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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSRS

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-09253

Wells Fargo Funds Trust

(Exact name of registrant as specified in charter)

525 Market St., San Francisco, CA 94105

(Address of principal executive offices) (Zip code)

C. David Messman

Wells Fargo Funds Management, LLC

525 Market St., San Francisco, CA 94105

(Name and address of agent for service)

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

Date of fiscal year end: October 31

Registrant is making a filing for 11 of its series:

Wells Fargo Advantage Emerging Markets Local Bond Fund, Wells Fargo Advantage International Bond Fund, Wells Fargo Advantage Strategic Income Fund, Wells Fargo Advantage Asia Pacific Fund, Wells Fargo Advantage Diversified International Fund, Wells Fargo Advantage Emerging Markets Equity Fund, Wells Fargo Advantage Emerging Markets Equity Income Fund, Wells Fargo Advantage Emerging Markets Equity Select Fund, Wells Fargo Advantage Global Opportunities Fund, Wells Fargo Advantage International Equity Fund, and Wells Fargo Advantage Intrinsic World Equity Fund.

Date of reporting period: April 30, 2015

ITEM 1. REPORT TO STOCKHOLDERS

Wells Fargo Advantage

Emerging Markets Local Bond Fund

Semi-Annual Report

April 30, 2015

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Contents

Letter to shareholders	2
Performance highlights	4
Fund expenses	6
Portfolio of investments	7
Financial statements
Statement of assets and liabilities	9
Statement of operations	10
Statement of changes in net assets	11
Financial highlights	12
Notes to financial statements	16
Other information	22
List of abbreviations	25

The views expressed and any forward-looking statements are as of April 30, 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 Emerging Markets Local Bond Fund Letter to shareholders (unaudited)

Karla M. Rabusch

President

Wells Fargo Advantage Funds

A worldwide trend toward looser monetary policy tended to support global bond markets.

European bond markets were boosted by the anticipation and then the reality of the ECB’s asset purchases.

Dear Valued Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Advantage Emerging Markets Local Bond Fund for the six-month period that ended April 30, 2015. The period was marked by low global interest rates as major central banks initiated or increased their quantitative easing programs. At the end of the reporting period, some European sovereign debt issues were selling at negative yields. Low interest rates presented a favorable background for global bonds, including high yield.

Major central banks continued to provide liquidity to the markets.

A worldwide trend toward looser monetary policy tended to support global bond markets. The European Central Bank (ECB) maintained a variety of measures aimed at encouraging lending, including making funds available to banks at low interest rates and imposing a negative interest rate on bank deposits held at the central bank. In January 2015, the ECB announced quantitative easing via significant bond purchases in an attempt to raise the eurozone’s inflation to just under its target of 2%. In Japan, the Bank of Japan (BOJ) also maintained an aggressive monetary program aimed at combating deflation. Later in the period, the BOJ widened its program by purchasing Japanese shares as well as bonds.

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 at zero. Even though the FOMC ended its bond-buying program in October 2014 and guided investors to expect an interest-rate hike in mid- to late 2015, the Fed remained accommodative. However, the fact that investors expected the Fed to eventually raise its key rate, even as other central banks lowered their benchmark rates, caused the U.S. dollar to appreciate against most major currencies during the period.

The U.S. outperformed other developed market economies, and a stronger U.S. dollar dampened returns on international assets for dollar-based investors.

Reported U.S. gross domestic product (GDP) growth came in at a solid 2.2% annualized rate in the fourth quarter of 2014. Although the initial estimate for annualized GDP growth came in at a modest 0.2% in the first quarter of 2015, the slowdown was attributed to short-term factors such as harsh winter weather and a long-lived strike at West Coast ports. Core U.S. bonds ended the period with a 2.06% return, as measured by the Barclays U.S. Aggregate Bond Index¹.

High-yield bonds also benefited from the stronger economy, as well as continued demand from investors seeking more generous yields in a historically low-yielding environment. As measured by the BofA Merrill Lynch High Yield Master II Index², high-yield bonds ended the period with a 1.51% gain.

European annualized GDP growth was 1.3% in the fourth quarter of 2014 and 1.4% in the first quarter of 2015. European bond markets were boosted by the anticipation and then the reality of the ECB’s asset purchases. The two-year German bond sold at a negative yield toward the latter half of the period. The flood of ECB-provided liquidity caused high-rated European sovereign bonds to sell at negative yields even in countries outside of the eurozone, such as Switzerland and Denmark. Japanese sovereign bonds also continued to trade at

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

²  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 Emerging Markets Local Bond Fund 3

ultralow yields because of ongoing purchases by the BOJ and major pension funds. Despite the favorable backdrop for international bonds, the appreciation in the U.S. dollar resulted in losses on international assets for dollar-based investors. The BofA Merrill Lynch Global Broad Market ex U.S. Index³, which tracks developed non-U.S. bond markets, returned -5.04% for the six-month 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,

Karla M. Rabusch

President

Wells Fargo Advantage Funds

Notice to shareholders

At a telephonic meeting held on June 15, 2015, the Board of Trustees of Wells Fargo Funds Trust unanimously approved the liquidation of the Fund. The Fund was closed to new direct investors and additional investments from existing shareholders effective at the close of business on June 19, 2015. Existing retirement plans, benefit plans and retirement plan platforms may continue to add new participants and make additional purchases until the Fund’s liquidation date. The liquidation of the Fund is expected to occur after close of business on or about July 17, 2015. Shareholders of the Fund on the date of liquidation will receive a distribution of their account proceeds, including any accrued dividends, in complete redemption of their shares.

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 Global Broad Market ex U.S. Index tracks the performance of investment-grade debt publicly issued in the major domestic and euro bond markets, including sovereign, quasi-government, corporate, securitized, and collateralized securities, and excludes all securities denominated in U.S. dollars.

4 Wells Fargo Advantage Emerging Markets Local Bond Fund Performance highlights (unaudited)

Investment objective

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

Adviser

Wells Fargo Funds Management, LLC

Subadviser

First International Advisers, LLC

Portfolio managers

Michael Lee

Tony Norris

Alex Perrin

Christopher Wightman

Peter Wilson

Average annual total returns (%) as of April 30, 2015

		Including sales charge						Excluding sales charge						Expense ratios1 (%)
	Inception date	1 year			Since inception			1 year			Since inception			Gross		Net2
Class A (WLBAX)	5-31-2012		(13.60	)		(3.59	)		(9.50	)		(2.05	)		1.69		1.23
Class C (WLBEX)	5-31-2012		(10.98	)		(2.79	)		(10.08	)		(2.79	)		2.44		1.98
Administrator Class (WLBDX)	5-31-2012		–			–			(9.37	)		(1.94	)		1.63		1.10
Institutional Class (WLBIX)	5-31-2012		–			–			(9.12	)		(1.74	)		1.36		0.90
JPMorgan GBI EM Global Diversified Composite Index3	–		–			–			(9.35	)		(0.78	)		–		–

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

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

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

Bond values fluctuate in response to the financial condition of individual issuers, general market and economic conditions, and changes in interest rates. Changes in market conditions and government policies may lead to periods of heightened volatility in the bond market and reduced liquidity for certain bonds held by the Fund. In general, when interest rates rise, bond values fall and investors may lose principal value. Interest-rate changes and their impact on the fund and its share price can be sudden and unpredictable. Foreign investments are especially volatile and can rise or fall dramatically due to differences in the political and economic conditions of the host country. These risks are generally intensified in emerging markets. The use of derivatives may reduce returns and/or increase volatility. Securities issued by U.S. government agencies or government-sponsored entities may not be guaranteed by the U.S. Treasury. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). The Fund is exposed to high-yield securities risk and geographic 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 Emerging Markets Local Bond Fund 5

Ten largest holdings4 (%) as of April 30, 2015
Poland, 3.25%, 7-25-2025	7.87
Mexico, 4.75%, 6-14-2018	6.68
Colombia, 7.00%, 5-4-2022	5.13
Brazil, 10.00%, 1-1-2025	5.06
Republic of South Africa, 8.00%, 12-21-2018	4.65
Thailand, 3.25%, 6-16-2017	4.60
Malaysia, 3.26%, 3-1-2018	4.50
Brazil, 10.00%, 1-1-2019	4.38
Romania, 5.85%, 4-26-2023	4.37
Indonesia, 8.38%, 3-15-2024	3.78

Country allocation⁵ as of April 30, 2015

Portfolio allocation⁵ as of April 30, 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.

²  The Adviser has committed through February 29, 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 at the amounts shown. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses and extraordinary expenses are excluded from the cap. 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.

³  The JPMorgan Government Bond Index Emerging Markets (GBI EM) Global Diversified Composite Index is an unmanaged index of debt instruments of 16 emerging countries. You cannot invest directly in an index.

⁴  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.

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

6 Wells Fargo Advantage Emerging Markets Local Bond Fund Fund expenses (unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from November 1, 2014 to April 30, 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 11-1-2014		Ending account value 4-30-2015		Expenses paid during the period¹		Net annualized expense ratio
Class A
Actual	$	1,000.00	$	925.39	$	5.87		1.23	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.70	$	6.16		1.23	%
Class C
Actual	$	1,000.00	$	922.67	$	9.44		1.98	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,014.98	$	9.89		1.98	%
Administrator Class
Actual	$	1,000.00	$	926.68	$	5.25		1.10	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.34	$	5.51		1.10	%
Institutional Class
Actual	$	1,000.00	$	927.15	$	4.30		0.90	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.33	$	4.51		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—April 30, 2015 (unaudited) Wells Fargo Advantage Emerging Markets Local Bond Fund 7

Security name	Interest rate			Maturity date		Principal		Value
Foreign Corporate Bonds and Notes @: 21.83%
Brazil: 0.53%
BRF SA (Consumer Staples, Food Products, BRL) 144A		7.75	%		5-22-2018		460,000	$	125,956
Germany: 5.47%
KfW (Financials, Banks, TRY)		5.00			1-16-2017		1,025,000		355,716
KfW (Financials, Banks, TRY)		7.75			2-3-2016		600,000		220,530
Landwirtschaftliche Rentenbank (Financials, Banks, ZAR)		8.25			5-23-2022		6,400,000		536,263
Landwirtschaftliche Rentenbank (Financials, Banks, TRY)		9.50			5-23-2022		500,000		189,254
									1,301,763
Luxembourg: 4.50%
European Investment Bank (Financials, Banks, PLN)		4.25			10-25-2022		1,800,000		571,124
European Investment Bank (Financials, Banks, HUF)		6.25			10-27-2016		22,000,000		86,552
European Investment Bank (Financials, Banks, ZAR)		9.00			3-31-2021		2,600,000		227,124
European Investment Bank (Financials, Banks, TRY)		9.25			7-20-2018		500,000		186,017
									1,070,817
Mexico: 2.85%
America Movil SAB de CV (Telecommunication Services, Wireless Telecommunication Services, MXN)		6.45			12-5-2022		3,000,000		189,558
America Movil SAB de CV (Telecommunication Services, Wireless Telecommunication Services, MXN)		7.13			12-9-2024		2,750,000		177,562
Petroleos Mexicanos (Energy, Oil, Gas & Consumable Fuels, MXN) 144A		7.19			9-12-2024		2,500,000		158,063
Petroleos Mexicanos (Energy, Oil, Gas & Consumable Fuels, MXN)		7.65			11-24-2021		2,300,000		154,011
									679,194
Netherlands: 1.92%
Rabobank Nederland (Financials, Banks, TRY)		6.13			5-2-2017		460,000		159,466
Rabobank Nederland (Financials, Banks, ZAR)		7.50			3-24-2021		3,600,000		298,780
									458,246
United States: 6.56%
Inter-American Development Bank (Financials, Banks, IDR)		7.25			7-17-2017		8,500,000,000		640,531
International Bank for Reconstruction & Development (Financials, Banks, ZAR)		7.00			6-7-2023		5,600,000		432,249
International Bank for Reconstruction & Development (Financials, Banks, MXN)		7.50			3-5-2020		6,600,000		487,622
									1,560,402
Total Foreign Corporate Bonds and Notes (Cost $6,274,090)									5,196,378
Foreign Government Bonds @: 69.62%
Brazil (BRL)		10.00			1-1-2017		1,100,000		359,323
Brazil (BRL)		10.00			1-1-2019		3,300,000		1,042,943
Brazil (BRL)		10.00			1-1-2025		4,085,000		1,204,056
Colombia (COP)		7.00			5-4-2022		2,810,000,000		1,219,981
Colombia (COP)		7.75			4-14-2021		975,000,000		460,076
Hungary (HUF)		6.75			11-24-2017		189,500,000		785,196
Indonesia (IDR)		7.38			9-15-2016		11,000,000,000		850,681
Indonesia (IDR)		8.38			3-15-2024		11,180,000,000		899,144
Malaysia (MYR)		3.26			3-1-2018		3,835,000		1,072,101

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

8 Wells Fargo Advantage Emerging Markets Local Bond Fund Portfolio of investments—April 30, 2015 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Foreign Government Bonds @ (continued)
Malaysia (MYR)		4.18	%		7-15-2024		3,000,000	$	861,901
Mexico (MXN)		4.75			6-14-2018		24,400,000		1,590,329
Mexico (MXN)		10.00			12-5-2024		4,500,000		379,875
Poland (PLN)		3.25			7-25-2025		6,405,000		1,873,010
Republic of South Africa (ZAR)		8.00			12-21-2018		12,850,000		1,106,096
Romania (RON)		5.85			4-26-2023		3,450,000		1,039,315
Thailand (THB)		3.25			6-16-2017		34,850,000		1,093,739
Turkey (TRY)		6.30			2-14-2018		2,125,000		733,485
Total Foreign Government Bonds (Cost $18,878,817)									16,571,251
Yankee Corporate Bonds and Notes: 1.65%
Brazil: 0.85%
ITAU Unibanco Holding SA (Financials, Banks)		5.13			5-13-2023	$	200,000		203,500
United Kingdom: 0.80%
Vedanta Resources plc (Materials, Metals & Mining) 144A		6.00			1-31-2019		200,000		190,000
Total Yankee Corporate Bonds and Notes (Cost $401,458)									393,500
	Yield					Shares
Short-Term Investments: 4.83%
Investment Companies: 4.83%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)		0.11					1,149,022		1,149,022
Total Short-Term Investments (Cost $1,149,022)									1,149,022

Total investments in securities (Cost $26,703,387) *	97.93	%		23,310,151
Other assets and liabilities, net	2.07			491,535
Total net assets	100.00	%	$	23,801,686

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

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

(l) The security represents an affiliate of the 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 $26,709,278 and unrealized gains (losses) consists of:

Gross unrealized gains	$	71,373
Gross unrealized losses		(3,470,500	)
Net unrealized losses		(3,399,127	)

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

Statement of assets and liabilities—April 30, 2015 (unaudited) Wells Fargo Advantage Emerging Markets Local Bond Fund 9

Assets
Investments
In unaffiliated securities, at value (cost $25,554,365)	$	22,161,129
In affiliated securities, at value (cost $1,149,022)		1,149,022
Total investments, at value (cost $26,703,387)		23,310,151
Foreign currency, at value (cost $51,521)		53,142
Receivable for interest		503,456
Unrealized gains on forward foreign currency contracts		137,235
Prepaid expenses and other assets		18,831
Total assets		24,022,815
Liabilities
Unrealized losses on forward foreign currency contracts		193,142
Advisory fee payable		502
Distribution fee payable		282
Administration fees payable		2,779
Professional fees payable		19,190
Accrued expenses and other liabilities		5,234
Total liabilities		221,129
Total net assets	$	23,801,686
NET ASSETS CONSIST OF
Paid-in capital	$	29,279,373
Undistributed net investment income		464,275
Accumulated net realized losses on investments		(2,466,311	)
Net unrealized losses on investments		(3,475,651	)
Total net assets	$	23,801,686
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	594,563
Shares outstanding – Class A1		73,289
Net asset value per share – Class A		$8.11
Maximum offering price per share – Class A2		$8.49
Net assets – Class C	$	460,544
Shares outstanding – Class C1		56,917
Net asset value per share – Class C		$8.09
Net assets – Administrator Class	$	11,339,722
Shares outstanding – Administrator Class1		1,395,922
Net asset value per share – Administrator Class		$8.12
Net assets – Institutional Class	$	11,406,857
Shares outstanding – Institutional Class1		1,405,962
Net asset value per share – Institutional Class		$8.11

¹  The Fund has an unlimited number of authorized shares.

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

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

10 Wells Fargo Advantage Emerging Markets Local Bond Fund Statement of operations—six months ended April 30, 2015 (unaudited)

Investment income
Interest (net of foreign interest withholding taxes of $14,772)	$	807,870
Income from affiliated securities		353
Total investment income		808,223
Expenses
Advisory fee		77,740
Administration fees
Fund level		5,980
Class A		472
Class C		371
Administrator Class		5,699
Institutional Class		4,587
Shareholder servicing fees
Class A		738
Class C		580
Administrator Class		14,247
Distribution fee
Class C		1,740
Custody and accounting fees		15,083
Professional fees		24,077
Registration fees		30,812
Shareholder report expenses		5,419
Trustees’ fees and expenses		6,674
Other fees and expenses		3,237
Total expenses		197,456
Less: Fee waivers and/or expense reimbursements		(74,938	)
Net expenses		122,518
Net investment income		685,705
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized losses on:
Unaffiliated securities		(2,113,835	)
Forward foreign currency contract transactions		(1,005	)
Net realized losses on investments		(2,114,840	)
Net change in unrealized gains (losses) on:
Unaffiliated securities		(411,719	)
Forward foreign currency contract transactions		(27,789	)
Net change in unrealized gains (losses) on investments		(439,508	)
Net realized and unrealized gains (losses) on investments		(2,554,348	)
Net decrease in net assets resulting from operations	$	(1,868,643	)

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

Statement of changes in net assets Wells Fargo Advantage Emerging Markets Local Bond Fund 11

	Six months ended April 30, 2015 (unaudited)						Year ended October 31, 2014
Operations
Net investment income				$	685,705					$	1,449,158
Net realized losses on investments					(2,114,840	)					(1,367,651	)
Net change in unrealized gains (losses) on investments					(439,508	)					(1,154,401	)
Net decrease in net assets resulting from operations					(1,868,643	)					(1,072,894	)
Distributions to shareholders from
Net investment income
Class A					(7,323	)					(23,586	)
Class C					(2,268	)					(14,343	)
Administrator Class					(154,605	)					(370,005	)
Institutional Class					(189,005	)					(378,646	)
Net realized gains
Class A					0						(10,670	)
Class C					0						(7,606	)
Administrator Class					0						(184,754	)
Institutional Class					0						(185,459	)
Total distributions to shareholders					(353,201	)					(1,175,069	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		4,383			37,000			15,981			146,922
Class C		0			0			421			3,600
Institutional Class		1,632			14,157			156			1,446
					51,157						151,968
Reinvestment of distributions
Class A		876			7,323			3,790			34,256
Class C		272			2,268			2,424			21,949
Administrator Class		18,472			154,605			61,225			554,759
Institutional Class		22,608			189,005			62,321			564,105
					353,201						1,175,069
Payment for shares redeemed
Class A		(1,327	)		(11,135	)		(26,442	)		(236,163	)
Class C		0			0			(421	)		(3,714	)
Institutional Class		(1,708	)		(13,567	)		0			0
					(24,702	)					(239,877	)
Net increase in net assets resulting from capital share transactions					379,656						1,087,160
Total decrease in net assets					(1,842,188	)					(1,160,803	)
Net assets
Beginning of period					25,643,874						26,804,677
End of period				$	23,801,686					$	25,643,874
Undistributed net investment income				$	464,275					$	131,771

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

12 Wells Fargo Advantage Emerging Markets Local Bond Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended April 30, 2015 (unaudited)			Year ended October 31
CLASS A				2014			2013			20121
Net asset value, beginning of period		$8.86			$9.68			$10.85			$10.00
Net investment income		0.22			0.48	2		0.44			0.11
Net realized and unrealized gains (losses) on investments		(0.87	)		(0.89	)		(0.76	)		0.85
Total from investment operations		(0.65	)		(0.41	)		(0.32	)		0.96
Distributions to shareholders from
Net investment income		(0.10	)		(0.30	)		(0.65	)		(0.11	)
Net realized gains		0.00			(0.11	)		(0.20	)		0.00
Total distributions to shareholders		(0.10	)		(0.41	)		(0.85	)		(0.11	)
Net asset value, end of period		$8.11			$8.86			$9.68			$10.85
Total return3		(7.46	)%		(4.11	)%		(3.28	)%		9.67	%
Ratios to average net assets (annualized)
Gross expenses		1.82	%		1.69	%		1.84	%		2.20	%
Net expenses		1.23	%		1.23	%		1.23	%		1.23	%
Net investment income		5.48	%		5.31	%		4.41	%		2.62	%
Supplemental data
Portfolio turnover rate		51	%		99	%		85	%		120	%
Net assets, end of period (000s omitted)		$595			$615			$736			$581

¹  For the period from May 31, 2012 (commencement of class operations) to October 31, 2012

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 Emerging Markets Local Bond Fund 13

(For a share outstanding throughout each period)

	Six months ended April 30, 2015 (unaudited)			Year ended October 31
CLASS C				2014			2013			20121
Net asset value, beginning of period		$8.81			$9.68			$10.85			$10.00
Net investment income		0.19			0.41			0.36			0.08
Net realized and unrealized gains (losses) on investments		(0.87	)		(0.88	)		(0.75	)		0.85
Total from investment operations		(0.68	)		(0.47	)		(0.39	)		0.93
Distributions to shareholders from
Net investment income		(0.04	)		(0.29	)		(0.58	)		(0.08	)
Net realized gains		0.00			(0.11	)		(0.20	)		0.00
Total distributions to shareholders		(0.04	)		(0.40	)		(0.78	)		(0.08	)
Net asset value, end of period		$8.09			$8.81			$9.68			$10.85
Total return2		(7.73	)%		(4.92	)%		(4.00	)%		9.35	%
Ratios to average net assets (annualized)
Gross expenses		2.57	%		2.44	%		2.60	%		2.95	%
Net expenses		1.98	%		1.98	%		1.98	%		1.98	%
Net investment income		4.72	%		4.55	%		3.59	%		1.89	%
Supplemental data
Portfolio turnover rate		51	%		99	%		85	%		120	%
Net assets, end of period (000s omitted)		$461			$499			$525			$547

¹  For the period from May 31, 2012 (commencement of class operations) to October 31, 2012

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.

14 Wells Fargo Advantage Emerging Markets Local Bond Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended April 30, 2015 (unaudited)			Year ended October 31
ADMINISTRATOR CLASS				2014			2013			20121
Net asset value, beginning of period		$8.88			$9.69			$10.85			$10.00
Net investment income		0.23			0.49			0.46			0.12
Net realized and unrealized gains (losses) on investments		(0.88	)		(0.89	)		(0.76	)		0.85
Total from investment operations		(0.65	)		(0.40	)		(0.30	)		0.97
Distributions to shareholders from
Net investment income		(0.11	)		(0.30	)		(0.66	)		(0.12	)
Net realized gains		0.00			(0.11	)		(0.20	)		0.00
Total distributions to shareholders		(0.11	)		(0.41	)		(0.86	)		(0.12	)
Net asset value, end of period		$8.12			$8.88			$9.69			$10.85
Total return2		(7.33	)%		(4.10	)%		(3.13	)%		9.72	%
Ratios to average net assets (annualized)
Gross expenses		1.76	%		1.63	%		1.79	%		2.16	%
Net expenses		1.10	%		1.10	%		1.10	%		1.10	%
Net investment income		5.60	%		5.43	%		4.48	%		2.77	%
Supplemental data
Portfolio turnover rate		51	%		99	%		85	%		120	%
Net assets, end of period (000s omitted)		$11,340			$12,235			$12,754			$13,166

¹  For the period from May 31, 2012 (commencement of class operations) to October 31, 2012

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 Emerging Markets Local Bond Fund 15

(For a share outstanding throughout each period)

	Six months ended April 30, 2015 (unaudited)			Year ended October 31
INSTITUTIONAL CLASS				2014			2013			20121
Net asset value, beginning of period		$8.89			$9.68			$10.85			$10.00
Net investment income		0.24			0.51			0.48			0.13
Net realized and unrealized gains (losses) on investments		(0.88	)		(0.88	)		(0.76	)		0.85
Total from investment operations		(0.64	)		(0.37	)		(0.28	)		0.98
Distributions to shareholders from
Net investment income		(0.14	)		(0.31	)		(0.69	)		(0.13	)
Net realized gains		0.00			(0.11	)		(0.20	)		0.00
Total distributions to shareholders		(0.14	)		(0.42	)		(0.89	)		(0.13	)
Net asset value, end of period		$8.11			$8.89			$9.68			$10.85
Total return2		(7.28	)%		(3.83	)%		(2.97	)%		9.82	%
Ratios to average net assets (annualized)
Gross expenses		1.49	%		1.36	%		1.52	%		1.94	%
Net expenses		0.90	%		0.90	%		0.90	%		0.90	%
Net investment income		5.80	%		5.63	%		4.68	%		2.97	%
Supplemental data
Portfolio turnover rate		51	%		99	%		85	%		120	%
Net assets, end of period (000s omitted)		$11,407			$12,295			$12,790			$13,177

¹  For the period from May 31, 2012 (commencement of class operations) to October 31, 2012

²  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 Emerging Markets Local Bond Fund Notes to financial statements (unaudited)

1. ORGANIZATION

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

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

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

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

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

Foreign currency translation

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

Notes to financial statements (unaudited) Wells Fargo Advantage Emerging Markets Local Bond Fund 17

Forward foreign currency contracts

The Fund is subject to foreign currency exchange rate risk in the normal course of pursuing its investment objectives. A forward foreign currency contract is an agreement between two parties to purchase or sell a specific currency for an agreed-upon price at a future date. The Fund enters into forward foreign currency contracts to facilitate transactions in foreign-denominated securities and to attempt to minimize the risk to the Fund from adverse changes in the relationship between currencies. Forward foreign currency contracts are recorded at the forward rate and marked-to-market daily. When the contracts are closed, realized gains and losses arising from such transactions are recorded as realized gains or losses on forward foreign currency contract transactions. The Fund could be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts or if the value of the foreign currency changes unfavorably. The Fund’s maximum risk of loss from counterparty credit risk is the unrealized gains on the contracts. This risk may be mitigated if there is a master netting arrangement between the Fund and the counterparty.

Security transactions and income recognition

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

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

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

Distributions to shareholders

Distributions to shareholders from net investment income 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 October 31, 2014, the Fund had capital loss carryforwards which consist of $45,848 in short-term capital losses and $305,623 in long-term capital losses.

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

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

18 Wells Fargo Advantage Emerging Markets Local Bond Fund Notes to financial statements (unaudited)

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

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

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

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

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of April 30, 2015:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Foreign corporate bonds and notes	$	0	$	5,196,378	$	0	$	5,196,378
Foreign government bonds		0		16,571,251		0		16,571,251
Yankee corporate bonds and notes		0		393,500		0		393,500
Short-term investments
Investment companies		1,149,022		0		0		1,149,022
		1,149,022		22,161,129		0		23,310,151
Forward foreign currency contracts		0		137,235		0		137,235
Total assets	$	1,149,022	$	22,298,364	$	0	$	23,447,386
Liabilities
Forward foreign currency contracts	$	0	$	193,142	$	0	$	193,142
Total liabilities	$	0	$	193,142	$	0	$	193,142

Forward foreign currency contracts are reported at their unrealized gains (losses) at measurement date, which represents the change in the contract’s value from trade date. All other assets and liabilities are reported at their market value at measurement date.

The Fund recognizes transfers between levels within the fair value hierarchy at the end of the reporting period. At April 30, 2015, the Fund did not have any transfers into/out of Level 1, Level 2, or Level 3.

4. TRANSACTIONS WITH AFFILIATES

Advisory fee

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

Pursuant to the contract, Funds Management is entitled to receive an annual advisory fee starting at 0.65% and declining to 0.55% as the average daily net assets of the Fund increase. For the six months ended April 30, 2015, the advisory fee was equivalent to an annual rate of 0.65% 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. First International Advisors, LLC, 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

The Trust has entered into an administration agreement with Funds Management. Under this agreement, for providing administrative services, which includes paying fees and expenses for services provided by the transfer agent, sub-transfer agents, omnibus account servicers and record-keepers, Funds Management is entitled to receive from the Fund an

Notes to financial statements (unaudited) Wells Fargo Advantage Emerging Markets Local Bond Fund 19

annual fund level administration fee starting at 0.05% and declining to 0.03% as the average daily net assets of the Fund increase and a class level administration fee which is calculated based on the average daily net assets of each class as follows:

	Class level administration fee
Class A, Class C		0.16	%
Administrator Class		0.10
Institutional Class		0.08

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 February 29, 2016 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.23% for Class A shares, 1.98% for Class C shares, 1.10% for Administrator Class shares, and 0.90% 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 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, 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 Class A shares. Funds Distributor is also entitled to receive the 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, 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 April 30, 2015 were $12,199,094 and $11,702,564, respectively.

6. DERIVATIVE TRANSACTIONS

During the six months ended April 30, 2015, the Fund entered into forward foreign currency contracts for economic hedging purposes.

At April 30, 2015, the Fund had forward foreign currency contracts outstanding as follows:

Forward foreign currency contracts to buy:

Exchange date	Counterparty	Contracts to receive			U.S. value at April 30, 2015		In exchange for U.S. $		Unrealized gains (losses)
5-4-2015	State Street Bank		14,550,000	MXN	$	948,377	$	971,716	$	(23,339	)
5-4-2015	State Street Bank		450,000	MXN		29,331		30,003		(672	)
5-12-2015	State Street Bank		3,500,000	MYR		982,112		972,709		9,403
5-12-2015	State Street Bank		1,650,000	MYR		462,995		454,545		8,450
6-9-2015	State Street Bank		5,200,000	PLN		1,442,793		1,402,113		40,680
6-9-2015	State Street Bank		1,750,000	PLN		485,555		471,450		14,105
6-9-2015	State Street Bank		4,350,000	RON		1,103,463		1,102,718		745
6-12-2015	State Street Bank		500,000	ZAR		41,769		41,400		369

20 Wells Fargo Advantage Emerging Markets Local Bond Fund Notes to financial statements (unaudited)

Exchange date	Counterparty	Contracts to receive			U.S. value at April 30, 2015		In exchange for U.S. $		Unrealized gains (losses)
6-12-2015	State Street Bank		1,150,000	BRL	$	376,689	$	352,555	$	24,134
6-12-2015	State Street Bank		4,000,000	ZAR		334,150		333,097		1,053
6-12-2015	State Street Bank		665,000	BRL		217,825		214,668		3,157
6-12-2015	State Street Bank		1,750,000	TRY		647,367		639,547		7,820
6-22-2015	State Street Bank		24,500,000	THB		742,163		750,544		(8,381	)

Forward foreign currency contracts to sell:

Exchange Date	Counterparty	Contracts to deliver			U.S. value at April 30, 2015		In exchange for U.S. $		Unrealized gains (losses)
6-9-2015	State Street Bank		2,150,000	PLN	$	596,540	$	577,922	$	(18,618	)
6-9-2015	State Street Bank		35,25,000	PLN		978,047		938,900		(39,147	)
6-12-2015	State Street Bank		45,00,000	ZAR		375,918		363,152		(12,766	)
6-12-2015	State Street Bank		1,815,000	BRL		594,514		558,204		(36,310	)
6-12-2015	State Street Bank		165,000	TRY		61,037		62,188		1,151
6-12-2015	State Street Bank		2,425,000	TRY		897,065		905,368		8,303
6-9-2015	State Street Bank		240,000,000	HUF		886,273		862,735		(23,538	)
6-9-2015	State Street Bank		4,350,000	RON		1,103,463		1,076,440		(27,023	)
5-12-2015	State Street Bank		710,000,000	COP		297,856		294,508		(3,348	)
5-4-2015	State Street Bank		15,000,000	MXN		977,708		995,573		17,865

The Fund had average contract amounts of $4,246,272 and $7,751,230 in forward foreign currency contracts to buy and forward foreign currency contracts to sell, respectively, during the six months ended April 30, 2015.

The fair value, realized gains or losses and change in unrealized gains or losses, if any, on derivative instruments are reflected in the appropriate financial statements.

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

Derivative type	Counterparty	Gross amounts of assets in the Statement of Assets and Liabilities	Amounts subject to netting agreements			Collateral received		Net amount of assets
Forward foreign currency contracts	State Street Bank	$137,235*	$	(137,235	)	$	0	$	0

* Amount represents net unrealized gains.

Notes to financial statements (unaudited) Wells Fargo Advantage Emerging Markets Local Bond Fund 21

Derivative type	Counterparty	Gross amounts of liabilities in the Statement of Assets and Liabilities	Amounts subject to netting agreements			Collateral pledged		Net amount of liabilities
Forward foreign currency contracts	State Street Bank	$193,142**	$	(137,235	)	$	0	$	55,907

** Amount represents net unrealized losses.

7. BANK BORROWINGS

The Trust (excluding the money market funds and certain other funds in the Trust) and Wells Fargo Variable Trust are parties to a $150,000,000 revolving credit agreement whereby the Fund is permitted to use bank borrowings for temporary or emergency purposes, such as to fund shareholder redemption requests. Interest under the credit agreement is charged to the Fund based on a borrowing rate equal to the higher of the Federal Funds rate in effect on that day plus 1.25% or the overnight LIBOR rate in effect on that day plus 1.25%. In addition, an annual commitment fee equal to 0.10% of the unused balance is allocated to each participating fund. For the six months ended April 30, 2015, the Fund paid $23 in commitment fees.

For the six months ended April 30, 2015, there were no borrowings by the Fund under the agreement.

8. INDEMNIFICATION

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

9. FUND LIQUIDATION

At a meeting of the Board of Trustees held on June 15, 2015, the Trustees approved the liquidation of the Fund. The Fund is currently closed to new direct investors and additional investments from existing shareholders. Existing retirement plans, benefit plans and retirement plan platforms may continue to add new participants and make additional purchases until the Fund’s liquidation date. The liquidation of the Fund is expected to occur after close of business on or about July 17, 2015. Shareholders of the Fund on the date of liquidation will receive a distribution of their account proceeds, including any accrued dividends, in complete redemption of their shares.

22 Wells Fargo Advantage Emerging Markets Local Bond Fund Other information (unaudited)

PROXY VOTING INFORMATION

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

PORTFOLIO HOLDINGS INFORMATION

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

Other information (unaudited) Wells Fargo Advantage Emerging Markets Local Bond Fund 23

BOARD OF TRUSTEES AND OFFICERS

Each of the Trustees and Officers¹ listed in the table below acts in identical capacities for each fund in the Wells Fargo Advantage family of funds, which consists of 134 mutual funds comprising the Wells Fargo Funds Trust, Wells Fargo Variable Trust, Wells Fargo Master Trust and four closed-end funds (collectively the “Fund Complex”). This table should be read in conjunction with the Prospectus and the Statement of Additional Information². The mailing address of each Trustee and Officer is 525 Market Street, 12th Floor, San Francisco, CA 94105. Each Trustee and Officer serves an indefinite term, however, each Trustee serves such term until reaching the mandatory retirement age established by the Trustees.

Independent Trustees

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Other directorships during past five years
William R. Ebsworth (Born 1957)	Trustee, since 2015**	Retired. From 1984 to 2013, equities analyst, portfolio manager, research director at Fidelity Management and Research Company and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. in Boston, Tokyo, and Hong Kong where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Mr. Ebsworth is an Adjunct Lecturer, Finance, at Babson College and a Chartered Financial Analyst.	Asset Allocation Trust
Jane A. Freeman (Born 1953)	Trustee, since 2015**	Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, 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 Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy. Mr. Harris is a certified public accountant.	CIGNA Corporation; Asset Allocation Trust
Judith M. Johnson (Born 1949)	Trustee, since 2008; Audit Committee Chairman, since 2008	Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant.	Asset Allocation Trust
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business, Stanford University, Morgan Stanley Director of the Center for Leadership Development and Research and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	Asset Allocation Trust
Olivia S. Mitchell (Born 1953)	Trustee, since 2006	International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993.	Asset Allocation Trust

24 Wells Fargo Advantage Emerging Markets Local Bond Fund Other information (unaudited)

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Other directorships during past five years
Timothy J. Penny (Born 1951)	Trustee, since 1996	President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007 and Senior Fellow at the Humphrey Institute Policy Forum at the University of Minnesota since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	Asset Allocation Trust
Michael S. Scofield (Born 1943)	Trustee, since 2010	Served on the Investment Company Institute’s Board of Governors and Executive Committee from 2008-2011 as well the Governing Council of the Independent Directors Council from 2006-2011 and the Independent Directors Council Executive Committee from 2008-2011. Chairman of the IDC from 2008-2010. Institutional Investor (Fund Directions) Trustee of Year in 2007. Trustee of the Evergreen Funds complex (and its predecessors) from 1984 to 2010. Chairman of the Evergreen Funds from 2000-2010. Former Trustee of the Mentor Funds. Retired Attorney, Law Offices of Michael S. Scofield.	Asset Allocation Trust
Donald C. Willeke (Born 1940)	Trustee, since 1996	Principal of the law firm of Willeke & Daniels. General Counsel of the Minneapolis Employees Retirement Fund from 1984 until its consolidation into the Minnesota Public Employees Retirement Association on June 30, 2010. Director and Vice Chair of The Tree Trust (non-profit corporation). Director of the American Chestnut Foundation (non-profit corporation).	Asset Allocation Trust

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

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

Officers

Name and year of birth	Position held and length of service	Principal occupations during past five years or longer
Karla M. Rabusch (Born 1959)	President, since 2003	Executive Vice President of Wells Fargo Bank, N.A. and President of Wells Fargo Funds Management, LLC since 2003.
Nancy Wiser1 (Born 1967)	Treasurer, since 2012	Executive Vice President of Wells Fargo Funds Management, LLC since 2011. Chief Operating Officer and Chief Compliance Officer at LightBox Capital Management LLC, from 2008 to 2011. Owned and operated a consulting business providing services to various hedge funds including acting as Chief Operating Officer and Chief Compliance Officer for a hedge fund from 2007 to 2008. Chief Operating Officer and Chief Compliance Officer of GMN Capital LLC from 2006 to 2007.
C. David Messman (Born 1960)	Secretary, since 2000; Chief Legal Officer, since 2003	Senior Vice President and Secretary of Wells Fargo Funds Management, LLC since 2001. Assistant General Counsel of Wells Fargo Bank, N.A. since 2013 and Vice President and Managing Counsel of Wells Fargo Bank N.A. from 1996 to 2013.
Debra Ann Early (Born 1964)	Chief Compliance Officer, since 2007	Senior Vice President of Wells Fargo Funds Management, LLC since 2007 and Chief Compliance Officer from 2007 to 2014. Chief Compliance Officer of Parnassus Investments from 2005 to 2007. Chief Financial Officer of Parnassus Investments from 2004 to 2007 and Senior Audit Manager of PricewaterhouseCoopers LLP from 1998 to 2004.
David Berardi (Born 1975)	Assistant Treasurer, since 2009	Vice President of Wells Fargo Funds Management, LLC since 2009. Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Assistant Vice President of Evergreen Investment Services, Inc. from 2004 to 2008. Manager of Fund Reporting and Control for Evergreen Investment Management Company, LLC from 2004 to 2010.
Jeremy DePalma1 (Born 1974)	Assistant Treasurer, since 2009	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Vice President, Evergreen Investment Services, Inc. from 2004 to 2007. Head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.

¹ Nancy Wiser acts as Treasurer of 73 funds in the Fund Complex. Jeremy DePalma acts as Treasurer of 61 funds and Assistant Treasurer of 73 funds in the Fund Complex.

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

List of abbreviations Wells Fargo Advantage Emerging Markets Local Bond Fund 25

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

ACA —  ACA Financial Guaranty Corporation

ADR —  American depositary receipt

ADS —  American depositary shares

AGC —  Assured Guaranty Corporation

AGM —  Assured Guaranty Municipal

Ambac —  Ambac Financial Group Incorporated

AMT —  Alternative minimum tax

AUD —  Australian dollar

BAN —  Bond anticipation notes

BHAC —  Berkshire Hathaway Assurance Corporation

BRL —  Brazilian real

CAB —  Capital appreciation bond

CAD —  Canadian dollar

CCAB —  Convertible capital appreciation bond

CDA —  Community Development Authority

CDO —  Collateralized debt obligation

CHF —  Swiss franc

COP —  Columbian Peso

CLP —  Chilean peso

DKK —  Danish krone

DRIVER —  Derivative inverse tax-exempt receipts

DW&P —  Department of Water & Power

DWR —  Department of Water Resources

ECFA —  Educational & Cultural Facilities Authority

EDA —  Economic Development Authority

EDFA —  Economic Development Finance Authority

ETF —  Exchange-traded fund

EUR —  Euro

FDIC —  Federal Deposit Insurance Corporation

FFCB —  Federal Farm Credit Banks

FGIC —  Financial Guaranty Insurance Corporation

FHA —  Federal Housing Administration

FHLB —  Federal Home Loan Bank

FHLMC —  Federal Home Loan Mortgage Corporation

FICO —  The Financing Corporation

FNMA —  Federal National Mortgage Association

FSA —  Farm Service Agency

GBP —  Great British pound

GDR —  Global depositary receipt

GNMA —  Government National Mortgage Association

GO —  General obligation

HCFR —  Healthcare facilities revenue

HEFA —  Health & Educational Facilities Authority

HEFAR —  Higher education facilities authority revenue

HFA —  Housing Finance Authority

HFFA —  Health Facilities Financing Authority

HKD —  Hong Kong dollar

HUD —  Department of Housing and Urban Development

HUF —  Hungarian forint

IDA —  Industrial Development Authority

IDAG —  Industrial Development Agency

IDR —  Indonesian rupiah

IEP —  Irish pound

JPY —  Japanese yen

KRW —  Republic of Korea won

LIBOR —  London Interbank Offered Rate

LIFER —  Long Inverse Floating Exempt Receipts

LIQ —  Liquidity agreement

LLC —  Limited liability company

LLLP —  Limited liability limited partnership

LLP —  Limited liability partnership

LOC —  Letter of credit

LP —  Limited partnership

MBIA —  Municipal Bond Insurance Association

MFHR —  Multifamily housing revenue

MSTR —  Municipal securities trust receipts

MTN —  Medium-term note

MUD —  Municipal Utility District

MXN —  Mexican peso

MYR —  Malaysian ringgit

National —  National Public Finance Guarantee Corporation

NGN —  Nigerian naira

NOK —  Norwegian krone

NZD —  New Zealand dollar

PCFA —  Pollution Control Financing Authority

PCL —  Public Company Limited

PCR —  Pollution control revenue

PFA —  Public Finance Authority

PFFA —  Public Facilities Financing Authority

PFOTER —  Puttable floating option tax-exempt receipts

PIK —  Payment-in-kind

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 leu

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

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For more information

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

Wells Fargo Advantage Funds

P.O. Box 8266

Boston, MA 02266-8266

Email: wfaf@wellsfargo.com

Website: wellsfargoadvantagefunds.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

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

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

NOT FDIC INSURED  ¡  NO BANK GUARANTEE  ¡   MAY LOSE VALUE

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

233647 06-15 SA261/SAR261 04-15

Wells Fargo Advantage International Bond Fund

Semi-Annual Report

April 30, 2015

Reduce clutter. Save trees.

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

Contents

Letter to shareholders	2
Performance highlights	4
Fund expenses	6
Portfolio of investments	7
Financial statements
Statement of assets and liabilities	13
Statement of operations	14
Statement of changes in net assets	15
Financial highlights	16
Notes to financial statements	22
Other information	29
List of abbreviations	32

The views expressed and any forward-looking statements are as of April 30, 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 International Bond Fund Letter to shareholders (unaudited)

Karla M. Rabusch

President

Wells Fargo Advantage Funds

A worldwide trend toward looser monetary policy tended to support global bond markets.

European bond markets were boosted by the anticipation and then the reality of the ECB’s asset purchases.

Dear Valued Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Advantage International Bond Fund for the six-month period that ended April 30, 2015. The period was marked by low global interest rates as major central banks initiated or increased their quantitative easing programs. At the end of the reporting period, some European sovereign debt issues were selling at negative yields. Low interest rates presented a favorable background for global bonds, including high yield.

Major central banks continued to provide liquidity to the markets.

A worldwide trend toward looser monetary policy tended to support global bond markets. The European Central Bank (ECB) maintained a variety of measures aimed at encouraging lending, including making funds available to banks at low interest rates and imposing a negative interest rate on bank deposits held at the central bank. In January 2015, the bank announced quantitative easing via significant bond purchases in an attempt to raise the eurozone’s inflation to just under its target of 2%. In Japan, the Bank of Japan (BOJ) also maintained an aggressive monetary program aimed at combating deflation. Later in the period, the BOJ widened its program by purchasing Japanese shares as well as bonds.

