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

LOGO

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: September 30

Registrant is making a filing for 9 of its series:

Wells Fargo Advantage Diversified Capital Builder Fund, Wells Fargo Advantage Diversified Income Builder Fund, Wells Fargo Advantage Index Asset Allocation Fund, Wells Fargo Advantage C&B Mid Cap Value Fund, Wells Fargo Advantage Common Stock Fund, Wells Fargo Advantage Discovery Fund, Wells Fargo Advantage Enterprise Fund, Wells Fargo Advantage Opportunity Fund, and Wells Fargo Advantage Special Mid Cap Value Fund.

Date of reporting period: March 31, 2015

ITEM 1.

REPORT TO STOCKHOLDERS

Wells Fargo Advantage

Diversified Capital Builder Fund

LOGO

Semi-Annual Report

March 31, 2015

LOGO

Reduce clutter. Save trees.

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 March 31, 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 Diversified Capital Builder Fund		Letter to shareholders (unaudited)

LOGO

Karla M. Rabusch

President

Wells Fargo Advantage Funds

Statements by Fed Chair Janet Yellen suggested that an increase in the federal funds rate might come later in the year rather than sooner.

The U.S. continued to outperform other developed economies, posting 2.2% annualized gross domestic product (GDP) growth in the fourth quarter of 2014.

Dear Valued Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Advantage Diversified Capital Builder Fund for the six-month period that ended March 31, 2015. The period was marked by continued improvement in the U.S. economy and a flattening of the U.S. Treasury curve, with longer-term bond yields declining and short-term rates remaining approximately unchanged; this provided a favorable backdrop for stocks and longer-term bonds.

The Federal Reserve continued to provide liquidity to the markets.

Throughout the reporting period, the Federal Open Market Committee (FOMC), which is the U.S. Federal Reserve’s (Fed’s) monetary policymaking body, kept its key interest rate effectively near zero. Even though the FOMC ended its bond-buying program in October 2014 and guided investors to expect an interest-rate hike in 2015, the Fed remained accommodative. Statements by Fed Chair Janet Yellen suggested that an increase in the federal funds rate might come later in the year rather than sooner; this expectation pushed long-term interest rates lower even as short-term rates remained anchored near zero. As a result, the Barclays 20+ Year U.S. Treasury Index¹, a proxy for longer-term Treasuries, returned 13.9% for the six-month period.

The U.S. economy continued to improve despite a challenging geopolitical situation.

Geopolitical events were major negatives throughout the reporting period. The ongoing standoff between the West (the U.S., Europe, and their allies) and Russia over Ukraine began in early 2014 and continued throughout the reporting period. As of March 2015, it seemed unlikely that the situation would result in open conflict between Russia and the West, although a civil war intermittently raged in eastern Ukraine. However, economic sanctions from the West against Russia and from Russia against the West contributed to slower growth in Europe, a key trading partner for both Russia and the U.S. In the Middle East, the advance of Islamic militants in Syria and Iraq led to airstrikes by the U.S. and its allies.

The U.S. continued to outperform other developed economies, posting 2.2% annualized gross domestic product (GDP) growth in the fourth quarter of 2014. (Estimates for first-quarter 2015 GDP growth were unavailable as of this writing.) The unemployment rate also continued its slow improvement, declining from 5.7% in October 2014 to 5.5% in March 2015. The positive economic news boosted U.S. stocks; the S&P 500 Index², a proxy for large-cap stocks, ended the period with a 5.9% gain. Both the consumer discretionary and consumer staples sectors outperformed the broader index because investors expected that an improving economy would result in higher consumer spending. The health care sector also outperformed on increased spending as a result of the Affordable Care Act. However, the energy sector posted a loss as oil prices remained in the range of $50 per barrel, about half of their near-term highs.

¹	The Barclays 20+ Year U.S. Treasury Index is an unmanaged index composed of securities in the U.S. Treasury Index with maturities of 20 years or greater. You cannot invest directly in an index.

²	The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock’s weight in the index proportionate to its market value. You cannot invest directly in an index.


Letter to shareholders (unaudited)		Wells Fargo Advantage Diversified Capital Builder Fund			3

The combination of low interest rates and an improving economy also tended to support high-yield bonds, which rose on demand from yield-seeking investors and a continued low default rate. The BofA Merrill Lynch High Yield Master II Index³ gained 1.5% for the reporting period.

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.

Sincerely,

LOGO

Karla M. Rabusch

President

Wells Fargo Advantage Funds

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.

³	The BofA Merrill Lynch High Yield Master II Index is a market-capitalization-weighted index of domestic and Yankee high-yield bonds. The index tracks the performance of high-yield securities traded in the U.S. bond market. You cannot invest directly in an index.


4		Wells Fargo Advantage Diversified Capital Builder Fund		Performance highlights (unaudited)

Investment objective

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

Adviser

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio manager

Margaret Patel

Average annual total returns¹ (%) as of March 31, 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 (EKBAX)	1-20-1998		5.59		11.25		5.55		12.02		12.59		6.18		1.21		1.20
Class B (EKBBX)*	9-11-1935		6.27		11.48		5.68		11.27		11.74		5.68		1.96		1.95
Class C (EKBCX)	1-22-1998		10.20		11.73		5.40		11.20		11.73		5.40		1.96		1.95
Administrator Class (EKBDX)	7-30-2010		–		–		–		12.30		12.86		6.36		1.05		0.95
Institutional Class (EKBYX)	1-26-1998		–		–		–		12.56		13.06		6.55		0.78		0.78
Diversified Capital Builder Blended Index⁴	–		–		–		–		9.99		13.20		8.35		–		–
BofA Merrill Lynch High Yield U.S. Corporates, Cash Pay Index⁵	–								1.98		8.38		7.96		–		–
Russell 1000^® Index⁶	–		–		–		–		12.73		14.73		8.34		–		–

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

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

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

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

Balanced funds may invest in stocks and bonds. Stock values fluctuate in response to the activities of individual companies and general market and economic conditions. Bond values fluctuate in response to the financial condition of individual issuers, general market and economic conditions, and changes in interest rates. Changes in market conditions and government policies may lead to periods of heightened volatility in the bond market and reduced liquidity for certain bonds held by the Fund. In general, when interest rates rise, bond values fall and investors may lose principal value. Interest-rate changes and their impact on the Fund and its share price can be sudden and unpredictable. 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 smaller-company securities risk. Consult the Fund’s prospectus for additional information on these and other risks.

Please see footnotes on page 5.


Performance highlights (unaudited)		Wells Fargo Advantage Diversified Capital Builder Fund			5


Ten largest holdings⁷ (%) as of March 31, 2015
Tronox Finance LLC, 6.38%, 8-15-2020			3.51
Amphenol Corporation Class A			3.18
FEI Company			2.97
Automatic Data Processing Incorporated			2.72
Genuine Parts Company			2.67
ServiceNow Incorporated			2.57
The Home Depot Incorporated			2.53
Jarden Corporation			2.52
CVS Health Corporation			2.46
Actavis plc			2.33

Portfolio allocation⁸ as of March 31, 2015

Historical performance shown for Administrator Class shares prior to their inception reflects the performance of Institutional Class shares and has been 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 Diversified Capital Builder 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.

The Adviser has committed through January 31, 2016, to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waiver, excluding certain expenses, at the amounts shown. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Brokerage commissions, stamp duty fees, interest, taxes acquired fund fees and expenses, and extraordinary expenses are excluded from the cap. Without this cap, the Fund’s returns would have been lower.

⁴	Source: Wells Fargo Funds Management, LLC. The Diversified Capital Builder Blended Index is composed of the following indexes: Russell 1000^® Index (75%) and BofA Merrill Lynch High Yield U.S. Corporates, Cash Pay Index (25%). You cannot invest directly in an index.

⁵

The BofA Merrill Lynch High Yield U.S. Corporates, Cash Pay Index is an unmanaged market index that provides a broad-based performance measure of the non-investment grade U.S. domestic bond index. This index was previously named the BofA Merrill Lynch High Yield Master Index. You cannot invest directly in an index.

⁶	The Russell 1000^® Index measures the performance of the 1,000 largest companies in the Russell 3000^® Index, which represents approximately 92% of the total market capitalization of the Russell 3000 Index. You cannot invest directly in an index.

⁷	The ten largest holdings, excluding cash and cash equivalents, are calculated based on the value of the investments 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 Diversified Capital Builder 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 October 1, 2014 to March 31, 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 10-1-2014		Ending account value 3-31-2015		Expenses paid during the period¹		Net annualized expense ratio
Class A
Actual	$	1,000.00	$	1,081.41	$	6.23		1.20	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.95	$	6.04		1.20	%
Class B
Actual	$	1,000.00	$	1,077.54	$	10.10		1.95	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.21	$	9.80		1.95	%
Class C
Actual	$	1,000.00	$	1,077.39	$	10.10		1.95	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.21	$	9.80		1.95	%
Administrator Class
Actual	$	1,000.00	$	1,082.75	$	4.93		0.95	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.19	$	4.78		0.95	%
Institutional Class
Actual	$	1,000.00	$	1,083.00	$	4.00		0.77	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.09	$	3.88		0.77	%

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—March 31, 2015 (unaudited)		Wells Fargo Advantage Diversified Capital Builder Fund			7


Security name	Shares		Value

Common Stocks: 82.29%

Consumer Discretionary: 13.54%

Auto Components: 2.59%
Gentex Corporation		450,000	$	8,235,000
Johnson Controls Incorporated		50,000		2,522,000
Lear Corporation		50,000		5,541,000

				16,298,000


Distributors: 2.67%
Genuine Parts Company		180,000		16,774,200


Hotels, Restaurants & Leisure: 1.40%
Marriott International Incorporated Class A		110,000		8,835,200


Household Durables: 4.01%
Harman International Industries Incorporated		70,000		9,354,100
Jarden Corporation †		300,000		15,870,000

				25,224,100


Specialty Retail: 2.87%
Group 1 Automotive Incorporated		25,000		2,158,250
The Home Depot Incorporated		140,000		15,905,400

				18,063,650


Consumer Staples: 5.22%

Food & Staples Retailing: 2.46%
CVS Health Corporation		150,000		15,481,500


Food Products: 1.22%
ConAgra Foods Incorporated		210,000		7,671,300


Household Products: 0.68%
Church & Dwight Company Incorporated		50,000		4,271,000


Personal Products: 0.86%
Estee Lauder Companies Incorporated Class A		65,000		5,405,400


Energy: 3.05%

Energy Equipment & Services: 0.43%
Bristow Group Incorporated		50,000		2,722,500


Oil, Gas & Consumable Fuels: 2.62%
EOG Resources Incorporated		8,000		733,520
Kinder Morgan Incorporated		120,000		5,047,200
ONEOK Incorporated		30,000		1,447,200
Plains All American Pipeline LP		190,000		9,266,300

				16,494,220

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


8		Wells Fargo Advantage Diversified Capital Builder Fund		Portfolio of investments—March 31, 2015 (unaudited)


Security name	Shares		Value

Financials: 1.48%

Banks: 1.04%
PNC Financial Services Group Incorporated		70,000	$	6,526,800


REITs: 0.44%
Boston Properties Incorporated		20,000		2,809,600


Health Care: 14.77%

Biotechnology: 1.26%
AMAG Pharmaceuticals Incorporated †		30,000		1,639,800
Amgen Incorporated		25,000		3,996,250
Celgene Corporation †		20,000		2,305,600

				7,941,650


Health Care Equipment & Supplies: 5.22%
Baxter International Incorporated		70,000		4,795,000
Becton Dickinson & Company		61,942		8,894,252
C.R. Bard Incorporated		30,000		5,020,500
Hologic Incorporated †		115,000		3,797,875
Medtronic plc		125,000		9,748,750
West Pharmaceutical Services Incorporated		10,000		602,100

				32,858,477


Health Care Providers & Services: 1.16%
DaVita HealthCare Partners Incorporated †		20,000		1,625,600
McKesson Corporation		25,000		5,655,000

				7,280,600


Life Sciences Tools & Services: 0.52%
Thermo Fisher Scientific Incorporated		15,000		2,015,100
Waters Corporation †		10,000		1,243,200

				3,258,300


Pharmaceuticals: 6.61%
AbbVie Incorporated		100,000		5,854,000
Actavis plc †		49,207		14,644,987
Eli Lilly & Company		40,000		2,906,000
Endo International plc †		15,000		1,345,500
Mylan NV †		225,000		13,353,750
Novartis AG ADR		35,000		3,451,350

				41,555,587


Industrials: 15.18%

Aerospace & Defense: 2.12%
Curtiss-Wright Corporation		45,000		3,327,300
General Dynamics Corporation		10,000		1,357,300
Honeywell International Incorporated		20,000		2,086,200
Lockheed Martin Corporation		15,000		3,044,400

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


Portfolio of investments—March 31, 2015 (unaudited)		Wells Fargo Advantage Diversified Capital Builder Fund			9


Security name	Shares		Value

Aerospace & Defense (continued)
United Technologies Corporation		30,000	$	3,516,000

				13,331,200


Building Products: 2.08%
Apogee Enterprises Incorporated		135,000		5,832,000
Lennox International Incorporated		65,000		7,259,850

				13,091,850


Electrical Equipment: 5.62%
AMETEK Incorporated		175,000		9,194,500
Emerson Electric Company		195,000		11,040,900
Regal-Beloit Corporation		70,000		5,594,400
Rockwell Automation Incorporated		75,000		8,699,250
Sensata Technologies Holding NV †		15,000		861,750

				35,390,800


Industrial Conglomerates: 1.37%
Roper Industries Incorporated		50,000		8,600,000


Machinery: 3.99%
Donaldson Company Incorporated		40,000		1,508,400
Flowserve Corporation		50,000		2,824,500
IDEX Corporation		110,000		8,341,300
John Bean Technologies Corporation		175,000		6,251,000
Lincoln Electric Holdings Incorporated		25,000		1,634,750
Pall Corporation		45,000		4,517,550

				25,077,500


Information Technology: 19.05%

Communications Equipment: 0.58%
Palo Alto Networks Incorporated †		25,000		3,652,000


Electronic Equipment, Instruments & Components: 6.75%
Amphenol Corporation Class A		340,000		20,036,200
Belden Incorporated		40,000		3,742,400
FEI Company		245,000		18,703,300

				42,481,900


Internet Software & Services: 1.47%
Akamai Technologies Incorporated †		130,000		9,235,850


IT Services: 3.72%
Automatic Data Processing Incorporated		200,000		17,128,000
Cognizant Technology Solutions Corporation Class A †		100,000		6,239,000

				23,367,000


Software: 5.37%
Adobe Systems Incorporated †		190,000		14,048,600
CDK Global Incorporated		66,666		3,117,302

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


10		Wells Fargo Advantage Diversified Capital Builder Fund		Portfolio of investments—March 31, 2015 (unaudited)


Security name						Shares		Value

Software (continued)
Mentor Graphics Corporation							20,000	$	480,600
ServiceNow Incorporated †							205,000		16,149,900

									33,796,402


Technology Hardware, Storage & Peripherals: 1.16%
Seagate Technology plc							140,000		7,284,200


Materials: 3.54%

Chemicals: 3.18%
FMC Corporation							25,000		1,431,250
LyondellBasell Industries NV Class A							30,000		2,634,000
PPG Industries Incorporated							10,000		2,255,400
The Valspar Corporation							10,000		840,300
Westlake Chemical Corporation							130,000		9,352,200
Westlake Chemical Partners LP							130,000		3,486,600

									19,999,750


Containers & Packaging: 0.36%
Sealed Air Corporation							50,000		2,278,000


Utilities: 6.46%

Electric Utilities: 2.41%
American Electric Power Company Incorporated							80,000		4,500,000
Edison International							50,000		3,123,500
NextEra Energy Incoporated							35,000		3,641,750
NRG Yield Incorporated Class A							20,000		1,014,600
Pinnacle West Capital Corporation							45,000		2,868,750

									15,148,600


Gas Utilities: 0.40%
Atmos Energy Corporation							45,000		2,488,500


Multi-Utilities: 3.65%
CMS Energy Corporation							100,000		3,491,000
Dominion Resources Incorporated							45,000		3,189,150
NiSource Incorporated							85,000		3,753,600
Sempra Energy							115,000		12,537,300

									22,971,050


Total Common Stocks (Cost $427,026,043)									517,666,686


	Interest rate			Maturity date		Principal

Corporate Bonds and Notes: 16.26%

Consumer Discretionary: 3.31%

Auto Components: 1.70%
Dana Holding Corporation		5.50	%		12-15-2024	$	500,000		515,000
Lear Corporation		5.25			1-15-2025		10,000,000		10,200,000

									10,715,000

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


Portfolio of investments—March 31, 2015 (unaudited)		Wells Fargo Advantage Diversified Capital Builder Fund			11


Security name	Interest rate			Maturity date		Principal		Value

Diversified Consumer Services: 0.24%
Avis Budget Car Rental LLC / Avis Budget Finance Incorproated 144A		5.25	%		3-15-2025	$	1,500,000	$	1,492,500


Hotels, Restaurants & Leisure: 0.32%
Speedway Motorsports Incorporated 144A		5.13			2-1-2023		2,000,000		2,030,000


Media: 0.15%
DISH DBS Corporation		5.00			3-15-2023		1,000,000		972,300


Specialty Retail: 0.90%
Group 1 Automotive Incorporated 144A		5.00			6-1-2022		2,280,000		2,285,700
Penske Auto Group Incorporated		5.75			10-1-2022		3,200,000		3,360,000

									5,645,700


Consumer Staples: 0.44%

Beverages: 0.44%
Constellation Brands Incorporated		4.75			11-15-2024		2,600,000		2,749,500


Energy: 0.95%

Energy Equipment & Services: 0.30%
Bristow Group Incorporated		6.25			10-15-2022		2,000,000		1,900,000


Oil, Gas & Consumable Fuels: 0.65%
Energy Transfer Equity LP		5.88			1-15-2024		2,000,000		2,110,000
NGL Energy Partners LP		5.13			7-15-2019		2,000,000		1,960,000

									4,070,000


Financials: 0.41%

REITs: 0.41%
Crown Castle International Corporation		4.88			4-15-2022		2,000,000		2,077,500
Iron Mountain Incorporated		5.75			8-15-2024		500,000		506,250

									2,583,750


Health Care: 1.10%

Health Care Providers & Services: 1.10%
DaVita HealthCare Partners Incorpoarted		5.13			7-15-2024		1,000,000		1,021,875
DaVita HealthCare Partners Incorporated		5.75			8-15-2022		1,500,000		1,591,875
Fresenius Medical Care Holdings Incorporated 144A		5.88			1-31-2022		3,000,000		3,300,000
HealthSouth Corporation		5.13			3-15-2023		1,000,000		1,017,500

									6,931,250


Industrials: 1.15%

Aerospace & Defense: 0.25%
Moog Incorporated 144A		5.25			12-1-2022		1,500,000		1,545,000


Building Products: 0.20%
Dycom Investments Incorporated		7.13			1-15-2021		1,200,000		1,257,000

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


12		Wells Fargo Advantage Diversified Capital Builder Fund		Portfolio of investments—March 31, 2015 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value

Commercial Services & Supplies: 0.08%
Clean Harbors Incorporated		5.13	%		6-1-2021	$	500,000	$	508,720


Machinery: 0.16%
Oshkosh Corporation 144A		5.38			3-1-2025		1,000,000		1,030,000


Road & Rail: 0.46%
The Hertz Corporation		6.25			10-15-2022		2,800,000		2,894,500


Information Technology: 2.26%

Communications Equipment: 1.11%
CommScope Incorporated 144A		5.50			6-15-2024		7,000,000		7,000,000


Electronic Equipment, Instruments & Components: 0.65%
Anixter International Incorporated		5.13			10-1-2021		1,000,000		1,027,500
Belden Incorporated 144A		5.25			7-15-2024		3,000,000		3,030,000

									4,057,500


IT Services: 0.34%
Neustar Incorporated «		4.50			1-15-2023		2,500,000		2,137,500


Semiconductors & Semiconductor Equipment: 0.16%
Micron Technology Incorporated 144A		5.25			8-1-2023		1,000,000		1,017,500


Materials: 5.98%

Chemicals: 5.73%
Celanese U.S. Holdings LLC		4.63			11-15-2022		1,000,000		1,007,500
Kraton Polymers LLC		6.75			3-1-2019		1,770,000		1,814,250
Olin Corporation		5.50			8-15-2022		5,000,000		5,250,000
Rayonier Advanced Materials Products Incorporated 144A		5.50			6-1-2024		6,835,000		5,861,013
Tronox Finance LLC «		6.38			8-15-2020		22,588,000		22,079,770

									36,012,533


Containers & Packaging: 0.25%
Sealed Air Corporation 144A		5.25			4-1-2023		500,000		521,250
Sealed Air Corporation 144A		6.50			12-1-2020		500,000		556,250
Silgan Holdings Incorporated		5.00			4-1-2020		500,000		513,750

									1,591,250


Telecommunication Services: 0.17%

Wireless Telecommunication Services: 0.17%
SBA Communications Corporation		5.63			10-1-2019		1,000,000		1,054,500


Utilities: 0.49%

Independent Power & Renewable Electricity Producers: 0.49%
NRG Energy Incorporated		6.63			3-15-2023		2,500,000		2,587,500
NRG Energy Incorporated		7.88			5-15-2021		500,000		537,500

									3,125,000


Total Corporate Bonds and Notes (Cost $102,972,729)									102,321,003

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


Portfolio of investments—March 31, 2015 (unaudited)		Wells Fargo Advantage Diversified Capital Builder Fund			13


Security name	Interest rate			Maturity date		Principal		Value

Yankee Corporate Bonds and Notes: 0.66%

Industrials: 0.33%

Electrical Equipment: 0.33%
Sensata Technologies BV 144A		4.88	%		10-15-2023	$	2,000,000	$	2,055,000


Information Technology: 0.33%

Technology Hardware, Storage & Peripherals: 0.33%
Seagate HDD (Cayman)		4.75			6-1-2023		2,000,000		2,102,070


Total Yankee Corporate Bonds and Notes (Cost $3,956,790)									4,157,070


	Yield					Shares
Short-Term Investments: 2.09%

Investment Companies: 2.09%
Securities Lending Cash Investments, LLC (r)(l)(u)		0.15					5,312,242		5,312,242
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)		0.10					7,861,254		7,861,254

Total Short-Term Investments (Cost $13,173,496)									13,173,496


Total investments in securities (Cost $547,129,058) *	101.30	%		637,318,255
Other assets and liabilities, net	(1.30	)		(8,207,833	)

Total net assets	100.00	%	$	629,110,422

†	Non-income-earning 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.

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

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

(l)	The security represents an affiliate of the 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 $546,650,379 and unrealized gains (losses) consists of:


Gross unrealized gains	$	96,601,594
Gross unrealized losses		(5,933,718	)

Net unrealized gains	$	90,667,876

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


14		Wells Fargo Advantage Diversified Capital Builder Fund		Statement of assets and liabilities—March 31, 2015 (unaudited)




Assets
Investments
In unaffiliated securities (including $5,199,725 of securities loaned), at value (cost $533,955,562)	$	624,144,759
In affiliated securities, at value (cost $13,173,496)		13,173,496

Total investments, at value (cost $547,129,058)		637,318,255
Receivable for investments sold		1,714,436
Receivable for Fund shares sold		430,750
Receivable for dividends and interest		2,094,065
Receivable for securities lending income		5,273
Prepaid expenses and other assets		119,135

Total assets		641,681,914


Liabilities
Payable for investments purchased		5,159,879
Payable for Fund shares redeemed		1,269,881
Payable upon receipt of securities loaned		5,312,242
Advisory fee payable		314,227
Distribution fee payable		37,470
Administration fees payable		148,030
Accrued expenses and other liabilities		329,763

Total liabilities		12,571,492

Total net assets	$	629,110,422


NET ASSETS CONSIST OF
Paid-in capital	$	505,049,434
Undistributed net investment income		514,151
Accumulated net realized gains on investments		33,357,640
Net unrealized gains on investments		90,189,197

Total net assets	$	629,110,422


COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	452,785,216
Shares outstanding – Class A¹		45,235,113
Net asset value per share – Class A		$10.01
Maximum offering price per share – Class A²		$10.62
Net assets – Class B	$	4,526,799
Shares outstanding – Class B¹		448,753
Net asset value per share – Class B		$10.09
Net assets – Class C	$	54,434,445
Shares outstanding – Class C¹		5,434,402
Net asset value per share – Class C		$10.02
Net assets – Administrator Class	$	10,744,460
Shares outstanding – Administrator Class¹		1,072,610
Net asset value per share – Administrator Class		$10.02
Net assets – Institutional Class	$	106,619,502
Shares outstanding – Institutional Class¹		10,707,708
Net asset value per share – Institutional Class		$9.96

¹	The Fund has an unlimited number of authorized shares.

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

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


Statement of operations—six months ended March 31, 2015 (unaudited)		Wells Fargo Advantage Diversified Capital Builder Fund			15




Investment income
Dividends (net of foreign withholding taxes of $14,789)	$	4,822,257
Interest		2,813,635
Securities lending income, net		50,751
Income from affiliated securities		1,993

Total investment income		7,688,636


Expenses
Advisory fee		1,807,301
Administration fees
Fund level		152,968
Class A		575,610
Class B		6,314
Class C		64,770
Administrator Class		4,915
Institutional Class		41,833
Shareholder servicing fees
Class A		553,471
Class B		6,071
Class C		62,279
Administrator Class		12,288
Distribution fees
Class B		18,212
Class C		186,838
Custody and accounting fees		21,812
Professional fees		24,228
Registration fees		38,302
Shareholder report expenses		60,278
Trustees’ fees and expenses		5,535
Other fees and expenses		11,486

Total expenses		3,654,511
Less: Fee waivers and/or expense reimbursements		(13,624	)

Net expenses		3,640,887

Net investment income		4,047,749


REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on investments		40,485,041
Net change in unrealized gains (losses) on investments		2,834,839

Net realized and unrealized gains (losses) on investments		43,319,880

Net increase in net assets resulting from operations	$	47,367,629

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


16		Wells Fargo Advantage Diversified Capital Builder Fund		Statement of changes in net assets


	Six months ended March 31, 2015 (unaudited)						Year ended September 30, 2014

Operations
Net investment income				$	4,047,749					$	6,831,298
Net realized gains on investments					40,485,041						96,756,071
Net change in unrealized gains (losses) on investments					2,834,839						4,940,816

Net increase in net assets resulting from operations					47,367,629						108,528,185


Distributions to shareholders from
Net investment income
Class A					(2,534,759	)					(4,033,418	)
Class B					(7,758	)					(8,084	)
Class C					(111,286	)					(88,171	)
Administrator Class					(71,300	)					(103,627	)
Institutional Class					(830,243	)					(1,515,475	)

Total distributions to shareholders					(3,555,346	)					(5,748,775	)


Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		1,087,981			10,653,218			728,328			6,498,461
Class B		8,164			79,515			9,822			87,796
Class C		826,925			8,067,566			437,137			3,902,359
Administrator Class		403,248			3,950,549			425,317			3,836,616
Institutional Class		811,030			7,868,999			1,479,563			12,740,863

					30,619,847						27,066,095

Reinvestment of distributions
Class A		245,746			2,379,225			418,375			3,783,044
Class B		674			6,695			798			7,137
Class C		10,127			99,555			8,677			78,106
Administrator Class		7,263			70,371			8,642			78,753
Institutional Class		78,702			756,203			159,610			1,422,476

					3,312,049						5,369,516

Payment for shares redeemed
Class A		(2,413,087	)		(23,409,152	)		(5,460,105	)		(48,487,352	)
Class B		(112,069	)		(1,099,488	)		(276,744	)		(2,452,684	)
Class C		(301,969	)		(2,919,984	)		(579,714	)		(5,096,202	)
Administrator Class		(347,488	)		(3,375,171	)		(289,957	)		(2,557,101	)
Institutional Class		(991,389	)		(9,638,909	)		(9,909,257	)		(87,233,593	)

					(40,442,704	)					(145,826,932	)

Net decrease in net assets resulting from capital share transactions					(6,510,808	)					(113,391,321	)

Total increase (decrease) in net assets					37,301,475						(10,611,911	)


Net assets
Beginning of period					591,808,947						602,420,858

End of period				$	629,110,422					$	591,808,947

Undistributed net investment income				$	514,151					$	21,748

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


Financial highlights		Wells Fargo Advantage Diversified Capital Builder Fund			17

(For a share outstanding throughout each period)


	Six months ended March 31, 2015 (unaudited)			Year ended September 30															Year ended March 31, 2010¹
CLASS A	Six months ended March 31, 2015 (unaudited)			2014			2013			2012			2011			2010^1,2			Year ended March 31, 2010¹
Net asset value, beginning of period		$9.31			$7.89			$6.93			$5.65			$6.02			$6.02			$4.18
Net investment income		0.06			0.09			0.12			0.15			0.10			0.07			0.05
Net realized and unrealized gains (losses) on investments		0.70			1.41			0.96			1.29			(0.36	)		0.00	³		1.85

Total from investment operations		0.76			1.50			1.08			1.44			(0.26	)		0.07			1.90
Distributions to shareholders from
Net investment income		(0.06	)		(0.08	)		(0.12	)		(0.16	)		(0.11	)		(0.07	)		(0.06	)
Net asset value, end of period		$10.01			$9.31			$7.89			$6.93			$5.65			$6.02			$6.02
Total return⁴		8.14	%		19.10	%		15.75	%		25.58	%		(4.53	)%		1.21	%		45.51	%
Ratios to average net assets (annualized)
Gross expenses		1.20	%		1.21	%		1.20	%		1.21	%		1.21	%		1.17	%		1.14	%
Net expenses		1.20	%		1.20	%		1.20	%		1.20	%		1.20	%		1.15	%		1.14	%
Net investment income		1.31	%		1.09	%		1.66	%		2.40	%		1.57	%		2.47	%		1.07	%
Supplemental data
Portfolio turnover rate		42	%		82	%		70	%		79	%		56	%		31	%		63	%
Net assets, end of period (000s omitted)		$452,785			$431,388			$399,535			$390,705			$364,533			$435,454			$467,224

After the close of business on July 9, 2010, the Fund acquired the net assets of Evergreen Diversified Capital Builder 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 Diversified Capital Builder Fund.

²	For the six months ended September 30, 2010. The Fund changed its fiscal year end from March 31 to September 30, effective September 30, 2010.

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.


18		Wells Fargo Advantage Diversified Capital Builder Fund		Financial highlights

(For a share outstanding throughout each period)


	Six months ended March 31, 2015 (unaudited)			Year ended September 30															Year ended March 31, 2010¹
CLASS B	Six months ended March 31, 2015 (unaudited)			2014			2013			2012			2011			2010^1,2			Year ended March 31, 2010¹
Net asset value, beginning of period		$9.38			$7.95			$6.98			$5.69			$6.05			$6.05			$4.19
Net investment income		0.03	³		0.03	³		0.07	³		0.11	³		0.06	³		0.05	³		0.02	³
Net realized and unrealized gains (losses) on investments		0.70			1.41			0.96			1.28			(0.37	)		0.00	⁴		1.86

Total from investment operations		0.73			1.44			1.03			1.39			(0.31	)		0.05			1.88
Distributions to shareholders from
Net investment income		(0.02	)		(0.01	)		(0.06	)		(0.10	)		(0.05	)		(0.05	)		(0.02	)
Net asset value, end of period		$10.09			$9.38			$7.95			$6.98			$5.69			$6.05			$6.05
Total return⁵		7.75	%		18.15	%		14.87	%		24.62	%		(5.20	)%		0.83	%		45.17	%
Ratios to average net assets (annualized)
Gross expenses		1.95	%		1.96	%		1.95	%		1.96	%		1.96	%		1.92	%		1.89	%
Net expenses		1.95	%		1.95	%		1.95	%		1.95	%		1.95	%		1.89	%		1.89	%
Net investment income		0.56	%		0.34	%		0.94	%		1.65	%		0.81	%		1.72	%		0.34	%
Supplemental data
Portfolio turnover rate		42	%		82	%		70	%		79	%		56	%		31	%		63	%
Net assets, end of period (000s omitted)		$4,527			$5,180			$6,502			$8,077			$10,360			$16,329			$17,992

²	For the six months ended September 30, 2010. The Fund changed its fiscal year end from March 31 to September 30, effective September 30, 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 Diversified Capital Builder Fund			19

(For a share outstanding throughout each period)


	Six months ended March 31, 2015 (unaudited)			Year ended September 30															Year ended March 31, 2010¹
CLASS C	Six months ended March 31, 2015 (unaudited)			2014			2013			2012			2011			2010^1,2			Year ended March 31, 2010¹
Net asset value, beginning of period		$9.32			$7.90			$6.94			$5.66			$6.02			$6.03			$4.18
Net investment income		0.03			0.03			0.07			0.10			0.05			0.05			0.02
Net realized and unrealized gains (losses) on investments		0.69			1.41			0.96			1.29			(0.35	)		(0.01	)		1.85

Total from investment operations		0.72			1.44			1.03			1.39			(0.30	)		0.04			1.87
Distributions to shareholders from
Net investment income		(0.02	)		(0.02	)		(0.07	)		(0.11	)		(0.06	)		(0.05	)		(0.02	)
Net asset value, end of period		$10.02			$9.32			$7.90			$6.94			$5.66			$6.02			$6.03
Total return³		7.74	%		18.21	%		14.86	%		24.63	%		(5.14	)%		0.67	%		44.70	%
Ratios to average net assets (annualized)
Gross expenses		1.95	%		1.96	%		1.95	%		1.96	%		1.96	%		1.92	%		1.88	%
Net expenses		1.95	%		1.95	%		1.95	%		1.95	%		1.95	%		1.90	%		1.88	%
Net investment income		0.56	%		0.34	%		0.91	%		1.65	%		0.79	%		1.72	%		0.32	%
Supplemental data
Portfolio turnover rate		42	%		82	%		70	%		79	%		56	%		31	%		63	%
Net assets, end of period (000s omitted)		$54,434			$45,670			$39,758			$38,279			$35,665			$40,197			$43,558

²	For the six months ended September 30, 2010. The Fund changed its fiscal year end from March 31 to September 30, effective September 30, 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 Diversified Capital Builder Fund		Financial highlights

(For a share outstanding throughout each period)


	Six months ended March 31, 2015 (unaudited)			Year ended September 30
ADMINISTRATOR CLASS	Six months ended March 31, 2015 (unaudited)			2014			2013			2012			2011			2010¹
Net asset value, beginning of period		$9.32			$7.90			$6.94			$5.66			$5.99			$5.79
Net investment income		0.08	²		0.12	²		0.14	²		0.17	²		0.13	²		0.02	²
Net realized and unrealized gains (losses) on investments		0.69			1.41			0.96			1.28			(0.37	)		0.22

Total from investment operations		0.77			1.53			1.10			1.45			(0.24	)		0.24
Distributions to shareholders from
Net investment income		(0.07	)		(0.11	)		(0.14	)		(0.17	)		(0.09	)		(0.04	)
Net asset value, end of period		$10.02			$9.32			$7.90			$6.94			$5.66			$5.99
Total return³		8.28	%		19.39	%		16.06	%		25.84	%		(4.25	)%		4.08	%
Ratios to average net assets (annualized)
Gross expenses		1.05	%		1.04	%		1.04	%		1.03	%		1.04	%		1.14	%
Net expenses		0.95	%		0.95	%		0.95	%		0.95	%		0.95	%		0.99	%
Net investment income		1.57	%		1.33	%		1.84	%		2.65	%		1.86	%		2.26	%
Supplemental data
Portfolio turnover rate		42	%		82	%		70	%		79	%		56	%		31	%
Net assets, end of period (000s omitted)		$10,744			$9,411			$6,836			$3,015			$3,632			$10

¹	For the period from July 30, 2010 (commencement of class operations) to September 30, 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 Diversified Capital Builder Fund			21

(For a share outstanding throughout each period)


	Six months ended March 31, 2015 (unaudited)			Year ended September 30															Year ended March 31, 2010¹
INSTITUTIONAL CLASS	Six months ended March 31, 2015 (unaudited)			2014			2013			2012			2011			2010^1,2			Year ended March 31, 2010¹
Net asset value, beginning of period		$9.27			$7.85			$6.90			$5.62			$5.99			$5.99			$4.16
Net investment income		0.08			0.13	³		0.15			0.18	³		0.14			0.08			0.06
Net realized and unrealized gains (losses) on investments		0.69			1.41			0.95			1.28			(0.37	)		0.00	⁴		1.84

Total from investment operations		0.77			1.54			1.10			1.46			(0.23	)		0.08			1.90
Distributions to shareholders from
Net investment income		(0.08	)		(0.12	)		(0.15	)		(0.18	)		(0.14	)		(0.08	)		(0.07	)
Net asset value, end of period		$9.96			$9.27			$7.85			$6.90			$5.62			$5.99			$5.99
Total return⁵		8.30	%		19.68	%		16.17	%		26.23	%		(4.08	)%		1.32	%		45.84	%
Ratios to average net assets (annualized)
Gross expenses		0.77	%		0.78	%		0.77	%		0.78	%		0.78	%		0.85	%		0.89	%
Net expenses		0.77	%		0.78	%		0.77	%		0.78	%		0.77	%		0.83	%		0.89	%
Net investment income		1.74	%		1.52	%		2.08	%		2.80	%		1.99	%		2.81	%		1.32	%
Supplemental data
Portfolio turnover rate		42	%		82	%		70	%		79	%		56	%		31	%		63	%
Net assets, end of period (000s omitted)		$106,620			$100,160			$149,790			$142,256			$71,195			$86,592			$104,142

²	For the six months ended September 30, 2010. The Fund changed its fiscal year end from March 31 to September 30, effective September 30, 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.


22		Wells Fargo Advantage Diversified Capital Builder 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 Diversified Capital Builder 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).

Equity securities that are listed on a foreign or domestic exchange or market are valued at the official closing price or, if none, the last sales price. If no sale occurs on the 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.

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. 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


Notes to financial statements (unaudited)		Wells Fargo Advantage Diversified Capital Builder Fund			23

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.

Security transactions and income recognition

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

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

Dividend income is recognized on the ex-dividend date.

Distributions to shareholders

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

Federal and other taxes

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 March 31, 2013, the Fund had capital loss carryforwards available to offset future net realized capital gains in the amount of $7,611,964 expiring in 2018.

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


24		Wells Fargo Advantage Diversified Capital Builder Fund		Notes to financial statements (unaudited)

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:

Level 1 – quoted prices in active markets for identical securities

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

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

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

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of March 31, 2015:


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

Common stocks
Consumer discretionary	$	85,195,150	$	0	$	0	$	85,195,150
Consumer staples		32,829,200		0		0		32,829,200
Energy		19,216,720		0		0		19,216,720
Financials		9,336,400		0		0		9,336,400
Health care		92,894,614		0		0		92,894,614
Industrials		95,491,350		0		0		95,491,350
Information technology		119,817,352		0		0		119,817,352
Materials		22,277,750		0		0		22,277,750
Utilities		40,608,150		0		0		40,608,150

Corporate bonds & notes		0		102,321,003		0		102,321,003

Yankee corporate bonds & notes		0		4,157,070		0		4,157,070

Short-term investments
Investment companies		7,861,254		5,312,242		0		13,173,496
Total assets	$	525,527,940	$	111,790,315	$	0	$	637,318,255

The Fund recognizes transfers between levels within the fair value hierarchy at the end of the reporting period. At March 31, 2015, the Fund did not have any transfers into/out of Level 1, Level 2, or Level 3.

4. TRANSACTIONS WITH AFFILIATES AND OTHER EXPENSES

Advisory fee

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

Pursuant to the contract, Funds Management is entitled to receive an annual advisory fee starting at 0.60% and declining to 0.45% as the average daily net assets of the Fund increase. For the six months ended March 31, 2015, the advisory fee was equivalent to an annual rate of 0.59% 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 Diversified Capital Builder 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 B, Class C		0.26	%
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 specific expenses. Funds Management has committed through January 31, 2016 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.20% for Class A shares, 1.95% for Class B shares, 1.95% for Class C shares, 0.95% for Administrator Class shares, and 0.78% 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 March 31, 2015, Funds Distributor received $20,283 from the sale of Class A shares and $39 and $588 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, 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 March 31, 2015 were $259,361,833 and $257,264,688, respectively.

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 March 31, 2015, the Fund paid $444 in commitment fees.

For the six months ended March 31, 2015, there were no borrowings by the Fund under the agreement.


26		Wells Fargo Advantage Diversified Capital Builder Fund		Notes to financial statements (unaudited)

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 Diversified Capital Builder 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 Diversified Capital Builder 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 Diversified Capital Builder 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.
Jeremy DePalma¹ (Born 1974)	Treasurer, since 2012	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Vice President, Evergreen Investment Services, Inc. from 2004 to 2007. Head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.
C. David Messman (Born 1960)	Secretary, since 2000; Chief Legal Officer, since 2003	Senior Vice President and Secretary of Wells Fargo Funds Management, LLC since 2001. 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.

¹	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 Diversified Capital Builder 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

SDR	— Swedish depositary receipt

SEK	— Swedish krona

SFHR	— Single-family housing revenue

SFMR	— Single-family mortgage revenue

SGD	— Singapore dollar

SPA	— Standby purchase agreement

SPDR	— Standard & Poor’s Depositary Receipts

SPEAR

— Short Puttable Exempt Adjustable Receipts

STRIPS

— Separate trading of registered interest and

principal securities

TAN	— Tax anticipation notes

TBA	— To be announced

THB	— Thai baht

TIPS	— Treasury inflation-protected securities

TRAN	— Tax revenue anticipation notes

TRY	— Turkish lira

TTFA	— Transportation Trust Fund Authority

TVA	— Tennessee Valley Authority

ZAR	— South African rand

This page is intentionally left blank.

LOGO

For more information

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

Wells Fargo Advantage Funds

P.O. Box 8266

Boston, MA 02266-8266

Email: wfaf@wellsfargo.com

Website: wellsfargoadvantagefunds.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

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

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

NOT FDIC INSURED ¡ NO BANK GUARANTEE ¡ MAY LOSE VALUE

232700 05-15

SA225/SAR225 03-15

Wells Fargo Advantage

Diversified Income Builder Fund

LOGO

Semi-Annual Report

March 31, 2015

LOGO

Reduce clutter. Save trees.

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

NOT FDIC INSURED ¡ NO BANK GUARANTEE ¡ MAY LOSE VALUE


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

LOGO

Karla M. Rabusch

President

Wells Fargo Advantage Funds

Statements by Fed Chair Janet Yellen suggested that an increase in the federal funds rate might come later in the year rather than sooner.

The U.S. continued to outperform other developed economies, posting 2.2% annualized gross domestic product (GDP) growth in the fourth quarter of 2014.

Dear Valued Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Advantage Diversified Income Builder Fund for the six-month period that ended March 31, 2015. The period was marked by continued improvement in the U.S. economy and a flattening of the U.S. Treasury curve, with longer-term bond yields declining and short-term rates remaining approximately unchanged; this provided a favorable backdrop for stocks and longer-term bonds.

The Federal Reserve continued to provide liquidity to the markets.

The U.S. economy continued to improve despite a challenging geopolitical situation.

¹	The Barclays 20+ Year U.S. Treasury Index is an unmanaged index composed of securities in the U.S. Treasury Index with maturities of 20 years or greater. You cannot invest directly in an index.

²	The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock’s weight in the index proportionate to its market value. You cannot invest directly in an index.

³	The BofA Merrill Lynch High Yield Master II Index is a market-capitalization-weighted index of domestic and Yankee high-yield bonds. The index tracks the performance of high-yield securities traded in the U.S. bond market. You cannot invest directly in an index.


Letter to shareholders (unaudited)		Wells Fargo Advantage Diversified Income Builder Fund			3

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

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.

Sincerely,

LOGO

Karla M. Rabusch

President

Wells Fargo Advantage Funds


4		Wells Fargo Advantage Diversified Income Builder Fund		Performance highlights (unaudited)

Investment objective

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

Adviser

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio manager

Margaret Patel

Average annual total returns¹ (%) as of March 31, 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 (EKSAX)	4-14-1987		(0.68	)		7.75		4.44		5.39		9.03		5.06		1.13		1.08
Class B (EKSBX)*	2-1-1993		(0.38	)		7.91		4.52		4.42		8.20		4.52		1.88		1.83
Class C (EKSCX)	2-1-1993		3.59			8.21		4.28		4.59		8.21		4.28		1.88		1.83
Administrator Class (EKSDX)	7-30-2010		–			–		–		5.60		9.23		5.16		0.97		0.90
Institutional Class (EKSYX)	1-13-1997		–			–		–		5.66		9.42		5.35		0.70		0.70
Diversified Income Builder Blended Index⁴	–		–			–		–		4.62		10.02		8.16		–		–
BofA Merrill Lynch High Yield U.S. Corporates, Cash Pay Index⁵	–									1.98		8.38		7.96		–		–
Russell 1000^® Index⁶	–		–			–		–		12.73		14.73		8.34		–		–

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.

