53			3-1-2032		1,386,627		1,486,693
FHLMC ±		2.53			7-1-2036		1,314,595		1,412,131
FHLMC ±		2.54			7-1-2037		1,129,621		1,203,793
FHLMC ±		2.55			6-1-2025		101,116		103,628
FHLMC ±		2.55			8-1-2029		148,763		152,688
FHLMC ±		2.57			2-1-2029		258,929		269,010
FHLMC ±		2.57			4-1-2029		159,529		163,701
FHLMC ±		2.57			9-1-2038		1,606,652		1,712,815
FHLMC ±		2.58			10-1-2029		135,397		139,771
FHLMC ±		2.60			7-1-2034		2,524,602		2,689,654
FHLMC ±		2.60			10-1-2024		207,331		218,715
FHLMC ±		2.60			10-1-2025		123,550		127,211
FHLMC ±		2.60			10-1-2025		42,207		42,485
FHLMC ±		2.60			2-1-2030		62,837		64,042
FHLMC ±		2.60			6-1-2030		138,471		142,488
FHLMC ±		2.60			6-1-2030		478,255		502,611
FHLMC ±		2.60			6-1-2030		131,203		135,517
FHLMC ±		2.60			11-1-2032		136,622		140,516
FHLMC ±		2.62			3-1-2025		2,516,300		2,631,701
FHLMC ±		2.62			6-1-2029		953,049		1,009,037
FHLMC ±		2.62			5-1-2036		5,164,019		5,555,879
FHLMC ±		2.63			11-1-2029		1,342,540		1,437,890
FHLMC ±		2.65			11-1-2029		302,165		314,566
FHLMC ±		2.67			9-1-2029		164,763		169,571
FHLMC ±		2.69			5-1-2028		423,817		445,032
FHLMC ±		2.69			8-1-2030		6,180,102		6,622,598
FHLMC ±		2.70			11-1-2026		348,045		363,155
FHLMC ±		2.70			2-1-2024		30,547		30,724
FHLMC ±		2.71			2-1-2036		5,454,852		5,864,519
FHLMC ±		2.71			4-1-2020		7,903		7,989
FHLMC ±		2.72			6-1-2022		574		577
FHLMC ±		2.73			6-1-2032		250,393		260,353
FHLMC ±		2.74			9-1-2030		175,059		180,494
FHLMC ±		2.77			4-1-2019		23,895		24,126
FHLMC ±		2.78			8-1-2029		170,366		177,466
FHLMC ±		2.82			2-1-2018		3,558		3,614
FHLMC ±		2.88			8-1-2019		18,144		18,243
FHLMC ±		2.88			9-1-2016		673		673
FHLMC ±		2.93			4-1-2032		124,312		128,081
FHLMC ±		3.00			12-1-2025		327,655		335,423
FHLMC ±		3.06			2-1-2027		181,532		184,060
FHLMC ±		3.10			7-1-2018		63,328		64,729
FHLMC ±		3.12			6-1-2021		123,684		127,220
FHLMC ±		3.26			5-1-2031		178,602		189,048
FHLMC ±		3.27			7-1-2028		95,078		96,070
FHLMC ±		3.33			6-1-2035		1,836,199		1,957,767
FHLMC ±		3.38			5-1-2032		276,492		288,700
FHLMC ±		3.49			12-1-2025		772,769		817,556

6 Wells Fargo Advantage Adjustable Rate Government Fund Portfolio of investments—February 28, 2015 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Agency Securities (continued)
FHLMC ±		3.64	%		11-1-2026	$	162,572	$	169,220
FHLMC ±		3.74			8-1-2029		40,158		42,025
FHLMC ±		3.85			4-1-2023		165,164		168,510
FHLMC		4.00			12-15-2023		175,131		181,533
FHLMC		4.00			3-15-2039		4		4
FHLMC ±		4.39			2-1-2021		37,279		37,500
FHLMC ±		4.72			8-1-2027		78,430		78,861
FHLMC		5.00			10-1-2022		36,533		39,645
FHLMC ±		5.50			8-1-2024		558,262		596,732
FHLMC		6.50			4-1-2018		70,623		80,495
FHLMC		7.00			9-1-2035		70,415		72,849
FHLMC		7.50			1-1-2016		3,750		3,782
FHLMC		8.50			5-1-2020		73,580		77,632
FHLMC Series 0020 Class F ±		1.14			7-1-2029		25,606		26,102
FHLMC Series 1671 Class QA ±		1.64			2-15-2024		590,190		609,167
FHLMC Series 1686 Class FE ±		1.79			2-15-2024		44,587		45,807
FHLMC Series 1730 Class FA ±		1.25			5-15-2024		290,996		293,314
FHLMC Series 2315 Class FW ±		0.72			4-15-2027		169,079		171,436
FHLMC Series 2391 Class EF ±		0.67			6-15-2031		148,841		150,805
FHLMC Series 2454 Class SL ±(c)		7.83			3-15-2032		331,226		80,534
FHLMC Series 2461 Class FI ±		0.67			4-15-2028		222,999		225,924
FHLMC Series 2464 Class FE ±		1.17			3-15-2032		215,885		222,941
FHLMC Series 2466 Class FV ±		0.72			3-15-2032		369,903		375,825
FHLMC Series 2538 Class F ±		0.77			12-15-2032		916,711		930,886
FHLMC Series 3001 Class EA ±		0.52			3-15-2035		401,562		402,889
FHLMC Series 3335 Class FT ±		0.32			8-15-2019		609,613		610,066
FHLMC Series 3436 Class A ±		2.27			11-15-2036		629,430		665,277
FHLMC Series T-48 Class 2A ±		3.34			7-25-2033		3,180,064		3,388,482
FHLMC Series T-54 Class 4A ±		3.05			2-25-2043		2,280,466		2,424,666
FHLMC Series T-55 Class 1A1		6.50			3-25-2043		100,737		112,327
FHLMC Series T-56 Class 3AF ±		1.17			5-25-2043		1,466,017		1,503,788
FHLMC Series T-62 Class 1A1 ±		1.31			10-25-2044		5,878,424		5,990,843
FHLMC Series T-63 Class 1A1 ±		1.31			2-25-2045		4,297,334		4,380,746
FHLMC Series T-66 Class 2A1 ±		2.83			1-25-2036		3,742,018		3,928,127
FHLMC Series T-67 Class 1A1C ±		2.92			3-25-2036		12,698,698		13,420,911
FHLMC Series T-67 Class 2A1C ±		2.95			3-25-2036		8,045,876		8,365,603
FHLMC Series T-75 Class A1 ±		0.21			12-25-2036		3,965,568		3,944,337
FNMA ±		1.37			6-1-2021		64,285		67,416
FNMA ±		1.38			12-1-2020		26,764		26,822
FNMA ±		1.38			1-1-2021		3,177		3,333
FNMA ±		1.38			1-1-2021		3,916		4,032
FNMA ±		1.45			9-1-2032		63,991		64,030
FNMA ±		1.51			12-1-2030		154,764		161,954
FNMA ±		1.52			8-1-2032		264,908		265,955
FNMA ±		1.63			12-1-2016		801		804
FNMA ±		1.63			7-1-2017		1,049		1,052
FNMA ±		1.63			8-1-2030		2,529,184		2,631,711
FNMA ±		1.65			8-1-2033		1,813,899		1,909,607
FNMA ±		1.71			8-1-2033		314,265		328,181
FNMA ±		1.71			3-1-2034		509,701		542,786

Portfolio of investments—February 28, 2015 (unaudited) Wells Fargo Advantage Adjustable Rate Government Fund 7

Security name	Interest rate			Maturity date		Principal		Value
Agency Securities (continued)
FNMA ±		1.73	%		1-1-2017	$	1,008	$	1,010
FNMA ±		1.74			1-1-2032		419,708		438,382
FNMA ±		1.75			8-1-2033		3,991		4,087
FNMA ±		1.75			8-1-2031		155,605		159,830
FNMA ±		1.75			12-1-2031		25,635		25,668
FNMA ±		1.77			5-1-2029		438,279		459,603
FNMA ±		1.79			8-1-2031		139,688		143,593
FNMA ±		1.79			9-1-2031		245,365		254,247
FNMA ±		1.79			12-1-2031		377,163		394,347
FNMA ±		1.79			4-1-2033		578,935		611,013
FNMA ±		1.81			12-1-2031		156,901		160,536
FNMA ±		1.82			3-1-2030		23,031		23,127
FNMA ±		1.82			10-1-2037		1,753,680		1,848,562
FNMA ±		1.83			7-1-2020		12,558		13,072
FNMA ±		1.87			5-1-2018		5,987		6,006
FNMA ±		1.87			1-1-2032		34,376		34,488
FNMA ±		1.87			1-1-2035		126,712		133,348
FNMA ±		1.88			7-1-2017		1,746		1,759
FNMA ±		1.88			8-1-2017		905		918
FNMA ±		1.88			3-1-2021		1,051		1,071
FNMA ±		1.88			3-1-2030		27,416		27,467
FNMA ±		1.88			8-1-2032		161,713		166,225
FNMA ±		1.91			3-1-2033		251,290		262,509
FNMA ±		1.92			1-1-2035		5,074,421		5,340,820
FNMA ±		1.92			11-1-2024		9,849		10,114
FNMA ±		1.92			12-1-2022		13,923		14,050
FNMA ±		1.92			1-1-2018		49,151		49,359
FNMA ±		1.92			11-1-2023		41,000		42,000
FNMA ±		1.92			10-1-2017		36,859		38,961
FNMA ±		1.93			4-1-2021		66,798		70,125
FNMA ±		1.93			4-1-2019		4,173		4,220
FNMA ±		1.93			1-1-2035		1,450,335		1,518,399
FNMA ±		1.94			4-1-2042		4,156,979		4,394,291
FNMA ±		1.94			10-1-2044		1,581,395		1,673,528
FNMA ±		1.94			2-1-2033		257,779		268,612
FNMA ±		1.95			6-1-2031		319,716		330,892
FNMA ±		1.95			4-1-2038		1,223,890		1,300,595
FNMA ±		1.95			6-1-2035		1,203,529		1,264,354
FNMA ±		1.97			12-1-2017		59,704		60,573
FNMA ±		1.99			11-1-2034		1,383,623		1,456,185
FNMA ±		2.00			1-1-2022		11,701		11,734
FNMA ±		2.00			4-1-2018		3,852		3,928
FNMA ±		2.01			8-1-2031		72,878		76,787
FNMA ±		2.01			7-1-2032		213,251		218,568
FNMA ±		2.02			6-1-2032		72,301		72,829
FNMA ±		2.03			9-1-2035		2,853,914		3,034,297
FNMA ±		2.03			10-1-2035		8,399,073		8,825,632
FNMA ±		2.06			1-1-2038		565,751		578,940
FNMA ±		2.07			10-1-2018		90,312		94,105
FNMA ±		2.07			7-1-2018		1,293		1,305