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 at zero. Even though the FOMC ended its bond-buying program in October 2014 and guided investors to expect an interest-rate hike in mid- to late 2015, the Fed remained accommodative. However, the fact that investors expected the Fed to eventually raise its key rate, even as other central banks lowered their benchmark rates, caused the U.S. dollar to appreciate against most major currencies during the period.

The U.S. outperformed other developed market economies, but a stronger U.S. dollar dampened returns on international assets for dollar-based investors.

Reported U.S. gross domestic product (GDP) growth came in at a solid 2.2% annualized rate in the fourth quarter of 2014. Although the initial estimate for annualized GDP growth came in at a modest 0.2% in the first quarter of 2015, the slowdown was attributed to short-term factors such as harsh winter weather and a long-lived strike at West Coast ports. Core U.S. bonds ended the period with a 2.06% return, as measured by the Barclays U.S. Aggregate Bond Index¹.

High-yield bonds also benefited from the stronger economy, as well as continued demand from investors seeking more generous yields in a historically low-yielding environment. As measured by the BofA Merrill Lynch High Yield Master II Index², high-yield bonds ended the period with a 1.51% gain.

European annualized GDP growth was 1.3% in the fourth quarter of 2014 and 1.4% in the first quarter of 2015. European bond markets were boosted by the anticipation and then the reality of the ECB’s asset purchases. The two-year German bond sold at a negative yield toward the latter half of the period. The flood of ECB-provided liquidity caused high-rated European sovereign bonds to sell at negative yields even in countries outside of the eurozone, such as Switzerland and Denmark. Japanese sovereign bonds also continued to trade at

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

²  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 International Bond Fund 3

ultralow yields because of ongoing purchases by the BOJ and major pension funds. Despite the favorable backdrop for international bonds, the appreciation in the U.S. dollar resulted in losses on international assets for dollar-based investors. The BofA Merrill Lynch Global Broad Market Ex. U.S. Index³, which tracks developed non-U.S. bond markets, returned -5.04% for the six-month 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,

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 Global Broad Market Ex. U.S. Index tracks the performance of investment-grade debt publicly issued in the major domestic and euro bond markets, including sovereign, quasi-government, corporate, securitized, and collateralized securities, and excludes all securities denominated in U.S. dollars. You cannot invest directly in an index.

4 Wells Fargo Advantage International Bond Fund Performance highlights (unaudited)

Investment objective

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

Adviser

Wells Fargo Funds Management, LLC

Subadviser

First International Advisers, LLC

Portfolio managers

Michael Lee

Tony Norris

Alex Perrin

Christopher Wightman

Peter Wilson

Average annual total returns¹ (%) as of April 30, 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 (ESIYX)	9-30-2003		(11.07	)		0.72		2.94		(6.86	)		1.65		3.41		1.05		1.03
Class B (ESIUX)*	9-30-2003		(12.15	)		0.53		2.89		(7.54	)		0.89		2.89		1.80		1.78
Class C (ESIVX)	9-30-2003		(8.44	)		0.90		2.66		(7.44	)		0.90		2.66		1.80		1.78
Class R6 (ESIRX)	11-30-2012		–			–		–		(6.47	)		2.01		3.74		0.67		0.65
Administrator Class (ESIDX)	7-30-2010		–			–		–		(6.69	)		1.82		3.58		0.99		0.85
Institutional Class (ESICX)	12-15-1993		–			–		–		(6.44	)		1.98		3.72		0.72		0.70
BofA Merrill Lynch Global Broad Market Ex. U.S. Index4	–		–			–		–		(9.72	)		1.30		2.76		–		–

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

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

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

For Class A shares, the maximum front-end sales charge is 4.50%. For Class B shares, the maximum contingent deferred sales charge is 5.00%. For Class C shares, the maximum contingent deferred sales charge is 1.00%. Performance including a contingent deferred sales charge assumes the sales charge for the corresponding time period. Class R6, Administrator Class, and Institutional Class shares are sold without a front-end sales charge or contingent deferred sales charge.

Bond values fluctuate in response to the financial condition of individual issuers, general market and economic conditions, and changes in interest rates. Changes in market conditions and government policies may lead to periods of heightened volatility in the bond market and reduced liquidity for certain bonds held by the Fund. In general, when interest rates rise, bond values fall and investors may lose principal value. Interest-rate changes and their impact on the fund and its share price can be sudden and unpredictable. Foreign investments are especially volatile and can rise or fall dramatically due to differences in the political and economic conditions of the host country. These risks are generally intensified in emerging markets. The use of derivatives may reduce returns and/or increase volatility. Securities issued by U.S. government agencies or government-sponsored entities may not be guaranteed by the U.S. Treasury. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). The Fund is exposed to high-yield securities risk and geographic 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 International Bond Fund 5

Ten largest holdings5 (%) as of April 30, 2015
Bonos y Obligaciones del Estado, 1.60%, 4-30-2025	8.26
Poland, 4.00%, 10-25-2023	4.61
Mexico, 4.75%, 6-14-2018	4.38
U.S. Treasury Note , 1.50%, 1-31-2022	4.17
United Kingdom Gilt, 2.75%, 9-7-2024	4.02
New Zealand, 5.50%, 4-15-2023	3.93
Italy Buoni Poliennali del Tesoro, 2.50%, 12-1-2024	3.46
Brazil, 10.00%, 1-1-2017	3.16
Australia, 3.25%, 10-21-2018	2.97
Malaysia, 3.80%, 9-30-2022	2.82

Portfolio allocation⁶ as of April 30, 2015

¹  Historical performance shown for Administrator Class shares prior to their inception reflects the performance of Institutional Class shares and has been adjusted to reflect the higher expenses applicable to Administrator Class shares. Historical performance shown for Class R6 shares prior to their inception reflects the performance of Institutional Class shares and includes the higher expenses applicable to Institutional Class shares. If these expenses had not been included, returns would be higher. Historical performance shown for all classes of the Fund prior to July 12, 2010, is based on the performance of the Fund’s predecessor, Evergreen International Bond Fund.

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

³  The Adviser has committed through February 29, 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 BofA Merrill Lynch Global Broad Market Ex. U.S. Index tracks the performance of investment-grade debt publicly issued in the major domestic and euro bond markets, including sovereign, quasi-government, corporate, securitized, and collateralized securities, and excludes all securities denominated in U.S. dollars. 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 International Bond Fund Fund expenses (unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from November 1, 2014 to April 30, 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 11-1-2014		Ending account value 4-30-2015		Expenses paid during the period¹		Net annualized expense ratio
Class A
Actual	$	1,000.00	$	957.02	$	5.00		1.03	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.69	$	5.16		1.03	%
Class B
Actual	$	1,000.00	$	952.80	$	8.57		1.77	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,016.02	$	8.85		1.77	%
Class C
Actual	$	1,000.00	$	954.18	$	8.62		1.78	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.97	$	8.90		1.78	%
Class R6
Actual	$	1,000.00	$	959.21	$	3.16		0.65	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.57	$	3.26		0.65	%
Administrator Class
Actual	$	1,000.00	$	957.53	$	4.13		0.85	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.58	$	4.26		0.85	%
Institutional Class
Actual	$	1,000.00	$	959.04	$	3.40		0.70	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.32	$	3.51		0.70	%

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

Portfolio of investments—April 30, 2015 (unaudited) Wells Fargo Advantage International Bond Fund 7

Security name	Interest rate			Maturity date		Principal		Value
Corporate Bonds and Notes: 2.66%
United States: 2.66%
Amazon.com Incorporated (Consumer Discretionary, Internet & Catalog Retail)		3.80	%		12-5-2024	$	5,800,000	$	6,035,851
Arrow Electronics Incorporated (Information Technology, Electronic Equipment, Instruments & Components)		3.50			4-1-2022		5,775,000		5,773,464
AT&T Incorporated (Telecommunication Services, Diversified Telecommunication Services) %%		3.00			6-30-2022		5,950,000		5,914,032
Ford Motor Credit Company LLC (Consumer Discretionary, Automobiles)		2.46			3-27-2020		2,600,000		2,596,745
Glencore Funding LLC (Materials, Metals & Mining) 144A		4.00			4-16-2025		5,625,000		5,520,488
Lam Research Corporation (Information Technology, Semiconductors & Semiconductor Equipment)		3.80			3-15-2025		6,000,000		5,979,948
NBCUniversal Media LLC (Consumer Discretionary, Media)		2.88			1-15-2023		1,265,000		1,278,894
Total Corporate Bonds and Notes (Cost $33,265,565)									33,099,422
Foreign Corporate Bonds and Notes @: 20.68%
Australia: 0.78%
General Electric Capital Corporation (Financials, Diversified Financial Services, AUD)		6.00			3-15-2019		1,367,000		1,197,493
Telstra Corporation Limited (Telecommunication Services, Diversified Telecommunication Services, EUR)		3.75			5-16-2022		2,782,000		3,727,858
Transurban Finance Company Limited (Financials, Diversified Financial Services, EUR)		1.88			9-16-2024		4,090,000		4,787,461
									9,712,812
Bermuda: 0.52%
Bacardi Limited (Consumer Staples, Beverages, EUR)		2.75			7-3-2023		5,204,000		6,453,732
Brazil: 0.29%
BRF SA (Consumer Staples, Food Products, BRL) 144A		7.75			5-22-2018		13,137,000		3,597,147
Cayman Islands: 0.35%
Brakes Capital (Consumer Discretionary, Diversified Consumer Services, GBP)		7.13			12-15-2018		1,950,000		3,053,354
Brakes Capital (Consumer Discretionary, Diversified Consumer Services, GBP) 144A		7.13			12-15-2018		825,000		1,291,803
									4,345,157
Czech Republic: 0.75%
EP Energy LLC (Energy, Oil, Gas & Consumable Fuels, EUR)		5.88			11-1-2019		7,295,000		9,392,534
France: 0.73%
Autoroutes Du Sud de la France SA (Industrials, Transportation Infrastructure, EUR)		2.95			1-17-2024		7,100,000		9,105,344
Germany: 2.48%
HP Pelzer Holdings GmbH (Consumer Discretionary, Auto Components, EUR) 144A		7.50			7-15-2021		2,665,000		3,231,787
KfW (Financials, Banks, TRY)		5.00			1-16-2017		3,745,000		1,299,666
KfW (Financials, Banks, AUD)		5.00			3-19-2024		16,755,000		15,199,260
KfW (Financials, Banks, AUD)		5.50			2-9-2022		4,000,000		3,665,819
Landwirtschaftliche Rentenbank (Financials, Banks, ZAR)		8.25			5-23-2022		5,400,000		452,472
Rapid Holding GmbH (Energy, Energy Equipment & Services, EUR) 144A		6.63			11-15-2020		2,100,000		2,329,689
Volkswagen Leasing GmbH Company (Financials, Consumer Finance, EUR)		2.63			1-15-2024		3,726,000		4,716,203
									30,894,896

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

8 Wells Fargo Advantage International Bond Fund Portfolio of investments—April 30, 2015 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Ireland: 0.79%
GE Capital UK Funding Company (Financials, Capital Markets GBP)		5.13	%		5-24-2023		1,000,000	$	1,815,412
GE Capital UK Funding Company (Financials, Capital Markets, GBP)		4.13			9-13-2023		4,700,000		8,029,375
									9,844,787
Luxembourg: 1.25%
Befesa Zinc Aser SA (Utilities, Water Utilities, EUR)		8.88			5-15-2018		2,925,000		3,432,131
European Investment Bank (Financials, Banks, NZD)		4.75			1-22-2019		10,116,000		8,005,779
European Investment Bank (Financials, Banks, ZAR)		9.00			3-31-2021		5,790,000		505,787
Gestamp Funding Luxembourg SA (Consumer Discretionary, Auto Components, EUR)		5.88			5-31-2020		1,485,000		1,759,141
Play Finance 2 SA (Telecommunication Services, Wireless Telecommunication Services, EUR) 144A		5.25			2-1-2019		1,600,000		1,860,877
									15,563,715
Mexico: 0.69%
America Movil SAB de CV (Telecommunication Services, Wireless Telecommunication Services, EUR)		3.00			7-12-2021		5,836,000		7,327,970
America Movil SAB de CV (Telecommunication Services, Wireless Telecommunication Services, MXN)		7.13			12-9-2024		9,750,000		629,537
Petroleos Mexicanos (Energy, Oil, Gas & Consumable Fuels, MXN) 144A		7.19			9-12-2024		9,532,000		602,662
									8,560,169
Netherlands: 0.91%
ASML Holding NV (Information Technology, Semiconductors & Semiconductor Equipment, EUR)		3.38			9-19-2023		400,000		524,892
Grupo Isolux Corsan Finance BV (Industrials, Construction & Engineering, EUR) 144A		6.63			4-15-2021		2,400,000		2,307,457
Heineken NV (Consumer Staples, Beverages, EUR)		2.13			8-4-2020		2,236,000		2,689,255
Samvardhana Motherson Automotive Systems Group (Consumer Discretionary, Auto Components, EUR) 144A		4.13			7-15-2021		1,800,000		2,066,813
Schaeffler Finance BV (Financials, Diversified Financial Services, EUR)		3.50			5-15-2022		3,200,000		3,700,913
									11,289,330
Norway: 0.99%
Kommunalbanken AS (Financials, Banks, AUD)		5.25			7-15-2024		12,650,000		11,621,223
Lock AS (Financials, Diversified Financial Services, EUR) 144A		7.00			8-15-2021		600,000		731,730
									12,352,953
Philippines: 0.65%
Asian Development Bank (Financials, Banks, AUD)		3.75			3-12-2025		9,731,000		8,082,103
Spain: 1.41%
Gas Natural Fenosa (Energy, Oil, Gas & Consumable Fuels, EUR)		2.88			3-11-2024		1,000,000		1,269,138
Gas Natural Fenosa (Energy, Oil, Gas & Consumable Fuels, EUR)		3.88			4-11-2022		2,200,000		2,919,318
Isolux Corsan BV (Industrials, Construction & Engineering, EUR)		6.63			4-15-2021		1,200,000		1,153,728
Portaventura Entertainment Barcelona BV (Consumer Discretionary, Hotels, Restaurants & Leisure, EUR) 144A		7.25			12-1-2020		750,000		886,404
Portaventura Entertainment Barcelona BV (Consumer Discretionary, Hotels, Restaurants & Leisure, EUR)		7.25			12-1-2020		2,000,000		2,363,743
Telefonica Emisiones S.A.U. (Telecommunication Services, Diversified Telecommunication Services, GBP)		5.29			12-9-2022		5,100,000		9,017,177
									17,609,508

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

Portfolio of investments—April 30, 2015 (unaudited) Wells Fargo Advantage International Bond Fund 9

Security name	Interest rate			Maturity date		Principal		Value
United Kingdom: 4.54%
AA Bond Company Limited (Financials, Diversified Financial Services, GBP)		4.25	%		7-31-2043		3,495,000	$	5,668,741
Brighthouse Group plc (Consumer Discretionary, Specialty Retail, GBP) «		7.88			5-15-2018		2,300,000		3,340,735
Delphi Automotive plc (Consumer Discretionary, Auto Components, EUR)		1.50			3-10-2025		3,100,000		3,487,553
FirstGroup plc (Industrials, Road & Rail, GBP)		5.25			11-29-2022		3,020,000		5,079,242
GHD Bondco plc (Consumer Discretionary, Distributors, GBP)		7.00			4-15-2020		1,975,000		2,728,462
Heathrow Funding Limited (Industrials, Transportation Infrastructure, EUR)		1.88			5-23-2024		2,561,000		3,036,636
Heathrow Funding Limited (Industrials, Transportation Infrastructure, GBP)		7.13			2-14-2024		1,900,000		3,706,106
Imperial Tobacco Finance Company (Consumer Staples, Tobacco, EUR)		2.25			2-26-2021		4,669,000		5,546,803
Ineos Finance plc (Financials, Diversified Financial Services, EUR) 144A%%		4.00			5-1-2023		3,150,000		3,497,186
Jaguar Land Rover plc (Consumer Discretionary, Automobiles, GBP) 144A		3.88			3-1-2023		400,000		612,170
Jaguar Land Rover plc (Consumer Discretionary, Automobiles, GBP)		5.00			2-15-2022		1,000,000		1,644,955
R&R Ice Cream plc (Consumer Staples, Food & Staples Retailing, GBP)		5.50			5-15-2020		1,810,000		2,858,227
TES Finance plc (Financials, Diversified Financial Services, GBP)		6.75			7-15-2020		1,750,000		2,713,112
Tesco plc (Consumer Staples, Food & Staples Retailing, GBP)		6.13			2-24-2022		3,400,000		5,795,666
Twinkle Pizza plc (Consumer Discretionary, Hotels, Restaurants & Leisure, GBP)		6.63			8-1-2021		2,450,000		3,957,940
United Utilities Water plc (Utilities, Water Utilities, GBP)		5.75			3-25-2022		1,200,000		2,208,128
Wagamama Finance plc (Financials, Diversified Financial Services, GBP) 144A		7.88			2-1-2020		450,000		718,380
									56,600,042
United States: 3.55%
Albemarle Corporation (Materials, Chemicals, EUR)		1.88			12-8-2021		3,910,000		4,467,156
Amgen Incorporated (Health Care, Biotechnology, EUR)		4.00			9-13-2029		3,500,000		5,690,378
Discovery Communications Company (Consumer Discretionary, Media, EUR)		1.90			3-19-2027		4,800,000		5,216,703
Iron Mountain Incorporated (Industrials, Commercial Services & Supplies, EUR)		6.75			10-15-2018		1,868,000		2,100,001
Morgan Stanley (Financials, Capital Markets, EUR)		1.75			1-30-2025		5,750,000		6,571,691
Priceline Group Incorporated (Consumer Discretionary, Internet & Catalog Retail, EUR)		1.80			3-3-2027		1,970,000		2,148,251
Priceline Group Incorporated (Consumer Discretionary, Internet & Catalog Retail, EUR)		2.38			9-23-2024		5,659,000		6,692,760
Verizon Communications Incorporated (Telecommunication Services, Diversified Telecommunication Services, EUR)		3.25			2-17-2026		5,864,000		7,748,525
Walgreens Boots Alliance Incorporated (Consumer Staples, Food & Staples Retailing, EUR)		3.60			11-20-2025		2,250,000		3,531,838
									44,167,303
Total Foreign Corporate Bonds and Notes (Cost $275,274,254)									257,571,532
Foreign Government Bonds @: 65.38%
Australia (AUD)		3.25			10-21-2018		44,815,000		36,984,717
Australia (AUD)		3.25			4-21-2025		20,700,000		17,230,138
Australia (AUD)		5.50			4-21-2023		500,000		480,963
Bonos y Obligaciones del Estado 144A (EUR)		1.60			4-30-2025		90,625,000		102,908,546
Brazil (BRL)		10.00			1-1-2017		120,550,000		39,378,533
Brazil (BRL)		10.00			1-1-2019		73,100,000		23,102,773
Canada 144A (CAD)		2.90			6-15-2024		33,300,000		29,701,447
Colombia (COP)		7.00			5-4-2022		6,650,000,000		2,887,144
Colombia (COP)		7.75			4-14-2021		1,630,000,000		769,152
Hungary (HUF)		6.75			11-24-2017		462,450,000		1,916,169
Indonesia (IDR)		7.88			4-15-2019		25,000,000,000		1,945,998
Indonesia (IDR)		8.38			3-15-2024		23,650,000,000		1,902,035

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

10 Wells Fargo Advantage International Bond Fund Portfolio of investments—April 30, 2015 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Foreign Government Bonds @ (continued)
Indonesia (IDR)		10.00	%		7-15-2017		17,700,000,000	$	1,433,109
Italy Buoni Poliennali del Tesoro (EUR)		2.15			12-15-2021		3,300,000		3,974,932
Italy Buoni Poliennali del Tesoro (EUR)		2.50			12-1-2024		35,200,000		43,151,581
Italy Buoni Poliennali del Tesoro (EUR)		3.75			9-1-2024		18,190,000		24,478,072
Korea (KRW)		3.00			9-10-2024		28,650,000,000		28,023,976
Korea (KRW)		3.13			3-10-2019		32,550,000,000		31,672,304
Malaysia (MYR)		3.26			3-1-2018		8,002,000		2,237,015
Malaysia (MYR)		3.80			9-30-2022		124,600,000		35,093,993
Malaysia (MYR)		4.18			7-15-2024		6,400,000		1,838,722
Mexico (MXN)		4.75			6-14-2018		836,400,000		54,514,395
Mexico (MXN)		10.00			12-5-2024		26,950,000		2,275,034
New Zealand (NZD)		5.50			4-15-2023		55,764,000		49,004,027
Poland (PLN)		3.25			7-25-2025		21,250,000		6,214,113
Poland (PLN)		4.00			10-25-2023		186,500,000		57,418,490
Province of British Columbia (AUD)		4.25			11-27-2024		14,090,000		11,983,663
Province of Ontario (AUD)		6.25			9-29-2020	��	13,230,000		12,130,999
Queensland Treasury (AUD)		5.75			7-22-2024		26,855,000		25,696,293
Republic of South Africa (ZAR)		7.75			2-28-2023		407,881,000		34,238,518
Republic of South Africa (ZAR)		8.00			12-21-2018		34,500,000		2,969,675
Romania (RON)		5.85			4-26-2023		8,110,000		2,443,143
Singapore (SGD)		3.00			9-1-2024		37,125,000		29,889,581
State of New South Wales Australia (AUD)		5.00			8-20-2024		31,136,000		28,811,536
Thailand (THB)		3.25			6-16-2017		91,207,000		2,862,458
Turkey (TRY)		6.30			2-14-2018		2,750,000		949,216
Turkey (TRY)		9.00			3-8-2017		5,019,000		1,863,862
United Kingdom Gilt (GBP)		2.75			9-7-2024		30,325,000		50,072,609
United Kingdom Gilt (GBP)		4.75			12-7-2030		4,850,000		9,955,666
Total Foreign Government Bonds (Cost $847,491,999)									814,404,597
U.S. Treasury Securities: 6.01%
U.S. Treasury Note		1.50			1-31-2022	$	52,900,000		51,953,566
U.S. Treasury Note		1.38			2-28-2019		22,725,000		22,879,462
Total U.S. Treasury Securities (Cost $74,283,835)									74,833,028
Yankee Corporate Bonds and Notes: 3.61%
Bermuda: 0.27%
Qtel International Finance Limited (Telecommunication Services, Diversified Telecommunication Services)		4.75			2-16-2021		525,000		577,862
Qtel International Finance Limited (Telecommunication Services, Diversified Telecommunication Services)		5.00			10-19-2025		2,500,000		2,780,000
									3,357,862
Brazil: 0.04%
ITAU Unibanco Holding SA (Financials, Banks)		5.13			5-13-2023		450,000		457,875
Cayman Islands: 0.50%
HPHT Finance Limited (Financials, Diversified Financial Services) 144A		2.88			3-17-2020		1,650,000		1,672,019
International Petroleum Investment Company Limited (Energy, Oil, Gas & Consumable Fuels)		5.00			11-15-2020		2,950,000		3,322,438

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

Portfolio of investments—April 30, 2015 (unaudited) Wells Fargo Advantage International Bond Fund 11

Security name	Interest rate			Maturity date		Principal		Value
Cayman Islands (continued)
UPCB Finance IV Limited (Financials, Diversified Financial Services) 144A		5.38	%		1-15-2025	$	1,200,000	$	1,219,500
									6,213,957
China: 0.23%
Alibaba Group Holding Limited (Information Technology, Internet Software & Services)		3.60			11-28-2024		2,000,000		1,991,866
Alibaba Group Holding Limited (Information Technology, Internet Software & Services) 144A		3.60			11-28-2024		950,000		946,136
									2,938,002
Israel: 0.27%
B Communications Limited (Telecommunication Services, Diversified Telecommunication Services) 144A		7.38			2-15-2021		3,162,000		3,377,648
Luxembourg: 0.69%
Actavis Funding SCS (Health Care, Pharmaceuticals)		3.45			3-15-2022		8,475,000		8,614,922
Netherlands: 0.74%
Fiat Chrysler Automobiles (Consumer Discretionary, Automobiles) 144A		5.25			4-15-2023		2,150,000		2,168,813
Mubadala Development Company (Energy, Oil, Gas & Consumable Fuels)		5.50			4-20-2021		3,200,000		3,727,584
Myriad International Holdings BV (Consumer Discretionary, Media)		6.00			7-18-2020		2,950,000		3,259,750
									9,156,147
Peru: 0.30%
Banco De Credito Del Peru (Financials, Banks) 144A		4.25			4-1-2023		3,634,000		3,733,935
United Kingdom: 0.57%
British Sky Broadcasting Group plc (Consumer Discretionary, Media) 144A		3.13			11-26-2022		1,362,000		1,348,804
British Sky Broadcasting Group plc (Consumer Discretionary, Media) 144A		3.75			9-16-2024		4,100,000		4,180,930
Jaguar Land Rover Automobiles plc (Consumer Discretionary, Automobiles) 144A		3.50			3-15-2020		1,200,000		1,197,000
Vedanta Resources plc (Materials, Metals & Mining) 144A		6.00			1-31-2019		400,000		380,000
									7,106,734
Total Yankee Corporate Bonds and Notes (Cost $43,451,135)									44,957,082
	Yield					Shares
Short-Term Investments: 1.19%
Investment Companies: 1.19%
Securities Lending Cash Investments, LLC (r)(l)(u)		0.12					3,518,943		3,518,943
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)##		0.11					11,368,159		11,368,159
Total Short-Term Investments (Cost $14,887,102)									14,887,102

Total investments in securities (Cost $1,288,653,890) *	99.53	%		1,239,752,763
Other assets and liabilities, net	0.47			5,820,287
Total net assets	100.00	%	$	1,245,573,050

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

12 Wells Fargo Advantage International Bond Fund Portfolio of investments—April 30, 2015 (unaudited)

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

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

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

« 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.

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

* Cost for federal income tax purposes is $1,290,319,898 and unrealized gains (losses) consists of:

Gross unrealized gains	$	7,717,864
Gross unrealized losses		(58,284,999	)
Net unrealized losses	$	(50,567,135	)

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

Statement of assets and liabilities—April 30, 2015 (unaudited) Wells Fargo Advantage International Bond Fund 13

Assets
Investments
In unaffiliated securities (including $3,350,953 of securities loaned), at value (cost $1,273,766,788)	$	1,224,865,661
In affiliated securities, at value (cost $14,887,102)		14,887,102
Total investments, at value (cost $1,288,653,890)		1,239,752,763
Foreign currency, at value (cost $16,581,233)		17,118,847
Receivable for Fund shares sold		2,825,851
Receivable for interest		10,246,550
Receivable for securities lending income		8,039
Unrealized gains on forward foreign currency contracts		17,291,809
Prepaid expenses and other assets		51,311
Total assets		1,287,295,170
Liabilities
Payable for investments purchased		9,500,747
Payable for Fund shares redeemed		1,580,191
Unrealized losses on forward foreign currency contracts		26,206,593
Payable upon receipt of securities loaned		3,518,943
Advisory fee payable		490,442
Distribution fees payable		6,173
Administration fees payable		143,465
Accrued expenses and other liabilities		275,566
Total liabilities		41,722,120
Total net assets	$	1,245,573,050
NET ASSETS CONSIST OF
Paid-in capital	$	1,341,840,071
Undistributed net investment income		17,218,312
Accumulated net realized losses on investments		(55,994,099	)
Net unrealized losses on investments		(57,491,234	)
Total net assets	$	1,245,573,050
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	102,798,521
Shares outstanding – Class A1		9,977,656
Net asset value per share – Class A		$10.30
Maximum offering price per share – Class A		$10.79
Net assets – Class B	$	581,562
Shares outstanding – Class B1		56,608
Net asset value per share – Class B		$10.27
Net assets – Class C	$	9,229,476
Shares outstanding – Class C1		907,070
Net asset value per share – Class C		$10.18
Net assets – Class R6	$	12,270,960
Shares outstanding – Class R61		1,185,764
Net asset value per share – Class R6		$10.35
Net assets – Administrator Class	$	300,307,354
Shares outstanding – Administrator Class1		29,148,223
Net asset value per share – Administrator Class		$10.30
Net assets – Institutional Class	$	820,385,177
Shares outstanding – Institutional Class1		79,375,318
Net asset value per share – Institutional Class		$10.34

¹ The Fund has an unlimited number of authorized shares.

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

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

14 Wells Fargo Advantage International Bond Fund Statement of operations—six months ended April 30, 2015 (unaudited)

Investment income
Interest (net of foreign interest withholding taxes of $144,759)	$	25,757,548
Securities lending income, net		17,098
Income from affiliated securities		10,170
Total investment income		25,784,816
Expenses
Advisory fee		3,281,639
Administration fees
Fund level		309,773
Class A		77,655
Class B		578
Class C		8,027
Class R6		1,327
Administrator Class		163,488
Institutional Class		318,180
Shareholder servicing fees
Class A		121,336
Class B		847
Class C		12,542
Administrator Class		405,970
Distribution fees
Class B		2,710
Class C		37,626
Custody and accounting fees		252,171
Professional fees		27,546
Registration fees		45,358
Shareholder report expenses		70,809
Trustees’ fees and expenses		5,797
Other fees and expenses		16,940
Total expenses		5,160,319
Less: Fee waivers and/or expense reimbursements		(362,276	)
Net expenses		4,798,043
Net investment income		20,986,773
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains (losses) on:
Unaffiliated securities		(74,386,840	)
Forward foreign currency contract transactions		10,731,332
Net realized losses on investments		(63,655,508	)
Net change in unrealized gains (losses) on:
Unaffiliated securities		(12,832,262	)
Forward foreign currency contract transactions		(87,758	)
Net change in unrealized gains (losses) on investments		(12,920,020	)
Net realized and unrealized gains (losses) on investments		(76,575,528	)
Net decrease in net assets resulting from operations	$	(55,588,755	)

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

Statement of changes in net assets Wells Fargo Advantage International Bond Fund 15

	Six months ended April 30, 2015 (unaudited)						Year ended October 31, 2014
Operations
Net investment income				$	20,986,773					$	51,017,278
Net realized losses on investments					(63,655,508	)					(19,851,675	)
Net change in unrealized gains (losses) on investments					(12,920,020	)					(23,841,553	)
Net increase (decrease) in net assets resulting from operations					(55,588,755	)					7,324,050
Distributions to shareholders from
Net investment income
Class A					(423,572	)					(1,131,543	)
Class B					0						(3,281	)
Class C					0						(58,435	)
Class R6					(48,140	)					(51,175	)
Administrator Class					(1,661,619	)					(4,290,193	)
Institutional Class					(4,268,266	)					(13,007,391	)
Net realized gains
Class A					(287,937	)					(3,719,413	)
Class B					(2,272	)					(57,769	)
Class C					(31,156	)					(526,829	)
Class R6					(18,411	)					(83,684	)
Administrator Class					(1,004,296	)					(11,543,115	)
Institutional Class					(2,298,056	)					(36,033,594	)
Total distributions to shareholders					(10,043,725	)					(70,506,422	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		2,437,950			25,210,284			2,749,646			30,368,557
Class B		2			19			891			9,492
Class C		21,989			227,046			72,519			795,278
Class R6		677,441			7,004,290			408,110			4,564,894
Administrator Class		4,446,324			46,222,125			10,060,042			111,082,502
Institutional Class		15,674,600			163,864,048			17,799,377			196,135,780
					242,527,812						342,956,503
Reinvestment of distributions
Class A		66,631			705,372			437,747			4,731,956
Class B		186			1,968			5,011			53,798
Class C		2,403			25,233			43,996			468,648
Class R6		6,273			66,551			12,385			134,859
Administrator Class		250,106			2,645,484			1,432,764			15,504,058
Institutional Class		440,841			4,675,573			3,278,437			35,575,623
					8,120,181						56,468,942
Payment for shares redeemed
Class A		(1,989,719	)		(20,680,564	)		(3,778,957	)		(41,860,001	)
Class B		(26,349	)		(273,782	)		(100,427	)		(1,099,942	)
Class C		(200,738	)		(2,078,149	)		(471,593	)		(5,113,839	)
Class R6		(24,301	)		(254,934	)		(108,372	)		(1,209,097	)
Administrator Class		(8,696,209	)		(89,402,891	)		(7,924,711	)		(87,207,416	)
Institutional Class		(13,268,288	)		(139,052,510	)		(42,834,796	)		(471,768,358	)
					(251,742,830	)					(608,258,653	)
Net decrease in net assets resulting from capital share transactions					(1,094,837	)					(208,833,208	)
Total decrease in net assets					(66,727,317	)					(272,015,580	)
Net assets
Beginning of period					1,312,300,367						1,584,315,947
End of period				$	1,245,573,050					$	1,312,300,367
Undistributed net investment income				$	17,218,312					$	2,633,136

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

16 Wells Fargo Advantage International Bond Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended April 30, 2015 (unaudited)			Year ended October 31
CLASS A				2014			2013			2012			2011			20101
Net asset value, beginning of period		$10.84			$11.32			$11.83			$11.85			$12.23			$11.59
Net investment income		0.16	2		0.37	2		0.36	2		0.33	2		0.39	2		0.40
Net realized and unrealized gains (losses) on investments		(0.62	)		(0.34	)		(0.73	)		0.08			(0.18	)		0.65
Total from investment operations		(0.46	)		0.03			(0.37	)		0.41			0.21			1.05
Distributions to shareholders from
Net investment income		(0.05	)		(0.12	)		(0.02	)		(0.29	)		(0.51	)		(0.41	)
Net realized gains		(0.03	)		(0.39	)		(0.12	)		(0.14	)		(0.08	)		0.00
Total distributions to shareholders		(0.08	)		(0.51	)		(0.14	)		(0.43	)		(0.59	)		(0.41	)
Net asset value, end of period		$10.30			$10.84			$11.32			$11.83			$11.85			$12.23
Total return3		(4.30	)%		0.26	%		(3.18	)%		3.66	%		1.93	%		9.35	%
Ratios to average net assets (annualized)
Gross expenses		1.06	%		1.05	%		1.05	%		1.04	%		1.02	%		1.10	%
Net expenses		1.03	%		1.03	%		1.03	%		1.03	%		1.02	%		1.08	%
Net investment income		3.13	%		3.29	%		2.93	%		2.88	%		3.26	%		3.53	%
Supplemental data
Portfolio turnover rate		87	%		103	%		129	%		79	%		88	%		89	%
Net assets, end of period (000s omitted)		$102,799			$102,624			$113,846			$139,600			$286,577			$255,134

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

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 International Bond Fund 17

(For a share outstanding throughout each period)

	Six months ended April 30, 2015 (unaudited)			Year ended October 31
CLASS B				2014			2013			2012			2011			20101
Net asset value, beginning of period		$10.81			$11.27			$11.85			$11.88			$12.25			$11.54
Net investment income		0.15	2		0.29	2		0.27	2		0.24	2		0.31			0.29
Net realized and unrealized gains (losses) on investments		(0.66	)		(0.34	)		(0.73	)		0.09			(0.19	)		0.67
Total from investment operations		(0.51	)		(0.05	)		(0.46	)		0.33			0.12			0.96
Distributions to shareholders from
Net investment income		0.00			(0.02	)		0.00			(0.22	)		(0.41	)		(0.25	)
Net realized gains		(0.03	)		(0.39	)		(0.12	)		(0.14	)		(0.08	)		0.00
Total distributions to shareholders		(0.03	)		(0.41	)		(0.12	)		(0.36	)		(0.49	)		(0.25	)
Net asset value, end of period		$10.27			$10.81			$11.27			$11.85			$11.88			$12.25
Total return3		(4.72	)%		(0.44	)%		(3.90	)%		2.90	%		1.15	%		8.55	%
Ratios to average net assets (annualized)
Gross expenses		1.79	%		1.78	%		1.80	%		1.79	%		1.77	%		1.85	%
Net expenses		1.77	%		1.77	%		1.78	%		1.78	%		1.77	%		1.82	%
Net investment income		2.37	%		2.57	%		2.13	%		2.12	%		2.53	%		2.77	%
Supplemental data
Portfolio turnover rate		87	%		103	%		129	%		79	%		88	%		89	%
Net assets, end of period (000s omitted)		$582			$895			$1,998			$4,008			$6,925			$10,060

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

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 International Bond Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended April 30, 2015 (unaudited)			Year ended October 31
CLASS C				2014			2013			2012			2011			20101
Net asset value, beginning of period		$10.70			$11.19			$11.76			$11.81			$12.20			$11.51
Net investment income		0.15	2		0.28	2		0.26	2		0.24	2		0.31			0.33
Net realized and unrealized gains (losses) on investments		(0.64	)		(0.34	)		(0.71	)		0.08			(0.19	)		0.64
Total from investment operations		(0.49	)		(0.06	)		(0.45	)		0.32			0.12			0.97
Distributions to shareholders from
Net investment income		0.00			(0.04	)		(0.00	)3		(0.23	)		(0.43	)		(0.28	)
Net realized gains		(0.03	)		(0.39	)		(0.12	)		(0.14	)		(0.08	)		0.00
Total distributions to shareholders		(0.03	)		(0.43	)		(0.12	)		(0.37	)		(0.51	)		(0.28	)
Net asset value, end of period		$10.18			$10.70			$11.19			$11.76			$11.81			$12.20
Total return4		(4.58	)%		(0.52	)%		(3.84	)%		2.86	%		1.11	%		8.61	%
Ratios to average net assets (annualized)
Gross expenses		1.81	%		1.80	%		1.80	%		1.79	%		1.77	%		1.85	%
Net expenses		1.78	%		1.78	%		1.78	%		1.78	%		1.77	%		1.82	%
Net investment income		2.37	%		2.54	%		2.15	%		2.12	%		2.50	%		2.77	%
Supplemental data
Portfolio turnover rate		87	%		103	%		129	%		79	%		88	%		89	%
Net assets, end of period (000s omitted)		$9,229			$11,597			$16,097			$23,448			$27,861			$30,974

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

²  Calculated based upon average shares outstanding

³  Amount is less than $0.005 per share.

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 International Bond Fund 19

(For a share outstanding throughout each period)

	Six months ended April 30, 2015 (unaudited)			Year ended October 31
CLASS R6				2014			20131
Net asset value, beginning of period		$10.88			$11.36			$11.80
Net investment income		0.21	2		0.42	2		0.39	2
Net realized and unrealized gains (losses) on investments		(0.65	)		(0.35	)		(0.69	)
Total from investment operations		(0.44	)		0.07			(0.30	)
Distributions to shareholders from
Net investment income		(0.06	)		(0.16	)		(0.02	)
Net realized gains		(0.03	)		(0.39	)		(0.12	)
Total distributions to shareholders		(0.09	)		(0.55	)		(0.14	)
Net asset value, end of period		$10.35			$10.88			$11.36
Total return3		(4.08	)%		0.60	%		(2.52	)%
Ratios to average net assets (annualized)
Gross expenses		0.68	%		0.67	%		0.68	%
Net expenses		0.65	%		0.65	%		0.65	%
Net investment income		3.53	%		3.64	%		3.70	%
Supplemental data
Portfolio turnover rate		87	%		103	%		129	%
Net assets, end of period (000s omitted)		$12,271			$5,729			$2,433

¹  For the period from November 30, 2012 (commencement of class operations) to October 31, 2013

²  Calculated based upon average shares outstanding

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

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

20 Wells Fargo Advantage International Bond Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended April 30, 2015 (unaudited)			Year ended October 31
ADMINISTRATOR CLASS				2014			2013			2012			2011			20101
Net asset value, beginning of period		$10.84			$11.32			$11.81			$11.83			$12.23			$11.39
Net investment income		0.20	2		0.39	2		0.36	2		0.35	2		0.38	2		0.11	2
Net realized and unrealized gains (losses) on investments		(0.66	)		(0.34	)		(0.71	)		0.08			(0.16	)		0.82
Total from investment operations		(0.46	)		0.05			(0.35	)		0.43			0.22			0.93
Distributions to shareholders from
Net investment income		(0.05	)		(0.14	)		(0.02	)		(0.31	)		(0.54	)		(0.09	)
Net realized gains		(0.03	)		(0.39	)		(0.12	)		(0.14	)		(0.08	)		0.00
Total distributions to shareholders		(0.08	)		(0.52	)		(0.14	)		(0.45	)		(0.62	)		(0.09	)
Net asset value, end of period		$10.30			$10.84			$11.32			$11.81			$11.83			$12.23
Total return3		(4.25	)%		0.43	%		(2.98	)%		3.89	%		2.03	%		8.21	%
Ratios to average net assets (annualized)
Gross expenses		1.00	%		0.99	%		0.99	%		0.97	%		0.95	%		1.05	%
Net expenses		0.85	%		0.85	%		0.85	%		0.85	%		0.85	%		0.85	%
Net investment income		3.31	%		3.47	%		3.15	%		3.04	%		3.21	%		3.63	%
Supplemental data
Portfolio turnover rate		87	%		103	%		129	%		79	%		88	%		89	%
Net assets, end of period (000s omitted)		$300,307			$359,383			$334,778			$294,330			$170,836			$4,866

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

²  Calculated based upon average shares outstanding

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

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

Financial highlights Wells Fargo Advantage International Bond Fund 21

(For a share outstanding throughout each period)

	Six months ended April 30, 2015 (unaudited)			Year ended October 31
INSTITUTIONAL CLASS				2014			2013			2012			2011			20101
Net asset value, beginning of period		$10.87			$11.35			$11.82			$11.84			$12.23			$11.59
Net investment income		0.20	2		0.41	2		0.37			0.36			0.44			0.44
Net realized and unrealized gains (losses) on investments		(0.64	)		(0.35	)		(0.70	)		0.09			(0.20	)		0.65
Total from investment operations		(0.44	)		0.06			(0.33	)		0.45			0.24			1.09
Distributions to shareholders from
Net investment income		(0.06	)		(0.15	)		(0.02	)		(0.33	)		(0.55	)		(0.45	)
Net realized gains		(0.03	)		(0.39	)		(0.12	)		(0.14	)		(0.08	)		0.00
Total distributions to shareholders		(0.09	)		(0.54	)		(0.14	)		(0.47	)		(0.63	)		(0.45	)
Net asset value, end of period		$10.34			$10.87			$11.35			$11.82			$11.84			$12.23
Total return3		(4.10	)%		0.55	%		(2.78	)%		3.99	%		2.19	%		9.73	%
Ratios to average net assets (annualized)
Gross expenses		0.73	%		0.72	%		0.72	%		0.71	%		0.69	%		0.82	%
Net expenses		0.70	%		0.70	%		0.70	%		0.71	%		0.69	%		0.80	%
Net investment income		3.46	%		3.62	%		3.26	%		3.19	%		3.60	%		3.79	%
Supplemental data
Portfolio turnover rate		87	%		103	%		129	%		79	%		88	%		89	%
Net assets, end of period (000s omitted)		$820,385			$832,072			$1,115,163			$1,270,164			$1,228,793			$1,276,184

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

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 International Bond Fund Notes to financial statements (unaudited)

1. ORGANIZATION

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

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

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

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

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

Foreign currency translation

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

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

Forward foreign currency contracts

The Fund is subject to foreign currency exchange rate risk in the normal course of pursuing its investment objectives. A forward foreign currency contract is an agreement between two parties to purchase or sell a specific currency for an agreed-upon price at a future date. The Fund enters into forward foreign currency contracts to facilitate transactions in foreign-denominated securities and to attempt to minimize the risk to the Fund from adverse changes in the relationship between currencies. Forward foreign currency contracts are recorded at the forward rate and marked-to-market daily. When the contracts are closed, realized gains and losses arising from such transactions are recorded as realized gains or losses on forward foreign currency contract transactions. The Fund could be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts or if the value of the foreign currency changes unfavorably. The Fund’s maximum risk of loss from counterparty credit risk is the unrealized gains on the contracts. This risk may be mitigated if there is a master netting arrangement between the Fund and the counterparty.

Security loans

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

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

When-issued transactions

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

Security transactions and income recognition

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

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

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

Distributions to shareholders

Distributions to shareholders from net investment income 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.

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

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.