Please see footnotes on page 5.


Performance highlights (unaudited)		Wells Fargo Advantage Diversified Income Builder Fund			5


Ten largest holdings⁷ (%) as of March 31, 2015
Tronox Finance LLC, 6.38%, 8-15-2020			3.44
The Hertz Corporation, 6.25%, 10-15-2022			3.06
CommScope Incorporated, 5.50%, 6-15-2024			3.02
Penske Auto Group Incorporated, 5.75%, 10-1-2022			2.98
Kraton Polymers LLC, 6.75%, 3-1-2019			2.76
Rayonier Advanced Materials Products Incorporated, 5.50%, 6-1-2024			2.50
Olin Corporation, 5.50%, 8-15-2022			2.34
DISH DBS Corporation, 5.00%, 3-15-2023			2.08
Seagate HDD (Cayman), 4.75%, 6-1-2023			2.07
Endo Finance LLC / Endo Finco Incorporated, 7.00%, 12-15-2020			2.04

Portfolio allocation⁸ as of March 31, 2015

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.

The Adviser has committed through January 31, 2016, to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waiver, excluding certain expenses, at 1.08% for Class A, 1.83% for Class B, 1.83% for Class C, 0.90% for Administrator Class, and 0.71% for Institutional 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	Source: Wells Fargo Funds Management, LLC. The Diversified Income Builder Blended Index is composed of the following indexes: Russell 1000^® Index (25%) and BofA Merrill Lynch High Yield U.S. Corporates, Cash Pay Index (75%). You cannot invest directly in an index.

⁵

⁶	The Russell 1000^® Index measures the performance of the 1,000 largest companies in the Russell 3000^® Index, which represents approximately 92% of the total market capitalization of the Russell 3000 Index. You cannot invest directly in an index.

⁷	The ten largest holdings, excluding cash and cash equivalents, are calculated based on the value of the investments 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 Diversified Income Builder Fund		Fund expenses (unaudited)

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from October 1, 2014 to March 31, 2015.

Actual expenses

Hypothetical example for comparison purposes


	Beginning account value 10-1-2014		Ending account value 3-31-2015		Expenses paid during the period¹		Net annualized expense ratio
Class A
Actual	$	1,000.00	$	1,038.99	$	5.49		1.08	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.55	$	5.44		1.08	%
Class B
Actual	$	1,000.00	$	1,033.36	$	9.28		1.83	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.81	$	9.20		1.83	%
Class C
Actual	$	1,000.00	$	1,033.39	$	9.28		1.83	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.81	$	9.20		1.83	%
Administrator Class
Actual	$	1,000.00	$	1,040.27	$	4.58		0.90	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.44	$	4.53		0.90	%
Institutional Class
Actual	$	1,000.00	$	1,039.73	$	3.51		0.69	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.49	$	3.48		0.69	%

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—March 31, 2015 (unaudited)		Wells Fargo Advantage Diversified Income Builder Fund			7


Security name	Shares		Value

Common Stocks: 27.11%

Consumer Discretionary: 4.27%

Auto Components: 0.90%
Gentex Corporation		100,000	$	1,830,000
Johnson Controls Incorporated		10,000		504,400
Lear Corporation		10,000		1,108,200

				3,442,600


Distributors: 0.86%
Genuine Parts Company		35,000		3,261,650


Hotels, Restaurants & Leisure: 0.25%
Marriott International Incorporated Class A		12,000		963,840


Household Durables: 1.36%
Harman International Industries Incorporated		15,000		2,004,450
Jarden Corporation †		60,000		3,174,000

				5,178,450


Specialty Retail: 0.90%
The Home Depot Incorporated		30,000		3,408,300


Consumer Staples: 1.25%

Food & Staples Retailing: 0.27%
CVS Health Corporation		10,000		1,032,100


Food Products: 0.53%
ConAgra Foods Incorporated		55,000		2,009,150


Household Products: 0.45%
Church & Dwight Company Incorporated		20,000		1,708,400


Energy: 1.08%

Energy Equipment & Services: 0.07%
Bristow Group Incorporated		5,000		272,250


Oil, Gas & Consumable Fuels: 1.01%
Kinder Morgan Incorporated		10,000		420,600
ONEOK Incorporated		10,000		482,400
Plains All American Pipeline LP		60,000		2,926,200

				3,829,200


Health Care: 4.37%

Biotechnology: 0.27%
AMAG Pharmaceuticals Incorporated †		10,000		546,600
Amgen Incorporated		3,000		479,550

				1,026,150

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


8		Wells Fargo Advantage Diversified Income Builder Fund		Portfolio of investments—March 31, 2015 (unaudited)


Security name	Shares		Value

Health Care Equipment & Supplies: 1.52%
Baxter International Incorporated		20,000	$	1,370,000
Becton Dickinson & Company		2,000		287,180
C.R. Bard Incorporated		8,000		1,338,800
Hologic Incorporated †		40,000		1,321,000
Medtronic plc		15,000		1,169,850
West Pharmaceutical Services Incorporated		5,000		301,050

				5,787,880


Pharmaceuticals: 2.58%
Actavis plc †		6,473		1,926,494
Eli Lilly & Company		15,000		1,089,750
Mylan NV †		90,000		5,341,500
Novartis AG ADR		15,000		1,479,150

				9,836,894


Industrials: 4.79%

Aerospace & Defense: 0.48%
Curtiss-Wright Corporation		10,000		739,400
Honeywell International Incorporated		5,000		521,550
United Technologies Corporation		5,000		586,000

				1,846,950


Building Products: 0.50%
Apogee Enterprises Incorporated		18,000		777,600
Lennox International Incorporated		10,000		1,116,900

				1,894,500


Electrical Equipment: 2.34%
AMETEK Incorporated		20,000		1,050,800
Emerson Electric Company		75,000		4,246,500
Regal-Beloit Corporation		8,000		639,360
Rockwell Automation Incorporated		23,000		2,667,770
Sensata Technologies Holding NV †		5,000		287,250

				8,891,680


Industrial Conglomerates: 0.68%
Roper Industries Incorporated		15,000		2,580,000


Machinery: 0.79%
IDEX Corporation		10,000		758,300
John Bean Technologies Corporation		45,000		1,607,400
Lincoln Electric Holdings Incorporated		10,000		653,900

				3,019,600


Information Technology: 7.51%

Communications Equipment: 0.38%
Palo Alto Networks Incorporated †		10,000		1,460,800

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


Portfolio of investments—March 31, 2015 (unaudited)		Wells Fargo Advantage Diversified Income Builder Fund			9


Security name		Shares		Value

Electronic Equipment, Instruments & Components: 2.28%
Amphenol Corporation Class A			65,000	$	3,830,450
Belden Incorporated			15,000		1,403,400
FEI Company			45,000		3,435,300

					8,669,150


Internet Software & Services: 0.37%
Akamai Technologies Incorporated †			20,000		1,420,900


IT Services: 1.53%
Automatic Data Processing Incorporated			50,000		4,282,000
Cognizant Technology Solutions Corporation Class A †			25,000		1,559,750

					5,841,750


Software: 2.33%
Adobe Systems Incorporated †			65,000		4,806,100
CDK Global Incorporated			16,666		779,302
Mentor Graphics Corporation			5,000		120,150
ServiceNow Incorporated †			40,000		3,151,200

					8,856,752


Technology Hardware, Storage & Peripherals: 0.62%
Seagate Technology plc			45,000		2,341,350


Materials: 1.01%

Chemicals: 0.77%
Westlake Chemical Corporation			35,000		2,517,900
Westlake Chemical Partners LP			15,000		402,300

					2,920,200


Containers & Packaging: 0.24%
Sealed Air Corporation			20,000		911,200


Utilities: 2.83%

Electric Utilities: 0.56%
American Electric Power Company Incorporated			15,000		843,750
NextEra Energy Incorporated			10,000		1,040,500
NRG Yield Incorporated Class A			5,000		253,650

					2,137,900


Gas Utilities: 0.14%
Atmos Energy Corporation			10,000		553,000
	��

Multi-Utilities: 2.13%
CMS Energy Corporation			20,000		698,200
Dominion Resources Incorporated			15,000		1,063,050
NiSource Incorporated			20,000		883,200
Sempra Energy			50,000		5,451,000

					8,095,450


Total Common Stocks (Cost $92,229,364)					103,198,046

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


10		Wells Fargo Advantage Diversified Income Builder Fund		Portfolio of investments—March 31, 2015 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value
Corporate Bonds and Notes: 66.17%

Consumer Discretionary: 12.22%

Auto Components: 3.46%
Dana Holding Corporation		5.50	%		12-15-2024	$	3,925,000	$	4,042,750
Lear Corporation		4.75			1-15-2023		5,000,000		5,025,000
Lear Corporation		5.25			1-15-2025		2,000,000		2,040,000
Lear Corporation		5.38			3-15-2024		2,000,000		2,070,000

									13,177,750


Diversified Consumer Services: 0.79%
Avis Budget Car Rental LLC / Avis Budget Finance Incorporated 144A		5.25			3-15-2025		3,000,000		2,985,000


Hotels, Restaurants & Leisure: 1.25%
Speedway Motorsports Incorporated 144A		5.13			2-1-2023		4,700,000		4,770,500


Media: 2.09%
DISH DBS Corporation		5.00			3-15-2023		8,160,000		7,933,968


Specialty Retail: 4.63%
Group 1 Automotive Incorporated 144A		5.00			6-1-2022		6,250,000		6,265,625
Penske Auto Group Incorporated		5.75			10-1-2022		10,813,000		11,353,650

									17,619,275


Consumer Staples: 1.52%

Beverages: 0.91%
Constellation Brands Incorporated		4.75			11-15-2024		3,265,000		3,452,738


Food Products: 0.61%
Post Holdings Incorporated		7.38			2-15-2022		2,250,000		2,328,750


Energy: 3.86%

Energy Equipment & Services: 2.21%
Bristow Group Incorporated		6.25			10-15-2022		5,000,000		4,750,000
Dresser-Rand Group Incorporated		6.50			5-1-2021		3,485,000		3,667,963

									8,417,963


Oil, Gas & Consumable Fuels: 1.65%
Energy Transfer Equity LP		5.88			1-15-2024		2,680,000		2,827,400
NGL Energy Partners LP / NGL Energy Finance Corporation		5.13			7-15-2019		2,500,000		2,450,000
Regency Energy Partners LP		4.50			11-1-2023		1,000,000		1,005,000

									6,282,400


Financials: 2.55%

REITs: 2.55%
Crown Castle International Corporation		4.88			4-15-2022		4,000,000		4,155,000
Iron Mountain Incorporated		5.75			8-15-2024		3,927,000		3,976,088
Sabra Health Care Incorporated		5.38			6-1-2023		1,500,000		1,586,250

									9,717,338

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


Portfolio of investments—March 31, 2015 (unaudited)		Wells Fargo Advantage Diversified Income Builder Fund			11


Security name	Interest rate			Maturity date		Principal		Value

Health Care: 7.60%

Health Care Equipment & Supplies: 2.43%
Fresenius Medical Care Holdings Incorporated 144A		5.63	%		7-31-2019	$	1,000,000	$	1,085,500
Fresenius Medical Care Holdings Incorporated 144A		5.88			1-31-2022		5,000,000		5,500,000
Halyard Health Incorporated 144A		6.25			10-15-2022		1,000,000		1,047,500
Hologic Incorporated		6.25			8-1-2020		1,550,000		1,608,125

									9,241,125


Health Care Providers & Services: 2.87%
DaVita HealthCare Partners Incorporated		5.13			7-15-2024		3,000,000		3,065,625
DaVita HealthCare Partners Incorporated		5.75			8-15-2022		4,000,000		4,245,000
HCA Incorporated		5.38			2-1-2025		1,500,000		1,570,313
HealthSouth Corporation		5.13			3-15-2023		2,000,000		2,035,000

									10,915,938

Pharmaceuticals: 2.30%
Endo Finance LLC / Endo Finco Incorporated 144A		7.00			12-15-2020		7,440,000		7,756,200
Endo Finance LLC / Endo Limited / Endo Finco Incorporated 144A		6.00			2-1-2025		1,000,000		1,025,000

									8,781,200


Industrials: 9.16%

Aerospace & Defense: 1.49%
Moog Incorporated 144A		5.25			12-1-2022		5,500,000		5,665,000


Commercial Services & Supplies: 1.07%
Clean Harbors Incorporated		5.13			6-1-2021		4,000,000		4,069,760


Construction & Engineering: 1.93%
Dycom Investments Incorporated		7.13			1-15-2021		7,000,000		7,332,500


Machinery: 1.61%
Actuant Corporation		5.63			6-15-2022		1,165,000		1,207,231
Oshkosh Corporation		5.38			3-1-2022		3,100,000		3,216,250
Oshkosh Corporation 144A		5.38			3-1-2025		1,675,000		1,725,250

									6,148,731


Road & Rail: 3.06%
The Hertz Corporation «		6.25			10-15-2022		11,256,000		11,635,890


Information Technology: 8.64%

Communications Equipment: 3.02%
CommScope Incorporated 144A		5.50			6-15-2024		11,479,000		11,479,000


Electronic Equipment, Instruments & Components: 2.42%
Anixter International Incorporated		5.13			10-1-2021		3,000,000		3,082,500
Belden Incorporated 144A		5.25			7-15-2024		2,000,000		2,020,000
Belden Incorporated 144A		5.50			9-1-2022		4,000,000		4,100,000

									9,202,500

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


12		Wells Fargo Advantage Diversified Income Builder Fund		Portfolio of investments—March 31, 2015 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value

IT Services: 1.68%
Neustar Incorporated «		4.50	%		1-15-2023	$	7,500,000	$	6,412,500


Semiconductors & Semiconductor Equipment: 1.52%
Micron Technology Incorporated 144A		5.25			8-1-2023		1,000,000		1,017,500
Micron Technology Incorporated 144A		5.50			2-1-2025		4,750,000		4,785,625

									5,803,125


Materials: 16.22%

Chemicals: 8.72%
Celanese U.S. Holdings LLC		4.63			11-15-2022		3,125,000		3,148,438
Huntsman International LLC		4.88			11-15-2020		1,100,000		1,100,000
Kraton Polymers LLC		6.75			3-1-2019		10,250,000		10,506,250
Olin Corporation		5.50			8-15-2022		8,500,000		8,925,000
Rayonier Advanced Materials Products Incorporated 144A		5.50			6-1-2024		11,100,000		9,518,250

									33,197,938


Containers & Packaging: 3.56%
Ball Corporation		5.00			3-15-2022		1,500,000		1,567,500
Greif Incorporated		7.75			8-1-2019		1,200,000		1,351,500
Sealed Air Corporation 144A		5.25			4-1-2023		5,150,000		5,368,875
Sealed Air Corporation 144A		6.50			12-1-2020		4,500,000		5,006,250
Silgan Holdings Incorporated		5.00			4-1-2020		250,000		256,875

									13,551,000


Metals & Mining: 3.94%
Commercial Metals Company		4.88			5-15-2023		2,000,000		1,890,000
Tronox Finance LLC «		6.38			8-15-2020		13,400,000		13,098,500

									14,988,500


Telecommunication Services: 1.74%

Wireless Telecommunication Services: 1.74%
SBA Communications Corporation		5.63			10-1-2019		3,300,000		3,479,850
SBA Telecommunications Incorporated		5.75			7-15-2020		3,000,000		3,153,750

									6,633,600


Utilities: 2.66%

Independent Power & Renewable Electricity Producers: 2.66%
Calpine Corporation 144A		5.88			1-15-2024		500,000		540,250
Calpine Corporation 144A		6.00			1-15-2022		1,625,000		1,738,750
NRG Energy Incorporated		6.63			3-15-2023		1,000,000		1,035,000
NRG Energy Incorporated		7.88			5-15-2021		6,338,000		6,813,350

									10,127,350


Total Corporate Bonds and Notes (Cost $251,428,161)									251,871,339

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


Portfolio of investments—March 31, 2015 (unaudited)		Wells Fargo Advantage Diversified Income Builder Fund			13


Security name	Interest rate			Maturity date		Principal		Value

Yankee Corporate Bonds and Notes: 4.93%

Industrials: 2.86%

Electrical Equipment: 2.86%
Sensata Technologies BV 144A		4.88	%		10-15-2023	$	6,700,000	$	6,884,248
Sensata Technologies BV 144A		5.63			11-1-2024		3,750,000		3,993,750

									10,877,998


Information Technology: 2.07%

Technology Hardware, Storage & Peripherals: 2.07%
Seagate HDD (Cayman)		4.75			6-1-2023		7,500,000		7,882,763


Total Yankee Corporate Bonds and Notes (Cost $17,816,876)									18,760,761


	Yield					Shares
Short-Term Investments: 4.16%

Investment Companies: 4.16%
Securities Lending Cash Investments, LLC (l)(r)(u)		0.15					13,150,310		13,150,310
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)		0.10					2,671,987		2,671,987

Total Short-Term Investments (Cost $15,822,297)									15,822,297


Total investments in securities (Cost $377,296,698) *	102.37	%		389,652,443
Other assets and liabilities, net	(2.37	)		(9,016,964	)

Total net assets	100.00	%	$	380,635,479

†	Non-income-earning 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.

«	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.

*	Cost for federal income tax purposes is $377,157,835 and unrealized gains (losses) consists of:


Gross unrealized gains*	$	18,046,521
Gross unrealized losses		(5,551,913	)

Net unrealized gains	$	12,494,608

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


14		Wells Fargo Advantage Diversified Income Builder Fund		Statement of assets and liabilities—March 31, 2015 (unaudited)




Assets
Investments
In unaffiliated securities (including $12,876,284 of securities loaned), at value (cost $361,474,401)	$	373,830,146
In affiliated securities, at value (cost $15,822,297)		15,822,297

Total investments, at value (cost $377,296,698)		389,652,443
Receivable for investments sold		853,084
Receivable for Fund shares sold		887,845
Receivable for dividends and interest		4,238,336
Receivable for securities lending income		13,215
Prepaid expenses and other assets		59,372

Total assets		395,704,295


Liabilities
Dividends payable		114,318
Payable for investments purchased		369,370
Payable for Fund shares redeemed		992,326
Payable upon receipt of securities loaned		13,150,310
Advisory fee payable		150,563
Distribution fees payable		76,400
Administration fees payable		83,225
Accrued expenses and other liabilities		132,304

Total liabilities		15,068,816

Total net assets	$	380,635,479


NET ASSETS CONSIST OF
Paid-in capital	$	361,769,070
Overdistributed net investment income		(171,052	)
Accumulated net realized gains on investments		6,681,716
Net unrealized gains on investments		12,355,745

Total net assets	$	380,635,479


COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	143,919,430
Shares outstanding – Class A¹		23,410,848
Net asset value per share – Class A		$6.15
Maximum offering price per share – Class A²		$6.53
Net assets – Class B	$	2,522,885
Shares outstanding – Class B¹		408,699
Net asset value per share – Class B		$6.17
Net assets – Class C	$	117,309,131
Shares outstanding – Class C¹		19,041,482
Net asset value per share – Class C		$6.16
Net assets – Administrator Class	$	54,219,368
Shares outstanding – Administrator Class¹		8,995,795
Net asset value per share – Administrator Class		$6.03
Net assets – Institutional Class	$	62,664,665
Shares outstanding – Institutional Class¹	��	10,407,892
Net asset value per share – Institutional Class		$6.02

¹	The Fund has an unlimited number of authorized shares.

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

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


Statement of operations—six months ended March 31, 2015 (unaudited)		Wells Fargo Advantage Diversified Income Builder Fund			15




Investment income
Interest	$	7,387,618
Dividends (net of foreign withholding taxes of $6,338)		1,040,826
Securities lending income, net		54,704
Income from affiliated securities		1,976

Total investment income		8,485,124


Expenses
Advisory fee		930,759
Administration fees
Fund level		93,076
Class A		185,834
Class B		3,837
Class C		149,035
Administrator Class		26,086
Institutional Class		23,835
Shareholder servicing fees
Class A		178,686
Class B		3,688
Class C		143,303
Administrator Class		65,216
Distribution fees
Class B		11,067
Class C		429,909
Custody and accounting fees		13,258
Professional fees		28,507
Registration fees		32,819
Shareholder report expenses		28,450
Trustees’ fees and expenses		2,156
Other fees and expenses		5,404

Total expenses		2,354,925
Less: Fee waivers and/or expense reimbursements		(66,884	)

Net expenses		2,288,041

Net investment income		6,197,083


REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on investments		6,542,605
Net change in unrealized gains (losses) on investments		674,133

Net realized and unrealized gains (losses) on investments		7,216,738

Net increase in net assets resulting from operations	$	13,413,821

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


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


	Six months ended March 31, 2015 (unaudited)						Year ended September 30, 2014

Operations
Net investment income				$	6,197,083					$	12,903,945
Net realized gains on investments					6,542,605						20,717,391
Net change in unrealized gains (losses) on investments					674,133						2,411,963

Net increase in net assets resulting from operations					13,413,821						36,033,299


Distributions to shareholders from
Net investment income
Class A					(2,482,441	)					(5,703,926	)
Class B					(40,248	)					(110,164	)
Class C					(1,560,798	)					(3,231,700	)
Administrator Class					(952,433	)					(1,771,560	)
Institutional Class					(1,147,662	)					(2,086,603	)
Net realized gains
Class A					(7,807,842	)					(3,535,975	)
Class B					(161,998	)					(92,463	)
Class C					(6,201,022	)					(2,482,437	)
Administrator Class					(2,904,026	)					(1,001,962	)
Institutional Class					(3,326,577	)					(1,121,083	)

Total distributions to shareholders					(26,585,047	)					(21,137,873	)


Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		2,450,288			15,245,619			2,927,346			18,644,254
Class B		14,549			90,933			49,956			318,746
Class C		2,325,319			14,527,231			1,927,375			12,272,203
Administrator Class		2,703,860			16,528,042			4,175,618			26,041,091
Institutional Class		1,939,712			11,751,260			2,923,588			18,567,990

					58,143,085						75,844,284

Reinvestment of distributions
Class A		1,533,106			9,260,655			1,330,020			8,372,667
Class B		27,514			166,766			27,558			173,716
Class C		1,039,474			6,287,208			728,044			4,584,672
Administrator Class		509,357			3,019,185			350,052			2,165,734
Institutional Class		744,878			4,409,007			469,844			2,898,770

					23,142,821						18,195,559

Payment for shares redeemed
Class A		(3,020,090	)		(18,638,832	)		(7,800,503	)		(49,886,728	)
Class B		(142,350	)		(890,873	)		(309,633	)		(1,964,287	)
Class C		(1,713,115	)		(10,622,066	)		(3,531,538	)		(22,472,694	)
Administrator Class		(2,002,046	)		(12,139,451	)		(3,912,694	)		(24,411,797	)
Institutional Class		(2,059,667	)		(12,374,100	)		(1,899,453	)		(11,854,456	)

					(54,665,322	)					(110,589,962	)

Net increase (decrease) in net assets resulting from capital share transactions					26,620,584						(16,550,119	)

Total increase (decrease) in net assets					13,449,358						(1,654,693	)


Net assets
Beginning of period					367,186,121						368,840,814

End of period				$	380,635,479					$	367,186,121

Overdistributed net investment income				$	(171,052	)				$	(184,553	)

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


Financial highlights		Wells Fargo Advantage Diversified Income Builder Fund			17

(For a share outstanding throughout each period)


	Six months ended March 31, 2015 (unaudited)			Year ended September 30															Year ended April 30, 2010¹
CLASS A	Six months ended March 31, 2015 (unaudited)			2014			2013			2012			2011			2010^1,2			Year ended April 30, 2010¹
Net asset value, beginning of period		$6.37			$6.13			$6.00			$5.26			$5.57			$5.46			$4.58
Net investment income		0.11			0.23			0.25			0.28			0.28			0.13			0.25
Net realized and unrealized gains (losses) on investments		0.13			0.38			0.13			0.74			(0.27	)		0.11			0.87

Total from investment operations		0.24			0.61			0.38			1.02			0.01			0.24			1.12
Distributions to shareholders from
Net investment income		(0.11	)		(0.23	)		(0.25	)		(0.28	)		(0.32	)		(0.13	)		(0.24	)
Net realized gains		(0.35	)		(0.14	)		0.00			0.00			0.00			0.00			0.00

Total distributions to shareholders		(0.46	)		(0.37	)		(0.25	)		(0.28	)		(0.32	)		(0.13	)		(0.24	)
Net asset value, end of period		$6.15			$6.37			$6.13			$6.00			$5.26			$5.57			$5.46
Total return³		3.90	%		10.13	%		6.37	%		19.86	%		(0.28	)%		4.42	%		24.93	%
Ratios to average net assets (annualized)
Gross expenses		1.12	%		1.13	%		1.12	%		1.14	%		1.13	%		1.10	%		1.07	%
Net expenses		1.08	%		1.08	%		1.08	%		1.08	%		1.08	%		1.05	%		1.07	%
Net investment income		3.48	%		3.60	%		4.03	%		4.93	%		4.86	%		5.74	%		4.96	%
Supplemental data
Portfolio turnover rate		37	%		52	%		60	%		72	%		65	%		21	%		55	%
Net assets, end of period (000s omitted)		$143,919			$143,062			$159,229			$145,156			$134,340			$154,005			$146,340

After the close of business on July 9, 2010, the Fund acquired the net assets of Evergreen Diversified Income Builder 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 Diversified Income Builder Fund.

²	For the five months ended September 30, 2010. The Fund changed its fiscal year end from April 30 to September 30, effective September 30, 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 Diversified Income Builder Fund		Financial highlights

(For a share outstanding throughout each period)


	Six months ended March 31, 2015 (unaudited)			Year ended September 30															Year ended April 30, 2010¹
CLASS B	Six months ended March 31, 2015 (unaudited)			2014			2013			2012			2011			2010^1,2			Year ended April 30, 2010¹
Net asset value, beginning of period		$6.40			$6.15			$6.02			$5.28			$5.59			$5.48			$4.60
Net investment income		0.09	³		0.18	³		0.21	³		0.24	³		0.24	³		0.11	³		0.21	³
Net realized and unrealized gains (losses) on investments		0.11			0.39			0.12			0.74			(0.27	)		0.11			0.87

Total from investment operations		0.20			0.57			0.33			0.98			(0.03	)		0.22			1.08
Distributions to shareholders from
Net investment income		(0.08	)		(0.18	)		(0.20	)		(0.24	)		(0.28	)		(0.11	)		(0.20	)
Net realized gains		(0.35	)		(0.14	)		0.00			0.00			0.00			0.00			0.00

Total distributions to shareholders		(0.43	)		(0.32	)		(0.20	)		(0.24	)		(0.28	)		(0.11	)		(0.20	)
Net asset value, end of period		$6.17			$6.40			$6.15			$6.02			$5.28			$5.59			$5.48
Total return⁴		3.34	%		9.46	%		5.57	%		18.92	%		(1.01	)%		4.09	%		23.65	%
Ratios to average net assets (annualized)
Gross expenses		1.87	%		1.88	%		1.87	%		1.88	%		1.88	%		1.85	%		1.82	%
Net expenses		1.83	%		1.83	%		1.83	%		1.83	%		1.83	%		1.80	%		1.82	%
Net investment income		2.74	%		2.86	%		3.31	%		4.21	%		4.11	%		5.01	%		4.18	%
Supplemental data
Portfolio turnover rate		37	%		52	%		60	%		72	%		65	%		21	%		55	%
Net assets, end of period (000s omitted)		$2,523			$3,256			$4,557			$6,449			$7,971			$16,089			$17,379

²	For the five months ended September 30, 2010. The Fund changed its fiscal year end from April 30 to September 30, effective September 30, 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 Diversified Income Builder Fund			19

(For a share outstanding throughout each period)


	Six months ended March 31, 2015 (unaudited)			Year ended September 30															Year ended April 30, 2010¹
CLASS C	Six months ended March 31, 2015 (unaudited)			2014			2013			2012			2011			2010^1,2			Year ended April 30, 2010¹
Net asset value, beginning of period		$6.39			$6.14			$6.01			$5.27			$5.58			$5.47			$4.60
Net investment income		0.09			0.18			0.20			0.24			0.24			0.11			0.22
Net realized and unrealized gains (losses) on investments		0.11			0.39			0.13			0.74			(0.27	)		0.11			0.85

Total from investment operations		0.20			0.57			0.33			0.98			(0.03	)		0.22			1.07
Distributions to shareholders from
Net investment income		(0.08	)		(0.18	)		(0.20	)		(0.24	)		(0.28	)		(0.11	)		(0.20	)
Net realized gains		(0.35	)		(0.14	)		0.00			0.00			0.00			0.00			0.00

Total distributions to shareholders		(0.43	)		(0.32	)		(0.20	)		(0.24	)		(0.28	)		(0.11	)		(0.20	)
Net asset value, end of period		$6.16			$6.39			$6.14			$6.01			$5.27			$5.58			$5.47
Total return³		3.34	%		9.47	%		5.58	%		18.94	%		(1.02	)%		4.09	%		23.69	%
Ratios to average net assets (annualized)
Gross expenses		1.87	%		1.88	%		1.87	%		1.89	%		1.88	%		1.85	%		1.82	%
Net expenses		1.83	%		1.83	%		1.83	%		1.83	%		1.83	%		1.80	%		1.82	%
Net investment income		2.73	%		2.85	%		3.29	%		4.18	%		4.12	%		5.01	%		4.22	%
Supplemental data
Portfolio turnover rate		37	%		52	%		60	%		72	%		65	%		21	%		55	%
Net assets, end of period (000s omitted)		$117,309			$111,045			$112,113			$114,896			$101,140			$93,159			$93,423

²	For the five months ended September 30, 2010. The Fund changed its fiscal year end from April 30 to September 30, effective September 30, 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 Diversified Income Builder Fund		Financial highlights

(For a share outstanding throughout each period)


	Six months ended March 31, 2015 (unaudited)			Year ended September 30
ADMINISTRATOR CLASS	Six months ended March 31, 2015 (unaudited)			2014			2013			2012			2011			2010¹
Net asset value, beginning of period		$6.25			$6.01			$5.89			$5.16			$5.46			$5.33
Net investment income		0.11	²		0.24			0.26			0.28			0.29	²		0.06	²
Net realized and unrealized gains (losses) on investments		0.13			0.38			0.12			0.74			(0.26	)		0.12

Total from investment operations		0.24			0.62			0.38			1.02			0.03			0.18
Distributions to shareholders from
Net investment income		(0.11	)		(0.24	)		(0.26	)		(0.29	)		(0.33	)		(0.05	)
Net realized gains		(0.35	)		(0.14	)		0.00			0.00			0.00			0.00

Total distributions to shareholders		(0.46	)		(0.38	)		(0.26	)		(0.29	)		(0.33	)		(0.05	)
Net asset value, end of period		$6.03			$6.25			$6.01			$5.89			$5.16			$5.46
Total return³		4.03	%		10.46	%		6.43	%		20.15	%		0.00	%		3.42	%
Ratios to average net assets (annualized)
Gross expenses		0.96	%		0.96	%		0.96	%		0.97	%		0.89	%		1.02	%
Net expenses		0.90	%		0.90	%		0.90	%		0.90	%		0.87	%		0.90	%
Net investment income		3.66	%		3.77	%		4.21	%		5.10	%		5.09	%		5.80	%
Supplemental data
Portfolio turnover rate		37	%		52	%		60	%		72	%		65	%		21	%
Net assets, end of period (000s omitted)		$54,219			$48,690			$43,135			$35,727			$35,157			$10

¹	For the period from July 30, 2010 (commencement of class operations) to September 30, 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 Diversified Income Builder Fund			21

(For a share outstanding throughout each period)


	Six months ended March 31, 2015 (unaudited)			Year ended September 30															Year ended April 30, 2010¹
INSTITUTIONAL CLASS	Six months ended March 31, 2015 (unaudited)			2014			2013			2012			2011			2010^1,2			Year ended April 30, 2010¹
Net asset value, beginning of period		$6.25			$6.01			$5.88			$5.16			$5.46			$5.36			$4.48
Net investment income		0.12			0.25	³		0.27	³		0.30	³		0.30			0.14			0.27
Net realized and unrealized gains (losses) on investments		0.12			0.38			0.13			0.72			(0.26	)		0.09			0.86

Total from investment operations		0.24			0.63			0.40			1.02			0.04			0.23			1.13
Distributions to shareholders from
Net investment income		(0.12	)		(0.25	)		(0.27	)		(0.30	)		(0.34	)		(0.13	)		(0.25	)
Net realized gains		(0.35	)		(0.14	)		0.00			0.00			0.00			0.00			0.00

Total distributions to shareholders		(0.47	)		(0.39	)		(0.27	)		(0.30	)		(0.34	)		(0.13	)		(0.25	)
Net asset value, end of period		$6.02			$6.25			$6.01			$5.88			$5.16			$5.46			$5.36
Total return⁴		3.97	%		10.68	%		6.83	%		20.18	%		0.18	%		4.41	%		25.68	%
Ratios to average net assets (annualized)
Gross expenses		0.69	%		0.70	%		0.69	%		0.71	%		0.70	%		0.76	%		0.82	%
Net expenses		0.69	%		0.70	%		0.69	%		0.71	%		0.69	%		0.74	%		0.82	%
Net investment income		3.87	%		3.98	%		4.43	%		5.32	%		5.27	%		6.10	%		5.31	%
Supplemental data
Portfolio turnover rate		37	%		52	%		60	%		72	%		65	%		21	%		55	%
Net assets, end of period (000s omitted)		$62,665			$61,133			$49,807			$59,031			$61,029			$84,780			$195,418

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

³	Calculated based upon average shares outstanding

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 Diversified Income Builder 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 Diversified Income Builder Fund (the “Fund”) which is a diversified series of the Trust.

2. SIGNIFICANT ACCOUNTING POLICIES

Securities valuation

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

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.

Security loans


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

Security transactions and income recognition

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

Dividend income is recognized on the ex-dividend date. Dividend income 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

Class allocations

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


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

within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement. The inputs are summarized into three broad levels as follows:

Level 1 – quoted prices in active markets for identical securities

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

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

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

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of March 31, 2015:


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

Common stocks
Consumer discretionary	$	16,254,840	$	0	$	0	$	16,254,840
Consumer staples		4,749,650		0		0		4,749,650
Energy		4,101,450		0		0		4,101,450
Health care		16,650,924		0		0		16,650,924
Industrials		18,232,730		0		0		18,232,730
Information technology		28,590,702		0		0		28,590,702
Materials		3,831,400		0		0		3,831,400
Utilities		10,786,350		0		0		10,786,350

Corporate bonds and notes		0		251,871,339		0		251,871,339

Yankee corporate bonds and notes		0		18,760,761		0		18,760,761

Short-term investments
Investment companies		2,671,987		13,150,310		0		15,822,297
Total assets	$	105,870,033	$	283,782,410	$	0	$	389,652,443

4. TRANSACTIONS WITH AFFILIATES

Advisory fee

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 March 31, 2015, the advisory fee was equivalent to an annual rate of 0.50% of the Fund’s average daily net assets.

Administration fees


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

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		0.26	%
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 specific expenses. Funds Management has committed through January 31, 2016 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.08% for Class A shares, 1.83% for Class B shares, 1.83% for Class C shares, 0.90% for Administrator Class shares, and 0.71% 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

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 March 31, 2015, Funds Distributor received $22,294 from the sale of Class A shares and $423 in contingent deferred sales charges from redemptions of Class C shares.

Shareholder servicing fees

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 March 31, 2015 were $144,314,209 and $135,022,616, respectively.

6. BANK BORROWINGS

For the six months ended March 31, 2015, there were no borrowings by the Fund under the agreement.

7. INDEMNIFICATION


26		Wells Fargo Advantage Diversified Income Builder Fund		Other information (unaudited)

PROXY VOTING INFORMATION

PORTFOLIO HOLDINGS INFORMATION


Other information (unaudited)		Wells Fargo Advantage Diversified Income Builder Fund			27

BOARD OF TRUSTEES AND OFFICERS

Independent Trustees


Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Other directorships during past five years
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 Diversified Income Builder 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.
Jeremy DePalma¹ (Born 1974)	Treasurer, since 2012	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Vice President, Evergreen Investment Services, Inc. from 2004 to 2007. Head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.
C. David Messman (Born 1960)	Secretary, since 2000; Chief Legal Officer, since 2003	Senior Vice President and Secretary of Wells Fargo Funds Management, LLC since 2001. 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.

¹	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 Diversified Income Builder 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

SDR	— Swedish depositary receipt

SEK	— Swedish krona

SFHR	— Single-family housing revenue

SFMR	— Single-family mortgage revenue

SGD	— Singapore dollar

SPA	— Standby purchase agreement

SPDR	— Standard & Poor’s Depositary Receipts

SPEAR

— Short Puttable Exempt Adjustable Receipts

STRIPS

— Separate trading of registered interest and

principal securities

TAN	— Tax anticipation notes

TBA	— To be announced

THB	— Thai baht

TIPS	— Treasury inflation-protected securities

TRAN	— Tax revenue anticipation notes

TRY	— Turkish lira

TTFA	— Transportation Trust Fund Authority

TVA	— Tennessee Valley Authority

ZAR	— South African rand

This page is intentionally left blank.

LOGO

For more information

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

Wells Fargo Advantage Funds

P.O. Box 8266

Boston, MA 02266-8266

Email: wfaf@wellsfargo.com

Website: wellsfargoadvantagefunds.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

NOT FDIC INSURED ¡ NO BANK GUARANTEE ¡ MAY LOSE VALUE

232701 05-15

SA226/SAR226 03-15

Wells Fargo Advantage

Index Asset Allocation Fund

LOGO

Semi-Annual Report

March 31, 2015

LOGO

Reduce clutter. Save trees.

Contents


Letter to shareholders			2

Performance highlights			4

Fund expenses			6

Portfolio of investments			7

Financial statements
Statement of assets and liabilities			23
Statement of operations			24
Statement of changes in net assets			25
Financial highlights			26

Notes to financial statements			30

Other information			36

List of abbreviations			39

NOT FDIC INSURED ¡ NO BANK GUARANTEE ¡ MAY LOSE VALUE


2		Wells Fargo Advantage Index Asset Allocation Fund		Letter to shareholders (unaudited)

LOGO

Karla M. Rabusch

President

Wells Fargo Advantage Funds

Statements by Fed Chair Janet Yellen suggested that an increase in the federal funds rate might come later in the year rather than sooner.

The U.S. continued to outperform other developed economies, posting 2.2% annualized gross domestic product (GDP) growth in the fourth quarter of 2014.

Dear Valued Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Advantage Index Asset Allocation Fund for the six-month period that ended March 31, 2015. The period was marked by continued improvement in the U.S. economy and a flattening of the U.S. Treasury curve, with longer-term bond yields declining and short-term rates remaining approximately unchanged; the provided a favorable backdrop for stocks and longer-term bonds.

The Federal Reserve continued to provide liquidity to the markets.

The U.S. economy continued to improve despite a challenging geopolitical situation.

¹	The Barclays 20+ Year U.S. Treasury Index is an unmanaged index composed of securities in the U.S. Treasury Index with maturities of 20 years or greater. You cannot invest directly in an index.

²	The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock’s weight in the index proportionate to its market value. You cannot invest directly in an index.

³	The BofA Merrill Lynch High Yield Master II Index is a market-capitalization-weighted index of domestic and Yankee high-yield bonds. The index tracks the performance of high-yield securities traded in the U.S. bond market. You cannot invest directly in an index.


Letter to shareholders (unaudited)		Wells Fargo Advantage Index Asset Allocation Fund			3

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

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.

Sincerely,

LOGO

Karla M. Rabusch

President

Wells Fargo Advantage Funds


4		Wells Fargo Advantage Index Asset Allocation Fund		Performance highlights (unaudited)

Investment objective

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

Adviser

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Kandarp Acharya, CFA, FRM

Christian Chan, CFA

Average annual total returns (%) as of March 31, 2015


		Including sales charge						Excluding sales charge						Expense ratios¹ (%)
	Inception date	1 year		5 year		10 year		1 year		5 year		10 year		Gross		Net²
Class A (SFAAX)	11-13-1986		7.98		11.92		6.68		14.58		13.25		7.32		1.20		1.15
Class B (SASBX)*	1-1-1995		8.69		12.16		6.76		13.69		12.41		6.76		1.95		1.90
Class C (WFALX)	4-1-1998		12.75		12.41		6.52		13.75		12.41		6.52		1.95		1.90
Administrator Class (WFAIX)	11-8-1999		–		–		–		14.83		13.53		7.59		1.04		0.90
Index Asset Allocation Composite Index³	–		–		–		–		17.28		14.09		8.71		–		–
Barclays U.S. Treasury Index⁴	–		–		–		–		5.36		4.02		4.59		–		–
Barclays U.S. Treasury 20+ Year Index⁵	–		–		–		–		23.30		11.56		8.03		–		–
S&P 500 Index⁶	–		–		–		–		12.73		14.47		8.01		–		–

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

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

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

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

Balanced funds may invest in stocks and bonds. Stock values fluctuate in response to the activities of individual companies and general market and economic conditions. Bond values fluctuate in response to the financial condition of individual issuers, general market and economic conditions, and changes in interest rates. Changes in market conditions and government policies may lead to periods of heightened volatility in the bond market and reduced liquidity for certain bonds held by the Fund. In general, when interest rates rise, bond values fall and investors may lose principal value. Interest-rate changes and their impact on the Fund and its share price can be sudden and unpredictable. The use of derivatives may reduce returns and/or increase volatility. 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 Index Asset Allocation Fund			5


Ten largest holdings⁷ (%) as of March 31, 2015
Apple Incorporated			2.29
U.S. Treasury Bond, 4.38%, 5-15-2040			2.11
U.S. Treasury Bond, 3.75%, 8-15-2041			2.10
U.S. Treasury Bond, 4.25%, 11-15-2040			2.05
U.S. Treasury Bond, 4.63%, 2-15-2040			1.99
U.S. Treasury Bond, 4.38%, 5-15-2041			1.90
U.S. Treasury Bond, 4.38%, 11-15-2039			1.81
U.S. Treasury Bond, 4.75%, 2-15-2041			1.75
U.S. Treasury Bond, 3.88%, 8-15-2040			1.71
U.S. Treasury Bond, 4.25%, 5-15-2039			1.47


Neutral target allocation⁹ as of March 31, 2015
Bonds		40%
Stocks		60%


Current target allocation⁹ as of March 31, 2015
Bonds		36%
Stocks		64%

Equity sector distribution⁸ as of March 31, 2015

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

The Adviser has committed through January 31, 2016, to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waiver, excluding certain expenses, at the amounts shown. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses, and extraordinary expenses are excluded from the cap. Without this cap, the Fund’s returns would have been lower.

Source: Wells Fargo Funds Management, LLC. Effective April 1, 2015, the Index Asset Allocation Composite Index is weighted 60% in the S&P 500 Index and 40% in the Barclays U.S. Treasury Index. Prior to April 1, 2015, the Index Asset Allocation Composite Index was weighted 60% in the S&P 500 Index and 40% in the Barclays U.S. Treasury 20+ Year Index. You cannot invest directly in an index.

⁴

Effective April 1, 2015, the Fund changed its benchmark from the Barclays U.S. Treasury 20+ Year Index to the Barclays U.S. Treasury Index to better align with its duration range. The Barclays U.S. Treasury Index is an unmanaged index composed of public obligations of the U.S. Treasury with remaining maturity of one year or more. You cannot invest directly in an index.

⁵	The Barclays U.S. Treasury 20+ Year Index is an unmanaged index composed of securities in the U.S. Treasury Index with maturities of 20 years or greater. You cannot invest directly in an index.

⁶	The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value weighted index with each stock’s weight in the index proportionate to its market value. You cannot invest directly in an index.

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 ten largest holdings, excluding cash and cash equivalents, are calculated based on the value of the investments divided by total net assets of the Fund. Holdings are subject to change and may have changed since the date specified.

⁹

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


6		Wells Fargo Advantage Index Asset Allocation Fund		Fund expenses (unaudited)

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from October 1, 2014 to March 31, 2015.