8 Wells Fargo Advantage Adjustable Rate Government Fund Portfolio of investments—February 28, 2015 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Agency Securities (continued)
FNMA ±		2.07	%		12-1-2035	$	7,358,890	$	7,738,672
FNMA ±		2.08			6-1-2035		3,207,893		3,417,234
FNMA ±		2.09			11-1-2035		1,948,085		2,046,954
FNMA ±		2.09			1-1-2036		4,968,953		5,227,291
FNMA ±		2.09			7-1-2035		2,179,760		2,298,235
FNMA ±		2.10			11-1-2035		44,547		46,864
FNMA ±		2.12			10-1-2024		56,861		57,160
FNMA ±		2.12			12-1-2024		87,755		89,097
FNMA ±		2.12			1-1-2034		3,533,043		3,757,336
FNMA ±		2.13			11-1-2017		91,908		95,985
FNMA ±		2.13			1-1-2018		429,445		450,235
FNMA ±		2.13			2-1-2018		6,577		6,722
FNMA ±		2.13			6-1-2019		783		784
FNMA ±		2.13			2-1-2020		11,242		11,287
FNMA ±		2.13			5-1-2033		6,005,987		6,382,680
FNMA ±		2.13			7-1-2035		1,743,481		1,839,235
FNMA ±		2.14			10-1-2035		922,138		971,040
FNMA ±		2.15			12-1-2032		1,162,159		1,227,554
FNMA ±		2.15			1-1-2040		665,616		708,414
FNMA ±		2.15			1-1-2035		781,426		823,559
FNMA ±		2.16			11-1-2027		57,899		58,811
FNMA ±		2.16			6-1-2034		908,830		966,949
FNMA ±		2.16			11-1-2035		2,488,264		2,622,733
FNMA ±		2.17			7-1-2035		3,867,246		4,111,451
FNMA ±		2.17			5-1-2019		261		261
FNMA ±		2.18			4-1-2030		150,208		154,587
FNMA ±		2.18			12-1-2033		2,686,140		2,858,458
FNMA ±		2.18			12-1-2023		11,312		11,356
FNMA ±		2.19			1-1-2037		3,543,180		3,764,696
FNMA ±		2.20			7-1-2018		300,848		314,663
FNMA ±		2.20			4-1-2018		294,704		309,240
FNMA ±		2.20			2-1-2033		900,692		951,897
FNMA ±		2.20			11-1-2017		35,969		36,194
FNMA ±		2.21			1-1-2035		2,862,950		3,047,719
FNMA ±		2.21			8-1-2025		47,322		48,675
FNMA ±		2.21			1-1-2036		536,931		570,248
FNMA ±		2.21			5-1-2034		1,286,450		1,364,200
FNMA ±		2.21			11-1-2038		1,531,928		1,631,797
FNMA ±		2.22			4-1-2024		3,874,691		3,992,692
FNMA ±		2.22			9-1-2032		7,443,486		7,921,280
FNMA ±		2.23			9-1-2038		1,603,763		1,706,925
FNMA ±		2.23			7-1-2035		1,519,796		1,616,383
FNMA ±		2.23			7-1-2036		4,018,220		4,273,856
FNMA ±		2.23			5-1-2036		2,981,265		3,163,023
FNMA ±		2.23			9-1-2036		1,734,525		1,865,335
FNMA ±		2.23			1-1-2037		4,618,463		4,901,294
FNMA ±		2.24			11-1-2035		1,443,177		1,528,647
FNMA ±		2.24			4-1-2037		4,283,344		4,554,612
FNMA ±		2.24			12-1-2025		22,953		23,289
FNMA ±		2.24			8-1-2026		102,988		106,669

Portfolio of investments—February 28, 2015 (unaudited) Wells Fargo Advantage Adjustable Rate Government Fund 9

Security name	Interest rate			Maturity date		Principal		Value
Agency Securities (continued)
FNMA ±		2.24	%		12-1-2033	$	1,848,452	$	1,987,177
FNMA ±		2.24			5-1-2032		217,682		222,932
FNMA ±		2.24			2-1-2036		6,144,601		6,555,071
FNMA ±		2.25			3-1-2031		41,902		42,154
FNMA ±		2.25			6-1-2036		862,460		918,691
FNMA ±		2.25			9-1-2036		1,341,821		1,430,322
FNMA ±		2.25			5-1-2017		35,923		36,013
FNMA ±		2.25			7-1-2017		1,119		1,122
FNMA ±		2.25			5-1-2018		64,326		65,903
FNMA ±		2.25			1-1-2019		104,096		110,921
FNMA ±		2.25			10-1-2025		154,315		159,935
FNMA ±		2.25			1-1-2027		43,037		43,376
FNMA ±		2.25			5-1-2033		1,051,167		1,125,515
FNMA ±		2.25			8-1-2036		4,368,179		4,631,014
FNMA ±		2.25			9-1-2035		2,987,438		3,179,713
FNMA ±		2.26			4-1-2035		3,988,314		4,266,467
FNMA ±		2.26			8-1-2035		798,439		846,156
FNMA ±		2.26			4-1-2033		1,184,169		1,262,671
FNMA ±		2.26			10-1-2035		467,280		503,014
FNMA ±		2.26			4-1-2040		328,808		351,492
FNMA ±		2.27			8-1-2039		5,770,401		6,147,987
FNMA ±		2.27			12-1-2034		1,854,442		1,982,484
FNMA ±		2.27			3-1-2037		890,398		948,240
FNMA ±		2.27			10-1-2033		781,081		831,259
FNMA ±		2.28			1-1-2036		466,905		490,203
FNMA ±		2.28			4-1-2033		1,191,263		1,264,031
FNMA ±		2.28			5-1-2038		5,462,409		5,822,288
FNMA ±		2.28			12-1-2039		315,288		328,982
FNMA ±		2.28			5-1-2039		4,776,644		5,073,841
FNMA ±		2.29			4-1-2034		1,541,627		1,638,338
FNMA ±		2.29			2-1-2038		1,429,524		1,521,604
FNMA ±		2.29			7-1-2029		775,765		826,473
FNMA ±		2.29			7-1-2035		1,265,354		1,347,747
FNMA ±		2.29			8-1-2035		3,854,831		4,106,457
FNMA ±		2.29			9-1-2034		2,072,384		2,205,963
FNMA ±		2.29			9-1-2039		5,113,778		5,441,034
FNMA ±		2.29			7-1-2025		5,309		5,596
FNMA ±		2.29			4-1-2034		654,660		697,794
FNMA ±		2.29			1-1-2033		4,654,890		4,966,725
FNMA ±		2.29			12-1-2037		986,435		1,052,096
FNMA ±		2.29			11-1-2038		1,355,230		1,446,538
FNMA ±		2.30			10-1-2035		3,487,047		3,714,976
FNMA ±		2.30			1-1-2037		9,773,253		10,459,496
FNMA ±		2.30			5-1-2035		1,714,701		1,825,429
FNMA ±		2.30			12-1-2024		35,387		35,587
FNMA ±		2.30			6-1-2032		45,337		45,544
FNMA ±		2.30			6-1-2032		353,505		369,650
FNMA ±		2.30			1-1-2035		483,805		515,164
FNMA ±		2.30			6-1-2035		583,183		627,777
FNMA ±		2.30			1-1-2036		1,553,906		1,657,929

10 Wells Fargo Advantage Adjustable Rate Government Fund Portfolio of investments—February 28, 2015 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Agency Securities (continued)
FNMA ±		2.30	%		9-1-2036	$	1,028,210	$	1,098,937
FNMA ±		2.30			1-1-2035		1,625,512		1,745,128
FNMA ±		2.30			7-1-2038		7,192,290		7,798,216
FNMA ±		2.31			12-1-2035		834,650		889,841
FNMA ±		2.31			12-1-2034		2,128,847		2,277,778
FNMA ±		2.31			2-1-2036		1,320,859		1,407,196
FNMA ±		2.31			5-1-2033		642,914		677,989
FNMA ±		2.31			3-1-2035		1,501,379		1,615,044
FNMA ±		2.31			2-1-2033		393,260		407,186
FNMA ±		2.31			6-1-2033		1,076,794		1,143,857
FNMA ±		2.31			7-1-2039		5,552,287		5,942,209
FNMA ±		2.32			7-1-2038		2,962,620		3,157,322
FNMA ±(a)		2.32			2-1-2045		4,336,936		4,610,027
FNMA ±		2.32			2-1-2035		472,979		500,251
FNMA ±		2.32			12-1-2040		2,427,021		2,606,845
FNMA ±		2.32			12-1-2040		686,938		735,556
FNMA ±		2.32			2-1-2035		4,883,764		5,202,222
FNMA ±		2.32			10-1-2036		1,570,499		1,673,049
FNMA ±		2.33			10-1-2024		353,651		369,118
FNMA ±		2.33			4-1-2038		2,237,212		2,386,179
FNMA ±		2.33			5-1-2033		4,289,530		4,597,311
FNMA ±		2.33			12-1-2036		1,042,722		1,112,291
FNMA ±		2.33			12-1-2040		10,126,546		10,785,747
FNMA ±		2.33			1-1-2037		4,831,835		5,170,060
FNMA ±		2.33			6-1-2033		345,094		360,003
FNMA ±		2.33			5-1-2037		2,409,770		2,567,075
FNMA ±		2.33			12-1-2032		1,229,023		1,327,255
FNMA ±		2.33			8-1-2035		3,561,905		3,806,233
FNMA ±		2.33			11-1-2035		2,430,380		2,605,831
FNMA ±		2.33			12-1-2040		6,041,538		6,438,480
FNMA ±		2.33			1-1-2027		831,212		876,191
FNMA ±		2.34			7-1-2033		173,693		184,136
FNMA ±		2.34			6-1-2035		1,682,386		1,796,904
FNMA ±		2.34			7-1-2035		2,287,544		2,467,881
FNMA ±		2.34			9-1-2034		5,603,263		5,978,156
FNMA ±(a)		2.34			3-1-2038		3,506,637		3,737,856
FNMA ±		2.34			1-1-2035		6,842,460		7,294,166
FNMA ±		2.34			7-1-2040		4,040,988		4,309,303
FNMA ±		2.34			4-1-2030		18,640		18,752
FNMA ±		2.34			4-1-2033		1,863,807		1,977,334
FNMA ±		2.34			5-1-2033		364,904		388,634
FNMA ±		2.34			6-1-2035		533,025		572,440
FNMA ±		2.34			1-1-2038		7,550,021		8,086,413
FNMA ±		2.34			6-1-2027		111,684		114,901
FNMA ±		2.34			7-1-2036		5,447,050		5,807,518
FNMA ±		2.35			8-1-2031		131,823		135,096
FNMA ±		2.35			12-1-2033		2,397,942		2,565,712
FNMA ±		2.35			10-1-2034		495,843		528,549
FNMA ±		2.35			9-1-2037		1,776,393		1,907,295
FNMA ±		2.35			1-1-2031		836,861		891,678