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of April 30, 2015:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in :
Corporate bonds and notes	$	0	$	33,099,422	$	0	$	33,099,422
Foreign corporate bonds and notes		0		257,571,532		0		257,571,532
Foreign government bonds		0		814,404,597		0		814,404,597
U.S. Treasury securities		74,833,028		0		0		74,833,028
Yankee corporate bonds and notes		0		44,957,082		0		44,957,082
Short-term investments
Investment companies		11,368,159		3,518,943		0		14,887,102
		86,201,187		1,153,551,576		0		1,239,752,763
Forward foreign currency contracts		0		17,291,809		0		17,291,809
Total assets	$	86,201,187	$	1,170,843,385	$	0	$	1,257,044,572
Liabilities
Forward foreign currency contracts	$	0	$	26,206,593	$	0	$	26,206,593
Total liabilities	$	0	$	26,206,593	$	0	$	26,206,593

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

Forward foreign currency contracts are reported at their unrealized gains (losses) at measurement date, which represents the change in the contract’s value from trade date. All other assets and liabilities are reported at their market value at measurement date.

The Fund recognizes transfers between levels within the fair value hierarchy at the end of the reporting period. At April 30, 2015, the Fund did not have any transfers into/out of Level 1, Level 2, or Level 3.

4. TRANSACTIONS WITH AFFILIATES

Advisory fee

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

Pursuant to the contract, Funds Management is entitled to receive an annual advisory fee starting at 0.55% and declining to 0.45% as the average daily net assets of the Fund increase. For the six months ended April 30, 2015, the advisory fee was equivalent to an annual rate of 0.53% 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. First International Advisors, LLC, an affiliate of Funds Management and an indirect wholly owned subsidiary of Wells Fargo, is the subadviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.35% and declining to 0.20% as the average daily net assets of the Fund increase.

Administration fees

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

	Class level administration fee
Class A, Class B, Class C		0.16	%
Class R6		0.03
Administrator Class		0.10
Institutional Class		0.08

Funds Management has contractually waived and/or reimbursed advisory and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. Waiver of fees and/or reimbursement of expenses by Funds Management were made first from fund level expenses on a proportionate basis and then from class specific expenses. Funds Management has committed through February 29, 2016 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.03% for Class A shares, 1.78% for Class B shares, 1.78% for Class C shares, 0.65% for Class R6 shares, 0.85% for Administrator Class shares, and 0.70% for Institutional Class shares. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

Distribution fees

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

In addition, Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A 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 April 30, 2015, Funds Distributor received $447 from the sale of Class A shares and $11 in contingent deferred sales charges from redemptions of Class C shares.

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

Shareholder servicing fees

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

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding short-term securities, for the six months ended April 30, 2015 were as follows:

Purchases at cost		Sales proceeds
U.S. government	Non-U.S. government	U.S. government	Non-U.S. government
$139,853,152	$959,848,758	$65,766,632	$1,004,446,127

6. DERIVATIVE TRANSACTIONS

During the six months ended April 30, 2015, the Fund entered into forward foreign currency contracts for economic hedging purposes.

At April 30, 2015, the Fund had forward foreign currency contracts outstanding as follows:

Forward foreign currency contracts to buy:

Exchange date	Counterparty	Contracts to receive			U.S. value at April 30, 2015		In exchange for U.S. $		Unrealized gains (losses)
5-4-2015	State Street Bank		33,350,000	MXN	$	2,173,771	$	2,227,267	$	(53,496	)
5-11-2015	State Street Bank		20,995,000,000	JPY		175,841,897		179,157,945		(3,316,048	)
5-11-2015	State Street Bank		7,770,000,000	JPY		65,076,996		65,150,677		(73,681	)
5-12-2015	State Street Bank		7,950,000	MYR		2,230,796		2,209,438		21,358
5-12-2015	State Street Bank		4,650,000	MYR		1,304,805		1,280,992		23,813
5-18-2015	State Street Bank		39,300,000	TRY		14,644,485		14,538,567		105,918
5-18-2015	State Street Bank		38,700,000	TRY		14,420,905		14,244,149		176,756
5-29-2015	State Street Bank		211,769,478	ZAR		17,731,354		17,675,000		56,354
5-29-2015	State Street Bank		14,700,000	ZAR		1,230,824		1,219,974		10,850
6-9-2015	State Street Bank		87,900,000	BRL		28,819,931		29,143,596		(323,665	)
6-9-2015	State Street Bank		89,700,000	BRL		29,410,100		28,993,471		416,629
6-9-2015	State Street Bank		11,500,000	PLN		3,190,793		3,100,827		89,966
6-9-2015	State Street Bank		4,150,000	PLN		1,151,460		1,118,011		33,449
6-9-2015	State Street Bank		10,250,000	RON		2,600,115		2,598,357		1,758
6-12-2015	State Street Bank		4,700,000	TRY		1,738,641		1,717,640		21,001
6-12-2015	State Street Bank		14,400,000	ZAR		1,202,939		1,199,151		3,788
6-12-2015	State Street Bank		3,915,000	BRL		1,282,381		1,263,800		18,581
6-12-2015	State Street Bank		1,500,000	ZAR		125,306		124,199		1,107
6-12-2015	State Street Bank		7,000,000	NZD		5,322,579		5,237,043		85,536
6-16-2015	State Street Bank		18,000,000	EUR		20,222,335		19,137,348		1,084,987
6-16-2015	State Street Bank		117,400,000	EUR		131,894,564		124,640,293		7,254,271
6-16-2015	State Street Bank		20,000,000	EUR		22,469,261		21,104,160		1,365,101
6-16-2015	State Street Bank		6,500,000	EUR		7,302,510		7,177,612		124,898
6-17-2015	State Street Bank		10,700,000	AUD		8,446,998		8,194,595		252,403
6-17-2015	State Street Bank		41,519,033	AUD		32,776,744		32,400,000		376,744
6-22-2015	State Street Bank		45,000,000	THB		1,363,156		1,378,550		(15,394	)

Notes to financial statements (unaudited) Wells Fargo Advantage International Bond Fund 27

Forward foreign currency contracts to buy (continued)

Exchange date	Counterparty	Contracts to receive			U.S. value at April 30, 2015		In exchange for U.S. $		Unrealized gains (losses)
6-23-2015	State Street Bank		213,000,000	PLN	$	59,071,496	$	57,407,370	$	1,664,126
7-24-2015	State Street Bank		86,300,000	CAD		71,447,100		70,448,405		998,695

Exchange date	Counterparty	Contracts to receive			U.S. value at April 30, 2015		In exchange for			U.S. value at April 30, 2015		Unrealized losses
6-23-2015	State Street Bank		51,443,062	EUR	$	57,799,724		213,000,000	PLN	$	59,071,496	$	(1,271,772	)
7-21-2015	State Street Bank		12,560,000,000	JPY		105,287,859		98,219,613	EUR		110,398,829		(5,110,970	)

Forward foreign currency contracts to sell:

Exchange date	Counterparty	Contracts to deliver			U.S. value at April 30, 2015		In exchange for U.S. $		Unrealized gains (losses)
5-4-2015	State Street Bank		33,350,000	MXN	$	2,173,771	$	2,213,491	$	39,720
5-12-2015	State Street Bank		1,295,000,000	COP		543,273		537,166		(6,107	)
5-18-2015	State Street Bank		78,000,000	TRY		29,065,389		31,187,650		2,122,261
5-29-2015	State Street Bank		401,250,000	ZAR		33,596,465		34,512,270		915,805
6-9-2015	State Street Bank		7,350,000	PLN		2,039,333		1,975,687		(63,646	)
6-9-2015	State Street Bank		177,600,000	BRL		58,230,032		55,880,687		(2,349,345	)
6-9-2015	State Street Bank		10,250,000	RON		2,600,115		2,536,438		(63,677	)
6-9-2015	State Street Bank		8,300,000	PLN		2,302,920		2,210,742		(92,178	)
6-9-2015	State Street Bank		532,250,000	HUF		1,965,496		1,913,295		(52,201	)
6-11-2015	State Street Bank		15,600,000	GBP		23,939,722		23,630,022		(309,700	)
6-11-2015	State Street Bank		76,650,000	GBP		117,626,904		115,744,719		(1,882,185	)
6-12-2015	State Street Bank		3,915,000	BRL		1,282,381		1,204,060		(78,321	)
6-12-2015	State Street Bank		81,700,000	NZD		62,122,106		58,927,759		(3,194,347	)
6-12-2015	State Street Bank		1,190,000	TRY		440,209		448,507		8,298
6-12-2015	State Street Bank		15,900,000	ZAR		1,328,245		1,283,138		(45,107	)
6-12-2015	State Street Bank		5,150,000	TRY		1,905,107		1,922,743		17,636
6-16-2015	State Street Bank		8,300,000	EUR		9,324,743		8,859,628		(465,115	)
6-16-2015	State Street Bank		5,500,000	EUR		6,179,047		5,970,641		(208,406	)
6-17-2015	State Street Bank		232,200,000	AUD		183,307,740		177,196,696		(6,111,044	)
7-15-2015	State Street Bank		40,180,000	SGD		30,328,305		29,208,117		(1,120,188	)

The Fund had average contract amounts of $641,646,833 and $664,561,210 in forward foreign currency contracts to buy and forward foreign currency contracts to sell, respectively, during the six months ended April 30, 2015.

The fair value, realized gains or losses and change in unrealized gains or losses, if any, on derivative instruments are reflected in the appropriate financial statements.

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

28 Wells Fargo Advantage International Bond Fund Notes to financial statements (unaudited)

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

Derivative type	Counterparty	Gross amounts of assets in the Statement of Assets and Liabilities	Amounts subject to netting agreements			Collateral received		Net amount of assets
Forward foreign currency contracts	State Street Bank	$17,291,809*	$	(17,291,809	)	$	0	$	0

* Amount represents net unrealized gains.

Derivative type	Counterparty	Gross amounts of liabilities in the Statement of Assets and Liabilities	Amounts subject to netting agreements			Collateral pledged		Net amount of liabilities
Forward foreign currency contracts	State Street Bank	$26,206,593**	$	(17,291,809	)	$	0	$	8,914,784

** Amount represents net unrealized losses.

7. BANK BORROWINGS

The Trust (excluding the money market funds and certain other funds in the Trust) and Wells Fargo Variable Trust are parties to a $150,000,000 revolving credit agreement, whereby the Fund is permitted to use bank borrowings for temporary or emergency purposes, such as to fund shareholder redemption requests. Interest under the credit agreement is charged to the Fund based on a borrowing rate equal to the higher of the Federal Funds rate in effect on that day plus 1.25% or the overnight LIBOR rate in effect on that day plus 1.25%. In addition, an annual commitment fee equal to 0.10% of the unused balance is allocated to each participating fund. For the six months ended April 30, 2015, the Fund paid $1,172 in commitment fees.

For the six months ended April 30, 2015, there were no borrowings by the Fund under the agreement.

8. INDEMNIFICATION

Under the Trust’s organizational documents, the officers and Trustees have been granted certain indemnification rights 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 International Bond Fund 29

PROXY VOTING INFORMATION

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

PORTFOLIO HOLDINGS INFORMATION

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

30 Wells Fargo Advantage International Bond Fund Other information (unaudited)

BOARD OF TRUSTEES AND OFFICERS

Each of the Trustees and Officers¹ listed in the table below acts in identical capacities for each fund in the Wells Fargo Advantage family of funds, which consists of 134 mutual funds comprising the Wells Fargo Funds Trust, Wells Fargo Variable Trust, Wells Fargo Master Trust and four closed-end funds (collectively the “Fund Complex”). This table should be read in conjunction with the Prospectus and the Statement of Additional Information². The mailing address of each Trustee and Officer is 525 Market Street, 12th Floor, San Francisco, CA 94105. Each Trustee and Officer serves an indefinite term, however, each Trustee serves such term until reaching the mandatory retirement age established by the Trustees.

Independent Trustees

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Other directorships during past five years
William R. Ebsworth (Born 1957)	Trustee, since 2015**	Retired. From 1984 to 2013, equities analyst, portfolio manager, research director at Fidelity Management and Research Company and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. in Boston, Tokyo, and Hong Kong where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Mr. Ebsworth is an Adjunct Lecturer, Finance, at Babson College and a Chartered Financial Analyst.	Asset Allocation Trust
Jane A. Freeman (Born 1953)	Trustee, since 2015**	Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, 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 Deluxe 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 International Bond Fund 31

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Other directorships during past five years
Timothy J. Penny (Born 1951)	Trustee, since 1996	President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007 and Senior Fellow at the Humphrey Institute Policy Forum at the University of Minnesota since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	Asset Allocation Trust
Michael S. Scofield (Born 1943)	Trustee, since 2010	Served on the Investment Company Institute’s Board of Governors and Executive Committee from 2008-2011 as well the Governing Council of the Independent Directors Council from 2006-2011 and the Independent Directors Council Executive Committee from 2008-2011. Chairman of the IDC from 2008-2010. Institutional Investor (Fund Directions) Trustee of Year in 2007. Trustee of the Evergreen Funds complex (and its predecessors) from 1984 to 2010. Chairman of the Evergreen Funds from 2000-2010. Former Trustee of the Mentor Funds. Retired Attorney, Law Offices of Michael S. Scofield.	Asset Allocation Trust
Donald C. Willeke (Born 1940)	Trustee, since 1996	Principal of the law firm of Willeke & Daniels. General Counsel of the Minneapolis Employees Retirement Fund from 1984 until its consolidation into the Minnesota Public Employees Retirement Association on June 30, 2010. Director and Vice Chair of The Tree Trust (non-profit corporation). Director of the American Chestnut Foundation (non-profit corporation).	Asset Allocation Trust

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

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

Officers

Name and year of birth	Position held and length of service	Principal occupations during past five years or longer
Karla M. Rabusch (Born 1959)	President, since 2003	Executive Vice President of Wells Fargo Bank, N.A. and President of Wells Fargo Funds Management, LLC since 2003.
Nancy Wiser1 (Born 1967)	Treasurer, since 2012	Executive Vice President of Wells Fargo Funds Management, LLC since 2011. Chief Operating Officer and Chief Compliance Officer at LightBox Capital Management LLC, from 2008 to 2011. Owned and operated a consulting business providing services to various hedge funds including acting as Chief Operating Officer and Chief Compliance Officer for a hedge fund from 2007 to 2008. Chief Operating Officer and Chief Compliance Officer of GMN Capital LLC from 2006 to 2007.
C. David Messman (Born 1960)	Secretary, since 2000; Chief Legal Officer, since 2003	Senior Vice President and Secretary of Wells Fargo Funds Management, LLC since 2001. Assistant General Counsel of Wells Fargo Bank, N.A. since 2013 and Vice President and Managing Counsel of Wells Fargo Bank N.A. from 1996 to 2013.
Debra Ann Early (Born 1964)	Chief Compliance Officer, since 2007	Senior Vice President of Wells Fargo Funds Management, LLC since 2007 and Chief Compliance Officer from 2007 to 2014. Chief Compliance Officer of Parnassus Investments from 2005 to 2007. Chief Financial Officer of Parnassus Investments from 2004 to 2007 and Senior Audit Manager of PricewaterhouseCoopers LLP from 1998 to 2004.
David Berardi (Born 1975)	Assistant Treasurer, since 2009	Vice President of Wells Fargo Funds Management, LLC since 2009. Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Assistant Vice President of Evergreen Investment Services, Inc. from 2004 to 2008. Manager of Fund Reporting and Control for Evergreen Investment Management Company, LLC from 2004 to 2010.
Jeremy DePalma1 (Born 1974)	Assistant Treasurer, since 2009	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Vice President, Evergreen Investment Services, Inc. from 2004 to 2007. Head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.

¹ Nancy Wiser acts as Treasurer of 73 funds in the Fund Complex. Jeremy DePalma acts as Treasurer of 61 funds and Assistant Treasurer of 73 funds in the Fund Complex.

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

32 Wells Fargo Advantage International Bond Fund List of abbreviations

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

ACA —  ACA Financial Guaranty Corporation

ADR —  American depositary receipt

ADS —  American depositary shares

AGC —  Assured Guaranty Corporation

AGM —  Assured Guaranty Municipal

Ambac —  Ambac Financial Group Incorporated

AMT —  Alternative minimum tax

AUD —  Australian dollar

BAN —  Bond anticipation notes

BHAC —  Berkshire Hathaway Assurance Corporation

BRL —  Brazilian real

CAB —  Capital appreciation bond

CAD —  Canadian dollar

CCAB —  Convertible capital appreciation bond

CDA —  Community Development Authority

CDO —  Collateralized debt obligation

CHF —  Swiss franc

COP —  Columbian Peso

CLP —  Chilean peso

DKK —  Danish krone

DRIVER —  Derivative inverse tax-exempt receipts

DW&P —  Department of Water & Power

DWR —  Department of Water Resources

ECFA —  Educational & Cultural Facilities Authority

EDA —  Economic Development Authority

EDFA —  Economic Development Finance Authority

ETF —  Exchange-traded fund

EUR —  Euro

FDIC —  Federal Deposit Insurance Corporation

FFCB —  Federal Farm Credit Banks

FGIC —  Financial Guaranty Insurance Corporation

FHA —  Federal Housing Administration

FHLB —  Federal Home Loan Bank

FHLMC —  Federal Home Loan Mortgage Corporation

FICO —  The Financing Corporation

FNMA —  Federal National Mortgage Association

FSA —  Farm Service Agency

GBP —  Great British pound

GDR —  Global depositary receipt

GNMA —  Government National Mortgage Association

GO —  General obligation

HCFR —  Healthcare facilities revenue

HEFA —  Health & Educational Facilities Authority

HEFAR —  Higher education facilities authority revenue

HFA —  Housing Finance Authority

HFFA —  Health Facilities Financing Authority

HKD —  Hong Kong dollar

HUD —  Department of Housing and Urban Development

HUF —  Hungarian forint

IDA —  Industrial Development Authority

IDAG —  Industrial Development Agency

IDR —  Indonesian rupiah

IEP —  Irish pound

JPY —  Japanese yen

KRW —  Republic of Korea won

LIBOR —  London Interbank Offered Rate

LIFER —  Long Inverse Floating Exempt Receipts

LIQ —  Liquidity agreement

LLC —  Limited liability company

LLLP —  Limited liability limited partnership

LLP —  Limited liability partnership

LOC —  Letter of credit

LP —  Limited partnership

MBIA —  Municipal Bond Insurance Association

MFHR —  Multifamily housing revenue

MSTR —  Municipal securities trust receipts

MTN —  Medium-term note

MUD —  Municipal Utility District

MXN —  Mexican peso

MYR —  Malaysian ringgit

National —  National Public Finance Guarantee Corporation

NGN —  Nigerian naira

NOK —  Norwegian krone

NZD —  New Zealand dollar

PCFA —  Pollution Control Financing Authority

PCL —  Public Company Limited

PCR —  Pollution control revenue

PFA —  Public Finance Authority

PFFA —  Public Facilities Financing Authority

PFOTER —  Puttable floating option tax-exempt receipts

PIK —  Payment-in-kind

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 leu

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

For more information

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

Wells Fargo Advantage Funds

P.O. Box 8266

Boston, MA 02266-8266

Email: wfaf@wellsfargo.com

Website: wellsfargoadvantagefunds.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

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

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

NOT FDIC INSURED  ¡  NO BANK GUARANTEE  ¡   MAY LOSE VALUE

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

233648 06-15 SA235/SAR235 04-15

Wells Fargo Advantage Strategic Income Fund

Semi-Annual Report

April 30, 2015

Reduce clutter. Save trees.

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

Contents

Letter to shareholders	2
Performance highlights	4
Fund expenses	6
Portfolio of investments	7
Financial statements
Statement of assets and liabilities	21
Statement of operations	22
Statement of changes in net assets	23
Financial highlights	24
Notes to financial statements	28
Other information	36
List of abbreviations	39

The views expressed and any forward-looking statements are as of April 30, 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 Strategic Income Fund Letter to shareholders (unaudited)

Karla M. Rabusch

President

Wells Fargo Advantage Funds

A worldwide trend toward looser monetary policy tended to support global bond markets.

European bond markets were boosted by the anticipation and then the reality of the ECB’s asset purchases.

Dear Valued Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Advantage Strategic Income Fund for the six-month period that ended April 30, 2015. The period was marked by low global interest rates as major central banks initiated or increased their quantitative easing programs. At the end of the reporting period, some European sovereign debt issues were selling at negative yields. Low interest rates presented a favorable background for global bonds, including high yield.

Major central banks continued to provide liquidity to the markets.

A worldwide trend toward looser monetary policy tended to support global bond markets. The European Central Bank (ECB) maintained a variety of measures aimed at encouraging lending, including making funds available to banks at low interest rates and imposing a negative interest rate on bank deposits held at the central bank. In January 2015, the ECB announced quantitative easing via significant bond purchases in an attempt to raise the eurozone’s inflation to just under its target of 2%. In Japan, the Bank of Japan (BOJ) also maintained an aggressive monetary program aimed at combating deflation. Later in the period, the BOJ widened its program by purchasing Japanese shares as well as bonds.

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 at zero. Even though the FOMC ended its bond-buying program in October 2014 and guided investors to expect an interest-rate hike in mid- to late 2015, the Fed remained accommodative. However, the fact that investors expected the Fed to eventually raise its key rate, even as other central banks lowered their benchmark rates, caused the U.S. dollar to appreciate against most major currencies during the period.

The U.S. outperformed other developed market economies, and a stronger U.S. dollar dampened returns on international assets for dollar-based investors.

Reported U.S. gross domestic product (GDP) growth came in at a solid 2.2% annualized rate in the fourth quarter of 2014. Although the initial estimate for annualized GDP growth came in at a modest 0.2% in the first quarter of 2015, the slowdown was attributed to short-term factors such as harsh winter weather and a long-lived strike at West Coast ports. Core U.S. bonds ended the period with a 2.06% return, as measured by the Barclays U.S. Aggregate Bond Index¹.

High-yield bonds also benefited from the stronger economy, as well as continued demand from investors seeking more generous yields in a historically low-yielding environment. As measured by the BofA Merrill Lynch High Yield Master II Index², high-yield bonds ended the period with a 1.51% gain.

European annualized GDP growth was 1.3% in the fourth quarter of 2014 and 1.4% in the first quarter of 2015. European bond markets were boosted by the anticipation and then the reality of the ECB’s asset purchases. The two-year German bond sold at a negative yield toward the latter half of the period. The flood of ECB-provided liquidity caused high-rated European sovereign bonds to sell at negative yields even in countries outside of the eurozone, such as Switzerland and Denmark. Japanese sovereign bonds also continued to trade at

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

²  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 Strategic Income Fund 3

ultralow yields because of ongoing purchases by the BOJ and major pension funds. Despite the favorable backdrop for international bonds, the appreciation in the U.S. dollar resulted in losses on international assets for dollar-based investors. The BofA Merrill Lynch Global Broad Market ex U.S. Index³, which tracks developed non-U.S. bond markets, returned -5.04% for the six-month 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,

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 Global Broad Market Ex. U.S. Index tracks the performance of investment-grade debt publicly issued in the major domestic and euro bond markets, including sovereign, quasi-government, corporate, securitized, and collateralized securities, and excludes all securities denominated in U.S. dollars. You cannot invest directly in an index.

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

Investment objective

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

Adviser

Wells Fargo Funds Management, LLC

Subadvisers

First International Advisers, LLC

Wells Capital Management Incorporated

Portfolio managers

Ashok Bhatia, CFA¹

David Germany, Ph.D

Niklas Nordenfelt, CFA

Tony Norris

Margaret D. Patel

Alex Perrin

Thomas M. Price, CFA

Scott M. Smith, CFA

Noah Wise, CFA

Average annual total returns (%) as of April 30, 2015

		Including sales charge						Excluding sales charge					Expense ratios2 (%)
	Inception date	1 year			Since inception			1 year			Since inception		Gross		Net3
Class A (WSIAX)	1-31-2013		(3.86	)		(0.99	)		0.68			1.06		1.49		0.91
Class C (WSICX)	1-31-2013		(1.03	)		0.31			(0.06	)		0.31		2.24		1.66
Administrator Class (WSIDX)	1-31-2013		–			–			0.84			1.25		1.43		0.76
Institutional Class (WSINX)	1-31-2013		–			–			0.93			1.38		1.16		0.61
Barclays U.S. Universal Bond Index4	–		–			–			4.34			2.79		–		–
BofA Merrill Lynch 3 Month U.S. Dollar LIBOR Constant Maturity Index5	–		–			–			0.23			0.26		–		–

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

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

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

Bond values fluctuate in response to the financial condition of individual issuers, general market and economic conditions, and changes in interest rates. Changes in market conditions and government policies may lead to periods of heightened volatility in the bond market and reduced liquidity for certain bonds held by the Fund. In general, when interest rates rise, bond values fall and investors may lose principal value. Interest-rate changes and their impact on the fund and its share price can be sudden and unpredictable. High-yield securities have a greater risk of default and tend to be more volatile than higher-rated debt securities. Loans are subject to risks similar to those associated with other below-investment-grade bond investments, such as credit risk (for example, risk of issuer default), below-investment-grade bond risk (for example, risk of greater volatility in value), and risk that the loan may become illiquid or difficult to price. Foreign investments are especially volatile and can rise or fall dramatically due to differences in the political and economic conditions of the host country. These risks are generally intensified in emerging markets. The use of derivatives may reduce returns and/or increase volatility. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). The Fund is exposed to mortgage- and asset-backed securities risk and geographic 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 Strategic Income Fund 5

Ten largest holdings6 (%) as of April 30, 2015
Indonesia, 7.88%, 4-15-2019	1.95
Mexico, 4.75%, 6-14-2018	1.89
Brazil, 10.00%, 1-1-2017	1.87
Romania, 4.75%, 6-24-2019	1.66
Republic of South Africa, 7.75%, 2-28-2023	1.31
ACAS CLO Limited Trust Series 2015-1A Class B, 2.28%, 4-18-2027	1.23
JPMBB Commercial Mortgage Securities Trust Series 2014-C19 Class D, 4.83%, 4-15-2047	1.14
FHLMC Series 2012-K706 Class C, 4.17%, 11-25-2044	1.13
GS Mortgage Securities Trust Series 2014-GC24 Class D, 4.66%, 9-10-2047	1.13
Republic of South Africa, 8.00%, 12-21-2018	1.03

Portfolio allocation⁷ as of April 30, 2015

¹  Effective June 19, 2015, Ashok Bhatia became a portfolio manager of the Fund.

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

³ The Adviser has committed through February 29, 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 0.90% for Class A, 1.65% for Class C, 0.75% for Administrator Class, and 0.60% 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 The Barclays U.S. Universal Bond Index is an unmanaged market value-weighted performance benchmark for the U.S. dollar-denominated bond market, which includes investment-grade, high yield, and emerging market debt securities with maturities of one year or more. You cannot invest directly in an index.

⁵ The BofA Merrill Lynch 3 Month U.S. Dollar LIBOR Constant Maturity Index is based on the assumed purchase of a synthetic instrument having 3 months to maturity and with a coupon equal to the closing quote for 3-Month LIBOR. That issue is sold the following day (priced at a yield equal to the current day closing 3-Month LIBOR rate) and is rolled into a new 3-Month instrument. The index, therefore, will always have a constant maturity equal to exactly 3 months. 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 Strategic Income Fund Fund expenses (unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from November 1, 2014 to April 30, 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 11-1-2014		Ending account value 4-30-2015		Expenses paid during the period¹		Net annualized expense ratio
Class A
Actual	$	1,000.00	$	999.53	$	4.46		0.90	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.33	$	4.51		0.90	%
Class C
Actual	$	1,000.00	$	996.53	$	8.17		1.65	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,016.61	$	8.25		1.65	%
Administrator Class
Actual	$	1,000.00	$	1,000.71	$	3.72		0.75	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.08	$	3.76		0.75	%
Institutional Class
Actual	$	1,000.00	$	1,002.11	$	2.98		0.60	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.82	$	3.01		0.60	%

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

Portfolio of investments—April 30, 2015 (unaudited) Wells Fargo Advantage Strategic Income Fund 7

Security name	Interest rate			Maturity date		Principal		Value
Agency Securities: 2.73%
FHLMC Series 2012-K706 Class C ±144A		4.17	%		11-25-2044	$	446,000	$	460,298
FHLMC Series 2013-K713 Class B ±144A		3.27			4-25-2046		125,000		127,194
FREMF Mortgage Trust Series 2011-K703 Class B ±144A		5.05			7-25-2044		250,000		269,449
FREMF Mortgage Trust Series 2013-K502 Class B ±144A		2.83			3-25-2045		250,000		253,749
Total Agency Securities (Cost $1,106,932)									1,110,690
Asset-Backed Securities: 5.45%
AmeriCredit Automobile Receivables Trust Series 2012-4 Class E 144A		3.82			2-10-2020		250,000		256,077
Avis Budget Rental Car Funding (AESOP) LLC Series 2014-1A Class C 144A		3.75			7-20-2020		400,000		400,565
CAL Funding II Limited Series 2012-1A Class A 144A		3.47			10-25-2027		187,500		188,557
CLI Funding LLC Trust Series 2014-1A Class A 144A		3.29			6-18-2029		365,870		369,086
Dell Equipment Finance Trust Series 2014-1 Class D 144A		2.68			6-22-2020		300,000		301,238
OneMain Financial Issuance Trust Series 2014-1A Class B 144A		3.24			6-18-2024		250,000		251,044
Santander Drive Auto Receivables Trust Series 2012-5 Class D		3.30			9-17-2018		95,000		97,148
Social Professional Loan Program LLC Series 2014-A Class A2 144A		3.02			10-25-2027		229,206		234,689
TAL Advantage LLC Series 2013-1A Class A 144A		2.83			2-22-2038		117,500		117,405
Total Asset-Backed Securities (Cost $2,218,044)									2,215,809
Corporate Bonds and Notes: 35.52%
Consumer Discretionary: 6.75%
Automobiles: 0.67%
Ford Motor Company		7.45			7-16-2031		200,000		270,847
Distributors: 0.04%
LKQ Corporation		4.75			5-15-2023		15,000		14,775
Diversified Consumer Services: 0.36%
Service Corporation International		8.00			11-15-2021		124,000		147,560
Hotels, Restaurants & Leisure: 1.08%
CCM Merger Incorporated 144A		9.13			5-1-2019		100,000		108,625
Greektown Holdings LLC 144A		8.88			3-15-2019		125,000		132,188
Hilton Worldwide Finance LLC		5.63			10-15-2021		5,000		5,275
NAI Entertainment Holdings LLC 144A		5.00			8-1-2018		25,000		25,813
Pinnacle Entertainment Incorporated		7.50			4-15-2021		160,000		169,200
									441,101
Household Durables: 1.92%
DR Horton Incorporated		4.75			5-15-2017		375,000		391,406
Pulte Group Incorporated		7.63			10-15-2017		350,000		390,250
									781,656
Media: 1.55%
CCO Holdings LLC 144A		5.13			5-1-2023		5,000		4,950
CCO Holdings LLC 144A		5.38			5-1-2025		5,000		4,913
CCO Holdings LLC 144A		5.88			5-1-2027		5,000		4,956
CCO Holdings LLC		5.13			2-15-2023		15,000		14,827
Cequel Communications Holdings I LLC 144A		5.13			12-15-2021		5,000		5,007
Cequel Communications Holdings I LLC 144A		5.13			12-15-2021		25,000		25,094

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

8 Wells Fargo Advantage Strategic Income Fund Portfolio of investments—April 30, 2015 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Media (continued)
Cinemark USA Incorporated		5.13	%		12-15-2022	$	200,000	$	206,740
Gray Television Incorporated		7.50			10-1-2020		105,000		111,563
Lamar Media Corporation		5.38			1-15-2024		5,000		5,220
Lamar Media Corporation		5.88			2-1-2022		150,000		158,625
Live Nation Entertainment Incorporated 144A		7.00			9-1-2020		5,000		5,325
Nexstar Broadcasting Group Incorporated		6.88			11-15-2020		25,000		26,380
Nielsen Finance LLC 144A		5.00			4-15-2022		35,000		35,193
Outfront Media Capital Corporation		5.25			2-15-2022		5,000		5,175
Outfront Media Capital Corporation		5.88			3-15-2025		15,000		16,013
									629,981
Specialty Retail: 1.12%
Century Intermediate Holding Company (PIK at 10.50%) ¥144A		9.75			2-15-2019		5,000		5,300
Penske Auto Group Incorporated		5.75			10-1-2022		50,000		52,500
Sally Holdings Incorporated		6.88			11-15-2019		360,000		380,700
Sonic Automotive Incorporated		5.00			5-15-2023		15,000		14,963
									453,463
Textiles, Apparel & Luxury Goods: 0.01%
The William Carter Company		5.25			8-15-2021		5,000		5,188
Consumer Staples: 1.31%
Beverages: 0.95%
Constellation Brands Incorporated		7.25			9-1-2016		350,000		375,340
Cott Beverages Incorporated 144A		6.75			1-1-2020		10,000		10,475
									385,815
Food Products: 0.36%
B&G Foods Incorporated		4.63			6-1-2021		25,000		25,063
Darling Ingredients Incorporated		5.38			1-15-2022		5,000		5,088
Pilgrim’s Pride Corporation 144A		5.75			3-15-2025		20,000		20,500
Simmons Foods Incorporated 144A		7.88			10-1-2021		50,000		48,625
WhiteWave Foods Company		5.38			10-1-2022		45,000		48,375
									147,651
Energy: 7.73%
Energy Equipment & Services: 2.09%
Bristow Group Incorporated		6.25			10-15-2022		150,000		147,000
Compressco Partners LP 144A		7.25			8-15-2022		30,000		27,300
Era Group Incorporated		7.75			12-15-2022		130,000		127,400
Forum Energy Technologies Incorporated		6.25			10-1-2021		5,000		4,725
Hilcorp Energy Company 144A		5.00			12-1-2024		10,000		9,700
NGPL PipeCo LLC 144A		7.12			12-15-2017		75,000		76,500
NGPL PipeCo LLC 144A		7.77			12-15-2037		245,000		270,725
PHI Incorporated		5.25			3-15-2019		85,000		82,025
Targa Resources Partners 144A		5.00			1-15-2018		100,000		103,750
									849,125

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

Portfolio of investments—April 30, 2015 (unaudited) Wells Fargo Advantage Strategic Income Fund 9

Security name	Interest rate			Maturity date		Principal		Value
Oil, Gas & Consumable Fuels: 5.64%
Buckeye Partners LP		4.35	%		10-15-2024	$	100,000	$	100,147
Chesapeake Energy Corporation Company ±		3.53			4-15-2019		280,000		268,800
Continental Resources Incorporated		3.80			6-1-2024		100,000		96,125
Denbury Resources Incorporated		6.38			8-15-2021		150,000		147,750
Energy Transfer Partners LP		4.05			3-15-2025		200,000		200,144
Energy XXI Gulf Coast Incorporated 144A		6.88			3-15-2024		25,000		9,938
Exterran Partners LP		6.00			4-1-2021		50,000		49,000
Northern Tier Energy LLC		7.13			11-15-2020		25,000		26,000
Rockies Express Pipeline LLC 144A		5.63			4-15-2020		50,000		52,875
Sabine Pass Liquefaction LLC		5.63			4-15-2023		120,000		121,200
Sabine Pass Liquefaction LLC		5.75			5-15-2024		25,000		25,250
Sabine Pass Liquefaction LLC		6.25			3-15-2022		50,000		52,500
Sabine Pass LNG LP		6.50			11-1-2020		175,000		182,875
Sabine Pass LNG LP		7.50			11-30-2016		250,000		266,275
SemGroup Corporation		7.50			6-15-2021		20,000		21,000
Suburban Propane Partners LP		5.50			6-1-2024		15,000		15,413
TC Pipelines LP		4.38			3-13-2025		100,000		100,894
Ultra Petroleum Corporation 144A		6.13			10-1-2024		30,000		26,475
Williams Companies Incorporated		4.55			6-24-2024		150,000		147,511
WPX Energy Incorporated		5.25			1-15-2017		375,000		384,375
									2,294,547
Financials: 8.47%
Banks: 1.81%
Bank of America Corporation		4.20			8-26-2024		150,000		151,601
CIT Group Incorporated		3.88			2-19-2019		5,000		4,956
CIT Group Incorporated		4.25			8-15-2017		375,000		381,563
CIT Group Incorporated		5.38			5-15-2020		50,000		52,938
CIT Group Incorporated 144A		6.63			4-1-2018		5,000		5,363
JPMorgan Chase & Company ±		6.00			12-31-2049		135,000		138,713
									735,134
Capital Markets: 1.34%
E*TRADE Financial Corporation		4.63			9-15-2023		5,000		5,106
Jefferies Finance LLC 144A		6.88			4-15-2022		55,000		52,525
Jefferies Finance LLC 144A		7.38			4-1-2020		25,000		24,688
Jefferies Finance LLC 144A		7.50			4-15-2021		25,000		24,581
Lazard Group LLC		3.75			2-13-2025		270,000		223,103
Morgan Stanley		4.10			5-22-2023		210,000		215,495
									545,498
Consumer Finance: 2.22%
Ally Financial Incorporated		4.13			3-30-2020		25,000		25,125
Ally Financial Incorporated		4.63			3-30-2025		25,000		24,805
Ally Financial Incorporated		5.13			9-30-2024		75,000		77,813
General Motors Financial Company Incorporated		2.75			5-15-2016		200,000		202,525
Navient Corporation		5.88			3-25-2021		15,000		14,925
Navient Corporation		6.00			1-25-2017		350,000		367,938
Navient Corporation		8.00			3-25-2020		30,000		33,412

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

10 Wells Fargo Advantage Strategic Income Fund Portfolio of investments—April 30, 2015 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Consumer Finance (continued)
SLM Corporation		6.13	%		3-25-2024	$	30,000	$	29,175
SLM Corporation		8.45			6-15-2018		75,000		83,678
Springleaf Finance Corporation		8.25			10-1-2023		40,000		45,600
									904,996
Diversified Financial Services: 0.85%
Denali Borrower LLC 144A		5.63			10-15-2020		80,000		85,500
Infinity Acquisition LLC 144A		7.25			8-1-2022		65,000		61,263
Moody’s Corporation		4.88			2-15-2024		180,000		198,591
									345,354
Insurance: 0.57%
Fairfax US Incorporated 144A		4.88			8-13-2024		200,000		195,746
Hub Holdings LLC (PIK at 8.88%) ¥144A		8.13			7-15-2019		35,000		34,956
									230,702
Real Estate Management & Development: 0.10%
Hockey Merger Sub 2 Incorporated 144A		7.88			10-1-2021		40,000		41,200
REITs: 1.58%
American Tower Corporation		3.50			1-31-2023		200,000		196,522
Crown Castle International Corporation		4.88			4-15-2022		25,000		26,078
DuPont Fabros Technology Incorporated LP		5.88			9-15-2021		85,000		88,081
Iron Mountain Incorporated		5.75			8-15-2024		66,000		68,228
Iron Mountain Incorporated		6.00			8-15-2023		75,000		79,875
Omega Healthcare Investors Incorporated 144A		4.50			1-15-2025		175,000		177,601
The Geo Group Incorporated		5.88			10-15-2024		5,000		5,313
									641,698
Health Care: 1.67%
Health Care Equipment & Supplies: 0.15%
Crimson Merger Sub Incorporated 144A		6.63			5-15-2022		70,000		62,213
Health Care Providers & Services: 0.93%
Acadia Healthcare Company Incorporated 144A		5.63			2-15-2023		5,000		5,113
Aviv Healthcare Properties LP		6.00			10-15-2021		10,000		11,454
Capella Healthcare Incorporated		9.25			7-1-2017		25,000		25,750
Centene Corporation		4.75			5-15-2022		20,000		21,050
Community Health Systems Incorporated		6.88			2-1-2022		15,000		15,919
DaVita HealthCare Partners Incorporated		5.00			5-1-2025		5,000		5,000
HCA Incorporated		4.25			10-15-2019		15,000		15,675
HCA Incorporated		5.25			4-15-2025		5,000		5,419
HealthSouth Corporation		5.13			3-15-2023		10,000		10,300
HealthSouth Corporation		5.75			11-1-2024		15,000		15,825
Lifepoint Hospitals Incorporated		5.50			12-1-2021		25,000		26,278
MPH Acquisition Holdings LLC 144A		6.63			4-1-2022		100,000		105,001
Select Medical Corporation		6.38			6-1-2021		55,000		54,588
Tenet Healthcare Corporation		6.00			10-1-2020		55,000		58,713
									376,085

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

Portfolio of investments—April 30, 2015 (unaudited) Wells Fargo Advantage Strategic Income Fund 11

Security name	Interest rate			Maturity date		Principal		Value
Health Care Technology: 0.20%
Emdeon Incorporated		11.00	%		12-31-2019	$	75,000	$	82,125
Pharmaceuticals: 0.39%
Endo Finance LLC 144A		5.38			1-15-2023		25,000		24,672
Endo Finance LLC 144A		6.00			2-1-2025		25,000		25,594
Endo Finance LLC 144A		7.25			1-15-2022		90,000		95,175
Pinnacle Incorporated 144A		9.50			10-1-2023		10,000		11,288
									156,729
Industrials: 2.94%
Airlines: 0.30%
American Airlines Incorporated		4.38			4-1-2024		119,238		123,709
Commercial Services & Supplies: 0.33%
ADT Corporation		4.13			4-15-2019		5,000		5,078
ADT Corporation		4.13			6-15-2023		10,000		9,525
ADT Corporation		6.25			10-15-2021		45,000		48,375
Covanta Holding Corporation		5.88			3-1-2024		45,000		46,575
Covanta Holding Corporation		7.25			12-1-2020		25,000		26,500
									136,053
Construction & Engineering: 0.17%
AECOM 144A		5.75			10-15-2022		5,000		5,175
AECOM 144A		5.88			10-15-2024		60,000		62,153
									67,328
Electrical Equipment: 0.03%
EnerSys 144A		5.00			4-30-2023		10,000		10,125
Machinery: 0.95%
Case New Holland Industrial Incorporated		7.88			12-1-2017		330,000		363,287
EnPro Industries Incorporated 144A		5.88			9-15-2022		20,000		20,900
									384,187
Trading Companies & Distributors: 1.16%
H&E Equipment Services Incorporated		7.00			9-1-2022		50,000		52,375
Light Tower Rentals Incorporated 144A		8.13			8-1-2019		15,000		12,413
United Rentals North America Incorporated		4.63			7-15-2023		15,000		15,188
United Rentals North America Incorporated		5.50			7-15-2025		5,000		5,065
United Rentals North America Incorporated		7.38			5-15-2020		360,000		388,184
									473,225
Information Technology: 2.77%
Electronic Equipment, Instruments & Components: 0.61%
Arrow Electronics Incorporated		3.50			4-1-2022		200,000		199,947
Zebra Technologies Corporation 144A		7.25			10-15-2022		45,000		48,600
									248,547

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

12 Wells Fargo Advantage Strategic Income Fund Portfolio of investments—April 30, 2015 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Internet Software & Services: 0.15%
Infor (US) Incorporated 144A		6.50	%		5-15-2022	$	10,000	$	10,275
Sophia Holding Finance LP (PIK at 10.38%) 144A¥		9.63			12-1-2018		50,000		50,750
									61,025
IT Services: 0.43%
Audatex North America Incorporated 144A		6.00			6-15-2021		40,000		41,312
Audatex North America Incorporated 144A		6.13			11-1-2023		10,000		10,425
Cardtronics Incorporated 144A		5.13			8-1-2022		80,000		79,400
First Data Corporation 144A		7.38			6-15-2019		30,000		31,178
First Data Corporation		11.75			8-15-2021		3,000		3,443
SunGard Data Systems Incorporated		6.63			11-1-2019		10,000		10,425
									176,183
Semiconductors & Semiconductor Equipment: 0.44%
KLA-Tencor Corporation		4.65			11-1-2024		175,000		179,629
Software: 0.66%
Activision Blizzard Incorporated 144A		5.63			9-15-2021		15,000		16,031
Activision Blizzard Incorporated 144A		6.13			9-15-2023		5,000		5,509
Boxer Parent Company Incorporated (PIK at 9.75%) ¥144A		9.00			10-15-2019		50,000		41,000
CDK Global Incorporated 144A		4.50			10-15-2024		200,000		206,227
									268,767
Technology Hardware, Storage & Peripherals: 0.48%
NCR Corporation		5.00			7-15-2022		175,000		172,813
NCR Corporation		5.88			12-15-2021		10,000		10,250
NCR Corporation		6.38			12-15-2023		10,000		10,525
									193,588
Materials: 1.08%
Containers & Packaging: 0.10%
Owens-Brockway Glass Container Incorporated 144A		5.00			1-15-2022		5,000		5,131
Owens-Brockway Glass Container Incorporated 144A		5.38			1-15-2025		5,000		5,175
Sealed Air Corporation 144A		8.38			9-15-2021		25,000		28,188
									38,494
Metals & Mining: 0.98%
Alcoa Incorporated		5.13			10-1-2024		10,000		10,783
Cliffs Natural Resources Incorporated 144A		8.25			3-31-2020		10,000		9,800
Commercial Metals Company		7.35			8-15-2018		350,000		379,750
									400,333
Telecommunication Services: 2.41%
Diversified Telecommunication Services: 0.96%
Frontier Communications Corporation		6.25			9-15-2021		30,000		29,775
GCI Incorporated		6.75			6-1-2021		115,000		117,300
Level 3 Financing Incorporated 144A		5.13			5-1-2023		10,000		9,975
Level 3 Financing Incorporated		5.38			8-15-2022		25,000		25,531
Level 3 Financing Incorporated 144A		5.38			5-1-2025		10,000		9,988