Actual expenses

Hypothetical example for comparison purposes


	Beginning account value 10-1-2014		Ending account value 3-31-2015		Expenses paid during the period¹		Net annualized expense ratio
Class A
Actual	$	1,000.00	$	1,077.61	$	5.96		1.15	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.20	$	5.79		1.15	%
Class B
Actual	$	1,000.00	$	1,073.99	$	9.82		1.90	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.46	$	9.55		1.90	%
Class C
Actual	$	1,000.00	$	1,073.90	$	9.82		1.90	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.46	$	9.55		1.90	%
Administrator Class
Actual	$	1,000.00	$	1,079.02	$	4.66		0.90	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.44	$	4.53		0.90	%

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


Portfolio of investments—March 31, 2015 (unaudited)		Wells Fargo Advantage Index Asset Allocation Fund			7


Security name	Interest rate			Maturity date		Principal		Value


Agency Securities: 0.01%
FHLMC		10.50	%		1-1-2016	$	59	$	60
FNMA Series 2002-T1 Class A4		9.50			11-25-2031		83,578		102,473

Total Agency Securities (Cost $87,627)									102,533


						Shares
Common Stocks: 57.89%

Consumer Discretionary: 7.29%

Auto Components: 0.24%
BorgWarner Incorporated							6,774		409,692
Delphi Automotive plc							8,679		692,063
Johnson Controls Incorporated							19,659		991,600
The Goodyear Tire & Rubber Company							8,061		218,292

									2,311,647


Automobiles: 0.40%
Ford Motor Company							118,316		1,909,620
General Motors Company							40,456		1,517,100
Harley-Davidson Incorporated							6,328		384,363

									3,811,083


Distributors: 0.04%
Genuine Parts Company							4,568		425,692


Diversified Consumer Services: 0.03%
H&R Block Incorporated							8,233		264,032


Hotels, Restaurants & Leisure: 1.00%
Carnival Corporation							13,470		644,405
Chipotle Mexican Grill Incorporated †							930		605,002
Darden Restaurants Incorporated							3,710		257,251
Marriott International Incorporated Class A							6,200		497,984
McDonald’s Corporation							28,746		2,801,010
Royal Caribbean Cruises Limited							4,924		403,029
Starbucks Corporation							22,423		2,123,458
Starwood Hotels & Resorts Worldwide Incorporated							5,136		428,856
Wyndham Worldwide Corporation							3,604		326,054
Wynn Resorts Limited							2,423		305,007
Yum! Brands Incorporated							12,951		1,019,503

									9,411,559


Household Durables: 0.27%
D.R. Horton Incorporated							9,944		283,205
Garmin Limited							3,615		171,785
Harman International Industries Incorporated							2,050		273,942
Leggett & Platt Incorporated							4,138		190,720
Lennar Corporation							5,336		276,458
Mohawk Industries Incorporated †							1,855		344,566

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


8		Wells Fargo Advantage Index Asset Allocation Fund		Portfolio of investments—March 31, 2015 (unaudited)


Security name	Shares		Value


Household Durables (continued)
Newell Rubbermaid Incorporated		8,105	$	316,662
Pulte Homes Incorporated		9,910		220,299
Whirlpool Corporation		2,334		471,608

				2,549,245


Internet & Catalog Retail: 0.78%
Amazon.com Incorporated †		11,387		4,237,103
Expedia Incorporated		2,958		278,437
Netflix Incorporated †		1,811		754,626
The Priceline Group Incorporated †		1,554		1,809,089
TripAdvisor Incorporated †		3,336		277,455

				7,356,710


Leisure Products: 0.05%
Hasbro Incorporated «		3,347		211,664
Mattel Incorporated		10,116		231,151

				442,815


Media: 2.04%
Cablevision Systems Corporation New York Group Class A «		6,562		120,085
CBS Corporation Class B		13,682		829,540
Comcast Corporation Class A		75,999		4,291,664
DIRECTV Group Incorporated †		15,035		1,279,479
Discovery Communications Incorporated Class A		4,445		136,728
Discovery Communications Incorporated Class C †		8,082		238,217
Gannett Company Incorporated		6,785		251,588
Interpublic Group of Companies Incorporated		12,334		272,828
News Corporation Class A †		14,936		239,125
Omnicom Group Incorporated		7,381		575,570
Scripps Networks Interactive Incorporated		2,913		199,715
The Walt Disney Company		46,762		4,904,866
Time Warner Cable Incorporated		8,401		1,259,142
Time Warner Incorporated		24,840		2,097,490
Twenty-First Century Fox Incorporated Class A		54,685		1,850,540
Viacom Incorporated Class B		10,924		746,109

				19,292,686


Multiline Retail: 0.47%
Dollar General Corporation †		9,075		684,074
Dollar Tree Incorporated †		6,149		498,961
Family Dollar Stores Incorporated		2,874		227,736
Kohl’s Corporation		6,044		472,943
Macy’s Incorporated		10,189		661,368
Nordstrom Incorporated		4,206		337,826
Target Corporation		19,053		1,563,680

				4,446,588

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


Portfolio of investments—March 31, 2015 (unaudited)		Wells Fargo Advantage Index Asset Allocation Fund			9


Security name	Shares		Value


Specialty Retail: 1.44%
AutoNation Incorporated †		2,239	$	144,035
AutoZone Incorporated †		953		650,098
Bed Bath & Beyond Incorporated †		5,548		425,948
Best Buy Company Incorporated		8,706		329,000
CarMax Incorporated †		6,278		433,245
GameStop Corporation Class A «		3,247		123,256
Gap Incorporated		7,932		343,694
L Brands Incorporated		7,353		693,314
Lowe’s Companies Incorporated		29,097		2,164,526
O’Reilly Automotive Incorporated †		3,042		657,802
Ross Stores Incorporated		6,189		652,073
Staples Incorporated		19,158		311,988
The Home Depot Incorporated		39,414		4,477,825
Tiffany & Company		3,364		296,066
TJX Companies Incorporated		20,416		1,430,141
Tractor Supply Company		4,072		346,364
Urban Outfitters Incorporated †		2,991		136,539

				13,615,914


Textiles, Apparel & Luxury Goods: 0.53%
Coach Incorporated		8,250		341,798
Fossil Group Incorporated †		1,325		109,246
Hanesbrands Incorporated		11,988		401,718
Michael Kors Holdings Limited †		6,005		394,829
Nike Incorporated Class B		20,930		2,099,907
PVH Corporation		2,467		262,884
Ralph Lauren Corporation		1,800		236,700
Under Armour Incorporated Class A †		4,991		403,023
VF Corporation		10,239		771,099

				5,021,204


Consumer Staples: 5.61%

Beverages: 1.24%
Brown-Forman Corporation Class B		4,662		421,212
Coca-Cola Enterprises Incorporated		6,489		286,814
Constellation Brands Incorporated Class A †		5,035		585,117
Dr Pepper Snapple Group Incorporated		5,771		452,908
Molson Coors Brewing Company		4,779		355,797
Monster Beverage Corporation †		4,372		605,063
PepsiCo Incorporated		44,333		4,239,121
The Coca-Cola Company		117,530		4,765,842

				11,711,874


Food & Staples Retailing: 1.47%
Costco Wholesale Corporation		13,159		1,993,523
CVS Health Corporation		33,654		3,473,429
Safeway Casa Ley Contingent Value Rights (a)		6,765		0
Safeway PDC Contingent Value Rights (a)		6,765		0
Sysco Corporation		17,716		668,425
The Kroger Company		14,695		1,126,519

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


10		Wells Fargo Advantage Index Asset Allocation Fund		Portfolio of investments—March 31, 2015 (unaudited)


Security name	Shares		Value


Food & Staples Retailing (continued)
Wal-Mart Stores Incorporated		47,236	$	3,885,161
Walgreens Boots Alliance Incorporated		26,077		2,208,200
Whole Foods Market Incorporated		10,790		561,943

				13,917,200


Food Products: 0.96%
Archer Daniels Midland Company		18,969		899,131
Campbell Soup Company		5,314		247,367
ConAgra Foods Incorporated		12,741		465,429
General Mills Incorporated		18,055		1,021,913
Hormel Foods Corporation		4,027		228,935
Kellogg Company		7,570		499,242
Keurig Green Mountain Incorporated		3,627		405,245
Kraft Foods Group Incorporated		17,587		1,532,092
McCormick & Company Incorporated		3,838		295,948
Mead Johnson Nutrition Company		6,050		608,207
Mondelez International Incorporated Class A		49,330		1,780,320
The Hershey Company		4,423		446,325
The JM Smucker Company		3,042		352,051
Tyson Foods Incorporated Class A		8,741		334,780

				9,116,985


Household Products: 1.06%
Clorox Company		3,921		432,839
Colgate-Palmolive Company		25,503		1,768,378
Kimberly-Clark Corporation		10,929		1,170,605
The Procter & Gamble Company		80,768		6,618,130

				9,989,952


Personal Products: 0.06%
Estee Lauder Companies Incorporated Class A		6,673		554,927


Tobacco: 0.82%
Altria Group Incorporated		58,902		2,946,278
Lorillard Incorporated		10,768		703,689
Philip Morris International		46,266		3,485,218
Reynolds American Incorporated		9,214		634,937

				7,770,122


Energy: 4.66%

Energy Equipment & Services: 0.73%
Baker Hughes Incorporated		12,996		826,286
Cameron International Corporation †		5,793		261,380
Diamond Offshore Drilling Incorporated «		2,011		53,875
Ensco plc Class A		7,008		147,659	��
FMC Technologies Incorporated †		6,924		256,257
Halliburton Company		25,414		1,115,166
Helmerich & Payne Incorporated «		3,220		219,185

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


Portfolio of investments—March 31, 2015 (unaudited)		Wells Fargo Advantage Index Asset Allocation Fund			11


Security name	Shares		Value


Energy Equipment & Services (continued)
National Oilwell Varco Incorporated		12,261	$	612,927
Noble Corporation plc «		7,236		103,330
Schlumberger Limited		38,143		3,182,652
Transocean Limited «		10,183		149,385

				6,928,102


Oil, Gas & Consumable Fuels: 3.93%
Anadarko Petroleum Corporation		15,153		1,254,820
Apache Corporation		11,270		679,919
Cabot Oil & Gas Corporation		12,356		364,873
Chesapeake Energy Corporation «		15,475		219,126
Chevron Corporation		56,232		5,903,235
Cimarex Energy Company		2,618		301,306
ConocoPhillips Company		36,829		2,292,974
CONSOL Energy Incorporated		6,885		192,023
Devon Energy Corporation		11,559		697,123
EOG Resources Incorporated		16,401		1,503,808
EQT Corporation		4,540		376,230
Exxon Mobil Corporation		125,458		10,663,930
Hess Corporation		7,264		493,008
Kinder Morgan Incorporated		50,963		2,143,504
Marathon Oil Corporation		20,189		527,135
Marathon Petroleum Corporation		8,167		836,219
Murphy Oil Corporation		4,991		232,581
Newfield Exploration Company †		4,807		168,678
Noble Energy Incorporated		11,565		565,529
Occidental Petroleum Corporation		23,046		1,682,358
ONEOK Incorporated		6,233		300,680
Phillips 66		16,255		1,277,643
Pioneer Natural Resources Company		4,456		728,601
QEP Resources Incorporated		4,830		100,706
Range Resources Corporation		4,958		258,014
Southwestern Energy Company †		11,498		266,639
Spectra Energy Corporation		20,072		726,004
Tesoro Corporation		3,738		341,242
The Williams Companies Incorporated		20,133		1,018,528
Valero Energy Corporation		15,397		979,557

				37,095,993


Financials: 9.38%

Banks: 3.34%
Bank of America Corporation		314,626		4,842,094
BB&T Corporation		21,559		840,585
Citigroup Incorporated		90,740		4,674,925
Comerica Incorporated		5,336		240,814
Fifth Third Bancorp		24,366		459,299
Huntington Bancshares Incorporated		24,227		267,708
JPMorgan Chase & Company		111,508		6,755,155
KeyCorp		25,581		362,227

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


12		Wells Fargo Advantage Index Asset Allocation Fund		Portfolio of investments—March 31, 2015 (unaudited)


Security name	Shares		Value


Banks (continued)
M&T Bank Corporation		3,977	$	505,079
PNC Financial Services Group Incorporated		15,570		1,451,747
Regions Financial Corporation		40,166		379,569
SunTrust Banks Incorporated		15,687		644,579
US Bancorp		53,275		2,326,519
Wells Fargo & Company (l)		140,226		7,628,294
Zions Bancorporation		6,067		163,809

				31,542,403


Capital Markets: 1.30%
Affiliated Managers Group Incorporated †		1,632		350,521
Ameriprise Financial Incorporated		5,459		714,256
Bank of New York Mellon Corporation		33,314		1,340,555
BlackRock Incorporated		3,793		1,387,631
Charles Schwab Corporation		34,506		1,050,363
ETRADE Financial Corporation †*		8,640		246,715
Franklin Resources Incorporated		11,716		601,265
Goldman Sachs Group Incorporated		12,116		2,277,445
Invesco Limited		12,834		509,381
Legg Mason Incorporated		2,964		163,613
Morgan Stanley		46,110		1,645,666
Northern Trust Corporation		6,562		457,043
State Street Corporation		12,328		906,478
T. Rowe Price Group Incorporated		7,799		631,563

				12,282,495


Consumer Finance: 0.46%
American Express Company		26,216		2,047,994
Capital One Financial Corporation		16,495		1,300,136
Discover Financial Services		13,376		753,738
Navient Corporation		12,005		244,062

				4,345,930


Diversified Financial Services: 1.20%
Berkshire Hathaway Incorporated Class B †		54,544		7,871,790
CME Group Incorporated		9,481		897,946
IntercontinentalExchange Group Incorporated		3,347		780,755
Leucadia National Corporation		9,431		210,217
McGraw Hill Financial Incorporated		8,178		845,605
Moody’s Corporation		5,320		552,216
The NASDAQ OMX Group Incorporated		3,532		179,920

				11,338,449


Insurance: 1.55%
ACE Limited		9,788		1,091,264
AFLAC Incorporated		13,124		840,067
Allstate Corporation		12,456		886,494
American International Group Incorporated		41,047		2,248,965
Aon plc		8,384		805,870

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


Portfolio of investments—March 31, 2015 (unaudited)		Wells Fargo Advantage Index Asset Allocation Fund			13


Security name	Shares		Value


Insurance (continued)
Assurant Incorporated		2,061	$	126,566
Chubb Corporation		6,902		697,792
Cincinnati Financial Corporation		4,417		235,338
Genworth Financial Incorporated Class A †		14,857		108,605
Lincoln National Corporation		7,665		440,431
Loews Corporation		8,929		364,571
Marsh & McLennan Companies Incorporated		16,116		903,946
MetLife Incorporated		33,420		1,689,381
Principal Financial Group Incorporated		8,178		420,104
Prudential Financial Incorporated		13,576		1,090,289
The Hartford Financial Services Group Incorporated		12,589		526,472
The Progressive Corporation		16,027		435,934
The Travelers Companies Incorporated		9,610		1,039,129
Torchmark Corporation		3,799		208,641
Unum Group		7,521		253,683
XL Group plc		7,631		280,821

				14,694,363


Real Estate Management & Development: 0.03%
CBRE Group Incorporated †		8,367		323,887


REITs: 1.47%
American Tower Corporation		12,640		1,190,056
Apartment Investment & Management Company Class A		4,673		183,929
AvalonBay Communities Incorporated		3,950		688,288
Boston Properties Incorporated		4,579		643,258
Crown Castle International Corporation		9,983		823,997
Equity Residential		10,880		847,117
Essex Property Trust Incorporated		1,950		448,305
General Growth Properties Incorporated		18,790		555,245
HCP Incorporated		13,782		595,520
Health Care REIT Incorporated		10,450		808,412
Host Hotels & Resorts Incorporated		22,657		457,218
Iron Mountain Incorporated		5,592		203,996
Kimco Realty Corporation		12,339		331,302
Plum Creek Timber Company		5,264		228,721
Prologis Incorporated		15,314		667,078
Public Storage Incorporated		4,339		855,390
Simon Property Group Incorporated		9,298		1,819,061
SL Green Realty Corporation		2,947		378,336
The Macerich Company		4,211		355,114
Ventas Incorporated		9,893		722,387
Vornado Realty Trust		5,225		585,200
Weyerhaeuser Company		15,705		520,621

				13,908,551


Thrifts & Mortgage Finance: 0.03%
Hudson City Bancorp Incorporated		14,395		150,860
People’s United Financial Incorporated		9,219		140,129

				290,989

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


14		Wells Fargo Advantage Index Asset Allocation Fund		Portfolio of investments—March 31, 2015 (unaudited)


Security name	Shares		Value


Health Care: 8.64%

Biotechnology: 1.76%
Alexion Pharmaceuticals Incorporated †		6,044	$	1,047,425
Amgen Incorporated		22,695		3,627,796
Biogen Idec Incorporated †		7,019		2,963,703
Celgene Corporation †		23,944		2,760,264
Gilead Sciences Incorporated †		44,545		4,371,201
Regeneron Pharmaceuticals Incorporated †		2,206		995,965
Vertex Pharmaceuticals Incorporated †		7,242		854,339

				16,620,693


Health Care Equipment & Supplies: 1.27%
Abbott Laboratories		45,130		2,090,873
Baxter International Incorporated		16,228		1,111,618
Becton Dickinson & Company		6,244		896,576
Boston Scientific Corporation †		39,793		706,326
C.R. Bard Incorporated		2,222		371,852
DENTSPLY International Incorporated		4,195		213,484
Edwards Lifesciences Corporation †		3,225		459,434
Intuitive Surgical Incorporated †		1,092		551,493
Medtronic plc		42,622		3,324,090
St. Jude Medical Incorporated		8,412		550,145
Stryker Corporation		8,947		825,361
Varian Medical Systems Incorporated †		2,991		281,423
Zimmer Holdings Incorporated		5,080		597,002

				11,979,677


Health Care Providers & Services: 1.62%
Aetna Incorporated		10,518		1,120,483
AmerisourceBergen Corporation		6,239		709,187
Anthem Incorporated		7,977		1,231,729
Cardinal Health Incorporated		9,871		891,055
Cigna Corporation		7,727		1,000,183
DaVita HealthCare Partners Incorporated †		5,164		419,730
Express Scripts Holding Company †		21,737		1,886,119
HCA Holdings Incorporated †		8,807		662,551
Henry Schein Incorporated †		2,507		350,027
Humana Incorporated		4,473		796,283
Laboratory Corporation of America Holdings †		2,997		377,892
McKesson Corporation		6,963		1,575,031
Patterson Companies Incorporated		2,562		125,000
Quest Diagnostics Incorporated		4,317		331,761
Tenet Healthcare Corporation †		2,947		145,906
UnitedHealth Group Incorporated		28,523		3,373,986
Universal Health Services Incorporated Class B		2,724		320,642

				15,317,565


Health Care Technology: 0.07%
Cerner Corporation †		9,119		668,058

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


Portfolio of investments—March 31, 2015 (unaudited)		Wells Fargo Advantage Index Asset Allocation Fund			15


Security name	Shares		Value


Life Sciences Tools & Services: 0.26%
Agilent Technologies Incorporated		10,043	$	417,287
PerkinElmer Incorporated		3,382		172,955
Thermo Fisher Scientific Incorporated		11,865		1,593,944
Waters Corporation †		2,485		308,935

				2,493,121


Pharmaceuticals: 3.66%
AbbVie Incorporated		47,671		2,790,660
Actavis plc †		11,676		3,475,011
Bristol-Myers Squibb Company		49,709		3,206,231
Eli Lilly & Company		29,241		2,124,359
Endo International plc †		5,309		476,217
Hospira Incorporated †		5,125		450,180
Johnson & Johnson		83,157		8,365,594
Mallinckrodt plc †		3,481		440,869
Merck & Company Incorporated		84,884		4,879,132
Mylan NV †		11,152		661,871
Perrigo Company plc		4,211		697,131
Pfizer Incorporated		183,307		6,377,251
Zoetis Incorporated		14,980		693,424

				34,637,930


Industrials: 6.01%

Aerospace & Defense: 1.60%
General Dynamics Corporation		9,426		1,279,391
Honeywell International Incorporated		23,409		2,441,793
L-3 Communications Holdings Incorporated		2,467		310,324
Lockheed Martin Corporation		8,021		1,627,942
Northrop Grumman Corporation		5,932		954,815
Precision Castparts Corporation		4,239		890,190
Raytheon Company		9,192		1,004,226
Rockwell Collins Incorporated		3,977		383,979
Textron Incorporated		8,278		366,964
The Boeing Company		19,592		2,940,367
United Technologies Corporation		24,713		2,896,364

				15,096,355


Air Freight & Logistics: 0.41%
C.H. Robinson Worldwide Incorporated		4,379		320,630
Expeditors International of Washington Incorporated		5,732		276,168
FedEx Corporation		7,882		1,304,077
United Parcel Service Incorporated Class B		20,785		2,014,898

				3,915,773


Airlines: 0.33%
American Airlines Group Incorporated		21,453		1,132,289
Delta Air Lines Incorporated		24,651		1,108,309
Southwest Airlines Company		20,216		895,569

				3,136,167

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


16		Wells Fargo Advantage Index Asset Allocation Fund		Portfolio of investments—March 31, 2015 (unaudited)


Security name	Shares		Value


Building Products: 0.05%
Allegion plc		2,869	$	175,497
Masco Corporation		10,456		279,175

				454,672


Commercial Services & Supplies: 0.26%
Cintas Corporation		2,913		237,788
Pitney Bowes Incorporated		6,027		140,550
Republic Services Incorporated		7,497		304,078
Stericycle Incorporated †		2,540		356,692
The ADT Corporation		5,119		212,541
Tyco International plc		12,562		540,920
Waste Management Incorporated		12,768		692,409

				2,484,978


Construction & Engineering: 0.06%
Fluor Corporation		4,417		252,476
Jacobs Engineering Group Incorporated †		3,838		173,324
Quanta Services Incorporated †		6,323		180,395

				606,195


Electrical Equipment: 0.32%
AMETEK Incorporated		7,208		378,708
Eaton Corporation plc		14,194		964,340
Emerson Electric Company		20,494		1,160,370
Rockwell Automation Incorporated		4,050		469,760

				2,973,178


Industrial Conglomerates: 1.34%
3M Company		18,985		3,131,576
Danaher Corporation		18,361		1,558,849
General Electric Company		301,027		7,468,480
Roper Industries Incorporated		3,002		516,344

				12,675,249


Machinery: 0.85%
Caterpillar Incorporated		18,127		1,450,704
Cummins Incorporated		5,035		698,052
Deere & Company		10,156		890,580
Dover Corporation		4,874		336,891
Flowserve Corporation		4,027		227,485
Illinois Tool Works Incorporated		10,439		1,014,044
Ingersoll-Rand plc		7,877		536,266
Joy Global Incorporated		2,913		114,131
Paccar Incorporated		10,602		669,410
Pall Corporation		3,192		320,445
Parker Hannifin Corporation		4,261		506,122
Pentair plc		5,453		342,939
Snap-on Incorporated		1,738		255,590
Stanley Black & Decker Incorporated		4,707		448,860
Xylem Incorporated		5,453		190,964

				8,002,483

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


Portfolio of investments—March 31, 2015 (unaudited)		Wells Fargo Advantage Index Asset Allocation Fund			17


Security name	Shares		Value


Professional Services: 0.12%
Dun & Bradstreet Corporation		1,075	$	137,987
Equifax Incorporated		3,570		332,010
Nielsen Holdings NV		9,437		420,607
Robert Half International Incorporated		4,045		244,803

				1,135,407


Road & Rail: 0.56%
CSX Corporation		29,625		981,180
Kansas City Southern		3,303		337,170
Norfolk Southern Corporation		9,191		945,938
Ryder System Incorporated		1,582		150,116
Union Pacific Corporation		26,355		2,854,510

				5,268,914


Trading Companies & Distributors: 0.11%
Fastenal Company		8,127		336,742
United Rentals Incorporated †		2,885		262,997
W.W. Grainger Incorporated		1,793		422,807

				1,022,546


Information Technology: 11.39%

Communications Equipment: 0.92%
Cisco Systems Incorporated		152,673		4,202,324
F5 Networks Incorporated †		2,156		247,811
Harris Corporation		3,114		245,259
Juniper Networks Incorporated		10,835		244,654
Motorola Solutions Incorporated		5,704		380,286
QUALCOMM Incorporated		49,336		3,420,958

				8,741,292


Electronic Equipment, Instruments & Components: 0.25%
Amphenol Corporation Class A		9,276		546,635
Corning Incorporated		38,021		862,316
FLIR Systems Incorporated		4,178		130,688
TE Connectivity Limited		12,149		870,111

				2,409,750


Internet Software & Services: 1.97%
Akamai Technologies Incorporated †		5,347		379,878
eBay Incorporated †		32,935		1,899,691
Equinix Incorporated		1,688		393,051
Facebook Incorporated Class A †		62,785		5,161,869
Google Incorporated Class A †		8,540		4,737,138
Google Incorporated Class C †		8,556		4,688,688
VeriSign Incorporated †		3,148		210,822
Yahoo! Incorporated †		26,038		1,156,999

				18,628,136

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


18		Wells Fargo Advantage Index Asset Allocation Fund		Portfolio of investments—March 31, 2015 (unaudited)


Security name	Shares		Value


IT Services: 1.95%
Accenture plc Class A		18,785	$	1,759,967
Alliance Data Systems Corporation †		1,877		556,061
Automatic Data Processing Incorporated		14,211		1,217,030
Cognizant Technology Solutions Corporation Class A †		18,233		1,137,557
Computer Sciences Corporation		4,217		275,286
Fidelity National Information Services Incorporated		8,523		580,075
Fiserv Incorporated †		7,136		566,598
International Business Machines Corporation		27,493		4,412,627
MasterCard Incorporated Class A		29,197		2,522,329
Paychex Incorporated		9,776		485,036
Teradata Corporation †«		4,339		191,523
The Western Union Company		15,592		324,470
Total System Services Incorporated		4,924		187,851
Visa Incorporated Class A		58,020		3,795,088
Xerox Corporation		31,264		401,742

				18,413,240


Semiconductors & Semiconductor Equipment: 1.39%
Altera Corporation		8,997		386,061
Analog Devices Incorporated		9,320		587,160
Applied Materials Incorporated		36,746		828,990
Avago Technologies Limited		7,676		974,698
Broadcom Corporation Class A		16,300		705,709
First Solar Incorporated †		2,251		134,587
Intel Corporation		141,647		4,429,302
KLA-Tencor Corporation		4,863		283,464
Lam Research Corporation		4,763		334,529
Linear Technology Corporation		7,152		334,714
Microchip Technology Incorporated «		6,027		294,720
Micron Technology Incorporated †		32,222		874,183
NVIDIA Corporation		15,442		323,124
Skyworks Solutions Incorporated		5,704		560,646
Texas Instruments Incorporated		31,319		1,790,977
Xilinx Incorporated		7,821		330,828

				13,173,692


Software: 2.08%
Adobe Systems Incorporated †		14,233		1,052,388
Autodesk Incorporated †		6,779		397,521
CA Incorporated		9,536		310,969
Citrix Systems Incorporated †		4,779		305,235
Electronic Arts Incorporated †		9,298		546,862
Intuit Incorporated		8,278		802,635
Microsoft Corporation		245,361		9,975,151
Oracle Corporation		95,875		4,137,006
Red Hat Incorporated †		5,486		415,565
Salesforce.com Incorporated †		18,094		1,208,860
Symantec Corporation		20,405		476,763

				19,628,955

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


Portfolio of investments—March 31, 2015 (unaudited)		Wells Fargo Advantage Index Asset Allocation Fund			19


Security name	Shares		Value


Technology Hardware, Storage & Peripherals: 2.83%
Apple Incorporated		174,209	$	21,676,809
EMC Corporation		59,459		1,519,772
Hewlett-Packard Company		54,361		1,693,889
NetApp Incorporated		9,325		330,665
SanDisk Corporation		6,372		405,387
Seagate Technology plc		9,821		510,987
Western Digital Corporation		6,495		591,110

				26,728,619


Materials: 1.83%

Chemicals: 1.37%
Air Products & Chemicals Incorporated		5,766		872,280
Airgas Incorporated		2,022		214,554
CF Industries Holdings Incorporated		1,431		405,946
E.I. du Pont de Nemours & Company		27,080		1,935,408
Eastman Chemical Company		4,445		307,861
Ecolab Incorporated		8,056		921,445
FMC Corporation		3,988		228,313
International Flavors & Fragrances Incorporated		2,412		283,169
LyondellBasell Industries NV Class A		11,844		1,039,903
Monsanto Company		14,456		1,626,878
PPG Industries Incorporated		4,067		917,271
Praxair Incorporated		8,634		1,042,469
Sigma-Aldrich Corporation		3,570		493,553
The Dow Chemical Company		32,545		1,561,509
The Mosaic Company		9,298		428,266
The Sherwin-Williams Company		2,412		686,214

				12,965,039


Construction Materials: 0.06%
Martin Marietta Materials Incorporated		1,849		258,490
Vulcan Materials Company		3,950		332,985

				591,475


Containers & Packaging: 0.12%
Avery Dennison Corporation		2,708		143,280
Ball Corporation		4,105		289,977
MeadWestvaco Corporation		5,008		249,749
Owens-Illinois Incorporated †		4,913		114,571
Sealed Air Corporation		6,283		286,253

				1,083,830


Metals & Mining: 0.21%
Alcoa Incorporated		36,556		472,304
Allegheny Technologies Incorporated		3,247		97,442
Freeport-McMoRan Copper & Gold Incorporated Class B		31,102		589,383
Newmont Mining Corporation		14,918		323,870
Nucor Corporation		9,543		453,579

				1,936,578

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


20		Wells Fargo Advantage Index Asset Allocation Fund		Portfolio of investments—March 31, 2015 (unaudited)


Security name	Shares		Value


Paper & Forest Products: 0.07%
International Paper Company		12,646	$	701,727


Telecommunication Services: 1.32%

Diversified Telecommunication Services: 1.32%
AT&T Incorporated		155,230		5,068,260
CenturyLink Incorporated		16,940		585,277
Frontier Communications Corporation		29,982		211,373
Level 3 Communications Incorporated †		8,579		461,893
Verizon Communications Incorporated		124,283		6,043,882
Windstream Holdings Incorporated «		18,021		133,355

				12,504,040


Utilities: 1.76%

Electric Utilities: 1.00%
American Electric Power Company Incorporated		14,646		823,838
Duke Energy Corporation		21,164		1,624,972
Edison International		9,743		608,645
Entergy Corporation		5,398		418,291
Eversource Energy		9,475		478,677
Exelon Corporation		25,715		864,281
FirstEnergy Corporation		12,595		441,581
NextEra Energy Incorporated		13,264		1,380,119
Pepco Holdings Incorporated		7,559		202,808
Pinnacle West Capital Corporation		3,309		210,949
PPL Corporation		19,949		671,483
The Southern Company		27,214		1,205,036
Xcel Energy Incorporated		15,130		526,675

				9,457,355


Gas Utilities: 0.02%
AGL Resources Incorporated		3,576		177,548


Independent Power & Renewable Electricity Producers: 0.05%
AES Corporation		19,331		248,403
NRG Energy Incorporated		10,100		254,419

				502,822


Multi-Utilities: 0.69%
Ameren Corporation		7,258		306,288
CenterPoint Energy Incorporated		12,852		262,309
CMS Energy Corporation		8,239		287,623
Consolidated Edison Incorporated		8,757		534,177
Dominion Resources Incorporated		17,587		1,246,391
DTE Energy Company		5,298		427,496
Integrys Energy Group Incorporated		2,379		171,336
NiSource Incorporated		9,459		417,709
PG&E Corporation		14,250		756,248
Public Service Enterprise Group Incorporated		15,135		634,459
SCANA Corporation		4,273		234,972

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


Portfolio of investments—March 31, 2015 (unaudited)		Wells Fargo Advantage Index Asset Allocation Fund			21


Security name						Shares		Value


Multi-Utilities (continued)
Sempra Energy							6,924	$	754,854
TECO Energy Incorporated							7,041		136,595
Wisconsin Energy Corporation							6,746		333,927

									6,504,384


Total Common Stocks (Cost $318,968,716)									547,398,840


	Interest rate			Maturity date		Principal
Non-Agency Mortgage-Backed Securities: 0.00%
Citigroup Mortgage Loan Trust Incorporated Series 2004-HYB4 Class AA ±		0.50	%		12-25-2034	$	23,288		20,202


Total Non-Agency Mortgage-Backed Securities (Cost $23,288)									20,202


U.S. Treasury Securities: 28.08%
U.S. Treasury Bond		2.75			8-15-2042		11,977,000		12,461,697
U.S. Treasury Bond		3.00			5-15-2042		8,536,000		9,315,576
U.S. Treasury Bond		3.13			11-15-2041		11,934,000		13,344,635
U.S. Treasury Bond		3.13			2-15-2042		9,800,000		10,949,971
U.S. Treasury Bond		3.13			2-15-2043		9,824,000		10,967,573
U.S. Treasury Bond		3.50			2-15-2039		7,415,000		8,781,562
U.S. Treasury Bond		3.75			8-15-2041		15,975,000		19,862,660
U.S. Treasury Bond		3.88			8-15-2040		12,868,000		16,203,630
U.S. Treasury Bond		4.25			5-15-2039		10,503,000		13,877,908
U.S. Treasury Bond		4.25			11-15-2040		14,576,000		19,420,246
U.S. Treasury Bond		4.38			2-15-2038		3,478,000		4,661,334
U.S. Treasury Bond		4.38			11-15-2039		12,725,000		17,155,883
U.S. Treasury Bond		4.38			5-15-2040		14,734,000		19,920,822
U.S. Treasury Bond		4.38			5-15-2041		13,209,000		18,013,774
U.S. Treasury Bond		4.50			2-15-2036		7,019,000		9,563,388
U.S. Treasury Bond		4.50			5-15-2038		4,558,000		6,208,493
U.S. Treasury Bond		4.50			8-15-2039		7,736,000		10,594,088
U.S. Treasury Bond		4.63			2-15-2040		13,479,000		18,829,529
U.S. Treasury Bond		4.75			2-15-2037		2,550,000		3,591,716
U.S. Treasury Bond		4.75			2-15-2041		11,532,000		16,543,911
U.S. Treasury Bond		5.00			5-15-2037		3,615,000		5,257,566

Total U.S. Treasury Securities (Cost $210,859,474)									265,525,962


	Yield					Shares
Short-Term Investments: 13.72%

Investment Companies: 8.65%
Securities Lending Cash Investments, LLC (l)(r)(u)		0.15					1,600,850		1,600,850
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)		0.10					80,184,858		80,184,858

									81,785,708

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


22		Wells Fargo Advantage Index Asset Allocation Fund		Portfolio of investments—March 31, 2015 (unaudited)


	Yield			Maturity date		Principal		Value


U.S. Treasury Securities: 5.07%
U.S. Treasury Bill (z)#		0.01	%		7-9-2015	$	4,400,000	$	4,399,820
U.S. Treasury Bill (z)#		0.00			4-2-2015		100,000		100,000
U.S. Treasury Bill (z)#		0.02			4-23-2015		2,900,000		2,899,968
U.S. Treasury Bill (z)#		0.03			7-2-2015		17,900,000		17,898,407
U.S. Treasury Bill (z)#		0.08			8-27-2015		22,700,000		22,692,759

									47,990,954


Total Short-Term Investments (Cost $129,774,290)									129,776,662


Total investments in securities (Cost $659,713,395) *	99.70	%		942,824,199
Other assets and liabilities, net	0.30			2,811,086

Total net assets	100.00	%	$	945,635,285

†	Non-income-earning security

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

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

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

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

(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.

(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 $684,683,059 and unrealized gains (losses) consists of:


Gross unrealized gains	$	287,637,328
Gross unrealized losses		(29,496,188	)

Net unrealized gains	$	258,141,140

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


Statement of assets and liabilities—March 31, 2015 (unaudited)		Wells Fargo Advantage Index Asset Allocation Fund			23




Assets
Investments
In unaffiliated securities (including $1,562,453 of securities loaned), at value (cost $573,509,286)	$	853,410,197
In affiliated securities, at value (cost $86,204,109)		89,414,002

Total investments, at value (cost $659,713,395)		942,824,199
Segregated cash		700,000
Principal paydown receivable		8
Receivable for Fund shares sold		3,177,736
Receivable for dividends and interest		2,689,599
Receivable for securities lending income		2,770
Prepaid expenses and other assets		179,534

Total assets		949,573,846


Liabilities
Payable for Fund shares redeemed		977,311
Payable upon receipt of securities loaned		1,600,850
Payable for daily variation margin on open futures contracts		376,981
Advisory fee payable		377,639
Distribution fee payable		31,149
Administration fees payable		233,262
Shareholder servicing fees payable		200,038
Accrued expenses and other liabilities		141,331

Total liabilities		3,938,561

Total net assets	$	945,635,285


NET ASSETS CONSIST OF
Paid-in capital	$	694,437,243
Undistributed net investment income		205,498
Accumulated net realized losses on investments		(31,871,409	)
Net unrealized gains on investments		282,863,953

Total net assets	$	945,635,285


COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	784,473,305
Shares outstanding – Class A¹		26,219,860
Net asset value per share – Class A		$29.92
Maximum offering price per share – Class A²		$31.75
Net assets – Class B	$	263,034
Shares outstanding – Class B¹		14,299
Net asset value per share – Class B		$18.40
Net assets – Class C	$	51,328,623
Shares outstanding – Class C¹		2,814,576
Net asset value per share – Class C		$18.24
Net assets – Administrator Class	$	109,570,323
Shares outstanding – Administrator Class¹		3,660,471
Net asset value per share – Administrator Class		$29.93

¹	The Fund has an unlimited number of authorized shares.

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

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


24		Wells Fargo Advantage Index Asset Allocation Fund		Statement of operations—six months ended March 31, 2015 (unaudited)




Investment income
Dividends (net of foreign withholding taxes of $669)	$	5,357,822
Interest		4,655,063
Income from affiliated securities		118,728
Securities lending income, net		13,057

Total investment income		10,144,670


Expenses
Advisory fee		2,535,997
Administration fees
Fund level		219,213
Class A		981,176
Class B		363
Class C		47,375
Administrator Class		42,689
Shareholder servicing fees
Class A		943,438
Class B		349
Class C		45,553
Administrator Class		106,723
Distribution fees
Class B		1,048
Class C		136,658
Custody and accounting fees		41,455
Professional fees		20,478
Registration fees		24,119
Shareholder report expenses		44,155
Trustees’ fees and expenses		6,555
Other fees and expenses		222,559

Total expenses		5,419,903
Less: Fee waivers and/or expense reimbursements		(347,028	)

Net expenses		5,072,875

Net investment income		5,071,795


REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS

Net realized gains on:
Unaffiliated securities		14,676,418
Affiliated securities		20,917
Futures transactions		1,766,460

Net realized gains on investments		16,463,795


Net change in unrealized gains (losses) on:
Unaffiliated securities		41,598,648
Affiliated securities		298,333
Futures transactions		(109,743	)

Net change in unrealized gains (losses) on investments		41,787,238

Net realized and unrealized gains (losses) on investments		58,251,033

Net increase in net assets resulting from operations	$	63,322,828

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


Statement of changes in net assets		Wells Fargo Advantage Index Asset Allocation Fund			25


	Six months ended March 31, 2015 (unaudited)						Year ended September 30, 2014

Operations
Net investment income				$	5,071,795					$	10,668,244
Net realized gains on investments					16,463,795						13,299,627
Net change in unrealized gains (losses) on investments					41,787,238						92,137,846

Net increase in net assets resulting from operations					63,322,828						116,105,717


Distributions to shareholders from
Net investment income
Class A					(4,377,804	)					(9,743,367	)
Class B					(465	)					(3,563	)
Class C					(108,782	)					(152,334	)
Administrator Class					(628,516	)					(724,385	)
Net realized gains
Class A					(7,330,092	)					0
Class B					(2,581	)					0
Class C					(323,336	)					0
Administrator Class					(748,042	)					0

Total distributions to shareholders					(13,519,618	)					(10,623,649	)


		Shares						Shares
Capital share transactions
Proceeds from shares sold
Class A		2,199,201			64,847,928			591,267			16,074,038
Class B		7,644			139,582			747			12,307
Class C		1,558,951			28,109,099			330,562			5,479,355
Administrator Class		1,803,094			53,237,177			981,981			26,838,964

					146,333,786						48,404,664

Reinvestment of distributions
Class A		389,536			11,418,448			355,763			9,552,879
Class B		119			2,135			197			3,194
Class C		21,985			392,948			8,563			140,435
Administrator Class		32,041			941,237			18,586			500,182

					12,754,768						10,196,690

Payment for shares redeemed
Class A		(1,509,050	)		(44,373,682	)		(2,675,484	)		(71,220,899	)
Class B		(15,153	)		(271,604	)		(51,475	)		(831,865	)
Class C		(167,186	)		(3,026,879	)		(221,022	)		(3,546,915	)
Administrator Class		(293,759	)		(8,710,072	)		(291,552	)		(7,845,444	)

					(56,382,237	)					(83,445,123	)

Net increase (decrease) in net assets resulting from capital share transactions					102,706,317						(24,843,769	)

Total increase in net assets					152,509,527						80,638,299


Net assets
Beginning of period					793,125,758						712,487,459

End of period				$	945,635,285					$	793,125,758

Undistributed net investment income				$	205,498					$	249,270

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


26		Wells Fargo Advantage Index Asset Allocation Fund		Financial highlights

(For a share outstanding throughout each period)


	Six months ended March 31, 2015 (unaudited)			Year ended September 30
CLASS A	Six months ended March 31, 2015 (unaudited)			2014			2013			2012			2011			2010
Net asset value, beginning of period		$28.20			$24.48			$22.17			$18.12			$17.56			$16.42
Net investment income		0.17			0.38			0.34			0.29			0.30			0.28
Net realized and unrealized gains (losses) on investments		2.01			3.72			2.31			4.05			0.56			1.14

Total from investment operations		2.18			4.10			2.65			4.34			0.86			1.42
Distributions to shareholders from
Net investment income		(0.17	)		(0.38	)		(0.34	)		(0.29	)		(0.30	)		(0.28	)
Net realized gains		(0.29	)		0.00			0.00			0.00			0.00			0.00

Total distributions to shareholders		(0.46	)		(0.38	)		(0.34	)		(0.29	)		(0.30	)		(0.28	)
Net asset value, end of period		$29.92			$28.20			$24.48			$22.17			$18.12			$17.56
Total return¹		7.76	%		16.83	%		12.02	%		24.07	%		4.84	%		8.72	%
Ratios to average net assets (annualized)
Gross expenses		1.22	%		1.20	%		1.18	%		1.17	%		1.18	%		1.26	%
Net expenses		1.15	%		1.15	%		1.15	%		1.15	%		1.15	%		1.14	%
Net investment income		1.16	%		1.42	%		1.43	%		1.39	%		1.54	%		1.64	%
Supplemental data
Portfolio turnover rate		8	%		9	%		11	%		16	%		18	%		28	%
Net assets, end of period (000s omitted)		$784,473			$708,873			$657,702			$644,365			$575,248			$626,119

¹	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 Index Asset Allocation Fund			27

(For a share outstanding throughout each period)


	Six months ended March 31, 2015 (unaudited)			Year ended September 30
CLASS B	Six months ended March 31, 2015 (unaudited)			2014			2013			2012			2011			2010
Net asset value, beginning of period		$17.33			$15.03			$13.59			$11.10			$10.74			$10.02
Net investment income		0.04	¹		0.11	¹		0.10	¹		0.08	¹		0.09	¹		0.09	¹
Net realized and unrealized gains (losses) on investments		1.24			2.28			1.42			2.48			0.35			0.70

Total from investment operations		1.28			2.39			1.52			2.56			0.44			0.79
Distributions to shareholders from
Net investment income		(0.03	)		(0.09	)		(0.08	)		(0.07	)		(0.08	)		(0.07	)
Net realized gains		(0.18	)		0.00			0.00			0.00			0.00			0.00

Total distributions to shareholders		(0.21	)		(0.09	)		(0.08	)		(0.07	)		(0.08	)		(0.07	)
Net asset value, end of period		$18.40			$17.33			$15.03			$13.59			$11.10			$10.74
Total return²		7.40	%		15.90	%		11.22	%		23.08	%		4.11	%		7.90	%
Ratios to average net assets (annualized)
Gross expenses		1.97	%		1.94	%		1.93	%		1.93	%		1.93	%		2.02	%
Net expenses		1.90	%		1.90	%		1.90	%		1.90	%		1.90	%		1.89	%
Net investment income		0.42	%		0.67	%		0.68	%		0.65	%		0.78	%		0.89	%
Supplemental data
Portfolio turnover rate		8	%		9	%		11	%		16	%		18	%		28	%
Net assets, end of period (000s omitted)		$263			$376			$1,085			$2,171			$4,500			$8,753

¹	Calculated based upon average shares outstanding

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.