Portfolio of investments—February 28, 2015 (unaudited) Wells Fargo Advantage Adjustable Rate Government Fund 11

Security name	Interest rate			Maturity date		Principal		Value
Agency Securities (continued)
FNMA ±		2.35	%		1-1-2035	$	1,029,893	$	1,098,795
FNMA ±		2.35			12-1-2044		6,924,786		7,386,930
FNMA ±		2.35			6-1-2026		90,214		93,303
FNMA ±		2.35			7-1-2035		2,286,514		2,458,238
FNMA ±		2.35			7-1-2035		908,689		970,703
FNMA ±		2.35			8-1-2035		5,064,654		5,404,786
FNMA ±		2.35			9-1-2033		63,005		63,466
FNMA ±		2.35			9-1-2033		63,756		64,215
FNMA ±		2.35			10-1-2035		1,790,773		1,918,074
FNMA ±		2.35			5-1-2035		2,792,482		2,997,376
FNMA ±		2.36			10-1-2036		5,346,971		5,753,763
FNMA ±		2.36			7-1-2037		1,025,799		1,095,803
FNMA ±		2.36			3-1-2033		629,266		671,322
FNMA ±		2.36			4-1-2035		2,293,196		2,453,020
FNMA ±		2.36			8-1-2037		5,643,299		6,034,646
FNMA ±		2.36			7-1-2028		272		291
FNMA ±		2.36			2-1-2034		3,519,975		3,783,480
FNMA ±		2.36			5-1-2036		3,437,906		3,677,874
FNMA ±		2.36			12-1-2040		3,297,992		3,515,217
FNMA ±		2.36			11-1-2037		1,498,707		1,598,605
FNMA ±		2.36			5-1-2036		5,545,680		5,965,448
FNMA ±		2.36			12-1-2037		4,906,071		5,239,423
FNMA ±		2.36			12-1-2040		6,814,358		7,271,316
FNMA ±		2.36			9-1-2039		8,383,927		8,931,630
FNMA ±		2.36			4-1-2033		1,066,465		1,142,984
FNMA ±		2.36			6-1-2036		5,327,267		5,695,054
FNMA ±		2.37			8-1-2026		862,540		918,153
FNMA ±		2.37			9-1-2030		1,314,651		1,413,161
FNMA ±		2.37			6-1-2034		5,138,599		5,484,554
FNMA ±		2.37			12-1-2035		5,863,484		6,253,389
FNMA ±		2.37			3-1-2035		5,047,676		5,384,933
FNMA ±		2.37			6-1-2027		1,591		1,642
FNMA ±		2.38			8-1-2017		331,905		333,645
FNMA ±		2.38			6-1-2025		9,059		9,111
FNMA ±		2.38			10-1-2029		130,388		133,627
FNMA ±		2.38			5-1-2034		1,007,026		1,072,983
FNMA ±		2.38			4-1-2035		2,888,012		3,093,036
FNMA ±		2.38			5-1-2035		771,811		811,563
FNMA ±		2.38			1-1-2038		1,658,867		1,775,719
FNMA ±		2.39			7-1-2036		4,124,702		4,453,303
FNMA ±		2.39			12-1-2040		5,438,548		5,807,615
FNMA ±		2.39			9-1-2019		6,028		6,075
FNMA ±		2.40			2-1-2036		12,401,812		13,401,749
FNMA ±		2.40			5-1-2037		2,886,710		3,120,398
FNMA ±		2.40			2-1-2038		7,200,442		7,734,077
FNMA ±		2.40			4-1-2024		71,719		72,452
FNMA ±		2.40			4-1-2024		25,392		26,415
FNMA ±		2.40			7-1-2024		15,319		15,405
FNMA ±		2.40			9-1-2026		108,925		112,661
FNMA ±		2.40			2-1-2037		4,094,121		4,419,066

12 Wells Fargo Advantage Adjustable Rate Government Fund Portfolio of investments—February 28, 2015 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Agency Securities (continued)
FNMA ±		2.40	%		10-1-2034	$	762,715	$	825,448
FNMA ±		2.41			11-1-2022		70,553		71,004
FNMA ±		2.41			10-1-2036		1,395,787		1,491,403
FNMA ±		2.41			8-1-2034		3,735,772		4,010,293
FNMA ±		2.41			9-1-2036		906,062		965,006
FNMA ±		2.42			12-1-2030		83,068		85,376
FNMA ±		2.42			6-1-2037		1,460,958		1,566,514
FNMA ±		2.42			9-1-2030		193,939		199,926
FNMA ±		2.42			9-1-2037		1,076,085		1,150,613
FNMA ±		2.42			8-1-2035		1,465,538		1,538,703
FNMA ±		2.43			5-1-2033		1,264,554		1,361,650
FNMA ±		2.43			7-1-2033		1,387,044		1,486,576
FNMA ±		2.43			5-1-2034		2,213,503		2,369,132
FNMA ±		2.43			4-1-2036		5,614,153		6,010,893
FNMA ±		2.44			12-1-2034		1,317,091		1,414,139
FNMA ±		2.44			1-1-2037		1,893,691		2,025,397
FNMA ±		2.44			12-1-2028		46,250		47,183
FNMA ±		2.44			2-1-2035		1,778,736		1,898,499
FNMA ±		2.44			5-1-2035		2,390,954		2,566,323
FNMA ±		2.44			5-1-2025		49,786		50,266
FNMA ±		2.44			10-1-2034		1,488,551		1,583,932
FNMA ±		2.45			4-1-2028		323,262		337,067
FNMA ±		2.45			6-1-2032		47,591		47,880
FNMA ±		2.45			12-1-2046		1,514,106		1,618,919
FNMA ±		2.45			9-1-2035		933,989		1,000,909
FNMA ±		2.45			7-1-2020		118,593		121,352
FNMA ±		2.45			6-1-2017		14,121		14,169
FNMA ±		2.45			4-1-2020		5,667		5,683
FNMA ±		2.45			1-1-2028		8,940		8,994
FNMA ±		2.45			3-1-2033		7,138		7,176
FNMA ±		2.45			1-1-2026		366,619		382,742
FNMA ±		2.45			9-1-2028		111,693		114,671
FNMA ±		2.45			11-1-2020		968,751		974,144
FNMA ±		2.45			1-1-2033		2,347,915		2,508,392
FNMA ±		2.45			4-1-2033		559,869		590,894
FNMA ±		2.46			11-1-2024		164,502		171,451
FNMA ±		2.47			7-1-2030		1,376,228		1,473,896
FNMA ±		2.47			1-1-2032		127,065		131,067
FNMA ±		2.47			3-1-2037		5,502,141		5,917,370
FNMA ±		2.47			4-1-2030		22,476		23,693
FNMA ±		2.47			9-1-2022		398,231		423,276
FNMA ±		2.48			6-1-2030		191,447		197,746
FNMA ±		2.48			6-1-2027		93,793		95,408
FNMA ±		2.48			1-1-2029		734,151		766,499
FNMA ±		2.49			11-1-2034		6,877,917		7,353,716
FNMA ±		2.49			1-1-2036		134,929		140,726
FNMA ±		2.49			12-1-2030		894,832		953,371
FNMA ±		2.49			9-1-2033		1,259,788		1,338,375
FNMA ±		2.49			9-1-2032		164,403		168,485
FNMA ±		2.49			7-1-2028		1,280,268		1,344,254

Portfolio of investments—February 28, 2015 (unaudited) Wells Fargo Advantage Adjustable Rate Government Fund 13

Security name	Interest rate			Maturity date		Principal		Value
Agency Securities (continued)
FNMA ±		2.49	%		3-1-2033	$	2,107,420	$	2,254,921
FNMA ±		2.49			8-1-2040		1,116,946		1,201,306
FNMA ±		2.50			7-1-2027		30,626		30,810
FNMA ±		2.50			9-1-2030		1,008,772		1,082,454
FNMA ±		2.50			5-1-2017		37,327		38,306
FNMA ±		2.50			7-1-2017		40,041		40,146
FNMA ±		2.50			2-1-2019		1,787		1,797
FNMA ±		2.50			7-1-2027		346,622		361,634
FNMA ±		2.51			10-1-2027		971,474		1,030,877
FNMA ±		2.52			7-1-2017		91,104		91,619
FNMA ±		2.52			8-1-2035		1,750,758		1,876,991
FNMA ±		2.52			5-1-2028		71,866		72,679
FNMA ±		2.53			6-1-2024		55,768		56,572
FNMA ±		2.53			5-1-2036		741,429		797,023
FNMA ±		2.53			7-1-2037		3,347,128		3,595,479
FNMA ±		2.53			5-1-2027		96,857		101,256
FNMA ±		2.54			7-1-2037		1,174,048		1,237,037
FNMA ±		2.54			10-1-2017		2,331		2,340
FNMA ±		2.54			9-1-2033		956,827		1,028,879
FNMA ±		2.54			4-1-2018		371,306		387,203
FNMA ±		2.55			9-1-2019		57,453		58,010
FNMA ±		2.55			8-1-2036		550,079		588,157
FNMA ±		2.55			8-1-2035		3,881,543		4,166,196
FNMA ±		2.56			12-1-2021		70,111		71,993
FNMA ±		2.57			5-1-2018		508		508
FNMA ±		2.57			10-1-2024		10,132		10,675
FNMA ±		2.58			3-1-2027		182,867		190,799
FNMA ±		2.58			3-1-2035		4,291,102		4,608,474
FNMA ±		2.59			9-1-2021		96,384		98,443
FNMA ±		2.59			9-1-2035		151,186		161,750
FNMA ±		2.60			6-1-2032		136,508		140,947
FNMA ±		2.60			4-1-2036		5,088,733		5,461,174
FNMA ±		2.61			6-1-2040		1,157,951		1,225,340
FNMA ±		2.61			5-1-2028		221,161		235,425
FNMA ±		2.62			9-1-2030		890,815		954,725
FNMA ±		2.63			6-1-2016		37,276		37,872
FNMA ±		2.63			7-1-2016		7,605		7,643
FNMA ±		2.63			6-1-2018		15,080		15,124
FNMA ±		2.63			8-1-2018		59,965		61,096
FNMA ±		2.63			12-1-2028		128,955		133,672
FNMA ±		2.63			1-1-2029		16,163		16,775
FNMA ±		2.63			10-1-2029		564,297		595,682
FNMA ±		2.63			3-1-2034		1,330,918		1,427,280
FNMA ±		2.64			11-1-2024		87,270		88,225
FNMA ±		2.64			9-1-2030		765,828		816,521
FNMA ±		2.65			11-1-2024		45,527		45,749
FNMA ±		2.66			5-1-2035		2,315,522		2,491,064
FNMA ±		2.66			1-1-2019		2,960		2,965
FNMA ±		2.66			5-1-2035		3,621,201		3,898,737
FNMA ±		2.68			10-1-2018		201,341		211,739