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

Portfolio of investments—April 30, 2015 (unaudited) Wells Fargo Advantage Strategic Income Fund 13

Security name	Interest rate			Maturity date		Principal		Value
Diversified Telecommunication Services (continued)
Level 3 Financing Incorporated 144A		5.63	%		2-1-2023	$	5,000	$	5,125
Level 3 Financing Incorporated		6.13			1-15-2021		5,000		5,294
Verizon Communications Incorporated		6.55			9-15-2043		150,000		187,622
									390,610
Wireless Telecommunication Services: 1.45%
CC Holdings GS V LLC		3.85			4-15-2023		200,000		201,476
MetroPCS Wireless Incorporated		6.63			11-15-2020		150,000		156,563
Sprint Capital Corporation		6.88			11-15-2028		25,000		22,625
Sprint Communications Incorporated		7.00			8-15-2020		10,000		10,150
Sprint Corporation		7.25			9-15-2021		10,000		10,038
Sprint Corporation		7.88			9-15-2023		90,000		90,338
T-Mobile USA Incorporated		5.25			9-1-2018		10,000		10,350
T-Mobile USA Incorporated		6.38			3-1-2025		20,000		20,540
T-Mobile USA Incorporated		6.46			4-28-2019		5,000		5,163
T-Mobile USA Incorporated		6.50			1-15-2024		5,000		5,219
T-Mobile USA Incorporated		6.54			4-28-2020		5,000		5,275
T-Mobile USA Incorporated		6.63			4-1-2023		5,000		5,191
T-Mobile USA Incorporated		6.63			4-28-2021		5,000		5,275
T-Mobile USA Incorporated		6.73			4-28-2022		15,000		15,806
T-Mobile USA Incorporated		6.84			4-28-2023		25,000		26,438
									590,447
Utilities: 0.39%
Independent Power & Renewable Electricity Producers: 0.39%
Calpine Corporation 144A		6.00			1-15-2022		35,000		37,275
NSG Holdings LLC 144A		7.75			12-15-2025		105,571		115,601
TerraForm Power Operating LLC 144A		5.88			2-1-2023		5,000		5,213
									158,089
Total Corporate Bonds and Notes (Cost $14,478,832)									14,443,782
Foreign Government Bonds @: 12.07%
Brazil (BRL)		10.00			1-1-2017		2,330,000		761,111
Brazil (BRL)		10.00			1-1-2019		1,300,000		410,856
Indonesia (IDR)		7.38			9-15-2016		2,000,000,000		154,669
Indonesia (IDR)		7.88			4-15-2019		10,200,000,000		793,967
Mexico (MXN)		4.75			6-14-2018		11,800,000		769,094
Republic of South Africa (ZAR)		7.75			2-28-2023		6,350,000		533,034
Republic of South Africa (ZAR)		8.00			12-21-2018		4,850,000		417,476
Romania (RON)		4.75			6-24-2019		2,430,000		675,568
Romania (RON)		6.00			4-30-2016		1,470,000		389,655
Total Foreign Government Bonds (Cost $5,514,980)									4,905,430
Loans: 20.87%
Consumer Discretionary: 5.41%
Auto Components: 1.19%
Allison Transmission Incorporated ±		3.50			8-23-2019		151,474		152,270
Federal Mogul Corporation ±		4.75			4-15-2021		332,488		331,952
									484,222

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

14 Wells Fargo Advantage Strategic Income Fund Portfolio of investments—April 30, 2015 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Distributors: 0.77%
Spin Holdco Incorporated ±		4.25	%		11-14-2019	$	312,633	$	312,892
Diversified Consumer Services: 0.08%
CCM Merger Incorporated ±		4.50			8-8-2021		33,127		33,334
Hotels, Restaurants & Leisure: 0.41%
Belmond Interfin Limited ±		4.00			3-21-2021		103,950		104,124
Dave & Buster’s Incorporated ±		4.25			7-25-2020		28,396		28,556
Hilton Worldwide Finance LLC ±		3.50			10-26-2020		20,583		20,653
TGI Friday’s Incorporated ±		5.25			7-15-2020		13,069		13,086
									166,419
Leisure Products: 0.06%
AMF Bowling Centers Incorporated ±		7.25			9-18-2021		24,937		25,062
Media: 1.45%
Advantage Sales & Marketing LLC ±		4.25			7-25-2021		44,775		44,909
CBS Outdoor Americas Capital LLC ±		3.00			1-31-2021		65,000		64,908
EMI Music Publishing ±		3.75			6-29-2018		55,675		55,753
Hubbard Broadcasting Incorporated ±		4.50			4-29-2019		38,269		38,317
Learfield Communications Incorporated ±		4.50			10-9-2020		153,515		154,571
Live Nation Entertainment Incorporated ±		3.50			8-17-2020		148,492		148,926
Regal Cinemas Corporation ±		3.75			4-1-2022		25,000		25,112
Salem Communications Corporation ±		4.50			3-16-2020		27,400		27,412
TWCC Holdings Corporation ±		3.50			2-11-2017		29,402		29,112
									589,020
Multiline Retail: 0.41%
Doosan Infracore International Incorporated ±		4.50			5-27-2021		123,603		124,608
New Albertson’s Incorporated ±		4.75			6-27-2021		39,800		39,933
									164,541
Specialty Retail: 1.04%
Focus Brands Incorporated ±		4.25			2-21-2018		162,830		163,196
Pep Boys-Manny, Moe & Jack ±		4.25			10-11-2018		195,500		195,744
Rent-A-Center Incorporated ±		3.75			3-19-2021		64,275		64,115
									423,055
Consumer Staples: 0.24%
Food & Staples Retailing: 0.23%
Albertson’s Holdings LLC ±		5.38			3-21-2019		17,949		18,088
Albertson’s Holdings LLC ±		5.50			8-25-2021		66,112		66,782
Stater Brothers Markets ±		4.75			5-12-2021		9,786		9,798
									94,668
Food Products: 0.01%
Darling Ingredients Incorporated ±		3.25			1-3-2021		4,950		4,944
Energy: 0.09%
Energy Equipment & Services: 0.05%
ExGen Renewables I LLC ±		5.25			2-14-2021		17,849		18,028
Tallgrass Operations LLC ±		4.25			11-13-2018		4,376		4,349
									22,377

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

Portfolio of investments—April 30, 2015 (unaudited) Wells Fargo Advantage Strategic Income Fund 15

Security name	Interest rate			Maturity date		Principal		Value
Oil, Gas & Consumable Fuels: 0.04%
Western Refining Incorporated ±		4.25	%		11-12-2020	$	14,962	$	15,000
Financials: 1.65%
Diversified Financial Services: 0.32%
American Beacon Advisors Incorporated ±<%%		0.00			4-30-2022		10,000		10,100
Ipreo Holdings LLC ±		4.00			8-6-2021		69,650		69,546
TMFS Holdings LLC ±		5.50			7-30-2021		49,750		49,501
									129,147
Insurance: 0.72%
Hub International Limited ±		4.00			10-2-2020		252,450		251,662
USI Incorporated ±		4.25			12-27-2019		39,524		39,507
									291,169
Real Estate Management & Development: 0.31%
Capital Automotive LP ±		4.00			4-10-2019		125,591		126,180
REITs: 0.30%
Crown Castle Operating Company ±		3.00			1-31-2021		84,810		84,839
The Geo Group Incorporated ±		3.25			4-3-2020		37,578		37,516
									122,355
Health Care: 2.19%
Health Care Equipment & Supplies: 0.40%
Accellent Incorporated ±		4.50			3-12-2021		94,237		94,443
Ortho-Clinical Diagnostics Incorporated ±		4.75			6-30-2021		69,475		69,232
									163,675
Health Care Providers & Services: 1.01%
Acadia Healthcare Company Incorporated ±		4.25			2-11-2022		19,950		20,158
Capella Healthcare Incorporated ±		5.25			12-31-2021		24,938		25,062
Community Health Systems Incorporated ±		4.25			1-27-2021		107,713		108,351
MPH Acquisition Holdings LLC ±		3.75			3-31-2021		175,149		175,002
Surgery Center Holdings Incorporated ±		5.25			11-3-2020		49,875		50,249
Surgical Care Affiliates LLC ±		4.25			3-17-2022		20,000		20,048
United Surgical Partners International Incorporated ±		4.75			4-3-2019		9,800		9,800
									408,670
Health Care Technology: 0.22%
IMS Health Incorporated ±		3.50			3-17-2021		54,450		54,423
MedAssets Incorporated ±		4.00			12-12-2019		36,412		36,367
									90,790
Pharmaceuticals: 0.56%
Par Pharmaceutical Companies Incorporated ±		4.25			9-30-2019		14,963		14,998
Valeant Pharmaceuticals International Incorporated ±		3.50			12-11-2019		170,559		171,009
Valeant Pharmaceuticals International Incorporated ±		3.50			8-5-2020		7,962		7,984
Valeant Pharmaceuticals International Incorporated ±		4.00			4-1-2022		35,000		35,227
									229,218

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

16 Wells Fargo Advantage Strategic Income Fund Portfolio of investments—April 30, 2015 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Industrials: 3.73%
Aerospace & Defense: 0.73%
TransDigm Incorporated ±		3.75	%		2-28-2020	$	296,962	$	297,672
Commercial Services & Supplies: 1.72%
Access CIG LLC ±<%%		6.00			10-17-2021		24,950		25,044
ADS Waste Holdings Incorporated ±		3.75			10-9-2019		59,846		59,666
Anchor Glass Container Corporation ±		4.25			6-30-2021		62,313		62,609
Gates Global LLC ±		4.25			7-3-2021		74,625		74,625
Interactive Data Corporation ±		4.75			5-2-2021		148,875		149,759
KAR Auction Services Incorporated ±		3.50			3-7-2021		136,423		136,423
Sedgwick Claims Management Services Incorporated ±		3.75			3-1-2021		74,437		73,945
WASH Multifamily Laundry Systems LLC ±		4.50			2-21-2019		118,491		118,343
									700,414
Construction & Engineering: 0.20%
Mannington Mills Incorporated ±		4.75			10-1-2021		44,775		44,980
USIC Holdings Incorporated ±		4.00			7-10-2020		34,623		34,515
									79,495
Electrical Equipment: 0.01%
Nusil Technology LLC ±		5.25			4-7-2017		4,850		4,815
Machinery: 0.32%
Alliance Laundry Systems LLC ±		4.25			12-10-2018		72,179		72,360
Onex Wizard Acquisition Company ±		5.25			3-13-2022		45,000		45,487
Rexnord LLC ±		4.00			8-21-2020		9,975		10,005
									127,852
Transportation Infrastructure: 0.75%
HGIM Corporation ±		5.50			6-18-2020		217,269		170,324
OSG Bulk Ships Incorporated ±		5.25			8-5-2019		14,888		14,925
OSG International Incorporated ±		5.75			8-5-2019		119,100		119,844
									305,093
Information Technology: 4.01%
Internet Software & Services: 0.69%
Applied Systems Incorporated ±		4.27			1-25-2021		99,023		99,235
CCC Information Services Incorporated ±		4.00			12-20-2019		59,435		59,509
Vertafore Incorporated ±		4.25			10-3-2019		73,340		73,508
Vertafore Incorporated ±		9.75			10-29-2017		10,000		10,053
Zayo Group LLC ±		4.00			7-2-2019		39,745		39,745
									282,050
IT Services: 1.00%
First Data Corporation ±		3.68			3-24-2018		55,000		55,103
First Data Corporation ±		3.68			9-24-2018		350,000		350,438
									405,541
Semiconductors & Semiconductor Equipment: 0.06%
Freescale Semiconductor Incorporated ±		4.25			3-1-2020		24,937		25,030

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

Portfolio of investments—April 30, 2015 (unaudited) Wells Fargo Advantage Strategic Income Fund 17

Security name	Interest rate			Maturity date		Principal		Value
Software: 1.32%
BMC Software Finance Incorporated ±		5.00	%		9-10-2020	$	133,628	$	131,389
Emdeon Business Services LLC ±		3.75			11-2-2018		247,440		248,111
Sophia LP ±		4.00			7-19-2018		157,560		157,993
									537,493
Technology Hardware, Storage & Peripherals: 0.94%
CDW LLC ±		3.25			4-29-2020		58,800		58,720
Dell Incorporated ±		4.50			4-29-2020		267,244		268,185
Peak 10 Incorporated ±		5.00			6-17-2021		4,963		4,973
Peak 10 Incorporated ±		8.25			6-17-2022		10,000		9,717
Riverbed Technology Incorporated ±<%%		0.00			4-24-2022		40,000		40,420
									382,015
Materials: 0.09%
Containers & Packaging: 0.09%
Ardagh Holdings USA Incorporated ±		4.00			12-17-2019		24,750		24,855
Crown Americas LLC ±		5.50			10-22-2021		9,975		9,973
									34,828
Telecommunication Services: 2.52%
Diversified Telecommunication Services: 1.36%
Avaya Incorporated ±		4.68			10-26-2017		24,926		24,807
Intelsat Jackson Holdings SA ±		3.75			6-30-2019		240,332		240,032
Level 3 Financing Incorporated ±		4.00			8-1-2019		288,205		288,744
									553,583
Wireless Telecommunication Services: 1.16%
LTS Buyer LLC ±		4.00			4-11-2020		39,597		39,548
SBA Communications Corporation ±		3.25			3-24-2021		198,500		198,335
Syniverse Holdings Incorporated ±		4.00			4-23-2019		242,380		233,216
									471,099
Utilities: 0.94%
Electric Utilities: 0.84%
Granite Acquisition Incorporated ±		5.00			12-19-2021		49,880		50,503
Green Energy Partners ±		6.50			11-13-2021		45,000		45,375
Texas Competitive Electric Holdings Company LLC ±(s)		4.66			10-10-2015		400,000		244,224
									340,102
Independent Power & Renewable Electricity Producers: 0.10%
Calpine Corporation ±<%%		0.00			10-9-2019		40,000		40,167
Total Loans (Cost $8,679,613)									8,483,987
Municipal Obligations: 1.34%
Idaho: 0.22%
Idaho Housing & Finance Association Legacy Public Charter School (Education Revenue)		7.00			5-1-2017		90,000		90,066
Illinois: 0.50%
Chicago IL Refunding Taxable Project Series E (GO)		6.05			1-1-2029		200,000		200,720

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

18 Wells Fargo Advantage Strategic Income Fund Portfolio of investments—April 30, 2015 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Texas: 0.62%
North Texas Tollway Authority Build America Bonds Sub Lien Series B-2 (Transportation Revenue)		8.91	%		2-1-2030	$	210,000	$	252,092
Total Municipal Obligations (Cost $547,953)									542,878
Non-Agency Mortgage-Backed Securities: 9.87%
ACAS CLO Limited Trust Series 2015-1A Class B %%(a)144A±		2.28			4-18-2027		500,000		500,000
Americold LLC Trust Series 2010-ART Class B 144A		6.03			1-14-2029		200,000		228,664
Banc of America Merrill Lynch Trust Series 2014-ICTS Class D ±144A		2.08			6-15-2028		230,000		229,127
BB-UBS Trust Series 2012-TFT Class C ±144A		3.58			6-5-2030		150,000		146,232
Commercial Mortgage Trust Series 2012-LC4 Class B ±		4.93			12-10-2044		175,000		195,797
DB Master Finance LLC Dunkin Trust Series 2015-1A Class A2II 144A		3.98			2-20-2045		400,000		409,861
GS Mortgage Securities Trust Series 2012 Class B 144A		3.41			12-10-2030		250,000		256,446
GS Mortgage Securities Trust Series 2014-GC24 Class D ±144A		4.66			9-10-2047		500,000		458,750
JPMBB Commercial Mortgage Securities Trust Series 2014-C19 Class D ±144A		4.83			4-15-2047		493,000		464,410
JPMorgan Chase Commercial Mortgage Securities Trust Series 2011-C5 Class B ±144A		5.50			8-15-2046		250,000		285,587
JPMorgan Chase Commercial Mortgage Securities Trust Series 2012-LC9 Class D ±144A		4.57			12-15-2047		329,000		340,165
Morgan Stanley Capital I Trust Series 2007-HQ11 Class AM ±		5.48			2-12-2044		25,000		26,595
Morgan Stanley Trust Series 2012-C5 Class B ±		4.44			8-15-2045		250,000		270,829
Winwater Mortgage Loan Trust Series 2014-1 Class A4 ±144A		3.50			6-20-2044		196,108		200,544
Total Non-Agency Mortgage-Backed Securities (Cost $3,992,776)									4,013,007
Yankee Corporate Bonds and Notes: 4.10%
Energy: 0.74%
Energy Equipment & Services: 0.25%
Ensco plc		5.20			3-15-2025		100,000		103,123
Oil, Gas & Consumable Fuels: 0.49%
Noble Holdings International Limited Corporation		5.95			4-1-2025		200,000		196,741
Financials: 1.21%
Banks: 1.21%
BPCE SA 144A		5.15			7-21-2024		230,000		241,678
Credit Agricole SA 144A		4.38			3-17-2025		200,000		197,826
Nielsen Holding and Finance BV 144A		5.50			10-1-2021		50,000		51,250
									490,754
Health Care: 0.65%
Pharmaceuticals: 0.65%
Actavis Funding SCS		3.45			3-15-2022		200,000		203,302
Mallinckrodt plc 144A		4.88			4-15-2020		5,000		5,081
Mallinckrodt plc 144A		5.50			4-15-2025		5,000		5,100
Valeant Pharmaceuticals International Incorporated 144A		5.88			5-15-2023		10,000		10,238
Valeant Pharmaceuticals International Incorporated 144A		6.13			4-15-2025		5,000		5,175
Valeant Pharmaceuticals International Incorporated 144A		6.75			8-15-2018		10,000		10,588
Valeant Pharmaceuticals International Incorporated 144A		7.50			7-15-2021		25,000		27,094
									266,578
Industrials: 0.21%
Aerospace & Defense: 0.01%
Bombardier Incorporated 144A		7.50			3-15-2025		5,000		4,956

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

Portfolio of investments—April 30, 2015 (unaudited) Wells Fargo Advantage Strategic Income Fund 19

Security name	Interest rate			Maturity date		Principal		Value
Commercial Services & Supplies: 0.07%
GFL Environmental Incorporated 144A		7.88	%		4-1-2020	$	25,000	$	25,438
Machinery: 0.13%
Sensata Technologies BV 144A		5.00			10-1-2025		5,000		5,150
Sensata Technologies BV 144A		5.63			11-1-2024		45,000		48,038
									53,188
Information Technology: 0.44%
Technology Hardware, Storage & Peripherals: 0.44%
Seagate HDD (Cayman) 144A		4.75			1-1-2025		175,000		179,551
Materials: 0.04%
Metals & Mining: 0.04%
FMG Resources (August 2006) Proprietary Limited 144A		6.88			4-1-2022		20,000		15,025
Telecommunication Services: 0.51%
Diversified Telecommunication Services: 0.51%
Intelsat Jackson Holdings SA		5.50			8-1-2023		125,000		117,656
Intelsat Luxembourg SA		7.75			6-1-2021		5,000		4,600
Intelsat Luxembourg SA		8.13			6-1-2023		85,000		76,659
Virgin Media Finance plc 144A		5.38			4-15-2021		4,500		4,708
Virgin Media Finance plc 144A		6.38			4-15-2023		5,000		5,263
									208,886
Utilities: 0.30%
Electric Utilities: 0.30%
Comision Federal de Electricidad 144A		4.88			1-15-2024		115,000		123,855
Total Yankee Corporate Bonds and Notes (Cost $1,660,100)									1,668,095
	Yield					Shares
Short-Term Investments: 8.78%
Investment Companies: 8.26%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)##		0.11					3,360,191		3,360,191
						Principal
U.S. Treasury Securities: 0.52%
U.S. Treasury Bill #(z)		0.00			6-18-2015	$	210,000		210,003
Total Short-Term Investments (Cost $3,570,181)									3,570,194

Total investments in securities (Cost $41,769,411) *	100.73	%		40,953,872
Other assets and liabilities, net	(0.73	)		(294,960	)
Total net assets	100.00	%	$	40,658,912

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

20 Wells Fargo Advantage Strategic Income Fund Portfolio of investments—April 30, 2015 (unaudited)

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

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

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

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

< All or a portion of the position represents an unfunded loan commitment.

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

(s) The security is currently in default with regards to scheduled interest and/or principal payments. The Fund has stopped accruing interest on the security.

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

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

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

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

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

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

* Cost for federal income tax purposes is $42,051,071 and unrealized gains (losses) consists of:

Gross unrealized gains	$	294,250
Gross unrealized losses		(1,391,449	)
Net unrealized losses	$	(1,097,199	)

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

Statement of assets and liabilities—April 30, 2015 (unaudited) Wells Fargo Advantage Strategic Income Fund 21

Assets
Investments
In unaffiliated securities, at value (cost $38,409,220)	$	37,593,681
In affiliated securities, at value (cost $3,360,191)		3,360,191
Total investments, at value (cost $41,769,411)		40,953,872
Foreign currency, at value (cost $28,768)		27,885
Receivable for investments sold		112,080
Receivable for interest		428,334
Receivable for daily variation margin on open futures contracts		20,219
Unrealized gains on forward foreign currency contracts		29,815
Prepaid expenses and other assets		38,744
Total assets		41,610,949
Liabilities
Payable for investments purchased		594,638
Payable for Fund shares redeemed		39,624
Unrealized losses on forward foreign currency contracts		291,556
Advisory fee payable		328
Distribution fee payable		469
Administration fees payable		4,474
Accrued expenses and other liabilities		20,948
Total liabilities		952,037
Total net assets	$	40,658,912
NET ASSETS CONSIST OF
Paid-in capital	$	42,562,039
Overdistributed net investment income		(118,302	)
Accumulated net realized losses on investments		(557,736	)
Net unrealized losses on investments		(1,227,089	)
Total net assets	$	40,658,912
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	982,708
Shares outstanding – Class A1		103,752
Net asset value per share – Class A		$9.47
Maximum offering price per share – Class A2		$9.92
Net assets – Class C	$	708,763
Shares outstanding – Class C1		74,838
Net asset value per share – Class C		$9.47
Net assets – Administrator Class	$	514,017
Shares outstanding – Administrator Class1		54,116
Net asset value per share – Administrator Class		$9.50
Net assets – Institutional Class	$	38,453,424
Shares outstanding – Institutional Class1		4,060,644
Net asset value per share – Institutional Class		$9.47

¹  The Fund has an unlimited number of authorized shares.

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

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

22 Wells Fargo Advantage Strategic Income Fund Statement of operations—six months ended April 30, 2015 (unaudited)

Investment income
Interest (net of foreign interest withholding taxes of $1,765)	$	937,084
Income from affiliated securities		642
Securities lending income, net		171
Total investment income		937,897
Expenses
Advisory fee		94,681
Administration fees
Fund level		9,966
Class A		711
Class C		605
Administrator Class		266
Institutional Class		15,076
Shareholder servicing fees
Class A		1,112
Class C		945
Administrator Class		664
Distribution fee
Class C		2,836
Custody and accounting fees		15,737
Professional fees		25,592
Registration fees		27,445
Shareholder report expenses		7,198
Trustees’ fees and expenses		7,645
Other fees and expenses		3,774
Total expenses		214,253
Less: Fee waivers and/or expense reimbursements		(88,953	)
Net expenses		125,300
Net investment income		812,597
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains (losses) on:
Unaffiliated securities		(888,739	)
Futures transactions		(431,020	)
Forward foreign currency contract transactions		1,152,303
Net realized losses on investments		(167,456	)
Net change in unrealized gains (losses) on:
Unaffiliated securities		(99,366	)
Futures transactions		(33,682	)
Forward foreign currency contract transactions		(448,674	)
Net change in unrealized gains (losses) on investments		(581,722	)
Net realized and unrealized gains (losses) on investments		(749,178	)
Net increase in net assets resulting from operations	$	63,419

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

Statement of changes in net assets Wells Fargo Advantage Strategic Income Fund 23

	Six months ended April 30, 2015 (unaudited)						Year ended October 31, 2014
Operations
Net investment income				$	812,597					$	1,331,266
Net realized losses on investments					(167,456	)					(982,908	)
Net change in unrealized gains (losses) on investments					(581,722	)					537,097
Net increase in net assets resulting from operations					63,419						885,455
Distributions to shareholders from
Net investment income
Class A					(23,750	)					(15,762	)
Class C					(16,606	)					(13,400	)
Administrator Class					(13,803	)					(13,793	)
Institutional Class					(1,041,437	)					(852,736	)
Total distributions to shareholders					(1,095,596	)					(895,691	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		36,061			344,528			22,517			217,023
Class C		2,587			24,655			46,130			444,536
Administrator Class		0			0			4,115			40,000
Institutional Class		2,898			26,962			1,475,076			14,500,000
					396,145						15,201,559
Reinvestment of distributions
Class A		2,260			21,553			1,619			15,592
Class C		1,740			16,606			1,394			13,400
Administrator Class		1,443			13,803			1,431			13,793
Institutional Class		109,213			1,041,437			88,370			852,736
					1,093,399						895,521
Payment for shares redeemed
Class A		(8,005	)		(75,939	)		(4,382	)		(42,882	)
Class C		(15,520	)		(148,738	)		(15,103	)		(147,854	)
Administrator Class		(4,192	)		(39,997	)		0			0
Institutional Class		(31,505	)		(300,242	)		0			0
					(564,916	)					(190,736	)
Net increase in net assets resulting from capital share transactions					924,628						15,906,344
Total increase (decrease) in net assets					(107,549	)					15,896,108
Net assets
Beginning of period					40,766,461						24,870,353
End of period				$	40,658,912					$	40,766,461
Undistributed (overdistributed) net investment income				$	(118,302	)				$	164,697

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

24 Wells Fargo Advantage Strategic Income Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended April 30, 2015 (unaudited)			Year ended October 31
CLASS A				2014			20131
Net asset value, beginning of period		$9.72			$9.66			$10.00
Net investment income		0.16			0.37			0.27
Net realized and unrealized gains (losses) on investments		(0.17	)		(0.05	)		(0.36	)
Total from investment operations		(0.01	)		0.32			(0.09	)
Distributions to shareholders from
Net investment income		(0.24	)		(0.26	)		(0.25	)
Net asset value, end of period		$9.47			$9.72			$9.66
Total return2		(0.05	)%		3.36	%		(0.89	)%
Ratios to average net assets (annualized)
Gross expenses		1.38	%		1.51	%		1.85	%
Net expenses		0.90	%		0.90	%		0.90	%
Net investment income		3.81	%		4.02	%		3.76	%
Supplemental data
Portfolio turnover rate		33	%		51	%		39	%
Net assets, end of period (000s omitted)		$983			$714			$518

¹  For the period from January 31, 2013 (commencement of class operations) to October 31, 2013

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 Strategic Income Fund 25

(For a share outstanding throughout each period)

	Six months ended April 30, 2015 (unaudited)			Year ended October 31
CLASS C				2014			20131
Net asset value, beginning of period		$9.71			$9.65			$10.00
Net investment income		0.15			0.31			0.21
Net realized and unrealized gains (losses) on investments		(0.18	)		(0.06	)		(0.37	)
Total from investment operations		(0.03	)		0.25			(0.16	)
Distributions to shareholders from
Net investment income		(0.21	)		(0.19	)		(0.19	)
Net asset value, end of period		$9.47			$9.71			$9.65
Total return2		(0.35	)%		2.61	%		(1.51	)%
Ratios to average net assets (annualized)
Gross expenses		2.12	%		2.25	%		2.60	%
Net expenses		1.65	%		1.65	%		1.65	%
Net investment income		3.05	%		3.25	%		3.01	%
Supplemental data
Portfolio turnover rate		33	%		51	%		39	%
Net assets, end of period (000s omitted)		$709			$835			$518

¹  For the period from January 31, 2013 (commencement of class operations) to October 31, 2013

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.

26 Wells Fargo Advantage Strategic Income Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended April 30, 2015 (unaudited)			Year ended October 31
ADMINISTRATOR CLASS				2014			20131
Net asset value, beginning of period		$9.74			$9.66			$10.00
Net investment income		0.19			0.39			0.28
Net realized and unrealized gains (losses) on investments		(0.18	)		(0.05	)		(0.37	)
Total from investment operations		0.01			0.34			(0.09	)
Distributions to shareholders from
Net investment income		(0.25	)		(0.26	)		(0.25	)
Net asset value, end of period		$9.50			$9.74			$9.66
Total return2		0.07	%		3.63	%		(0.85	)%
Ratios to average net assets (annualized)
Gross expenses		1.31	%		1.46	%		1.79	%
Net expenses		0.75	%		0.75	%		0.75	%
Net investment income		3.95	%		4.18	%		3.90	%
Supplemental data
Portfolio turnover rate		33	%		51	%		39	%
Net assets, end of period (000s omitted)		$514			$554			$496

¹  For the period from January 31, 2013 (commencement of class operations) to October 31, 2013

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 Strategic Income Fund 27

(For a share outstanding throughout each period)

	Six months ended April 30, 2015 (unaudited)			Year ended October 31
INSTITUTIONAL CLASS				2014			20131
Net asset value, beginning of period		$9.71			$9.66			$10.00
Net investment income		0.19			0.41	2		0.29
Net realized and unrealized gains (losses) on investments		(0.17	)		(0.07	)		(0.36	)
Total from investment operations		0.02			0.34			(0.07	)
Distributions to shareholders from
Net investment income		(0.26	)		(0.29	)		(0.27	)
Net asset value, end of period		$9.47			$9.71			$9.66
Total return3		0.21	%		3.60	%		(0.66	)%
Ratios to average net assets (annualized)
Gross expenses		1.04	%		1.14	%		1.52	%
Net expenses		0.60	%		0.60	%		0.60	%
Net investment income		4.11	%		4.25	%		4.05	%
Supplemental data
Portfolio turnover rate		33	%		51	%		39	%
Net assets, end of period (000s omitted)		$38,453			$38,664			$23,338

¹  For the period from January 31, 2013 (commencement of class operations) to October 31, 2013

²  Calculated based upon average shares outstanding

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

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

28 Wells Fargo Advantage Strategic Income 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 Strategic Income Fund (the “Fund”) which is a diversified series of the Trust.

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

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

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

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

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

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

Foreign currency translation

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

Notes to financial statements (unaudited) Wells Fargo Advantage Strategic Income Fund 29

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.

Forward foreign currency contracts

The Fund is subject to foreign currency exchange rate risk in the normal course of pursuing its investment objectives. A forward foreign currency contract is an agreement between two parties to purchase or sell a specific currency for an agreed-upon price at a future date. The Fund enters into forward foreign currency contracts to facilitate transactions in foreign-denominated securities and to attempt to minimize the risk to the Fund from adverse changes in the relationship between currencies. Forward foreign currency contracts are recorded at the forward rate and marked-to-market daily. When the contracts are closed, realized gains and losses arising from such transactions are recorded as realized gains or losses on forward foreign currency contract transactions. The Fund could be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts or if the value of the foreign currency changes unfavorably. The Fund’s maximum risk of loss from counterparty credit risk is the unrealized gains on the contracts. This risk may be mitigated if there is a master netting arrangement between the Fund and the counterparty.

Security loans

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

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

When-issued transactions

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

Loans

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

Futures contracts

The Fund is subject to interest rate risk in the normal course of pursuing its investment objectives. The Fund may buy and sell futures contracts in order to gain exposure to, or protect against, changes in security values and interest rates. The

30 Wells Fargo Advantage Strategic Income Fund Notes to financial statements (unaudited)

primary risks associated with the use of futures contracts are the imperfect correlation between changes in market values of securities held by the Fund and the prices of futures contracts, and the possibility of an illiquid market.

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

Security transactions and income recognition

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

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

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

Distributions to shareholders

Distributions to shareholders from net investment income 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 October 31, 2014, the Fund had capital loss carryforwards which consisted of $207,810 in short-term capital losses and $200,021 in long-term capital losses.

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

Notes to financial statements (unaudited) Wells Fargo Advantage Strategic Income Fund 31

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of April 30, 2015:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Agency securities	$	0	$	1,110,690	$	0	$	1,110,690
Asset-backed securities		0		2,215,809		0		2,215,809
Corporate bonds and notes		0		14,443,782		0		14,443,782
Foreign government bonds		0		4,905,430		0		4,905,430
Loans		0		7,533,102		950,885		8,483,987
Municipal obligations		0		542,878		0		542,878
Non-agency mortgage-backed securities		0		4,013,007		0		4,013,007
Yankee corporate bonds and notes		0		1,668,095		0		1,668,095
Short-term investments
Investment companies		3,360,191		0		0		3,360,191
U.S. Treasury securities		210,003		0		0		210,003
		3,570,194		36,432,793		950,885		40,953,872
Forward foreign currency contracts		0		29,815		0		29,815
Futures contracts		20,219		0		0		20,219
Total assets	$	3,590,413	$	36,462,608	$	950,885	$	41,003,906
Liabilities
Forward foreign currency contracts	$	0	$	291,556	$	0	$	291,556
Total liabilities	$	0	$	291,556	$	0	$	291,556

Forward foreign currency contracts are reported at their unrealized gains (losses) at measurement date, which represents the change in the contract’s value from trade date. Futures contracts are reported at their variation margin at measurement date, which represents the amount due to the Fund at that date. All other assets and liabilities are reported at their market value at measurement date.

The Fund recognizes transfers between levels within the fair value hierarchy at the end of the reporting period. At April 30, 2015, the Fund did not have any transfers into/out of Level 1 or Level 2.

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

	Loans
Balance as of October 31, 2014	$	1,127,246
Accrued discounts (premiums)		(182	)
Realized gains (losses)		555
Change in unrealized gains (losses)		12,571
Purchases		64,625
Sales		(184,864	)
Transfers into Level 3		367,795
Transfers out of Level 3		(436,861	)
Balance as of April 30, 2015	$	950,885
Change in unrealized gains (losses) relating to securities still held at April 30, 2015	$	7,473

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

32 Wells Fargo Advantage Strategic Income Fund Notes to financial statements (unaudited)

4. TRANSACTIONS WITH AFFILIATES

Advisory fee

The Trust has entered into an advisory contract with Funds Management, an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”). The adviser is responsible for implementing investment policies and guidelines and for supervising the subadvisers, who are 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 0.475% and declining to 0.375% as the average daily net assets of the Fund increase. For the six months ended April 30, 2015, the advisory fee was equivalent to an annual rate of 0.475% of the Fund’s average daily net assets.

Funds Management has retained the services of certain subadvisers 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 a subadviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.30% and declining to 0.15% as the average daily net assets of the Fund increase. First International Advisors, LLC, an affiliate of Funds Management and an indirect wholly owned subsidiary of Wells Fargo, is also a subadviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.35% and declining to 0.20% as the average daily net assets of the Fund increase.

Administration fees

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

	Class level administration fee
Class A, Class C		0.16	%
Administrator Class		0.10
Institutional Class		0.08

Funds Management has contractually waived and/or reimbursed advisory and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. Waiver of fees and/or reimbursement of expenses by Funds Management were made first from fund level expenses on a proportionate basis and then from class specific expenses. Funds Management has committed through February 29, 2016 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 0.90% for Class A shares, 1.65% for Class C shares, 0.75% for Administrator Class shares, and 0.60% 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 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 Class A shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the six months ended April 30, 2015, Funds Distributor received $14 from the sale of Class A shares.

Shareholder servicing fees

The Trust has entered into contracts with one or more shareholder servicing agents, whereby Class A, Class C, and 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.

Notes to financial statements (unaudited) Wells Fargo Advantage Strategic Income Fund 33

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 April 30, 2015 were $13,042,772 and $12,570,524, respectively.

As of April 30, 2015, the Fund had unfunded term loan commitments of $94,638.

6. DERIVATIVE TRANSACTIONS

During the six months ended April 30, 2015, the Fund entered into futures contracts to manage duration exposure.

At April 30, 2015, the Fund had short futures contracts outstanding as follows:

Expiration date	Counterparty	Contracts		Type		Contract value at April 30, 2015		Unrealized gains (losses)
6-19-2015	JPMorgan		119 Short		10-Year U.S. Treasury Notes	$	15,276,625	$	(126,945	)
6-19-2015	JPMorgan		5 Short		U.S. Treasury Bonds		822,500		5,624
6-30-2015	JPMorgan		22 Short		5-Year U.S. Treasury Notes		2,642,922		(24,620	)

The Fund had an average notional amount of $17,770,486 in short futures contracts during the six months ended April 30, 2015.

During the six months ended April 30, 2015, the Fund entered into forward foreign currency contracts for economic hedging purposes.

At April 30, 2015, the Fund had forward foreign currency contracts outstanding as follows:

Forward foreign currency contracts to buy:

Exchange date	Counterparty	Contracts to receive		U.S. value at April 30, 2015		In exchange for U.S. $		Unrealized gains
6-16-2015	State Street Bank		700,000  GBP	$	1,074,182	$	1,044,367	$	29,815

Forward foreign currency contracts to sell:

Exchange date	Counterparty	Contracts to deliver		U.S. value at April 30, 2015		In exchange for U.S. $		Unrealized losses
6-16-2015	State Street Bank		200,000  EUR	$	224,693	$	210,773	$	(13,920	)
6-16-2015	State Street Bank		1,000,000  GBP		1,534,546		1,498,190		(36,356	)
6-16-2015	State Street Bank		3,850,000  EUR		4,325,333		4,087,437		(237,896	)
6-16-2015	State Street Bank		90,000  EUR		101,111		97,727		(3,384	)

The Fund had average contract amounts of $1,583,533 and $7,138,944 in forward foreign currency contracts to buy and forward foreign currency contracts to sell, respectively, during the six months ended April 30, 2015.

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

The fair value of derivative instruments as of April 30, 2015 was as follows for the Fund:

	Asset derivatives				Liability derivatives
	Statement of Assets and Liabilities location	Fair value			Statement of Assets and Liabilities location	Fair value
Interest rate contracts	Receivable for daily variation margin on open futures contracts	$	20,219	*	Payable for daily variation margin on open futures contracts	$	0
Forward foreign currency contracts	Unrealized gains on forward foreign currency contracts		29,815		Unrealized losses on forward foreign currency contracts		291,556
		$	50,034			$	291,556

* Only the current day’s variation margin as of April 30, 2015 is reported separately on the Statement of Assets and Liabilities.

34 Wells Fargo Advantage Strategic Income Fund Notes to financial statements (unaudited)

The effect of derivative instruments on the Statement of Operations for the six months ended April 30, 2015 was as follows for the Fund:

	Amount of realized gains (losses) on derivatives			Change in unrealized gains (losses) on derivatives
	Futures contracts	Forward currency contracts		Futures contracts	Forward currency contracts
Interest rate contracts	$(431,020)	$	0	$(33,682)	$	0
Forward foreign currency contracts	0		1,152,303	0		(448,674	)
	$(431,020)	$	1,152,303	$(33,682)	$	(448,674	)

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

Derivative type	Counterparty	Gross amounts of assets in the Statement of Assets and Liabilities	Amounts subject to netting agreements			Collateral received		Net amount of assets
Futures – variation margin	JPMorgan	$20,219	$	0		$	0	$	20,219
Forward foreign currency contracts	State Street Bank	29,815*		(29,815	)		0		0

* Amount represents net unrealized gains.

Derivative type	Counterparty	Gross amounts of liabilities in the Statement of Assets and Liabilities	Amounts subject to netting agreements			Collateral pledged		Net amount of liabilities
Forward foreign currency contracts	State Street Bank	$291,556**	$	(29,815	)	$	0	$	261,741

** Amount represents net realized losses.

7. BANK BORROWINGS

The Trust (excluding the money market funds and certain other funds in the Trust) and Wells Fargo Variable Trust are parties to a $150,000,000 revolving credit agreement whereby the Fund is permitted to use bank borrowings for temporary or emergency purposes, such as to fund shareholder redemption requests. Interest under the credit agreement is charged to the Fund based on a borrowing rate equal to the higher of the Federal Funds rate in effect on that day plus 1.25% or the overnight LIBOR rate in effect on that day plus 1.25%. In addition, an annual commitment fee equal to 0.10% of the unused balance is allocated to each participating fund. For the six months ended April 30, 2015, the Fund paid $37 in commitment fees.

For the six months ended April 30, 2015, there were no borrowings by the Fund under the agreement.

Notes to financial statements (unaudited) Wells Fargo Advantage Strategic Income Fund 35

8. INDEMNIFICATION

Under the Trust’s organizational documents, the officers and Trustees have been granted certain indemnification rights 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.

36 Wells Fargo Advantage Strategic Income Fund Other information (unaudited)

PROXY VOTING INFORMATION

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

PORTFOLIO HOLDINGS INFORMATION

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

Other information (unaudited) Wells Fargo Advantage Strategic Income Fund 37

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 to 1999, 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 Deluxe 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

38 Wells Fargo Advantage Strategic Income Fund Other information (unaudited)

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Other directorships during past five years
Timothy J. Penny (Born 1951)	Trustee, since 1996	President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007 and Senior Fellow at the Humphrey Institute Policy Forum at the University of Minnesota since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	Asset Allocation Trust
Michael S. Scofield (Born 1943)	Trustee, since 2010	Served on the Investment Company Institute’s Board of Governors and Executive Committee from 2008-2011 as well the Governing Council of the Independent Directors Council from 2006-2011 and the Independent Directors Council Executive Committee from 2008-2011. Chairman of the IDC from 2008-2010. Institutional Investor (Fund Directions) Trustee of Year in 2007. Trustee of the Evergreen Funds complex (and its predecessors) from 1984 to 2010. Chairman of the Evergreen Funds from 2000-2010. Former Trustee of the Mentor Funds. Retired Attorney, Law Offices of Michael S. Scofield.	Asset Allocation Trust
Donald C. Willeke (Born 1940)	Trustee, since 1996	Principal of the law firm of Willeke & Daniels. General Counsel of the Minneapolis Employees Retirement Fund from 1984 until its consolidation into the Minnesota Public Employees Retirement Association on June 30, 2010. Director and Vice Chair of The Tree Trust (non-profit corporation). Director of the American Chestnut Foundation (non-profit corporation).	Asset Allocation Trust

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

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

Officers

Name and year of birth	Position held and length of service	Principal occupations during past five years or longer
Karla M. Rabusch (Born 1959)	President, since 2003	Executive Vice President of Wells Fargo Bank, N.A. and President of Wells Fargo Funds Management, LLC since 2003.
Nancy Wiser1 (Born 1967)	Treasurer, since 2012	Executive Vice President of Wells Fargo Funds Management, LLC since 2011. Chief Operating Officer and Chief Compliance Officer at LightBox Capital Management LLC, from 2008 to 2011. Owned and operated a consulting business providing services to various hedge funds including acting as Chief Operating Officer and Chief Compliance Officer for a hedge fund from 2007 to 2008. Chief Operating Officer and Chief Compliance Officer of GMN Capital LLC from 2006 to 2007.
C. David Messman (Born 1960)	Secretary, since 2000; Chief Legal Officer, since 2003	Senior Vice President and Secretary of Wells Fargo Funds Management, LLC since 2001. Assistant General Counsel of Wells Fargo Bank, N.A. since 2013 and Vice President and Managing Counsel of Wells Fargo Bank N.A. from 1996 to 2013.
Debra Ann Early (Born 1964)	Chief Compliance Officer, since 2007	Senior Vice President of Wells Fargo Funds Management, LLC since 2007 and Chief Compliance Officer from 2007 to 2014. Chief Compliance Officer of Parnassus Investments from 2005 to 2007. Chief Financial Officer of Parnassus Investments from 2004 to 2007 and Senior Audit Manager of PricewaterhouseCoopers LLP from 1998 to 2004.
David Berardi (Born 1975)	Assistant Treasurer, since 2009	Vice President of Wells Fargo Funds Management, LLC since 2009. Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Assistant Vice President of Evergreen Investment Services, Inc. from 2004 to 2008. Manager of Fund Reporting and Control for Evergreen Investment Management Company, LLC from 2004 to 2010.
Jeremy DePalma1 (Born 1974)	Assistant Treasurer, since 2009	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Vice President, Evergreen Investment Services, Inc. from 2004 to 2007. Head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.