28		Wells Fargo Advantage Index Asset Allocation Fund		Financial highlights

(For a share outstanding throughout each period)


	Six months ended March 31, 2015 (unaudited)			Year ended September 30
CLASS C	Six months ended March 31, 2015 (unaudited)			2014			2013			2012			2011			2010
Net asset value, beginning of period		$17.20			$14.94			$13.53			$11.06			$10.72			$10.00
Net investment income		0.05			0.11			0.10			0.08			0.09			0.09	¹
Net realized and unrealized gains (losses) on investments		1.22			2.27			1.41			2.47			0.34			0.71

Total from investment operations		1.27			2.38			1.51			2.55			0.43			0.80
Distributions to shareholders from
Net investment income		(0.05	)		(0.12	)		(0.10	)		(0.08	)		(0.09	)		(0.08	)
Net realized gains		(0.18	)		0.00			0.00			0.00			0.00			0.00

Total distributions to shareholders		(0.23	)		(0.12	)		(0.10	)		(0.08	)		(0.09	)		(0.08	)
Net asset value, end of period		$18.24			$17.20			$14.94			$13.53			$11.06			$10.72
Total return²		7.39	%		15.96	%		11.20	%		23.11	%		4.02	%		7.99	%
Ratios to average net assets (annualized)
Gross expenses		1.98	%		1.95	%		1.93	%		1.92	%		1.93	%		2.01	%
Net expenses		1.90	%		1.90	%		1.90	%		1.90	%		1.90	%		1.89	%
Net investment income		0.41	%		0.67	%		0.68	%		0.64	%		0.79	%		0.89	%
Supplemental data
Portfolio turnover rate		8	%		9	%		11	%		16	%		18	%		28	%
Net assets, end of period (000s omitted)		$51,329			$24,093			$19,164			$16,699			$15,895			$17,839

¹	Calculated based upon average shares outstanding

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 Index Asset Allocation Fund			29

(For a share outstanding throughout each period)


	Six months ended March 31, 2015 (unaudited)			Year ended September 30
ADMINISTRATOR CLASS	Six months ended March 31, 2015 (unaudited)			2014			2013			2012			2011			2010
Net asset value, beginning of period		$28.21			$24.49			$22.18			$18.14			$17.57			$16.44
Net investment income		0.22			0.45			0.40			0.34			0.34			0.31
Net realized and unrealized gains (losses) on investments		2.00			3.72			2.30			4.04			0.58			1.16

Total from investment operations		2.22			4.17			2.70			4.38			0.92			1.47
Distributions to shareholders from
Net investment income		(0.21	)		(0.45	)		(0.39	)		(0.34	)		(0.35	)		(0.34	)
Net realized gains		(0.29	)		0.00			0.00			0.00			0.00			0.00

Total distributions to shareholders		(0.50	)		(0.45	)		(0.39	)		(0.34	)		(0.35	)		(0.34	)
Net asset value, end of period		$29.93			$28.21			$24.49			$22.18			$18.14			$17.57
Total return¹		7.90	%		17.12	%		12.31	%		24.30	%		5.18	%		9.02	%
Ratios to average net assets (annualized)
Gross expenses		1.06	%		1.04	%		1.02	%		1.01	%		1.02	%		1.09	%
Net expenses		0.90	%		0.90	%		0.90	%		0.90	%		0.90	%		0.89	%
Net investment income		1.41	%		1.68	%		1.69	%		1.63	%		1.79	%		1.89	%
Supplemental data
Portfolio turnover rate		8	%		9	%		11	%		16	%		18	%		28	%
Net assets, end of period (000s omitted)		$109,570			$59,783			$34,536			$29,920			$20,726			$17,630

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

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


30		Wells Fargo Advantage Index Asset Allocation 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 Index Asset Allocation Fund (the “Fund”) which is a diversified series of the Trust.

2. SIGNIFICANT ACCOUNTING POLICIES

Securities valuation

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

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.

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.

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.

Security loans


Notes to financial statements (unaudited)		Wells Fargo Advantage Index Asset Allocation Fund			31

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.

Dividend income is recognized on the ex-dividend date. Dividend income is recorded net of foreign taxes withheld where recovery of such taxes is not assured.

Distributions to shareholders

Federal and other taxes


32		Wells Fargo Advantage Index Asset Allocation Fund		Notes to financial statements (unaudited)

Class allocations

3. FAIR VALUATION MEASUREMENTS

Level 1 – quoted prices in active markets for identical securities

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

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

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

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of March 31, 2015:


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

Agency securities	$	0	$	102,533	$	0	$	102,533

Common stocks
Consumer discretionary		68,949,175		0		0		68,949,175
Consumer staples		53,061,060		0		0		53,061,060
Energy		44,024,095		0		0		44,024,095
Financials		88,727,067		0		0		88,727,067
Health care		81,717,044		0		0		81,717,044
Industrials		56,771,917		0		0		56,771,917
Information technology		107,723,684		0		0		107,723,684
Materials		17,278,649		0		0		17,278,649
Telecommunication services		12,504,040		0		0		12,504,040
Utilities		16,642,109		0		0		16,642,109

Non-agency mortgage backed securities		0		20,202		0		20,202

U.S. Treasury securities		265,525,962		0		0		265,525,962

Short-term investments
Investment companies		80,184,858		1,600,850		0		81,785,708
U.S. Treasury securities		47,990,954		0		0		47,990,954
Total assets	$	941,100,614	$	1,723,585	$	0	$	942,824,199
Liabilities
Futures contracts	$	376,981	$	0	$	0	$	376,981
Total liabilities	$	376,981	$	0	$	0	$	376,981


Notes to financial statements (unaudited)		Wells Fargo Advantage Index Asset Allocation Fund			33

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.

4. TRANSACTIONS WITH AFFILIATES

Advisory fee

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 0.10% as the average daily net assets of the Fund increase.

Administration fees


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

Funds Management has contractually waived and/or reimbursed advisory and administration fees to the extent necessary to maintain certain net operating expense ratios for the 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 January 31, 2016 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.15% for Class A shares, 1.90% for Class B shares, 1.90% for Class C shares, and 0.90% for Administrator 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

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 March 31, 2015, Funds Distributor received $70,004 from the sale of Class A shares and $159 in contingent deferred sales charges from redemptions of Class C shares.

Shareholder servicing fees

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


34		Wells Fargo Advantage Index Asset Allocation 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 March 31, 2015 were as follows:


Purchases at cost		Sales proceeds
U.S. government	Non-U.S. government	U.S. government	Non-U.S. government
$0	$67,847,710	$76,088,445	$7,761,675

6. INVESTMENTS IN AFFILIATES

An affiliated investment is a company which is under common ownership or control of the Fund or which the Fund has ownership of at least 5% of the outstanding voting shares. The following is a summary of transactions for the long-term holdings of issuers that were either affiliates of the Fund at the beginning of the period or the end of the period.

Shares,

beginning

of period

Shares
purchased

Shares
sold

Shares, end

of period

Value, end

of period

Income

from
affiliated

securities

Realized

gains

Wells Fargo & Company

126,668

15,127

1,569

140,226

7,628,294

93,009

20,917

7. DERIVATIVE TRANSACTIONS

During the six months ended March 31, 2015, the Fund entered into futures contracts to gain market exposure to certain asset classes in accordance with an active asset allocation strategy.

At March 31, 2015, the Fund had long and short futures contracts outstanding as follows:


Expiration date	Counterparty	Contracts	Type	Contract value at March 31, 2015		Unrealized gains (losses)
6-18-2015	Goldman Sachs	86 Long	S&P 500 Index	$	44,307,200	$	93,137
6-19-2015	Goldman Sachs	209 Short	U.S. Treasury Bonds		35,503,875		(339,988	)

The Fund had an average notional amount of $77,166,674 and $63,852,570 in long futures contracts and short futures contracts, respectively, during the six months ended March 31, 2015. As of March 31, 2015, the Fund had segregated $700,000 as cash collateral for open futures contracts.

On March 31, 2015, the cumulative unrealized losses on futures contracts in the amount of $246,851 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 gains and change in unrealized gains (losses) on futures contracts are reflected in the Statement of Operations.

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

The fair value of derivative instruments as of March 31, 2015 was as follows for the Fund:


	Liability derivatives
	Statement of Assets and Liabilities location	Fair value
Equity contracts	Payable for daily variation margin on open futures contract	$	318,200	*
Interest rate contracts	Payable for daily variation margin on open futures contract		58,781	*
		$	376,981

*	Only the current day’s variation margin as of March 31, 2015 is reported separately on the Statement of Assets and Liabilities.


Notes to financial statements (unaudited)		Wells Fargo Advantage Index Asset Allocation Fund			35

The effect of derivative instruments on the Statement of Operations for the year ended March 31, 2015 was as follows for the Fund:


	Amount of realized gains (losses) on derivatives			Change in unrealized gains (losses) on derivatives
Equity contracts	$	6,121,459		$	808,457
Interest rate contracts		(4,354,999	)		(918,200	)
	$	1,766,460		$	(109,743	)

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

Goldman Sachs

$376,981

(376,981

)

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

8. BANK BORROWINGS

For the six months ended March 31, 2015, there were no borrowings by the Fund under the agreement.

9. INDEMNIFICATION


36		Wells Fargo Advantage Index Asset Allocation Fund		Other information (unaudited)

PROXY VOTING INFORMATION

PORTFOLIO HOLDINGS INFORMATION


Other information (unaudited)		Wells Fargo Advantage Index Asset Allocation Fund			37

BOARD OF TRUSTEES AND OFFICERS

Independent Trustees


Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Other directorships during past five years
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


38		Wells Fargo Advantage Index Asset Allocation 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
Olivia S. Mitchell (Born 1953)	Trustee, since 2006	International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993.	Asset Allocation Trust
Timothy J. Penny (Born 1951)	Trustee, since 1996	President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007 and Senior Fellow at the Humphrey Institute Policy Forum at the University of Minnesota since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	Asset Allocation Trust
Michael S. Scofield (Born 1943)	Trustee, since 2010	Served on the Investment Company Institute’s Board of Governors and Executive Committee from 2008-2011 as well the Governing Council of the Independent Directors Council from 2006-2011 and the Independent Directors Council Executive Committee from 2008-2011. Chairman of the IDC from 2008-2010. Institutional Investor (Fund Directions) Trustee of Year in 2007. Trustee of the Evergreen Funds complex (and its predecessors) from 1984 to 2010. Chairman of the Evergreen Funds from 2000-2010. Former Trustee of the Mentor Funds. Retired Attorney, Law Offices of Michael S. Scofield.	Asset Allocation Trust
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.
Jeremy DePalma¹ (Born 1974)	Treasurer, since 2012	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Vice President, Evergreen Investment Services, Inc. from 2004 to 2007. Head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.
C. David Messman (Born 1960)	Secretary, since 2000; Chief Legal Officer, since 2003	Senior Vice President and Secretary of Wells Fargo Funds Management, LLC since 2001. 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.

¹	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 Index Asset Allocation Fund			39

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

SDR	— Swedish depositary receipt

SEK	— Swedish krona

SFHR	— Single-family housing revenue

SFMR	— Single-family mortgage revenue

SGD	— Singapore dollar

SPA	— Standby purchase agreement

SPDR	— Standard & Poor’s Depositary Receipts

SPEAR

— Short Puttable Exempt Adjustable Receipts

STRIPS

— Separate trading of registered interest and

principal securities

TAN	— Tax anticipation notes

TBA	— To be announced

THB	— Thai baht

TIPS	— Treasury inflation-protected securities

TRAN	— Tax revenue anticipation notes

TRY	— Turkish lira

TTFA	— Transportation Trust Fund Authority

TVA	— Tennessee Valley Authority

ZAR	— South African rand

This page is intentionally left blank.

LOGO

For more information

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

Wells Fargo Advantage Funds

P.O. Box 8266

Boston, MA 02266-8266

Email: wfaf@wellsfargo.com

Website: wellsfargoadvantagefunds.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

NOT FDIC INSURED ¡ NO BANK GUARANTEE ¡ MAY LOSE VALUE

232702 05-15

SA227/SAR227 03-15

Wells Fargo Advantage C&B Mid Cap Value Fund

LOGO

Semi-Annual Report

March 31, 2015

LOGO

Reduce clutter. Save trees.

Contents


Letter to shareholders			2

Performance highlights			4

Fund expenses			6

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			23

List of abbreviations			26

NOT FDIC INSURED ¡ NO BANK GUARANTEE ¡ MAY LOSE VALUE


2		Wells Fargo Advantage C&B Mid Cap Value Fund		Letter to shareholders (unaudited)

LOGO

Karla M. Rabusch

President

Wells Fargo Advantage Funds

Among the most significant influences on the equity and bond markets during the period were improving U.S. economic data, a stronger U.S. dollar, declining oil and natural gas prices, and global central bank actions intended to support economic activity.

Entering 2015, volatility became a more influential factor in domestic equities markets.

Dear Valued Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Advantage C&B Mid Cap Value Fund for the six-month period that ended March 31, 2015. Among the most significant influences on the equity and bond markets during the period were improving U.S. economic data, a stronger U.S. dollar, declining oil and natural gas prices, and global central bank actions intended to support economic activity.

A strengthening U.S. economic recovery benefited U.S. equity investors.

U.S. stocks were boosted by positive data reflecting an economy continuing to strengthen. The last quarter of 2014 turned in a positive gross domestic product measurement. The 5.8% unemployment rate reported in November 2014 was down from 7.0% a year earlier. In 2015, initial jobless claims fell to 267,000 as of the week that ended January 24, 2015, the lowest level since 2000. The unemployment rate declined from 5.7% in January to 5.4% in March 2015. Meanwhile, U.S. companies continued to report strong earnings during the quarter, providing an additional catalyst for stocks.

The increased purchasing power of a stronger U.S. dollar and lower prices at the gasoline pump combined with improving economic growth to bolster consumer sentiment. The U.S. dollar gained 12% versus the euro in the first quarter of 2015 after gaining 27% from a year earlier. Oil prices fell below $50 a barrel during the first quarter of 2015. The Conference Board Consumer Confidence Index^®, an assessment of consumers’ current and near-term attitudes about business activity, employment, and family income, ended the first quarter of 2015 at 101.4 in March, up from 98.8 in February. The increase in the index suggests an improving outlook among consumers who historically have been a driving force in economic growth.

The U.S. Federal Reserve (Fed) completed its quantitative easing (QE)-related bond-buying program in October 2014 but continued to hold short-term interest rates near zero throughout the period, a policy intended to support liquidity and lending in the economy. The Fed’s slower-than-expected approach to interest-rate hikes caused a sharp but temporary drop in the U.S. dollar in early 2015, which continued to gain strength during the quarter against the currencies of its major trading partners. While a strengthening dollar was good news for Americans traveling abroad last quarter, it added to investor angst because of the potentially adverse effects on the global profits of U.S. multinational corporations. In January, the benchmark 10-year Treasury note dropped below 2% for the first time since May 2013, with demand driving yields to as low as 1.68% that month before stabilizing to end the quarter just under 2%.

Entering 2015, volatility became a more influential factor in domestic equities markets. After losing ground in January, the major indexes had a strong February. March saw early losses, then solid gains, with the Russell Midcap^® Index¹ earning 3.95% for the quarter and 10.13% for the reporting period. By comparison, the S&P 500 Index², a commonly referenced gauge of large-cap stock performance, earned 0.95% for the quarter and 5.93% for the six-month period that ended March 31, 2015.

As the U.S. economic recovery gained strength, economies in some other global markets struggled. In response, central banks in Europe, Japan, and China took

¹	The Russell Midcap^® Index measures the performance of the 800 smallest companies in the Russell 1000^® Index, which represent approximately 25% of the total market capitalization of the Russell 1000 Index. You cannot invest directly in an index.

²	The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock’s weight in the index proportionate to its market value. You cannot invest directly in an index.


Letter to shareholders (unaudited)		Wells Fargo Advantage C&B Mid Cap Value Fund			3

steps to spark business activity and economic growth. The European Central Bank reduced interest rates in June and September 2014 and announced a QE bond-buying program early in 2015. While Japan’s economy rebounded from recession in the final quarter of 2014, the Bank of Japan maintained accommodative monetary policies because growth was weaker than expected. The People’s Bank of China reduced interest rates in November 2014 and February 2015 in an effort to spark increased economic activity; however, government officials lowered their previous projections for economic growth. U.S. investors in international equity markets saw positive returns in local-currency terms turn lower after translation into U.S. dollars because the U.S. dollar strengthened substantially.

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

Periods of investment 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.

Sincerely,

LOGO

Karla M. Rabusch

President

Wells Fargo Advantage Funds


4		Wells Fargo Advantage C&B Mid Cap Value Fund		Performance highlights (unaudited)

Investment objective

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

Adviser

Wells Fargo Funds Management, LLC

Subadviser

Cooke & Bieler, L.P.

Portfolio managers

Andrew Armstrong, CFA

Steve Lyons, CFA

Michael M. Meyer, CFA

Edward W. O’Connor, CFA

R. James O’Neil, CFA

Mehul Trivedi, CFA

William Weber, CFA

Average annual total returns¹ (%) as of March 31, 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 (CBMAX)	7-26-2004		1.22		13.17		7.73		7.38		14.52		8.37		1.36		1.21
Class B (CBMBX)*	7-26-2004		1.56		13.42		7.80		6.56		13.66		7.80		2.11		1.96
Class C (CBMCX)	7-26-2004		5.58		13.67		7.56		6.58		13.67		7.56		2.11		1.96
Administrator Class (CBMIX)	7-26-2004		–		–		–		7.43		14.56		8.48		1.20		1.16
Institutional Class (CBMSX)	7-26-2004		–		–		–		7.73		14.86		8.75		0.93		0.91
Investor Class (CBMDX)	2-18-1998		–		–		–		7.30		14.46		8.37		1.42		1.26
Russell Midcap^® Value Index⁴	–		–		–		–		11.70		15.84		9.61		–		–

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

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

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

Please see footnotes on page 5.


Performance highlights (unaudited)		Wells Fargo Advantage C&B Mid Cap Value Fund			5


Ten largest holdings⁵ (%) as of March 31, 2015
Crown Holdings Incorporated			3.96
Schweitzer-Mauduit International Incorporated			3.95
RenaissanceRe Holdings Limited			3.57
Laboratory Corporation of America Holdings			3.47
MEDNAX Incorporated			3.20
Teleflex Incorporated			3.16
First Cash Financial Services Incorporated			3.11
TCF Financial Corporation			3.06
Reliance Steel & Aluminum Company			3.03
Commerce Bancshares Incorporated			2.84

Sector distribution⁶ as of March 31, 2015

¹	Effective June 20, 2008, Class D was renamed Investor Class and modified to assume the features and attributes of Investor Class. Historical performance shown for the Investor Class shares through June 19, 2008, includes Class D expenses.

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.

The Adviser has committed through January 31, 2016, to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waiver, excluding certain expenses, at 1.20% for Class A, 1.95% for Class B, 1.95% for Class C, 1.15% for Administrator Class, 0.90% for Institutional Class, and 1.25% 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 Russell Midcap^® Value Index measures the performance of those Russell Midcap companies with lower price-to-book ratios and lower forecasted growth values. The stocks are also members of the Russell 1000^® Value Index. You cannot invest directly in an index.

⁵	The ten largest holdings, excluding cash and cash equivalents, are calculated based on the value of the investments 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 C&B Mid Cap Value Fund		Fund expenses (unaudited)

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from October 1, 2014 to March 31, 2015.

Actual expenses

Hypothetical example for comparison purposes


	Beginning account value 10-1-2014		Ending account value 3-31-2015		Expenses paid during the period¹		Net annualized expense ratio
Class A
Actual	$	1,000.00	$	1,097.18	$	6.27		1.20	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.95	$	6.04		1.20	%
Class B
Actual	$	1,000.00	$	1,092.74	$	10.17		1.95	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.21	$	9.80		1.95	%
Class C
Actual	$	1,000.00	$	1,093.04	$	10.18		1.95	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.21	$	9.80		1.95	%
Administrator Class
Actual	$	1,000.00	$	1,097.45	$	6.01		1.15	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.20	$	5.79		1.15	%
Institutional Class
Actual	$	1,000.00	$	1,098.90	$	4.71		0.90	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.44	$	4.53		0.90	%
Investor Class
Actual	$	1,000.00	$	1,096.69	$	6.53		1.25	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.70	$	6.29		1.25	%

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—March 31, 2015 (unaudited)		Wells Fargo Advantage C&B Mid Cap Value Fund			7


Security name	Shares		Value

Common Stocks: 99.08%

Consumer Discretionary: 11.43%

Automobiles: 1.83%
Winnebago Industries Incorporated «		169,805	$	3,610,054


Household Durables: 2.67%
Helen of Troy Limited †		64,700		5,272,403


Leisure Products: 1.73%
Hasbro Incorporated «		54,000		3,414,960


Media: 2.70%
Omnicom Group Incorporated		68,200		5,318,236


Textiles, Apparel & Luxury Goods: 2.50%
Gildan Activewear Incorporated «		166,720		4,921,575


Energy: 5.80%

Oil, Gas & Consumable Fuels: 5.80%
Devon Energy Corporation		53,200		3,208,492
Noble Energy Incorporated		77,400		3,784,860
World Fuel Services Corporation		77,300		4,443,204

				11,436,556


Financials: 28.17%

Banks: 6.88%
City National Corporation		21,700		1,933,036
Commerce Bancshares Incorporated		132,435		5,604,649
TCF Financial Corporation		383,400		6,027,048

				13,564,733


Consumer Finance: 3.11%
First Cash Financial Services Incorporated †		131,800		6,131,336


Insurance: 18.18%
Endurance Specialty Holdings Limited «		67,100		4,102,494
FNF Group		143,600		5,278,736
RenaissanceRe Holdings Limited		70,600		7,040,938
Stewart Information Services Corporation		120,100		4,880,864
The Progressive Corporation		205,100		5,578,720
Torchmark Corporation		81,000		4,448,520
Willis Group Holdings plc		93,700		4,514,466

				35,844,738


Health Care: 12.07%

Health Care Equipment & Supplies: 3.15%
Teleflex Incorporated		51,500		6,222,745


Health Care Providers & Services: 8.92%
Cardinal Health Incorporated		49,000		4,423,230

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


8		Wells Fargo Advantage C&B Mid Cap Value Fund		Portfolio of investments—March 31, 2015 (unaudited)


Security name	Shares		Value

Health Care Providers & Services (continued)
Laboratory Corporation of America Holdings †		54,300	$	6,846,687
MEDNAX Incorporated †		87,100		6,315,621

				17,585,538


Industrials: 19.43%

Aerospace & Defense: 0.61%
Rockwell Collins Incorporated		12,464		1,203,399


Building Products: 2.25%
Quanex Building Products Corporation		224,400		4,429,656


Commercial Services & Supplies: 6.00%
G&K Services Incorporated Class A		40,800		2,959,224
Steelcase Incorporated		268,000		5,075,920
Tetra Tech Incorporated		158,400		3,804,768

				11,839,912


Machinery: 6.63%
Donaldson Company Incorporated		59,500		2,243,745
Graco Incorporated		41,000		2,958,560
Kennametal Incorporated		84,500		2,846,805
Parker Hannifin Corporation		42,300		5,024,394

				13,073,504


Trading Companies & Distributors: 3.94%
Aercap Holdings NV †		108,300		4,727,295
WESCO International Incorporated †		43,600		3,047,204

				7,774,499


Information Technology: 10.22%

Electronic Equipment, Instruments & Components: 2.40%
Knowles Corporation «†		245,967		4,739,784


IT Services: 3.09%
Moneygram International Incorporated †		345,900		2,988,576
Western Union Company		148,800		3,096,528

				6,085,104


Semiconductors & Semiconductor Equipment: 2.02%
Entegris Incorporated †		290,300		3,974,207


Software: 2.71%
Rovi Corporation †		293,600		5,346,456


Materials: 11.96%

Containers & Packaging: 4.98%
Ball Corporation		28,500		2,013,240
Crown Holdings Incorporated †		144,400		7,800,488

				9,813,728

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


Portfolio of investments—March 31, 2015 (unaudited)		Wells Fargo Advantage C&B Mid Cap Value Fund			9


Security name				Shares		Value

Metals & Mining: 3.03%
Reliance Steel & Aluminum Company					97,900	$	5,979,732


Paper & Forest Products: 3.95%
Schweitzer-Mauduit International Incorporated					169,000		7,794,280


Total Common Stocks (Cost $153,849,840)							195,377,135


	Yield
Short-Term Investments: 9.01%

Investment Companies: 9.01%
Securities Lending Cash Investments, LLC (l)(u)(r)		0.15	%		15,755,925		15,755,925
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)		0.10			2,021,926		2,021,926

Total Short-Term Investments (Cost $17,777,851)							17,777,851


Total investments in securities (Cost $171,627,691) *	108.09	%		213,154,986
Other assets and liabilities, net	(8.09	)		(15,954,591	)

Total net assets	100.00	%	$	197,200,395

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

†	Non-income-earning security

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

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

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

*	Cost for federal income tax purposes is $172,761,910 and unrealized gains (losses) consists of:


Gross unrealized gains	$	47,279,276
Gross unrealized losses		(6,886,200	)

Net unrealized gains	$	40,393,076

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


10		Wells Fargo Advantage C&B Mid Cap Value Fund		Statement of assets and liabilities—March 31, 2015 (unaudited)




Assets
Investments
In unaffiliated securities (including $15,396,784 of securities loaned), at value (cost $153,849,840)	$	195,377,135
In affiliated securities, at value (cost $17,777,851)		17,777,851

Total investments, at value (cost $171,627,691)		213,154,986
Receivable for investments sold		334,476
Receivable for Fund shares sold		154,609
Receivable for dividends		96,055
Receivable for securities lending income		4,018
Prepaid expenses and other assets		21,265

Total assets		213,765,409


Liabilities
Payable for investments purchased		486,366
Payable for Fund shares redeemed		101,723
Payable upon receipt of securities loaned		15,755,925
Advisory fee payable		95,175
Distribution fee payable		5,034
Administration fees payable		51,563
Accrued expenses and other liabilities		69,228

Total liabilities		16,565,014

Total net assets	$	197,200,395


NET ASSETS CONSIST OF
Paid-in capital	$	251,059,509
Undistributed net investment income		190,120
Accumulated net realized losses on investments		(95,576,529	)
Net unrealized gains on investments		41,527,295

Total net assets	$	197,200,395


COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	22,869,878
Shares outstanding – Class A¹		826,863
Net asset value per share – Class A		$27.66
Maximum offering price per share – Class A²		$29.35
Net assets – Class B	$	127,783
Shares outstanding – Class B¹		4,798
Net asset value per share – Class B		$26.63
Net assets – Class C	$	7,683,127
Shares outstanding – Class C¹		289,380
Net asset value per share – Class C		$26.55
Net assets – Administrator Class	$	12,565,919
Shares outstanding – Administrator Class¹		449,086
Net asset value per share – Administrator Class		$27.98
Net assets – Institutional Class	$	32,280,977
Shares outstanding – Institutional Class¹		1,158,374
Net asset value per share – Institutional Class		$27.87
Net assets – Investor Class	$	121,672,711
Shares outstanding – Investor Class¹		4,376,122
Net asset value per share – Investor Class		$27.80

¹	The Fund has an unlimited number of authorized shares.

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

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


Statement of operations—six months ended March 31, 2015 (unaudited)		Wells Fargo Advantage C&B Mid Cap Value Fund			11




Investment income
Dividends (net of foreign withholding taxes of $7,139)	$	1,383,735
Securities lending income, net		14,733
Income from affiliated securities		2,982

Total investment income		1,401,450


Expenses
Advisory fee		677,804
Administration fees
Fund level		48,415
Class A		28,738
Class B		183
Class C		9,796
Administrator Class		6,324
Institutional Class		13,334
Investor Class		188,630
Shareholder servicing fees
Class A		27,633
Class B		176
Class C		9,420
Administrator Class		15,809
Investor Class		147,142
Distribution fees
Class B		529
Class C		28,259
Custody and accounting fees		8,458
Professional fees		20,197
Registration fees		32,212
Shareholder report expenses		22,220
Trustees’ fees and expenses		5,606
Other fees and expenses		4,667

Total expenses		1,295,552
Less: Fee waivers and/or expense reimbursements		(128,504	)

Net expenses		1,167,048

Net investment income		234,402


REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on investments		7,820,402
Net change in unrealized gains (losses) on investments		9,878,738

Net realized and unrealized gains (losses) on investments		17,699,140

Net increase in net assets resulting from operations	$	17,933,542

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


12		Wells Fargo Advantage C&B Mid Cap Value Fund		Statement of changes in net assets


	Six months ended March 31, 2015 (unaudited)						Year ended September 30, 2014

Operations
Net investment income				$	234,402					$	454,334
Net realized gains on investments					7,820,402						24,479,648
Net change in unrealized gains (losses) on investments					9,878,738						(11,793,931	)

Net increase in net assets resulting from operations					17,933,542						13,140,051


Distributions to shareholders from
Net investment income
Class A					(42,042	)					(73,341	)
Administrator Class					(21,549	)					(81,051	)
Institutional Class					(168,428	)					(190,145	)
Investor Class					(138,589	)					(348,778	)

Total distributions to shareholders					(370,608	)					(693,315	)


Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		54,423			1,430,974			174,168			4,405,613
Class B		0			0			4,480			107,700
Class C		15,007			385,812			54,969			1,340,346
Administrator Class		23,135			609,671			372,293			9,355,473
Institutional Class		148,494			3,927,643			683,926			17,392,989
Investor Class		318,880			8,476,467			829,732			21,063,218

					14,830,567						53,665,339

Reinvestment of distributions
Class A		1,633			41,627			2,955			72,492
Administrator Class		502			12,938			2,703			67,052
Institutional Class		4,856			124,658			6,054			149,526
Investor Class		5,350			137,152			14,029			345,955

					316,375						635,025

Payment for shares redeemed
Class A		(79,099	)		(2,080,204	)		(147,227	)		(3,752,688	)
Class B		(2,169	)		(54,614	)		(28,005	)		(679,757	)
Class C		(35,729	)		(904,104	)		(76,355	)		(1,890,511	)
Administrator Class		(76,940	)		(2,058,277	)		(685,800	)		(17,215,898	)
Institutional Class		(324,348	)		(8,561,900	)		(388,999	)		(10,000,809	)
Investor Class		(599,041	)		(15,749,962	)		(1,258,667	)		(32,039,199	)

					(29,409,061	)					(65,578,862	)

Net decrease in net assets resulting from capital share transactions					(14,262,119	)					(11,278,498	)

Total increase in net assets					3,300,815						1,168,238


Net assets
Beginning of period					193,899,580						192,731,342

End of period				$	197,200,395					$	193,899,580

Undistributed net investment income				$	190,120					$	326,326

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


Financial highlights		Wells Fargo Advantage C&B Mid Cap Value Fund			13

(For a share outstanding throughout each period)


	Six months ended March 31, 2015 (unaudited)			Year ended September 30															Year ended October 31, 2009
CLASS A	Six months ended March 31, 2015 (unaudited)			2014			2013			2012			2011			2010¹			Year ended October 31, 2009
Net asset value, beginning of period		$25.26			$23.74			$18.22			$14.06			$14.16			$12.33			$11.29
Net investment income		0.03			0.06			0.10	²		0.16			0.06			0.09	²		0.11	²
Net realized and unrealized gains (losses) on investments		2.42			1.55			5.60			4.10			(0.06	)		1.81			1.10

Total from investment operations		2.45			1.61			5.70			4.26			0.00			1.90			1.21
Distributions to shareholders from
Net investment income		(0.05	)		(0.09	)		(0.18	)		(0.10	)		(0.10	)		(0.07	)		(0.17	)
Net asset value, end of period		$27.66			$25.26			$23.74			$18.22			$14.06			$14.16			$12.33
Total return³		9.72	%		6.78	%		31.59	%		30.42	%		(0.10	)%		15.44	%		11.05	%
Ratios to average net assets (annualized)
Gross expenses		1.36	%		1.35	%		1.38	%		1.38	%		1.35	%		1.40	%		1.45	%
Net expenses		1.20	%		1.20	%		1.20	%		1.20	%		1.20	%		1.20	%		1.20	%
Net investment income		0.25	%		0.24	%		0.49	%		0.97	%		0.48	%		0.70	%		1.06	%
Supplemental data
Portfolio turnover rate		18	%		55	%		48	%		25	%		44	%		23	%		47	%
Net assets, end of period (000s omitted)		$22,870			$21,465			$19,468			$13,466			$11,174			$14,136			$16,830

¹	For the eleven months ended September 30, 2010. The Fund changed its fiscal year end from October 31 to September 30, effective September 30, 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 C&B Mid Cap Value Fund		Financial highlights

(For a share outstanding throughout each period)


	Six months ended March 31, 2015 (unaudited)			Year ended September 30															Year ended October 31, 2009
CLASS B	Six months ended March 31, 2015 (unaudited)			2014			2013			2012			2011			2010¹			Year ended October 31, 2009
Net asset value, beginning of period		$24.36			$22.99			$17.61			$13.60			$13.72			$11.96			$10.90
Net investment income (loss)		(0.07	)²		(0.14	)²		(0.05	)²		0.02	²		(0.04	)²		(0.01	)²		0.04	²
Net realized and unrealized gains (losses) on investments		2.34			1.51			5.43			3.99			(0.08	)		1.77			1.07

Total from investment operations		2.27			1.37			5.38			4.01			(0.12	)		1.76			1.11
Distributions to shareholders from
Net investment income		0.00			0.00			0.00			0.00			0.00			0.00			(0.05	)
Net asset value, end of period		$26.63			$24.36			$22.99			$17.61			$13.60			$13.72			$11.96
Total return³		9.27	%		6.00	%		30.55	%		29.49	%		(0.87	)%		14.72	%		10.27	%
Ratios to average net assets (annualized)
Gross expenses		2.10	%		2.10	%		2.13	%		2.12	%		2.10	%		2.15	%		2.21	%
Net expenses		1.95	%		1.95	%		1.95	%		1.95	%		1.95	%		1.95	%		1.95	%
Net investment income (loss)		(0.53	)%		(0.56	)%		(0.26	)%		0.14	%		(0.28	)%		(0.05	)%		0.34	%
Supplemental data
Portfolio turnover rate		18	%		55	%		48	%		25	%		44	%		23	%		47	%
Net assets, end of period (000s omitted)		$128			$170			$701			$1,338			$2,622			$3,826			$4,177

¹	For the eleven months ended September 30, 2010. The Fund changed its fiscal year end from October 31 to September 30, effective September 30, 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 C&B Mid Cap Value Fund			15

(For a share outstanding throughout each period)


	Six months ended March 31, 2015 (unaudited)			Year ended September 30															Year ended October 31, 2009
CLASS C	Six months ended March 31, 2015 (unaudited)			2014			2013			2012			2011			2010¹			Year ended October 31, 2009
Net asset value, beginning of period		$24.29			$22.92			$17.60			$13.59			$13.71			$11.96			$10.91
Net investment income (loss)		(0.06	)²		(0.13	)²		(0.05	)²		0.03	²		(0.04	)²		(0.00	)^2,3		0.03	²
Net realized and unrealized gains (losses) on investments		2.32			1.50			5.42			3.98			(0.08	)		1.75			1.08

Total from investment operations		2.26			1.37			5.37			4.01			(0.12	)		1.75			1.11
Distributions to shareholders from
Net investment income		0.00			0.00			(0.05	)		0.00			0.00			0.00			(0.06	)
Net asset value, end of period		$26.55			$24.29			$22.92			$17.60			$13.59			$13.71			$11.96
Total return⁴		9.30	%		5.98	%		30.58	%		29.51	%		(0.88	)%		14.63	%		10.24	%
Ratios to average net assets (annualized)
Gross expenses		2.11	%		2.10	%		2.13	%		2.13	%		2.10	%		2.15	%		2.20	%
Net expenses		1.95	%		1.95	%		1.95	%		1.95	%		1.95	%		1.95	%		1.95	%
Net investment income (loss)		(0.50	)%		(0.52	)%		(0.26	)%		0.21	%		(0.27	)%		(0.04	)%		0.31	%
Supplemental data
Portfolio turnover rate		18	%		55	%		48	%		25	%		44	%		23	%		47	%
Net assets, end of period (000s omitted)		$7,683			$7,531			$7,598			$5,254			$4,611			$6,137			$6,105

¹	For the eleven months ended September 30, 2010. The Fund changed its fiscal year end from October 31 to September 30, effective September 30, 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 C&B Mid Cap Value Fund		Financial highlights

(For a share outstanding throughout each period)


	Six months ended March 31, 2015 (unaudited)			Year ended September 30															Year ended October 31, 2009
ADMINISTRATOR CLASS	Six months ended March 31, 2015 (unaudited)			2014			2013			2012			2011			2010¹			Year ended October 31, 2009
Net asset value, beginning of period		$25.54			$24.01			$18.42			$14.22			$14.32			$12.47			$11.39
Net investment income		0.04	²		0.07	²		0.11	²		0.17	²		0.09	²		0.10	²		0.12	²
Net realized and unrealized gains (losses) on investments		2.45			1.56			5.67			4.14			(0.07	)		1.82			1.11

Total from investment operations		2.49			1.63			5.78			4.31			0.02			1.92			1.23
Distributions to shareholders from
Net investment income		(0.05	)		(0.10	)		(0.19	)		(0.11	)		(0.12	)		(0.07	)		(0.15	)
Net asset value, end of period		$27.98			$25.54			$24.01			$18.42			$14.22			$14.32			$12.47
Total return³		9.75	%		6.82	%		31.65	%		30.44	%		0.01	%		15.47	%		11.13	%
Ratios to average net assets (annualized)
Gross expenses		1.20	%		1.19	%		1.21	%		1.21	%		1.18	%		1.22	%		1.28	%
Net expenses		1.15	%		1.15	%		1.15	%		1.15	%		1.15	%		1.15	%		1.15	%
Net investment income		0.30	%		0.26	%		0.53	%		1.00	%		0.55	%		0.78	%		1.11	%
Supplemental data
Portfolio turnover rate		18	%		55	%		48	%		25	%		44	%		23	%		47	%
Net assets, end of period (000s omitted)		$12,566			$12,830			$19,525			$10,636			$10,299			$9,582			$13,237

¹	For the eleven months ended September 30, 2010. The Fund changed its fiscal year end from October 31 to September 30, effective September 30, 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 C&B Mid Cap Value Fund			17

(For a share outstanding throughout each period)


	Six months ended March 31, 2015 (unaudited)			Year ended September 30															Year ended October 31, 2009
INSTITUTIONAL CLASS	Six months ended March 31, 2015 (unaudited)			2014			2013			2012			2011			2010¹			Year ended October 31, 2009
Net asset value, beginning of period		$25.49			$23.95			$18.38			$14.19			$14.29			$12.44			$11.43
Net investment income		0.06			0.14			0.17	²		0.23			0.13			0.13	²		0.15	²
Net realized and unrealized gains (losses) on investments		2.45			1.55			5.64			4.11			(0.08	)		1.82			1.10

Total from investment operations		2.51			1.69			5.81			4.34			0.05			1.95			1.25
Distributions to shareholders from
Net investment income		(0.13	)		(0.15	)		(0.24	)		(0.15	)		(0.15	)		(0.10	)		(0.24	)
Net asset value, end of period		$27.87			$25.49			$23.95			$18.38			$14.19			$14.29			$12.44
Total return³		9.89	%		7.09	%		31.98	%		30.80	%		0.21	%		15.78	%		11.45	%
Ratios to average net assets (annualized)
Gross expenses		0.93	%		0.92	%		0.95	%		0.95	%		0.92	%		0.96	%		1.02	%
Net expenses		0.90	%		0.90	%		0.90	%		0.90	%		0.90	%		0.90	%		0.90	%
Net investment income		0.54	%		0.54	%		0.82	%		1.31	%		0.76	%		1.02	%		1.41	%
Supplemental data
Portfolio turnover rate		18	%		55	%		48	%		25	%		44	%		23	%		47	%
Net assets, end of period (000s omitted)		$32,281			$33,881			$24,628			$24,983			$22,704			$34,910			$31,421

¹	For the eleven months ended September 30, 2010. The Fund changed its fiscal year end from October 31 to September 30, effective September 30, 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 C&B Mid Cap Value Fund		Financial highlights

(For a share outstanding throughout each period)


	Six months ended March 31, 2015 (unaudited)			Year ended September 30															Year ended October 31, 2009
INVESTOR CLASS	Six months ended March 31, 2015 (unaudited)			2014			2013			2012			2011			2010¹			Year ended October 31, 2009
Net asset value, beginning of period		$25.38			$23.85			$18.30			$14.12			$14.22			$12.37			$11.34
Net investment income		0.03			0.05			0.10			0.16			0.07			0.08	²		0.11	²
Net realized and unrealized gains (losses) on investments		2.42			1.55			5.62			4.11			(0.09	)		1.83			1.10

Total from investment operations		2.45			1.60			5.72			4.27			(0.02	)		1.91			1.21
Distributions to shareholders from
Net investment income		(0.03	)		(0.07	)		(0.17	)		(0.09	)		(0.08	)		(0.06	)		(0.18	)
Net asset value, end of period		$27.80			$25.38			$23.85			$18.30			$14.12			$14.22			$12.37
Total return³		9.67	%		6.72	%		31.55	%		30.34	%		(0.19	)%		15.39	%		11.09	%
Ratios to average net assets (annualized)
Gross expenses		1.42	%		1.41	%		1.44	%		1.45	%		1.42	%		1.49	%		1.56	%
Net expenses		1.25	%		1.25	%		1.25	%		1.25	%		1.25	%		1.25	%		1.25	%
Net investment income		0.20	%		0.18	%		0.44	%		0.91	%		0.42	%		0.64	%		1.01	%
Supplemental data
Portfolio turnover rate		18	%		55	%		48	%		25	%		44	%		23	%		47	%
Net assets, end of period (000s omitted)		$121,673			$118,022			$120,811			$91,201			$80,622			$120,364			$163,708

¹	For the eleven months ended September 30, 2010. The Fund changed its fiscal year end from October 31 to September 30, effective September 30, 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 C&B Mid Cap Value 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 C&B Mid Cap Value Fund (the “Fund”) which is a diversified series of the Trust.

2. SIGNIFICANT ACCOUNTING POLICIES

Securities valuation

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

Security 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


20		Wells Fargo Advantage C&B Mid Cap Value Fund		Notes to financial statements (unaudited)

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.

Security transactions and income recognition

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

Dividend income is recognized on the ex-dividend date. Dividend income is recorded net of foreign taxes withheld where recovery of such taxes is not assured.

Distributions to shareholders

Federal and other taxes

As of September 30, 2014, the Fund had capital loss carryforwards available to offset future net realized capital gains in the amount of $102,106,131 with $18,815,810 expiring in 2016; $64,071,649 expiring in 2017; and $19,218,672 expiring in 2018.

Class allocations

3. FAIR VALUATION MEASUREMENTS

Level 1 – quoted prices in active markets for identical securities

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


Notes to financial statements (unaudited)		Wells Fargo Advantage C&B Mid Cap Value Fund			21

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 March 31, 2015:


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

Common stocks
Consumer discretionary	$	22,537,228	$	0	$	0	$	22,537,228
Energy		11,436,556		0		0		11,436,556
Financial		55,540,807		0		0		55,540,807
Health care		23,808,283		0		0		23,808,283
Industrials		38,320,970		0		0		38,320,970
Information technology		20,145,551		0		0		20,145,551
Materials		23,587,740		0		0		23,587,740

Short-term investments
Investment companies		2,021,926		15,755,925		0		17,777,851
Total assets	$	197,399,061	$	15,755,925	$	0	$	213,154,986

4. TRANSACTIONS WITH AFFILIATES AND OTHER EXPENSES

Advisory fee

Pursuant to the contract, Funds Management is entitled to receive an annual advisory fee starting at 0.70% and declining to 0.60% as the average daily net assets of the Fund increase. For the six months ended March 31, 2015, the advisory fee was equivalent to an annual rate of 0.70% of the Fund’s average daily net assets.

Funds Management has retained the services a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Funds Management. Cooke & Beiler, L.P. is the subadviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.45% and declining to 0.35% as the average daily net assets of the Fund increase.

Administration fees


	Class level administration fee
Class A, Class B, Class C		0.26	%
Administrator Class		0.10
Institutional Class		0.08
Investor Class		0.32


22		Wells Fargo Advantage C&B Mid Cap Value 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 January 31, 2016 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.20% for Class A shares, 1.95% for Class B shares, 1.95% for Class C shares, 1.15% for Administrator Class shares, 0.90% for Institutional Class shares, and 1.25% 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

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 U.S. government obligations (if any) and short-term securities, for the six months ended March 31, 2015 were $33,270.899 and $44,192,180, respectively.

6. BANK BORROWINGS

For the six months ended March 31, 2015, there were no borrowings by the Fund under the agreement.

7. CONCENTRATION RISK

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

8. INDEMNIFICATION


Other information (unaudited)		Wells Fargo Advantage C&B Mid Cap Value Fund			23

PROXY VOTING INFORMATION

PORTFOLIO HOLDINGS INFORMATION


24		Wells Fargo Advantage C&B Mid Cap Value Fund		Other information (unaudited)

BOARD OF TRUSTEES AND OFFICERS

Independent Trustees


Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Other directorships during past five years
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


Other information (unaudited)		Wells Fargo Advantage C&B Mid Cap Value Fund			25


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.