14 Wells Fargo Advantage Adjustable Rate Government Fund Portfolio of investments—February 28, 2015 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Agency Securities (continued)
FNMA ±		2.68	%		1-1-2025	$	66,688	$	67,726
FNMA ±		2.70			3-1-2032		138,716		142,772
FNMA ±		2.70			3-1-2035		4,191,253		4,511,168
FNMA ±		2.72			10-1-2025		11,144		11,385
FNMA ±		2.72			4-1-2026		8,567		8,627
FNMA ±		2.72			2-1-2028		46,842		47,190
FNMA ±		2.74			10-1-2018		105,143		106,016
FNMA ±		2.74			4-1-2020		1,876,227		1,931,359
FNMA ±		2.75			9-1-2017		292,986		296,248
FNMA ±		2.75			6-1-2018		1,461		1,475
FNMA ±		2.75			7-1-2039		2,818,975		3,085,829
FNMA ±		2.76			5-1-2018		308,397		310,256
FNMA ±		2.77			7-1-2028		352,076		367,470
FNMA ±		2.77			10-1-2025		8,935		8,970
FNMA ±		2.78			10-1-2028		234,778		244,718
FNMA ±		2.79			1-1-2033		167,787		172,766
FNMA ±		2.79			7-1-2020		1,676,482		1,686,565
FNMA ±		2.80			11-1-2035		12,914,315		13,884,685
FNMA ±		2.81			11-1-2034		5,007,102		5,407,606
FNMA ±		2.84			7-1-2019		2,407		2,450
FNMA ±		2.86			7-1-2033		41,004		41,325
FNMA ±		2.88			3-1-2019		438,844		467,075
FNMA ±		2.92			4-1-2040		2,677,048		2,902,158
FNMA ±		2.92			4-1-2033		512,906		541,997
FNMA ±		2.93			9-1-2032		1,768,004		1,928,914
FNMA ±		2.94			2-1-2029		107,826		111,020
FNMA ±		2.94			1-1-2029		24,386		25,779
FNMA ±		2.98			5-1-2017		43,877		45,241
FNMA ±		2.98			8-1-2029		661,237		699,349
FNMA ±		2.98			11-1-2028		135,607		140,188
FNMA ±		3.00			8-1-2030		242,695		249,256
FNMA ±		3.02			1-1-2031		79,278		80,231
FNMA ±		3.09			8-1-2031		68,991		69,751
FNMA ±		3.09			4-1-2024		361,351		385,923
FNMA ±		3.09			3-1-2030		154,835		159,320
FNMA ±		3.14			1-1-2021		502,094		528,694
FNMA ±		3.15			10-1-2024		49,285		49,575
FNMA ±		3.16			9-1-2033		43,596		43,838
FNMA ±		3.16			7-1-2033		26,642		26,910
FNMA ±		3.17			1-1-2033		70,481		71,681
FNMA ±		3.22			4-1-2034		2,911,366		3,144,955
FNMA ±		3.25			9-1-2017		1,868		1,877
FNMA ±		3.26			7-1-2028		71,681		74,496
FNMA ±		3.34			2-1-2029		2,024,005		2,178,631
FNMA ±		3.45			11-1-2031		44,149		44,413
FNMA ±		3.46			11-1-2029		10,054		10,142
FNMA ±		3.47			6-1-2024		30,231		30,441
FNMA ±		3.48			7-1-2021		173,327		179,306
FNMA ±		3.48			10-1-2034		282,034		296,267
FNMA ±		3.51			5-1-2033		1,728,064		1,866,150

Portfolio of investments—February 28, 2015 (unaudited) Wells Fargo Advantage Adjustable Rate Government Fund 15

Security name	Interest rate			Maturity date		Principal		Value
Agency Securities (continued)
FNMA ±		3.56	%		10-1-2018	$	35	$	36
FNMA ±		3.58			10-1-2017		431,365		442,154
FNMA ±		3.67			5-1-2017		677		683
FNMA ±		3.72			7-1-2017		23,076		24,397
FNMA ±		3.78			4-1-2033		212,606		220,140
FNMA ±		3.85			12-1-2032		171,292		177,628
FNMA ±		3.89			9-1-2031		329,147		345,450
FNMA ±		3.90			9-1-2028		4,769		5,059
FNMA ±		3.92			2-1-2033		98,630		100,254
FNMA ±		3.92			4-1-2032		251,016		254,072
FNMA ±		3.95			9-1-2023		6,024		6,075
FNMA ±		4.03			5-1-2034		477,671		504,402
FNMA ±		4.17			6-1-2019		3,975		4,048
FNMA ±		4.19			9-1-2017		2,032		2,055
FNMA ±		4.20			11-1-2031		21,764		21,896
FNMA ±		4.20			11-1-2031		142,978		146,715
FNMA ±		4.26			8-1-2017		24,470		24,982
FNMA ±		4.30			1-1-2018		760		768
FNMA ±		4.37			12-1-2036		137,217		146,380
FNMA ±		4.48			6-1-2034		313,816		333,352
FNMA ±		4.56			11-1-2019		343		349
FNMA ±		4.62			2-1-2019		374,759		391,904
FNMA ±		4.64			1-1-2019		431,565		450,793
FNMA ±		4.70			6-1-2028		64,656		67,036
FNMA ±		4.85			4-1-2018		170,406		172,532
FNMA ±		5.00			6-1-2028		27,451		27,713
FNMA ±		5.08			5-1-2025		85		85
FNMA ±		5.25			10-1-2021		12,827		12,950
FNMA		5.50			9-1-2019		139,048		146,921
FNMA ±		5.67			1-1-2019		72,990		76,612
FNMA ±		6.00			1-1-2020		9,451		9,716
FNMA ±		6.12			9-1-2017		135		136
FNMA ±		6.45			2-1-2034		72,212		73,091
FNMA		6.50			8-1-2028		68,110		70,749
FNMA		6.50			5-1-2031		196,968		225,226
FNMA		7.00			11-1-2017		10,464		10,892
FNMA		7.06			11-1-2024		46,600		48,423
FNMA		7.06			12-1-2024		33,298		33,938
FNMA		7.06			3-1-2025		62,539		65,547
FNMA		7.06			3-1-2025		10,425		10,548
FNMA		7.06			4-1-2025		22,700		22,972
FNMA		7.06			1-1-2027		58,437		60,702
FNMA		7.50			2-1-2016		56,809		57,799
FNMA		7.50			1-1-2031		173,167		196,579
FNMA		7.50			1-1-2033		314,750		360,585
FNMA		7.50			5-1-2033		224,470		256,780
FNMA		7.50			5-1-2033		208,079		234,198
FNMA		7.50			6-1-2033		133,063		145,127
FNMA		7.50			7-1-2033		253,516		292,835
FNMA		7.50			8-1-2033		114,628		128,124