¹ Nancy Wiser acts as Treasurer of 73 funds in the Fund Complex. Jeremy DePalma acts as Treasurer of 61 funds and Assistant Treasurer of 73 funds in the Fund Complex.

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

List of abbreviations Wells Fargo Advantage Strategic Income 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

PIK —  Payment-in-kind

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 leu

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.

For more information

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

Wells Fargo Advantage Funds

P.O. Box 8266

Boston, MA 02266-8266

Email: wfaf@wellsfargo.com

Website: wellsfargoadvantagefunds.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

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

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

NOT FDIC INSURED  ¡  NO BANK GUARANTEE  ¡   MAY LOSE VALUE

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

233649 06-15 SA263/SAR263 04-15

Wells Fargo Advantage Asia Pacific Fund

Semi-Annual Report

April 30, 2015

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

Contents

Letter to shareholders	2
Performance highlights	4
Fund expenses	6
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	20
Other information	26
List of abbreviations	29

The views expressed and any forward-looking statements are as of April 30, 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 Asia Pacific Fund Letter to shareholders (unaudited)

Karla M. Rabusch

President

Wells Fargo Advantage Funds

A worldwide trend toward looser monetary policy tended to support stock and bond markets in both developed and emerging economies.

Dear Valued Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Advantage Asia Pacific Fund for the six-month period that ended April 30, 2015. The period was marked by low global interest rates as major central banks initiated or increased their quantitative easing programs, supporting stock markets worldwide. Asian markets ended the reporting period with a 9.15% gain, as measured by the MSCI All Country Asia Pacific Index (Net)¹, supported by strength in China and Japan.

Major central banks continued to provide liquidity to the markets.

A worldwide trend toward looser monetary policy tended to support stock and bond markets in both developed and emerging economies. 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 at zero. Even though the FOMC ended its bond-buying program in October 2014 and guided investors to expect an interest-rate hike in mid- to late 2015, the Fed remained accommodative. Likewise, the European Central Bank maintained a variety of measures aimed at encouraging lending, including making funds available to banks at low interest rates and imposing a negative interest rate on bank deposits held at the central bank.

In China, the People’s Bank of China (PBOC) cut its benchmark interest rate twice during the reporting period in order to support a slowing economy. The PBOC also twice lowered the reserve requirement ratio, which mandates the amount that banks must set aside in reserves, in an attempt to encourage bank lending and support economic growth. In Japan, the Bank of Japan (BOJ) also maintained an aggressive monetary program aimed at combating deflation. Later in the period, the BOJ widened its program by purchasing Japanese stocks as well as bonds.

China and Japan both appreciated.

In China, government data showed a slowdown in fixed-asset investment, which includes property investment, and modest growth in manufacturing and housing sales. However, China’s growth rates still contrasted favorably with stagnant growth in most developed economies. Chinese markets also benefited from the Shanghai-Hong Kong Stock Connect program, launched in November 2014, which made it easier for mainland investors to purchase stocks on the Hong Kong exchange and for international investors to purchase stocks on the Shanghai exchange. The resulting surge in demand helped the MSCI China Index² end the period with a 29.61% gain.

Japanese stocks benefited from the country’s improving economic data, which showed signs of recovering from a mid-2014 trough, and a weaker yen that helped encourage Japanese exports. Money managers were also attracted by the

¹  The Morgan Stanley Capital International (MSCI) All Country Asia Pacific Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of the developed and emerging markets in the Pacific region. The MSCI AC Asia Pacific Index consists of the following 12 developed and emerging markets countries: Australia, China, Hong Kong, Indonesia, Japan, Korea, Malaysia, New Zealand, the Philippines, Singapore, Taiwan, and Thailand. You cannot invest directly in an index. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI.

²  The Morgan Stanley Capital International (MSCI) China Index is a free-float-adjusted market-capitalization-weighted index that is designed to measure equity market performance in China. You cannot invest directly in an index.

Letter to shareholders (unaudited) Wells Fargo Advantage Asia Pacific Fund 3

fact that Japanese stocks remained reasonably valued compared with other developed markets stocks, even as large Japanese companies showed a greater willingness to increase dividends and repurchase shares. A quantitative easing program that pushed pension funds into equities also increased demand for Japanese stocks, as did the BOJ purchasing stocks via exchange-traded funds. The MSCI Japan Index³ ended the period with a 12.82% gain.

Among smaller markets, South Korea ended with a modest gain for the period as the stronger U.S. dollar tended to support exporters such as Korea. India’s stock market benefited from lower inflation and signs of improving economic growth, but delays in key reforms caused the Indian market to underperform the benchmark.

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,

Karla M. Rabusch

President

Wells Fargo Advantage Funds

Among smaller markets, South Korea ended with a modest gain for the period as the stronger U.S. dollar tended to support exporters such as Korea.

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 MSCI Japan Index is a free-float-adjusted market-capitalization-weighted index that is designed to measure the performance of the large and mid cap segments of the Japanese market. You cannot invest directly in an index.

4 Wells Fargo Advantage Asia Pacific 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

Anthony L.T. Cragg

Alison Shimada

Average annual total returns¹ (%) as of April 30, 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 (WFAAX)	7-31-2007		13.65		8.38		7.64		20.61		9.67		8.27		1.72		1.61
Class C (WFCAX)	7-31-2007		18.77		8.84		7.46		19.77		8.84		7.46		2.47		2.36
Administrator Class (WFADX)	7-30-2010		–		–		–		20.98		9.89		8.38		1.56		1.41
Institutional Class (WFPIX)	7-30-2010		–		–		–		21.09		10.04		8.46		1.29		1.26
Investor Class (SASPX)	12-31-1993		–		–		–		20.56		9.62		8.22		1.78		1.66
MSCI All Country Asia Pacific Index (Net)4	–		–		–		–		14.38		6.68		7.00		–		–

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. 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. Foreign investments are especially volatile and can rise or fall dramatically due to differences in the political and economic conditions of the host country. These risks are generally intensified in emerging markets. The use of derivatives may reduce returns and/or increase volatility. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). The Fund is exposed to geographic 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 Asia Pacific Fund 5

Ten largest holdings5 (%) as of April 30, 2015
Bank of China Limited H Shares	2.91
Industrial & Commercial Bank of China Limited H Shares	2.85
Mitsui Fudosan Company Limited	1.94
Resona Holdings Incorporated	1.90
China Overseas Land & Investment Limited	1.84
Sumitomo Mitsui Trust Holdings Incorporated	1.84
Japan Airlines Company Limited	1.66
China Mobile Limited	1.63
Ping An Insurance (Group) Company of China Limited H Shares	1.40
China Construction Bank Corporation H Shares	1.38

Sector destribution⁶ as of April 30, 2015

Country allocation⁶ as of April 30, 2015

¹  Historical performance shown for Class A shares prior to their inception reflects the performance of Investor Class shares, and includes the higher expenses applicable to Investor Class shares. If these expenses had not been included, returns would be higher. Historical performance shown for Class C shares prior to their inception reflects the performance of Investor Class shares, and has been adjusted to reflect the higher expenses applicable to Class C shares. Historical performance shown for Administrator 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, returns would be higher.

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

³  The Adviser has committed through February 29, 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 1.60% for Class A, 2.35% for Class C, 1.40% for Administrator Class, 1.25% for Institutional Class, and 1.65% 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 Morgan Stanley Capital International (MSCI) All Country Asia Pacific Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of the developed and emerging markets in the Pacific region. The MSCI All Country Pacific Index (Net) consists of the following 12 developed and emerging markets countries: Australia, China, Hong Kong, Indonesia, Japan, Korea, Malaysia, New Zealand, the Philippines, Singapore, Taiwan, and Thailand. You cannot invest directly in an index. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI.

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 Asia Pacific 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 November 1, 2014 to April 30, 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 11-1-2014		Ending account value 4-30-2015		Expenses paid during the period¹		Net annualized expense ratio
Class A
Actual	$	1,000.00	$	1,115.96	$	8.39		1.60	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,016.86	$	8.00		1.60	%
Class C
Actual	$	1,000.00	$	1,111.76	$	12.30		2.35	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,013.14	$	11.73		2.35	%
Administrator Class
Actual	$	1,000.00	$	1,116.93	$	7.35		1.40	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.85	$	7.00		1.40	%
Institutional Class
Actual	$	1,000.00	$	1,118.05	$	6.56		1.25	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.60	$	6.26		1.25	%
Investor Class
Actual	$	1,000.00	$	1,115.16	$	8.65		1.65	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,016.61	$	8.25		1.65	%

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—April 30, 2015 (unaudited) Wells Fargo Advantage Asia Pacific Fund 7

Security name	Shares		Value
Common Stocks: 91.38%
Australia: 4.30%
AMP Limited (Financials, Insurance)		348,157	$	1,763,580
BHP Billiton Limited (Materials, Metals & Mining)		57,000		1,455,573
Healthscope Limited (Health Care, Health Care Providers & Services)		681,600		1,527,511
Insurance Australia Group Limited (Financials, Insurance)		244,300		1,119,634
Medibank Private Limited (Financials, Insurance) †		511,627		893,271
Rio Tinto Limited (Materials, Metals & Mining)		18,300		824,914
Suncorp Group Limited (Financials, Insurance)		69,300		716,657
				8,301,140
China: 24.02%
Agricultural Bank of China Limited H Shares (Financials, Banks)		1,786,000		1,005,482
Alibaba Group Holding Limited ADR (Information Technology, Internet Software & Services) †		27,900		2,267,991
AviChina Industry & Technology Company Limited H Shares (Industrials, Aerospace & Defense)		1,720,000		1,948,675
Baidu Incorporated ADR (Information Technology, Internet Software & Services) †		8,960		1,794,509
Bank of China Limited H Shares (Financials, Banks)		8,193,000		5,613,868
Beijing Enterprises Water Group Limited (Utilities, Water Utilities)		1,806,000		1,557,567
China Auto Rental Incorporated (Consumer Discretionary, Automobiles) †«		619,000		1,463,048
China BlueChemical Limited H Shares (Materials, Chemicals)		2,262,000		1,007,437
China Cinda Asset Management Company Limited H Shares (Financials, Capital Markets) †		1,814,000		1,076,496
China Construction Bank Corporation H Shares (Financials, Banks)		2,739,000		2,658,842
China Hongqiao Group Limited (Materials, Metals & Mining)		1,130,500		1,052,495
China Longyuan Power Group Corporation H Shares (Utilities, Independent Power & Renewable Electricity Producers)		1,563,000		1,937,014
China Mobile Limited (Telecommunication Services, Wireless Telecommunication Services)		220,500		3,149,465
China Petroleum & Chemical Corporation H Shares (Energy, Oil, Gas & Consumable Fuels)		1,624,000		1,532,676
China State Construction International Holdings Limited (Industrials, Construction & Engineering)		666,000		1,283,599
Dalian Wanda Commercial Properties Company Limited H Shares (Financials, Real Estate Management & Development) †		230,600		1,890,862
Huaneng Renewables Corporation Limited H Shares (Utilities, Independent Power & Renewable Electricity Producers)		4,424,000		1,931,515
Industrial & Commercial Bank of China Limited H Shares (Financials, Banks)		6,336,000		5,496,231
Kingdee International Software Group Company Limited (Information Technology, Software) †«		1,874,000		1,111,872
PetroChina Company Limited H Shares (Energy, Oil, Gas & Consumable Fuels)		1,412,000		1,821,145
Ping An Insurance (Group) Company of China Limited H Shares (Financials, Insurance)		189,500		2,710,084
Tencent Holdings Limited (Information Technology, Internet Software & Services)		54,500		1,124,818
Tianjin ZhongXin Pharmaceutical Group Corporation Limited Class S (Health Care, Pharmaceuticals)		659,400		923,401
				46,359,092
Hong Kong: 7.03%
China Everbright International Limited (Industrials, Commercial Services & Supplies)		579,000		1,079,693
China Merchants Holdings International Company Limited (Industrials, Transportation Infrastructure)		360,000		1,633,200
China Overseas Land & Investment Limited (Financials, Real Estate Management & Development)		854,000		3,557,234
China Power International Development Limited (Utilities, Independent Power & Renewable Electricity Producers) «		2,327,000		1,500,137
COSCO Pacific Limited (Industrials, Transportation Infrastructure)		992,241		1,556,001
Far East Horizon Limited (Financials, Diversified Financial Services)		2,247,000		2,372,996
GCL-Poly Energy Holdings Limited (Information Technology, Semiconductors & Semiconductor Equipment) †		3,341,000		1,010,425
Orient Overseas International Limited (Industrials, Marine)		139,000		853,110
				13,562,796

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

8 Wells Fargo Advantage Asia Pacific Fund Portfolio of investments—April 30, 2015 (unaudited)

Security name	Shares		Value
India: 6.55%
Astra Microwave Products Limited (Information Technology, Communications Equipment)		315,900	$	603,385
Coal India Limited (Energy, Oil, Gas & Consumable Fuels)		149,700		852,557
HDFC Bank Limited (Financials, Banks)		66,800		1,040,513
Hindalco Industries Limited (Materials, Metals & Mining)		645,200		1,302,393
Hindustan Zinc Limited (Materials, Metals & Mining)		348,500		928,858
Just Dial Limited (Information Technology, Internet Software & Services)		69,100		1,161,644
Kaveri Seed Company Limited (Consumer Staples, Food Products)		75,083		988,838
Reliance Industries Limited (Energy, Oil, Gas & Consumable Fuels)		64,300		872,082
SKS Microfinance Limited (Financials, Consumer Finance) †		134,500		993,849
State Bank of India (Financials, Banks)		308,900		1,309,316
Suzlon Energy Limited (Industrials, Electrical Equipment) †		3,504,400		1,308,587
Voltas Limited (Industrials, Construction & Engineering)		291,400		1,286,147
				12,648,169
Indonesia: 2.03%
PT Bank Tabungan Negara Persero Tbk (Financials, Banks)		7,384,700		632,720
PT Bekasi Fajar Industrial Estate Tbk (Financials, Real Estate Management & Development)		19,973,600		917,884
PT Blue Bird Tbk (Industrials, Road & Rail) †		1,205,700		760,296
PT Gudang Garam Tbk (Consumer Staples, Tobacco)		197,800		760,220
PT Multipolar Tbk (Consumer Discretionary, Multiline Retail)		13,634,700		844,234
				3,915,354
Japan: 28.27%
ASICS Corporation (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		49,100		1,259,920
Avex Group Holdings Incorporated (Consumer Discretionary, Media)		58,000		895,154
Credit Saison Company Limited (Financials, Consumer Finance)		73,900		1,397,439
FANUC Corporation (Industrials, Machinery)		6,500		1,429,757
FUJIFILM Holdings Corporation (Information Technology, Technology Hardware, Storage & Peripherals)		54,800		2,064,152
Hitachi Limited (Information Technology, Electronic Equipment, Instruments & Components)		259,000		1,767,132
Isuzu Motors Limited (Consumer Discretionary, Automobiles)		135,700		1,798,542
Japan Airlines Company Limited (Industrials, Airlines)		96,100		3,204,183
Japan Hotel REIT Investment Corporation (Financials, REITs)		2,000		1,473,799
Kawasaki Heavy Industries Limited (Industrials, Machinery)		406,000		2,092,466
Kubota Corporation (Industrials, Machinery)		86,000		1,345,987
M3 Incorporated (Health Care, Health Care Technology)		94,600		1,787,512
Matsumotokiyoshi Holdings Company Limited (Consumer Staples, Food & Staples Retailing)		36,700		1,336,283
Mitsubishi Electric Corporation (Industrials, Electrical Equipment)		137,000		1,789,179
Mitsubishi Heavy Industries Limited (Industrials, Machinery)		161,000		892,056
Mitsubishi UFJ Financial Group Incorporated (Financials, Banks)		271,600		1,929,541
Mitsui Fudosan Company Limited (Financials, Real Estate Management & Development)		126,000		3,735,181
Nagoya Railroad Company Limited (Industrials, Road & Rail)		504,000		1,990,788
Nippon Telegraph & Telephone Corporation (Telecommunication Services, Diversified Telecommunication Services)		17,100		1,154,677
ORIX Corporation (Financials, Diversified Financial Services)		62,400		959,611
Otsuka Corporation (Information Technology, IT Services)		49,100		2,261,496
Panasonic Corporation (Consumer Discretionary, Household Durables)		139,700		2,001,045
Resona Holdings Incorporated (Financials, Banks)		688,000		3,668,461
Sekisui House Limited (Consumer Discretionary, Household Durables)		93,000		1,441,561
SoftBank Corporation (Telecommunication Services, Wireless Telecommunication Services)		29,600		1,850,305
Sumitomo Metal Mining Company Limited (Materials, Metals & Mining)		87,000		1,275,176
Sumitomo Mitsui Trust Holdings Incorporated (Financials, Banks)		808,000		3,556,766

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

Portfolio of investments—April 30, 2015 (unaudited) Wells Fargo Advantage Asia Pacific Fund 9

Security name	Shares		Value
Japan (continued)
Toshiba Corporation (Industrials, Industrial Conglomerates)		298,000	$	1,193,954
Toyota Motor Corporation (Consumer Discretionary, Automobiles)		31,500		2,192,687
Tsukui Corporation (Health Care, Health Care Providers & Services)		107,500		812,383
				54,557,193
Malaysia: 0.70%
IHH Healthcare Bhd (Health Care, Health Care Providers & Services)		635,000		1,055,510
Malakoff Corporation Bhd (Utilities, Electric Utilities) (a)		591,800		302,090
				1,357,600
New Zealand: 1.56%
Air New Zealand Limited (Industrials, Airlines)		983,900		2,021,949
SKYCITY Entertainment Group Limited (Consumer Discretionary, Hotels, Restaurants & Leisure)		307,100		983,749
				3,005,698
Philippines: 0.49%
ABS-CBN Holdings Corporation (Consumer Discretionary, Media)		656,550		915,602
Premium Leisure Corporation (Financials, Diversified Financial Services)		906,900		33,122
				948,724
Singapore: 2.95%
Keppel DC REIT (Financials, REITs) †«		2,456,400		1,912,101
Raffles Medical Group Limited (Health Care, Health Care Providers & Services)		313,000		953,287
Singapore Post Limited (Industrials, Air Freight & Logistics)		661,000		953,044
Singapore Technologies Engineering Limited (Industrials, Aerospace & Defense)		322,000		879,051
Super Group Limited (Consumer Staples, Food Products)		881,000		989,761
				5,687,244
South Korea: 7.86%
Daelim Industrial Company Limited (Industrials, Construction & Engineering)		13,300		1,024,272
Hana Financial Group Incorporated (Financials, Banks)		51,790		1,524,484
Hyundai Motor Company (Consumer Discretionary, Automobiles)		5,600		878,870
KB Financial Group Incorporated (Financials, Banks)		39,500		1,506,305
Korea Aerospace Industries Limited (Industrials, Aerospace & Defense)		22,510		1,375,074
Korea Electric Power Corporation (Utilities, Electric Utilities)		35,190		1,530,199
LG Chem Limited (Materials, Chemicals)		7,500		1,894,562
POSCO (Materials, Metals & Mining)		8,200		1,931,621
Samsung Electronics Company Limited (Information Technology, Technology Hardware, Storage & Peripherals)		1,963		2,575,169
Suprema Incorporated (Information Technology, Electronic Equipment, Instruments & Components) †		42,600		923,574
				15,164,130
Taiwan: 4.68%
Advanced Semiconductor Engineering Incorporated (Information Technology, Semiconductors & Semiconductor Equipment)		718,000		1,018,214
Chicony Electronics Company Limited (Information Technology, Technology Hardware, Storage & Peripherals)		360,795		1,037,458
China Trust Financial Holding Company Limited (Financials, Banks)		1,323,000		1,029,788
CTCI Corporation (Industrials, Construction & Engineering)		490,000		861,552
King Yuan Electronics Company Limited (Information Technology, Semiconductors & Semiconductor Equipment)		1,047,000		951,742
Media Tek Incorporated (Information Technology, Semiconductors & Semiconductor Equipment)		58,000		745,543

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

10 Wells Fargo Advantage Asia Pacific Fund Portfolio of investments—April 30, 2015 (unaudited)

Security name						Shares		Value
Taiwan (continued)
Namchow Chemical Industrial Company Limited (Consumer Staples, Food Products)							496,000	$	1,100,190
Taiwan Semiconductor Manufacturing Company Limited (Information Technology, Semiconductors & Semiconductor Equipment)							205,000		986,926
WPG Holdings Company Limited (Information Technology, Electronic Equipment, Instruments & Components)							1,036,000		1,296,122
									9,027,535
Thailand: 0.94%
BTS Group Holdings PCL (Industrials, Road & Rail)							3,185,400		893,825
Dynasty Ceramic PCL (Industrials, Building Products)							225,440		27,629
Intouch Holding PCL (Telecommunication Services, Wireless Telecommunication Services)							380,800		887,716
									1,809,170
Total Common Stocks (Cost $153,684,643)									176,343,845
				Expiration date
Participation Notes: 2.02%
China: 2.02%
HSBC Bank plc (Shanghai International Airport Company Limited Class A) (Industrials, Transportation Infrastructure) †					8-20-2020		223,492		995,965
Standard Chartered Bank (Inner Mongolia Yili Industrial Group Company Limited Class A) (Consumer Staples, Food Products) †					11-5-2015		175,000		1,029,096
Standard Chartered Bank (Kweichow Moutai Company Limited Class A) (Consumer Staples, Beverages) †					4-18-2016		26,000		1,057,722
Standard Chartered Bank (SAIC Motor Corporation Limited Class A) (Consumer Discretionary, Automobiles) †					4-29-2016		187,000		814,342
Total Participation Notes (Cost $3,227,403)									3,897,125
	Dividend yield
Preferred Stocks: 1.11%
South Korea: 1.11%
Samsung Electronics Company Limited (Information Technology, Semiconductors & Semiconductor Equipment) ±		1.80	%				2,100		2,130,852
Total Preferred Stocks (Cost $1,559,325)									2,130,852
	Yield
Short-Term Investments: 4.86%
Investment Companies: 4.86%
Securities Lending Cash Investments, LLC (l)(r)(u)		0.12					2,504,107		2,504,107
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)		0.11					6,875,792		6,875,792
Total Short-Term Investments (Cost $9,379,899)									9,379,899

Total investments in securities (Cost $167,851,270) *	99.37	%		191,751,721
Other assets and liabilities, net	0.63			1,221,536
Total net assets	100.00	%	$	192,973,257

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

Portfolio of investments—April 30, 2015 (unaudited) Wells Fargo Advantage Asia Pacific Fund 11

† Non-income-earning security

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

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

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

(l) The security represents an affiliate of the 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 $169,291,548 and unrealized gains (losses) consists of:

Gross unrealized gains	$	28,180,401
Gross unrealized losses		(5,720,228	)
Net unrealized gains	$	22,460,173

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

12 Wells Fargo Advantage Asia Pacific Fund Statement of assets and liabilities—April 30, 2015 (unaudited)

Assets
Investments
In unaffiliated securities (including $2,325,800 of securities loaned), at value (cost $158,471,371)	$	182,371,822
In affiliated securities, at value (cost $9,379,899)		9,379,899
Total investments, at value (cost $167,851,270)		191,751,721
Foreign currency, at value (cost $505,123)		510,704
Receivable for investments sold		4,559,466
Receivable for Fund shares sold		844,774
Receivable for dividends		526,994
Receivable for securities lending income		6,153
Prepaid expenses and other assets		37,198
Total assets		198,237,010
Liabilities
Payable for investments purchased		2,307,100
Payable for Fund shares redeemed		180,948
Payable upon receipt of securities loaned		2,504,107
Advisory fee payable		132,358
Distribution fee payable		1,953
Administration fees payable		53,714
Accrued expenses and other liabilities		83,573
Total liabilities		5,263,753
Total net assets	$	192,973,257
NET ASSETS CONSIST OF
Paid-in capital	$	280,048,192
Accumulated net investment loss		(1,192,914	)
Accumulated net realized losses on investments		(109,789,673	)
Net unrealized gains on investments		23,907,652
Total net assets	$	192,973,257
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	8,372,271
Shares outstanding – Class A1		623,222
Net asset value per share – Class A		$13.43
Maximum offering price per share – Class A2		$14.25
Net assets – Class C	$	3,389,279
Shares outstanding – Class C1		265,351
Net asset value per share – Class C		$12.77
Net assets – Administrator Class	$	16,556,005
Shares outstanding – Administrator Class1		1,254,472
Net asset value per share – Administrator Class		$13.20
Net assets – Institutional Class	$	1,946,291
Shares outstanding – Institutional Class1		147,467
Net asset value per share – Institutional Class		$13.20
Net assets – Investor Class	$	162,709,411
Shares outstanding – Investor Class1		12,296,560
Net asset value per share – Investor Class		$13.23

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 April 30, 2015 (unaudited) Wells Fargo Advantage Asia Pacific Fund 13

Investment income
Dividends (net of foreign withholding taxes of $134,731)	$	1,093,631
Securities lending income, net		18,300
Income from affiliated securities		1,581
Total investment income		1,113,512
Expenses
Advisory fee		817,522
Administration fees
Fund level		43,028
Class A		9,033
Class C		3,441
Administrator Class		6,983
Institutional Class		542
Investor Class		235,508
Shareholder servicing fees
Class A		8,685
Class C		3,309
Administrator Class		16,309
Investor Class		183,991
Distribution fee
Class C		9,927
Custody and accounting fees		69,548
Professional fees		26,005
Registration fees		33,450
Shareholder report expenses		24,466
Trustees’ fees and expenses		6,305
Other fees and expenses		14,497
Total expenses		1,512,549
Less: Fee waivers and/or expense reimbursements		(105,284	)
Net expenses		1,407,265
Net investment loss		(293,753	)
REALIZED AND UNREALIZED GAINS ON INVESTMENTS
Net realized gains on:
Unaffiliated securities		7,733,790
Forward foreign currency contract transactions		99,765
Net realized gains on investments		7,833,555
Net change in unrealized gains on investments		12,208,731
Net realized and unrealized gains on investments		20,042,286
Net increase in net assets resulting from operations	$	19,748,533

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

14 Wells Fargo Advantage Asia Pacific Fund Statement of changes in net assets

	Six months ended April 30, 2015 (unaudited)						Year ended October 31, 2014
Operations
Net investment income (loss)				$	(293,753	)				$	1,447,027
Net realized gains on investments					7,833,555						14,500,418
Net change in unrealized gains (losses) on investments					12,208,731						(4,886,948	)
Net increase in net assets resulting from operations					19,748,533						11,060,497
Distributions to shareholders from
Net investment income
Class A					(82,320	)					(174,427	)
Class C					(18,378	)					(39,188	)
Administrator Class					(197,300	)					(357,092	)
Institutional Class					(18,960	)					(3,952	)
Investor Class					(1,661,776	)					(4,117,147	)
Total distributions to shareholders					(1,978,734	)					(4,691,806	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		110,737			1,415,308			213,375			2,569,331
Class C		73,671			880,267			91,389			1,033,884
Administrator Class		288,864			3,548,363			515,591			6,073,555
Institutional Class		110,664			1,343,622			32,247			390,907
Investor Class		1,135,721			14,002,178			2,513,982			29,455,819
					21,189,738						39,523,496
Reinvestment of distributions
Class A		6,243			74,538			14,068			162,768
Class C		1,201			13,666			2,369			26,174
Administrator Class		16,773			196,572			29,465			334,721
Institutional Class		687			8,043			348			3,952
Investor Class		138,609			1,630,057			353,802			4,029,801
					1,922,876						4,557,416
Payment for shares redeemed
Class A		(48,102	)		(596,302	)		(417,097	)		(4,930,591	)
Class C		(19,277	)		(225,319	)		(61,548	)		(667,173	)
Administrator Class		(215,412	)		(2,618,515	)		(470,899	)		(5,405,459	)
Institutional Class		(5,717	)		(69,503	)		(1,888	)		(22,609	)
Investor Class		(1,539,311	)		(18,748,329	)		(4,536,103	)		(52,779,516	)
					(22,257,968	)					(63,805,348	)
Net increase (decrease) in net assets resulting from capital share transactions					854,646						(19,724,436	)
Total increase (decrease) in net assets					18,624,445						(13,355,745	)
Net assets
Beginning of period					174,348,812						187,704,557
End of period				$	192,973,257					$	174,348,812
Undistributed (accumulated) net investment income (loss)				$	(1,192,914	)				$	1,079,573

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

Financial highlights Wells Fargo Advantage Asia Pacific Fund 15

(For a share outstanding throughout each period)

	Six months ended April 30, 2015 (unaudited)			Year ended October 31															Year ended September 30, 2010
CLASS A				2014			2013			2012			2011			20101
Net asset value, beginning of period		$12.18			$11.72			$10.19			$9.30			$10.15			$9.77			$8.82
Net investment income (loss)		(0.02	)		0.09	2		0.12	2		0.10	2		0.08	2		(0.01	)2		0.04	2
Net realized and unrealized gains (losses) on investments		1.41			0.67			1.79			0.79			(0.89	)		0.39			1.05
Total from investment operations		1.39			0.76			1.91			0.89			(0.81	)		0.38			1.09
Distributions to shareholders from
Net investment income		(0.14	)		(0.30	)		(0.38	)		0.00			(0.04	)		0.00			(0.14	)
Net asset value, end of period		$13.43			$12.18			$11.72			$10.19			$9.30			$10.15			$9.77
Total return3		11.60	%		6.61	%		19.24	%		9.57	%		(7.97	)%		3.89	%		12.58	%
Ratios to average net assets (annualized)
Gross expenses		1.71	%		1.71	%		1.79	%		1.86	%		1.73	%		1.90	%		1.90	%
Net expenses		1.60	%		1.60	%		1.60	%		1.60	%		1.60	%		1.60	%		1.59	%
Net investment income (loss)		(0.30	)%		0.80	%		1.08	%		1.04	%		0.83	%		(0.91	)%		0.49	%
Supplemental data
Portfolio turnover rate		59	%		113	%		187	%		163	%		196	%		11	%		137	%
Net assets, end of period (000s omitted)		$8,372			$6,755			$8,720			$5,699			$31,000			$63,741			$62,700

¹  For the one month ended October 31, 2010. The Fund changed its fiscal year end from September 30 to October 31, effective October 31, 2010.

²  Calculated based upon average shares outstanding

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

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

16 Wells Fargo Advantage Asia Pacific Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended April 30, 2015 (unaudited)			Year ended October 31															Year ended September 30, 2010
CLASS C				2014			2013			2012			2011			20101
Net asset value, beginning of period		$11.57			$11.15			$9.73			$8.98			$9.96			$9.59			$8.67
Net investment income (loss)		(0.06	)2		0.01	2		0.05			0.09	2		0.01			(0.01	)2		(0.01	)2
Net realized and unrealized gains (losses) on investments		1.34			0.63			1.69			0.69			(0.86	)		0.38			1.03
Total from investment operations		1.28			0.64			1.74			0.78			(0.85	)		0.37			1.02
Distributions to shareholders from
Net investment income		(0.08	)		(0.22	)		(0.32	)		(0.03	)		(0.13	)		0.00			(0.10	)
Net asset value, end of period		$12.77			$11.57			$11.15			$9.73			$8.98			$9.96			$9.59
Total return3		11.18	%		5.76	%		18.44	%		8.78	%		(8.67	)%		3.86	%		11.84	%
Ratios to average net assets (annualized)
Gross expenses		2.46	%		2.46	%		2.54	%		2.62	%		2.48	%		2.65	%		2.65	%
Net expenses		2.35	%		2.35	%		2.35	%		2.35	%		2.35	%		2.35	%		2.34	%
Net investment income (loss)		(1.02	)%		0.12	%		0.37	%		0.92	%		0.18	%		(1.66	)%		(0.13	)%
Supplemental data
Portfolio turnover rate		59	%		113	%		187	%		163	%		196	%		11	%		137	%
Net assets, end of period (000s omitted)		$3,389			$2,427			$1,980			$1,673			$1,274			$1,507			$1,450

¹  For the one month ended October 31, 2010. The Fund changed its fiscal year end from September 30 to October 31, effective October 31, 2010.

²  Calculated based upon average shares outstanding

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

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

Financial highlights Wells Fargo Advantage Asia Pacific Fund 17

(For a share outstanding throughout each period)

	Six months ended April 30, 2015 (unaudited)			Year ended October 31															Year ended September 30, 20102
ADMINISTRATOR CLASS				2014			2013			2012			2011			20101
Net asset value, beginning of period		$11.99			$11.54			$10.04			$9.29			$10.15			$9.77			$8.84
Net investment income (loss)		(0.01	)3		0.12	3		0.14	3		0.17			0.12	3		(0.00	)3,4		0.03	3
Net realized and unrealized gains (losses) on investments		1.39			0.65			1.77			0.71			(0.89	)		0.38			0.90
Total from investment operations		1.38			0.77			1.91			0.88			(0.77	)		0.38			0.93
Distributions to shareholders from
Net investment income		(0.17	)		(0.32	)		(0.41	)		(0.13	)		(0.09	)		0.00			0.00
Net asset value, end of period		$13.20			$11.99			$11.54			$10.04			$9.29			$10.15			$9.77
Total return5		11.69	%		6.86	%		19.57	%		9.66	%		(7.68	)%		3.89	%		10.52	%
Ratios to average net assets (annualized)
Gross expenses		1.54	%		1.52	%		1.61	%		1.67	%		1.52	%		1.74	%		1.80	%
Net expenses		1.40	%		1.40	%		1.40	%		1.40	%		1.39	%		1.40	%		1.40	%
Net investment income (loss)		(0.09	)%		1.04	%		1.26	%		1.74	%		1.14	%		(0.70	)%		1.98	%
Supplemental data
Portfolio turnover rate		59	%		113	%		187	%		163	%		196	%		11	%		137	%
Net assets, end of period (000s omitted)		$16,556			$13,956			$12,577			$12,860			$13,959			$11			$11

¹  For the one month ended October 31, 2010. The Fund changed its fiscal year end from September 30 to October 31, effective October 31, 2010.

²  For the period from July 30, 2010 (commencement of class operations) to 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.

18 Wells Fargo Advantage Asia Pacific Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended April 30, 2015 (unaudited)			Year ended October 31															Year ended September 30, 20102
INSTITUTIONAL CLASS				2014			2013			2012			2011			20101
Net asset value, beginning of period		$12.00			$11.55			$10.05			$9.30			$10.15			$9.77			$8.84
Net investment income (loss)		0.01	3		0.14	3		0.18	3		0.18			0.13			(0.01	)3		0.03	3
Net realized and unrealized gains (losses) on investments		1.38			0.65			1.74			0.71			(0.89	)		0.39			0.90
Total from investment operations		1.39			0.79			1.92			0.89			(0.76	)		0.38			0.93
Distributions to shareholders from
Net investment income		(0.19	)		(0.34	)		(0.42	)		(0.14	)		(0.09	)		0.00			0.00
Net asset value, end of period		$13.20			$12.00			$11.55			$10.05			$9.30			$10.15			$9.77
Total return4		11.80	%		6.99	%		19.70	%		9.90	%		(7.55	)%		3.89	%		10.52	%
Ratios to average net assets (annualized)
Gross expenses		1.28	%		1.27	%		1.33	%		1.42	%		1.29	%		1.47	%		1.47	%
Net expenses		1.25	%		1.25	%		1.25	%		1.25	%		1.24	%		1.25	%		1.25	%
Net investment income (loss)		0.23	%		1.15	%		1.62	%		1.86	%		1.30	%		(0.57	)%		2.11	%
Supplemental data
Portfolio turnover rate		59	%		113	%		187	%		163	%		196	%		11	%		137	%
Net assets, end of period (000s omitted)		$1,946			$502			$129			$12			$11			$11			$11

¹  For the one month ended October 31, 2010. The Fund changed its fiscal year end from September 30 to October 31, effective October 31, 2010.

²  For the period from July 30, 2010 (commencement of class operations) to 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.

Financial highlights Wells Fargo Advantage Asia Pacific Fund 19

(For a share outstanding throughout each period)

	Six months ended April 30, 2015 (unaudited)			Year ended October 31															Year ended September 30, 2010
INVESTOR CLASS				2014			2013			2012			2011			20101
Net asset value, beginning of period		$12.00			$11.55			$10.05			$9.28			$10.14			$9.76			$8.81
Net investment income (loss)		(0.02	)		0.09			0.10			0.15			0.08	2		(0.01	)2		0.04	2
Net realized and unrealized gains (losses) on investments		1.39			0.65			1.78			0.72			(0.88	)		0.39			1.05
Total from investment operations		1.37			0.74			1.88			0.87			(0.80	)		0.38			1.09
Distributions to shareholders from
Net investment income		(0.14	)		(0.29	)		(0.38	)		(0.10	)		(0.06	)		0.00			(0.14	)
Net asset value, end of period		$13.23			$12.00			$11.55			$10.05			$9.28			$10.14			$9.76
Total return3		11.52	%		6.58	%		19.25	%		9.51	%		(7.97	)%		3.89	%		12.51	%
Ratios to average net assets (annualized)
Gross expenses		1.77	%		1.77	%		1.85	%		1.94	%		1.80	%		1.97	%		1.99	%
Net expenses		1.65	%		1.65	%		1.65	%		1.65	%		1.65	%		1.65	%		1.64	%
Net investment income (loss)		(0.36	)%		0.79	%		1.04	%		1.47	%		0.82	%		(0.96	)%		0.41	%
Supplemental data
Portfolio turnover rate		59	%		113	%		187	%		163	%		196	%		11	%		137	%
Net assets, end of period (000s omitted)		$162,709			$150,708			$164,299			$154,999			$169,895			$252,214			$241,892

¹  For the one month ended October 31, 2010. The Fund changed its fiscal year end from September 30 to October 31, effective October 31, 2010.

²  Calculated based upon average shares outstanding

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

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

20 Wells Fargo Advantage Asia Pacific 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 Asia Pacific 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.

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 April 30, 2015, such fair value pricing was used in pricing foreign securities.

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. 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

Notes to financial statements (unaudited) Wells Fargo Advantage Asia Pacific Fund 21

used in determining fair valuations are identified based on the type of security, taking into consideration factors utilized by market participants in valuing the investment, knowledge about the issuer and the current market environment.

Foreign currency translation

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

Forward foreign currency contracts

The Fund is subject to foreign currency exchange rate risk in the normal course of pursuing its investment objectives. A forward foreign currency contract is an agreement between two parties to purchase or sell a specific currency for an agreed-upon price at a future date. The Fund enters into forward foreign currency contracts to facilitate transactions in foreign-denominated securities and to attempt to minimize the risk to the Fund from adverse changes in the relationship between currencies. Forward foreign currency contracts are recorded at the forward rate and marked-to-market daily. When the contracts are closed, realized gains and losses arising from such transactions are recorded as realized gains or losses on forward foreign currency contract transactions. The Fund could be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts or if the value of the foreign currency changes unfavorably. The Fund’s maximum risk of loss from counterparty credit risk is the unrealized gains on the contracts. This risk may be mitigated if there is a master netting arrangement between the Fund and the counterparty.

Security loans

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

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

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.

22 Wells Fargo Advantage Asia Pacific Fund Notes to financial statements (unaudited)

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 October 31, 2014, the Fund had capital loss carryforwards available to offset future net realized capital gains in the amount of $117,451,338 with $36,634,134 expiring in 2016 and $80,817,204 expiring in 2017.

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

Notes to financial statements (unaudited) Wells Fargo Advantage Asia Pacific Fund 23

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of April 30, 2015:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Australia	$	0	$	8,301,140	$	0	$	8,301,140
China		4,062,500		42,296,592		0		46,359,092
Hong Kong		0		13,562,796		0		13,562,796
India		0		12,648,169		0		12,648,169
Indonesia		0		3,915,354		0		3,915,354
Japan		0		54,557,193		0		54,557,193
Malaysia		1,055,510		302,090		0		1,357,600
New Zealand		0		3,005,698		0		3,005,698
Philippines		915,602		33,122		0		948,724
Singapore		2,865,388		2,821,856		0		5,687,244
South Korea		0		15,164,130		0		15,164,130
Taiwan		0		9,027,535		0		9,027,535
Thailand		921,454		887,716		0		1,809,170
Participation notes
China		0		3,897,125		0		3,897,125
Preferred stocks
South Korea		0		2,130,852		0		2,130,852
Short-term investments
Investment companies		6,875,792		2,504,107		0		9,379,899
Total assets	$	16,696,246	$	175,055,475	$	0	$	191,751,721

The Fund recognizes transfers between levels within the fair value hierarchy at the end of the reporting period. At April 30, 2015, fair value pricing was used in pricing certain foreign securities and securities valued at $119,522,517 were transferred from Level 1 to Level 2. The Fund did not have any transfers into/out of Level 3.

4. TRANSACTIONS WITH AFFILIATES

Advisory fee

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

Pursuant to the contract, Funds Management is entitled to receive an annual advisory fee starting at 0.95% and declining to 0.80% as the average daily net assets of the Fund increase. For the six months ended April 30, 2015, the advisory fee was equivalent to an annual rate of 0.95% 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 0.65% and declining to 0.45% as the average daily net assets of the Fund increase.

Administration fees

The Trust has entered into an administration agreement with Funds Management. Under this agreement, for providing administrative services, which includes paying fees and expenses for services provided by the transfer agent, sub-transfer agents, omnibus account servicers and record-keepers, Funds Management is entitled to receive from the Fund an annual

24 Wells Fargo Advantage Asia Pacific Fund Notes to financial statements (unaudited)

fund level administration fee starting at 0.05% and declining to 0.03% as the average daily net assets of the Fund increase and a class level administration fee which is calculated based on the average daily net assets of each class as follows:

	Class level administration fee
Class A, Class C		0.26	%
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 February 29, 2016 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.60% for Class A shares, 2.35% for Class C shares, 1.40% for Administrator Class shares, 1.25% for Institutional Class shares, and 1.65% for Investor Class shares. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

Distribution fee

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

In addition, Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the six months ended April 30, 2015, Funds Distributor received $4,097 from the sale of Class A shares.

Shareholder servicing fees

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

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended April 30, 2015 were $100,141,869 and $111,798,346, respectively.

6. DERIVATIVE TRANSACTIONS

During the six months ended April 30, 2015, the Fund entered into forward foreign currency contracts for economic hedging purposes.

As of April 30, 2015, the Fund did not have any open forward foreign currency contracts. The Fund had average contract amounts of $251,183 and $285,547 in forward foreign currency contracts to buy and forward foreign currency contracts to sell, respectively, during the six months ended April 30, 2015.

The fair value, realized gains or losses and change in unrealized gains or losses, if any, on derivative instruments are reflected in the appropriate financial statements.

7. BANK BORROWINGS

The Trust (excluding the money market funds and certain other funds in the Trust) and Wells Fargo Variable Trust are parties to a $150,000,000 revolving credit agreement, whereby the Fund is permitted to use bank borrowings for temporary or emergency purposes, such as to fund shareholder redemption requests. Interest under the credit agreement is charged to the Fund based on a borrowing rate equal to the higher of the Federal Funds rate in effect on that day plus 1.25% or the overnight LIBOR rate in effect on that day plus 1.25%. In addition, an annual commitment fee equal to 0.10% of the unused balance is allocated to each participating fund. For the six months ended April 30, 2015, the Fund paid $157 in commitment fees.

Notes to financial statements (unaudited) Wells Fargo Advantage Asia Pacific Fund 25

For the six months ended April 30, 2015, there were no borrowings by the Fund under the agreement.

8. CONCENTRATION RISK

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

9. INDEMNIFICATION

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

26 Wells Fargo Advantage Asia Pacific Fund Other information (unaudited)

TAX INFORMATION

Pursuant to Section 853 of the Internal Revenue Code, the following amounts were designated as foreign taxes paid for the fiscal year ended October 31, 2014. These amounts may be less than the actual foreign taxes paid for financial statement purposes. Foreign taxes paid or withheld should be included in taxable income with an offsetting deduction from gross income or as a credit for taxes paid to foreign governments. None of the income was derived from ineligible foreign sources as defined under Section 901(j) of the Internal Revenue Code.

Creditable foreign taxes paid	Per share amount	Foreign income as % of ordinary income distributions
$367,859	$0.0253	88.89%

PROXY VOTING INFORMATION

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

PORTFOLIO HOLDINGS INFORMATION

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

Other information (unaudited) Wells Fargo Advantage Asia Pacific Fund 27

BOARD OF TRUSTEES AND OFFICERS

Each of the Trustees and Officers¹ listed in the table below acts in identical capacities for each fund in the Wells Fargo Advantage family of funds, which consists of 134 mutual funds comprising the Wells Fargo Funds Trust, Wells Fargo Variable Trust, Wells Fargo Master Trust and four closed-end funds (collectively the “Fund Complex”). This table should be read in conjunction with the Prospectus and the Statement of Additional Information². The mailing address of each Trustee and Officer is 525 Market Street, 12th Floor, San Francisco, CA 94105. Each Trustee and Officer serves an indefinite term, however, each Trustee serves such term until reaching the mandatory retirement age established by the Trustees.