26		Wells Fargo Advantage C&B Mid Cap Value 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

SDR	— Swedish depositary receipt

SEK	— Swedish krona

SFHR	— Single-family housing revenue

SFMR	— Single-family mortgage revenue

SGD	— Singapore dollar

SPA	— Standby purchase agreement

SPDR	— Standard & Poor’s Depositary Receipts

SPEAR

— Short Puttable Exempt Adjustable Receipts

STRIPS

— Separate trading of registered interest and

principal securities

TAN	— Tax anticipation notes

TBA	— To be announced

THB	— Thai baht

TIPS	— Treasury inflation-protected securities

TRAN	— Tax revenue anticipation notes

TRY	— Turkish lira

TTFA	— Transportation Trust Fund Authority

TVA	— Tennessee Valley Authority

ZAR	— South African rand

This page is intentionally left blank.

LOGO

For more information

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

Wells Fargo Advantage Funds

P.O. Box 8266

Boston, MA 02266-8266

Email: wfaf@wellsfargo.com

Website: wellsfargoadvantagefunds.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

NOT FDIC INSURED ¡ NO BANK GUARANTEE ¡ MAY LOSE VALUE

232703 05-15

SA228/SAR228 03-15

Wells Fargo Advantage Common Stock Fund

LOGO

Semi-Annual Report

March 31, 2015

LOGO

Reduce clutter. Save trees.

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			22

Other information			26

List of abbreviations			29

NOT FDIC INSURED ¡ NO BANK GUARANTEE ¡ MAY LOSE VALUE


2		Wells Fargo Advantage Common Stock Fund		Letter to shareholders (unaudited)

LOGO

Karla M. Rabusch

President

Wells Fargo Advantage Funds

Among the most significant influences on the equity and bond markets during the period were improving U.S. economic data, a stronger U.S. dollar, declining oil and natural gas prices, and global central bank actions intended to support economic activity.

Entering 2015, volatility became a more influential factor in domestic equities markets.

Dear Valued Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Advantage Common Stock Fund for the six-month period that ended March 31, 2015. Among the most significant influences on the equity and bond markets during the period were improving U.S. economic data, a stronger U.S. dollar, declining oil and natural gas prices, and global central bank actions intended to support economic activity.

A strengthening U.S. economic recovery benefited U.S. equity investors.

As the U.S. economic recovery gained strength, economies in some other global markets struggled. In response, central banks in Europe, Japan, and China took

¹	The Russell Midcap^® Index measures the performance of the 800 smallest companies in the Russell 1000^® Index, which represent approximately 25% of the total market capitalization of the Russell 1000 Index. You cannot invest directly in an index.

²	The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock’s weight in the index proportionate to its market value. You cannot invest directly in an index.


Letter to shareholders (unaudited)		Wells Fargo Advantage Common Stock Fund			3

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

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.

Sincerely,

LOGO

Karla M. Rabusch

President

Wells Fargo Advantage Funds


4		Wells Fargo Advantage Common Stock Fund		Performance highlights (unaudited)

Investment objective

The Fund seeks long-term capital appreciation.

Adviser

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio manager

Ann M. Miletti

Average annual total returns¹ (%) as of March 31, 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 (SCSAX)	11-30-2000		0.71		12.08		9.73		6.85		13.42		10.38		1.30		1.27
Class B (SCSKX)*	11-30-2000		1.00		12.30		9.79		6.00		12.55		9.79		2.05		2.02
Class C (STSAX)	11-30-2000		5.05		12.56		9.55		6.05		12.56		9.55		2.05		2.02
Class R6 (SCSRX)	6-28-2013		–		–		–		7.34		13.85		10.60		0.82		0.82
Administrator Class (SCSDX)	7-30-2010		–		–		–		7.05		13.59		10.47		1.14		1.11
Institutional Class (SCNSX)	7-30-2010		–		–		–		7.31		13.83		10.59		0.87		0.87
Investor Class (STCSX)	12-29-1989		–		–		–		6.80		13.36		10.35		1.36		1.30
Russell 2500^TM Index⁴	–		–		–		–		10.07		15.48		9.62		–		–

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

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

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

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

Please see footnotes on page 5.


Performance highlights (unaudited)		Wells Fargo Advantage Common Stock Fund			5


Ten largest holdings⁵ (%) as of March 31, 2015
Haemonetics Corporation			1.84
Harman International Industries Incorporated			1.67
Laboratory Corporation of America Holdings			1.64
Diebold Incorporated			1.59
E*TRADE Financial Corporation			1.57
First Horizon National Corporation			1.55
Reinsurance Group of America Incorporated			1.53
The Babcock & Wilcox Company			1.53
Arch Capital Group Limited			1.52
Steelcase Incorporated Class A			1.50

Sector distribution⁶ as of March 31, 2015

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, the returns would be higher. Historical performance shown for Administrator Class and Institutional 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, the returns would be higher.

The Adviser has committed through January 31, 2016, to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waiver, excluding certain expenses, at 1.26% for Class A, 2.01% for Class B, 2.01% for Class C, 0.85% for Class R6, 1.10% for Administrator Class, 0.90% for Institutional Class, and 1.29% 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 Russell 2500^TM Index measures the performance of the 2,500 smallest companies in the Russell 3000^® Index, which represents approximately 16% of the total market capitalization of the Russell 3000 Index. You cannot invest directly in an index.

⁵	The ten largest holdings, excluding cash and cash equivalents, are calculated based on the value of the investments 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 Common Stock Fund		Fund expenses (unaudited)

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from October 1, 2014 to March 31, 2015.

Actual expenses

Hypothetical example for comparison purposes


	Beginning account value 10-1-2014		Ending account value 3-31-2015		Expenses paid during the period¹		Net annualized expense ratio
Class A
Actual	$	1,000.00	$	1,081.43	$	6.54		1.26	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.65	$	6.34		1.26	%
Class B
Actual	$	1,000.00	$	1,077.15	$	10.41		2.01	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,014.91	$	10.10		2.01	%
Class C
Actual	$	1,000.00	$	1,077.15	$	10.41		2.01	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,014.91	$	10.10		2.01	%
Class R6
Actual	$	1,000.00	$	1,084.00	$	4.16		0.80	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.94	$	4.03		0.80	%
Administrator Class
Actual	$	1,000.00	$	1,082.49	$	5.71		1.10	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.45	$	5.54		1.10	%
Institutional Class
Actual	$	1,000.00	$	1,083.68	$	4.42		0.85	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.69	$	4.28		0.85	%
Investor Class
Actual	$	1,000.00	$	1,081.07	$	6.69		1.29	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.50	$	6.49		1.29	%

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—March 31, 2015 (unaudited)		Wells Fargo Advantage Common Stock Fund			7


Security name	Shares		Value

Common Stocks: 92.48%

Consumer Discretionary: 17.35%

Diversified Consumer Services: 2.28%
Apollo Education Group Incorporated †		882,980	$	16,705,982
Houghton Mifflin Harcourt Company †		811,687		19,058,411

				35,764,393


Hotels, Restaurants & Leisure: 2.65%
Panera Bread Company Class A †		63,177		10,108,004
Royal Caribbean Cruises Limited		237,946		19,475,880
Wynn Resorts Limited		96,171		12,106,005

				41,689,889


Household Durables: 4.33%
Harman International Industries Incorporated		196,641		26,277,137
MDC Holdings Incorporated «		784,630		22,361,955
Mohawk Industries Incorporated †		104,200		19,355,150

				67,994,242


Media: 2.22%
Interpublic Group of Companies Incorporated		855,247		18,918,064
Scripps Networks Interactive Incorporated Class A		233,643		16,018,564

				34,936,628


Specialty Retail: 4.60%
Express Incorporated †		1,190,382		19,677,014
Tractor Supply Company		165,285		14,059,142
Urban Outfitters Incorporated †		492,757		22,494,357
Vitamin Shoppe Incorporated †		387,826		15,974,553

				72,205,066


Textiles, Apparel & Luxury Goods: 1.27%
PVH Corporation		186,600		19,884,096


Consumer Staples: 2.22%

Food & Staples Retailing: 1.13%
The Fresh Market Incorporated †«		437,153		17,765,898


Household Products: 1.09%
Church & Dwight Company Incorporated		200,615		17,136,533


Energy: 4.45%

Energy Equipment & Services: 2.09%
Helmerich & Payne Incorporated «		235,860		16,054,990
Superior Energy Services Incorporated		753,090		16,824,031

				32,879,021

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


8		Wells Fargo Advantage Common Stock Fund		Portfolio of investments—March 31, 2015 (unaudited)


Security name	Shares		Value

Oil, Gas & Consumable Fuels: 2.36%
Cimarex Energy Company		179,970	$	20,712,747
Southwestern Energy Company †		702,297		16,286,267

				36,999,014


Financials: 18.23%

Banks: 5.55%
First Horizon National Corporation		1,698,005		24,264,491
MB Financial Incorporated		672,460		21,054,723
National Bank Holdings Corporation Class A		1,001,036		18,829,487
TCF Financial Corporation		1,464,050		23,014,866

				87,163,567


Capital Markets: 3.87%
ETRADE Financial Corporation †*		861,635		24,603,987
Evercore Partners Incorporated Class A		337,875		17,454,623
Waddell & Reed Financial Incorporated Class A		376,465		18,650,076

				60,708,686


Insurance: 7.91%
Arch Capital Group Limited †		387,252		23,854,723
CNO Financial Group Incorporated		1,331,165		22,922,661
Reinsurance Group of America Incorporated		257,646		24,010,031
RenaissanceRe Holdings Limited		150,882		15,047,462
The Progressive Corporation		795,765		21,644,808
Willis Group Holdings plc		348,168		16,774,734

				124,254,419


REITs: 0.90%
Campus Crest Communities Incorporated		1,965,787		14,075,035


Health Care: 10.64%

Health Care Equipment & Supplies: 6.66%
DENTSPLY International Incorporated		414,034		21,070,190
Haemonetics Corporation †		641,925		28,835,271
HeartWare International Incorporated †		129,748		11,387,982
Hologic Incorporated †		636,490		21,020,082
Thoratec Corporation †		531,657		22,271,112

				104,584,637


Health Care Providers & Services: 2.87%
Laboratory Corporation of America Holdings †		204,155		25,741,904
Universal Health Services Incorporated Class B		163,201		19,210,390

				44,952,294


Life Sciences Tools & Services: 1.11%
PerkinElmer Incorporated		340,836		17,430,353

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


Portfolio of investments—March 31, 2015 (unaudited)		Wells Fargo Advantage Common Stock Fund			9


Security name	Shares		Value

Industrials: 14.08%

Aerospace & Defense: 0.74%
B/E Aerospace Incorporated		183,616	$	11,681,650


Airlines: 1.08%
United Continental Holdings Incorporated †		252,266		16,964,889


Commercial Services & Supplies: 3.15%
Herman Miller Incorporated		221,286		6,142,899
Republic Services Incorporated		488,557		19,815,872
Steelcase Incorporated Class A		1,243,938		23,560,186

				49,518,957


Electrical Equipment: 2.64%
Sensata Technologies Holding NV †		302,611		17,385,002
The Babcock & Wilcox Company		748,143		24,007,909

				41,392,911


Machinery: 2.33%
Allison Transmission Holdings Incorporated		622,739		19,890,284
Wabash National Corporation †		1,179,413		16,629,723

				36,520,007


Road & Rail: 1.96%
Hertz Global Holdings Incorporated †		930,547		20,174,259
Ryder System Incorporated		112,192		10,645,899

				30,820,158


Trading Companies & Distributors: 2.18%
GATX Corporation		402,108		23,314,222
MRC Global Incorporated †		920,358		10,906,242

				34,220,464


Information Technology: 19.48%

Electronic Equipment, Instruments & Components: 0.98%
Trimble Navigation Limited †		612,008		15,422,602


Internet Software & Services: 1.23%
HomeAway Incorporated †		640,712		19,330,281


IT Services: 6.66%
Amdocs Limited		412,109		22,418,730
CoreLogic Incorporated †		654,280		23,076,456
Gartner Incorporated †		209,978		17,606,655
Global Payments Incorporated		235,568		21,596,874
Sabre Corporation		816,167		19,832,858

				104,531,573

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


10		Wells Fargo Advantage Common Stock Fund		Portfolio of investments—March 31, 2015 (unaudited)


Security name				Shares		Value

Semiconductors & Semiconductor Equipment: 4.86%
Integrated Device Technology Incorporated †					609,058	$	12,193,341
Maxim Integrated Products Incorporated					531,522		18,502,281
ON Semiconductor Corporation †					1,891,885		22,910,727
Skyworks Solutions Incorporated					230,806		22,685,922

							76,292,271


Software: 4.16%
Nuance Communications Incorporated †					1,423,820		20,431,817
Red Hat Incorporated †					303,117		22,961,113
Solera Holdings Incorporated					424,979		21,954,415

							65,347,345


Technology Hardware, Storage & Peripherals: 1.59%
Diebold Incorporated					704,143		24,968,911


Materials: 6.03%

Chemicals: 2.47%
Huntsman Corporation					891,174		19,757,328
International Flavors & Fragrances Incorporated					161,828		18,998,607

							38,755,935


Containers & Packaging: 1.38%
Crown Holdings Incorporated †					399,527		21,582,449


Metals & Mining: 2.18%
Royal Gold Incorporated					176,539		11,141,376
Steel Dynamics Incorporated					1,152,137		23,157,954

							34,299,330


Total Common Stocks (Cost $1,058,280,289)							1,452,073,504


Exchange-Traded Funds: 3.68%
iShares Russell 2000 Index ETF					151,589		18,850,091
SPDR Dow Jones REIT ETF «					219,368		20,745,632
SPDR S&P Biotech ETF «					80,680		18,193,340

Total Exchange-Traded Funds (Cost $45,416,756)							57,789,063


	Yield
Short-Term Investments: 8.87%

Investment Companies: 8.87%
Securities Lending Cash Investments, LLC (l)(r)(u)		0.15	%		58,604,563		58,604,563
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)		0.10			80,663,930		80,663,930

Total Short-Term Investments (Cost $139,268,493)							139,268,493


Total investments in securities (Cost $1,242,965,538) *	105.03	%		1,649,131,060
Other assets and liabilities, net	(5.03	)		(78,929,297	)

Total net assets	100.00	%	$	1,570,201,763

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


Portfolio of investments—March 31, 2015 (unaudited)		Wells Fargo Advantage Common Stock Fund			11

†	Non-income-earning security

«	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.

*	Cost for federal income tax purposes is $1,245,058,782 and unrealized gains (losses) consists of:


Gross unrealized gains	$	466,593,556
Gross unrealized losses		(62,521,278	)

Net unrealized gains	$	404,072,278

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


12		Wells Fargo Advantage Common Stock Fund		Statement of assets and liabilities—March 31, 2015 (unaudited)




Assets
Investments
In unaffiliated securities (including $57,359,489 of securities loaned), at value (cost $1,103,697,045)	$	1,509,862,567
In affiliated securities, at value (cost $139,268,493)		139,268,493

Total investments, at value (cost $1,242,965,538)		1,649,131,060
Receivable for investments sold		2,958,381
Receivable for Fund shares sold		471,971
Receivable for dividends		857,219
Receivable for securities lending income		54,832
Prepaid expenses and other assets		53,192

Total assets		1,653,526,655


Liabilities
Payable for investments purchased		21,880,717
Payable for Fund shares redeemed		1,192,224
Payable upon receipt of securities loaned		58,604,563
Advisory fee payable		883,745
Distribution fees payable		19,370
Administration fees payable		402,284
Accrued expenses and other liabilities		341,989

Total liabilities		83,324,892

Total net assets	$	1,570,201,763


NET ASSETS CONSIST OF
Paid-in capital	$	1,072,167,777
Accumulated net investment loss		(668,167	)
Accumulated net realized gains on investments		92,536,631
Net unrealized gains on investments		406,165,522

Total net assets	$	1,570,201,763


COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	189,219,612
Shares outstanding – Class A¹		7,951,288
Net asset value per share – Class A		$23.80
Maximum offering price per share – Class A²		$25.25
Net assets – Class B	$	193,480
Shares outstanding – Class B¹		9,850
Net asset value per share – Class B		$19.64
Net assets – Class C	$	30,200,345
Shares outstanding – Class C¹		1,537,587
Net asset value per share – Class C		$19.64
Net assets – Class R6	$	102,412,320
Shares outstanding – Class R6¹		4,200,709
Net asset value per share – Class R6		$24.38
Net assets – Administrator Class	$	38,107,458
Shares outstanding – Administrator Class¹		1,586,013
Net asset value per share – Administrator Class		$24.03
Net assets – Institutional Class	$	225,346,878
Shares outstanding – Institutional Class¹		9,254,998
Net asset value per share – Institutional Class		$24.35
Net assets – Investor Class	$	984,721,670
Shares outstanding – Investor Class¹		40,283,441
Net asset value per share – Investor Class		$24.44

¹	The Fund has an unlimited number of authorized shares.

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

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


Statement of operations—six months ended March 31, 2015 (unaudited)		Wells Fargo Advantage Common Stock Fund			13




Investment income
Dividends (net of foreign withholding taxes of $4,141)	$	8,472,962
Securities lending income, net		287,454
Income from affiliated securities		28,683

Total investment income		8,789,099


Expenses
Advisory fee		5,483,816
Administration fees
Fund level		393,065
Class A		300,775
Class B		305
Class C		38,693
Class R6		14,348
Administrator Class		20,515
Institutional Class		87,914
Investor Class		1,527,087
Shareholder servicing fees
Class A		289,207
Class B		293
Class C		37,205
Administrator Class		51,287
Investor Class		1,187,057
Distribution fees
Class B		880
Class C		111,616
Custody and accounting fees		43,707
Professional fees		23,396
Registration fees		32,911
Shareholder report expenses		33,839
Trustees’ fees and expenses		5,114
Other fees and expenses		11,716

Total expenses		9,694,746
Less: Fee waivers and/or expense reimbursements		(242,392	)

Net expenses		9,452,354

Net investment loss		(663,255	)


REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on investments		124,437,036
Net change in unrealized gains (losses) on investments		602,300

Net realized and unrealized gains (losses) on investments		125,039,336

Net increase in net assets resulting from operations	$	124,376,081

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


14		Wells Fargo Advantage Common Stock Fund		Statement of changes in net assets


	Six months ended March 31, 2015 (unaudited)						Year ended September 30, 2014

Operations
Net investment loss				$	(663,255	)				$	(3,506,640	)
Net realized gains on investments					124,437,036						180,261,128
Net change in unrealized gains (losses) on investments					602,300						(21,569,457	)

Net increase in net assets resulting from operations					124,376,081						155,185,031


Distributions to shareholders from
Net realized gains
Class A					(31,096,050	)					(23,563,784	)
Class B					(33,224	)					(48,358	)
Class C					(3,921,593	)					(2,863,640	)
Class R6					(10,389,502	)					(6,412,457	)
Administrator Class					(4,624,038	)					(3,093,791	)
Institutional Class					(24,118,158	)					(16,364,757	)
Investor Class					(103,908,119	)					(76,153,892	)

Total distributions to shareholders					(178,090,684	)					(128,500,679	)


Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		791,199			18,605,441			1,906,863			47,333,361
Class B		58			1,130			1,604			34,770
Class C		84,807			1,636,222			151,598			3,204,286
Class R6		334,078			8,043,030			4,157,524			108,751,854
Administrator Class		140,783			3,314,413			960,741			24,486,805
Institutional Class		702,021			17,451,506			2,110,163			53,200,949
Investor Class		718,447			17,465,199			1,403,415			35,757,343

					66,516,941						272,769,368

Reinvestment of distributions
Class A		1,388,863			30,846,648			981,487			23,202,372
Class B		1,809			33,224			2,398			48,358
Class C		180,879			3,322,741			119,275			2,405,786
Class R6		457,284			10,389,502			266,963			6,412,457
Administrator Class		204,831			4,590,258			117,649			2,800,043
Institutional Class		1,043,559			23,678,356			681,502			16,362,862
Investor Class		4,384,152			100,002,330			3,036,465			73,573,529

					172,863,059						124,805,407

Payment for shares redeemed
Class A		(5,424,416	)		(124,835,802	)		(3,669,323	)		(91,720,868	)
Class B		(6,075	)		(119,006	)		(14,528	)		(305,818	)
Class C		(167,077	)		(3,308,220	)		(224,248	)		(4,766,078	)
Class R6		(357,960	)		(8,630,913	)		(658,275	)		(16,801,202	)
Administrator Class		(575,331	)		(13,860,583	)		(274,181	)		(6,849,148	)
Institutional Class		(1,342,601	)		(32,746,920	)		(1,910,120	)		(49,279,081	)
Investor Class		(2,353,044	)		(57,194,913	)		(4,259,222	)		(108,394,726	)

					(240,696,357	)					(278,116,921	)

Net increase (decrease) in net assets resulting from capital share transactions					(1,316,357	)					119,457,854

Total increase (decrease) in net assets					(55,030,960	)					146,142,206


Net assets
Beginning of period					1,625,232,723						1,479,090,517

End of period				$	1,570,201,763					$	1,625,232,723

Accumulated net investment loss				$	(668,167	)				$	(4,912	)

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


Financial highlights		Wells Fargo Advantage Common Stock Fund			15

(For a share outstanding throughout each period)


	Six months ended March 31, 2015 (unaudited)			Year ended September 30															Year ended October 31, 2009
CLASS A	Six months ended March 31, 2015 (unaudited)			2014			2013			2012			2011			2010¹			Year ended October 31, 2009
Net asset value, beginning of period		$24.79			$24.45			$21.18			$17.15			$18.20			$15.10			$12.26
Net investment income (loss)		(0.01	)		(0.07	)		(0.02	)		(0.04	)		(0.06	)		(0.04	)		0.02	²
Net realized and unrealized gains (losses) on investments		1.83			2.48			4.72			5.33			(0.74	)		3.16			2.82

Total from investment operations		1.82			2.41			4.70			5.29			(0.80	)		3.12			2.84
Distributions to shareholders from
Net investment income		0.00			0.00			0.00			0.00			0.00			(0.02	)		0.00
Net realized gains		(2.81	)		(2.07	)		(1.43	)		(1.26	)		(0.25	)		0.00			0.00

Total distributions to shareholders		(2.81	)		(2.07	)		(1.43	)		(1.26	)		(0.25	)		(0.02	)		0.00
Net asset value, end of period		$23.80			$24.79			$24.45			$21.18			$17.15			$18.20			$15.10
Total return³		8.14	%		10.26	%		23.72	%		31.90	%		(4.61	)%		20.80	%		23.08	%
Ratios to average net assets (annualized)
Gross expenses		1.28	%		1.28	%		1.30	%		1.31	%		1.30	%		1.33	%		1.37	%
Net expenses		1.26	%		1.26	%		1.26	%		1.26	%		1.26	%		1.26	%		1.26	%
Net investment income (loss)		(0.15	)%		(0.27	)%		(0.05	)%		(0.16	)%		(0.24	)%		(0.25	)%		0.19	%
Supplemental data
Portfolio turnover rate		30	%		38	%		40	%		30	%		41	%		47	%		58	%
Net assets, end of period (000s omitted)		$189,220			$277,517			$292,806			$207,668			$153,921			$123,495			$112,900

¹	For the eleven months ended September 30, 2010. The Fund changed its fiscal year end from October 31 to September 30, effective September 30, 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 Common Stock Fund		Financial highlights

(For a share outstanding throughout each period)


	Six months ended March 31, 2015 (unaudited)			Year ended September 30															Year ended October 31, 2009
CLASS B	Six months ended March 31, 2015 (unaudited)			2014			2013			2012			2011			2010¹			Year ended October 31, 2009
Net asset value, beginning of period		$21.02			$21.18			$18.67			$15.35			$16.44			$13.71			$11.23
Net investment loss		(0.09	)²		(0.22	)²		(0.15	)²		(0.17	)²		(0.20	)²		(0.14	)²		(0.06	)²
Net realized and unrealized gains (losses) on investments		1.52			2.13			4.09			4.75			(0.64	)		2.87			2.54

Total from investment operations		1.43			1.91			3.94			4.58			(0.84	)		2.73			2.48
Distributions to shareholders from
Net realized gains		(2.81	)		(2.07	)		(1.43	)		(1.26	)		(0.25	)		0.00			0.00
Net asset value, end of period		$19.64			$21.02			$21.18			$18.67			$15.35			$16.44			$13.71
Total return³		7.71	%		9.42	%		22.78	%		30.87	%		(5.29	)%		19.91	%		22.08	%
Ratios to average net assets (annualized)
Gross expenses		2.02	%		2.03	%		2.05	%		2.05	%		2.05	%		2.08	%		2.12	%
Net expenses		2.01	%		2.01	%		2.01	%		2.01	%		2.01	%		2.01	%		2.01	%
Net investment loss		(0.92	)%		(1.03	)%		(0.78	)%		(0.96	)%		(1.13	)%		(1.02	)%		(0.51	)%
Supplemental data
Portfolio turnover rate		30	%		38	%		40	%		30	%		41	%		47	%		58	%
Net assets, end of period (000s omitted)		$193			$296			$521			$806			$1,655			$11,302			$12,487

¹	For the eleven months ended September 30, 2010. The Fund changed its fiscal year end from October 31 to September 30, effective September 30, 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 Common Stock Fund			17

(For a share outstanding throughout each period)


	Six months ended March 31, 2015 (unaudited)			Year ended September 30															Year ended October 31, 2009
CLASS C	Six months ended March 31, 2015 (unaudited)			2014			2013			2012			2011			2010¹			Year ended October 31, 2009
Net asset value, beginning of period		$21.02			$21.18			$18.67			$15.35			$16.44			$13.71			$11.23
Net investment loss		(0.09	)²		(0.22	)²		(0.16	)²		(0.16	)²		(0.18	)²		(0.14	)²		(0.06	)²
Net realized and unrealized gains (losses) on investments		1.52			2.13			4.10			4.74			(0.66	)		2.87			2.54

Total from investment operations		1.43			1.91			3.94			4.58			(0.84	)		2.73			2.48
Distributions to shareholders from
Net realized gains		(2.81	)		(2.07	)		(1.43	)		(1.26	)		(0.25	)		0.00			0.00
Net asset value, end of period		$19.64			$21.02			$21.18			$18.67			$15.35			$16.44			$13.71
Total return³		7.71	%		9.42	%		22.78	%		30.95	%		(5.35	)%		20.00	%		21.99	%
Ratios to average net assets (annualized)
Gross expenses		2.03	%		2.03	%		2.05	%		2.06	%		2.05	%		2.08	%		2.12	%
Net expenses		2.01	%		2.01	%		2.01	%		2.01	%		2.01	%		2.01	%		2.01	%
Net investment loss		(0.89	)%		(1.01	)%		(0.81	)%		(0.92	)%		(1.01	)%		(1.01	)%		(0.56	)%
Supplemental data
Portfolio turnover rate		30	%		38	%		40	%		30	%		41	%		47	%		58	%
Net assets, end of period (000s omitted)		$30,200			$30,245			$29,483			$20,080			$17,887			$17,976			$11,750

¹	For the eleven months ended September 30, 2010. The Fund changed its fiscal year end from October 31 to September 30, effective September 30, 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 Common Stock Fund		Financial highlights

(For a share outstanding throughout each period)


	Six months ended March 31, 2015 (unaudited)			Year ended September 30
CLASS R6	Six months ended March 31, 2015 (unaudited)			2014			2013¹
Net asset value, beginning of period		$25.27			$24.78			$22.83
Net investment income		0.03			0.07	²		0.01
Net realized and unrealized gains (losses) on investments		1.89			2.49			1.94

Total from investment operations		1.92			2.56			1.95
Distributions to shareholders from
Net realized gains		(2.81	)		(2.07	)		0.00
Net asset value, end of period		$24.38			$25.27			$24.78
Total return³		8.40	%		10.76	%		8.54	%
Ratios to average net assets (annualized)
Gross expenses		0.80	%		0.80	%		0.81	%
Net expenses		0.80	%		0.80	%		0.81	%
Net investment income		0.32	%		0.27	%		0.18	%
Supplemental data
Portfolio turnover rate		30	%		38	%		40	%
Net assets, end of period (000s omitted)		$102,412			$95,213			$27

¹	For the period from June 28, 2013 (commencement of class operations) to September 30, 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 Common Stock Fund			19

(For a share outstanding throughout each period)


	Six months ended March 31, 2015 (unaudited)			Year ended September 30
ADMINISTRATOR CLASS	Six months ended March 31, 2015 (unaudited)			2014			2013			2012			2011			2010¹
Net asset value, beginning of period		$24.98			$24.59			$21.26			$17.18			$18.20			$17.49
Net investment income (loss)		0.02			(0.02	)²		0.01			0.01			(0.01	)²		0.01	²
Net realized and unrealized gains (losses) on investments		1.84			2.48			4.75			5.33			(0.76	)		0.70

Total from investment operations		1.86			2.46			4.76			5.34			(0.77	)		0.71
Distributions to shareholders from
Net realized gains		(2.81	)		(2.07	)		(1.43	)		(1.26	)		(0.25	)		0.00
Net asset value, end of period		$24.03			$24.98			$24.59			$21.26			$17.18			$18.20
Total return³		8.25	%		10.41	%		23.92	%		32.15	%		(4.44	)%		4.06	%
Ratios to average net assets (annualized)
Gross expenses		1.12	%		1.11	%		1.11	%		1.10	%		1.10	%		1.18	%
Net expenses		1.10	%		1.09	%		1.09	%		1.07	%		1.09	%		1.07	%
Net investment income (loss)		0.01	%		(0.07	)%		0.11	%		0.01	%		(0.05	)%		0.19	%
Supplemental data
Portfolio turnover rate		30	%		38	%		40	%		30	%		41	%		47	%
Net assets, end of period (000s omitted)		$38,107			$45,364			$24,871			$19,428			$19,044			$10

¹	For the period from July 30, 2010 (commencement of class operations) to September 30, 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 Common Stock Fund		Financial highlights

(For a share outstanding throughout each period)


	Six months ended March 31, 2015 (unaudited)			Year ended September 30
INSTITUTIONAL CLASS	Six months ended March 31, 2015 (unaudited)			2014			2013			2012			2011			2010¹
Net asset value, beginning of period		$25.25			$24.77			$21.37			$17.23			$18.21			$17.49
Net investment income		0.03	²		0.03			0.07	²		0.06	²		0.01			0.02	²
Net realized and unrealized gains (losses) on investments		1.88			2.52			4.76			5.34			(0.74	)		0.70

Total from investment operations		1.91			2.55			4.83			5.40			(0.73	)		0.72
Distributions to shareholders from
Net realized gains		(2.81	)		(2.07	)		(1.43	)		(1.26	)		(0.25	)		0.00
Net asset value, end of period		$24.35			$25.25			$24.77			$21.37			$17.23			$18.21
Total return³		8.37	%		10.72	%		24.14	%		32.42	%		(4.22	)%		4.12	%
Ratios to average net assets (annualized)
Gross expenses		0.85	%		0.85	%		0.87	%		0.88	%		0.87	%		0.94	%
Net expenses		0.85	%		0.85	%		0.87	%		0.88	%		0.87	%		0.89	%
Net investment income		0.27	%		0.14	%		0.33	%		0.28	%		0.29	%		0.60	%
Supplemental data
Portfolio turnover rate		30	%		38	%		40	%		30	%		41	%		47	%
Net assets, end of period (000s omitted)		$225,347			$223,525			$197,453			$86,645			$16,475			$327

¹	For the period from July 30, 2010 (commencement of class operations) to September 30, 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 Common Stock Fund			21

(For a share outstanding throughout each period)


	Six months ended March 31, 2015 (unaudited)			Year ended September 30															Year ended October 31, 2009
INVESTOR CLASS	Six months ended March 31, 2015 (unaudited)			2014			2013			2012			2011			2010¹			Year ended October 31, 2009
Net asset value, beginning of period		$25.39			$25.00			$21.64			$17.50			$18.57			$15.41			$12.53
Net investment income (loss)		(0.02	)		(0.08	)		(0.02	)		(0.04	)		(0.06	)		(0.05	)²		0.02	²
Net realized and unrealized gains (losses) on investments		1.88			2.54			4.81			5.44			(0.76	)		3.23			2.86

Total from investment operations		1.86			2.46			4.79			5.40			(0.82	)		3.18			2.88
Distributions to shareholders from
Net investment income		0.00			0.00			0.00			0.00			0.00			(0.02	)		0.00
Net realized gains		(2.81	)		(2.07	)		(1.43	)		(1.26	)		(0.25	)		0.00			0.00

Total distributions to shareholders		(2.81	)		(2.07	)		(1.43	)		(1.26	)		(0.25	)		(0.02	)		0.00
Net asset value, end of period		$24.44			$25.39			$25.00			$21.64			$17.50			$18.57			$15.41
Total return³		8.11	%		10.23	%		23.63	%		31.89	%		(4.62	)%		20.73	%		22.91	%
Ratios to average net assets (annualized)
Gross expenses		1.34	%		1.34	%		1.35	%		1.37	%		1.36	%		1.43	%		1.47	%
Net expenses		1.29	%		1.29	%		1.29	%		1.29	%		1.29	%		1.29	%		1.29	%
Net investment income (loss)		(0.17	)%		(0.29	)%		(0.08	)%		(0.20	)%		(0.29	)%		(0.30	)%		0.17	%
Supplemental data
Portfolio turnover rate		30	%		38	%		40	%		30	%		41	%		47	%		58	%
Net assets, end of period (000s omitted)		$984,722			$953,073			$933,930			$817,678			$723,711			$761,497			$657,333

¹	For the eleven months ended September 30, 2010. The Fund changed its fiscal year end from October 31 to September 30, effective September 30, 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.


22		Wells Fargo Advantage Common Stock 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 Common Stock Fund (the “Fund”) which is a diversified series of the Trust.

2. SIGNIFICANT ACCOUNTING POLICIES

Securities valuation

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

Equity securities that are not listed on a foreign or domestic exchange 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.

Security loans


Notes to financial statements (unaudited)		Wells Fargo Advantage Common Stock Fund			23

Security transactions and income recognition

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

Dividend income is recognized on the ex-dividend date. Dividend income is recorded net of foreign taxes withheld where recovery of such taxes is not assured.

Distributions to shareholders

Federal and other taxes

As of September 30, 2014, the Fund had capital loss carryforwards available to offset future net realized capital gains in the amount of $1,382,918 with $691,459 expiring in 2015 and $691,459 expiring in 2016.

Class allocations

3. FAIR VALUATION MEASUREMENTS

Level 1 – quoted prices in active markets for identical securities

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

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

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


24		Wells Fargo Advantage Common Stock 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 March 31, 2015:


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

Common stocks
Consumer discretionary	$	272,474,314	$	0	$	0	$	272,474,314
Consumer staples		34,902,431		0		0		34,902,431
Energy		69,878,035		0		0		69,878,035
Financials		286,201,707		0		0		286,201,707
Health care		166,967,284		0		0		166,967,284
Industrials		221,119,036		0		0		221,119,036
Information technology		305,892,983		0		0		305,892,983
Materials		94,637,714		0		0		94,637,714

Exchange-traded funds		57,789,063		0		0		57,789,063

Short-term investments
Investment companies		80,663,930		58,604,563		0		139,268,493
Total assets	$	1,590,526,497	$	58,604,563	$	0	$	1,649,131,060

4. TRANSACTIONS WITH AFFILIATES

Advisory fee

Pursuant to the contract, Funds Management is entitled to receive an annual advisory fee starting at 0.75% and declining to 0.60% as the average daily net assets of the Fund increase. For the six months ended March 31, 2015, the advisory fee was equivalent to an annual rate of 0.70% 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 0.45% and declining to 0.30% as the average daily net assets of the Fund increase.

Administration fees


	Class level administration fee
Class A, Class B, Class C		0.26	%
Class R6		0.03
Administrator Class		0.10
Institutional Class		0.08
Investor Class		0.32


Notes to financial statements (unaudited)		Wells Fargo Advantage Common Stock Fund			25

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 January 31, 2016 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.26% for Class A shares, 2.01% for Class B shares, 2.01% for Class C shares, 0.85% for Class R6 shares, 1.10% for Administrator Class shares, 0.90% for Institutional Class shares, and 1.29% 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

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 March 31, 2015, Funds Distributor received $1,910 from the sale of Class A shares and $164 in contingent deferred sales charges from redemptions of Class C shares.

Shareholder servicing fees

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 March 31, 2015 were $452,542,945 and $604,312,261, respectively.

6. BANK BORROWINGS

For the six months ended March 31, 2015, there were no borrowings by the Fund under the agreement.

7. INDEMNIFICATION


26		Wells Fargo Advantage Common Stock Fund		Other information (unaudited)

PROXY VOTING INFORMATION

PORTFOLIO HOLDINGS INFORMATION


Other information (unaudited)		Wells Fargo Advantage Common Stock Fund			27

BOARD OF TRUSTEES AND OFFICERS

Independent Trustees


Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Other directorships during past five years
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 Common Stock 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 Common Stock 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

SDR	— Swedish depositary receipt

SEK	— Swedish krona

SFHR	— Single-family housing revenue

SFMR	— Single-family mortgage revenue

SGD	— Singapore dollar

SPA	— Standby purchase agreement

SPDR	— Standard & Poor’s Depositary Receipts

SPEAR

— Short Puttable Exempt Adjustable Receipts

STRIPS

— Separate trading of registered interest and

principal securities

TAN	— Tax anticipation notes

TBA	— To be announced

THB	— Thai baht

TIPS	— Treasury inflation-protected securities

TRAN	— Tax revenue anticipation notes

TRY	— Turkish lira

TTFA	— Transportation Trust Fund Authority

TVA	— Tennessee Valley Authority

ZAR	— South African rand

This page is intentionally left blank.

LOGO

For more information

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

Wells Fargo Advantage Funds

P.O. Box 8266

Boston, MA 02266-8266

Email: wfaf@wellsfargo.com

Website: wellsfargoadvantagefunds.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

NOT FDIC INSURED ¡ NO BANK GUARANTEE ¡ MAY LOSE VALUE

232704 05-15

SA229/SAR229 03-15

Wells Fargo Advantage Discovery Fund^SM

LOGO

Semi-Annual Report

March 31, 2015

LOGO

Reduce clutter. Save trees.

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

NOT FDIC INSURED ¡ NO BANK GUARANTEE ¡ MAY LOSE VALUE


2		Wells Fargo Advantage Discovery Fund		Letter to shareholders (unaudited)

LOGO

Karla M. Rabusch

President

Wells Fargo Advantage Funds

Entering 2015, volatility became a more influential factor in domestic equities markets.

Dear Valued Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Advantage Discovery Fund for the six-month period that ended March 31, 2015. Among the most significant influences on the equity and bond markets during the period were improving U.S. economic data, a stronger U.S. dollar, declining oil and natural gas prices, and global central bank actions intended to support economic activity.

A strengthening U.S. economic recovery benefited U.S. equity investors.

As the U.S. economic recovery gained strength, economies in some other global markets struggled. In response, central banks in Europe, Japan, and China took steps to spark business activity and economic growth. The European Central Bank

¹	The Russell Midcap^® Index measures the performance of the 800 smallest companies in the Russell 1000^® Index, which represent approximately 25% of the total market capitalization of the Russell 1000 Index. You cannot invest directly in an index.

²	The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock’s weight in the index proportionate to its market value. You cannot invest directly in an index.


Letter to shareholders (unaudited)		Wells Fargo Advantage Discovery Fund			3

reduced interest rates in June and September 2014 and announced a QE bond-buying program early in 2015. While Japan’s economy rebounded from recession in the final quarter of 2014, the Bank of Japan maintained accommodative monetary policies because growth was weaker than expected. The People’s Bank of China reduced interest rates in November 2014 and February 2015 in an effort to spark increased economic activity; however, government officials lowered their previous projections for economic growth. U.S. investors in international equity markets saw positive returns in local-currency terms turn lower after translation into U.S. dollars because the U.S. dollar strengthened substantially.

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

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.

Sincerely,

LOGO

Karla M. Rabusch

President

Wells Fargo Advantage Funds


4		Wells Fargo Advantage Discovery Fund		Performance highlights (unaudited)

The Fund is closed to most new investors¹.

Investment objective

The Fund seeks long-term capital appreciation.

Adviser

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Thomas J. Pence, CFA

Michael T. Smith, CFA

Chris Warner, CFA

Average annual total returns² (%) as of March 31, 2015


		Including sales charge						Excluding sales charge						Expense ratios³ (%)
	Inception date	1 year		5 year		10 year		1 year		5 year		10 year		Gross		Net⁴
Class A (WFDAX)	7-31-2007		2.33		15.80		10.81		8.58		17.18		11.46		1.25		1.22
Class C (WDSCX)	7-31-2007		6.75		16.29		10.63		7.75		16.29		10.63		2.00		1.97
Class R6 (WFDRX)	6-28-2013		–		–		–		9.05		17.65		11.89		0.77		0.77
Administrator Class (WFDDX)	4-8-2005		–		–		–		8.69		17.32		11.64		1.09		1.09
Institutional Class (WFDSX)	8-31-2006		–		–		–		9.00		17.63		11.87		0.82		0.82
Investor Class (STDIX)	12-31-1987		–		–		–		8.52		17.10		11.39		1.31		1.28
Russell 2500^TM Growth Index⁵	–		–		–		–		13.83		16.97		10.64		–		–

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

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

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

Please see footnotes on page 5.


Performance highlights (unaudited)		Wells Fargo Advantage Discovery Fund			5


Ten largest holdings⁶ (%) as of March 31, 2015
Cinemark Holdings Incorporated			2.25
Wabtec Corporation			2.20
CoStar Group Incorporated			2.08
SEI Investments Company			1.90
Old Dominion Freight Line Incorporated			1.88
Servicemaster Global Holdings Incorporated			1.78
Carlisle Companies Incorporated			1.73
Acuity Brands Incorporated			1.68
Carter’s Incorporated			1.66
Tableau Software Incorporated Class A			1.64


Sector distribution⁷ as of March 31, 2015

¹	Please see the Fund’s current Statement of Additional Information for further details.

Historical performance shown for Class A and Administrator Class shares prior to their inception reflects the performance of Investor Class shares and includes the higher expenses applicable to Investor Class shares. If these expenses had not been included, returns would be higher. Historical performance shown for Class C shares prior to their inception reflects the performance of Investor Class shares and has been adjusted to reflect the higher expenses applicable to Class C shares. Historical performance shown for Class R6 shares prior to their inception reflects the performance of Institutional Class shares, and includes the higher expenses applicable to Institutional Class shares. If these expenses had not been included, the 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.

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

⁴

The Adviser has committed through January 31, 2016, to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waiver, excluding certain expenses, at 1.22% for Class A, 1.97% for Class C, 0.84% for Class R6, 1.15% for Administrator Class, 0.89% for Institutional Class, and 1.28% 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.

⁵	The Russell 2500™ Growth Index measures the performance of those Russell 2500^TM companies with higher price-to-book ratios and higher forecasted growth values. You cannot invest directly in an index.

⁶	The ten largest holdings, excluding cash and cash equivalents, are calculated based on the value of the investments 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 Discovery Fund		Fund expenses (unaudited)

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the

entire period from October 1, 2014 to March 31, 2015.