16 Wells Fargo Advantage Adjustable Rate Government Fund Portfolio of investments—February 28, 2015 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Agency Securities (continued)
FNMA		8.00	%		12-1-2026	$	114,223	$	129,267
FNMA		8.00			2-1-2030		314		322
FNMA		8.00			3-1-2030		367		414
FNMA		8.00			7-1-2031		42,543		43,895
FNMA		8.00			5-1-2033		248,462		287,718
FNMA		8.50			10-1-2026		16,684		18,936
FNMA		8.50			2-1-2027		18,538		18,930
FNMA		8.50			6-1-2030		59,730		62,545
FNMA		8.51			8-15-2024		72,237		81,645
FNMA		9.00			7-1-2030		11,243		11,406
FNMA		9.50			8-1-2021		24,933		25,608
FNMA		9.50			12-1-2024		19,030		19,567
FNMA		10.00			1-20-2021		21,207		21,786
FNMA		11.00			1-1-2018		7,015		7,621
FNMA Series 1989-74 Class J		9.80			10-25-2019		19,139		21,544
FNMA Series 1989-96 Class H		9.00			12-25-2019		9,290		10,210
FNMA Series 1992-39 Class FA ±		1.92			3-25-2022		207,125		211,510
FNMA Series 1992-45 Class F ±		1.92			4-25-2022		38,948		39,791
FNMA Series 1992-87 Class Z		8.00			5-25-2022		25,520		28,629
FNMA Series 1993-113 Class FA ±		1.46			7-25-2023		154,245		155,384
FNMA Series 1993-247 Class FM ±		1.89			12-25-2023		529,282		544,556
FNMA Series 1994-14 Class F ±		2.29			10-25-2023		342,516		355,953
FNMA Series 1998-T2 Class A5 ±		2.30			1-25-2032		592,328		603,408
FNMA Series 2001-50 Class BA		7.00			10-25-2041		276,981		316,534
FNMA Series 2001-63 Class FD ±		0.77			12-18-2031		183,425		186,504
FNMA Series 2001-81 Class F ±		0.72			1-25-2032		121,398		123,310
FNMA Series 2001-T08 Class A1		7.50			7-25-2041		195,697		220,821
FNMA Series 2001-T10 Class A2		7.50			12-25-2041		4,316,402		5,018,530
FNMA Series 2001-T12 Class A2		7.50			8-25-2041		314,184		367,979
FNMA Series 2001-T12 Class A4 ±		3.36			8-25-2041		7,625,454		7,870,033
FNMA Series 2001-W03 Class A ±		6.92			9-25-2041		925,980		1,058,656
FNMA Series 2002-05 Class FD ±		1.07			2-25-2032		346,838		355,964
FNMA Series 2002-33 Class A4 ±		4.62			11-25-2030		191,965		201,362
FNMA Series 2002-59 Class F ±		0.57			9-25-2032		727,094		734,420
FNMA Series 2002-66 Class A3 ±		3.12			4-25-2042		11,235,040		11,581,056
FNMA Series 2002-T12 Class A3		7.50			5-25-2042		1,826,046		2,180,589
FNMA Series 2002-T12 Class A5 ±		3.48			10-25-2041		2,673,031		2,749,939
FNMA Series 2002-T18 Class A5 ±		3.61			5-25-2042		2,433,217		2,568,939
FNMA Series 2002-T19 Class A4 ±		3.28			3-25-2042		265,141		282,197
FNMA Series 2002-W1 Class 3A ±		3.13			4-25-2042		1,779,271		1,844,541
FNMA Series 2002-W4 Class A6 ±		3.36			5-25-2042		2,931,224		3,071,563
FNMA Series 2003-07 Class A2 ±		2.47			5-25-2042		1,281,391		1,308,234
FNMA Series 2003-17 Class FN ±		0.47			3-25-2018		533,134		533,282
FNMA Series 2003-63 Class A8 ±		2.66			1-25-2043		1,841,153		1,909,626
FNMA Series 2003-W02 Class 1A3		7.50			7-25-2042		546,539		650,401
FNMA Series 2003-W04 Class 5A ±		2.94			10-25-2042		1,560,075		1,647,297
FNMA Series 2003-W08 Class 4A ±		3.18			11-25-2042		2,191,508		2,279,337
FNMA Series 2003-W10 Class 2A ±		3.08			6-25-2043		4,153,383		4,384,212
FNMA Series 2003-W18 Class 2A ±		3.43			6-25-2043		14,978,638		16,225,100
FNMA Series 2004-31 Class FG ±		0.57			8-25-2033		761,564		763,885

Portfolio of investments—February 28, 2015 (unaudited) Wells Fargo Advantage Adjustable Rate Government Fund 17

Security name	Interest rate			Maturity date		Principal		Value
Agency Securities (continued)
FNMA Series 2004-38 Class FT ±		0.60	%		10-25-2033	$	493,986	$	497,057
FNMA Series 2004-T3 Class 1A3		7.00			2-25-2044		751,142		864,892
FNMA Series 2004-T3 Class 2A ±		3.20			8-25-2043		2,449,092		2,587,279
FNMA Series 2004-T9 Class A1 ±		0.45			4-25-2035		741,204		738,115
FNMA Series 2004-W02 Class 5A		7.50			3-25-2044		252,450		290,763
FNMA Series 2004-W1 Class 2A2		7.00			12-25-2033		433,374		509,301
FNMA Series 2004-W1 Class 3A ±		3.35			1-25-2043		128,850		140,000
FNMA Series 2004-W12 Class 2A ±		3.34			6-25-2044		7,565,789		8,033,491
FNMA Series 2004-W15 Class 3A ±		2.63			6-25-2044		9,789,228		10,561,510
FNMA Series 2005-57 Class EG ±		0.47			3-25-2035		904,937		906,672
FNMA Series 2005-W3 Class 3A ±		2.67			4-25-2045		1,996,326		2,128,415
FNMA Series 2006-15 Class FW ±		0.47			1-25-2036		646,315		649,743
FNMA Series 2006-W1 Class 3A ±		2.15			10-25-2045		10,619,366		11,237,923
FNMA Series 2007-95 Class A2 ±		0.42			8-27-2036		979,347		975,614
FNMA Series 2011-40 Class DK		4.00			11-25-2037		142,772		143,462
FNMA Series G92-20 Class FB ±		1.92			4-25-2022		102,701		102,337
FNMA Series G93-1 Class K		6.68			1-25-2023		646,650		713,407
FNMA Series G93-19 Class FD ±		1.46			4-25-2023		570,353		575,620
GNMA ±		2.04			8-20-2062		7,863,759		8,322,664
GNMA ±		2.05			9-20-2062		2,463,588		2,611,297
GNMA		6.45			4-20-2025		65,069		74,199
GNMA		6.45			5-20-2025		27,089		30,024
GNMA		6.45			9-20-2025		47,312		55,664
GNMA		6.50			6-20-2034		82,652		86,595
GNMA		6.50			8-20-2034		798,621		899,792
GNMA		6.50			8-20-2034		117,560		125,817
GNMA		6.75			2-15-2029		120,126		137,454
GNMA		7.00			7-20-2034		64,401		67,105
GNMA		7.25			7-15-2017		4,722		4,742
GNMA		7.25			8-15-2017		18,796		19,628
GNMA		7.25			8-15-2017		12,614		12,778
GNMA		7.25			9-15-2017		20,470		21,330
GNMA		7.25			10-15-2017		27,009		28,276
GNMA		7.25			10-15-2017		11,910		12,065
GNMA		7.25			11-15-2017		13,718		13,905
GNMA		7.25			1-15-2018		5,327		5,350
GNMA		7.25			1-15-2018		8,119		8,154
GNMA		7.25			2-15-2018		15,849		16,095
GNMA		7.25			5-15-2018		8,696		8,734
GNMA		9.00			5-15-2016		3,468		3,487
GNMA		9.00			7-15-2016		96		96
GNMA		9.00			8-15-2016		5,153		5,181
GNMA		9.00			11-15-2016		1,841		1,867
GNMA		9.00			12-15-2016		131		132
GNMA		9.00			2-15-2017		3,566		3,627
GNMA		9.00			5-15-2017		624		627
GNMA		9.00			7-15-2017		6,110		6,145
GNMA		9.00			3-15-2020		3,427		3,511
GNMA		9.00			8-15-2021		586		590
GNMA		9.00			8-20-2024		377		421

18 Wells Fargo Advantage Adjustable Rate Government Fund Portfolio of investments—February 28, 2015 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Agency Securities (continued)
GNMA		9.00	%		9-20-2024	$	1,812	$	2,080
GNMA		9.00			10-20-2024		7,727		8,538
GNMA		9.00			11-20-2024		176		177
GNMA		9.00			1-20-2025		6,960		8,058
GNMA		9.00			2-20-2025		23,080		26,689
GNMA Series 2008-6 Class DF ±		0.57			8-20-2032		124,762		124,824
GNMA Series 2011-H12 Class FA ±		0.66			2-20-2061		3,185,773		3,189,978
GNMA Series 2011-H17 Class FA ±		0.70			6-20-2061		1,673,178		1,677,753
Total Agency Securities (Cost $1,256,177,401)									1,279,495,413
	Yield					Shares
Short-Term Investments: 5.69%
Investment Companies: 5.62%
Wells Fargo Advantage Government Money Market Fund, Institutional Class (l)(u)		0.01					76,055,353		76,055,353
						Principal
U.S. Treasury Securities: 0.07%
U.S. Treasury Bill #(z)		0.01			3-19-2015	$	900,000		899,994
Total Short-Term Investments (Cost $76,955,342)									76,955,347

Total investments in securities (Cost $1,333,132,743) *	100.28	%		1,356,450,760
Other assets and liabilities, net	(0.28	)		(3,765,149	)
Total net assets	100.00	%	$	1,352,685,611

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

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

(c) Investment in an interest-only security entitles holders to receive only the interest payments on the underlying mortgages. The principal amount shown is the notional amount of the underlying mortgages. The rate represents the coupon rate.

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

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

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

# 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 $1,333,962,748 and unrealized gains (losses) consists of:

Gross unrealized gains	$	24,236,582
Gross unrealized losses		(1,748,570	)
Net unrealized gains	$	22,488,012

Portfolio of investments—February 28, 2015 (unaudited) Wells Fargo Advantage Government Securities Fund 1

Security name	Interest rate			Maturity date		Principal		Value
Agency Securities: 72.84%
FDIC Series 2010-S1 Class 1A 144A±		0.72	%		2-25-2048	$	6,508,796	$	6,511,152
FDIC Series 2013-R1 Class A 144A		1.15			3-25-2033		5,366,002		5,329,192
FHLB ¤		0.00			5-27-2015		113,270,000		113,259,126
FHLB		5.63			3-14-2036		6,150,000		8,683,837
FHLMC ±		2.26			10-1-2026		225,022		234,564
FHLMC		2.38			1-13-2022		10,415,000		10,733,949
FHLMC ±		2.38			6-1-2032		85,191		90,377
FHLMC ±		2.41			9-1-2031		56,294		56,700
FHLMC ±		2.41			9-1-2031		9,472		9,675
FHLMC ±		2.53			1-1-2038		1,096,886		1,182,724
FHLMC ±		2.53			7-1-2029		206,373		215,370
FHLMC ±		2.90			5-1-2026		120,318		126,786
FHLMC ±		3.02			7-1-2032		1,505,636		1,487,289
FHLMC %%		3.50			3-1-2045		54,565,000		57,090,765
FHLMC %%		4.00			3-1-2045		11,875,000		12,696,973
FHLMC		4.50			3-1-2042		1,073,226		1,167,808
FHLMC		5.00			5-1-2018		227,321		239,714
FHLMC		5.00			4-1-2019		211,585		223,119
FHLMC		5.00			4-1-2019		239,423		252,745
FHLMC		5.00			6-1-2019		334,179		355,410
FHLMC		5.00			8-1-2019		1,200,048		1,276,201
FHLMC		5.00			10-1-2019		436,062		461,472
FHLMC		5.00			2-1-2020		1,267,393		1,347,536
FHLMC		5.00			8-1-2040		3,184,837		3,550,999
FHLMC		5.50			7-1-2035		8,105,433		9,105,910
FHLMC		5.50			12-1-2038		5,331,382		5,953,406
FHLMC		6.00			1-1-2024		3,165,257		3,472,244
FHLMC		6.00			10-1-2032		67,832		77,650
FHLMC		6.00			5-25-2043		6,668,020		7,703,977
FHLMC ±		6.38			1-1-2026		78,108		80,841
FHLMC		6.50			4-1-2018		19,987		20,798
FHLMC		6.50			4-1-2021		36,979		38,734
FHLMC		6.50			4-1-2022		122,090		139,156
FHLMC		6.50			9-1-2028		37,968		43,724
FHLMC		6.50			9-1-2028		23,159		26,396
FHLMC		6.50			7-1-2031		6		7
FHLMC		6.50			8-1-2037		213,461		234,294
FHLMC		7.00			12-1-2023		6,113		7,043
FHLMC		7.00			5-1-2024		11,081		11,340
FHLMC		7.00			12-1-2026		4,238		4,560
FHLMC		7.00			12-1-2026		349		350
FHLMC		7.00			12-1-2026		862		973
FHLMC		7.00			4-1-2029		3,121		3,446
FHLMC		7.00			4-1-2029		1,723		1,730
FHLMC		7.00			5-1-2029		22,384		25,506
FHLMC		7.00			4-1-2032		196,357		230,571
FHLMC		7.50			11-1-2031		294,355		354,461
FHLMC		7.50			4-1-2032		245,996		293,028
FHLMC		8.00			2-1-2017		6,146		6,416
FHLMC		8.00			8-1-2023		29,951		32,735