Independent Trustees

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Other directorships during past five years
William R. Ebsworth (Born 1957)	Trustee, since 2015**	Retired. From 1984 to 2013, equities analyst, portfolio manager, research director at Fidelity Management and Research Company and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. in Boston, Tokyo, and Hong Kong where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Mr. Ebsworth is an Adjunct Lecturer, Finance, at Babson College and a Chartered Financial Analyst.	Asset Allocation Trust
Jane A. Freeman (Born 1953)	Trustee, since 2015**	Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, 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 Deluxe 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 Asia Pacific 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 Asia Pacific 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

PIK —  Payment-in-kind

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 leu

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

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For more information

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

Wells Fargo Advantage Funds

P.O. Box 8266

Boston, MA 02266-8266

Email: wfaf@wellsfargo.com

Website: wellsfargoadvantagefunds.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

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

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

NOT FDIC INSURED  ¡  NO BANK GUARANTEE  ¡   MAY LOSE VALUE

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

233650 06-15 SA236/SAR236 04-15

Wells Fargo Advantage Diversified International Fund

Semi-Annual Report

April 30, 2015

Reduce clutter. Save trees.

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

Contents

Letter to shareholders	2
Performance highlights	4
Fund expenses	6
Portfolio of investments	7
Financial statements
Statement of assets and liabilities	16
Statement of operations	17
Statement of changes in net assets	18
Financial highlights	19
Notes to financial statements	25
Other information	32
List of abbreviations	35

The views expressed and any forward-looking statements are as of April 30, 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 International Fund Letter to shareholders (unaudited)

Karla M. Rabusch

President

Wells Fargo Advantage Funds

A worldwide trend toward looser monetary policy tended to support stock and bond markets in both developed and emerging economies.

European stocks were boosted by the anticipation and then the reality of the ECB’s asset purchases.

Dear Valued Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Advantage Diversified International Fund for the six-month period that ended April 30, 2015. The period was marked by low global interest rates as major central banks initiated or increased their quantitative easing programs. By the end of the period, some European sovereign debt issues were selling at negative yields. In the U.S., large-cap stocks, as measured by the S&P 500 Index¹, gained 7.22%, boosted by stronger economic data in the U.S. Although non-U.S. economic growth was more restrained, developed international stocks, as measured by the MSCI EAFE Index (Net)², gained 6.81%, appreciating, in part, because of quantitative easing in Europe and Japan.

Major central banks continued to provide liquidity to the markets.

A worldwide trend toward looser monetary policy tended to support stock and bond markets in both developed and emerging economies. 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 at zero. Even though the FOMC ended its bond-buying program in October 2014 and guided investors to expect an interest-rate hike in mid- to late-2015, the Fed remained accommodative.

The European Central Bank (ECB) maintained a variety of measures aimed at encouraging lending, including making funds available to banks at low interest rates and imposing a negative interest rate on bank deposits held at the central bank. In January 2015, the bank announced quantitative easing via significant bond purchases in an attempt to raise the eurozone’s inflation to just under its target of 2%. In Japan, the Bank of Japan (BOJ) also maintained an aggressive monetary program aimed at combating deflation.

The U.S. outperformed other developed markets economies, while major emerging economies grappled with slower growth.

Reported U.S. gross domestic product (GDP) growth came in at a solid 2.2% annualized rate in the fourth quarter of 2014. Although the initial estimate for annualized GDP growth came in at a modest 0.2% in the first quarter of 2015, the slowdown was attributed to short-term factors such as a harsh winter and a long-lived strike at West Coast ports.

European annualized GDP growth was 1.3% in the fourth quarter of 2014 and 1.4% in the first quarter of 2015. European stocks were boosted by the anticipation and then the reality of the ECB’s asset purchases. As also occurred in the U.S., the central bank’s purchase of fixed-income assets provided liquidity that investors poured into riskier assets, including stocks. A similar dynamic played out in Japan, although Japanese shares received the benefit of direct purchases from the BOJ and major pension funds.

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

²  The Morgan Stanley Capital International Europe, Australasia, and Far East (MSCI EAFE) Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. The MSCI EAFE Index (Net) consists of the following 21 developed markets country indexes: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, and the United Kingdom. You cannot invest directly in an index. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI.

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

Among major emerging markets, Chinese government data showed a slowdown in fixed-asset investment, which includes property investment, and modest growth in manufacturing and housing sales. However, China’s growth rates still contrasted favorably with stagnant growth in most developed economies. Brazil faced a challenging situation with a growing corruption scandal affecting the state-controlled oil company, a struggling economy, and a severe drought affecting the city of São Paulo. The MSCI Emerging Markets Index (Net)³ ended the period with a 3.92% return.

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

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

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 Morgan Stanley Capital International (MSCI) Emerging Markets Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of emerging markets. The MSCI Emerging Markets Index (Net) consists of the following 23 emerging markets country indexes: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Peru, the Philippines, Poland, Qatar, Russia, South Africa, Taiwan, Thailand, Turkey, and United Arab Emirates. You cannot invest directly in an index.

4 Wells Fargo Advantage Diversified International Fund Performance highlights (unaudited)

Investment objective

The Fund seeks long-term capital appreciation.

Adviser

Wells Fargo Funds Management, LLC

Subadvisers

Artisan Partners Limited Partnership

LSV Asset Management

Wells Capital Management Incorporated

Portfolio managers

Jeffrey Everett, CFA

Josef Lakonishok

Puneet Mansharamani, CFA

Menno Vermeulen, CFA

Dale Winner, CFA

Mark L. Yockey, CFA

Average annual total returns¹ (%) as of April 30, 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 (SILAX)	9-24-1997		(0.26	)		7.20		4.47		5.83		8.47		5.09		1.76		1.41
Class B (SILBX)*	9-24-1997		0.08			7.36		4.55		5.08		7.66		4.55		2.51		2.16
Class C (WFECX)	4-1-1998		3.99			7.64		4.32		4.99		7.64		4.32		2.51		2.16
Administrator Class (WFIEX)	11-8-1999		–			–		–		6.00		8.66		5.30		1.60		1.25
Institutional Class (WFISX)	8-31-2006		–			–		–		6.24		8.84		5.47		1.33		0.99
Investor Class (WIEVX)	7-18-2008		–			–		–		5.74		8.40		5.06		1.82		1.46
MSCI EAFE Index (Net)4	–		–			–		–		1.66		7.40		5.62		–		–

* 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, 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. Foreign investments are especially volatile and can rise or fall dramatically due to differences in the political and economic conditions of the host country. These risks are generally intensified in emerging markets. The use of derivatives may reduce returns and/or increase volatility. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). The Fund is exposed to smaller-company securities risk. Consult the Fund’s prospectus for additional information on these and other risks.

Please see footnotes on page 5.

Performance highlights (unaudited) Wells Fargo Advantage Diversified International Fund 5

Ten largest holdings5 (%) as of April 30, 2015
Bayer AG	1.96
Toyota Motor Corporation	1.84
Zurich Financial Services AG	1.64
Baidu Incorporated ADR	1.62
Mitsubishi UFJ Financial Group Incorporated	1.35
AIA Group Limited	1.29
BP plc	1.22
Medtronic plc	1.14
Anima Holding SpA	1.12
Man Group plc	1.09

Sector distribution⁶ as of April 30, 2015

Country allocation⁶ as of April 30, 2015

¹  Historical performance shown for Investor Class shares prior to their inception reflects the performance of Class A shares and has been adjusted to reflect the higher expenses applicable to Investor Class shares. Historical performance shown for Institutional Class shares prior to their inception reflects the performance of Administrator Class shares, and includes the higher expenses applicable to Administrator Class shares. If these expenses had not been included, returns would be higher.

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

³  The Adviser has committed through February 29, 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 Morgan Stanley Capital International Europe, Australasia, and Far East (MSCI EAFE) Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. The MSCI EAFE Index (Net) consists of the following 21 developed markets country indexes: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, and the United Kingdom. You cannot invest directly in an index. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI.

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 Diversified International 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 November 1, 2014 to April 30, 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 11-1-2014		Ending account value 4-30-2015		Expenses paid during the period¹		Net annualized expense ratio
Class A
Actual	$	1,000.00	$	1,082.97	$	7.28		1.41	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.80	$	7.05		1.41	%
Class B
Actual	$	1,000.00	$	1,079.13	$	11.08		2.15	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,014.13	$	10.74		2.15	%
Class C
Actual	$	1,000.00	$	1,078.29	$	11.13		2.16	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,014.08	$	10.79		2.16	%
Administrator Class
Actual	$	1,000.00	$	1,084.31	$	6.46		1.25	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.60	$	6.26		1.25	%
Institutional Class
Actual	$	1,000.00	$	1,085.47	$	5.12		0.99	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.89	$	4.96		0.99	%
Investor Class
Actual	$	1,000.00	$	1,082.11	$	7.54		1.46	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.55	$	7.30		1.46	%

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—April 30, 2015 (unaudited) Wells Fargo Advantage Diversified International Fund 7

Security name	Shares		Value
Common Stocks: 92.00%
Australia: 1.60%
Arrium Limited (Materials, Metals & Mining)		397,400	$	54,204
Bendigo Bank Limited (Financials, Banks)		26,100		248,447
Challenger Financial Services Group Limited (Financials, Diversified Financial Services)		36,300		201,565
Downer EDI Limited (Industrials, Commercial Services & Supplies)		42,300		147,091
Fortescue Metals Group Limited (Materials, Metals & Mining) «		29,600		50,004
Lend Lease Corporation Limited (Financials, Real Estate Management & Development)		20,800		262,814
Metcash Limited (Consumer Staples, Food & Staples Retailing)		28,500		29,750
Mineral Resources Limited (Materials, Metals & Mining)		14,900		75,749
Primary Health Care Limited (Health Care, Health Care Providers & Services)		34,700		135,815
Seven Network Limited (Industrials, Trading Companies & Distributors)		15,300		88,569
Toll Holdings Limited (Industrials, Air Freight & Logistics)		26,100		184,729
United Construction Group Limited (Industrials, Construction & Engineering)		14,100		19,374
				1,498,111
Austria: 0.34%
OMV AG (Energy, Oil, Gas & Consumable Fuels)		5,300		176,403
Voestalpine AG (Materials, Metals & Mining)		3,400		142,351
				318,754
Belgium: 1.54%
Anheuser-Busch InBev NV (Consumer Staples, Beverages) «		5,323		648,066
Delhaize Group SA (Consumer Staples, Food & Staples Retailing)		3,600		289,801
Telenet Group Holding NV (Consumer Discretionary, Media) †		4,300		258,410
UCB SA (Health Care, Pharmaceuticals)		3,333		240,085
				1,436,362
Brazil: 0.46%
Ambev SA ADR (Consumer Staples, Beverages)		7,778		49,235
Banco do Brasil SA (Financials, Banks)		12,100		106,906
Companhia de Saneamento Basico do Estado de Sao Paulo SA (Utilities, Water Utilities)		17,700		104,569
Companhia de Saneamento de Minas Gerais SA (Utilities, Water Utilities)		5,300		31,927
JBS SA (Consumer Staples, Food Products)		26,100		134,617
				427,254
Canada: 1.36%
Magna International Incorporated Class A (Consumer Discretionary, Auto Components)		8,000		403,150
Metro Incorporated (Consumer Staples, Food & Staples Retailing)		6,700		193,697
Valeant Pharmaceuticals International Incorporated (Health Care, Pharmaceuticals) †		2,150		466,400
WestJet Airlines Limited (Industrials, Airlines)		9,200		207,944
				1,271,191
China: 7.67%
Alibaba Group Holding Limited ADR (Information Technology, Internet Software & Services) †		2,270		184,528
Baidu Incorporated ADR (Information Technology, Internet Software & Services) †		7,534		1,508,910
Biostime International Holdings Limited (Consumer Staples, Food Products)		59,500		272,708
China Cinda Asset Management Company Limited H Shares (Financials, Capital Markets) †		470,705		279,334

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

8 Wells Fargo Advantage Diversified International Fund Portfolio of investments—April 30, 2015 (unaudited)

Security name	Shares		Value
China (continued)
China Communications Services Corporation Limited (Telecommunication Services, Diversified Telecommunication Services)		220,000	$	123,980
China Mobile Limited (Telecommunication Services, Wireless Telecommunication Services)		59,000		842,714
China Petroleum & Chemical Corporation H Shares (Energy, Oil, Gas & Consumable Fuels)		369,200		348,438
China Railway Construction Corporation Limited (Industrials, Construction & Engineering)		141,500		282,537
China Resources Cement Holdings Limited (Materials, Construction Materials)		236,000		149,989
Dongfeng Motor Group Company Limited H Shares (Consumer Discretionary, Automobiles)		414,000		687,802
Industrial & Commercial Bank of China Limited H Shares (Financials, Banks)		687,000		595,946
JD.com Incorporated ADR (Consumer Discretionary, Internet & Catalog Retail) †		954		32,016
Kingboard Laminates Holdings Limited (Information Technology, Electronic Equipment, Instruments & Components)		226,500		116,130
Ping An Insurance (Group) Company of China Limited H Shares (Financials, Insurance)		27,435		392,354
Shanghai Pharmaceuticals Holding Company Limited (Health Care, Pharmaceuticals)		59,900		186,448
Shenzhen International Holdings Limited (Industrials, Transportation Infrastructure)		102,500		192,662
Tencent Holdings Limited (Information Technology, Internet Software & Services)		38,400		792,533
Xtep International Holdings Limited (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		486,241		176,916
				7,165,945
Czech Republic: 0.09%
CEZ AS (Utilities, Electric Utilities)		3,200		83,137
Finland: 0.15%
TietoEnator Oyj (Information Technology, IT Services)		5,800		139,086
France: 5.96%
Alstom SA (Industrials, Machinery) †		5,100		160,213
Arkema SA (Materials, Chemicals)		910		73,231
AXA SA (Financials, Insurance)		9,900		250,330
BNP Paribas SA (Financials, Banks)		3,600		227,345
Compagnie de Saint-Gobain SA (Industrials, Building Products)		18,426		837,408
Compagnie Generale des Etablissements Michelin SCA Class B (Consumer Discretionary, Auto Components)		1,400		156,122
Credit Agricole SA (Financials, Banks)		10,900		169,586
Electricite de France SA (Utilities, Electric Utilities)		7,800		198,470
L’Oreal SA (Consumer Staples, Personal Products)		1,261		240,650
LVMH Moet Hennessy Louis Vuitton SA (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		1,273		222,605
Orange SA (Telecommunication Services, Diversified Telecommunication Services)		16,980		279,683
Pernod-Ricard SA (Consumer Staples, Beverages)		1,803		224,084
Renault SA (Consumer Discretionary, Automobiles)		2,500		263,044
Sanofi-Aventis SA (Health Care, Pharmaceuticals)		4,200		427,523
Schneider Electric SA (Industrials, Electrical Equipment)		4,668		348,925
SCOR SE (Financials, Insurance) «		7,700		277,136
Societe Generale SA (Financials, Banks)		3,700		184,980
Thales SA (Industrials, Aerospace & Defense)		4,200		255,678
Total SA (Energy, Oil, Gas & Consumable Fuels)		6,000		324,900
Zodiac Aerospace SA (Industrials, Aerospace & Defense)		12,301		451,733
				5,573,646
Germany: 10.29%
Allianz AG (Financials, Insurance) «		3,977		676,944
BASF SE (Materials, Chemicals) «		2,900		288,109
Bayer AG (Health Care, Pharmaceuticals)		12,703		1,828,376

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

Portfolio of investments—April 30, 2015 (unaudited) Wells Fargo Advantage Diversified International Fund 9

Security name	Shares		Value
Germany (continued)
Bayerische Motoren Werke AG (Consumer Discretionary, Automobiles)		4,558	$	537,683
Beiersdorf AG (Consumer Staples, Personal Products)		4,371		380,214
Daimler AG (Consumer Discretionary, Automobiles)		4,800		461,504
Deutsche Bank AG (Financials, Capital Markets)		6,300		201,486
Deutsche Post AG (Industrials, Air Freight & Logistics)		9,015		296,848
E.ON SE (Utilities, Multi-Utilities) «		8,100		126,101
Hannover Rueckversicherung AG (Financials, Insurance) «		2,200		223,631
Hugo Boss AG (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		2,218		272,926
Linde AG (Materials, Chemicals)		4,000		781,638
Merck KGaA (Health Care, Pharmaceuticals)		381		41,074
Metro AG (Consumer Staples, Food & Staples Retailing)		18,444		668,500
Muenchener Rueckversicherungs Gesellschaft AG (Financials, Insurance)		1,400		273,277
Norddeutsche Affinerie AG (Materials, Metals & Mining)		1,800		113,740
Rheinmetall AG (Industrials, Industrial Conglomerates)		13,285		680,163
SAP AG (Information Technology, Software)		6,787		512,860
Siemens AG (Industrials, Industrial Conglomerates)		6,756		734,931
Stada Arzneimittel AG (Health Care, Pharmaceuticals)		2,900		106,079
Volkswagen AG (Consumer Discretionary, Automobiles) «		1,600		405,302
				9,611,386
Hong Kong: 3.57%
AIA Group Limited (Financials, Insurance)		180,800		1,202,406
Beijing Enterprises Holdings Limited (Industrials, Industrial Conglomerates)		27,500		251,315
China Everbright Limited (Financials, Capital Markets)		306,000		1,011,588
Television Broadcasts Limited (Consumer Discretionary, Media)		26,800		174,597
Value Partners Group Limited (Financials, Capital Markets)		221,000		408,600
Wheelock & Company Limited (Financials, Real Estate Management & Development)		22,000		123,880
Yue Yuen Industrial Holdings Limited (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		42,000		159,587
				3,331,973
India: 0.99%
Adani Enterprises Limited (Industrials, Trading Companies & Distributors)		4,650		49,230
Gail Limited (Utilities, Gas Utilities)		1,800		61,200
Housing Development Finance Corporation Limited (Financials, Thrifts & Mortgage Finance)		18,441		339,187
Infosys Technologies Limited ADR (Information Technology, IT Services)		3,558		110,227
Tata Motors Limited ADR (Consumer Discretionary, Automobiles)		6,600		271,854
Tata Steel Limited GDR (Industrials, Machinery)		17,100		97,970
				929,668
Ireland: 1.39%
Medtronic plc (Health Care, Health Care Equipment & Supplies)		14,321		1,066,198
Smurfit Kappa Group plc (Materials, Containers & Packaging)		7,500		229,624
				1,295,822
Israel: 0.50%
Bank Hapoalim Limited (Financials, Banks)		38,000		190,074
Teva Pharmaceutical Industries Limited (Health Care, Pharmaceuticals)		4,600		279,516
				469,590

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

10 Wells Fargo Advantage Diversified International Fund Portfolio of investments—April 30, 2015 (unaudited)

Security name	Shares		Value
Italy: 4.07%
Anima Holding SpA (Financials, Capital Markets) †		117,398	$	1,045,262
Enel SpA (Utilities, Electric Utilities)		48,100		227,991
ENI SpA (Energy, Oil, Gas & Consumable Fuels)		40,469		776,433
Intesa Sanpaolo SpA (Financials, Banks)		197,711		664,210
Mediaset SpA (Consumer Discretionary, Media) †		15,555		79,947
Prysmian SpA (Industrials, Electrical Equipment)		39,328		802,017
Telecom Italia SpA (Telecommunication Services, Diversified Telecommunication Services) †		178,742		210,963
				3,806,823
Japan: 16.56%
Adeka Corporation (Materials, Chemicals)		20,600		290,558
Aisin Seiki Company Limited (Consumer Discretionary, Auto Components)		3,300		150,902
Alpine Electronics Incorporated (Consumer Discretionary, Household Durables)		11,600		235,727
Aozora Bank Limited (Financials, Banks)		41,000		153,358
Coca-Cola East Japan Company Limited (Consumer Staples, Beverages)		15,600		291,518
Daiwa House Industry Company Limited (Financials, Real Estate Management & Development)		42,800		955,510
Daiwa Securities Group Incorporated (Financials, Capital Markets)		37,000		306,945
Eizo Nanao Corporation (Information Technology, Technology Hardware, Storage & Peripherals)		7,300		161,930
Fuji Oil Company Limited (Consumer Staples, Food Products)		8,800		127,952
Hitachi Limited (Information Technology, Electronic Equipment, Instruments & Components)		130,000		886,977
Ishikawajima-Harima Heavy Industries Company Limited (Industrials, Machinery)		104,000		476,801
Isuzu Motors Limited (Consumer Discretionary, Automobiles)		8,800		116,634
Itochu Corporation (Industrials, Trading Companies & Distributors)		14,600		179,771
JS Group Corporation (Industrials, Building Products)		6,800		141,736
JX Holdings Incorporated (Energy, Oil, Gas & Consumable Fuels)		28,500		124,108
KDDI Corporation (Telecommunication Services, Wireless Telecommunication Services)		10,500		248,455
Kyorin Company Limited (Health Care, Pharmaceuticals)		7,900		181,714
Maeda Road Construction Company Limited (Industrials, Construction & Engineering)		11,000		181,287
Marubeni Corporation (Industrials, Trading Companies & Distributors)		30,000		185,762
Miraca Holdings Incorporated (Health Care, Health Care Providers & Services)		1,800		90,557
Mitsubishi Corporation (Industrials, Trading Companies & Distributors)		8,800		189,875
Mitsubishi UFJ Financial Group Incorporated (Financials, Banks)		177,500		1,261,022
Mitsui & Company Limited (Industrials, Trading Companies & Distributors)		14,400		201,400
Mitsui Fudosan Company Limited (Financials, Real Estate Management & Development)		21,000		622,530
Mizuho Financial Group Incorporated (Financials, Banks)		154,300		294,139
NGK Insulators Limited (Industrials, Machinery)		22,000		494,202
Nippon Telegraph & Telephone Corporation (Telecommunication Services, Diversified Telecommunication Services)		7,900		533,447
Nissan Motor Company Limited (Consumer Discretionary, Automobiles)		15,800		164,015
Nitto Denko Corporation (Materials, Chemicals)		6,600		422,964
Nomura Holdings Incorporated (Financials, Capital Markets)		128,700		834,930
NTT DoCoMo Incorporated (Telecommunication Services, Wireless Telecommunication Services)		11,700		207,236
Olympus Corporation (Health Care, Health Care Equipment & Supplies) †		21,300		767,012
Ono Pharmaceutical Company Limited (Health Care, Pharmaceuticals)		200		21,676
Otsuka Holdings Company Limited (Health Care, Pharmaceuticals)		2,600		82,068
Resona Holdings Incorporated (Financials, Banks)		43,800		233,544
Sankyu Incorporated (Industrials, Road & Rail)		28,000		131,318
SEINO Holdings Company Limited (Industrials, Road & Rail)		3,000		34,437
Sojitz Corporation (Industrials, Trading Companies & Distributors)		77,400		151,347
Sumitomo Corporation (Industrials, Trading Companies & Distributors)		19,900		234,974
Sumitomo Metal Mining Company Limited (Materials, Metals & Mining)		11,000		161,229

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

Portfolio of investments—April 30, 2015 (unaudited) Wells Fargo Advantage Diversified International Fund 11

Security name	Shares		Value
Japan (continued)
Sumitomo Mitsui Financial Group Incorporated (Financials, Banks)		8,000	$	349,317
Toshiba TEC Corporation (Information Technology, Technology Hardware, Storage & Peripherals)		22,000		122,006
Toyo Tire & Rubber Company Limited (Consumer Discretionary, Auto Components)		9,500		181,974
Toyota Motor Corporation (Consumer Discretionary, Automobiles)		24,700		1,719,345
Tsumura & Company (Health Care, Pharmaceuticals)		5,600		131,226
West Holdings Corporation (Consumer Discretionary, Household Durables)		21,500		155,895
Yaskawa Electric Corporation (Information Technology, Electronic Equipment, Instruments & Components)		3,700		50,836
Yokohama Rubber Company Limited (Consumer Discretionary, Auto Components)		21,000		225,972
				15,468,138
Liechtenstein: 0.13%
Verwaltungs-und Privat-Bank AG (Financials, Capital Markets)		1,400		117,798
Mexico: 1.03%
Grupo Televisa SAB ADR (Consumer Discretionary, Media) †		26,529		965,921
Netherlands: 2.64%
Aegon NV (Financials, Insurance)		17,300		136,495
Akzo Nobel NV (Materials, Chemicals) «		10,576		809,209
ASML Holdings NV (Information Technology, Semiconductors & Semiconductor Equipment)		8,939		961,952
ING Groep NV (Financials, Banks) †		16,600		254,670
Koninklijke Ahold NV (Consumer Staples, Food & Staples Retailing)		15,600		302,236
				2,464,562
Norway: 1.08%
DnB Nor ASA (Financials, Banks)		12,100		214,959
Frontline 2012 Limited (Energy, Oil, Gas & Consumable Fuels) 144A		25,569		156,205
Marine Harvest ASA (Consumer Staples, Food Products)		33,138		403,908
Yara International ASA (Materials, Chemicals) «		4,600		235,692
				1,010,764
Poland: 0.11%
Asseco Poland SA (Information Technology, Software)		5,900		99,395
Russia: 0.38%
Gazprom Neft Sponsored ADR (Energy, Oil, Gas & Consumable Fuels)		10,500		144,143
LUKOIL OAO ADR (Energy, Oil, Gas & Consumable Fuels)		4,200		215,250
				359,393
Singapore: 0.29%
DBS Group Holdings Limited (Financials, Banks)		17,000		270,136
South Africa: 0.26%
Barclays Africa Group Limited (Financials, Banks)		9,300		148,968
Imperial Holdings Limited (Consumer Discretionary, Distributors)		5,700		95,454
				244,422

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

12 Wells Fargo Advantage Diversified International Fund Portfolio of investments—April 30, 2015 (unaudited)

Security name	Shares		Value
South Korea: 2.41%
GS Retail Company Limited (Consumer Staples, Food & Staples Retailing)		5,900	$	213,356
Hana Financial Group Incorporated (Financials, Banks)		19,939		586,922
Industrial Bank of Korea (Financials, Banks)		13,500		185,489
KJB Financial Group Company Limited (Financials, Banks) †		1,044		7,791
KNB Financial Group Company Limited (Financials, Banks) †		1,595		15,102
Orion Corporation (Consumer Staples, Food Products)		3		3,504
Samsung Electronics Company Limited GDR (Information Technology, Semiconductors & Semiconductor Equipment) 144A		837		548,894
SK Telecom Company Limited (Telecommunication Services, Wireless Telecommunication Services)		2,061		552,292
Woori Bank (Financials, Banks)		13,760		137,458
				2,250,808
Spain: 0.91%
Banco Santander Central Hispano SA (Financials, Banks)		22,800		172,381
Grifols SA (Health Care, Biotechnology)		4,024		170,745
Grifols SA ADR (Health Care, Biotechnology)		3,918		124,632
International Consolidated Airlines Group SA (Industrials, Airlines) †		46,252		383,598
				851,356
Sweden: 1.66%
Autoliv Incorporated SDR (Consumer Discretionary, Auto Components)		1,486		177,261
Boliden AB (Materials, Metals & Mining)		9,400		204,221
Nordea Bank AB (Financials, Banks)		15,000		190,577
Saab AB (Industrials, Aerospace & Defense)		5,200		134,226
Swedbank AB (Financials, Banks)		11,917		277,102
TeliaSonera AB (Telecommunication Services, Diversified Telecommunication Services)		17,700		110,043
Volvo AB Class B (Industrials, Machinery)		33,135		457,766
				1,551,196
Switzerland: 7.21%
ABB Limited (Industrials, Electrical Equipment)		27,464		601,803
Actelion Pharmaceuticals Limited (Health Care, Biotechnology)		3,298		433,953
Adecco SA (Industrials, Professional Services)		3,511		286,135
Baloise Holding AG (Financials, Insurance)		2,000		260,272
Credit Suisse Group AG (Financials, Capital Markets)		10,100		267,317
Georg Fischer AG (Industrials, Machinery)		300		212,191
Nestle SA (Consumer Staples, Food Products)		10,811		838,763
Novartis AG (Health Care, Pharmaceuticals)		9,156		934,572
Roche Holding AG (Health Care, Pharmaceuticals)		2,445		699,649
Swiss Life Holding AG (Financials, Insurance)		600		142,381
Swiss Reinsurance AG (Financials, Insurance)		3,900		345,959
Syngenta AG (Materials, Chemicals)		553		185,050
Zurich Financial Services AG (Financials, Insurance)		4,951		1,528,141
				6,736,186
Taiwan: 0.14%
Pegatron Corporation (Information Technology, Technology Hardware, Storage & Peripherals)		46,000		136,273
Thailand: 0.16%
Bangchak Petroleum PCL (Energy, Oil, Gas & Consumable Fuels)		135,400		145,812

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

Portfolio of investments—April 30, 2015 (unaudited) Wells Fargo Advantage Diversified International Fund 13

Security name	Shares		Value
United Kingdom: 15.70%
3i Group plc (Financials, Capital Markets)		17,300	$	134,019
Amlin plc (Financials, Insurance)		19,500		136,656
Anglo American plc (Materials, Metals & Mining)		9,600		162,648
AstraZeneca plc (Health Care, Pharmaceuticals)		3,900		267,644
Aviva plc (Financials, Insurance)		22,000		177,000
Babcock International Group plc (Industrials, Commercial Services & Supplies)		9,232		142,412
BAE Systems plc (Industrials, Aerospace & Defense)		49,700		385,036
Barclays plc (Financials, Banks)		50,000		195,622
Bellway plc (Consumer Discretionary, Household Durables)		4,200		127,689
BP plc (Energy, Oil, Gas & Consumable Fuels)		157,560		1,136,385
BT Group plc (Telecommunication Services, Diversified Telecommunication Services)		77,315		539,240
Capita plc (Industrials, Professional Services)		15,775		276,113
Centrica plc (Utilities, Multi-Utilities)		41,800		163,208
Croda International plc (Materials, Chemicals)		9,957		432,101
Delphi Automotive plc (Consumer Discretionary, Auto Components)		5,475		454,425
Diageo plc (Consumer Staples, Beverages)		322		8,939
Firstgroup plc (Industrials, Road & Rail) †		32,500		49,365
GlaxoSmithKline plc (Health Care, Pharmaceuticals)		8,800		203,251
Intercontinental Hotels Group plc (Consumer Discretionary, Hotels, Restaurants & Leisure)		6,939		296,750
J Sainsbury plc (Consumer Staples, Food & Staples Retailing)		54,000		224,536
Johnson Matthey plc (Materials, Chemicals)		14,931		763,404
Liberty Global plc Class A (Consumer Discretionary, Media) †		10,591		552,215
Liberty Global plc Class C (Consumer Discretionary, Media) †		17,279		871,726
Lloyds Banking Group plc (Financials, Banks)		390,041		461,916
Man Group plc (Financials, Capital Markets)		344,854		1,016,806
Mondi plc (Materials, Paper & Forest Products)		8,700		176,159
Old Mutual plc (Financials, Insurance)		59,600		213,792
Pace plc (Consumer Discretionary, Household Durables)		19,300		122,365
Petrofac Limited (Energy, Energy Equipment & Services)		5,600		74,745
Prudential plc (Financials, Insurance)		14,878		370,425
Reckitt Benckiser Group plc (Consumer Staples, Household Products)		5,780		514,445
Rolls-Royce Holdings plc (Industrials, Aerospace & Defense) (a)†		1,311,300		2,013
Rolls-Royce Holdings plc (Industrials, Aerospace & Defense)		9,300		148,269
Royal Dutch Shell plc Class B (Energy, Oil, Gas & Consumable Fuels)		15,800		505,849
SABMiller plc (Consumer Staples, Beverages)		11,189		592,266
Smiths Group plc (Industrials, Industrial Conglomerates)		26,424		462,590
Tesco plc (Consumer Staples, Food & Staples Retailing)		18,300		61,683
Tullett Prebon plc (Financials, Capital Markets)		20,600		112,804
Vodafone Group plc (Telecommunication Services, Wireless Telecommunication Services)		209,724		738,901
William Morrison Supermarkets plc (Consumer Staples, Food & Staples Retailing)		48,700		138,857
Wolseley plc (Industrials, Trading Companies & Distributors)		12,268		725,583
WPP plc (Consumer Discretionary, Media)		22,581		526,622
				14,666,474
United States: 1.35%
Cognizant Technology Solutions Corporation Class A (Information Technology, IT Services) †		7,277		425,996
QUALCOMM Incorporated (Information Technology, Communications Equipment)		7,896		536,928
Schlumberger Limited (Energy, Energy Equipment & Services)		1,994		188,652

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

14 Wells Fargo Advantage Diversified International Fund Portfolio of investments—April 30, 2015 (unaudited)

Security name						Shares		Value
United States (continued)
WABCO Holdings Incorporated (Consumer Discretionary, Auto Components) †							852	$	106,031
									1,257,607
Total Common Stocks (Cost $71,353,839)									85,954,989
				Expiration date
Participation Notes: 0.84%
China: 0.56%
HSBC Bank plc (Kweichow Moutai Company Limited Class A) (Consumer Staples, Beverages) †					2-19-2019		3,100		126,113
HSBC Bank plc (Kweichow Moutai Company Limited Class A) (Consumer Staples, Beverages) †					12-4-2024		996		40,519
Standard Chartered Bank (Kweichow Moutai Company Limited Class A) (Consumer Staples, Beverages) †					4-18-2016		8,730		355,150
									521,782
Ireland: 0.28%
HSBC Bank plc (Ryanair Holdings plc) (Industrials, Airlines) †					11-17-2016		22,400		264,648
Total Participation Notes (Cost $620,436)									786,430
	Dividend yield
Preferred Stocks: 1.60%
Brazil: 0.14%
Companhia Energetica de Minas Gerais SA (Utilities, Electric Utilities) ±		7.10	%				13,600		65,677
Companhia Vale Do Rio Doce Class A (Materials, Metals & Mining) ±		2.31					11,100		66,866
									132,543
Germany: 1.46%
Henkel AG & Company KGaA (Consumer Staples, Household Products) ±		1.20					2,280		264,839
Porsche Automobil Holding SE (Consumer Discretionary, Automobiles) ±		2.88					5,154		489,028
Volkswagen AG (Consumer Discretionary, Automobiles) «±		2.16					2,359		607,315
									1,361,182
Total Preferred Stocks (Cost $1,569,046)									1,493,725
	Yield
Short-Term Investments: 8.20%
Investment Companies: 8.20%
Securities Lending Cash Investments, LLC (l)(r)(u)		0.12					3,731,148		3,731,148
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)		0.11					3,924,473		3,924,473
Total Short-Term Investments (Cost $7,655,621)									7,655,621

Total investments in securities (Cost $81,198,942) *	102.64	%		95,890,765
Other assets and liabilities, net	(2.64	)		(2,463,830	)
Total net assets	100.00	%	$	93,426,935

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

Portfolio of investments—April 30, 2015 (unaudited) Wells Fargo Advantage Diversified International Fund 15

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

† 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.

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

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

(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 $82,950,188 and unrealized gains (losses) consists of:

Gross unrealized gains	$	19,026,775
Gross unrealized losses		(6,086,198	)
Net unrealized gains	$	12,940,577

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

16 Wells Fargo Advantage Diversified International Fund Statement of assets and liabilities—April 30, 2015 (unaudited)

Assets
Investments
In unaffiliated securities (including $3,552,410 of securities loaned), at value (cost $73,543,321)	$	88,235,144
In affiliated securities, at value (cost $7,655,621)		7,655,621
Total investments, at value (cost $81,198,942)		95,890,765
Foreign currency, at value (cost $895,145)		883,036
Receivable for investments sold		334,241
Receivable for Fund shares sold		175,840
Receivable for dividends		368,649
Receivable for securities lending income		5,472
Prepaid expenses and other assets		31,262
Total assets		97,689,265
Liabilities
Payable for investments purchased		268,117
Payable for Fund shares redeemed		62,970
Unrealized losses on forward foreign currency contracts		95,758
Payable upon receipt of securities loaned		3,731,148
Advisory fee payable		30,334
Distribution fees payable		1,211
Administration fees payable		24,250
Accrued expenses and other liabilities		48,542
Total liabilities		4,262,330
Total net assets	$	93,426,935
NET ASSETS CONSIST OF
Paid-in capital	$	180,780,759
Undistributed net investment income		315,690
Accumulated net realized losses on investments		(102,256,715	)
Net unrealized gains on investments		14,587,201
Total net assets	$	93,426,935
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	26,501,067
Shares outstanding – Class A1		2,086,838
Net asset value per share – Class A		$12.70
Maximum offering price per share – Class A2		$13.47
Net assets – Class B	$	22,900
Shares outstanding – Class B1		1,846
Net asset value per share – Class B		$12.41
Net assets – Class C	$	2,049,447
Shares outstanding – Class C1		174,350
Net asset value per share – Class C		$11.75
Net assets – Administrator Class	$	9,180,784
Shares outstanding – Administrator Class1		710,055
Net asset value per share – Administrator Class		$12.93
Net assets – Institutional Class	$	3,077,266
Shares outstanding – Institutional Class1		253,849
Net asset value per share – Institutional Class		$12.12
Net assets – Investor Class	$	52,595,471
Shares outstanding – Investor Class1		4,159,802
Net asset value per share – Investor Class		$12.64

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 April 30, 2015 (unaudited) Wells Fargo Advantage Diversified International Fund 17

Investment income
Dividends (net of foreign withholding taxes of $81,550)	$	976,855
Securities lending income, net		15,653
Income from affiliated securities		1,081
Interest		15
Total investment income		993,604
Expenses
Advisory fee		357,884
Administration fees
Fund level		21,052
Class A		31,445
Class B		26
Class C		2,144
Administrator Class		3,715
Institutional Class		1,104
Investor Class		77,057
Shareholder servicing fees
Class A		30,235
Class B		26
Class C		2,061
Administrator Class		9,287
Investor Class		59,621
Distribution fees
Class B		77
Class C		6,184
Custody and accounting fees		78,784
Professional fees		23,339
Registration fees		34,315
Shareholder report expenses		18,973
Trustees’ fees and expenses		6,989
Other fees and expenses		28,356
Total expenses		792,674
Less: Fee waivers and/or expense reimbursements		(192,446	)
Net expenses		600,228
Net investment income		393,376
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on:
Unaffiliated securities		2,207,709
Forward foreign currency contract transactions		334,702
Net realized gains on investments		2,542,411
Net change in unrealized gains (losses) on:
Unaffiliated securities		4,187,006
Forward foreign currency contract transactions		(157,661	)
Net change in unrealized gains (losses) on investments		4,029,345
Net realized and unrealized gains (losses) on investments		6,571,756
Net increase in net assets resulting from operations	$	6,965,132

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

18 Wells Fargo Advantage Diversified International Fund Statement of changes in net assets

	Six months ended April 30, 2015 (unaudited)						Year ended October 31, 2014
Operations
Net investment income				$	393,376					$	1,716,255
Net realized gains on investments					2,542,411						1,412,567
Net change in unrealized gains (losses) on investments					4,029,345						(3,468,155	)
Net increase (decrease) in net assets resulting from operations					6,965,132						(339,333	)
Distributions to shareholders from
Net investment income
Class A					(567,395	)					(435,361	)
Class B					0						(908	)
Class C					(25,962	)					(22,476	)
Administrator Class					(172,327	)					(131,295	)
Institutional Class					(79,049	)					(53,962	)
Investor Class					(1,116,769	)					(713,363	)
Total distributions to shareholders					(1,961,502	)					(1,357,365	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		117,395			1,449,633			219,116			2,676,314
Class B		870			10,348			825			9,731
Class C		47,414			535,877			58,503			663,191
Administrator Class		200,708			2,474,629			394,241			4,991,123
Institutional Class		67,950			789,106			220,008			2,622,722
Investor Class		320,358			3,900,806			651,354			7,987,677
					9,160,399						18,950,758
Reinvestment of distributions
Class A		45,755			531,212			32,439			401,923
Class B		0			0			76			908
Class C		2,080			22,425			1,848			21,270
Administrator Class		14,509			171,495			10,249			129,239
Institutional Class		5,648			62,524			3,024			35,774
Investor Class		94,956			1,098,641			56,897			702,683
					1,886,297						1,291,797
Payment for shares redeemed
Class A		(151,703	)		(1,818,783	)		(536,727	)		(6,662,045	)
Class B		(2,271	)		(26,219	)		(12,466	)		(146,566	)
Class C		(21,093	)		(234,947	)		(68,203	)		(768,688	)
Administrator Class		(100,516	)		(1,238,250	)		(466,124	)		(5,945,695	)
Institutional Class		(52,994	)		(611,971	)		(193,900	)		(2,280,030	)
Investor Class		(368,774	)		(4,411,713	)		(562,951	)		(6,893,625	)
					(8,341,883	)					(22,696,649	)
Net increase (decrease) in net assets resulting from capital share transactions					2,704,813						(2,454,094	)
Total increase (decrease) in net assets					7,708,443						(4,150,792	)
Net assets
Beginning of period					85,718,492						89,869,284
End of period				$	93,426,935					$	85,718,492
Undistributed net investment income				$	315,690					$	1,883,816

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

Financial highlights Wells Fargo Advantage Diversified International Fund 19

(For a share outstanding throughout each period)

	Six months ended April 30, 2015 (unaudited)			Year ended October 31															Year ended September 30, 2010
CLASS A				2014			2013			2012			2011			20101
Net asset value, beginning of period		$12.01			$12.25			$10.25			$9.69			$10.29			$9.84			$9.62
Net investment income		0.06			0.24	2		0.19	2		0.19	2		0.16			0.00	2,3		0.09	2
Net realized and unrealized gains (losses) on investments		0.91			(0.29	)		2.41			0.51			(0.65	)		0.45			0.26
Total from investment operations		0.97			(0.05	)		2.60			0.70			(0.49	)		0.45			0.35
Distributions to shareholders from
Net investment income		(0.28	)		(0.19	)		(0.60	)		(0.14	)		(0.11	)		0.00			(0.13	)
Net asset value, end of period		$12.70			$12.01			$12.25			$10.25			$9.69			$10.29			$9.84
Total return4		8.30	%		(0.49	)%		26.59	%		7.45	%		(4.83	)%		4.57	%		3.64	%
Ratios to average net assets (annualized)
Gross expenses		1.86	%		1.76	%		1.92	%		1.68	%		1.47	%		1.54	%		1.64	%
Net expenses		1.41	%		1.41	%		1.41	%		1.41	%		1.41	%		1.41	%		1.38	%
Net investment income		0.93	%		1.93	%		1.75	%		1.96	%		1.47	%		0.59	%		0.99	%
Supplemental data
Portfolio turnover rate		17	%		33	%		40	%		57	%		53	%		5	%		64	%
Net assets, end of period (000s omitted)		$26,501			$24,921			$28,928			$22,434			$23,862			$29,804			$28,926

¹  For the one month ended October 31, 2010. The Fund changed its fiscal year end from September 30 to October 31, effective October 31, 2010.

²  Calculated based upon average shares outstanding

³  Amount is less than $0.005.

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

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

20 Wells Fargo Advantage Diversified International Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended April 30, 2015 (unaudited)			Year ended October 31															Year ended September 30, 2010
CLASS B				2014			2013			2012			2011			20101
Net asset value, beginning of period		$11.50			$11.71			$9.80			$9.19			$9.74			$9.32			$9.12
Net investment income (loss)		0.01	2		0.13	2		0.09	2		0.10	2		0.06	2		(0.00	)2,3		(0.05	)2
Net realized and unrealized gains (losses) on investments		0.90			(0.27	)		2.32			0.51			(0.61	)		0.42			0.32
Total from investment operations		0.91			(0.14	)		2.41			0.61			(0.55	)		0.42			0.27
Distributions to shareholders from
Net investment income		0.00			(0.07	)		(0.50	)		(0.00	)3		0.00			0.00			(0.07	)
Net asset value, end of period		$12.41			$11.50			$11.71			$9.80			$9.19			$9.74			$9.32
Total return4		7.91	%		(1.25	)%		25.70	%		6.69	%		(5.65	)%		4.51	%		3.00	%
Ratios to average net assets (annualized)
Gross expenses		2.60	%		2.52	%		2.68	%		2.35	%		2.23	%		2.28	%		2.39	%
Net expenses		2.15	%		2.16	%		2.16	%		2.12	%		2.16	%		2.16	%		2.13	%
Net investment income (loss)		0.22	%		1.10	%		0.88	%		1.11	%		0.64	%		(0.16	)%		(0.59	)%
Supplemental data
Portfolio turnover rate		17	%		33	%		40	%		57	%		53	%		5	%		64	%
Net assets, end of period (000s omitted)		$23			$37			$174			$299			$482			$1,084			$1,046

¹  For the one month ended October 31, 2010. The Fund changed its fiscal year end from September 30 to October 31, effective October 31, 2010.