Actual expenses

Hypothetical example for comparison purposes


	Beginning account value 10-1-2014		Ending account value 3-31-2015		Expenses paid during the period¹		Net annualized expense ratio
Class A
Actual	$	1,000.00	$	1,121.04	$	6.45		1.22	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.85	$	6.14		1.22	%
Class C
Actual	$	1,000.00	$	1,116.91	$	10.40		1.97	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.11	$	9.90		1.97	%
Class R6
Actual	$	1,000.00	$	1,123.45	$	4.02		0.76	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.14	$	3.83		0.76	%
Administrator Class
Actual	$	1,000.00	$	1,121.80	$	5.71		1.08	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.55	$	5.44		1.08	%
Institutional Class
Actual	$	1,000.00	$	1,123.24	$	4.29		0.81	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.89	$	4.08		0.81	%
Investor Class
Actual	$	1,000.00	$	1,120.98	$	6.77		1.28	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.55	$	6.44		1.28	%

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—March 31, 2015 (unaudited)		Wells Fargo Advantage Discovery Fund			7


Security name	Shares		Value


Common Stocks: 99.71%

Consumer Discretionary: 26.83%

Auto Components: 1.37%
Gentherm Incorporated †		943,534	$	47,657,902


Diversified Consumer Services: 3.13%
Bright Horizons Family Solutions Incorporated †		915,556		46,940,556
Servicemaster Global Holdings Incorporated †		1,828,313		61,705,564

				108,646,120


Hotels, Restaurants & Leisure: 3.52%
Dave & Buster Entertainment Incorporated †		850,300		25,900,138
Domino’s Pizza Incorporated		474,647		47,725,756
Extended Stay America Incorporated		944,571		18,447,472
Krispy Kreme Doughnuts Incorporated †		1,513,102		30,246,909

				122,320,275


Household Durables: 2.10%
Harman International Industries Incorporated		311,300		41,599,019
Jarden Corporation †		593,490		31,395,621

				72,994,640


Internet & Catalog Retail: 2.12%
MakeMyTrip Limited †		1,473,594		32,360,124
Vipshop Holdings Limited †		1,403,810		41,328,166

				73,688,290


Leisure Products: 2.24%
Brunswick Corporation		547,200		28,153,440
Polaris Industries Incorporated		353,176		49,833,134

				77,986,574


Media: 2.25%
Cinemark Holdings Incorporated		1,733,851		78,144,665


Specialty Retail: 4.71%
Brown Shoe Company Incorporated		874,200		28,673,760
Lithia Motors Incorporated Class A		503,918		50,094,488
Restoration Hardware Holdings Incorporated †		451,846		44,818,605
The Michaels Companies Incorporated †		1,476,946		39,966,159

				163,553,012


Textiles, Apparel & Luxury Goods: 5.39%
Carter’s Incorporated		622,673		57,578,572
Columbia Sportswear Company		710,671		43,279,864
Kate Spade & Company †		1,399,595		46,732,477
Under Armour Incorporated Class A †		489,686		39,542,145

				187,133,058

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


8		Wells Fargo Advantage Discovery Fund		Portfolio of investments—March 31, 2015 (unaudited)


Security name	Shares		Value


Consumer Staples: 1.23%

Beverages: 1.23%
Constellation Brands Incorporated Class A †		367,857	$	42,748,662


Energy: 2.61%

Oil, Gas & Consumable Fuels: 2.61%
Delek US Holdings Incorporated		452,249		17,976,898
Diamondback Energy Incorporated †		722,665		55,529,579
Sanchez Energy Corporation «†		1,324,485		17,231,550

				90,738,027


Financials: 4.48%

Capital Markets: 3.90%
Affiliated Managers Group Incorporated †		166,007		35,654,983
Raymond James Financial Incorporated		599,960		34,065,729
SEI Investments Company		1,496,299		65,971,823

				135,692,535


Real Estate Management & Development: 0.58%
Howard Hughes Corporation †		129,368		20,054,627


Health Care: 22.91%

Biotechnology: 8.31%
Achillion Pharmaceuticals Incorporated †		1,432,997		14,129,350
Alnylam Pharmaceuticals Incorporated †		358,863		37,472,474
AMAG Pharmaceuticals Incorporated «†		824,458		45,064,874
BioMarin Pharmaceutical Incorporated †		239,029		29,787,794
bluebird bio Incorporated †		198,700		23,996,999
Cepheid Incorporated †		866,050		49,278,245
Medivation Incorporated †		275,700		35,584,599
Novavax Incorporated †		3,527,645		29,173,624
Puma Biotechnology Incorporated †		102,822		24,277,302

				288,765,261


Health Care Equipment & Supplies: 6.39%
Alere Incorporated †		739,700		36,171,330
Align Technology Incorporated †		887,065		47,710,791
Cooper Companies Incorporated		288,894		54,144,513
DexCom Incorporated †		645,686		40,252,065
IDEXX Laboratories Incorporated †		283,000		43,717,840

				221,996,539


Health Care Providers & Services: 4.32%
Community Health Systems Incorporated †		913,200		47,742,096
Envision Healthcare Holdings Incorporated †		1,341,205		51,435,212
VCA Incorporated †		928,313		50,890,119

				150,067,427

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


Portfolio of investments—March 31, 2015 (unaudited)		Wells Fargo Advantage Discovery Fund			9


Security name	Shares		Value


Health Care Technology: 1.02%
athenahealth Incorporated «†		298,047	$	35,583,831


Pharmaceuticals: 2.87%
Catalent Incorporated †		1,053,829		32,826,773
GW Pharmaceuticals plc «†		164,861		15,023,783
Jazz Pharmaceuticals plc †		299,974		51,832,507

				99,683,063


Industrials: 15.70%

Aerospace & Defense: 2.27%
Huntington Ingalls Industries Incorporated		233,600		32,739,040
TASER International Incorporated «†		1,913,300		46,129,663

				78,868,703


Airlines: 1.51%
Spirit Airlines Incorporated †		677,318		52,397,320


Building Products: 1.13%
Allegion plc		640,200		39,161,034


Electrical Equipment: 1.68%
Acuity Brands Incorporated		347,592		58,451,071


Industrial Conglomerates: 1.73%
Carlisle Companies Incorporated		649,079		60,124,188


Machinery: 5.50%
Allison Transmission Holdings Incorporated		1,245,300		39,774,882
Proto Labs Incorporated «†		535,864		37,510,480
Snap-on Incorporated		252,814		37,178,827
Wabtec Corporation		805,615		76,541,481

				191,005,670


Road & Rail: 1.88%
Old Dominion Freight Line Incorporated †		847,199		65,488,483


Information Technology: 22.06%

Communications Equipment: 1.40%
Palo Alto Networks Incorporated †		332,751		48,608,266


Electronic Equipment, Instruments & Components: 1.52%
Cognex Corporation †		1,065,090		52,817,813


Internet Software & Services: 2.08%
CoStar Group Incorporated †		366,207		72,446,731


IT Services: 5.34%
EPAM Systems Incorporated †		587,600		36,014,004
Euronet Worldwide Incorporated †		859,650		50,504,438
Vantiv Incorporated Class A †		1,337,785		50,434,495

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


10		Wells Fargo Advantage Discovery Fund		Portfolio of investments—March 31, 2015 (unaudited)


Security name				Shares		Value


IT Services (continued)
WEX Incorporated †					451,300	$	48,451,568

							185,404,505


Semiconductors & Semiconductor Equipment: 2.64%
Qorvo Incorporated †					559,633		44,602,750
Tower Semiconductor Limited «†					1,454,300		24,694,014
Veeco Instruments Incorporated †					740,710		22,628,691

							91,925,455


Software: 9.08%
Cyberark Software Limited «†					671,459		37,312,977
Fleetmatics Group plc †					1,009,065		45,256,565
Guidewire Software Incorporated †					723,274		38,051,445
Mobileye NV «†					404,600		17,005,338
ServiceNow Incorporated †					448,210		35,309,984
Solera Holdings Incorporated					774,895		40,031,076
Splunk Incorporated †					766,800		45,394,560
Tableau Software Incorporated Class A †					616,690		57,056,159

							315,418,104


Materials: 2.45%

Chemicals: 1.32%
Axalta Coating Systems Limited †					1,653,641		45,673,564


Construction Materials: 1.13%
Vulcan Materials Company					466,800		39,351,240


Telecommunication Services: 1.44%

Wireless Telecommunication Services: 1.44%
SBA Communications Corporation Class A †					425,620		49,840,102


Total Common Stocks (Cost $2,748,973,895)							3,464,436,757

	Yield

Short-Term Investments: 5.02%

Investment Companies: 5.02%
Securities Lending Cash Investments, LLC (l)(r)(u)		0.15	%		163,608,100		163,608,100
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)		0.10			10,808,407		10,808,407

Total Short-Term Investments (Cost $174,416,507)							174,416,507


Total investments in securities (Cost $2,923,390,402) *	104.73	%		3,638,853,264
Other assets and liabilities, net	(4.73	)		(164,180,868	)

Total net assets	100.00	%	$	3,474,672,396

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


Portfolio of investments—March 31, 2015 (unaudited)		Wells Fargo Advantage Discovery Fund			11

†	Non-income-earning security

«	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.

*	Cost for federal income tax purposes is $2,931,090,957 and unrealized gains (losses) consists of:


Gross unrealized gains	$	785,004,437
Gross unrealized losses		(77,242,130	)

Net unrealized gains	$	707,762,307

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


12		Wells Fargo Advantage Discovery Fund		Statement of assets and liabilities—March 31, 2015 (unaudited)




Assets
Investments
In unaffiliated securities (including $159,560,941 of securities loaned), at value (cost $2,748,973,895)	$	3,464,436,757
In affiliated securities, at value (cost $174,416,507)		174,416,507

Total investments, at value (cost $2,923,390,402)		3,638,853,264
Receivable for investments sold		46,559,100
Receivable for Fund shares sold		20,062,383
Receivable for dividends		150,233
Receivable for securities lending income		214,673
Prepaid expenses and other assets		164,611

Total assets		3,706,004,264


Liabilities
Payable for investments purchased		42,633,371
Payable for Fund shares redeemed		22,150,541
Payable upon receipt of securities loaned		163,608,100
Advisory fee payable		1,930,312
Distribution fee payable		52,111
Administration fees payable		572,720
Accrued expenses and other liabilities		384,713

Total liabilities		231,331,868

Total net assets	$	3,474,672,396


NET ASSETS CONSIST OF
Paid-in capital	$	2,695,828,392
Accumulated net investment loss		(17,298,949	)
Accumulated net realized gains on investments		80,680,091
Net unrealized gains on investments		715,462,862

Total net assets	$	3,474,672,396


COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	338,759,677
Shares outstanding – Class A¹		10,122,093
Net asset value per share – Class A		$33.47
Maximum offering price per share – Class A²		$35.51
Net assets – Class C	$	81,068,325
Shares outstanding – Class C¹		2,604,824
Net asset value per share – Class C		$31.12
Net assets – Class R6	$	282,090,838
Shares outstanding – Class R6¹		8,025,383
Net asset value per share – Class R6		$35.15
Net assets – Administrator Class	$	664,800,251
Shares outstanding – Administrator Class¹		19,435,926
Net asset value per share – Administrator Class		$34.20
Net assets – Institutional Class	$	1,497,937,167
Shares outstanding – Institutional Class¹		42,661,119
Net asset value per share – Institutional Class		$35.11
Net assets – Investor Class	$	610,016,138
Shares outstanding – Investor Class¹		18,370,125
Net asset value per share – Investor Class		$33.21

¹	The Fund has an unlimited number of authorized shares.

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

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


Statement of operations—six months ended March 31, 2015 (unaudited)		Wells Fargo Advantage Discovery Fund			13




Investment income
Dividends	$	11,717,019
Securities lending income, net		669,483
Income from affiliated securities		14,955

Total investment income		12,401,457


Expenses
Advisory fee		11,164,308
Administration fees
Fund level		843,282
Class A		435,250
Class C		106,910
Class R6		35,396
Administrator Class		337,713
Institutional Class		575,756
Investor Class		968,461
Shareholder servicing fees
Class A		418,510
Class C		102,798
Administrator Class		841,963
Investor Class		754,156
Distribution fee
Class C		308,394
Custody and accounting fees		91,800
Professional fees		24,086
Registration fees		110,176
Shareholder report expenses		80,140
Trustees’ fees and expenses		6,143
Other fees and expenses		24,117

Total expenses		17,229,359
Less: Fee waivers and/or expense reimbursements		(108,336	)

Net expenses		17,121,023

Net investment loss		(4,719,566	)


REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on investments		105,339,936
Net change in unrealized gains (losses) on investments		291,686,464

Net realized and unrealized gains (losses) on investments		397,026,400

Net increase in net assets resulting from operations	$	392,306,834

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


14		Wells Fargo Advantage Discovery Fund		Statement of changes in net assets


	Six months ended March 31, 2015 (unaudited)						Year ended September 30, 2014

Operations
Net investment loss				$	(4,719,566	)				$	(24,674,953	)
Net realized gains on investments					105,339,936						251,309,104
Net change in unrealized gains (losses) on investments					291,686,464						(163,265,630	)

Net increase in net assets resulting from operations					392,306,834						63,368,521


Distributions to shareholders from
Net realized gains
Class A					(25,776,649	)					(18,511,657	)
Class C					(6,863,393	)					(3,908,122	)
Class R6					(17,262,427	)					(229,375	)
Administrator Class					(50,657,190	)					(43,636,565	)
Institutional Class					(106,198,751	)					(67,126,218	)
Investor Class					(47,364,647	)					(44,953,612	)

Total distributions to shareholders					(254,123,057	)					(178,365,549	)


Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		1,149,601			36,738,181			7,194,353			239,880,930
Class C		91,584			2,691,537			1,622,065			51,372,776
Class R6		1,454,496			50,179,643			6,927,824			238,614,217
Administrator Class		1,859,117			60,603,173			9,555,255			322,630,260
Institutional Class		4,497,576			152,513,913			21,122,614			729,415,487
Investor Class		511,017			16,328,132			6,373,102			212,464,614

					319,054,579						1,794,378,284

Reinvestment of distributions
Class A		794,342			24,513,393			538,849			17,583,098
Class C		192,115			5,525,235			96,590			2,976,900
Class R6		533,450			17,262,427			6,756			229,375
Administrator Class		1,597,396			50,349,928			1,265,085			42,051,507
Institutional Class		3,201,343			103,499,406			1,949,307			66,159,461
Investor Class		1,517,879			46,477,457			1,369,482			44,412,550

					247,627,846						173,412,891

Payment for shares redeemed
Class A		(2,182,623	)		(70,470,445	)		(4,521,227	)		(147,714,590	)
Class C		(463,731	)		(13,959,102	)		(467,017	)		(14,485,281	)
Class R6		(505,268	)		(17,158,216	)		(392,681	)		(13,289,526	)
Administrator Class		(4,859,106	)		(161,631,497	)		(9,001,522	)		(300,190,618	)
Institutional Class		(6,407,026	)		(217,209,406	)		(10,163,663	)		(348,731,781	)
Investor Class		(2,851,553	)		(91,499,906	)		(7,579,456	)		(245,701,164	)

					(571,928,572	)					(1,070,112,960	)

Net increase (decrease) in net assets resulting from capital share transactions					(5,246,147	)					897,678,215

Total increase in net assets					132,937,630						782,681,187


Net assets
Beginning of period					3,341,734,766						2,559,053,579

End of period				$	3,474,672,396					$	3,341,734,766

Accumulated net investment loss				$	(17,298,949	)				$	(12,579,383	)

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


Financial highlights		Wells Fargo Advantage Discovery Fund			15

(For a share outstanding throughout each period)


	Six months ended March 31, 2015 (unaudited)			Year ended September 30															Year ended October 31, 2009
CLASS A	Six months ended March 31, 2015 (unaudited)			2014			2013			2012			2011			2010¹			Year ended October 31, 2009
Net asset value, beginning of period		$32.35			$33.50			$26.89			$21.20			$20.71			$15.69			$14.52
Net investment loss		(0.09	)		(0.30	)		(0.08	)²		(0.14	)²		(0.21	)²		(0.18	)		(0.09	)²
Net realized and unrealized gains (losses) on investments		3.80			1.36			8.14			6.82			0.70			5.20			1.26

Total from investment operations		3.71			1.06			8.06			6.68			0.49			5.02			1.17
Distributions to shareholders from
Net realized gains		(2.59	)		(2.21	)		(1.45	)		(0.99	)		0.00			0.00			0.00
Net asset value, end of period		$33.47			$32.35			$33.50			$26.89			$21.20			$20.71			$15.69
Total return³		12.10	%		3.15	%		31.86	%		32.05	%		2.37	%		31.99	%		8.06	%
Ratios to average net assets (annualized)
Gross expenses		1.24	%		1.25	%		1.27	%		1.29	%		1.34	%		1.37	%		1.43	%
Net expenses		1.22	%		1.22	%		1.22	%		1.22	%		1.30	%		1.33	%		1.33	%
Net investment loss		(0.48	)%		(0.95	)%		(0.29	)%		(0.53	)%		(0.86	)%		(0.97	)%		(0.68	)%
Supplemental data
Portfolio turnover rate		47	%		84	%		86	%		104	%		111	%		93	%		221	%
Net assets, end of period (000s omitted)		$338,760			$335,221			$239,506			$114,882			$41,507			$7,442			$3,750

¹	For the eleven months ended September 30, 2010. The Fund changed its fiscal year end from October 31 to September 30, effective September 30, 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 Discovery Fund		Financial highlights

(For a share outstanding throughout each period)


	Six months ended March 31, 2015 (unaudited)			Year ended September 30															Year ended October 31, 2009
CLASS C	Six months ended March 31, 2015 (unaudited)			2014			2013			2012			2011			2010¹			Year ended October 31, 2009
Net asset value, beginning of period		$30.37			$31.81			$25.79			$20.51			$20.19			$15.41			$14.36
Net investment loss		(0.18	)²		(0.35	)		(0.30	)²		(0.31	)²		(0.38	)²		(0.29	)		(0.20	)²
Net realized and unrealized gains (losses) on investments		3.52			1.12			7.77			6.58			0.70			5.07			1.25

Total from investment operations		3.34			0.77			7.47			6.27			0.32			4.78			1.05
Distributions to shareholders from
Net realized gains		(2.59	)		(2.21	)		(1.45	)		(0.99	)		0.00			0.00			0.00
Net asset value, end of period		$31.12			$30.37			$31.81			$25.79			$20.51			$20.19			$15.41
Total return³		11.69	%		2.33	%		30.89	%		31.10	%		1.59	%		31.10	%		7.24	%
Ratios to average net assets (annualized)
Gross expenses		1.99	%		2.00	%		2.02	%		2.04	%		2.09	%		2.13	%		2.18	%
Net expenses		1.97	%		1.97	%		1.97	%		1.97	%		2.07	%		2.08	%		2.08	%
Net investment loss		(1.23	)%		(1.70	)%		(1.08	)%		(1.28	)%		(1.62	)%		(1.73	)%		(1.47	)%
Supplemental data
Portfolio turnover rate		47	%		84	%		86	%		104	%		111	%		93	%		221	%
Net assets, end of period (000s omitted)		$81,068			$84,585			$48,768			$16,803			$5,205			$3,043			$2,334

¹	For the eleven months ended September 30, 2010. The Fund changed its fiscal year end from October 31 to September 30, effective September 30, 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 Discovery Fund			17

(For a share outstanding throughout each period)


	Six months ended March 31, 2015 (unaudited)			Year ended September 30
CLASS R6	Six months ended March 31, 2015 (unaudited)			2014			2013¹
Net asset value, beginning of period		$33.78			$34.73			$31.03
Net investment income (loss)		(0.01	)²		(0.17	)		0.02	²
Net realized and unrealized gains (losses) on investments		3.97			1.43			3.68

Total from investment operations		3.96			1.26			3.70
Distributions to shareholders from
Net realized gains		(2.59	)		(2.21	)		0.00
Net asset value, end of period		$35.15			$33.78			$34.73
Total return³		12.34	%		3.60	%		11.96	%
Ratios to average net assets (annualized)
Gross expenses		0.76	%		0.77	%		0.77	%
Net expenses		0.76	%		0.77	%		0.77	%
Net investment income (loss)		(0.04	)%		(0.45	)%		0.30	%
Supplemental data
Portfolio turnover rate		47	%		84	%		86	%
Net assets, end of period (000s omitted)		$282,091			$221,043			$28

¹	For the period from June 28, 2013 (commencement of class operations) to September 30, 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.


18		Wells Fargo Advantage Discovery Fund		Financial highlights

(For a share outstanding throughout each period)


	Six months ended March 31, 2015 (unaudited)			Year ended September 30															Year ended October 31, 2009
ADMINISTRATOR CLASS	Six months ended March 31, 2015 (unaudited)			2014			2013			2012			2011			2010¹			Year ended October 31, 2009
Net asset value, beginning of period		$32.99			$34.08			$27.30			$21.50			$20.96			$15.86			$14.65
Net investment loss		(0.07	)		(0.27	)²		(0.04	)		(0.12	)²		(0.20	)		(0.13	)		(0.07	)²
Net realized and unrealized gains (losses) on investments		3.87			1.39			8.27			6.91			0.74			5.23			1.28

Total from investment operations		3.80			1.12			8.23			6.79			0.54			5.10			1.21
Distributions to shareholders from
Net realized gains		(2.59	)		(2.21	)		(1.45	)		(0.99	)		0.00			0.00			0.00
Net asset value, end of period		$34.20			$32.99			$34.08			$27.30			$21.50			$20.96			$15.86
Total return³		12.18	%		3.25	%		32.01	%		32.12	%		2.58	%		32.16	%		8.26	%
Ratios to average net assets (annualized)
Gross expenses		1.08	%		1.08	%		1.10	%		1.13	%		1.17	%		1.20	%		1.25	%
Net expenses		1.08	%		1.08	%		1.10	%		1.13	%		1.15	%		1.15	%		1.15	%
Net investment loss		(0.35	)%		(0.81	)%		(0.13	)%		(0.45	)%		(0.70	)%		(0.81	)%		(0.52	)%
Supplemental data
Portfolio turnover rate		47	%		84	%		86	%		104	%		111	%		93	%		221	%
Net assets, end of period (000s omitted)		$664,800			$687,537			$648,228			$478,673			$203,820			$122,451			$103,576

¹	For the eleven months ended September 30, 2010. The Fund changed its fiscal year end from October 31 to September 30, effective September 30, 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 Discovery Fund			19

(For a share outstanding throughout each period)


	Six months ended March 31, 2015 (unaudited)			Year ended September 30															Year ended October 31, 2009
INSTITUTIONAL CLASS	Six months ended March 31, 2015 (unaudited)			2014			2013			2012			2011			2010¹			Year ended October 31, 2009
Net asset value, beginning of period		$33.76			$34.74			$27.73			$21.76			$21.17			$15.99			$14.73
Net investment income (loss)		(0.01	)		(0.20	)		0.01			(0.07	)		(0.14	)		(0.11	)		(0.05	)²
Net realized and unrealized gains (losses) on investments		3.95			1.43			8.45			7.03			0.73			5.29			1.31

Total from investment operations		3.94			1.23			8.46			6.96			0.59			5.18			1.26
Distributions to shareholders from
Net realized gains		(2.59	)		(2.21	)		(1.45	)		(0.99	)		0.00			0.00			0.00
Net asset value, end of period		$35.11			$33.76			$34.74			$27.73			$21.76			$21.17			$15.99
Total return³		12.32	%		3.51	%		32.36	%		32.53	%		2.79	%		32.48	%		8.49	%
Ratios to average net assets (annualized)
Gross expenses		0.81	%		0.82	%		0.84	%		0.86	%		0.91	%		0.93	%		0.96	%
Net expenses		0.81	%		0.82	%		0.84	%		0.86	%		0.90	%		0.93	%		0.95	%
Net investment income (loss)		(0.07	)%		(0.54	)%		0.11	%		(0.19	)%		(0.45	)%		(0.58	)%		(0.37	)%
Supplemental data
Portfolio turnover rate		47	%		84	%		86	%		104	%		111	%		93	%		221	%
Net assets, end of period (000s omitted)		$1,497,937			$1,396,603			$988,615			$524,506			$274,039			$112,874			$68,395

¹	For the eleven months ended September 30, 2010. The Fund changed its fiscal year end from October 31 to September 30, effective September 30, 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 Discovery Fund		Financial highlights

(For a share outstanding throughout each period)


	Six months ended March 31, 2015 (unaudited)			Year ended September 30															Year ended October 31, 2009
INVESTOR CLASS	Six months ended March 31, 2015 (unaudited)			2014			2013			2012			2011			2010¹			Year ended October 31, 2009
Net asset value, beginning of period		$32.13			$33.31			$26.76			$21.12			$20.64			$15.65			$14.49
Net investment loss		(0.11	)		(0.33	)²		(0.09	)²		(0.15	)²		(0.24	)		(0.14	)		(0.10	)²
Net realized and unrealized gains (losses) on investments		3.78			1.36			8.09			6.78			0.72			5.13			1.26

Total from investment operations		3.67			1.03			8.00			6.63			0.48			4.99			1.16
Distributions to shareholders from
Net realized gains		(2.59	)		(2.21	)		(1.45	)		(0.99	)		0.00			0.00			0.00
Net asset value, end of period		$33.21			$32.13			$33.31			$26.76			$21.12			$20.64			$15.65
Total return³		12.10	%		3.04	%		31.78	%		31.93	%		2.33	%		31.89	%		8.01	%
Ratios to average net assets (annualized)
Gross expenses		1.30	%		1.30	%		1.32	%		1.36	%		1.40	%		1.47	%		1.53	%
Net expenses		1.28	%		1.28	%		1.28	%		1.29	%		1.37	%		1.38	%		1.38	%
Net investment loss		(0.54	)%		(1.01	)%		(0.30	)%		(0.61	)%		(0.93	)%		(1.03	)%		(0.74	)%
Supplemental data
Portfolio turnover rate		47	%		84	%		86	%		104	%		111	%		93	%		221	%
Net assets, end of period (000s omitted)		$610,016			$616,746			$633,908			$459,028			$279,715			$267,466			$180,898

¹	For the eleven months ended September 30, 2010. The Fund changed its fiscal year end from October 31 to September 30, effective September 30, 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 Discovery 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 Discovery Fund (the “Fund”) which is a diversified series of the Trust.

2. SIGNIFICANT ACCOUNTING POLICIES

Securities valuation

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

Security loans


22		Wells Fargo Advantage Discovery 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.

Dividend income is recognized on the ex-dividend date.

Distributions to shareholders

Federal and other taxes

As of September 30, 2014, the Fund had a qualified late-year ordinary loss of $12,578,876 which was recognized on the first day of the current fiscal year.

Class allocations

3. FAIR VALUATION MEASUREMENTS

Level 1 – quoted prices in active markets for identical securities

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

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


Notes to financial statements (unaudited)		Wells Fargo Advantage Discovery 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 March 31, 2015:


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

Common stocks
Consumer discretionary	$	932,124,536	$	0	$	0	$	932,124,536
Consumer staples		42,748,662		0		0		42,748,662
Energy		90,738,027		0		0		90,738,027
Financials		155,747,162		0		0		155,747,162
Health care		796,096,121		0		0		796,096,121
Industrials		545,496,469		0		0		545,496,469
Information technology		766,620,874		0		0		766,620,874
Materials		85,024,804		0		0		85,024,804
Telecommunication services		49,840,102		0		0		49,840,102

Short-term investments
Investment companies		10,808,407		163,608,100		0		174,416,507
Total assets	$	3,475,245,164	$	163,608,100	$	0	$	3,638,853,264

4. TRANSACTIONS WITH AFFILIATES

Advisory fee

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 0.45% and declining to 0.35% as the average daily net assets of the Fund increase.

Administration fees


	Class level administration fee
Class A, Class C		0.26	%
Class R6		0.03
Administrator Class		0.10
Institutional Class		0.08
Investor Class		0.32


24		Wells Fargo Advantage Discovery 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 January 31, 2016 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.22% for Class A shares, 1.97% for Class C shares, 0.84% for Class R6 shares, 1.15% for Administrator Class shares, 0.89% for Institutional Class shares, and 1.28% 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 C shares. For the six months ended March 31, 2015, Funds Distributor received $4,191 from the sale of Class A shares and $276 in contingent deferred sales charges from redemptions of Class C 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 March 31, 2015 were $1,583,912,931 and $1,842,888,515, respectively.

6. BANK BORROWINGS

For the six months ended March 31, 2015, there were no borrowings by the Fund under the agreement.

7. CONCENTRATION RISK

8. INDEMNIFICATION


Other information (unaudited)		Wells Fargo Advantage Discovery Fund			25

PROXY VOTING INFORMATION

PORTFOLIO HOLDINGS INFORMATION


26		Wells Fargo Advantage Discovery Fund		Other information (unaudited)

BOARD OF TRUSTEES AND OFFICERS

Independent Trustees


Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Other directorships during past five years
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 Discovery 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 Discovery 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

SDR	— Swedish depositary receipt

SEK	— Swedish krona

SFHR	— Single-family housing revenue

SFMR	— Single-family mortgage revenue

SGD	— Singapore dollar

SPA	— Standby purchase agreement

SPDR	— Standard & Poor’s Depositary Receipts

SPEAR

— Short Puttable Exempt Adjustable Receipts

STRIPS

— Separate trading of registered interest and

principal securities

TAN	— Tax anticipation notes

TBA	— To be announced

THB	— Thai baht

TIPS	— Treasury inflation-protected securities

TRAN	— Tax revenue anticipation notes

TRY	— Turkish lira

TTFA	— Transportation Trust Fund Authority

TVA	— Tennessee Valley Authority

ZAR	— South African rand

LOGO

For more information

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

Wells Fargo Advantage Funds

P.O. Box 8266

Boston, MA 02266-8266

Email: wfaf@wellsfargo.com

Website: wellsfargoadvantagefunds.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

NOT FDIC INSURED ¡ NO BANK GUARANTEE ¡ MAY LOSE VALUE

232705 05-15

SA230/SAR230 03-15

Wells Fargo Advantage Enterprise Fund^SM

LOGO

Semi-Annual Report

March 31, 2015

LOGO

Reduce clutter. Save trees.

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			22

Other information			26

List of abbreviations			29

NOT FDIC INSURED ¡ NO BANK GUARANTEE ¡ MAY LOSE VALUE


2		Wells Fargo Advantage Enterprise Fund		Letter to shareholders (unaudited)

LOGO

Karla M. Rabusch

President

Wells Fargo Advantage Funds

Entering 2015, volatility became a more influential factor in domestic equities markets.

Dear Valued Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Advantage Enterprise Fund for the six-month period that ended March 31, 2015. Among the most significant influences on the equity and bond markets during the period were improving U.S. economic data, a stronger U.S. dollar, declining oil and natural gas prices, and global central bank actions intended to support economic activity.

A strengthening U.S. economic recovery benefited U.S. equity investors.

¹	The Russell Midcap^® Index measures the performance of the 800 smallest companies in the Russell 1000^® Index, which represent approximately 25% of the total market capitalization of the Russell 1000 Index. You cannot invest directly in an index.

²	The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock’s weight in the index proportionate to its market value. You cannot invest directly in an index.


Letter to shareholders (unaudited)		Wells Fargo Advantage Enterprise Fund			3

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

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.

Sincerely,

LOGO

Karla M. Rabusch

President

Wells Fargo Advantage Funds


4		Wells Fargo Advantage Enterprise Fund		Performance highlights (unaudited)

Investment objective

The Fund seeks long-term capital appreciation.

Adviser

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Thomas J. Pence, CFA

Michael T. Smith, CFA

Chris Warner, CFA

Average annual total returns¹ (%) as of March 31, 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 (SENAX)	2-24-2000		2.48		13.40		8.59		8.74		14.75		9.23		1.29		1.18
Class B (WENBX)*	8-26-2011		2.93		13.66		8.91		7.93		13.90		8.91		2.04		1.93
Class C (WENCX)	3-31-2008		6.93		13.90		8.43		7.93		13.90		8.43		2.04		1.93
Class R6 (WENRX)	10-31-2014		–		–		–		9.13		15.16		9.70		0.81		0.80
Administrator Class (SEPKX)	8-30-2002		–		–		–		8.86		14.86		9.42		1.13		1.10
Institutional Class (WFEIX)	6-30-2003		–		–		–		9.11		15.16		9.70		0.86		0.85
Investor Class (SENTX)	9-30-1998		–		–		–		8.68		14.67		9.12		1.35		1.24
Russell Midcap^® Growth Index⁴	–		–		–		–		15.56		16.43		10.19		–		–

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

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

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

Please see footnotes on page 5.


Performance highlights (unaudited)		Wells Fargo Advantage Enterprise Fund			5


Ten largest holdings⁵ (%) as of March 31, 2015
McGraw Hill Financial Incorporated			2.57
SBA Communications Corporation Class A			2.30
IntercontinentalExchange Group Incorporated			2.26
Cinemark Holdings Incorporated			2.13
Cardinal Health Incorporated			2.02
CoStar Group Incorporated			1.98
Wabtec Corporation			1.92
Alliance Data Systems Corporation			1.88
Constellation Brands Incorporated Class A			1.86
Under Armour Incorporated Class A			1.81

Sector distribution⁶ as of March 31, 2015

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 B shares prior to their inception reflects the performance of Class C shares. Historical performance shown for Class C shares prior to their inception reflects the performance of Investor Class shares and has been adjusted to reflect the higher expenses applicable to Class C shares. Historical performance shown for the Class R6 shares prior to their inception reflects the performance of the Institutional Class shares, and is not adjusted to reflect Class R6 expenses. If these expenses had been included, returns for Class R6 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.

The Adviser has committed through January 31, 2016, to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waiver, excluding certain expenses, at the amounts shown. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses, and extraordinary expenses are excluded from the cap. Without this cap, the Fund’s returns would have been lower.

⁴	The Russell Midcap^® Growth Index measures the performance of those Russell Midcap companies with higher price-to-book ratios and higher forecasted growth values. The stocks are also members of the Russell 1000^® Growth index. You cannot invest directly in an index.

⁵	The ten largest holdings, excluding cash and cash equivalents, are calculated based on the value of the investments 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 Enterprise Fund		Fund expenses (unaudited)

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from October 1, 2014 to March 31, 2015.

Actual expenses

Hypothetical example for comparison purposes


	Beginning account value 10-1-2014		Ending account value 3-31-2015		Expenses paid during the period¹		Net annualized expense ratio
Class A
Actual	$	1,000.00	$	1,107.35	$	6.20		1.18	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.05	$	5.94		1.18	%
Class B
Actual	$	1,000.00	$	1,103.24	$	10.12		1.93	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.31	$	9.70		1.93	%
Class C
Actual	$	1,000.00	$	1,103.22	$	10.12		1.93	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.31	$	9.70		1.93	%
Class R6
Actual	$	1,000.00	$	1,109.60	$	4.21		0.80	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.94	$	4.03		0.80	%
Administrator Class
Actual	$	1,000.00	$	1,108.18	$	5.62		1.07	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.60	$	5.39		1.07	%
Institutional Class
Actual	$	1,000.00	$	1,109.38	$	4.47		0.85	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.69	$	4.28		0.85	%
Investor Class
Actual	$	1,000.00	$	1,107.08	$	6.51		1.24	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.75	$	6.24		1.24	%

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—March 31, 2015 (unaudited)		Wells Fargo Advantage Enterprise Fund			7


Security name	Shares		Value


Common Stocks: 99.50%

Consumer Discretionary: 24.62%

Auto Components: 1.11%
Delphi Automotive plc		107,285	$	8,554,906


Diversified Consumer Services: 1.68%
Servicemaster Global Holdings Incorporated †		384,122		12,964,118


Hotels, Restaurants & Leisure: 3.81%
Chipotle Mexican Grill Incorporated †		18,320		11,917,893
Domino’s Pizza Incorporated		84,200		8,466,310
Hilton Worldwide Holdings Incorporated †		308,179		9,128,262

				29,512,465


Household Durables: 0.84%
Jarden Corporation †		122,700		6,490,830


Internet & Catalog Retail: 1.72%
Netflix Incorporated †		10,500		4,375,245
Vipshop Holdings Limited †		304,200		8,955,648

				13,330,893


Leisure Products: 1.90%
Brunswick Corporation		102,300		5,263,335
Polaris Industries Incorporated		66,900		9,439,590

				14,702,925


Media: 3.75%
Cinemark Holdings Incorporated		366,100		16,500,127
Liberty Global plc Class C †		251,942		12,549,231

				29,049,358


Specialty Retail: 4.64%
Advance Auto Parts Incorporated		65,429		9,794,067
Lithia Motors Incorporated Class A		82,700		8,221,207
Signet Jewelers Limited		72,700		10,090,033
The Michaels Companies Incorporated †		286,941		7,764,623

				35,869,930


Textiles, Apparel & Luxury Goods: 5.17%
Carter’s Incorporated		119,500		11,050,165
Columbia Sportswear Company		102,600		6,248,340
Kate Spade & Company †		261,600		8,734,824
Under Armour Incorporated Class A †		173,060		13,974,595

				40,007,924

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


8		Wells Fargo Advantage Enterprise Fund		Portfolio of investments—March 31, 2015 (unaudited)


Security name	Shares		Value


Consumer Staples: 2.93%

Beverages: 1.85%
Constellation Brands Incorporated Class A †		123,600	$	14,363,556


Food & Staples Retailing: 1.08%
The Kroger Company		108,800		8,340,608


Energy: 4.06%

Oil, Gas & Consumable Fuels: 4.06%
Cheniere Energy Incorporated †		59,700		4,620,780
Concho Resources Incorporated †		107,600		12,472,992
Memorial Resource Development Corporation †		273,900		4,858,986
Pioneer Natural Resources Company		57,635		9,423,899

				31,376,657


Financials: 10.63%

Capital Markets: 3.94%
Affiliated Managers Group Incorporated †		49,900		10,717,522
Raymond James Financial Incorporated		133,800		7,597,164
SEI Investments Company		276,700		12,199,703

				30,514,389


Diversified Financial Services: 4.84%
IntercontinentalExchange Group Incorporated		75,005		17,496,416
McGraw Hill Financial Incorporated		192,641		19,919,079

				37,415,495


Real Estate Management & Development: 1.85%
CBRE Group Incorporated †		268,351		10,387,867
Howard Hughes Corporation †		25,472		3,948,669

				14,336,536


Health Care: 17.55%

Biotechnology: 2.82%
BioMarin Pharmaceutical Incorporated †		103,893		12,947,146
Vertex Pharmaceuticals Incorporated †		75,300		8,883,141

				21,830,287


Health Care Equipment & Supplies: 1.42%
Cooper Companies Incorporated		58,700		11,001,554


Health Care Providers & Services: 7.10%
Cardinal Health Incorporated		173,400		15,652,818
Community Health Systems Incorporated †		198,500		10,377,580
DaVita HealthCare Partners Incorporated †		116,125		9,438,640
Envision Healthcare Holdings Incorporated †		254,434		9,757,544
VCA Incorporated †		176,300		9,664,766

				54,891,348

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


Portfolio of investments—March 31, 2015 (unaudited)		Wells Fargo Advantage Enterprise Fund			9


Security name	Shares		Value


Pharmaceuticals: 6.21%
Catalent Incorporated †		194,892	$	6,070,886
Endo International plc †		132,300		11,867,310
Jazz Pharmaceuticals plc †		44,700		7,723,713
Perrigo Company plc		66,400		10,992,520
Zoetis Incorporated		246,800		11,424,372

				48,078,801


Industrials: 13.95%

Aerospace & Defense: 2.09%
Huntington Ingalls Industries Incorporated		45,400		6,362,810
TASER International Incorporated «†		408,300		9,844,113

				16,206,923


Airlines: 1.41%
Delta Air Lines Incorporated		243,400		10,943,264


Building Products: 0.94%
Allegion plc		118,300		7,236,411


Electrical Equipment: 1.03%
Acuity Brands Incorporated		47,300		7,953,968


Industrial Conglomerates: 1.70%
Carlisle Companies Incorporated		142,033		13,156,517


Machinery: 3.91%
Allison Transmission Holdings Incorporated		249,800		7,978,612
Proto Labs Incorporated «†		105,323		7,372,610
Wabtec Corporation		156,500		14,869,065

				30,220,287


Professional Services: 1.11%
Verisk Analytics Incorporated Class A †		119,900		8,560,860


Road & Rail: 1.76%
Old Dominion Freight Line Incorporated †		176,400		13,635,720


Information Technology: 19.99%

Communications Equipment: 1.28%
Palo Alto Networks Incorporated †		67,791		9,902,909


Electronic Equipment, Instruments & Components: 2.26%
Cognex Corporation †		197,100		9,774,189
TE Connectivity Limited		108,300		7,756,446

				17,530,635


Internet Software & Services: 4.14%
Akamai Technologies Incorporated †		125,100		8,887,730
CoStar Group Incorporated †		77,463		15,324,505

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


10		Wells Fargo Advantage Enterprise Fund		Portfolio of investments—March 31, 2015 (unaudited)


Security name				Shares		Value


Internet Software & Services (continued)
LinkedIn Corporation Class A †					31,400	$	7,845,604

							32,057,839


IT Services: 3.11%
Alliance Data Systems Corporation †					49,050		14,531,063
Vantiv Incorporated Class A †					252,481		9,518,534

							24,049,597


Semiconductors & Semiconductor Equipment: 3.52%
Applied Materials Incorporated					540,000		12,182,400
Avago Technologies Limited					75,800		9,625,084
Micron Technology Incorporated †					199,200		5,404,296

							27,211,780


Software: 4.71%
Mobileye NV «†					90,000		3,782,700
ServiceNow Incorporated †					127,750		10,064,145
Tableau Software Incorporated Class A †					124,300		11,500,236
Workday Incorporated Class A †					131,300		11,083,033

							36,430,114


Technology Hardware, Storage & Peripherals: 0.97%
Western Digital Corporation					82,400		7,499,224


Materials: 2.28%

Chemicals: 1.28%
Axalta Coating Systems Limited †					359,402		9,926,683


Construction Materials: 1.00%
Vulcan Materials Company					91,400		7,705,020


Telecommunication Services: 3.49%

Diversified Telecommunication Services: 1.19%
Level 3 Communications Incorporated †					171,000		9,206,640


Wireless Telecommunication Services: 2.30%
SBA Communications Corporation Class A †					152,080		17,808,568


Total Common Stocks (Cost $602,781,891)							769,875,539


	Yield

Short-Term Investments: 2.48%

Investment Companies: 2.48%
Securities Lending Cash Investments, LLC (l)(r)(u)		0.15	%		13,397,900		13,397,900
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)		0.10			5,826,796		5,826,796

Total Short-Term Investments (Cost $19,224,696)							19,224,696


Total investments in securities (Cost $622,006,587) *	101.98	%		789,100,235
Other assets and liabilities, net	(1.98	)		(15,342,588	)

Total net assets	100.00	%	$	773,757,647

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


Portfolio of investments—March 31, 2015 (unaudited)		Wells Fargo Advantage Enterprise Fund			11

†	Non-income-earning security

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

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

(l)	The security represents an affiliate of the 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 $622,344,119 and unrealized gains (losses) consists of:


Gross unrealized gains	$	171,482,678
Gross unrealized losses		(4,726,562	)

Net unrealized gains	$	166,756,116

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


12		Wells Fargo Advantage Enterprise Fund		Statement of assets and liabilities—March 31, 2015 (unaudited)




Assets
Investments
In unaffiliated securities (including $13,080,936 of securities loaned), at value (cost $602,781,891)	$	769,875,539
In affiliated securities, at value (cost $19,224,696)		19,224,696

Total investments, at value (cost $622,006,587)		789,100,235
Receivable for investments sold		4,531,591
Receivable for Fund shares sold		294,862
Receivable for dividends		132,003
Receivable for securities lending income		3,052
Prepaid expenses and other assets		129,297

Total assets		794,191,040


Liabilities
Payable for investments purchased		5,928,407
Payable for Fund shares redeemed		305,060
Payable upon receipt of securities loaned		13,397,900
Advisory fee payable		389,891
Distribution fees payable		7,522
Administration fees payable		196,826
Accrued expenses and other liabilities		207,787

Total liabilities		20,433,393

Total net assets	$	773,757,647


NET ASSETS CONSIST OF
Paid-in capital	$	601,059,723
Accumulated net investment loss		(5,648,558	)
Accumulated net realized gains on investments		11,252,834
Net unrealized gains on investments		167,093,648

Total net assets	$	773,757,647


COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	433,965,681
Shares outstanding – Class A¹		9,290,081
Net asset value per share – Class A		$46.71
Maximum offering price per share – Class A²		$49.56
Net assets – Class B	$	1,318,610
Shares outstanding – Class B¹		30,413
Net asset value per share – Class B		$43.36
Net assets – Class C	$	10,427,396
Shares outstanding – Class C¹		240,455
Net asset value per share – Class C		$43.37
Net assets – Class R6	$	26,749
Shares outstanding – Class R6¹		536
Net asset value per share – Class R6		$49.95
Net assets – Administrator Class	$	42,041,426
Shares outstanding – Administrator Class¹		866,412
Net asset value per share – Administrator Class		$48.52
Net assets – Institutional Class	$	76,661,505
Shares outstanding – Institutional Class¹		1,535,090
Net asset value per share – Institutional Class		$49.94
Net assets – Investor Class	$	209,316,280
Shares outstanding – Investor Class¹		4,560,122
Net asset value per share – Investor Class		$45.90

¹	The Fund has an unlimited number of authorized shares.