2 Wells Fargo Advantage Government Securities Fund Portfolio of investments—February 28, 2015 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Agency Securities (continued)
FHLMC		8.00	%		6-1-2024	$	8,444	$	9,635
FHLMC		8.00			6-1-2024		3,862		3,997
FHLMC		8.00			6-1-2024		12,168		13,600
FHLMC		8.00			8-1-2026		26,007		32,023
FHLMC		8.00			11-1-2026		28,348		34,991
FHLMC		8.00			11-1-2028		20,436		24,133
FHLMC		8.50			7-1-2022		4,969		5,569
FHLMC		8.50			12-1-2025		17,537		20,416
FHLMC		8.50			5-1-2026		2,779		3,172
FHLMC		8.50			8-1-2026		6,655		6,975
FHLMC		8.50			8-1-2026		25,627		25,764
FHLMC		9.00			6-1-2016		1,396		1,410
FHLMC		9.00			1-1-2017		4,996		5,054
FHLMC		9.00			4-1-2017		7,739		8,008
FHLMC		9.00			11-1-2018		27,781		28,169
FHLMC		9.00			8-1-2019		435		466
FHLMC		9.00			8-1-2019		80		81
FHLMC		9.00			12-1-2019		191		209
FHLMC		9.00			1-1-2020		21		21
FHLMC		9.00			2-1-2020		134		147
FHLMC		9.00			3-1-2020		1,904		1,943
FHLMC		9.00			3-1-2020		260		271
FHLMC		9.00			9-1-2020		204		224
FHLMC		9.00			9-1-2020		743		775
FHLMC		9.00			12-1-2020		61		63
FHLMC		9.00			3-1-2021		4,311		4,734
FHLMC		9.00			4-1-2021		3,496		3,613
FHLMC		9.00			4-1-2021		248		281
FHLMC		9.00			4-1-2021		39,952		41,953
FHLMC		9.00			7-1-2021		4,644		4,670
FHLMC		9.00			7-1-2021		4,027		4,186
FHLMC		9.00			8-1-2021		579		659
FHLMC		9.00			7-1-2022		623		635
FHLMC		9.00			9-1-2024		1,549		1,732
FHLMC		9.50			9-1-2016		17		18
FHLMC		9.50			10-1-2016		130		135
FHLMC		9.50			8-1-2018		30		30
FHLMC		9.50			8-1-2019		150		164
FHLMC		9.50			2-1-2020		7		8
FHLMC		9.50			6-1-2020		75		83
FHLMC		9.50			8-1-2020		309		342
FHLMC		9.50			9-1-2020		20		20
FHLMC		9.50			9-1-2020		4,544		4,879
FHLMC		9.50			9-1-2020		50		56
FHLMC		9.50			10-1-2020		71		79
FHLMC		9.50			10-1-2020		39		43
FHLMC		9.50			11-1-2020		84		94
FHLMC		9.50			5-1-2021		244		276
FHLMC		9.50			9-17-2022		552,827		594,012
FHLMC		9.50			4-1-2025		61,107		70,599

Portfolio of investments—February 28, 2015 (unaudited) Wells Fargo Advantage Government Securities Fund 3

Security name	Interest rate			Maturity date		Principal		Value
Agency Securities (continued)
FHLMC		10.00	%		8-1-2017	$	12	$	12
FHLMC		10.00			1-1-2019		12		13
FHLMC		10.00			8-1-2019		2		2
FHLMC		10.00			12-1-2019		249		277
FHLMC		10.00			3-1-2020		24		26
FHLMC		10.00			6-1-2020		33		37
FHLMC		10.00			7-1-2020		11		11
FHLMC		10.00			8-1-2020		38		43
FHLMC		10.00			10-1-2021		57,300		63,313
FHLMC		10.00			8-17-2022		235,094		254,055
FHLMC		10.00			2-17-2025		607,931		692,322
FHLMC		10.50			2-1-2019		23		23
FHLMC		10.50			5-1-2019		91		93
FHLMC		10.50			6-1-2019		9		10
FHLMC		10.50			8-1-2019		15,962		17,708
FHLMC		10.50			12-1-2019		18,074		18,425
FHLMC		10.50			5-1-2020		4,744		4,847
FHLMC		10.50			5-1-2020		32,352		36,052
FHLMC		10.50			8-1-2020		31,496		33,007
FHLMC		10.50			8-1-2020		13,665		13,824
FHLMC Series 16 Class D		10.00			10-15-2019		10,479		11,101
FHLMC Series 2758 Class FH ±		0.52			3-15-2019		2,716,125		2,724,121
FHLMC Series 2882 Class TF ±		0.42			10-15-2034		2,258,198		2,264,081
FHLMC Series 3221 Class VA		5.00			9-15-2017		3,701,516		3,770,530
FHLMC Series 3706 Class C		2.00			8-15-2020		4,843,960		4,907,788
FHLMC Series 3767 Class PD		4.00			7-15-2040		375,857		390,331
FHLMC Series 3948 Class DA		3.00			12-15-2024		979,105		1,012,502
FHLMC Series K020 Class X1 ±(c)		1.46			5-25-2022		47,857,164		4,065,897
FHLMC Series T-15 Class A6 ±		0.57			11-25-2028		234,920		231,814
FHLMC Series T-23 Class A ±		0.45			5-25-2030		1,003,864		975,803
FHLMC Series T-35 Class A ±		0.45			9-25-2031		1,044,003		978,714
FHLMC Series T-42 Class A6		9.50			2-25-2042		1,245,864		1,541,895
FHLMC Series T-55 Class 2A1 ±		2.68			3-25-2043		638,612		640,831
FHLMC Series T-57 Class 1A1		6.50			7-25-2043		1,627,471		1,910,270
FHLMC Series T-57 Class 2A1 ±		3.26			7-25-2043		3,270,163		3,391,450
FHLMC Series T-67 Class 1A1C ±		2.92			3-25-2036		1,687,520		1,783,494
FHLMC Series T-67 Class 2A1C ±		2.95			3-25-2036		3,119,783		3,243,757
FHLMC Series T-75 Class A1 ±		0.21			12-25-2036		5,702,414		5,671,883
FNMA ±		1.83			1-1-2043		2,085,529		2,151,404
FNMA ±		2.00			5-1-2036		2,326,219		2,460,426
FNMA ±		2.07			12-1-2035		1,771,903		1,886,689
FNMA ±		2.11			5-1-2036		3,407,269		3,580,861
FNMA ±		2.25			8-1-2036		2,969,276		3,170,678
FNMA ±		2.27			4-1-2032		126,677		129,364
FNMA ±		2.31			9-1-2031		94,183		99,896
FNMA ±		2.31			11-1-2031		204,589		214,982
FNMA ±		2.34			6-1-2032		172,376		181,997
FNMA ±		2.36			9-1-2036		1,613,923		1,741,349
FNMA ±		2.36			12-1-2034		1,776,734		1,894,518
FNMA ±		2.38			12-1-2040		86,549		91,883

4 Wells Fargo Advantage Government Securities Fund Portfolio of investments—February 28, 2015 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Agency Securities (continued)
FNMA ±		2.40	%		9-1-2031	$	459,904	$	483,265
FNMA ±		2.42			6-1-2034		792,983		837,138
FNMA		2.50			4-25-2039		346,789		349,265
FNMA ±		2.54			10-1-2027		265,753		278,266
FNMA ±		2.61			9-1-2027		638,832		682,448
FNMA		2.63			9-6-2024		16,000,000		16,457,008
FNMA ±		2.95			7-1-2026		447,712		476,914
FNMA ±		3.00			5-1-2036		1,344,013		1,431,749
FNMA		3.00			4-1-2022		1,246,711		1,307,158
FNMA %%		3.00			3-18-2030		18,235,000		19,090,479
FNMA %%		3.00			3-12-2045		85,745,000		87,342,669
FNMA ±		3.11			2-1-2027		792,535		806,301
FNMA		3.21			3-1-2015		984,753		984,244
FNMA ±		3.22			1-1-2033		46,092		47,220
FNMA ±		3.36			4-1-2033		80,673		84,009
FNMA %%		3.50			3-18-2030		15,180,000		16,095,946
FNMA %%		3.50			3-12-2045		50,820,000		53,257,774
FNMA ±		3.90			9-1-2028		281,909		299,034
FNMA		4.00			5-1-2021		1,190,579		1,259,692
FNMA %%		4.00			3-18-2030		12,615,000		13,342,136
FNMA %%		4.00			3-12-2045		52,050,000		55,652,839
FNMA ±		4.11			7-1-2033		161,120		166,223
FNMA		4.50			12-1-2018		918,449		964,009
FNMA		4.50			1-1-2026		11,305,000		11,878,641
FNMA %%		4.50			3-12-2045		59,157,000		64,287,024
FNMA		4.68			2-1-2020		3,249,975		3,632,918
FNMA		4.79			5-1-2019		2,155,311		2,393,006
FNMA		5.00			12-1-2018		690,338		727,588
FNMA		5.00			6-1-2019		650,323		685,414
FNMA		5.00			6-1-2023		1,572,266		1,694,984
FNMA		5.00			3-1-2034		1,205,650		1,343,821
FNMA		5.00			8-1-2040		23,633,250		26,385,000
FNMA		5.22			10-1-2015		3,175,961		3,225,557
FNMA		5.30			4-1-2017		6,265,835		6,607,275
FNMA		5.38			5-1-2017		707,717		749,799
FNMA		5.39			1-1-2024		2,525,484		2,898,472
FNMA		5.50			6-1-2016		92,238		97,460
FNMA		5.50			11-1-2023		208,397		226,274
FNMA		5.50			1-1-2025		807,278		876,142
FNMA		5.50			1-1-2025		188,177		203,435
FNMA		5.50			8-1-2033		7,899,647		8,931,296
FNMA		5.50			9-1-2033		4,038,808		4,567,111
FNMA		5.50			9-1-2033		1,768,922		1,999,526
FNMA		5.50			8-1-2035		1,429,750		1,610,071
FNMA		5.50			1-1-2037		1,527,417		1,718,783
FNMA		5.55			5-1-2016		3,045,287		3,187,811
FNMA		5.55			9-1-2019		1,468,002		1,521,684
FNMA		5.61			2-1-2021		2,535,032		2,776,234
FNMA		5.63			2-1-2018		1,069,964		1,182,405
FNMA		5.67			3-1-2016		6,034,833		6,260,489