²  Calculated based upon average shares outstanding

³  Amount is less than $0.005.

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

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

Financial highlights Wells Fargo Advantage Diversified International Fund 21

(For a share outstanding throughout each period)

	Six months ended April 30, 2015 (unaudited)			Year ended October 31															Year ended September 30, 2010
CLASS C				2014			2013			2012			2011			20101
Net asset value, beginning of period		$11.08			$11.35			$9.54			$9.01			$9.59			$9.17			$8.98
Net investment income (loss)		0.02	2		0.13	2		0.09	2		0.11	2		0.07	2		(0.00	)2,3		0.02	2
Net realized and unrealized gains (losses) on investments		0.83			(0.27	)		2.25			0.48			(0.61	)		0.42			0.25
Total from investment operations		0.85			(0.14	)		2.34			0.59			(0.54	)		0.42			0.27
Distributions to shareholders from
Net investment income		(0.18	)		(0.13	)		(0.53	)		(0.06	)		(0.04	)		0.00			(0.08	)
Net asset value, end of period		$11.75			$11.08			$11.35			$9.54			$9.01			$9.59			$9.17
Total return4		7.83	%		(1.24	)%		25.67	%		6.67	%		(5.65	)%		4.58	%		3.07	%
Ratios to average net assets (annualized)
Gross expenses		2.61	%		2.51	%		2.66	%		2.43	%		2.22	%		2.28	%		2.39	%
Net expenses		2.16	%		2.16	%		2.16	%		2.16	%		2.16	%		2.16	%		2.12	%
Net investment income (loss)		0.29	%		1.15	%		0.84	%		1.21	%		0.72	%		(0.16	)%		0.20	%
Supplemental data
Portfolio turnover rate		17	%		33	%		40	%		57	%		53	%		5	%		64	%
Net assets, end of period (000s omitted)		$2,049			$1,616			$1,746			$628			$625			$744			$718

¹  For the one month ended October 31, 2010. The Fund changed its fiscal year end from September 30 to October 31, effective October 31, 2010.

²  Calculated based upon average shares outstanding

³  Amount is less than $0.005.

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

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

22 Wells Fargo Advantage Diversified International Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended April 30, 2015 (unaudited)			Year ended October 31															Year ended September 30, 2010
ADMINISTRATOR CLASS				2014			2013			2012			2011			20101
Net asset value, beginning of period		$12.23			$12.47			$10.42			$9.68			$10.28			$9.83			$9.59
Net investment income		0.07	2		0.26	2		0.19	2		0.21	2		0.05	2		0.00	2,3		0.12	2
Net realized and unrealized gains (losses) on investments		0.93			(0.30	)		2.47			0.53			(0.52	)		0.45			0.26
Total from investment operations		1.00			(0.04	)		2.66			0.74			(0.47	)		0.45			0.38
Distributions to shareholders from
Net investment income		(0.30	)		(0.20	)		(0.61	)		0.00			(0.13	)		0.00			(0.14	)
Net asset value, end of period		$12.93			$12.23			$12.47			$10.42			$9.68			$10.28			$9.83
Total return4		8.43	%		(0.39	)%		26.85	%		7.64	%		(4.69	)%		4.58	%		3.87	%
Ratios to average net assets (annualized)
Gross expenses		1.70	%		1.60	%		1.74	%		1.52	%		1.35	%		1.38	%		1.46	%
Net expenses		1.25	%		1.25	%		1.25	%		1.25	%		1.24	%		1.25	%		1.22	%
Net investment income		1.22	%		2.10	%		1.72	%		2.11	%		0.44	%		0.75	%		1.31	%
Supplemental data
Portfolio turnover rate		17	%		33	%		40	%		57	%		53	%		5	%		64	%
Net assets, end of period (000s omitted)		$9,181			$7,283			$8,195			$3,504			$3,421			$202,247			$193,626

¹  For the one month ended October 31, 2010. The Fund changed its fiscal year end from September 30 to October 31, effective October 31, 2010.

²  Calculated based upon average shares outstanding

³  Amount is less than $0.005.

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

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

Financial highlights Wells Fargo Advantage Diversified International Fund 23

(For a share outstanding throughout each period)

	Six months ended April 30, 2015 (unaudited)			Year ended October 31															Year ended September 30, 2010
INSTITUTIONAL CLASS				2014			2013			2012			2011			20101
Net asset value, beginning of period		$11.50			$11.79			$10.20			$9.69			$10.29			$9.84			$9.60
Net investment income		0.08	2		0.26	2		0.20	2		0.19	2		0.23			0.00	2,3		0.15	2
Net realized and unrealized gains (losses) on investments		0.87			(0.27	)		2.37			0.51			(0.68	)		0.45			0.24
Total from investment operations		0.95			(0.01	)		2.57			0.70			(0.45	)		0.45			0.39
Distributions to shareholders from
Net investment income		(0.33	)		(0.28	)		(0.98	)		(0.19	)		(0.15	)		0.00			(0.15	)
Net asset value, end of period		$12.12			$11.50			$11.79			$10.20			$9.69			$10.29			$9.84
Total return4		8.55	%		(0.18	)%		27.28	%		7.51	%		(4.48	)%		4.57	%		4.13	%
Ratios to average net assets (annualized)
Gross expenses		1.43	%		1.33	%		1.50	%		1.20	%		1.03	%		1.11	%		1.19	%
Net expenses		0.99	%		0.99	%		0.99	%		0.99	%		0.99	%		0.99	%		0.96	%
Net investment income		1.40	%		2.23	%		1.94	%		1.96	%		2.17	%		1.00	%		1.63	%
Supplemental data
Portfolio turnover rate		17	%		33	%		40	%		57	%		53	%		5	%		64	%
Net assets, end of period (000s omitted)		$3,077			$2,683			$2,406			$7,367			$419,925			$199,081			$194,651

¹  For the one month ended October 31, 2010. The Fund changed its fiscal year end from September 30 to October 31, effective October 31, 2010.

²  Calculated based upon average shares outstanding

³  Amount is less than $0.005.

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

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

24 Wells Fargo Advantage Diversified International Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended April 30, 2015 (unaudited)			Year ended October 31															Year ended September 30, 2010
INVESTOR CLASS				2014			2013			2012			2011			20101
Net asset value, beginning of period		$11.96			$12.20			$10.21			$9.65			$10.26			$9.81			$9.58
Net investment income		0.06			0.23	2		0.18	2		0.18			0.13			0.00	2,3		0.11	2
Net realized and unrealized gains (losses) on investments		0.90			(0.29	)		2.40			0.52			(0.63	)		0.45			0.24
Total from investment operations		0.96			(0.06	)		2.58			0.70			(0.50	)		0.45			0.35
Distributions to shareholders from
Net investment income		(0.28	)		(0.18	)		(0.59	)		(0.14	)		(0.11	)		0.00			(0.12	)
Net asset value, end of period		$12.64			$11.96			$12.20			$10.21			$9.65			$10.26			$9.81
Total return4		8.21	%		(0.54	)%		26.54	%		7.43	%		4.97	%		4.59	%		3.74	%
Ratios to average net assets (annualized)
Gross expenses		1.92	%		1.82	%		1.97	%		1.74	%		1.54	%		1.61	%		1.73	%
Net expenses		1.46	%		1.46	%		1.46	%		1.46	%		1.46	%		1.46	%		1.43	%
Net investment income		0.89	%		1.84	%		1.67	%		1.91	%		1.43	%		0.54	%		1.18	%
Supplemental data
Portfolio turnover rate		17	%		33	%		40	%		57	%		53	%		5	%		64	%
Net assets, end of period (000s omitted)		$52,595			$49,177			$48,421			$39,152			$40,456			$48,070			$46,282

¹  For the one month ended October 31, 2010. The Fund changed its fiscal year end from September 30 to October 31, effective October 31, 2010.

²  Calculated based upon average shares outstanding

³  Amount is less than $0.005.

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

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

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

1. ORGANIZATION

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

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 April 30, 2015, such fair value pricing was used in pricing foreign securities.

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. 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

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

independent pricing services in addition to the review of prices by the adviser and/or subadviser. Unobservable inputs used in determining fair valuations are identified based on the type of security, taking into consideration factors utilized by market participants in valuing the investment, knowledge about the issuer and the current market environment.

Foreign currency translation

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

Forward foreign currency contracts

The Fund is subject to foreign currency exchange rate risk in the normal course of pursuing its investment objectives. A forward foreign currency contract is an agreement between two parties to purchase or sell a specific currency for an agreed-upon price at a future date. The Fund enters into forward foreign currency contracts to facilitate transactions in foreign-denominated securities and to attempt to minimize the risk to the Fund from adverse changes in the relationship between currencies. Forward foreign currency contracts are recorded at the forward rate and marked-to-market daily. When the contracts are closed, realized gains and losses arising from such transactions are recorded as realized gains or losses on forward foreign currency contract transactions. The Fund could be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts or if the value of the foreign currency changes unfavorably. The Fund’s maximum risk of loss from counterparty credit risk is the unrealized gains on the contracts. This risk may be mitigated if there is a master netting arrangement between the Fund and the counterparty.

Security loans

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

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

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.

Notes to financial statements (unaudited) Wells Fargo Advantage Diversified International Fund 27

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.

Capital loss carryforwards that do not expire are required to be utilized prior to capital loss carryforwards that expire. As of October 31, 2014, capital loss carryforwards available to offset future net realized capital gains were as follows through the indicated expiration dates:

	No expiration
2017	Short-term	Long-term
$89,306,475	$8,336,592	$5,102,624

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

28 Wells Fargo Advantage Diversified International 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 April 30, 2015:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Australia	$	0	$	1,498,111	$	0	$	1,498,111
Austria		0		318,754		0		318,754
Belgium		0		1,436,362		0		1,436,362
Brazil		427,254		0		0		427,254
Canada		1,271,191		0		0		1,271,191
China		1,902,370		5,263,575		0		7,165,945
Czech Republic		0		83,137		0		83,137
Finland		0		139,086		0		139,086
France		0		5,573,646		0		5,573,646
Germany		0		9,611,386		0		9,611,386
Hong Kong		0		3,331,973		0		3,331,973
India		443,281		486,387		0		929,668
Ireland		1,066,198		229,624		0		1,295,822
Israel		0		469,590		0		469,590
Italy		0		3,806,823		0		3,806,823
Japan		0		15,468,138		0		15,468,138
Liechtenstein		117,798		0		0		117,798
Mexico		965,921		0		0		965,921
Netherlands		0		2,464,562		0		2,464,562
Norway		156,205		854,559		0		1,010,764
Poland		0		99,395		0		99,395
Russia		215,250		144,143		0		359,393
Singapore		0		270,136		0		270,136
South Africa		0		244,422		0		244,422
South Korea		22,893		2,227,915		0		2,250,808
Spain		124,632		726,724		0		851,356
Sweden		0		1,551,196		0		1,551,196
Switzerland		0		6,736,186		0		6,736,186
Taiwan		0		136,273		0		136,273
Thailand		145,812		0		0		145,812
United Kingdom		1,878,366		12,788,108		0		14,666,474
United States		1,257,607		0		0		1,257,607
Participation notes		0		786,430		0		786,430
Preferred stocks
Brazil		132,543		0		0		132,543
Germany		0		1,361,182		0		1,361,182
Short-term investments
Investment companies		3,924,473		3,731,148		0		7,655,621
Total assets	$	14,051,794	$	81,838,971	$	0	$	95,890,765
Liabilities
Forward foreign currency contracts	$	0	$	95,758	$	0	$	95,758
Total liabilities	$	0	$	95,758	$	0	$	95,758

Forward foreign currency contracts are reported at their unrealized gains (losses) at measurement date, which represents the change in the contract’s value from trade date. All other assets and liabilities are reported at their market value at measurement date.

Notes to financial statements (unaudited) Wells Fargo Advantage Diversified International Fund 29

The Fund recognizes transfers between levels within the fair value hierarchy at the end of the reporting period. At April 30, 2015, fair value pricing was used in pricing certain foreign securities and securities valued at $69,494,093 were transferred from Level 1 to Level 2. The Fund did not have any transfers into/out of Level 3.

4. TRANSACTIONS WITH AFFILIATES AND OTHER EXPENSES

Advisory fee

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

Pursuant to the contract, Funds Management is entitled to receive an annual advisory fee starting at 0.85% and declining to 0.70% as the average daily net assets of the Fund increase. For the six months ended April 30, 2015, the advisory fee was equivalent to an annual rate of 0.85% of the Fund’s average daily net assets.

Funds Management has retained the services of certain subadvisers to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Funds Management. Artisan Partners Limited Partnership, LSV Asset Management, and WellsCap (an affiliate of Funds Management and an indirect wholly owned subsidiary of Wells Fargo) are the subadvisers to the Fund and are entitled to receive a fee from Funds Management which is calculated based on the daily average net assets of the subadviser’s portion of the Fund as follows:

	Annual subadvisory fee
	starting at			declining to
Artisan Partners Limited Partnership		0.80	%		0.50	%
LSV Asset Management		0.35			0.30
WellsCap		0.45			0.40

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
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 February 29, 2016 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.41% for Class A shares, 2.16% for Class B shares, 2.16% for Class C shares, 1.25% for Administrator Class shares, 0.99% for Institutional Class shares, and 1.46% for Investor Class shares. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

Distribution fees

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

30 Wells Fargo Advantage Diversified International Fund Notes to financial statements (unaudited)

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 Class A 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 April 30, 2015, Funds Distributor received $932 from the sale of Class A shares and $131 in contingent deferred sales charges from redemptions of Class B shares.

Shareholder servicing fees

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

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended April 30, 2015 were $14,165,096 and $14,786,186, respectively.

6. DERIVATIVE TRANSACTIONS

During the six months ended April 30, 2015, the Fund entered into forward foreign currency contracts for economic hedging purposes.

At April 30, 2015, the Fund had forward foreign currency contracts outstanding as follows:

Forward foreign currency contracts to sell:

Exchange date	Counterparty	Contracts to deliver			U.S. value at April 30, 2015		In exchange for U.S. $		Unrealized losses
6-26-2015	State Street Bank		669,400	EUR	$	752,146	$	737,224	$	(14,922	)
7-9-2015	State Street Bank		782,375	GBP		1,200,404		1,165,578		(34,826	)
7-9-2015	State Street Bank		150,013,000	JPY		1,257,342		1,249,973		(7,369	)
7-9-2015	State Street Bank		1,116,551	EUR		1,254,789		1,216,148		(38,641	)

The Fund had average contract amounts of $65,102 and $2,647,009 in forward foreign currency contracts to buy and forward foreign currency contracts to sell, respectively, during the six months ended April 30, 2015.

The fair value, realized gains or losses and change in unrealized gains or losses, if any, on derivative instruments are reflected in the appropriate financial statements.

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 pledged		Net amount of liabilities
Forward foreign currency contracts	State Street Bank	$95,758*	$	0	$	0	$	95,758

* Amount represents net unrealized losses.

Notes to financial statements (unaudited) Wells Fargo Advantage Diversified International Fund 31

7. BANK BORROWINGS

The Trust (excluding the money market funds and certain other funds in the Trust) and Wells Fargo Variable Trust are parties to a $150,000,000 revolving credit agreement, whereby the Fund is permitted to use bank borrowings for temporary or emergency purposes, such as to fund shareholder redemption requests. Interest under the credit agreement is charged to the Fund based on a borrowing rate equal to the higher of the Federal Funds rate in effect on that day plus 1.25% or the overnight LIBOR rate in effect on that day plus 1.25%. In addition, an annual commitment fee equal to 0.10% of the unused balance is allocated to each participating fund. For the six months ended April 30, 2015, the Fund paid $77 in commitment fees.

For the six months ended April 30, 2015, there were no borrowings by the Fund under the agreement.

8. 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.

9. INDEMNIFICATION

Under the Trust’s organizational documents, the officers and Trustees have been granted certain indemnification rights 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.

32 Wells Fargo Advantage Diversified International Fund Other information (unaudited)

TAX INFORMATION

Pursuant to Section 853 of the Internal Revenue Code, the following amounts were designated as foreign taxes paid for the fiscal year ended April 30, 2015. These amounts may be less than the actual foreign taxes paid for financial statement purposes. Foreign taxes paid or withheld should be included in taxable income with an offsetting deduction from gross income or as a credit for taxes paid to foreign governments. None of the income was derived from ineligible foreign sources as defined under Section 901(j) of the Internal Revenue Code.

Creditable foreign taxes paid	Per share amount	Foreign income as % of ordinary income distributions
$140,968	$0.0197	88.69%

PROXY VOTING INFORMATION

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

PORTFOLIO HOLDINGS INFORMATION

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

Other information (unaudited) Wells Fargo Advantage Diversified International Fund 33

BOARD OF TRUSTEES AND OFFICERS

Each of the Trustees and Officers¹ listed in the table below acts in identical capacities for each fund in the Wells Fargo Advantage family of funds, which consists of 134 mutual funds comprising the Wells Fargo Funds Trust, Wells Fargo Variable Trust, Wells Fargo Master Trust and four closed-end funds (collectively the “Fund Complex”). This table should be read in conjunction with the Prospectus and the Statement of Additional Information². The mailing address of each Trustee and Officer is 525 Market Street, 12th Floor, San Francisco, CA 94105. Each Trustee and Officer serves an indefinite term, however, each Trustee serves such term until reaching the mandatory retirement age established by the Trustees.

Independent Trustees

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Other directorships during past five years
William R. Ebsworth (Born 1957)	Trustee, since 2015**	Retired. From 1984 to 2013, equities analyst, portfolio manager, research director at Fidelity Management and Research Company and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. in Boston, Tokyo, and Hong Kong where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Mr. Ebsworth is an Adjunct Lecturer, Finance, at Babson College and a Chartered Financial Analyst.	Asset Allocation Trust
Jane A. Freeman (Born 1953)	Trustee, since 2015**	Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, 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 Deluxe 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

34 Wells Fargo Advantage Diversified International 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 International Fund 35

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

ACA —  ACA Financial Guaranty Corporation

ADR —  American depositary receipt

ADS —  American depositary shares

AGC —  Assured Guaranty Corporation

AGM —  Assured Guaranty Municipal

Ambac —  Ambac Financial Group Incorporated

AMT —  Alternative minimum tax

AUD —  Australian dollar

BAN —  Bond anticipation notes

BHAC —  Berkshire Hathaway Assurance Corporation

BRL —  Brazilian real

CAB —  Capital appreciation bond

CAD —  Canadian dollar

CCAB —  Convertible capital appreciation bond

CDA —  Community Development Authority

CDO —  Collateralized debt obligation

CHF —  Swiss franc

COP —  Columbian Peso

CLP —  Chilean peso

DKK —  Danish krone

DRIVER —  Derivative inverse tax-exempt receipts

DW&P —  Department of Water & Power

DWR —  Department of Water Resources

ECFA —  Educational & Cultural Facilities Authority

EDA —  Economic Development Authority

EDFA —  Economic Development Finance Authority

ETF —  Exchange-traded fund

EUR —  Euro

FDIC —  Federal Deposit Insurance Corporation

FFCB —  Federal Farm Credit Banks

FGIC —  Financial Guaranty Insurance Corporation

FHA —  Federal Housing Administration

FHLB —  Federal Home Loan Bank

FHLMC —  Federal Home Loan Mortgage Corporation

FICO —  The Financing Corporation

FNMA —  Federal National Mortgage Association

FSA —  Farm Service Agency

GBP —  Great British pound

GDR —  Global depositary receipt

GNMA —  Government National Mortgage Association

GO —  General obligation

HCFR —  Healthcare facilities revenue

HEFA —  Health & Educational Facilities Authority

HEFAR —  Higher education facilities authority revenue

HFA —  Housing Finance Authority

HFFA —  Health Facilities Financing Authority

HKD —  Hong Kong dollar

HUD —  Department of Housing and Urban Development

HUF —  Hungarian forint

IDA —  Industrial Development Authority

IDAG —  Industrial Development Agency

IDR —  Indonesian rupiah

IEP —  Irish pound

JPY —  Japanese yen

KRW —  Republic of Korea won

LIBOR —  London Interbank Offered Rate

LIFER —  Long Inverse Floating Exempt Receipts

LIQ —  Liquidity agreement

LLC —  Limited liability company

LLLP —  Limited liability limited partnership

LLP —  Limited liability partnership

LOC —  Letter of credit

LP —  Limited partnership

MBIA —  Municipal Bond Insurance Association

MFHR —  Multifamily housing revenue

MSTR —  Municipal securities trust receipts

MTN —  Medium-term note

MUD —  Municipal Utility District

MXN —  Mexican peso

MYR —  Malaysian ringgit

National —  National Public Finance Guarantee Corporation

NGN —  Nigerian naira

NOK —  Norwegian krone

NZD —  New Zealand dollar

PCFA —  Pollution Control Financing Authority

PCL —  Public Company Limited

PCR —  Pollution control revenue

PFA —  Public Finance Authority

PFFA —  Public Facilities Financing Authority

PFOTER —  Puttable floating option tax-exempt receipts

PIK —  Payment-in-kind

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 leu

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

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For more information

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

Wells Fargo Advantage Funds

P.O. Box 8266

Boston, MA 02266-8266

Email: wfaf@wellsfargo.com

Website: wellsfargoadvantagefunds.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

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

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

NOT FDIC INSURED  ¡  NO BANK GUARANTEE  ¡   MAY LOSE VALUE

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

233651 06-15 SA237/SAR237 04-15

Wells Fargo Advantage

Emerging Markets Equity Fund

Semi-Annual Report

April 30, 2015

Reduce clutter. Save trees.

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

Contents

Letter to shareholders	2
Performance highlights	4
Fund expenses	6
Portfolio of investments	7
Financial statements
Statement of assets and liabilities	12
Statement of operations	13
Statement of changes in net assets	14
Financial highlights	15
Notes to financial statements	21
Other information	27
List of abbreviations	30

The views expressed and any forward-looking statements are as of April 30, 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 Emerging Markets Equity Fund Letter to shareholders (unaudited)

Karla M. Rabusch

President

Wells Fargo Advantage Funds

A worldwide trend toward looser monetary policy tended to support stock and bond markets in both developed and emerging economies.

Dear Valued Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Advantage Emerging Markets Equity Fund for the six-month period that ended April 30, 2015. The period was marked by low global interest rates as major central banks initiated or increased their quantitative easing programs. Emerging markets stocks, as measured by the MSCI Emerging Markets Index (Net)¹, displayed considerable volatility because investors worried about slower economic growth in major economies such as China and Brazil. Even so, the index ended the period with a 3.92% gain.

Major central banks continued to provide liquidity to the markets.

A worldwide trend toward looser monetary policy tended to support stock and bond markets in both developed and emerging economies. 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 at zero. Even though the FOMC ended its bond-buying program in October 2014 and guided investors to expect an interest-rate hike in mid- to late-2015, the Fed remained accommodative.

The European Central Bank maintained a variety of measures aimed at encouraging lending, including making funds available to banks at low interest rates and imposing a negative interest rate on bank deposits held at the central bank. In January 2015, the bank announced quantitative easing via significant bond purchases in an attempt to raise the eurozone’s inflation to just under its target of 2%. In China, the People’s Bank of China cut its benchmark interest rate twice during the reporting period in order to support a slowing economy.

The Central Bank of Brazil bucked the trend by raising its key rate to 13.25% on April 29, 2015, in an attempt to combat the country’s high rate of inflation.

Currency movements and worries about economic growth dominated the emerging markets landscape.

The projected actions of the Fed—whether it would raise interest rates and when—heavily influenced the emerging markets landscape throughout much of the reporting period. Many emerging markets governments and companies have U.S. dollar–denominated debt outstanding; a rise in U.S. interest rates could make it more expensive to refinance that debt. In addition, near-zero U.S. rates supported capital inflows into emerging markets because investors became more willing to accept higher risk in exchange for potentially higher returns. In the past, even the prospect of higher U.S. rates caused such flows to reverse. Currency swings thus had a large effect on the emerging markets landscape, with notable weakness in the Brazilian real.

Country-specific factors also played a role in the real’s decline; Brazil faces a challenging situation with a growing corruption scandal affecting the state-controlled oil company, a struggling economy, and a severe drought afflicting the city of São Paulo.

¹  The Morgan Stanley Capital International (MSCI) Emerging Markets Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of emerging markets. The MSCI Emerging Markets Index (Net) consists of the following 23 emerging markets country indexes: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Peru, the Philippines, Poland, Qatar, Russia, South Africa, Taiwan, Thailand, Turkey, and United Arab Emirates. You cannot invest directly in an index. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI.

Letter to shareholders (unaudited) Wells Fargo Advantage Emerging Markets Equity Fund 3

In China, government data showed a slowdown in fixed-asset investment, which includes property investment, and modest growth in manufacturing and housing sales. However, China’s growth rates still contrasted favorably with stagnant growth in most developed economies. Chinese markets also benefited from the Shanghai-Hong Kong Stock Connect program, launched in November 2014, which made it easier for mainland investors to purchase stocks on the Hong Kong exchange and for international investors to purchase stocks on the Shanghai exchange. The resulting surge in demand helped the MSCI China Index (Net)² end the period with a 29.61% gain.

Among smaller markets, South Korea outperformed for the period as the stronger U.S. dollar tended to support exporters such as South Korea. India’s stock market benefited from lower inflation and signs of improving economic growth, but delays in key reforms caused the Indian market to underperform the benchmark.

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,

Karla M. Rabusch

President

Wells Fargo Advantage Funds

Among smaller markets, South Korea outperformed for the period as the stronger U.S. dollar tended to support exporters such as South Korea.

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.

²  The Morgan Stanley Capital International (MSCI) China Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure equity market performance in China. You cannot invest directly in an index.

4 Wells Fargo Advantage Emerging Markets Equity Fund Performance highlights (unaudited)

This 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

Derrick Irwin, CFA

Richard Peck, CFA

Yi (Jerry) Zhang, Ph.D, CFA

Average annual total returns² (%) as of April 30, 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 (EMGAX)	9-6-1994		(4.60	)		1.19		10.01		1.20		2.39		10.67		1.65		1.65
Class B (EMGBX)*	9-6-1994		(4.61	)		1.26		10.12		0.39		1.63		10.12		2.40		2.40
Class C (EMGCX)	9-6-1994		(0.60	)		1.62		9.85		0.40		1.62		9.85		2.40		2.40
Class R6 (EMGDX)	6-28-2013		–			–		–		1.62		2.86		11.08		1.17		1.17
Administrator Class (EMGYX)	9-6-1994		–			–		–		1.33		2.57		10.92		1.49		1.49
Institutional Class (EMGNX)	7-30-2010		–			–		–		1.62		2.84		11.07		1.22		1.22
MSCI Emerging Markets Index (Net)5	–		–			–		–		7.80		3.02		9.58		–		–

* 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. Class R6, Administrator Class, and Institutional Class shares are sold without a front-end sales charge or contingent deferred sales charge.

Stock values fluctuate in response to the activities of individual companies and general market and economic conditions. Foreign investments are especially volatile and can rise or fall dramatically due to differences in the political and economic conditions of the host country. These risks are generally intensified in emerging markets. The use of derivatives may reduce returns and/or increase volatility. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). The Fund is exposed to smaller-company securities risk. Consult the Fund’s prospectus for additional information on these and other risks.

Please see footnotes on page 5.

Performance highlights (unaudited) Wells Fargo Advantage Emerging Markets Equity Fund 5

Ten largest holdings6 (%) as of April 30, 2015
Samsung Electronics Company Limited	4.79
Taiwan Semiconductor Manufacturing Company Limited ADR	3.80
China Life Insurance Company Limited H Shares	3.34
China Mobile Limited	3.21
Fomento Economico Mexicano SAB de CV ADR	2.34
AIA Group Limited	1.98
Belle International Holdings Limited	1.77
America Movil SAB de CV ADR	1.76
ICICI Bank Limited ADR	1.74
Lojas Americanas SA	1.71

Sector distribution⁷ as of April 30, 2015

Country allocation⁷ as of April 30, 2015

¹  Please see the Fund’s current Statement of Additional Information for further details.

²  Historical performance shown for Class R6 shares prior to their inception reflects the performance of Institutional Class shares and includes the higher expenses applicable to Institutional Class shares. If these expenses had not been included, returns would have been 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. Historical performance shown for all classes of the Fund prior to July 19, 2010, is based on the performance of the Fund’s predecessor, Evergreen Emerging Markets Growth Fund.

³  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.

⁴  The Adviser has committed through February 29, 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 1.67% for Class A, 2.42% for Class B, 2.42% for Class C, 1.18% for Class R6, 1.50% for Administrator Class, and 1.23% 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.

⁵  The Morgan Stanley Capital International (MSCI) Emerging Markets Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of emerging markets. The MSCI Emerging Markets Index (Net) consists of the following 23 emerging markets country indexes: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Peru, the Philippines, Poland, Qatar, Russia, South Africa, Taiwan, Thailand, Turkey,* and United Arab Emirates. You cannot invest directly in an index. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI.

⁶  The 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 Emerging Markets Equity 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 November 1, 2014 to April 30, 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 11-1-2014		Ending account value 4-30-2015		Expenses paid during the period¹		Net annualized expense ratio
Class A
Actual	$	1,000.00	$	985.59	$	8.12		1.65	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,016.61	$	8.25		1.65	%
Class B
Actual	$	1,000.00	$	981.92	$	11.70		2.38	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,012.99	$	11.88		2.38	%
Class C
Actual	$	1,000.00	$	981.78	$	11.79		2.40	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,012.89	$	11.98		2.40	%
Class R6
Actual	$	1,000.00	$	987.79	$	5.77		1.17	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.99	$	5.86		1.17	%
Administrator Class
Actual	$	1,000.00	$	986.23	$	7.29		1.48	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.46	$	7.40		1.48	%
Institutional Class
Actual	$	1,000.00	$	987.73	$	6.01		1.22	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.74	$	6.11		1.22	%

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—April 30, 2015 (unaudited) Wells Fargo Advantage Emerging Markets Equity Fund 7

Security name	Shares		Value
Common Stocks: 95.50%
Argentina: 0.60%
MercadoLibre Incorporated (Information Technology, Internet Software & Services) «		204,300	$	29,078,019
Brazil: 8.96%
Ambev SA ADR (Consumer Staples, Beverages)		11,447,000		72,459,510
B2W Cia Digital (Consumer Discretionary, Internet & Catalog Retail) †		3,301,424		29,990,532
Banco Bradesco SA ADR (Financials, Banks)		6,285,249		67,189,312
BM&F Bovespa SA (Financials, Diversified Financial Services)		11,954,000		49,237,173
BRF Brasil Foods SA ADR (Consumer Staples, Food Products)		1,119,078		24,026,605
CETIP SA (Financials, Capital Markets)		4,147,437		47,559,352
Lojas Renner SA (Consumer Discretionary, Multiline Retail)		986,600		34,398,955
Multiplan Empreendimentos Imobiliarios SA (Financials, Real Estate Management & Development)		1,361,200		23,944,506
Petroleo Brasileiro SA ADR (Energy, Oil, Gas & Consumable Fuels) «†		1,033,200		9,815,400
Petroleo Brasileiro SA ADR Class A (Energy, Oil, Gas & Consumable Fuels) †		2,422,953		21,031,232
Raia Drogasil SA (Consumer Staples, Food & Staples Retailing)		2,292,600		26,023,306
Rumo Logistica Operadora Multimodal SA (Industrials, Road & Rail)		37,813,513		16,315,427
Vale SA ADR (Materials, Metals & Mining) «		1,221,636		9,382,164
				431,373,474
Chile: 1.72%
Banco Santander Chile SA ADR (Financials, Banks)		1,831,200		39,938,472
SACI Falabella (Consumer Discretionary, Multiline Retail)		5,472,942		42,858,330
				82,796,802
China: 20.68%
51Job Incorporated ADR (Industrials, Professional Services) Ǡ		1,288,382		46,381,752
Alibaba Group Holding Limited ADR (Information Technology, Internet Software & Services) †		291,037		23,658,398
Baidu Incorporated ADR (Information Technology, Internet Software & Services) †		205,540		41,165,551
China Auto Rental Incorporated (Consumer Discretionary, Automobiles) †		1,256,469		2,969,749
China Life Insurance Company Limited H Shares (Financials, Insurance)		33,127,290		160,776,102
China Mobile Limited (Telecommunication Services, Wireless Telecommunication Services)		10,805,165		154,333,260
CNOOC Limited (Energy, Oil, Gas & Consumable Fuels)		47,278,000		80,619,008
Ctrip.com International Limited ADR (Consumer Discretionary, Internet & Catalog Retail) †		860,816		54,816,763
Hengan International Group Company Limited (Consumer Staples, Personal Products)		6,110,000		75,378,632
Mindray Medical International Limited ADR (Health Care, Health Care Equipment & Supplies)		1,134,148		35,022,490
New Oriental Education & Technology Group Incorporated ADR (Consumer Discretionary, Diversified Consumer Services) †		2,296,182		58,759,297
PetroChina Company Limited H Shares (Energy, Oil, Gas & Consumable Fuels)		27,870,000		35,945,696
Shandong Weigao Group Medical Polymer Company Limited H Shares (Health Care, Health Care Equipment & Supplies)		14,324,000		13,237,717
SINA Corporation (Information Technology, Internet Software & Services) «†		1,730,907		76,151,253
Tingyi Holding Corporation (Consumer Staples, Food Products)		25,878,000		54,648,357
Tsingtao Brewery Company Limited H Shares (Consumer Staples, Beverages)		8,112,000		51,537,048
Vipshop Holdings Limited ADR (Consumer Discretionary, Internet & Catalog Retail) †		351,760		9,951,290
Weibo Corporation ADR (Information Technology, Internet Software & Services) «†		1,193,046		19,900,007
				995,252,370
Colombia: 0.62%
Bancolombia SA ADR (Financials, Banks) «		660,400		29,896,308

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

8 Wells Fargo Advantage Emerging Markets Equity Fund Portfolio of investments—April 30, 2015 (unaudited)

Security name	Shares		Value
Hong Kong: 6.34%
AIA Group Limited (Financials, Insurance)		14,311,400	$	95,177,597
Belle International Holdings Limited (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		66,516,000		85,371,364
Johnson Electric Holdings Limited (Industrials, Electrical Equipment)		4,164,250		15,470,414
Li Ning Company Limited (Consumer Discretionary, Textiles, Apparel & Luxury Goods) †		20,484,207		11,330,200
Sun Art Retail Group Limited (Consumer Staples, Food & Staples Retailing) «		33,290,500		34,318,996
Texwinca Holdings Limited (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		248,000		240,494
WH Group Limited (Consumer Staples, Food Products) †		90,522,500		63,183,585
				305,092,650
India: 8.49%
Bharti Airtel Limited (Telecommunication Services, Wireless Telecommunication Services)		4,888,728		29,273,327
Bharti Infratel Limited (Telecommunication Services, Wireless Telecommunication Services)		5,348,464		33,792,625
HDFC Bank Limited ADR (Financials, Banks)		123,826		7,038,270
Housing Development Finance Corporation Limited (Financials, Thrifts & Mortgage Finance)		2,250,700		41,397,358
ICICI Bank Limited ADR (Financials, Banks)		7,641,775		83,524,601
Infosys Technologies Limited ADR (Information Technology, IT Services)		2,071,230		64,166,705
ITC Limited (Consumer Staples, Tobacco)		11,762,640		59,697,505
Reliance Industries Limited (Energy, Oil, Gas & Consumable Fuels)		3,244,200		44,000,119
Reliance Industries Limited GDR (Energy, Oil, Gas & Consumable Fuels) 144A		1,246,587		33,533,190
Ultra Tech Cement Limited (Materials, Construction Materials)		286,000		12,018,471
				408,442,171
Indonesia: 1.90%
PT Astra International Tbk (Consumer Discretionary, Automobiles)		14,651,000		7,709,820
PT Bank Central Asia Tbk (Financials, Banks)		9,549,500		9,887,620
PT Blue Bird Tbk (Industrials, Road & Rail) †		13,605,309		8,579,302
PT Link Net Tbk (Telecommunication Services, Diversified Telecommunication Services) †		44,178,161		19,170,851
PT Matahari Department Store Tbk (Consumer Discretionary, Multiline Retail)		10,474,600		14,087,379
PT Telekomunikasi Indonesia Persero Tbk ADR (Telecommunication Services, Diversified Telecommunication Services)		768,877		31,816,130
PT Telekomunikasi Indonesia Persero Tbk (Telecommunication Services, Diversified Telecommunication Services)		2,000,000		402,243
				91,653,345
Malaysia: 1.33%
Genting Bhd (Consumer Discretionary, Hotels, Restaurants & Leisure)		8,480,900		20,818,563
Genting Malaysia Bhd (Consumer Discretionary, Hotels, Restaurants & Leisure)		18,396,300		22,173,753
KLCC Property Holdings Bhd (Financials, REITs)		3,437,900		6,814,986
Sime Darby Bhd (Industrials, Industrial Conglomerates)		5,565,937		14,142,125
				63,949,427
Mexico: 10.78%
America Movil SAB de CV ADR (Telecommunication Services, Wireless Telecommunication Services)		4,047,320		84,548,515
Cemex SAB de CV ADR (Materials, Construction Materials) †		5,573,745		53,619,425
Fibra Uno Administracion SAB de CV (Financials, REITs)		23,927,493		59,670,570
Fomento Economico Mexicano SAB de CV ADR (Consumer Staples, Beverages) †		1,242,100		112,397,629
Grupo Financiero Banorte SAB de CV (Financials, Banks)		12,648,611		71,751,311
Grupo Financiero Santander SAB de CV ADR (Financials, Banks)		2,248,441		22,866,645
Grupo Sanborns SA de CV (Consumer Discretionary, Multiline Retail)		4,264,153		6,406,513

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

Portfolio of investments—April 30, 2015 (unaudited) Wells Fargo Advantage Emerging Markets Equity Fund 9

Security name	Shares		Value
Mexico (continued)
Grupo Televisa SAB ADR (Consumer Discretionary, Media) †		1,434,000	$	52,211,940
Wal-Mart de Mexico SAB de CV (Consumer Staples, Food & Staples Retailing)		23,477,100		55,242,036
				518,714,584
Peru: 0.41%
Compania de Minas Buenaventura SA ADR (Materials, Metals & Mining)		1,753,600		19,605,248
Philippines: 0.63%
Ayala Corporation (Financials, Diversified Financial Services)		647,624		11,324,543
Metropolitan Bank & Trust Company (Financials, Banks)		4,287,486		8,937,699
SM Investments Corporation (Industrials, Industrial Conglomerates)		488,582		9,870,649
				30,132,891
Russia : 2.88%
LUKOIL ADR - London Exchange (Energy, Oil, Gas & Consumable Fuels)		881,249		45,080,739
Magnit (Consumer Staples, Food & Staples Retailing) (a)		99,300		21,708,549
Mobile Telesystems ADR (Telecommunication Services, Wireless Telecommunication Services)		2,017,800		24,375,024
Sberbank of Russia (Financials, Banks) (a)		5,517,377		8,223,021
Sberbank of Russia ADR (Financials, Banks)		2,181,195		12,945,979
Yandex NV Class A (Information Technology, Internet Software & Services) †		1,375,106		26,457,039
				138,790,351
South Africa: 5.04%
Anglo American Platinum Limited (Materials, Metals & Mining) †		106,832		2,950,676
AngloGold Ashanti Limited ADR (Materials, Metals & Mining) †		1,077,592		12,209,117
Clicks Group Limited (Consumer Staples, Food & Staples Retailing)		1,020,000		7,816,937
Gold Fields Limited ADR (Materials, Metals & Mining)		660,700		3,019,399
Impala Platinum Holdings Limited (Materials, Metals & Mining) †		1,290,758		7,183,704
MTN Group Limited (Telecommunication Services, Wireless Telecommunication Services)		2,292,643		46,033,780
Sasol Limited (Energy, Oil, Gas & Consumable Fuels)		470,000		18,923,832
Shoprite Holdings Limited (Consumer Staples, Food & Staples Retailing)		4,088,100		58,492,252
Standard Bank Group Limited (Financials, Banks)		2,295,190		33,642,737
Tiger Brands Limited (Consumer Staples, Food Products)		2,015,333		52,453,486
				242,725,920
South Korea: 10.62%
Amorepacific Corporation (Consumer Staples, Personal Products) (a)		7,790		28,224,216
KB Financial Group Incorporated (Financials, Banks)		315,000		12,012,306
KB Financial Group Incorporated ADR (Financials, Banks)		93,117		3,550,551
KT Corporation (Telecommunication Services, Diversified Telecommunication Services) †		40,000		1,182,398
KT Corporation ADR (Telecommunication Services, Diversified Telecommunication Services)		4,334,813		63,158,225
KT&G Corporation (Consumer Staples, Tobacco)		624,091		55,364,789
Samsung Electronics Company Limited (Information Technology, Technology Hardware, Storage & Peripherals)		175,836		230,671,114
Samsung Life Insurance Company Limited (Financials, Insurance)		677,337		66,251,889
Shinhan Financial Group Company Limited (Financials, Banks)		315,945		13,076,378
SK Hynix Incorporated (Information Technology, Semiconductors & Semiconductor Equipment)		875,000		37,436,922
				510,928,788

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

10 Wells Fargo Advantage Emerging Markets Equity Fund Portfolio of investments—April 30, 2015 (unaudited)

Security name						Shares		Value
Taiwan: 8.78%
104 Corporation (Industrials, Commercial Services & Supplies) (l)†							1,655,000	$	9,042,028
Far Eastern New Century Corporation (Industrials, Industrial Conglomerates)							21,988,675		24,152,586
Fuhwa Financial Holdings Company Limited (Financials, Capital Markets)							39,252,018		22,814,498
Media Tek Incorporated (Information Technology, Semiconductors & Semiconductor Equipment)							2,939,881		37,789,787
President Chain Store Corporation (Consumer Staples, Food & Staples Retailing)							3,955,000		29,267,656
Taiwan Semiconductor Manufacturing Company Limited (Information Technology, Semiconductors & Semiconductor Equipment)							8,585,224		41,331,600
Taiwan Semiconductor Manufacturing Company Limited ADR (Information Technology, Semiconductors & Semiconductor Equipment)							7,477,852		182,758,703
Uni-President Enterprises Corporation (Consumer Staples, Food Products)							45,996,508		75,275,815
									422,432,673
Thailand: 3.64%
Bangkok Bank PCL (Financials, Banks)							3,729,800		20,935,871
PTT Exploration & Production PCL (Energy, Oil, Gas & Consumable Fuels)							6,378,139		22,637,411
PTT PCL (Energy, Oil, Gas & Consumable Fuels)							3,475,900		37,537,400
Siam Commercial Bank PCL (Financials, Banks)							9,505,100		45,845,924
Thai Beverage PCL (Consumer Staples, Beverages)							89,027,000		48,106,337
									175,062,943
Turkey: 0.83%
Anadolu Efes Biracilik Ve Malt Sanayii AS (Consumer Staples, Beverages) †							2,920,453		24,585,830
Avivasa Emeklilik Ve Hayat AS (Financials, Insurance) «							378,063		7,075,311
Turkcell Iletisim Hizmetleri AS ADR (Telecommunication Services, Wireless Telecommunication Services) «							741,462		8,200,570
									39,861,711
United Arab Emirates: 0.07%
Emaar Malls Group (Financials, Real Estate Management & Development) †							3,773,147		3,294,986
United Kingdom: 1.18%
African Barrick Gold Limited (Materials, Metals & Mining)							1,068,500		4,738,811
Standard Chartered plc (Financials, Banks)							3,181,301		52,084,903
									56,823,714
Total Common Stocks (Cost $4,222,555,538)									4,595,908,375
	Interest rate			Maturity date		Principal
Convertible Debentures: 0.00%
Brazil: 0.00%
Lupatech SA (Energy, Energy Equipment & Services) (a)(i)(s)		6.50	%		4-15-2018	$	303,000		1,612
Total Convertible Debentures (Cost $160,691)									1,612

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

Portfolio of investments—April 30, 2015 (unaudited) Wells Fargo Advantage Emerging Markets Equity Fund 11

Security name	Dividend yield					Shares		Value
Preferred Stocks: 1.86%
Brazil: 1.86%
Lojas Americanas SA (Consumer Discretionary, Multiline Retail) ±		0.13	%				14,769,628	$	82,207,359
Vale SA ADR (Materials, Metals & Mining) ±		3.30					1,203,500		7,281,175
Total Preferred Stocks (Cost $99,573,278)									89,488,534
				Expiration date
Warrants: 0.01%
Malaysia: 0.01%
Genting Bhd (Consumer Discretionary, Hotels, Restaurants & Leisure) †					12-18-2018		620,325		322,224
Total Warrants (Cost $292,284)									322,224
	Yield
Short-Term Investments: 4.37%
Investment Companies: 4.37%
Securities Lending Cash Investments, LLC (l)(r)(u)		0.12					113,453,863		113,453,863
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)		0.11					96,749,081		96,749,081
Total Short-Term Investments (Cost $210,202,944)									210,202,944

Total investments in securities (Cost $4,532,784,735) *	101.74	%		4,895,923,689
Other assets and liabilities, net	(1.74	)		(83,731,729	)
Total net assets	100.00	%	$	4,812,191,960

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

† 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.