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

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


Statement of operations—six months ended March 31, 2015 (unaudited)		Wells Fargo Advantage Enterprise Fund			13




Investment income
Dividends (net of foreign withholding taxes of $2,895)	$	2,842,383
Securities lending income, net		22,524
Income from affiliated securities		2,568

Total investment income		2,867,475


Expenses
Advisory fee		2,606,419
Administration fees
Fund level		188,451
Class A		548,698
Class B		1,843
Class C		13,047
Class R6		3	¹
Administrator Class		21,273
Institutional Class		30,491
Investor Class		322,369
Shareholder servicing fees
Class A		527,595
Class B		1,772
Class C		12,545
Administrator Class		42,940
Investor Class		251,529
Distribution fees
Class B		5,316
Class C		37,636
Custody and accounting fees		24,688
Professional fees		21,445
Registration fees		55,002
Shareholder report expenses		43,742
Trustees’ fees and expenses		6,168
Other fees and expenses		9,635

Total expenses		4,772,607
Less: Fee waivers and/or expense reimbursements		(372,084	)

Net expenses		4,400,523

Net investment loss		(1,533,048	)


REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on investments		21,602,657
Net change in unrealized gains (losses) on investments		57,608,094

Net realized and unrealized gains (losses) on investments		79,210,751

Net increase in net assets resulting from operations	$	77,677,703

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

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


14		Wells Fargo Advantage Enterprise Fund		Statement of changes in net assets


	Six months ended March 31, 2015 (unaudited)						Year ended September 30, 2014

Operations
Net investment loss				$	(1,533,048	)				$	(6,533,393	)
Net realized gains on investments					21,602,657						112,335,438
Net change in unrealized gains (losses) on investments					57,608,094						(67,208,817	)

Net increase in net assets resulting from operations					77,677,703						38,593,228


Distributions to shareholders from
Net realized gains
Class A					(50,757,257	)					(35,681,689	)
Class B					(181,113	)					(211,712	)
Class C					(1,277,712	)					(778,785	)
Class R6					(2,811	)¹					N/A
Administrator Class					(5,027,746	)					(1,012,394	)
Institutional Class					(8,785,678	)					(6,714,365	)
Investor Class					(24,434,273	)					(17,198,764	)

Total distributions to shareholders					(90,466,590	)					(61,597,709	)


Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		77,267			3,550,725			287,962			13,896,895
Class B		0			0			1,507			69,241
Class C		12,468			540,935			50,976			2,361,005
Class R6		475	¹		25,000	¹		N/A			N/A
Administrator Class		91,343			4,226,029			880,332			44,626,697
Institutional Class		170,194			8,340,562			355,524			18,623,743
Investor Class		97,761			4,436,372			204,862			9,916,261

					21,119,623						89,493,842

Reinvestment of distributions
Class A		1,085,457			47,076,276			689,941			32,861,871
Class B		4,370			176,274			4,480			201,822
Class C		30,217			1,219,238			16,106			725,586
Class R6		61	¹		2,811	¹		N/A			N/A
Administrator Class		111,310			5,012,290			15,743			774,411
Institutional Class		126,526			5,860,663			79,143			3,981,687
Investor Class		557,032			23,740,725			356,862			16,751,082

					83,088,277						55,296,459

Payment for shares redeemed
Class A		(592,814	)		(27,252,656	)		(894,749	)		(43,816,066	)
Class B		(9,624	)		(422,516	)		(28,086	)		(1,302,951	)
Class C		(16,533	)		(713,288	)		(32,725	)		(1,502,681	)
Administrator Class		(239,761	)		(11,331,349	)		(189,422	)		(9,521,181	)
Institutional Class		(274,237	)		(13,612,076	)		(478,070	)		(24,984,493	)
Investor Class		(291,656	)		(13,266,718	)		(509,391	)		(24,457,262	)

					(66,598,603	)					(105,584,634	)

Net increase in net assets resulting from capital share transactions					37,609,297						39,205,667

Total increase in net assets					24,820,410						16,201,186


Net assets
Beginning of period					748,937,237						732,736,051

End of period				$	773,757,647					$	748,937,237

Accumulated net investment loss				$	(5,648,558	)				$	(4,115,510	)

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

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


Financial highlights		Wells Fargo Advantage Enterprise Fund			15

(For a share outstanding throughout each period)


	Six months ended March 31, 2015 (unaudited)			Year ended September 30															Year ended October 31, 2009
CLASS A	Six months ended March 31, 2015 (unaudited)			2014			2013			2012			2011			2010¹			Year ended October 31, 2009
Net asset value, beginning of period		$47.93			$49.54			$37.67			$29.10			$30.21			$24.24			$21.77
Net investment income (loss)		(0.08	)		(0.43	)²		0.01	²		(0.18	)		(0.17	)²		(0.22	)²		(0.14	)²
Net realized and unrealized gains (losses) on investments		4.78			3.00			11.86			8.75			(0.94	)		6.19			2.61

Total from investment operations		4.70			2.57			11.87			8.57			(1.11	)		5.97			2.47
Distributions to shareholders from
Net realized gains		(5.92	)		(4.18	)		0.00			0.00			0.00			0.00			0.00
Net asset value, end of period		$46.71			$47.93			$49.54			$37.67			$29.10			$30.21			$24.24
Total return³		10.73	%		5.27	%		31.55	%		29.46	%		(3.71	)%		24.63	%		11.35	%
Ratios to average net assets (annualized)
Gross expenses		1.29	%		1.29	%		1.30	%		1.29	%		1.34	%		1.38	%		1.44	%
Net expenses		1.18	%		1.18	%		1.18	%		1.18	%		1.18	%		1.34	%		1.36	%
Net investment income (loss)		(0.42	)%		(0.87	)%		0.01	%		(0.49	)%		(0.51	)%		(0.85	)%		(0.64	)%
Supplemental data
Portfolio turnover rate		49	%		98	%		91	%		102	%		104	%		108	%		203	%
Net assets, end of period (000s omitted)		$433,966			$417,971			$427,860			$359,068			$307,735			$878			$824

¹	For the eleven months ended September 30, 2010. The Fund changed its fiscal year end from October 31 to September 30, effective September 30, 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 Enterprise Fund		Financial highlights

(For a share outstanding throughout each period)


	Six months ended March 31, 2015 (unaudited)			Year ended September 30
CLASS B	Six months ended March 31, 2015 (unaudited)			2014			2013			2012			2011¹
Net asset value, beginning of period		$45.06			$47.14			$36.11			$28.10			$29.17
Net investment loss		(0.25	)²		(0.76	)²		(0.27	)²		(0.42	)²		(0.04	)²
Net realized and unrealized gains (losses) on investments		4.47			2.86			11.30			8.43			(1.03	)

Total from investment operations		4.22			2.10			11.03			8.01			(1.07	)
Distributions to shareholders from
Net realized gains		(5.92	)		(4.18	)		0.00			0.00			0.00
Net asset value, end of period		$43.36			$45.06			$47.14			$36.11			$28.10
Total return³		10.32	%		4.46	%		30.55	%		28.51	%		(3.67	)%
Ratios to average net assets (annualized)
Gross expenses		2.04	%		2.04	%		2.05	%		2.04	%		2.09	%
Net expenses		1.93	%		1.93	%		1.93	%		1.93	%		1.93	%
Net investment loss		(1.17	)%		(1.63	)%		(0.68	)%		(1.25	)%		(1.26	)%
Supplemental data
Portfolio turnover rate		49	%		98	%		91	%		102	%		104	%
Net assets, end of period (000s omitted)		$1,319			$1,607			$2,723			$3,235			$4,695

¹	For the period from August 26, 2011 (commencement of class operations) to September 30, 2011

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 Enterprise Fund			17

(For a share outstanding throughout each period)


	Six months ended March 31, 2015 (unaudited)			Year ended September 30															Year ended October 31, 2009
CLASS C	Six months ended March 31, 2015 (unaudited)			2014			2013			2012			2011			2010¹			Year ended October 31, 2009
Net asset value, beginning of period		$45.07			$47.14			$36.11			$28.10			$29.39			$23.75			$21.49
Net investment loss		(0.25	)²		(0.75	)²		(0.29	)²		(0.42	)²		(0.44	)²		(0.39	)²		(0.31	)²
Net realized and unrealized gains (losses) on investments		4.47			2.86			11.32			8.43			(0.85	)		6.03			2.57

Total from investment operations		4.22			2.11			11.03			8.01			(1.29	)		5.64			2.26
Distributions to shareholders from
Net realized gains		(5.92	)		(4.18	)		0.00			0.00			0.00			0.00			0.00
Net asset value, end of period		$43.37			$45.07			$47.14			$36.11			$28.10			$29.39			$23.75
Total return³		10.32	%		4.49	%		30.55	%		28.51	%		(4.39	)%		23.80	%		10.52	%
Ratios to average net assets (annualized)
Gross expenses		2.04	%		2.04	%		2.05	%		2.04	%		2.09	%		2.13	%		2.19	%
Net expenses		1.93	%		1.93	%		1.93	%		1.93	%		1.97	%		2.09	%		2.11	%
Net investment loss		(1.17	)%		(1.62	)%		(0.72	)%		(1.24	)%		(1.35	)%		(1.60	)%		(1.43	)%
Supplemental data
Portfolio turnover rate		49	%		98	%		91	%		102	%		104	%		108	%		203	%
Net assets, end of period (000s omitted)		$10,427			$9,658			$8,483			$7,508			$6,428			$174			$268

¹	For the eleven months ended September 30, 2010. The Fund changed its fiscal year end from October 31 to September 30, effective September 30, 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 Enterprise Fund		Financial highlights

(For a share outstanding throughout the period)


CLASS R6	Year ended March 31, 2015¹ (unaudited)
Net asset value, beginning of period		$52.65
Net investment income		0.02
Net realized and unrealized gains (losses) on investments		3.20

Total from investment operations		3.22
Distributions to shareholders from
Net realized gains		(5.92	)
Net asset value, end of period		$49.95
Total return²		7.00	%
Ratios to average net assets (annualized)
Gross expenses		0.80	%
Net expenses		0.80	%
Net investment income		0.09	%
Supplemental data
Portfolio turnover rate		49	%
Net assets, end of period (000s omitted)		$27

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

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 Enterprise Fund			19

(For a share outstanding throughout each period)


	Six months ended March 31, 2015 (unaudited)			Year ended September 30															Year ended October 31, 2009
ADMINISTRATOR CLASS	Six months ended March 31, 2015 (unaudited)			2014			2013			2012			2011			2010¹			Year ended October 31, 2009
Net asset value, beginning of period		$49.54			$51.03			$38.77			$29.93			$31.03			$24.86			$22.27
Net investment income (loss)		(0.07	)		(0.37	)²		0.02	²		(0.16	)²		(0.24	)		(0.17	)²		(0.09	)²
Net realized and unrealized gains (losses) on investments		4.97			3.06			12.24			9.00			(0.86	)		6.34			2.68

Total from investment operations		4.90			2.69			12.26			8.84			(1.10	)		6.17			2.59
Distributions to shareholders from
Net realized gains		(5.92	)		(4.18	)		0.00			0.00			0.00			0.00			0.00
Net asset value, end of period		$48.52			$49.54			$51.03			$38.77			$29.93			$31.03			$24.86
Total return³		10.82	%		5.33	%		31.62	%		29.54	%		(3.54	)%		24.87	%		11.59	%
Ratios to average net assets (annualized)
Gross expenses		1.09	%		1.12	%		1.13	%		1.12	%		1.17	%		1.21	%		1.26	%
Net expenses		1.07	%		1.09	%		1.11	%		1.12	%		1.15	%		1.15	%		1.15	%
Net investment income (loss)		(0.30	)%		(0.74	)%		0.05	%		(0.46	)%		(0.62	)%		(0.66	)%		(0.44	)%
Supplemental data
Portfolio turnover rate		49	%		98	%		91	%		102	%		104	%		108	%		203	%
Net assets, end of period (000s omitted)		$42,041			$44,760			$10,046			$6,757			$22,811			$16,760			$16,000

¹	For the eleven months ended September 30, 2010. The Fund changed its fiscal year end from October 31 to September 30, effective September 30, 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 Enterprise Fund		Financial highlights

(For a share outstanding throughout each period)


	Six months ended March 31, 2015 (unaudited)			Year ended September 30															Year ended October 31, 2009
INSTITUTIONAL CLASS	Six months ended March 31, 2015 (unaudited)			2014			2013			2012			2011			2010¹			Year ended October 31, 2009
Net asset value, beginning of period		$50.77			$52.07			$39.46			$30.38			$31.42			$25.11			$22.44
Net investment income (loss)		(0.05	)		(0.28	)²		0.18	²		(0.06	)²		(0.13	)²		(0.11	)²		(0.04	)²
Net realized and unrealized gains (losses) on investments		5.14			3.16			12.43			9.14			(0.91	)		6.42			2.71

Total from investment operations		5.09			2.88			12.61			9.08			(1.04	)		6.31			2.67
Distributions to shareholders from
Net realized gains		(5.92	)		(4.18	)		0.00			0.00			0.00			0.00			0.00
Net asset value, end of period		$49.94			$50.77			$52.07			$39.46			$30.38			$31.42			$25.11
Total return³		10.94	%		5.61	%		31.96	%		29.89	%		(3.31	)%		25.13	%		11.90	%
Ratios to average net assets (annualized)
Gross expenses		0.86	%		0.86	%		0.87	%		0.86	%		0.90	%		0.94	%		0.99	%
Net expenses		0.85	%		0.85	%		0.85	%		0.85	%		0.89	%		0.90	%		0.90	%
Net investment income (loss)		(0.08	)%		(0.54	)%		0.41	%		(0.17	)%		(0.37	)%		(0.41	)%		(0.18	)%
Supplemental data
Portfolio turnover rate		49	%		98	%		91	%		102	%		104	%		108	%		203	%
Net assets, end of period (000s omitted)		$76,662			$76,790			$81,021			$93,367			$121,618			$106,931			$113,467

¹	For the eleven months ended September 30, 2010. The Fund changed its fiscal year end from October 31 to September 30, effective September 30, 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 Enterprise Fund			21

(For a share outstanding throughout each period)


	Six months ended March 31, 2015 (unaudited)			Year ended September 30															Year ended October 31, 2009
INVESTOR CLASS	Six months ended March 31, 2015 (unaudited)			2014			2013			2012			2011			2010¹			Year ended October 31, 2009
Net asset value, beginning of period		$47.21			$48.88			$37.19			$28.75			$29.87			$23.99			$21.56
Net investment loss		(0.11	)²		(0.45	)		(0.02	)²		(0.19	)²		(0.29	)²		(0.24	)²		(0.16	)²
Net realized and unrealized gains (losses) on investments		4.72			2.96			11.71			8.63			(0.83	)		6.12			2.59

Total from investment operations		4.61			2.51			11.69			8.44			(1.12	)		5.88			2.43
Distributions to shareholders from
Net realized gains		(5.92	)		(4.18	)		0.00			0.00			0.00			0.00			0.00
Net asset value, end of period		$45.90			$47.21			$48.88			$37.19			$28.75			$29.87			$23.99
Total return³		10.71	%		5.21	%		31.43	%		29.36	%		(3.75	)%		24.56	%		11.22	%
Ratios to average net assets (annualized)
Gross expenses		1.35	%		1.35	%		1.36	%		1.36	%		1.40	%		1.48	%		1.54	%
Net expenses		1.24	%		1.24	%		1.24	%		1.25	%		1.36	%		1.43	%		1.46	%
Net investment loss		(0.48	)%		(0.93	)%		(0.05	)%		(0.56	)%		(0.84	)%		(0.94	)%		(0.74	)%
Supplemental data
Portfolio turnover rate		49	%		98	%		91	%		102	%		104	%		108	%		203	%
Net assets, end of period (000s omitted)		$209,316			$198,152			$202,602			$169,111			$144,883			$134,528			$117,725

¹	For the eleven months ended September 30, 2010. The Fund changed its fiscal year end from October 31 to September 30, effective September 30, 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.


22		Wells Fargo Advantage Enterprise 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 Enterprise Fund (the “Fund”) which is a diversified series of the Trust.

2. SIGNIFICANT ACCOUNTING POLICIES

Securities valuation

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

Security loans


Notes to financial statements (unaudited)		Wells Fargo Advantage Enterprise 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.

Security transactions and income recognition

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

Dividend income is recognized on the ex-dividend date. Dividend income is recorded net of foreign taxes withheld where recovery of such taxes is not assured.

Distributions to shareholders

Federal and other taxes

As of September 30, 2014, the Fund had capital loss carryforwards available to offset future net realized capital gains in the amount of $9,861,236 with $7,310,342 expiring in 2016 and $2,550,894 expiring in 2019.

As of September 30, 2014, the Fund had a qualified late-year ordinary loss of $4,087,097 which was recognized on the first day of the current fiscal year.

Class allocations

3. FAIR VALUATION MEASUREMENTS

Level 1 – quoted prices in active markets for identical securities

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

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


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

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 March 31, 2015:


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

Common stocks
Consumer discretionary	$	190,483,349	$	0	$	0	$	190,483,349
Consumer staples		22,704,164		0		0		22,704,164
Energy		31,376,657		0		0		31,376,657
Financials		82,266,420		0		0		82,266,420
Health care		135,801,990		0		0		135,801,990
Industrials		107,913,950		0		0		107,913,950
Information technology		154,682,098		0		0		154,682,098
Materials		17,631,703		0		0		17,631,703
Telecommunication services		27,015,208		0		0		27,015,208

Short-term investments
Investment companies		5,826,796		13,397,900		0		19,224,696
Total assets	$	775,702,335	$	13,397,900	$	0	$	789,100,235

The Fund recognizes transfers between levels within the fair value hierarchy at the end of the reporting period. At March 31 2015, the Fund did not have any transfers into/out of Level 1, Level 2, or Level 3.

4. TRANSACTIONS WITH AFFILIATES

Advisory fee

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 0.45% and declining to 0.30% as the average daily net assets of the Fund increase.

Administration fees


	Class level administration fee
Class A, Class B, Class C		0.26	%
Class R6		0.03
Administrator Class		0.10
Institutional Class		0.08
Investor Class		0.32


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

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 January 31, 2016 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.18% for Class A shares, 1.93% for Class B shares, 1.93% for Class C shares, 0.80% for Class R6 shares, 1.10% for Administrator Class shares, 0.85% for Institutional Class shares, and 1.24% 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

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 March 31, 2015, Funds Distributor received $3,428 from the sale of Class A shares and $21 in contingent deferred sales charges from redemptions of Class B shares.

Shareholder servicing fees

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 March 31, 2015 were $371,485,172 and $422,436,066, respectively.

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 March 31, 2015, the Fund paid $565 in commitment fees.

For the six months ended March 31, 2015, there were no borrowings by the Fund under the agreement.

7. INDEMNIFICATION


26		Wells Fargo Advantage Enterprise Fund		Other information (unaudited)

PROXY VOTING INFORMATION

PORTFOLIO HOLDINGS INFORMATION


Other information (unaudited)		Wells Fargo Advantage Enterprise Fund			27

BOARD OF TRUSTEES AND OFFICERS

Independent Trustees


Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Other directorships during past five years
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 Enterprise 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 Enterprise 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

SDR	— Swedish depositary receipt

SEK	— Swedish krona

SFHR	— Single-family housing revenue

SFMR	— Single-family mortgage revenue

SGD	— Singapore dollar

SPA	— Standby purchase agreement

SPDR	— Standard & Poor’s Depositary Receipts

SPEAR

— Short Puttable Exempt Adjustable Receipts

STRIPS

— Separate trading of registered interest and

principal securities

TAN	— Tax anticipation notes

TBA	— To be announced

THB	— Thai baht

TIPS	— Treasury inflation-protected securities

TRAN	— Tax revenue anticipation notes

TRY	— Turkish lira

TTFA	— Transportation Trust Fund Authority

TVA	— Tennessee Valley Authority

ZAR	— South African rand

This page is intentionally left blank.

LOGO

For more information

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

Wells Fargo Advantage Funds

P.O. Box 8266

Boston, MA 02266-8266

Email: wfaf@wellsfargo.com

Website: wellsfargoadvantagefunds.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

NOT FDIC INSURED ¡ NO BANK GUARANTEE ¡ MAY LOSE VALUE

232706 05-15

SA231/SAR231 03-15

Wells Fargo Advantage Opportunity Fund^SM

LOGO

Semi-Annual Report

March 31, 2015

LOGO

Reduce clutter. Save trees.

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			26

List of abbreviations			29

NOT FDIC INSURED ¡ NO BANK GUARANTEE ¡ MAY LOSE VALUE


2		Wells Fargo Advantage Opportunity Fund		Letter to shareholders (unaudited)

LOGO

Karla M. Rabusch

President

Wells Fargo Advantage Funds

Entering 2015, volatility became a more influential factor in domestic equities markets.

Dear Valued Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Advantage Opportunity Fund for the six-month period that ended March 31, 2015. Among the most significant influences on the equity and bond markets during the period were improving U.S. economic data, a stronger U.S. dollar, declining oil and natural gas prices, and global central bank actions intended to support economic activity.

A strengthening U.S. economic recovery benefited U.S. equity investors.

As the U.S. economic recovery gained strength, economies in some other global markets struggled. In response, central banks in Europe, Japan, and China took

¹	The Russell Midcap^® Index measures the performance of the 800 smallest companies in the Russell 1000^® Index, which represent approximately 25% of the total market capitalization of the Russell 1000 Index. You cannot invest directly in an index.

²	The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock’s weight in the index proportionate to its market value. You cannot invest directly in an index.


Letter to shareholders (unaudited)		Wells Fargo Advantage Opportunity Fund			3

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

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.

Sincerely,

LOGO

Karla M. Rabusch

President

Wells Fargo Advantage Funds


4		Wells Fargo Advantage Opportunity Fund		Performance highlights (unaudited)

Investment objective

The Fund seeks long-term capital appreciation.

Adviser

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio manager

Ann M. Miletti

Average annual total returns¹ (%) as of March 31, 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 (SOPVX)	2-24-2000		4.33		10.89		7.45		10.70		12.21		8.09		1.27		1.23
Class B (SOPBX)*	8-26-2011		4.86		11.11		7.52		9.86		11.37		7.52		2.02		1.98
Class C (WFOPX)	3-31-2008		8.88		11.37		7.28		9.88		11.37		7.28		2.02		1.98
Administrator Class (WOFDX)	8-30-2002		–		–		–		10.92		12.47		8.34		1.11		1.01
Institutional Class (WOFNX)	7-30-2010		–		–		–		11.22		12.72		8.46		0.84		0.76
Investor Class (SOPFX)	12-31-1985		–		–		–		10.63		12.14		8.02		1.33		1.23
Russell 3000^® Index⁴	–		–		–		–		12.37		14.71		8.38		–		–

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

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

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

Please see footnotes on page 5.


Performance highlights (unaudited)		Wells Fargo Advantage Opportunity Fund			5


Ten largest holdings⁵ (%) as of March 31, 2015
Apple Incorporated			2.49
Medtronic plc			2.21
Bio-Rad Laboratories Incorporated Class A			1.81
American International Group Incorporated			1.78
Google Incorporated Class C			1.68
PNC Financial Services Group Incorporated			1.63
Johnson Controls Incorporated			1.6
Harman International Industries Incorporated			1.56
ACE Limited			1.53
Citrix Systems Incorporated			1.48

Sector distribution⁶ as of March 31, 2015

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 the 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 Class C shares. Historical performance shown for Class C shares prior to their inception reflects the performance of Class A shares and has been adjusted to reflect the higher expenses applicable to Class C shares. Historical performance shown for Institutional Class 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.

The Adviser has committed through January 31, 2016, to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waiver, excluding certain expenses, at 1.22% for Class A, 1.97% for Class B, 1.97% for Class C, 1.00% for Administrator Class, 0.75% for Institutional Class, and 1.23% 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 Russell 3000^® Index measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. You cannot invest directly in an index.

⁵	The ten largest holdings, excluding cash and cash equivalents, are calculated based on the value of the investments 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 Opportunity Fund		Fund expenses (unaudited)

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from October 1, 2014 to March 31, 2015.

Actual expenses

Hypothetical example for comparison purposes


	Beginning account value 10-1-2014		Ending account value 3-31-2015		Expenses paid during the period¹		Net annualized expense ratio
Class A
Actual	$	1,000.00	$	1,086.64	$	6.35		1.22	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.85	$	6.14		1.22	%
Class B
Actual	$	1,000.00	$	1,082.58	$	10.23		1.97	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.11	$	9.90		1.97	%
Class C
Actual	$	1,000.00	$	1,082.57	$	10.23		1.97	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.11	$	9.90		1.97	%
Administrator Class
Actual	$	1,000.00	$	1,087.76	$	5.21		1.00	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.95	$	5.04		1.00	%
Institutional Class
Actual	$	1,000.00	$	1,089.23	$	3.91		0.75	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.19	$	3.78		0.75	%
Investor Class
Actual	$	1,000.00	$	1,086.42	$	6.55		1.26	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.65	$	6.34		1.26	%

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—March 31, 2015 (unaudited)		Wells Fargo Advantage Opportunity Fund			7


Security name	Shares		Value

Common Stocks: 97.84%

Consumer Discretionary: 16.99%

Auto Components: 1.59%
Johnson Controls Incorporated		627,748	$	31,663,609


Diversified Consumer Services: 0.99%
Apollo Education Group Incorporated †		1,038,500		19,648,420


Hotels, Restaurants & Leisure: 2.23%
Carnival Corporation		569,146		27,227,945
Las Vegas Sands Corporation		307,990		16,951,770

				44,179,715


Household Durables: 1.56%
Harman International Industries Incorporated		231,276		30,905,412


Media: 4.49%
Comcast Corporation Class A		482,554		27,054,390
Discovery Communications Incorporated Class C †		825,110		24,320,117
Omnicom Group Incorporated		295,390		23,034,512
Time Warner Cable Incorporated		97,852		14,666,058

				89,075,077


Multiline Retail: 3.87%
Macy’s Incorporated		387,472		25,150,802
Nordstrom Incorporated		304,040		24,420,493
Target Corporation		331,709		27,223,358

				76,794,653


Specialty Retail: 2.26%
Chico’s FAS Incorporated		1,173,434		20,758,047
Dick’s Sporting Goods Incorporated		424,907		24,215,450

				44,973,497


Consumer Staples: 6.88%

Food & Staples Retailing: 1.21%
The Kroger Company		314,019		24,072,697


Food Products: 3.51%
General Mills Incorporated		364,607		20,636,756
Mead Johnson Nutrition Company		248,936		25,025,536
The Hershey Company		237,727		23,989,032

				69,651,324


Household Products: 1.02%
Church & Dwight Company Incorporated		237,961		20,326,629


Personal Products: 1.14%
The Estee Lauder Companies Incorporated Class A		271,017		22,537,774

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


8		Wells Fargo Advantage Opportunity Fund		Portfolio of investments—March 31, 2015 (unaudited)


Security name	Shares		Value

Energy: 7.10%

Energy Equipment & Services: 2.37%
Cameron International Corporation †		351,395	$	15,854,942
Halliburton Company		398,187		17,472,446
Weatherford International plc †		1,112,905		13,688,732

				47,016,120


Oil, Gas & Consumable Fuels: 4.73%
Cimarex Energy Company		227,903		26,229,356
EOG Resources Incorporated		282,790		25,929,015
Newfield Exploration Company †		625,207		21,938,514
Range Resources Corporation		378,829		19,714,261

				93,811,146


Financials: 15.84%

Banks: 5.47%
Citigroup Incorporated		559,960		28,849,139
KeyCorp		1,394,663		19,748,428
PNC Financial Services Group Incorporated		347,576		32,407,986
Regions Financial Corporation		2,909,015		27,490,192

				108,495,745


Capital Markets: 2.71%
Invesco Limited		672,597		26,695,375
TD Ameritrade Holding Corporation		728,990		27,162,167

				53,857,542


Insurance: 6.51%
ACE Limited		271,775		30,300,195
American International Group Incorporated		645,548		35,369,575
First American Financial Corporation		606,064		21,624,364
RenaissanceRe Holdings Limited		169,414		16,895,658
The Progressive Corporation		918,404		24,980,589

				129,170,381


REITs: 1.15%
American Tower Corporation		241,353		22,723,385


Health Care: 11.90%

Health Care Equipment & Supplies: 3.57%
Medtronic plc		563,527		43,949,471
Zimmer Holdings Incorporated		228,919		26,902,561

				70,852,032


Health Care Providers & Services: 0.64%
Patterson Companies Incorporated		261,564		12,761,708

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


Portfolio of investments—March 31, 2015 (unaudited)		Wells Fargo Advantage Opportunity Fund			9


Security name	Shares		Value

Life Sciences Tools & Services: 4.41%
Agilent Technologies Incorporated		542,144	$	22,526,083
Bio-Rad Laboratories Incorporated Class A †		265,907		35,945,308
Thermo Fisher Scientific Incorporated		215,987		29,015,694

				87,487,085


Pharmaceuticals: 3.28%
Merck & Company Incorporated		269,684		15,501,436
Novartis AG ADR		285,080		28,111,739
Zoetis Incorporated		461,730		21,373,482

				64,986,657


Industrials: 10.18%

Aerospace & Defense: 0.74%
B/E Aerospace Incorporated		231,234		14,711,107


Airlines: 1.09%
United Continental Holdings Incorporated †		321,419		21,615,428


Commercial Services & Supplies: 2.46%
Republic Services Incorporated		626,941		25,428,727
Tyco International plc		543,147		23,387,910

				48,816,637


Electrical Equipment: 2.92%
Regal-Beloit Corporation		362,515		28,972,199
The Babcock & Wilcox Company		899,645		28,869,608

				57,841,807


Road & Rail: 2.97%
Canadian Pacific Railway Limited		73,057		13,347,514
Hertz Global Holdings Incorporated †		1,178,594		25,551,918
J.B. Hunt Transport Services Incorporated		235,008		20,068,508

				58,967,940


Information Technology: 22.29%

Electronic Equipment, Instruments & Components: 2.81%
Amphenol Corporation Class A		485,330		28,600,497
TE Connectivity Limited		378,352		27,097,570

				55,698,067


Internet Software & Services: 1.68%
Google Incorporated Class C †		60,756		33,294,288


IT Services: 2.71%
Global Payments Incorporated		298,195		27,338,518
Teradata Corporation «†		599,579		26,465,417

				53,803,935

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


10		Wells Fargo Advantage Opportunity Fund		Portfolio of investments—March 31, 2015 (unaudited)


Security name				Shares		Value

Semiconductors & Semiconductor Equipment: 5.03%
Altera Corporation					554,481	$	23,792,780
ARM Holdings plc					1,149,883		18,848,388
Avago Technologies Limited					220,524		28,002,138
ON Semiconductor Corporation †					2,400,135		29,065,635

							99,708,941


Software: 7.57%
Autodesk Incorporated †					374,408		21,955,285
Check Point Software Technologies Limited †					344,616		28,248,174
Citrix Systems Incorporated †					461,176		29,455,311
Oracle Corporation					518,848		22,388,291
Red Hat Incorporated †					384,777		29,146,858
Salesforce.com Incorporated †					285,937		19,103,451

							150,297,370


Technology Hardware, Storage & Peripherals: 2.49%
Apple Incorporated					397,328		49,439,523


Materials: 6.66%

Chemicals: 3.76%
Cytec Industries Incorporated					490,078		26,483,815
Huntsman Corporation					1,070,427		23,731,367
Praxair Incorporated					202,525		24,452,869

							74,668,051


Containers & Packaging: 2.18%
Crown Holdings Incorporated †					455,523		24,607,352
Owens-Illinois Incorporated †					799,194		18,637,204

							43,244,556


Metals & Mining: 0.72%
Royal Gold Incorporated					224,682		14,179,681


Total Common Stocks (Cost $1,349,757,035)							1,941,277,939


	Yield
Short-Term Investments: 2.28%

Investment Companies: 2.28%
Securities Lending Cash Investments, LLC (l)(r)(u)		0.15	%		7,280,200		7,280,200
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)		0.10			38,085,949		38,085,949

Total Short-Term Investments (Cost $45,366,149)							45,366,149


Total investments in securities (Cost $1,395,123,184) *	100.12	%		1,986,644,088
Other assets and liabilities, net	(0.12	)		(2,469,299	)

Total net assets	100.00	%	$	1,984,174,789

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


Portfolio of investments—March 31, 2015 (unaudited)		Wells Fargo Advantage Opportunity Fund			11

†	Non-income-earning security

«	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.

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

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

*	Cost for federal income tax purposes is $1,402,366,486 and unrealized gains (losses) consists of:


Gross unrealized gains	$	631,000,806
Gross unrealized losses		(46,723,204	)

Net unrealized gains	$	584,277,602

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


12		Wells Fargo Advantage Opportunity Fund		Statement of assets and liabilities—March 31, 2015 (unaudited)




Assets
Investments
In unaffiliated securities (including $7,128,052 of securities loaned), at value (cost $1,349,757,035)	$	1,941,277,939
In affiliated securities, at value (cost $45,366,149)		45,366,149

Total investments, at value (cost $1,395,123,184)		1,986,644,088
Receivable for investments sold		6,887,289
Receivable for Fund shares sold		150,615
Receivable for dividends		2,594,061
Receivable for securities lending income		3,640
Prepaid expenses and other assets		63,454

Total assets		1,996,343,147


Liabilities
Payable for investments purchased		1,511,797
Payable for Fund shares redeemed		1,083,715
Payable upon receipt of securities loaned		7,280,200
Advisory fee payable		1,016,666
Distribution fee payable		31,319
Administration fees payable		545,606
Accrued expenses and other liabilities		699,055

Total liabilities		12,168,358

Total net assets	$	1,984,174,789


NET ASSETS CONSIST OF
Paid-in capital	$	1,239,694,910
Undistributed net investment income		297,398
Accumulated net realized gains on investments		152,661,787
Net unrealized gains on investments		591,520,694

Total net assets	$	1,984,174,789


COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	455,871,579
Shares outstanding – Class A¹		9,458,069
Net asset value per share – Class A		$48.20
Maximum offering price per share – Class A²		$51.14
Net assets – Class B	$	5,270,470
Shares outstanding – Class B¹		113,534
Net asset value per share – Class B		$46.42
Net assets – Class C	$	43,652,817
Shares outstanding – Class C¹		940,227
Net asset value per share – Class C		$46.43
Net assets – Administrator Class	$	261,079,654
Shares outstanding – Administrator Class¹		5,098,918
Net asset value per share – Administrator Class		$51.20
Net assets – Institutional Class	$	23,223,236
Shares outstanding – Institutional Class¹		447,756
Net asset value per share – Institutional Class		$51.87
Net assets – Investor Class	$	1,195,077,033
Shares outstanding – Investor Class¹		24,222,666
Net asset value per share – Investor Class		$49.34

¹	The Fund has an unlimited number of authorized shares.

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

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


Statement of operations—six months ended March 31, 2015 (unaudited)		Wells Fargo Advantage Opportunity Fund			13




Investment income
Dividends (net of foreign withholding taxes of $127,067)	$	12,290,994
Income from affiliated securities		20,716
Securities lending income, net		20,380

Total investment income		12,332,090


Expenses
Advisory fee		6,476,483
Administration fees
Fund level		483,817
Class A		579,443
Class B		7,375
Class C		55,896
Administrator Class		127,263
Institutional Class		9,770
Investor Class		1,859,070
Shareholder servicing fees
Class A		557,157
Class B		7,091
Class C		53,746
Administrator Class		317,939
Investor Class		1,451,471
Distribution fees
Class B		21,273
Class C		161,240
Custody and accounting fees		49,201
Professional fees		23,667
Registration fees		29,937
Shareholder report expenses		78,528
Trustees’ fees and expenses		1,081
Other fees and expenses		14,240

Total expenses		12,365,688
Less: Fee waivers and/or expense reimbursements		(461,573	)

Net expenses		11,904,115

Net investment income		427,975


REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on investments		164,298,408
Net change in unrealized gains (losses) on investments		(3,471,101	)

Net realized and unrealized gains (losses) on investments		160,827,307

Net increase in net assets resulting from operations	$	161,255,282

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


14		Wells Fargo Advantage Opportunity Fund		Statement of changes in net assets


	Six months ended March 31, 2015 (unaudited)						Year ended September 30, 2014

Operations
Net investment income (loss)				$	427,975					$	(2,954,606	)
Net realized gains on investments					164,298,408						205,518,589
Net change in unrealized gains (losses) on investments					(3,471,101	)					54,060,891

Net increase in net assets resulting from operations					161,255,282						256,624,874


Distributions to shareholders from
Net realized gains
Class A					(46,799,012	)					(27,911,632	)
Class B					(617,936	)					(558,187	)
Class C					(4,663,792	)					(2,837,875	)
Administrator Class					(25,429,048	)					(15,349,123	)
Institutional Class					(2,498,291	)					(975,990	)
Investor Class					(119,041,800	)					(69,491,598	)

Total distributions to shareholders					(199,049,879	)					(117,124,405	)


Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		93,070			4,489,706			201,825			9,694,873
Class B		44			2,148			386			19,149
Class C		14,522			652,663			17,900			841,189
Administrator Class		93,004			4,850,202			178,209			9,063,496
Institutional Class		151,937			7,870,190			353,517			18,588,366
Investor Class		284,531			13,883,978			445,121			22,019,130

					31,748,887						60,226,203

Reinvestment of distributions
Class A		998,030			45,340,511			590,219			27,067,521
Class B		13,977			612,904			12,223			547,196
Class C		97,150			4,260,996			57,486			2,574,239
Administrator Class		497,170			23,978,499			297,637			14,369,886
Institutional Class		46,857			2,287,085			20,045			975,990
Investor Class		2,493,408			115,943,177			1,444,831			67,704,787

					192,423,172						113,239,619

Payment for shares redeemed
Class A		(568,389	)		(27,141,426	)		(1,183,365	)		(57,478,700	)
Class B		(31,807	)		(1,491,769	)		(80,536	)		(3,797,215	)
Class C		(64,200	)		(2,968,727	)		(137,010	)		(6,485,555	)
Administrator Class		(333,775	)		(16,984,146	)		(730,685	)		(37,488,128	)
Institutional Class		(306,406	)		(15,623,359	)		(105,359	)		(5,489,013	)
Investor Class		(1,229,147	)		(60,274,424	)		(2,334,126	)		(115,474,402	)

					(124,483,851	)					(226,213,013	)

Net increase (decrease) in net assets resulting from capital share transactions					99,688,208						(52,747,191	)

Total increase in net assets					61,893,611						86,753,278


Net assets
Beginning of period					1,922,281,178						1,835,527,900

End of period				$	1,984,174,789					$	1,922,281,178

Undistributed (accumulated) net investment income (loss)				$	297,398					$	(130,577	)

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


Financial highlights		Wells Fargo Advantage Opportunity Fund			15

(For a share outstanding throughout each period)


	Six months ended March 31, 2015 (unaudited)			Year ended September 30															Year ended October 31, 2009
CLASS A	Six months ended March 31, 2015 (unaudited)			2014			2013			2012			2011			2010¹			Year ended October 31, 2009
Net asset value, beginning of period		$49.56			$46.23			$38.99			$32.08			$34.08			$28.81			$23.24
Net investment income (loss)		0.01			(0.07	)		(0.04	)		(0.03	)		0.06	²		(0.03	)²		0.07	²
Net realized and unrealized gains (losses) on investments		3.96			6.46			8.80			6.94			(2.06	)		5.37			5.50

Total from investment operations		3.97			6.39			8.76			6.91			(2.00	)		5.34			5.57
Distributions to shareholders from
Net investment income		0.00			0.00			0.00			0.00			0.00			(0.07	)		0.00
Net realized gains		(5.33	)		(3.06	)		(1.52	)		0.00			0.00			0.00			0.00

Total distributions to shareholders		(5.33	)		(3.06	)		(1.52	)		0.00			0.00			(0.07	)		0.00
Net asset value, end of period		$48.20			$49.56			$46.23			$38.99			$32.08			$34.08			$28.81
Total return³		8.66	%		14.35	%		23.31	%		21.54	%		(5.87	)%		18.55	%		23.97	%
Ratios to average net assets (annualized)
Gross expenses		1.25	%		1.26	%		1.26	%		1.25	%		1.27	%		1.31	%		1.35	%
Net expenses		1.22	%		1.22	%		1.23	%		1.25	%		1.25	%		1.29	%		1.29	%
Net investment income (loss)		0.05	%		(0.13	)%		(0.08	)%		(0.08	)%		0.15	%		(0.11	)%		0.28	%
Supplemental data
Portfolio turnover rate		20	%		32	%		26	%		41	%		31	%		42	%		55	%
Net assets, end of period (000s omitted)		$455,872			$442,840			$431,201			$399,828			$394,194			$22,437			$21,108

¹	For the eleven months ended September 30, 2010. The Fund changed its fiscal year end from October 31 to September 30, effective September 30, 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 Opportunity Fund		Financial highlights

(For a share outstanding throughout each period)


	Six months ended March 31, 2015 (unaudited)			Year ended September 30
CLASS B	Six months ended March 31, 2015 (unaudited)			2014			2013			2012			2011¹
Net asset value, beginning of period		$48.09			$45.27			$38.49			$31.91			$33.61
Net investment loss		(0.17	)²		(0.43	)²		(0.35	)²		(0.31	)²		(0.01	)
Net realized and unrealized gains (losses) on investments		3.83			6.31			8.65			6.89			(1.69	)

Total from investment operations		3.66			5.88			8.30			6.58			(1.70	)
Distributions to shareholders from
Net realized gains		(5.33	)		(3.06	)		(1.52	)		0.00			0.00
Net asset value, end of period		$46.42			$48.09			$45.27			$38.49			$31.91
Total return³		8.26	%		13.48	%		22.39	%		20.62	%		(5.06	)%
Ratios to average net assets (annualized)
Gross expenses		2.00	%		2.01	%		2.01	%		2.00	%		2.02	%
Net expenses		1.97	%		1.97	%		1.98	%		2.00	%		2.00	%
Net investment loss		(0.72	)%		(0.90	)%		(0.83	)%		(0.83	)%		(0.45	)%
Supplemental data
Portfolio turnover rate		20	%		32	%		26	%		41	%		31	%
Net assets, end of period (000s omitted)		$5,270			$6,316			$9,020			$11,743			$16,154

¹	For the period from August 26, 2011 (commencement of class operations) to September 30, 2011

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 Opportunity Fund			17

(For a share outstanding throughout each period)


	Six months ended March 31, 2015 (unaudited)			Year ended September 30															Year ended October 31, 2009
CLASS C	Six months ended March 31, 2015 (unaudited)			2014			2013			2012			2011			2010¹			Year ended October 31, 2009
Net asset value, beginning of period		$48.10			$45.27			$38.49			$31.91			$34.15			$29.12			$23.66
Net investment loss		(0.16	)²		(0.42	)²		(0.35	)²		(0.31	)²		(0.18	)²		(0.25	)²		(0.17	)²
Net realized and unrealized gains (losses) on investments		3.82			6.31			8.65			6.89			(2.06	)		5.41			5.63

Total from investment operations		3.66			5.89			8.30			6.58			(2.24	)		5.16			5.46
Distributions to shareholders from
Net investment income		0.00			0.00			0.00			0.00			0.00			(0.13	)		0.00
Net realized gains		(5.33	)		(3.06	)		(1.52	)		0.00			0.00			0.00			0.00

Total distributions to shareholders		(5.33	)		(3.06	)		(1.52	)		0.00			0.00	��		(0.13	)		0.00
Net asset value, end of period		$46.43			$48.10			$45.27			$38.49			$31.91			$34.15			$29.12
Total return³		8.26	%		13.48	%		22.41	%		20.62	%		(6.56	)%		17.76	%		23.08	%
Ratios to average net assets (annualized)
Gross expenses		2.00	%		2.01	%		2.01	%		2.00	%		2.02	%		2.07	%		2.08	%
Net expenses		1.97	%		1.97	%		1.98	%		2.00	%		2.00	%		2.04	%		2.04	%
Net investment loss		(0.70	)%		(0.88	)%		(0.83	)%		(0.83	)%		(0.50	)%		(0.87	)%		(0.63	)%
Supplemental data
Portfolio turnover rate		20	%		32	%		26	%		41	%		31	%		42	%		55	%
Net assets, end of period (000s omitted)		$43,653			$42,940			$43,209			$42,720			$45,096			$277			$150

¹	For the eleven months ended September 30, 2010. The Fund changed its fiscal year end from October 31 to September 30, effective September 30, 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 Opportunity Fund		Financial highlights

(For a share outstanding throughout each period)


	Six months ended March 31, 2015 (unaudited)			Year ended September 30															Year ended October 31, 2009
ADMINISTRATOR CLASS	Six months ended March 31, 2015 (unaudited)			2014			2013			2012			2011			2010¹			Year ended October 31, 2009
Net asset value, beginning of period		$52.27			$48.50			$40.74			$33.44			$35.44			$29.95			$24.10
Net investment income		0.03			0.08			0.06	²		0.09			0.07	²		0.04	²		0.13	²
Net realized and unrealized gains (losses) on investments		4.23			6.75			9.22			7.21			(2.07	)		5.59			5.72

Total from investment operations	��	4.26			6.83			9.28			7.30			(2.00	)		5.63			5.85
Distributions to shareholders from
Net investment income		0.00			0.00			0.00			0.00			0.00			(0.14	)		0.00
Net realized gains		(5.33	)		(3.06	)		(1.52	)		0.00			0.00			0.00			0.00

Total distributions to shareholders		(5.33	)		(3.06	)		(1.52	)		0.00			0.00			(0.14	)		0.00
Net asset value, end of period		$51.20			$52.27			$48.50			$40.74			$33.44			$35.44			$29.95
Total return³		8.78	%		14.60	%		23.59	%		21.83	%		(5.64	)%		18.84	%		24.27	%
Ratios to average net assets (annualized)
Gross expenses		1.09	%		1.10	%		1.10	%		1.09	%		1.09	%		1.14	%		1.17	%
Net expenses		1.00	%		1.00	%		1.00	%		1.00	%		1.03	%		1.04	%		1.04	%
Net investment income		0.28	%		0.09	%		0.13	%		0.17	%		0.17	%		0.13	%		0.51	%
Supplemental data
Portfolio turnover rate		20	%		32	%		26	%		41	%		31	%		42	%		55	%
Net assets, end of period (000s omitted)		$261,080			$253,121			$247,230			$395,493			$360,968			$190,054			$124,175

¹	For the eleven months ended September 30, 2010. The Fund changed its fiscal year end from October 31 to September 30, effective September 30, 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 Opportunity Fund			19

(For a share outstanding throughout each period)


	Six months ended March 31, 2015 (unaudited)			Year ended September 30
INSTITUTIONAL CLASS	Six months ended March 31, 2015 (unaudited)			2014			2013			2012			2011			2010¹
Net asset value, beginning of period		$52.82			$48.86			$40.93			$33.52			$35.45			$33.36
Net investment income		0.13	²		0.19	²		0.17			0.21			0.24	²		0.02	²
Net realized and unrealized gains (losses) on investments		4.25			6.83			9.28			7.20			(2.17	)		2.07

Total from investment operations		4.38			7.02			9.45			7.41			(1.93	)		2.09
Distributions to shareholders from
Net realized gains		(5.33	)		(3.06	)		(1.52	)		0.00			0.00			0.00
Net asset value, end of period		$51.87			$52.82			$48.86			$40.93			$33.52			$35.45
Total return³		8.92	%		14.89	%		23.91	%		22.11	%		(5.44	)%		6.26	%
Ratios to average net assets (annualized)
Gross expenses		0.82	%		0.83	%		0.83	%		0.82	%		0.83	%		0.81	%
Net expenses		0.75	%		0.75	%		0.75	%		0.75	%		0.78	%		0.81	%
Net investment income		0.50	%		0.36	%		0.41	%		0.39	%		0.61	%		0.36	%
Supplemental data
Portfolio turnover rate		20	%		32	%		26	%		41	%		31	%		42	%
Net assets, end of period (000s omitted)		$23,223			$29,335			$14,030			$10,804			$14,027			$11

¹	For the period from July 30, 2010 (commencement of class operations) to September 30, 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 Opportunity Fund		Financial highlights

(For a share outstanding throughout each period)


	Six months ended March 31, 2015 (unaudited)			Year ended September 30															Year ended October 31, 2009
INVESTOR CLASS	Six months ended March 31, 2015 (unaudited)			2014			2013			2012			2011			2010¹			Year ended October 31, 2009
Net asset value, beginning of period		$50.62			$47.19			$39.79			$32.76			$34.82			$29.44			$23.76
Net investment income (loss)		0.01			(0.10	)		(0.08	)		(0.07	)		(0.07	)		(0.05	)²		0.05	²
Net realized and unrealized gains (losses) on investments		4.04			6.59			9.00			7.10			(1.99	)		5.49			5.63

Total from investment operations		4.05			6.49			8.92			7.03			(2.06	)		5.44			5.68
Distributions to shareholders from
Net investment income		0.00			0.00			0.00			0.00			0.00			(0.06	)		0.00
Net realized gains		(5.33	)		(3.06	)		(1.52	)		0.00			0.00			0.00			0.00

Total distributions to shareholders		(5.33	)		(3.06	)		(1.52	)		0.00			0.00			(0.06	)		0.00
Net asset value, end of period		$49.34			$50.62			$47.19			$39.79			$32.76			$34.82			$29.44
Total return³		8.64	%		14.27	%		23.24	%		21.46	%		(5.92	)%		18.48	%		23.91	%
Ratios to average net assets (annualized)
Gross expenses		1.31	%		1.32	%		1.32	%		1.32	%		1.32	%		1.41	%		1.46	%
Net expenses		1.26	%		1.28	%		1.29	%		1.32	%		1.32	%		1.35	%		1.35	%
Net investment income (loss)		0.01	%		(0.19	)%		(0.14	)%		(0.15	)%		(0.15	)%		(0.17	)%		0.21	%
Supplemental data
Portfolio turnover rate		20	%		32	%		26	%		41	%		31	%		42	%		55	%
Net assets, end of period (000s omitted)		$1,195,077			$1,147,730			$1,090,838			$1,006,114			$941,172			$1,115,250			$1,030,766

¹	For the eleven months ended September 30, 2010. The Fund changed its fiscal year end from October 31 to September 30, effective September 30, 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 Opportunity 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 Opportunity Fund (the “Fund”) which is a diversified series of the Trust.