Portfolio of investments—February 28, 2015 (unaudited) Wells Fargo Advantage Government Securities Fund 5

Security name	Interest rate			Maturity date		Principal		Value
Agency Securities (continued)
FNMA		5.67	%		11-1-2021	$	5,460,662	$	5,851,283
FNMA		5.70			3-1-2016		921,099		955,692
FNMA		5.75			5-1-2021		3,466,024		3,931,676
FNMA		5.79			10-1-2017		1,061,645		1,168,229
FNMA		5.95			6-1-2024		1,753,899		2,072,667
FNMA		6.00			5-1-2016		27,524		28,035
FNMA		6.00			3-1-2024		148,183		168,363
FNMA		6.00			2-1-2035		2,168,022		2,432,391
FNMA		6.00			11-1-2037		1,318,996		1,499,985
FNMA %%		6.00			3-12-2045		15,585,000		17,723,980
FNMA		6.08			1-1-2019		586,839		606,848
FNMA		6.50			6-1-2017		84,151		86,997
FNMA		6.50			1-1-2024		80,978		92,596
FNMA		6.50			3-1-2028		42,631		47,347
FNMA		6.50			12-1-2029		475,022		552,375
FNMA		6.50			11-1-2031		114,156		132,458
FNMA		6.50			7-1-2036		874,641		1,000,125
FNMA		6.50			7-1-2036		602,288		688,698
FNMA		6.50			7-25-2042		2,269,543		2,569,179
FNMA		6.65			5-1-2016		1,383,341		1,466,560
FNMA		7.00			11-1-2026		14,598		17,075
FNMA		7.00			9-1-2031		5,859		5,903
FNMA		7.00			1-1-2032		6,736		7,742
FNMA		7.00			2-1-2032		151,419		182,596
FNMA		7.00			2-1-2032		8,193		8,492
FNMA		7.00			10-1-2032		358,981		404,883
FNMA		7.00			2-1-2034		3,270		3,761
FNMA		7.00			4-1-2034		296,577		354,888
FNMA		7.00			1-1-2036		6,842		7,279
FNMA		7.00			9-1-2036		308,087		355,211
FNMA		7.50			9-1-2031		145,598		182,148
FNMA		7.50			11-25-2031		742,410		864,287
FNMA		7.50			2-1-2032		51,077		62,139
FNMA		7.50			10-1-2037		2,077,150		2,364,165
FNMA		8.00			5-1-2027		57,069		60,158
FNMA		8.00			10-1-2027		11,168		11,317
FNMA		8.00			6-1-2028		8,452		9,656
FNMA		8.00			2-1-2030		183,263		212,175
FNMA		8.00			7-1-2031		1,912,003		2,344,655
FNMA		8.50			5-1-2017		163,367		171,911
FNMA		8.50			5-1-2017		2,762		2,903
FNMA		8.50			8-1-2024		34,517		39,042
FNMA		8.50			5-1-2026		213,363		243,519
FNMA		8.50			7-1-2026		31,912		34,316
FNMA		8.50			8-1-2026		16,160		16,587
FNMA		8.50			9-1-2026		171		172
FNMA		8.50			10-1-2026		368		388
FNMA		8.50			10-1-2026		8,828		8,872
FNMA		8.50			10-1-2026		35,039		35,783
FNMA		8.50			11-1-2026		11,295		12,093

6 Wells Fargo Advantage Government Securities Fund Portfolio of investments—February 28, 2015 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Agency Securities (continued)
FNMA		8.50	%		11-1-2026	$	34,769	$	36,000
FNMA		8.50			12-1-2026		22,446		25,858
FNMA		8.50			12-1-2026		328		330
FNMA		8.50			12-1-2026		249,755		301,221
FNMA		8.50			2-1-2027		409		462
FNMA		8.50			2-1-2027		8,785		8,890
FNMA		8.50			3-1-2027		1,287		1,487
FNMA		8.50			3-1-2027		2,925		2,940
FNMA		8.50			6-1-2027		260,110		298,807
FNMA		8.50			7-1-2029		948		953
FNMA		9.00			3-1-2021		33,057		35,637
FNMA		9.00			6-1-2021		203		227
FNMA		9.00			7-1-2021		53,098		58,314
FNMA		9.00			8-1-2021		276		313
FNMA		9.00			10-1-2021		34,283		35,489
FNMA		9.00			1-1-2025		23,199		26,671
FNMA		9.00			1-1-2025		2,853		2,922
FNMA		9.00			2-1-2025		8,813		8,860
FNMA		9.00			3-1-2025		336		338
FNMA		9.00			3-1-2025		1,531		1,540
FNMA		9.00			3-1-2025		3,943		4,169
FNMA		9.00			4-1-2025		3,544		3,563
FNMA		9.00			7-1-2028		41,898		46,051
FNMA		9.50			11-1-2020		194		218
FNMA		9.50			12-15-2020		58,765		65,471
FNMA		9.50			1-1-2021		27,308		28,712
FNMA		9.50			6-1-2022		3,954		4,026
FNMA		9.50			7-1-2028		60,556		64,267
FNMA		10.00			12-1-2020		81,793		90,858
FNMA		11.00			2-1-2019		9,598		9,711
FNMA		11.00			10-15-2020		3,361		3,441
FNMA		11.25			2-1-2016		596		599
FNMA Series 161 Class 2 (c)		8.50			7-25-2022		66,812		16,350
FNMA Series 1988-2 Class Z		10.10			2-25-2018		2,243		2,283
FNMA Series 1988-7 Class Z		9.25			4-25-2018		21,471		23,155
FNMA Series 1989-10 Class Z		9.50			3-25-2019		163,526		180,757
FNMA Series 1989-100 Class Z		8.75			12-25-2019		89,531		98,763
FNMA Series 1989-12 Class Y		10.00			3-25-2019		209,293		230,689
FNMA Series 1989-22 Class G		10.00			5-25-2019		166,107		185,980
FNMA Series 1989-63 Class Z		9.40			10-25-2019		21,351		23,026
FNMA Series 1989-98 Class E		9.20			12-25-2019		50,670		55,383
FNMA Series 1990-144 Class W		9.50			12-25-2020		112,304		127,154
FNMA Series 1990-75 Class Z		9.50			7-25-2020		131,445		148,480
FNMA Series 1990-84 Class Y		9.00			7-25-2020		27,707		30,796
FNMA Series 1990-96 Class Z		9.67			8-25-2020		180,228		204,538
FNMA Series 1991-5 Class Z		8.75			1-25-2021		41,278		45,662
FNMA Series 1991-85 Class Z		8.00			6-25-2021		105,728		114,037
FNMA Series 1992-45 Class Z		8.00			4-25-2022		142,558		163,314
FNMA Series 1999-W6 Class A ±		9.13			9-25-2028		16,832		17,671
FNMA Series 2000-T6 Class A2		9.50			6-25-2030		1,186,685		1,345,918

Portfolio of investments—February 28, 2015 (unaudited) Wells Fargo Advantage Government Securities Fund 7

Security name	Interest rate			Maturity date		Principal		Value
Agency Securities (continued)
FNMA Series 2001-T10 Class A3		9.50	%		12-25-2041	$	1,808,259	$	2,087,894
FNMA Series 2001-T12 Class A3		9.50			8-25-2041		452,715		528,673
FNMA Series 2001-T4 Class A1		7.50			7-25-2041		1,089,116		1,302,865
FNMA Series 2001-T8 Class A3 ±		3.63			7-25-2041		1,224,767		1,257,313
FNMA Series 2002-T12 Class A5 ±		3.48			10-25-2041		1,507,487		1,550,861
FNMA Series 2002-T19 Class A1		6.50			7-25-2042		6,195,378		7,068,338
FNMA Series 2002-T5 Class A1 ±		0.41			5-25-2032		385,208		379,426
FNMA Series 2002-W4 Class A4		6.25			5-25-2042		1,013,272		1,122,274
FNMA Series 2003-T2 Class A1 ±		0.45			3-25-2033		410,829		398,618
FNMA Series 2003-W1 Class 1A1 ±		5.84			12-25-2042		959,007		1,074,441
FNMA Series 2003-W11 Class A1 ±		3.46			6-25-2033		124,514		130,554
FNMA Series 2003-W3 Class 1A4 ±		3.40			8-25-2042		3,852,298		4,298,872
FNMA Series 2003-W5 Class A ±		0.39			4-25-2033		635,327		622,844
FNMA Series 2003-W6 Class 6A ±		3.09			8-25-2042		2,717,007		2,938,119
FNMA Series 2003-W6 Class PT4 ±		8.82			10-25-2042		2,389,426		2,831,893
FNMA Series 2003-W8 Class PT1 ±		9.86			12-25-2042		972,913		1,118,154
FNMA Series 2003-W9 Class A ±		0.41			6-25-2033		161,644		156,012
FNMA Series 2004-79 Class FA ±		0.46			8-25-2032		1,428,516		1,429,819
FNMA Series 2004-T1 Class 1A2		6.50			1-25-2044		928,892		1,065,185
FNMA Series 2004-W1 Class 2A2		7.00			12-25-2033		2,117,636		2,488,643
FNMA Series 2004-W15 Class 1A3		7.00			8-25-2044		1,726,826		1,996,354
FNMA Series 2005-71 Class DB		4.50			8-25-2025		1,787,521		1,915,618
FNMA Series 2006-M2 Class A2F ±		5.26			5-25-2020		6,790,390		7,488,965
FNMA Series 2007-2 Class FA ±		0.37			2-25-2037		142,117		142,175
FNMA Series 2007-W10 Class 2A ±		6.30			8-25-2047		975,185		1,106,014
FNMA Series 2009-108 Class DE		4.50			8-25-2027		63,559		63,889
FNMA Series 2009-3 Class HL		5.00			2-25-2039		729,416		754,989
FNMA Series 2011-15 Class HI (c)		5.50			3-25-2026		3,037,671		274,181
FNMA Series 2011-42 Class A		3.00			2-25-2024		1,276,477		1,319,363
FNMA Series 265 Class 2		9.00			3-25-2024		176,359		205,779
FNMA Series G-8 Class E		9.00			4-25-2021		140,312		156,703
FNMA Series G92-30 Class Z		7.00			6-25-2022		253,466		274,632
FNMA Series G93-39 Class ZQ		6.50			12-25-2023		2,700,115		2,983,206
GNMA ±		3.00			8-20-2020		189,922		200,551
GNMA ±		3.00			11-20-2020		127,643		134,155
GNMA		4.00			1-20-2045		17,374,613		18,549,547
GNMA		5.00			7-20-2040		7,843,352		8,775,574
GNMA		6.00			8-20-2034		336,266		380,188
GNMA		6.50			12-15-2025		42,463		48,588
GNMA		6.50			5-15-2029		2,482		2,840
GNMA		6.50			5-15-2031		2,584		2,974
GNMA		6.50			9-20-2033		93,693		113,882
GNMA		7.00			12-15-2022		47,953		52,645
GNMA		7.00			5-15-2026		5,006		5,594
GNMA		7.00			3-15-2028		71,376		79,590
GNMA		7.00			1-15-2031		477		493
GNMA		7.00			4-15-2031		1,260		1,304
GNMA		7.00			8-15-2031		22,082		23,472
GNMA		7.00			3-15-2032		16,440		16,970
GNMA		7.34			10-20-2021		58,426		60,717