2. SIGNIFICANT ACCOUNTING POLICIES

Securities valuation

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

The values of securities denominated in foreign currencies are translated into U.S. dollars at rates provided by an independent foreign currency pricing source at a time each business day specified by the Management Valuation Team.

Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange and therefore may not fully reflect trading or events that occur after the close of the principal exchange in which the foreign securities are traded, but before the close of the New York Stock Exchange. If such trading or events are expected to materially affect the value of such securities, then fair value pricing procedures approved by the Board of Trustees of the Fund are applied. These procedures take into account multiple factors including movements in U.S. securities markets after foreign exchanges close. Foreign securities that are fair valued under these procedures are categorized as Level 2 and the application of these procedures may result in transfers between Level 1 and Level 2. Depending on market activity, such fair valuations may be frequent. Such fair value pricing may result in net asset values that are higher or lower than net asset values based on the last reported sales price or latest quoted bid price. On March 31, 2015, such fair value pricing was not used in pricing foreign securities.

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


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

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 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

Security transactions and income recognition

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

Dividend income is recognized on the ex-dividend date, except for certain dividends from foreign securities, which are recorded as soon as the custodian verifies the ex-dividend date. Dividend income from foreign securities is recorded net of foreign taxes withheld where recovery of such taxes is not assured.

Distributions to shareholders

Federal and other taxes


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

Class allocations

3. FAIR VALUATION MEASUREMENTS

Level 1 – quoted prices in active markets for identical securities

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

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

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

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of March 31, 2015:


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

Common stocks
Consumer discretionary	$	337,240,383	$	0	$	0	$	337,240,383
Consumer staples		136,588,424		0		0		136,588,424
Energy		140,827,266		0		0		140,827,266
Financials		314,247,053		0		0		314,247,053
Health care		236,087,482		0		0		236,087,482
Industrials		201,952,919		0		0		201,952,919
Information technology		442,242,124		0		0		442,242,124
Materials		132,092,288		0		0		132,092,288

Short-term investments
Investment companies		38,085,949		7,280,200		0		45,366,149
Total assets	$	1,979,363,888	$	7,280,200	$	0	$	1,986,644,088

4. TRANSACTIONS WITH AFFILIATES

Advisory fee


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

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 0.45% and declining to 0.30% as the average daily net assets of the Fund increase.

Administration fees


	Class level administration fee
Class A, Class B, Class C		0.26	%
Administrator Class		0.10
Institutional Class		0.08
Investor Class		0.32

Funds Management has contractually waived and/or reimbursed advisory and administration fees to the extent necessary to maintain certain net operating expense ratios for the 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 January 31, 2016 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.22% for Class A shares, 1.97% for Class B shares, 1.97% for Class C shares, 1.00% for Administrator Class shares, 0.75% for Institutional Class shares, and 1.23% 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 31, 2015, the Fund’s expenses were capped at 1.28% for Investor Class shares.

Distribution fees

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 March 31, 2015, Funds Distributor received $4,333 from the sale of Class A shares and $37 and $12 in contingent deferred sales charges from redemptions of Class B and Class C shares, respectively.

Shareholder servicing fees

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 March 31, 2015 were $385,729,951 and $447,962,695, respectively.

6. BANK BORROWINGS


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

For the six months ended March 31, 2015, there were no borrowings by the Fund under the agreement.

7. INDEMNIFICATION


26		Wells Fargo Advantage Opportunity Fund		Other information (unaudited)

PROXY VOTING INFORMATION

PORTFOLIO HOLDINGS INFORMATION


Other information (unaudited)		Wells Fargo Advantage Opportunity Fund			27

BOARD OF TRUSTEES AND OFFICERS

Independent Trustees


Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Other directorships during past five years
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


28		Wells Fargo Advantage Opportunity 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 Opportunity 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

SDR	— Swedish depositary receipt

SEK	— Swedish krona

SFHR	— Single-family housing revenue

SFMR	— Single-family mortgage revenue

SGD	— Singapore dollar

SPA	— Standby purchase agreement

SPDR	— Standard & Poor’s Depositary Receipts

SPEAR

— Short Puttable Exempt Adjustable Receipts

STRIPS

— Separate trading of registered interest and

principal securities

TAN	— Tax anticipation notes

TBA	— To be announced

THB	— Thai baht

TIPS	— Treasury inflation-protected securities

TRAN	— Tax revenue anticipation notes

TRY	— Turkish lira

TTFA	— Transportation Trust Fund Authority

TVA	— Tennessee Valley Authority

ZAR	— South African rand

This page is intentionally left blank.

LOGO

For more information

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

Wells Fargo Advantage Funds

P.O. Box 8266

Boston, MA 02266-8266

Email: wfaf@wellsfargo.com

Website: wellsfargoadvantagefunds.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

NOT FDIC INSURED ¡ NO BANK GUARANTEE ¡ MAY LOSE VALUE

232707 05-15

SA232/SAR232 03-15

Wells Fargo Advantage

Special Mid Cap Value Fund

LOGO

Semi-Annual Report

March 31, 2015

LOGO

Reduce clutter. Save trees.

Contents


Letter to shareholders			2

Performance highlights			4

Fund expenses			6

Portfolio of investments			7

Financial statements
Statement of assets and liabilities			11
Statement of operations			12
Statement of changes in net assets			13
Financial highlights			14

Notes to financial statements			20

Other information			24

List of abbreviations			27

NOT FDIC INSURED ¡ NO BANK GUARANTEE ¡ MAY LOSE VALUE


2		Wells Fargo Advantage Special Mid Cap Value Fund		Letter to shareholders (unaudited)

LOGO

Karla M. Rabusch

President

Wells Fargo Advantage Funds

Entering 2015, volatility became a more influential factor in domestic equities markets.

Dear Valued Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Advantage Special Mid Cap Value Fund for the six-month period that ended March 31, 2015. Among the most significant influences on the equity and bond markets during the period were improving U.S. economic data, a stronger U.S. dollar, declining oil and natural gas prices, and global central bank actions intended to support economic activity.

A strengthening U.S. economic recovery benefited U.S. equity investors.

¹	The Russell Midcap^® Index measures the performance of the 800 smallest companies in the Russell 1000^® Index, which represent approximately 25% of the total market capitalization of the Russell 1000 Index. You cannot invest directly in an index.

²	The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock’s weight in the index proportionate to its market value. You cannot invest directly in an index.


Letter to shareholders (unaudited)		Wells Fargo Advantage Special Mid Cap Value Fund			3

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

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.

Sincerely,

LOGO

Karla M. Rabusch

President

Wells Fargo Advantage Funds


4		Wells Fargo Advantage Special Mid Cap Value Fund		Performance highlights (unaudited)

Investment objective

The Fund seeks long-term capital appreciation.

Adviser

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

James M. Tringas, CFA, CPA

Bryant VanCronkhite, CFA, CPA

Average annual total returns¹ (%) as of March 31, 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 (WFPAX)	7-31-2007		5.41		14.60		9.25		11.83		15.96		9.90		1.29		1.26
Class C (WFPCX)	7-31-2007		10.03		15.10		9.10		11.03		15.10		9.10		2.04		2.01
Class R6 (WFPRX)	6-28-2013		–		–		–		12.38		16.45		10.35		0.81		0.81
Administrator Class (WFMDX)	4-8-2005		–		–		–		12.04		16.11		10.04		1.13		1.13
Institutional Class (WFMIX)	4-8-2005		–		–		–		12.31		16.43		10.34		0.86		0.86
Investor Class (SMCDX)	12-31-1998		–		–		–		11.79		15.89		9.85		1.35		1.32
Russell Midcap^® Value Index⁴	–		–		–		–		11.70		15.84		9.61		–		–

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

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

Please see footnotes on page 5.


Performance highlights (unaudited)		Wells Fargo Advantage Special Mid Cap Value Fund			5


Ten largest holdings⁵ (%) as of March 31, 2015
Brown & Brown Incorporated			2.93
Church & Dwight Company Incorporated			2.91
DST Systems Incorporated			2.90
Loews Corporation			2.87
Synopsys Incorporated			2.87
Macquarie Infrastructure Company LLC			2.82
EMCOR Group Incorporated			2.79
Republic Services Incorporated			2.69
Molson Coors Brewing Company			2.55
ProAssurance Corporation			2.50

Sector distribution⁶ as of March 31, 2015

Historical performance shown for Class A, Administrator Class, and Institutional Class shares prior to their inception reflects the performance of Investor Class shares, and includes the higher expenses applicable to the Investor Class shares. If these expenses had not been included, returns would be higher. Historical performance shown for Class C shares prior to their inception reflects the performance of Investor Class shares and has been adjusted to reflect the higher expenses applicable to Class C shares. Historical performance shown for Class R6 shares prior to their inception reflects the performance of Institutional Class shares, and includes the higher expenses applicable to Institutional Class shares. If these expenses had not been included, the returns would be higher.

The Adviser has committed through January 31, 2016, to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waiver, excluding certain expenses, at 1.25% for Class A, 2.00% for Class C, 0.82% for Class R6, 1.14% for Administrator Class, 0.87% for Institutional Class, and 1.31% 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 Russell Midcap^® Value Index measures the performance of those Russell Midcap companies with lower price-to-book ratios and lower forecasted growth values. The stocks are also members of the Russell 1000^® Value Index. You cannot invest directly in an index.

⁵	The ten largest holdings, excluding cash and cash equivalents, are calculated based on the value of the investments 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 Special Mid Cap Value Fund		Fund expenses (unaudited)

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from October 1, 2014 to March 31, 2015.

Actual expenses

Hypothetical example for comparison purposes


	Beginning account value 10-1-2014		Ending account value 3-31-2015		Expenses paid during the period¹		Net annualized expense ratio
Class A
Actual	$	1,000.00	$	1,100.19	$	6.55		1.25	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.70	$	6.29		1.25	%
Class C
Actual	$	1,000.00	$	1,096.36	$	10.45		2.00	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,014.96	$	10.05		2.00	%
Class R6
Actual	$	1,000.00	$	1,102.64	$	4.09		0.78	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.04	$	3.93		0.78	%
Administrator Class
Actual	$	1,000.00	$	1,101.08	$	5.76		1.10	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.45	$	5.54		1.10	%
Institutional Class
Actual	$	1,000.00	$	1,102.54	$	4.35		0.83	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.79	$	4.18		0.83	%
Investor Class
Actual	$	1,000.00	$	1,099.99	$	6.86		1.31	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.40	$	6.59		1.31	%

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—March 31, 2015 (unaudited)		Wells Fargo Advantage Special Mid Cap Value Fund			7


Security name	Shares		Value

Common Stocks: 93.41%

Consumer Discretionary: 7.78%

Diversified Consumer Services: 1.27%
Apollo Education Group Incorporated †		1,141,400	$	21,595,288


Hotels, Restaurants & Leisure: 1.55%
The Wendy’s Company		2,424,100		26,422,690


Leisure Products: 1.22%
Vista Outdoor Incorporated †		483,500		20,703,470


Media: 1.98%
Tribune Media Company Class A		555,700		33,792,117


Specialty Retail: 1.76%
Advance Auto Parts Incorporated		108,400		16,226,396
Guess? Incorporated		734,825		13,660,397

				29,886,793


Consumer Staples: 8.15%

Beverages: 2.55%
Molson Coors Brewing Company		582,700		43,382,015


Food & Staples Retailing: 1.55%
Sysco Corporation		697,500		26,316,675


Food Products: 1.14%
TreeHouse Foods Incorporated †		227,500		19,342,050


Household Products: 2.91%
Church & Dwight Company Incorporated		580,500		49,586,310


Energy: 4.10%

Energy Equipment & Services: 2.18%
Ensco plc Class A		394,926		8,321,091
Frank’s International N.V. «		227,100		4,246,770
Patterson-UTI Energy Incorporated		814,700		15,295,993
Superior Energy Services Incorporated		415,300		9,277,802

				37,141,656


Oil, Gas & Consumable Fuels: 1.92%
Cimarex Energy Company		174,410		20,072,847
Southwestern Energy Company †		540,500		12,534,195

				32,607,042


Financials: 24.35%

Banks: 3.79%
PacWest Bancorp		678,007		31,791,748
Regions Financial Corporation		3,453,700		32,637,465

				64,429,213

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


8		Wells Fargo Advantage Special Mid Cap Value Fund		Portfolio of investments—March 31, 2015 (unaudited)


Security name	Shares		Value

Capital Markets: 1.91%
Northern Trust Corporation		465,900	$	32,449,935


Consumer Finance: 1.85%
Ally Financial Incorporated †		1,501,361		31,498,554


Insurance: 14.26%
Allstate Corporation		347,600		24,738,692
Arch Capital Group Limited †		314,050		19,345,480
Brown & Brown Incorporated		1,505,800		49,857,038
FNF Group		1,116,300		41,035,188
Loews Corporation		1,195,000		48,791,850
ProAssurance Corporation		927,700		42,590,707
Validus Holdings Limited		388,269		16,346,125

				242,705,080


REITs: 2.54%
Hatteras Financial Corporation		1,469,700		26,689,752
Host Hotels & Resorts Incorporated		819,700		16,541,546

				43,231,298


Health Care: 8.22%

Health Care Equipment & Supplies: 0.47%
C.R. Bard Incorporated		47,200		7,898,920


Health Care Providers & Services: 7.75%
Centene Corporation †		328,200		23,200,458
Cigna Corporation		136,175		17,626,492
Patterson Companies Incorporated		516,500		25,200,035
Quest Diagnostics Incorporated		472,800		36,334,680
WellCare Health Plans Incorporated †		323,400		29,578,164

				131,939,829


Industrials: 17.47%

Air Freight & Logistics: 1.77%
Expeditors International of Washington Incorporated		625,300		30,126,954


Commercial Services & Supplies: 2.69%
Republic Services Incorporated		1,128,875		45,787,170


Construction & Engineering: 4.99%
EMCOR Group Incorporated		1,021,009		47,446,288
Jacobs Engineering Group Incorporated †		831,200		37,536,992

				84,983,280


Machinery: 2.06%
AGCO Corporation		296,800		14,139,552
Joy Global Incorporated		236,500		9,266,070
The Timken Company		278,700		11,744,418

				35,150,040

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


Portfolio of investments—March 31, 2015 (unaudited)		Wells Fargo Advantage Special Mid Cap Value Fund			9


Security name	Shares		Value

Professional Services: 2.17%
Towers Watson & Company Class A		279,300	$	36,919,271


Trading Companies & Distributors: 0.97%
W.W. Grainger Incorporated		69,800		16,459,538


Transportation Infrastructure: 2.82%
Macquarie Infrastructure Company LLC		582,806		47,959,106


Information Technology: 19.06%

Communications Equipment: 2.49%
ARRIS Group Incorporated †		320,500		9,260,848
Harris Corporation		419,800		33,063,448

				42,324,296


Electronic Equipment, Instruments & Components: 2.22%
Avnet Incorporated		620,500		27,612,250
Knowles Corporation «†		525,950		10,135,057

				37,747,307


IT Services: 8.21%
Broadridge Financial Solutions Incorporated		739,715		40,691,722
CoreLogic Incorporated †		628,600		22,170,722
DST Systems Incorporated		445,020		49,268,164
Teradata Corporation †		625,900		27,627,226

				139,757,834


Semiconductors & Semiconductor Equipment: 2.32%
Altera Corporation		542,000		23,257,220
Lam Research Corporation		231,100		16,231,309

				39,488,529


Software: 3.82%
Check Point Software Technologies Limited †		198,600		16,279,242
Synopsys Incorporated †		1,052,900		48,770,328

				65,049,570


Materials: 3.53%

Chemicals: 1.79%
FMC Corporation		532,800		30,502,800


Construction Materials: 1.74%
Eagle Materials Incorporated		353,700		29,555,169


Utilities: 0.75%

Multi-Utilities: 0.75%
Ameren Corporation		304,250		12,839,350


Total Common Stocks (Cost $1,356,663,816)				1,589,579,149

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


10		Wells Fargo Advantage Special Mid Cap Value Fund		Portfolio of investments—March 31, 2015 (unaudited)


Security name	Yield			Shares		Value
Short-Term Investments: 6.26%

Investment Companies: 6.26%
Securities Lending Cash Investments, LLC (l)(u)(r)		0.15	%		10,409,950	$	10,409,950
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)		0.10			96,105,214		96,105,214

Total Short-Term Investments (Cost $106,515,164)							106,515,164


Total investments in securities (Cost $1,463,178,980) *	99.67	%		1,696,094,313
Other assets and liabilities, net	0.33			5,629,745

Total net assets	100.00	%	$	1,701,724,058

†	Non-income-earning security

«	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.

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

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

*	Cost for federal income tax purposes is $1,465,990,984 and unrealized gains (losses) consists of:


Gross unrealized gains	$	272,640,832
Gross unrealized losses		(42,537,503	)

Net unrealized gains	$	230,103,329

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


Statement of assets and liabilities—March 31, 2015 (unaudited)		Wells Fargo Advantage Special Mid Cap Value Fund			11




Assets
Investments
In unaffiliated securities (including $10,147,460 of securities loaned), at value (cost $1,356,663,816)	$	1,589,579,149
In affiliated securities, at value (cost $106,515,164)		106,515,164

Total investments, at value (cost $1,463,178,980)		1,696,094,313
Receivable for investments sold		12,491,026
Receivable for Fund shares sold		32,725,665
Receivable for dividends		6,127,821
Receivable for securities lending income		3,634
Prepaid expenses and other assets		172,888

Total assets		1,747,615,347


Liabilities
Payable for investments purchased		30,865,624
Payable for Fund shares redeemed		3,009,929
Payable upon receipt of securities loaned		10,409,950
Advisory fee payable		926,828
Distribution fee payable		27,521
Administration fees payable		377,832
Accrued expenses and other liabilities		273,605

Total liabilities		45,891,289

Total net assets	$	1,701,724,058


NET ASSETS CONSIST OF
Paid-in capital	$	1,419,447,183
Undistributed net investment income		5,326,310
Accumulated net realized gains on investments		44,035,232
Net unrealized gains on investments		232,915,333

Total net assets	$	1,701,724,058


COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	471,961,127
Shares outstanding – Class A¹		14,440,805
Net asset value per share – Class A		$32.68
Maximum offering price per share – Class A²		$34.67
Net assets – Class C	$	44,614,659
Shares outstanding – Class C¹		1,402,720
Net asset value per share – Class C		$31.81
Net assets – Class R6	$	47,520,389
Shares outstanding – Class R6¹		1,419,383
Net asset value per share – Class R6		$33.48
Net assets – Administrator Class	$	255,672,829
Shares outstanding – Administrator Class¹		7,690,358
Net asset value per share – Administrator Class		$33.25
Net assets – Institutional Class	$	312,700,402
Shares outstanding – Institutional Class¹		9,339,800
Net asset value per share – Institutional Class		$33.48
Net assets – Investor Class	$	569,254,652
Shares outstanding – Investor Class¹		17,100,950
Net asset value per share – Investor Class		$33.29

¹	The Fund has an unlimited number of authorized shares.

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

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


12		Wells Fargo Advantage Special Mid Cap Value Fund		Statement of operations—six months ended March 31, 2015 (unaudited)




Investment income
Dividends (net of foreign withholding taxes of $9,125)	$	17,484,960
Securities lending income, net		50,650
Income from affiliated securities		46,084

Total investment income		17,581,694


Expenses
Advisory fee		4,952,795
Administration fees
Fund level		366,601
Class A		528,380
Class C		47,194
Class R6		1,848
Administrator Class		109,182
Institutional Class		92,864
Investor Class		897,298
Shareholder servicing fees
Class A		508,058
Class C		45,379
Administrator Class		272,956
Investor Class		700,250
Distribution fee
Class C		136,137
Custody and accounting fees		37,765
Professional fees		22,533
Registration fees		76,108
Shareholder report expenses		42,016
Trustees’ fees and expenses		6,311
Other fees and expenses		11,879

Total expenses		8,855,554
Less: Fee waivers and/or expense reimbursements		(58,425	)

Net expenses		8,797,129

Net investment income		8,784,565


REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on investments		63,107,334
Net change in unrealized gains (losses) on investments		80,101,306

Net realized and unrealized gains (losses) on investments		143,208,640

Net increase in net assets resulting from operations	$	151,993,205

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


Statement of changes in net assets		Wells Fargo Advantage Special Mid Cap Value Fund			13


	Six months ended March 31, 2015 (unaudited)						Year ended September 30, 2014

Operations
Net investment income				$	8,784,565					$	3,213,841
Net realized gains on investments					63,107,334						113,573,174
Net change in unrealized gains (losses) on investments					80,101,306						8,254,196

Net increase in net assets resulting from operations					151,993,205						125,041,211


Distributions to shareholders from
Net investment income
Class A					(2,404,466	)					(153,521	)
Class R6					(45,443	)					(162	)
Administrator Class					(922,301	)					(401,318	)
Institutional Class					(1,465,191	)					(404,780	)
Investor Class					(963,123	)					(867,730	)
Net realized gains
Class A					(36,145,688	)					(3,308,750	)
Class C					(3,059,339	)					(1,219,837	)
Class R6					(527,422	)					(1,896	)
Administrator Class					(17,119,649	)					(8,600,693	)
Institutional Class					(17,898,031	)					(5,036,509	)
Investor Class					(47,391,503	)					(40,164,061	)

Total distributions to shareholders					(127,942,156	)					(60,159,257	)


Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		11,348,371			359,926,780			2,877,231			92,744,955
Class C		473,169			14,959,672			471,148			14,868,700
Class R6		1,349,569			44,756,353			132,701			4,514,252
Administrator Class		3,495,581			114,389,847			3,236,966			106,014,219
Institutional Class		4,344,190			143,636,048			4,004,579			132,390,867
Investor Class		1,455,518			48,270,061			4,602,000			149,483,779

					725,938,761						500,016,772

Reinvestment of distributions
Class A		1,195,510			37,042,886			98,387			2,992,506
Class C		93,002			2,799,357			37,117			1,103,131
Class R6		18,058			572,865			66			2,058
Administrator Class		572,229			18,011,446			286,133			8,814,496
Institutional Class		542,244			17,199,534			175,401			5,441,063
Investor Class		1,519,579			47,828,295			1,317,664			40,576,456

					123,454,383						58,929,710

Payment for shares redeemed
Class A		(1,475,371	)		(47,486,135	)		(859,046	)		(28,107,230	)
Class C		(81,564	)		(2,565,119	)		(91,752	)		(2,901,821	)
Class R6		(68,445	)		(2,274,570	)		(13,437	)		(451,461	)
Administrator Class		(2,049,724	)		(67,761,968	)		(1,663,467	)		(53,560,740	)
Institutional Class		(788,686	)		(26,069,927	)		(1,075,224	)		(34,962,383	)
Investor Class		(2,615,689	)		(86,482,790	)		(7,561,660	)		(243,590,617	)

					(232,640,509	)					(363,574,252	)

Net increase in net assets resulting from capital share transactions					616,752,635						195,372,230

Total increase in net assets					640,803,684						260,254,184


Net assets
Beginning of period					1,060,920,374						800,666,190

End of period				$	1,701,724,058					$	1,060,920,374

Undistributed net investment income				$	5,326,310					$	2,342,269

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


14		Wells Fargo Advantage Special Mid Cap Value Fund		Financial highlights

(For a share outstanding throughout each period)


	Six months ended March 31, 2015 (unaudited)			Year ended September 30															Year ended October 31, 2009
CLASS A	Six months ended March 31, 2015 (unaudited)			2014			2013			2012			2011			2010¹			Year ended October 31, 2009
Net asset value, beginning of period		$32.68			$30.36			$22.83			$17.84			$18.60			$15.98			$13.90
Net investment income		0.16	²		0.12	²		0.15	²		0.08	²		0.03			0.30			0.13	²
Net realized and unrealized gains (losses) on investments		2.93			4.47			7.60			4.94			(0.52	)		2.49			2.14

Total from investment operations		3.09			4.59			7.75			5.02			(0.49	)		2.79			2.27
Distributions to shareholders from
Net investment income		(0.18	)		(0.09	)		(0.22	)		(0.03	)		(0.27	)		(0.17	)		(0.19	)
Net realized gains		(2.91	)		(2.18	)		0.00			0.00			0.00			0.00			0.00

Total distributions to shareholders		(3.09	)		(2.27	)		(0.22	)		(0.03	)		(0.27	)		(0.17	)		(0.19	)
Net asset value, end of period		$32.68			$32.68			$30.36			$22.83			$17.84			$18.60			$15.98
Total return³		10.02	%		15.70	%		34.23	%		28.18	%		(2.82	)%		17.55	%		16.67	%
Ratios to average net assets (annualized)
Gross expenses		1.26	%		1.28	%		1.29	%		1.30	%		1.29	%		1.35	%		1.35	%
Net expenses		1.25	%		1.25	%		1.25	%		1.25	%		1.25	%		1.25	%		1.23	%
Net investment income		1.22	%		0.38	%		0.54	%		0.38	%		0.14	%		1.80	%		0.94	%
Supplemental data
Portfolio turnover rate		36	%		58	%		87	%		87	%		78	%		84	%		106	%
Net assets, end of period (000s omitted)		$471,961			$110,219			$38,119			$9,545			$9,850			$10,497			$7,738

¹	For the eleven months ended September 30, 2010. The Fund changed its fiscal year end from October 31 to September 30, effective September 30, 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 Special Mid Cap Value Fund			15

(For a share outstanding throughout each period)


	Six months ended March 31, 2015 (unaudited)			Year ended September 30															Year ended October 31, 2009
CLASS C	Six months ended March 31, 2015 (unaudited)			2014			2013			2012			2011			2010¹			Year ended October 31, 2009
Net asset value, beginning of period		$31.82			$29.73			$22.38			$17.60			$18.40			$15.85			$13.83
Net investment income (loss)		0.11			(0.04	)		(0.07	)²		(0.03	)		(0.13	)		0.24			0.02	²
Net realized and unrealized gains (losses) on investments		2.79			4.31			7.49			4.81			(0.49	)		2.41			2.14

Total from investment operations		2.90			4.27			7.42			4.78			(0.62	)		2.65			2.16
Distributions to shareholders from
Net investment income		0.00			0.00			(0.07	)		0.00			(0.18	)		(0.10	)		(0.14	)
Net realized gains		(2.91	)		(2.18	)		0.00			0.00			0.00			0.00			0.00

Total distributions to shareholders		(2.91	)		(2.18	)		(0.07	)		0.00			(0.18	)		(0.10	)		(0.14	)
Net asset value, end of period		$31.81			$31.82			$29.73			$22.38			$17.60			$18.40			$15.85
Total return³		9.64	%		14.86	%		33.23	%		27.16	%		(3.52	)%		16.76	%		15.81	%
Ratios to average net assets (annualized)
Gross expenses		2.01	%		2.03	%		2.04	%		2.06	%		2.04	%		2.09	%		2.11	%
Net expenses		2.00	%		2.00	%		2.00	%		2.00	%		2.00	%		2.00	%		1.98	%
Net investment income (loss)		0.43	%		(0.38	)%		(0.25	)%		(0.35	)%		(0.60	)%		1.64	%		0.11	%
Supplemental data
Portfolio turnover rate		36	%		58	%		87	%		87	%		78	%		84	%		106	%
Net assets, end of period (000s omitted)		$44,615			$29,217			$14,913			$2,770			$1,714			$1,604			$707

¹	For the eleven months ended September 30, 2010. The Fund changed its fiscal year end from October 31 to September 30, effective September 30, 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 Special Mid Cap Value Fund		Financial highlights

(For a share outstanding throughout each period)


	Six months ended March 31, 2015 (unaudited)			Year ended September 30
CLASS R6	Six months ended March 31, 2015 (unaudited)			2014			2013¹
Net asset value, beginning of period		$33.39			$30.90			$28.69
Net investment income		0.32	²		0.41	²		0.06	²
Net realized and unrealized gains (losses) on investments		2.91			4.43			2.15

Total from investment operations		3.23			4.84			2.21
Distributions to shareholders from
Net investment income		(0.23	)		(0.17	)		0.00
Net realized gains		(2.91	)		(2.18	)		0.00

Total distributions to shareholders		(3.14	)		(2.35	)		0.00
Net asset value, end of period		$33.48			$33.39			$30.90
Total return³		10.26	%		16.29	%		7.70	%
Ratios to average net assets (annualized)
Gross expenses		0.78	%		0.80	%		0.81	%
Net expenses		0.78	%		0.80	%		0.81	%
Net investment income		1.93	%		1.22	%		0.73	%
Supplemental data
Portfolio turnover rate		36	%		58	%		87	%
Net assets, end of period (000s omitted)		$47,520			$4,013			$27

¹	For the period from June 28, 2013 (commencement of class operations) to September 30, 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 Special Mid Cap Value Fund			17

(For a share outstanding throughout each period)


	Six months ended March 31, 2015 (unaudited)			Year ended September 30															Year ended October 31, 2009
ADMINISTRATOR CLASS	Six months ended March 31, 2015 (unaudited)			2014			2013			2012			2011			2010¹			Year ended October 31, 2009
Net asset value, beginning of period		$33.14			$30.71			$23.09			$18.04			$18.80			$16.14			$13.99
Net investment income		0.19			0.15			0.20	²		0.11	²		0.06	²		0.31			0.17	²
Net realized and unrealized gains (losses) on investments		2.97			4.55			7.67			4.99			(0.54	)		2.53			2.15

Total from investment operations		3.16			4.70			7.87			5.10			(0.48	)		2.84			2.32
Distributions to shareholders from
Net investment income		(0.14	)		(0.09	)		(0.25	)		(0.05	)		(0.28	)		(0.18	)		(0.17	)
Net realized gains		(2.91	)		(2.18	)		0.00			0.00			0.00			0.00			0.00

Total distributions to shareholders		(3.05	)		(2.27	)		(0.25	)		(0.05	)		(0.28	)		(0.18	)		(0.17	)
Net asset value, end of period		$33.25			$33.14			$30.71			$23.09			$18.04			$18.80			$16.14
Total return³		10.11	%		15.89	%		34.41	%		28.30	%		(2.72	)%		17.66	%		16.83	%
Ratios to average net assets (annualized)
Gross expenses		1.10	%		1.12	%		1.13	%		1.14	%		1.13	%		1.17	%		1.19	%
Net expenses		1.10	%		1.12	%		1.13	%		1.13	%		1.13	%		1.14	%		1.11	%
Net investment income		1.27	%		0.48	%		0.71	%		0.50	%		0.26	%		1.65	%		1.21	%
Supplemental data
Portfolio turnover rate		36	%		58	%		87	%		87	%		78	%		84	%		106	%
Net assets, end of period (000s omitted)		$255,673			$187,968			$117,087			$61,596			$62,122			$75,775			$95,005

¹	For the eleven months ended September 30, 2010. The Fund changed its fiscal year end from October 31 to September 30, effective September 30, 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 Special Mid Cap Value Fund		Financial highlights

(For a share outstanding throughout each period)


	Six months ended March 31, 2015 (unaudited)			Year ended September 30															Year ended October 31, 2009
INSTITUTIONAL CLASS	Six months ended March 31, 2015 (unaudited)			2014			2013			2012			2011			2010¹			Year ended October 31, 2009
Net asset value, beginning of period		$33.38			$30.91			$23.15			$18.10			$18.86			$16.19			$14.05
Net investment income		0.23			0.24			0.20	²		0.16			0.10			0.33			0.21	²
Net realized and unrealized gains (losses) on investments		3.00			4.57			7.81			5.01			(0.52	)		2.56			2.14

Total from investment operations		3.23			4.81			8.01			5.17			(0.42	)		2.89			2.35
Distributions to shareholders from
Net investment income		(0.22	)		(0.16	)		(0.25	)		(0.12	)		(0.34	)		(0.22	)		(0.21	)
Net realized gains		(2.91	)		(2.18	)		0.00			0.00			0.00			0.00			0.00

Total distributions to shareholders		(3.13	)		(2.34	)		(0.25	)		(0.12	)		(0.34	)		(0.22	)		(0.21	)
Net asset value, end of period		$33.48			$33.38			$30.91			$23.15			$18.10			$18.86			$16.19
Total return³		10.25	%		16.17	%		34.90	%		28.65	%		(2.46	)%		17.97	%		17.04	%
Ratios to average net assets (annualized)
Gross expenses		0.83	%		0.85	%		0.85	%		0.87	%		0.86	%		0.91	%		0.92	%
Net expenses		0.83	%		0.85	%		0.85	%		0.87	%		0.86	%		0.89	%		0.85	%
Net investment income		1.66	%		0.81	%		0.72	%		0.76	%		0.52	%		2.02	%		1.46	%
Supplemental data
Portfolio turnover rate		36	%		58	%		87	%		87	%		78	%		84	%		106	%
Net assets, end of period (000s omitted)		$312,700			$174,989			$66,056			$125,623			$104,360			$129,945			$131,036

¹	For the eleven months ended September 30, 2010. The Fund changed its fiscal year end from October 31 to September 30, effective September 30, 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 Special Mid Cap Value Fund			19

(For a share outstanding throughout each period)


	Six months ended March 31, 2015 (unaudited)			Year ended September 30															Year ended October 31, 2009
INVESTOR CLASS	Six months ended March 31, 2015 (unaudited)			2014			2013			2012			2011			2010¹			Year ended October 31, 2009
Net asset value, beginning of period		$33.12			$30.70			$23.08			$18.04			$18.80			$16.13			$13.97
Net investment income		0.16			0.08			0.15			0.07	²		0.02			0.28			0.14	²
Net realized and unrealized gains (losses) on investments		2.98			4.56			7.67			4.99			(0.53	)		2.54			2.14

Total from investment operations		3.14			4.64			7.82			5.06			(0.51	)		2.82			2.28
Distributions to shareholders from
Net investment income		(0.06	)		(0.04	)		(0.20	)		(0.02	)		(0.25	)		(0.15	)		(0.12	)
Net realized gains		(2.91	)		(2.18	)		0.00			0.00			0.00			0.00			0.00

Total distributions to shareholders		(2.97	)		(2.22	)		(0.20	)		(0.02	)		(0.25	)		(0.15	)		(0.12	)
Net asset value, end of period		$33.29			$33.12			$30.70			$23.08			$18.04			$18.80			$16.13
Total return³		10.00	%		15.67	%		34.14	%		28.04	%		(2.88	)%		17.53	%		16.55	%
Ratios to average net assets (annualized)
Gross expenses		1.32	%		1.34	%		1.35	%		1.37	%		1.36	%		1.44	%		1.48	%
Net expenses		1.31	%		1.31	%		1.31	%		1.31	%		1.31	%		1.31	%		1.31	%
Net investment income		1.00	%		0.24	%		0.53	%		0.32	%		0.08	%		1.57	%		1.02	%
Supplemental data
Portfolio turnover rate		36	%		58	%		87	%		87	%		78	%		84	%		106	%
Net assets, end of period (000s omitted)		$569,255			$554,514			$564,465			$315,791			$336,239			$384,509			$362,184

¹	For the eleven months ended September 30, 2010. The Fund changed its fiscal year end from October 31 to September 30, effective September 30, 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 Special Mid Cap Value 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 Special Mid Cap Value Fund (the “Fund”) which is a diversified series of the Trust.

2. SIGNIFICANT ACCOUNTING POLICIES

Securities valuation

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

Security loans


Notes to financial statements (unaudited)		Wells Fargo Advantage Special Mid Cap Value Fund			21

Security transactions and income recognition

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

Dividend income is recognized on the ex-dividend date. Dividend income is recorded net of foreign taxes withheld where recovery of such taxes is not assured.

Distributions to shareholders

Federal and other taxes

As of September 30, 2014, the Fund had capital loss carryforwards available to offset future net realized capital gains in the amount of $200,313 expiring in 2017.

Class allocations

3. FAIR VALUATION MEASUREMENTS

Level 1 – quoted prices in active markets for identical securities

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

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


22		Wells Fargo Advantage Special Mid Cap Value Fund		Notes to financial statements (unaudited)

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 March 31, 2015:


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

Common stocks
Consumer discretionary	$	132,400,358	$	0	$	0	$	132,400,358
Consumer staples		138,627,050		0		0		138,627,050
Energy		69,748,698		0		0		69,748,698
Financials		414,314,080		0		0		414,314,080
Health care		139,838,749		0		0		139,838,749
Industrials		297,385,359		0		0		297,385,359
Information technology		324,367,536		0		0		324,367,536
Materials		60,057,969		0		0		60,057,969
Utilities		12,839,350		0		0		12,839,350

Short-term investments
Investment companies		96,105,214		10,409,950		0		106,515,164
Total assets	$	1,685,684,363	$	10,409,950	$	0	$	1,696,094,313

4. TRANSACTIONS WITH AFFILIATES

Advisory fee

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 0.45% and declining to 0.30% as the average daily net assets of the Fund increase.

Administration fees


	Class level administration fee
Class A, Class C		0.26	%
Class R6		0.03
Administrator Class		0.10
Institutional Class		0.08
Investor Class		0.32


Notes to financial statements (unaudited)		Wells Fargo Advantage Special Mid Cap Value Fund			23

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 January 31, 2016 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.25% for Class A shares, 2.00% for Class C shares, 0.82% for Class R6 shares, 1.14% for Administrator Class shares, 0.87% for Institutional Class shares, and 1.31% 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

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 March 31, 2015, Funds Distributor received $16,045 from the sale of Class A shares and $266 in contingent deferred sales charges from redemptions of Class C shares.

Shareholder servicing fees

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 March 31, 2015 were $950,611,666 and $492,571,666, respectively.

6. BANK BORROWINGS

For the six months ended March 31, 2015, there were no borrowings by the Fund under the agreement.

7. CONCENTRATION RISK

8. INDEMNIFICATION


24		Wells Fargo Advantage Special Mid Cap Value Fund		Other information (unaudited)

PROXY VOTING INFORMATION

PORTFOLIO HOLDINGS INFORMATION


Other information (unaudited)		Wells Fargo Advantage Special Mid Cap Value Fund			25

BOARD OF TRUSTEES AND OFFICERS

Independent Trustees


Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Other directorships during past five years
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 Special Mid Cap Value 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 (Born1943)		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 Special Mid Cap Value 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

SDR	— Swedish Depositary Receipt

SEK	— Swedish krona

SFHR	— Single-family housing revenue

SFMR	— Single-family mortgage revenue

SGD	— Singapore dollar

SPA	— Standby purchase agreement

SPDR	— Standard & Poor’s Depositary Receipts

SPEAR

— Short Puttable Exempt Adjustable Receipts

STRIPS

— Separate trading of registered interest and

principal securities

TAN	— Tax anticipation notes

TBA	— To be announced

THB	— Thai baht

TIPS	— Treasury inflation-protected securities

TRAN	— Tax revenue anticipation notes

TRY	— Turkish lira

TTFA	— Transportation Trust Fund Authority

TVA	— Tennessee Valley Authority

ZAR	— South African rand

This page is intentionally left blank.

LOGO

For more information

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

Wells Fargo Advantage Funds

P.O. Box 8266

Boston, MA 02266-8266

Email: wfaf@wellsfargo.com

Website: wellsfargoadvantagefunds.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

NOT FDIC INSURED ¡ NO BANK GUARANTEE ¡ MAY LOSE VALUE

232708 05-15

SA234/SAR234 03-15

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

ITEM 7.

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

Not applicable.

ITEM 8.

PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES

Not applicable.

ITEM 9.

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

Not applicable.

ITEM 10.

SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

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

ITEM 11.

CONTROLS AND PROCEDURES

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

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

ITEM 12.

EXHIBITS

(a)(1) Not applicable.

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

(a)(3) Not applicable.

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

SIGNATURES

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


Wells Fargo Funds Trust

By:		/s/ Karla M. Rabusch

		Karla M. Rabusch
		President

Date:		May 26, 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:		May 26, 2015

By:		/s/ Nancy Wiser

		Nancy Wiser
		Treasurer

Date:		May 26, 2015

By:		/s/ Jeremy DePalma

		Jeremy DePalma
		Treasurer

Date:		May 26, 2015

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