8 Wells Fargo Advantage Government Securities Fund Portfolio of investments—February 28, 2015 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Agency Securities (continued)
GNMA		7.34	%		12-20-2021	$	20,774	$	20,866
GNMA		7.34			2-20-2022		17,935		18,014
GNMA		7.34			4-20-2022		25,429		25,541
GNMA		7.34			9-20-2022		41,261		43,972
GNMA		8.00			4-15-2023		280		281
GNMA		8.00			6-15-2023		6,504		7,267
GNMA		8.00			12-15-2023		450,152		524,953
GNMA		8.00			2-15-2024		1,247		1,400
GNMA		8.00			9-15-2024		4,782		5,012
GNMA		8.00			6-15-2025		93		93
GNMA		8.35			4-15-2020		340,006		377,141
GNMA		8.40			5-15-2020		182,557		203,029
GNMA		8.50			7-15-2016		476		479
GNMA		9.00			12-15-2016		2,721		2,736
GNMA		9.50			10-20-2019		71,992		78,193
GNMA		10.00			12-15-2018		6,742		6,786
GNMA		12.50			4-15-2019		302		303
GNMA Series 2002-53 Class IO ±(c)		0.00			4-16-2042		4,258,195		43
GNMA Series 2005-23 Class IO ±(c)		0.36			6-17-2045		13,984,294		151,730
GNMA Series 2006-32 Class C ±		5.26			11-16-2038		11,398,849		12,003,638
GNMA Series 2006-32 Class XM ±(c)		0.01			11-16-2045		17,789,362		33,675
GNMA Series 2006-68 Class D ±		5.31			12-16-2037		12,520,000		13,695,102
GNMA Series 2007-35 Class NF ±		0.27			10-16-2035		4,227,359		4,225,838
GNMA Series 2007-44 Class FP ±		0.34			3-20-2036		1,275,587		1,275,554
GNMA Series 2007-69 Class D ±		5.25			6-16-2041		1,000,000		1,063,020
GNMA Series 2008-22 Class XM ±(c)		0.60			2-16-2050		45,802,343		1,530,394
GNMA Series 2011-33 Class CH		4.18			10-16-2052		717,490		726,922
SBA (a)(c)(i)		1.30			2-15-2018		193,872		3,463
SBA Series 1992-6 Class A (a)(c)(i)		2.09			10-15-2017		249,200		6,726
TVA		5.38			4-1-2056		3,670,000		4,908,353
Total Agency Securities (Cost $905,221,395)									924,235,786
Municipal Obligations: 0.61%
Texas: 0.61%
San Antonio TX Retama Development Corporation (Miscellaneous Revenue)		10.00			12-15-2020		5,405,000		7,800,280
Total Municipal Obligations (Cost $6,665,706)									7,800,280
Non-Agency Mortgage-Backed Securities: 5.85%
Citigroup Commercial Mortgage Trust Series 2005-CD1 Class A4 ±		5.23			7-15-2044		9,285		9,374
Citigroup Commercial Mortgage Trust Series 2006-C4 Class A3 ±		5.77			3-15-2049		8,876,687		9,204,148
Citigroup Commercial Mortgage Trust Series 2006-C5 Class A4		5.43			10-15-2049		11,280,000		11,876,069
Citigroup Commercial Mortgage Trust Series 2015-GC27 Class A5		3.14			2-10-2048		6,130,000		6,211,180
GAHR Commercial Mortgage Trust Series 2015-NRF Class AFX 144A		3.23			12-15-2019		4,195,000		4,323,671
GE Capital Commercial Mortgage Corporation Series 2005-C3 Class A7A ±		4.97			7-10-2045		9,360,000		9,384,898
GS Mortgage Securities Trust Series 2013-G1 Class A2 144A±		3.56			4-10-2031		5,349,842		5,418,266
Lehman Brothers UBS Commercial Mortgage Trust Series 2006-C1 Class A4		5.16			2-15-2031		12,811,647		13,068,124
Morgan Stanley Capital I Series 2006-HQ8 Class A4 ±		5.41			3-12-2044		2,284,101		2,327,195
NCUA Guaranteed Notes Program Series 2010-C1 Class APT		2.65			10-29-2020		7,879,471		7,974,135
NCUA Guaranteed Notes Program Series 2011-R4 Class 1A ±		0.55			3-6-2020		2,307,362		2,313,179

Portfolio of investments—February 28, 2015 (unaudited) Wells Fargo Advantage Government Securities Fund 9

Security name	Interest rate			Maturity date		Principal			Value
Non-Agency Mortgage-Backed Securities (continued)
NCUA Guaranteed Notes Program Series 2011-R6 Class 1A ±		0.55	%		5-7-2020	$	1,124,006		$	1,124,687
Vendee Mortgage Trust Series 1995-1 Class 4 ±		8.77			2-15-2025		373,719			427,528
Vendee Mortgage Trust Series 1995-2C Class 3A		8.79			6-15-2025		486,466			580,836
Total Non-Agency Mortgage-Backed Securities (Cost $75,867,231)										74,243,290
U.S. Treasury Securities: 50.01%
U.S. Treasury Bond		2.75			8-15-2042		16,720,000			17,221,600
U.S. Treasury Bond		3.00			11-15-2044		5,965,000			6,469,693
U.S. Treasury Bond		3.75			8-15-2041		17,565,000			21,641,995
U.S. Treasury Bond		4.50			2-15-2036		7,475,000			10,083,655
U.S. Treasury Bond		4.63			2-15-2040		20,150,000			27,912,465
U.S. Treasury Bond		6.25			8-15-2023		16,335,000			21,913,141
U.S. Treasury Bond		7.25			8-15-2022		4,685,000	��		6,478,844
U.S. Treasury Note ±##		0.07			1-31-2016		130,990,000			130,986,987
U.S. Treasury Note ##		0.25			9-30-2015		114,015,000			114,077,366
U.S. Treasury Note		0.25			12-31-2015		56,000,000			56,008,736
U.S. Treasury Note ##		0.38			3-15-2015		89,940,000			89,947,015
U.S. Treasury Note ##		0.38			11-15-2015		81,495,000			81,615,939
U.S. Treasury Note		1.00			8-31-2016		12,240,000			12,340,405
U.S. Treasury Note		1.38			2-28-2019		37,735,000			37,790,996
Total U.S. Treasury Securities (Cost $621,132,986)										634,488,837
Yankee Corporate Bonds and Notes: 1.56%
Financials: 1.56%
Banks: 1.56%
Bank of Nova Scotia 144A		1.65			10-29-2015		13,235,000			13,343,249
Royal Bank of Canada Incorporated		2.00			10-1-2018		6,370,000			6,452,765
Total Yankee Corporate Bonds and Notes (Cost $19,598,373)										19,796,014
	Yield					Shares
Short-Term Investments: 0.33%
Investment Companies: 0.20%
Wells Fargo Advantage Government Money Market Fund, Institutional Class (l)(u)##		0.01					2,598,477			2,598,477
						Principal
U.S. Treasury Securities: 0.13%
U.S. Treasury Bill (z)#		0.01			3-19-2015	$	1,600,000			1,599,989
Total Short-Term Investments (Cost $4,198,457)										4,198,466

Total investments in securities (Cost $1,632,684,148) *	131.20	%		1,664,762,673
Other assets and liabilities, net	(31.20	)		(395,905,819	)
Total net assets	100.00	%	$	1,268,856,854

10 Wells Fargo Advantage Government Securities Fund Portfolio of investments—February 28, 2015 (unaudited)

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

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

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

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

(c) Investment in an interest-only security entitles holders to receive only the interest payments on the underlying mortgages. The principal amount shown is the notional amount of the underlying mortgages. The rate represents the coupon rate.

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

(i) Illiquid security

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

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

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

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

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

* Cost for federal income tax purposes is $1,633,676,021 and unrealized gains (losses) consists of:

Gross unrealized gains	$	39,360,419
Gross unrealized losses		(8,273,767	)
Net unrealized gains	$	31,086,652

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

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

ITEM 11. CONTROLS AND PROCEDURES

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

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

ITEM 12. EXHIBITS

(a)(1) Not applicable.

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

(a)(3) Not applicable.

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

SIGNATURES

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

Wells Fargo Funds Trust
By:	/s/ Karla M. Rabusch
	Karla M. Rabusch
	President
Date:	April 24, 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:	April 24, 2015
By:	/s/ Nancy Wiser
	Nancy Wiser
	Treasurer
Date:	April 24, 2015