(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.

(i) Illiquid security

(s) The security is currently in default with regards to scheduled interest and/or principal payments. The Fund has stopped accruing interest on the security.

± 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.

* Cost for federal income tax purposes is $4,555,692,985 and unrealized gains (losses) consists of:

Gross unrealized gains	$	813,976,210
Gross unrealized losses		(473,745,506	)
Net unrealized gains	$	340,230,704

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

12 Wells Fargo Advantage Emerging Markets Equity Fund Statement of assets and liabilities—April 30, 2015 (unaudited)

Assets
Investments
In unaffiliated securities (including $110,108,524 of securities loaned), at value (cost $4,316,905,855)	$	4,676,678,717
In affiliated securities, at value (cost $215,878,880)		219,244,972
Total investments, at value (cost $4,532,784,735)		4,895,923,689
Foreign currency, at value (cost $24,850,831)		24,199,671
Receivable for investments sold		7,617,883
Receivable for Fund shares sold		12,461,141
Receivable for dividends		8,864,048
Receivable for securities lending income		113,060
Prepaid expenses and other assets		219,533
Total assets		4,949,399,025
Liabilities
Payable for investments purchased		2,020,884
Payable for Fund shares redeemed		15,973,221
Payable upon receipt of securities loaned		113,453,863
Advisory fee payable		4,006,308
Distribution fees payable		73,685
Administration fees payable		764,497
Accrued expenses and other liabilities		914,607
Total liabilities		137,207,065
Total net assets	$	4,812,191,960
NET ASSETS CONSIST OF
Paid-in capital	$	4,555,198,684
Overdistributed net investment income		(16,302,674	)
Accumulated net realized losses on investments		(89,106,369	)
Net unrealized gains on investments		362,402,319
Total net assets	$	4,812,191,960
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	1,355,151,176
Shares outstanding – Class A1		64,602,545
Net asset value per share – Class A		$20.98
Maximum offering price per share – Class A2		$22.26
Net assets – Class B	$	2,820,997
Shares outstanding – Class B1		157,433
Net asset value per share – Class B		$17.92
Net assets – Class C	$	115,340,393
Shares outstanding – Class C1		6,485,848
Net asset value per share – Class C		$17.78
Net assets – Class R6	$	41,385,272
Shares outstanding – Class R61		1,882,715
Net asset value per share – Class R6		$21.98
Net assets – Administrator Class	$	426,582,428
Shares outstanding – Administrator Class1		19,382,536
Net asset value per share – Administrator Class		$22.01
Net assets – Institutional Class	$	2,870,911,694
Shares outstanding – Institutional Class1		130,623,258
Net asset value per share – Institutional Class		$21.98

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 April 30, 2015 (unaudited) Wells Fargo Advantage Emerging Markets Equity Fund 13

Investment income
Dividends (net of foreign withholding taxes of $4,590,970)	$	36,796,478
Securities lending income, net		813,948
Income from affiliated securities		79,332
Total investment income		37,689,758
Expenses
Advisory fee		23,411,413
Administration fees
Fund level		1,174,001
Class A		1,863,044
Class B		4,825
Class C		154,766
Class R6		5,450
Administrator Class		193,875
Institutional Class		1,086,585
Shareholder servicing fees
Class A		1,791,389
Class B		4,438
Class C		148,813
Administrator Class		466,921
Distribution fees
Class B		13,919
Class C		446,440
Custody and accounting fees		1,581,248
Professional fees		32,096
Registration fees		161,020
Shareholder report expenses		337,923
Trustees’ fees and expenses		5,662
Other fees and expenses		77,889
Total expenses		32,961,717
Less: Fee waivers and/or expense reimbursements		(1,317	)
Net expenses		32,960,400
Net investment income		4,729,358
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized losses on:
Unaffiliated securities		(75,168,590	)
Forward foreign currency contract transactions		(7,744	)
Net realized losses on investments		(75,176,334	)
Net change in unrealized gains (losses) on:
Unaffiliated securities		2,262,684
Affiliated securities		2,403,855
Net change in unrealized gains (losses) on investments		4,666,539
Net realized and unrealized gains (losses) on investments		(70,509,795	)
Net decrease in net assets resulting from operations	$	(65,780,437	)

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

14 Wells Fargo Advantage Emerging Markets Equity Fund Statement of changes in net assets

	Six months ended April 30, 2015 (unaudited)						Year ended October 31, 2014
Operations
Net investment income				$	4,729,358					$	29,047,921
Net realized gains (losses) on investments					(75,176,334	)					21,339,971
Net change in unrealized gains (losses) on investments					4,666,539						(75,469,857	)
Net decrease in net assets resulting from operations					(65,780,437	)					(25,081,965	)
Distributions to shareholders from
Net investment income
Class A					(9,924,129	)					0
Class R6					(428,978	)					(45,340	)
Administrator Class					(2,112,578	)					(1,783,180	)
Institutional Class					(32,080,756	)					(8,965,400	)
Total distributions to shareholders					(44,546,441	)					(10,793,920	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		10,515,460			209,909,893			32,727,297			667,582,307
Class B		228			3,989			783			13,808
Class C		114,303			1,947,773			586,118			10,456,764
Class R6		313,343			6,629,723			1,873,283			41,555,780
Administrator Class		3,567,415			76,598,937			13,152,480			287,170,895
Institutional Class		19,543,060			415,344,250			62,516,706			1,409,003,391
					710,434,565						2,415,782,945
Reinvestment of distributions
Class A		489,710			9,691,371			0			0
Class R6		20,724			428,978			2,064			45,340
Administrator Class		97,421			2,021,483			75,992			1,668,033
Institutional Class		1,420,577			29,405,954			367,774			8,083,670
					41,547,786						9,797,043
Payment for shares redeemed
Class A		(16,491,400	)		(340,412,457	)		(22,649,849	)		(476,947,718	)
Class B		(137,617	)		(2,379,038	)		(298,920	)		(5,386,850	)
Class C		(1,257,131	)		(21,547,766	)		(2,319,143	)		(41,212,489	)
Class R6		(47,744	)		(1,020,765	)		(489,299	)		(10,990,607	)
Administrator Class		(4,968,579	)		(106,471,585	)		(38,648,549	)		(875,255,756	)
Institutional Class		(19,122,007	)		(404,233,429	)		(29,608,625	)		(662,852,447	)
					(876,065,040	)					(2,072,645,867	)
Net increase (decrease) in net assets resulting from capital share transactions					(124,082,689	)					352,934,121
Total increase (decrease) in net assets					(234,409,567	)					317,058,236
Net assets
Beginning of period					5,046,601,527						4,729,543,291
End of period				$	4,812,191,960					$	5,046,601,527
Undistributed (overdistributed) net investment income				$	(16,302,674	)				$	23,514,409

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

Financial highlights Wells Fargo Advantage Emerging Markets Equity Fund 15

(For a share outstanding throughout each period)

	Six months ended April 30, 2015 (unaudited)			Year ended October 31
CLASS A				2014			2013			2012			2011			20101
Net asset value, beginning of period		$21.44			$21.77			$20.48			$20.93			$21.65			$16.99
Net investment income (loss)		(0.01	)		0.07			0.02			0.10			0.08			0.04	2
Net realized and unrealized gains (losses) on investments		(0.31	)		(0.40	)		1.33			(0.19	)		(0.80	)		4.63
Total from investment operations		(0.32	)		(0.33	)		1.35			(0.09	)		(0.72	)		4.67
Distributions to shareholders from
Net investment income		(0.14	)		0.00			(0.06	)		(0.14	)		(0.00	)3		(0.01	)
Net realized gains		0.00			0.00			0.00			(0.22	)		0.00			0.00
Total distributions to shareholders		(0.14	)		0.00			(0.06	)		(0.36	)		(0.00	)3		(0.01	)
Net asset value, end of period		$20.98			$21.44			$21.77			$20.48			$20.93			$21.65
Total return4		(1.44	)%		(1.52	)%		6.62	%		(0.31	)%		(3.32	)%		27.51	%
Ratios to average net assets (annualized)
Gross expenses		1.65	%		1.64	%		1.65	%		1.67	%		1.68	%		1.91	%
Net expenses		1.65	%		1.64	%		1.65	%		1.67	%		1.68	%		1.89	%
Net investment income (loss)		(0.06	)%		0.36	%		0.15	%		0.51	%		0.44	%		0.27	%
Supplemental data
Portfolio turnover rate		5	%		7	%		13	%		7	%		5	%		6	%
Net assets, end of period (000s omitted)		$1,355,151			$1,502,597			$1,306,269			$920,709			$917,633			$820,716

¹  After the close of business on July 16, 2010, the Fund acquired the net assets of Evergreen Emerging Markets Growth Fund and Wells Fargo Advantage Emerging Markets Equity Fund. Evergreen Emerging Markets Growth Fund became the accounting and performance survivor in the transaction. The information for the period prior to July 19, 2010, is that of Class A of Evergreen Emerging Markets Growth Fund.

²  Calculated based upon average shares outstanding

³  Amount is less than $0.005.

⁴  Total return calculations do not include any sales charges. Return 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 Emerging Markets Equity Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended April 30, 2015 (unaudited)			Year ended October 31
CLASS B				2014			2013			2012			2011			20101
Net asset value, beginning of period		$18.25			$18.67			$17.64			$18.06			$18.82			$14.87
Net investment loss		(0.07	)2		(0.08	)2		(0.12	)2		(0.05	)2		(0.08	)2		(0.09	)2
Net realized and unrealized gains (losses) on investments		(0.26	)		(0.34	)		1.15			(0.15	)		(0.68	)		4.04
Total from investment operations		(0.33	)		(0.42	)		1.03			(0.20	)		(0.76	)		3.95
Distributions to shareholders from
Net realized gains		0.00			0.00			0.00			(0.22	)		0.00			0.00
Net asset value, end of period		$17.92			$18.25			$18.67			$17.64			$18.06			$18.82
Total return3		(1.81	)%		(2.25	)%		5.84	%		(1.06	)%		(4.04	)%		26.56	%
Ratios to average net assets (annualized)
Gross expenses		2.38	%		2.39	%		2.39	%		2.41	%		2.43	%		2.66	%
Net expenses		2.38	%		2.39	%		2.39	%		2.41	%		2.43	%		2.64	%
Net investment loss		(0.81	)%		(0.46	)%		(0.64	)%		(0.28	)%		(0.39	)%		(0.54	)%
Supplemental data
Portfolio turnover rate		5	%		7	%		13	%		7	%		5	%		6	%
Net assets, end of period (000s omitted)		$2,821			$5,380			$11,071			$15,408			$21,652			$30,989

¹  After the close of business on July 16, 2010, the Fund acquired the net assets of Evergreen Emerging Markets Growth Fund and Wells Fargo Advantage Emerging Markets Equity Fund. Evergreen Emerging Markets Growth Fund became the accounting and performance survivor in the transaction. The information for the period prior to July 19, 2010, is that of Class B of Evergreen Emerging Markets Growth Fund.

²  Calculated based upon average shares outstanding

³  Total return calculations do not include any sales charges. Return 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 Emerging Markets Equity Fund 17

(For a share outstanding throughout each period)

	Six months ended April 30, 2015 (unaudited)			Year ended October 31
CLASS C				2014			2013			2012			2011			20101
Net asset value, beginning of period		$18.11			$18.53			$17.51			$17.92			$18.68			$14.77
Net investment loss		(0.07	)2		(0.08	)2		(0.11	)2		(0.06	)		(0.06	)2		(0.08	)2
Net realized and unrealized gains (losses) on investments		(0.26	)		(0.34	)		1.13			(0.13	)		(0.70	)		3.99
Total from investment operations		(0.33	)		(0.42	)		1.02			(0.19	)		(0.76	)		3.91
Distributions to shareholders from
Net realized gains		0.00			0.00			0.00			(0.22	)		0.00			0.00
Net asset value, end of period		$17.78			$18.11			$18.53			$17.51			$17.92			$18.68
Total return3		(1.82	)%		(2.27	)%		5.83	%		(1.01	)%		(4.07	)%		26.47	%
Ratios to average net assets (annualized)
Gross expenses		2.40	%		2.39	%		2.39	%		2.42	%		2.43	%		2.66	%
Net expenses		2.40	%		2.39	%		2.39	%		2.42	%		2.43	%		2.64	%
Net investment loss		(0.80	)%		(0.42	)%		(0.62	)%		(0.24	)%		(0.32	)%		(0.50	)%
Supplemental data
Portfolio turnover rate		5	%		7	%		13	%		7	%		5	%		6	%
Net assets, end of period (000s omitted)		$115,340			$138,169			$173,454			$183,471			$200,796			$193,300

¹  After the close of business on July 16, 2010, the Fund acquired the net assets of Evergreen Emerging Markets Growth Fund and Wells Fargo Advantage Emerging Markets Equity Fund. Evergreen Emerging Markets Growth Fund became the accounting and performance survivor in the transaction. The information for the period prior to July 19, 2010, is that of Class C of Evergreen Emerging Markets Growth Fund.

²  Calculated based upon average shares outstanding

³  Total return calculations do not include any sales charges. Return 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 Emerging Markets Equity Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended April 30, 2015 (unaudited)			Year ended October 31
CLASS R6				2014			20131
Net asset value, beginning of period		$22.53			$22.86			$20.89
Net investment income		0.06			0.21			0.01	2
Net realized and unrealized gains (losses) on investments		(0.35	)		(0.44	)		1.96
Total from investment operations		(0.29	)		(0.23	)		1.97
Distributions to shareholders from
Net investment income		(0.26	)		(0.10	)		0.00
Net asset value, end of period		$21.98			$22.53			$22.86
Total return3		(1.22	)%		(1.01	)%		9.43	%
Ratios to average net assets (annualized)
Gross expenses		1.17	%		1.17	%		1.17	%
Net expenses		1.17	%		1.17	%		1.17	%
Net investment income		0.45	%		0.88	%		0.15	%
Supplemental data
Portfolio turnover rate		5	%		7	%		13	%
Net assets, end of period (000s omitted)		$41,385			$35,967			$4,809

¹  For the period from June 28, 2013 (commencement of class operations) to October 31, 2013

²  Calculated based upon average shares outstanding

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

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

Financial highlights Wells Fargo Advantage Emerging Markets Equity Fund 19

(For a share outstanding throughout each period)

	Six months ended April 30, 2015 (unaudited)			Year ended October 31
ADMINISTRATOR CLASS				2014			2013			2012			2011			20101
Net asset value, beginning of period		$22.44			$22.79			$21.44			$21.90			$22.63			$17.75
Net investment income		0.01	2		0.13	2		0.05			0.14			0.02			0.09	2
Net realized and unrealized gains (losses) on investments		(0.33	)		0.44			1.40			(0.18	)		(0.73	)		4.83
Total from investment operations		(0.32	)		(0.31	)		1.45			(0.04	)		(0.71	)		4.92
Distributions to shareholders from
Net investment income		(0.11	)		(0.04	)		(0.10	)		(0.20	)		(0.02	)		(0.04	)
Net realized gains		0.00			0.00			0.00			(0.22	)		0.00			0.00
Total distributions to shareholders		(0.11	)		(0.04	)		(0.10	)		(0.42	)		(0.02	)		(0.04	)
Net asset value, end of period		$22.01			$22.44			$22.79			$21.44			$21.90			$22.63
Total return3		(1.38	)%		(1.36	)%		6.83	%		(0.13	)%		(3.14	)%		27.78	%
Ratios to average net assets (annualized)
Gross expenses		1.48	%		1.48	%		1.48	%		1.47	%		1.47	%		1.69	%
Net expenses		1.48	%		1.48	%		1.48	%		1.47	%		1.47	%		1.65	%
Net investment income		0.14	%		0.57	%		0.35	%		0.72	%		0.70	%		0.50	%
Supplemental data
Portfolio turnover rate		5	%		7	%		13	%		7	%		5	%		6	%
Net assets, end of period (000s omitted)		$426,582			$464,135			$1,050,660			$634,428			$529,083			$248,493

¹  After the close of business on July 16, 2010, the Fund acquired the net assets of Evergreen Emerging Markets Growth Fund and Wells Fargo Advantage Emerging Markets Equity Fund. Evergreen Emerging Markets Growth Fund became the accounting and performance survivor in the transaction. The information for the period prior to July 19, 2010, is that of Class I of Evergreen Emerging Markets Growth Fund.

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 Emerging Markets Equity Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended April 30, 2015 (unaudited)			Year ended October 31
INSTITUTIONAL CLASS				2014			2013			2012			2011			20101
Net asset value, beginning of period		$22.52			$22.86			$21.50			$21.96			$22.66			$20.11
Net investment income		0.04			0.15			0.11			0.22			0.16			0.00	2,3
Net realized and unrealized gains (losses) on investments		(0.33	)		(0.40	)		1.40			(0.22	)		(0.81	)		2.55
Total from investment operations		(0.29	)		(0.25	)		1.51			0.00			(0.65	)		2.55
Distributions to shareholders from
Net investment income		(0.25	)		(0.09	)		(0.15	)		(0.24	)		(0.05	)		0.00
Net realized gains		0.00			0.00			0.00			(0.22	)		0.00			0.00
Total distributions to shareholders		(0.25	)		(0.09	)		(0.15	)		(0.46	)		(0.05	)		0.00
Net asset value, end of period		$21.98			$22.52			$22.86			$21.50			$21.96			$22.66
Total return4		(1.23	)%		(1.09	)%		7.07	%		0.13	%		(2.89	)%		12.68	%
Ratios to average net assets (annualized)
Gross expenses		1.22	%		1.21	%		1.22	%		1.24	%		1.24	%		1.48	%
Net expenses		1.22	%		1.21	%		1.22	%		1.24	%		1.23	%		1.30	%
Net investment income		0.39	%		0.77	%		0.57	%		1.04	%		0.93	%		0.02	%
Supplemental data
Portfolio turnover rate		5	%		7	%		13	%		7	%		5	%		6	%
Net assets, end of period (000s omitted)		$2,870,912			$2,900,353			$2,183,281			$1,176,567			$541,644			$197,823

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

²  Calculated based upon average shares outstanding

³  Amount is less than $0.005.

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

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

Notes to financial statements (unaudited) Wells Fargo Advantage Emerging Markets Equity 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 Emerging Markets Equity 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.

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 April 30, 2015, such fair value pricing was used in pricing foreign securities.

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. 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

22 Wells Fargo Advantage Emerging Markets Equity Fund Notes to financial statements (unaudited)

or by an independent pricing service. Valuations received from an independent pricing service or independent broker-dealer quotes are periodically validated by comparisons to most recent trades and valuations provided by other independent pricing services in addition to the review of prices by the adviser and/or subadviser. Unobservable inputs used in determining fair valuations are identified based on the type of security, taking into consideration factors utilized by market participants in valuing the investment, knowledge about the issuer and the current market environment.

Foreign currency translation

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

Forward foreign currency contracts

The Fund is subject to foreign currency exchange rate risk in the normal course of pursuing its investment objectives. A forward foreign currency contract is an agreement between two parties to purchase or sell a specific currency for an agreed-upon price at a future date. The Fund enters into forward foreign currency contracts to facilitate transactions in foreign-denominated securities and to attempt to minimize the risk to the Fund from adverse changes in the relationship between currencies. Forward foreign currency contracts are recorded at the forward rate and marked-to-market daily. When the contracts are closed, realized gains and losses arising from such transactions are recorded as realized gains or losses on forward foreign currency contract transactions. The Fund could be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts or if the value of the foreign currency changes unfavorably. The Fund’s maximum risk of loss from counterparty credit risk is the unrealized gains on the contracts. This risk may be mitigated if there is a master netting arrangement between the Fund and the counterparty.

Security loans

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

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

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.

Notes to financial statements (unaudited) Wells Fargo Advantage Emerging Markets Equity Fund 23

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

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 October 31, 2014, the Fund had capital loss carryforwards available to offset future net realized capital gains in the amount of $10,889,490 expiring in 2017.

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

24 Wells Fargo Advantage Emerging Markets Equity 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 April 30, 2015:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Argentina	$	29,078,019	$	0	$	0	$	29,078,019
Brazil		431,373,474		0		0		431,373,474
Chile		82,796,802		0		0		82,796,802
China		365,806,801		629,445,569		0		995,252,370
Colombia		29,896,308		0		0		29,896,308
Hong Kong		34,318,996		270,773,654		0		305,092,650
India		281,752,896		126,689,275		0		408,442,171
Indonesia		50,986,981		40,666,364		0		91,653,345
Malaysia		6,814,986		57,134,441		0		63,949,427
Mexico		518,714,584		0		0		518,714,584
Peru		19,605,248		0		0		19,605,248
Philippines		0		30,132,891		0		30,132,891
Russia		50,832,063		87,958,288		0		138,790,351
South Africa		15,228,516		227,497,404		0		242,725,920
South Korea		122,073,565		388,855,223		0		510,928,788
Taiwan		182,758,703		239,673,970		0		422,432,673
Thailand		154,127,072		20,935,871		0		175,062,943
Turkey		8,200,570		31,661,141		0		39,861,711
United Arab Emirates		0		3,294,986		0		3,294,986
United Kingdom		0		56,823,714		0		56,823,714
Convertible debentures		0		0		1,612		1,612
Preferred stocks
Brazil		89,488,534		0		0		89,488,534
Warrants
Malaysia		0		322,224		0		322,224
Short-term investments
Investment companies		96,749,081		113,453,863		0		210,202,944
Total assets	$	2,570,603,199	$	2,325,318,878	$	1,612	$	4,895,923,689

The Fund recognizes transfers between levels within the fair value hierarchy at the end of the reporting period. At April 30, 2015, fair value pricing was used in pricing certain foreign securities and securities valued at $2,098,710,824 were transferred from Level 1 to Level 2. The Fund did not have any transfers into/out of Level 3.

4. TRANSACTIONS WITH AFFILIATES

Advisory fee

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

Pursuant to the contract, Funds Management is entitled to receive an annual advisory fee starting at 1.10% and declining to 0.925% as the average daily net assets of the Fund increase. Prior to March 1,2015, Funds Management received an annual advisory fee which started at 1.10% and declined to 0.95% as the average daily net assets of the Fund increased. For the six months ended April 30, 2015, the advisory fee was equivalent to an annual rate of 1.00% 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 0.65% and declining to 0.45% as the average daily net assets of the Fund increase.

Notes to financial statements (unaudited) Wells Fargo Advantage Emerging Markets Equity 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	%
Class R6		0.03
Administrator Class		0.10
Institutional Class		0.08

Funds Management has contractually waived and/or reimbursed advisory and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. Waiver of fees and/or reimbursement of expenses by Funds Management were made first from fund level expenses on a proportionate basis and then from class specific expenses. Funds Management has committed through February 29, 2016 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.67% for Class A shares, 2.42% for Class B shares, 2.42% for Class C shares, 1.18% for Class R6 shares, 1.50% for Administrator Class shares and 1.23% 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 Class A 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 April 30, 2015, Funds Distributor received $3,114 from the sale of Class A shares and $41 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 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 April 30, 2015 were $208,611,489 and $303,406,261, respectively.

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 (losses)
104 Corporation		1,655,000		0		0		1,655,000	$	9,042,028	$	0	$	0

26 Wells Fargo Advantage Emerging Markets Equity Fund Notes to financial statements (unaudited)

7. DERIVATIVE TRANSACTIONS

During the six months ended April 30, 2015, the Fund entered into forward foreign currency contracts for economic hedging purposes.

As of April 30, 2015, the Fund did not have any open forward foreign currency contracts. The Fund had average contract amounts of $224,906 and $628,246 in forward foreign currency contracts to buy and forward foreign currency contracts to sell, respectively, during the six months ended April 30, 2015.

The fair value, realized gains or losses and change in unrealized gains or losses, if any, on derivative instruments are reflected in the appropriate financials statements.

8. BANK BORROWINGS

The Trust (excluding the money market funds and certain other funds in the Trust) and Wells Fargo Variable Trust are parties to a $150,000,000 revolving credit agreement, whereby the 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 April 30, 2015, the Fund paid $4,389 in commitment fees.

For the six months ended April 30, 2015, there were no borrowings by the Fund under the agreement.

9. INDEMNIFICATION

Under the Trust’s organizational documents, the officers and Trustees have been granted certain indemnification rights 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 Emerging Markets Equity Fund 27

TAX INFORMATION

Pursuant to Section 853 of the Internal Revenue Code, the following amounts were designated as foreign taxes paid for the fiscal year ended October 31, 2014. These amounts may be less than the actual foreign taxes paid for financial statement purposes. Foreign taxes paid or withheld should be included in taxable income with an offsetting deduction from gross income or as a credit for taxes paid to foreign governments. None of the income was derived from ineligible foreign sources as defined under Section 901(j) of the Internal Revenue Code.

Creditable foreign taxes paid	Per share amount	Foreign income as % of ordinary income distributions
$7,862,864	$0.0343	87.00%

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 Emerging Markets Equity 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 to 1999, 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 Deluxe 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 Emerging Markets Equity 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 Emerging Markets Equity 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

PIK —  Payment-in-kind

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 leu

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

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For more information

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

Wells Fargo Advantage Funds

P.O. Box 8266

Boston, MA 02266-8266

Email: wfaf@wellsfargo.com

Website: wellsfargoadvantagefunds.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

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

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

NOT FDIC INSURED  ¡  NO BANK GUARANTEE  ¡   MAY LOSE VALUE

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

233652 06-15 SA238/SAR238 04-15

Wells Fargo Advantage

Emerging Markets Equity Income Fund

Semi-Annual Report

April 30, 2015

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Contents

Letter to shareholders	2
Performance highlights	4
Fund expenses	6
Portfolio of investments	7
Financial statements
Statement of assets and liabilities	12
Statement of operations	13
Statement of changes in net assets	14
Financial highlights	15
Notes to financial statements	19
Other information	24
List of abbreviations	27

The views expressed and any forward-looking statements are as of April 30, 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 Emerging Markets Equity Income Fund Letter to shareholders (unaudited)

Karla M. Rabusch

President

Wells Fargo Advantage Funds

A worldwide trend toward looser monetary policy tended to support stock and bond markets in both developed and emerging economies.

Dear Valued Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Advantage Emerging Markets Equity Income Fund for the six-month period that ended April 30, 2015. The period was marked by low global interest rates as major central banks initiated or increased their quantitative easing programs. Emerging markets stocks, as measured by the MSCI Emerging Markets Index (Net)¹, displayed considerable volatility because investors worried about slower economic growth in major economies such as China and Brazil. Even so, the index ended the period with a 3.92% gain.

Major central banks continued to provide liquidity to the markets.

A worldwide trend toward looser monetary policy tended to support stock and bond markets in both developed and emerging economies. 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 at zero. Even though the FOMC ended its bond-buying program in October 2014 and guided investors to expect an interest-rate hike in mid- to late-2015, the Fed remained accommodative.

The European Central Bank maintained a variety of measures aimed at encouraging lending, including making funds available to banks at low interest rates and imposing a negative interest rate on bank deposits held at the central bank. In January 2015, the bank announced quantitative easing via significant bond purchases in an attempt to raise the eurozone’s inflation to just under its target of 2%. In China, the People’s Bank of China cut its benchmark interest rate twice during the reporting period in order to support a slowing economy.

The Central Bank of Brazil bucked the trend by raising its key rate to 13.25% on April 29, 2015, in an attempt to combat the country’s high rate of inflation.

Currency movements and worries about economic growth dominated the emerging markets landscape.

The projected actions of the Fed—whether it would raise interest rates and when—dominated the emerging markets landscape throughout much of the reporting period. Many emerging markets governments and companies have U.S. dollar-denominated debt outstanding; a rise in U.S. interest rates could make it more expensive to refinance that debt. In addition, near-zero U.S. rates supported capital inflows into emerging markets because investors became more willing to accept higher risk in exchange for potentially higher returns. In the past, even the prospect of higher U.S. rates caused such flows to reverse. Currency swings thus had a large effect on the emerging markets landscape, with notable weakness in the Brazilian real.

Country-specific factors also played a role in the real’s decline; Brazil faces a challenging situation with a growing corruption scandal affecting the state-controlled oil company, a struggling economy, and a severe drought affecting the city of São Paulo.

In China, government data showed a slowdown in fixed-asset investment, which includes property investment, and modest growth in manufacturing and housing

¹  The Morgan Stanley Capital International (MSCI) Emerging Markets Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of emerging markets. The MSCI Emerging Markets Index (Net) consists of the following 23 emerging markets country indexes: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Peru, the Philippines, Poland, Qatar, Russia, South Africa, Taiwan, Thailand, Turkey, and United Arab Emirates. You cannot invest directly in an index. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI.

Letter to shareholders (unaudited) Wells Fargo Advantage Emerging Markets Equity Income Fund 3

sales. However, China’s growth rates still contrasted favorably with stagnant growth in most developed economies. Chinese markets also benefited from the Shanghai-Hong Kong Stock Connect program, launched in November 2014, which made it easier for mainland investors to purchase stocks on the Hong Kong exchange and for international investors to purchase stocks on the Shanghai exchange. The resulting surge in demand helped the MSCI China Index (Net)² end the period with a 29.61% gain.

Among smaller markets, South Korea ended with a modest gain for the period as the stronger U.S. dollar tended to support exporters such as South Korea. India’s stock market benefited from lower inflation and signs of improving economic growth, but delays in key reforms caused the Indian market to underperform the benchmark.

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,

Karla M. Rabusch

President

Wells Fargo Advantage Funds

Among smaller markets, South Korea ended with a modest gain for the period as the stronger U.S. dollar tended to support exporters such as South Korea.

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.

²  The Morgan Stanley Capital International (MSCI) China Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure equity market performance in China. You cannot invest directly in an index.

4 Wells Fargo Advantage Emerging Markets Equity Income Fund Performance highlights (unaudited)

Investment objective

The Fund seeks to achieve long-term capital appreciation and current income.

Adviser

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Anthony L.T. Cragg

Alison Shimada

Average annual total returns (%) as of April 30, 2015

		Including sales charge				Excluding sales charge				Expense  ratios1 (%)
	Inception date	1 year		Since inception		1 year		Since inception		Gross		Net2
Class A (EQIAX)	5-31-2012		3.52		7.93		9.79		10.14		2.08		1.66
Class C (EQICX)	5-31-2012		8.06		9.35		9.06		9.35		2.83		2.41
Administrator Class (EQIDX)	5-31-2012		–		–		10.15		10.39		1.92		1.46
Institutional Class (EQIIX)	5-31-2012		–		–		10.23		10.59		1.65		1.26
MSCI Emerging Markets Index (Net)3	–		–		–		7.80		7.63		–		–

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

Stock values fluctuate in response to the activities of individual companies and general market and economic conditions. Foreign investments are especially volatile and can rise or fall dramatically due to differences in the political and economic conditions of the host country. These risks are generally intensified in emerging markets. The use of derivatives may reduce returns and/or increase volatility. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). The Fund is exposed to smaller-company securities risk. Consult the Fund’s prospectus for additional information on these and other risks.

Please see footnotes on page 5.

Performance highlights (unaudited) Wells Fargo Advantage Emerging Markets Equity Income Fund 5

Ten largest holdings4 (%) as of April 30, 2015
Bank of China Limited H Shares	3.39
Industrial & Commercial Bank of China Limited H Shares	2.83
China Mobile Limited	2.47
Cosco Pacific Limited	1.94
Grupo Aeroportuario del Centro Norte SAB de CV	1.92
China Construction Bank Corporation H Shares	1.85
Chicony Electronics Company Limited	1.63
China Power International Development Limited	1.52
Kangwon Land Incorporated	1.43
Agricultural Bank of China Limited H Shares	1.35

Country allocation⁵ as of April 30, 2015

Sector distribution⁵ as of April 30, 2015

¹  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.

²  The Adviser has committed through February 29, 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 1.65% for Class A, 2.40% for Class C, 1.45% for Administrator Class, and 1.25% 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.

³  The Morgan Stanley Capital International (MSCI) Emerging Markets Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of emerging markets. The MSCI Emerging Markets Index (Net) consists of the following 23 emerging markets country indexes: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Peru, the Philippines, Poland, Qatar, Russia, South Africa, Taiwan, Thailand, Turkey,* and United Arab Emirates. You cannot invest directly in an index. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI.

⁴  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.

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

6 Wells Fargo Advantage Emerging Markets Equity Income Fund Fund expenses (unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from November 1, 2014 to April 30, 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 11-1-2014		Ending account value 4-30-2015		Expenses paid during the period¹		Net annualized expense ratio
Class A
Actual	$	1,000.00	$	1,037.75	$	8.34		1.65	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,016.61	$	8.25		1.65	%
Class C
Actual	$	1,000.00	$	1,034.63	$	12.11		2.40	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,012.89	$	11.98		2.40	%
Administrator Class
Actual	$	1,000.00	$	1,039.36	$	7.33		1.45	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.60	$	7.25		1.45	%
Institutional Class
Actual	$	1,000.00	$	1,040.07	$	6.32		1.25	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.60	$	6.26		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—April 30, 2015 (unaudited) Wells Fargo Advantage Emerging Markets Equity Income Fund 7

Security name	Shares		Value
Common Stocks: 82.97%
Australia: 0.53%
BHP Billiton Limited (Materials, Metals & Mining)		26,536	$	677,638
Brazil: 5.81%
Alupar Investimento SA (Utilities, Electric Utilities)		131,160		804,908
Ambev SA (Consumer Staples, Beverages)		236,600		1,487,314
BM&F Bovespa SA (Financials, Diversified Financial Services)		120,300		495,502
Cielo SA (Information Technology, IT Services)		112,100		1,560,422
Itau Unibanco Holding SA ADR (Financials, Banks)		121,848		1,562,091
Telefonica Brasil ADR (Telecommunication Services, Diversified Telecommunication Services)		36,093		592,647
Valid Solucoes SA (Industrials, Commercial Services & Supplies)		64,300		999,836
				7,502,720
Cayman Islands: 2.48%
ANTA Sports Products Limited (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		754,000		1,661,601
KWG Property Holding Limited (Financials, Real Estate Management & Development)		1,525,000		1,540,853
				3,202,454
Chile: 0.80%
Aguas Andinas SA Class A (Utilities, Water Utilities)		1,740,072		1,025,544
China: 18.67%
Agricultural Bank of China Limited H Shares (Financials, Banks)		3,096,000		1,742,986
Bank of China Limited H Shares (Financials, Banks)		6,390,000		4,378,447
Beijing Capital International Airport Company Limited H Shares (Industrials, Transportation Infrastructure)		514,000		546,318
China BlueChemical Limited H Shares (Materials, Chemicals)		2,464,000		1,097,402
China Communications Construction Company Limited H Shares (Industrials, Construction & Engineering)		447,000		813,028
China Construction Bank H Shares (Financials, Banks)		2,467,000		2,394,802
China Hongqiao Group Limited (Materials, Metals & Mining)		1,405,000		1,308,054
China Mobile Limited (Telecommunication Services, Wireless Telecommunication Services)		223,500		3,192,314
China Petroleum & Chemical Corporation H Shares (Energy, Oil, Gas & Consumable Fuels)		1,705,600		1,609,687
Datang International Power Generation Company Limited H Shares (Utilities, Independent Power & Renewable Electricity Producers)		1,518,000		887,976
Industrial & Commercial Bank of China Limited H Shares (Financials, Banks)		4,206,000		3,648,540
PetroChina Company Limited H Shares (Energy, Oil, Gas & Consumable Fuels)		1,252,000		1,614,783
Qinhuangdao Port Company Limited H Shares (Industrials, Transportation Infrastructure)		1,283,000		869,067
				24,103,404
Czech Republic: 0.37%
Komercni Banka AS (Financials, Banks)		2,150		479,465
Hong Kong: 6.00%
China Power International Development Limited (Utilities, Independent Power & Renewable Electricity Producers)		3,053,000		1,968,164
COSCO Pacific Limited (Industrials, Transportation Infrastructure)		1,595,517		2,502,039
Far East Horizon Limited (Financials, Diversified Financial Services)		1,447,000		1,528,138
Franshion Properties China Limited (Financials, Real Estate Management & Development)		2,834,000		1,144,994
Texwinca Holdings Limited (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		624,000		605,115
				7,748,450

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

8 Wells Fargo Advantage Emerging Markets Equity Income Fund Portfolio of investments—April 30, 2015 (unaudited)

Security name	Shares		Value
Indonesia: 1.56%
PT Bank Tabungan Negara Persero Tbk (Financials, Banks)		6,594,300	$	564,998
PT Indo Tambangraya Megah Tbk (Energy, Oil, Gas & Consumable Fuels)		311,800		302,750
PT Telekomunikasi Indonesia Persero Tbk (Telecommunication Services, Diversified Telecommunication Services)		5,700,300		1,146,452
				2,014,200
Malaysia: 2.70%
Berjaya Sports Toto Bhd (Consumer Discretionary, Hotels, Restaurants & Leisure)		455,700		417,123
Malakoff Corporation Bhd (Utilities, Independent Power & Renewable Electricity Producers) (a)		943,575		481,656
Sunway Real Estate Investment Trust (Financials, REITs)		1,028,400		493,771
Telecom Malaysia Bhd (Telecommunication Services, Diversified Telecommunication Services)		507,081		1,052,936
Tenaga Nasional Bhd (Utilities, Electric Utilities)		131,700		530,058
Westports Holdings Bhd (Industrials, Transportation Infrastructure)		401,963		507,885
				3,483,429
Mexico: 7.30%
Bolsa Mexicana de Valores SA (Financials, Diversified Financial Services)		482,201		928,132
Grupo Aeroportuario del Centro Norte SAB de CV (Industrials, Transportation Infrastructure)		496,935		2,481,112
Grupo Aeroportuario del Pacifico SAB de CV (Industrials, Transportation Infrastructure)		244,435		1,737,110
Grupo Financiero Santander SAB de CV (Financials, Banks)		749,858		1,527,380
Macquarie Mexico Real Estate Management SA de CV (Financials, REITs) 144A		1,045,294		1,582,045
Wal-Mart de Mexico SAB de CV (Consumer Staples, Food & Staples Retailing)		499,040		1,174,250
				9,430,029
Panama: 0.92%
Banco Latinoamericano de Comercio Exterior SA (Financials, Banks)		37,374		1,187,372
Philippines: 0.74%
Philippine Long Distance Telephone Company (Telecommunication Services, Wireless Telecommunication Services)		7,245		454,611
Premium Leisure Corporation (Financials, Diversified Financial Services)		13,847,000		505,724
				960,335
Poland: 0.97%
Bank Pekao SA (Financials, Banks)		11,933		620,262
Powszechny Zaklad Ubezpieczen SA (Financials, Insurance)		4,794		625,256
				1,245,518
Qatar: 0.91%
Industries Qatar (Industrials, Industrial Conglomerates)		29,708		1,178,823
Russia: 0.44%
Moscow Exchange MICEX-RTS OAO (Financials, Diversified Financial Services) (a)		381,079		568,693
Singapore: 1.71%
Asian Pay Television Trust (Consumer Discretionary, Media)		1,757,300		1,195,261
Hutchison Port Holdings Trust (Industrials, Transportation Infrastructure)		1,498,000		1,009,292
				2,204,553

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

Portfolio of investments—April 30, 2015 (unaudited) Wells Fargo Advantage Emerging Markets Equity Income Fund 9

Security name	Shares		Value
South Africa: 6.33%
Barclays Africa Group Limited (Financials, Banks)		83,198	$	1,332,671
FirstRand Limited (Financials, Diversified Financial Services)		211,801		1,011,793
Imperial Holdings Limited (Consumer Discretionary, Distributors)		33,160		555,308
MMI Holdings Limited (Financials, Insurance)		498,513		1,418,486
MTN Group Limited (Telecommunication Services, Wireless Telecommunication Services)		46,529		934,252
Reunert Limited (Industrials, Industrial Conglomerates)		241,157		1,229,478
Sanlam Limited (Financials, Insurance)		176,215		1,139,691
Woolworths Holdings Limited (Consumer Discretionary, Multiline Retail)		73,932		556,172
				8,177,851
South Korea: 9.19%
Grand Korea Leisure Company Limited (Consumer Discretionary, Hotels, Restaurants & Leisure)		36,730		1,314,477
Hite Jinro Company Limited (Consumer Staples, Beverages)		34,320		726,556
Kangwon Land Incorporated (Consumer Discretionary, Hotels, Restaurants & Leisure)		54,196		1,847,451
Korea Electric Power Corporation (Utilities, Electric Utilities)		38,131		1,658,085
Korea Reinsurance Company (Financials, Insurance)		59,100		653,570
KT&G Corporation (Consumer Staples, Tobacco)		12,357		1,096,223
Macquarie Korea Infrastructure Fund (Financials, Capital Markets)		209,503		1,545,866
POSCO (Materials, Metals & Mining)		5,484		1,291,831
SK Telecom Company Limited ADR (Telecommunication Services, Wireless Telecommunication Services)		58,172		1,724,800
				11,858,859
Taiwan: 10.98%
Advanced Semiconductor Engineering Incorporated (Information Technology, Semiconductors & Semiconductor Equipment)		809,000		1,147,263
Chicony Electronics Company Limited (Information Technology, Technology Hardware, Storage & Peripherals)		733,465		2,109,063
China Trust Financial Holding Company Limited (Financials, Banks)		770,000		599,347
Chroma ATE Incorporated (Information Technology, Electronic Equipment, Instruments & Components)		174,000		419,086
Chunghwa Telecom Company Limited (Telecommunication Services, Diversified Telecommunication Services)		159,000		513,139
Cleanaway Company Limited (Industrials, Commercial Services & Supplies)		145,000		898,455
CTCI Corporation (Industrials, Construction & Engineering)		613,000		1,077,819
Delta Electronics Incorporated (Information Technology, Electronic Equipment, Instruments & Components)		78,000		469,362
King Yuan Electronics Company Limited (Information Technology, Semiconductors & Semiconductor Equipment)		1,050,000		954,469
Media Tek Incorporated (Information Technology, Semiconductors & Semiconductor Equipment)		47,000		604,147
Mega Financial Holding Company Limited (Financials, Banks)		580,065		515,945
Namchow Chemical Industrial Company Limited (Consumer Staples, Food Products)		298,000		661,001
Nan Ya Plastics Corporation (Materials, Chemicals)		399,000		980,661
Siliconware Precision Industries Company (Information Technology, Semiconductors & Semiconductor Equipment)		331,000		543,768
Teco Electric & Machinery Company Limited (Industrials, Electrical Equipment)		893,000		867,023
United Microelectronics Corporation ADR (Information Technology, Semiconductors & Semiconductor Equipment)		358,309		867,108
WPG Holdings Company Limited (Information Technology, Electronic Equipment, Instruments & Components)		762,000		953,325
				14,180,981
Thailand: 3.05%
BTS Group Holdings PCL (Industrials, Road & Rail)		4,250,700		1,192,749
Dynasty Ceramic PCL (Industrials, Building Products)		6,618,560		811,132
Intouch Holding PCL (Telecommunication Services, Wireless Telecommunication Services)		418,300		622,660
Land & Houses PCL (Financials, Real Estate Management & Development)		2,406,100		695,473
Major Cineplex Group PCL (Consumer Discretionary, Media)		608,800		618,680
				3,940,694

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

10 Wells Fargo Advantage Emerging Markets Equity Income Fund Portfolio of investments—April 30, 2015 (unaudited)

Security name						Shares		Value
Turkey: 1.51%
Cimsa Cimento Sanayi ve Ticaret AS (Materials, Construction Materials)							199,228	$	1,222,424
Dogus Otomotiv Servis ve Ticaret AS (Consumer Discretionary, Distributors)							149,059		724,853
									1,947,277
Total Common Stocks (Cost $96,155,994)									107,118,289
				Expiration date
Participation Notes: 7.32%
China: 2.36%
HSBC Bank plc (China Vanke Company Limited Class A) (Financials, Real Estate Management & Development) †					2-11-2019		597,000		1,405,816
HSBC Bank PLC (Daqin Railway Company Limited Class A) (Industrials, Road & Rail) †					10-28-2020		138,622		312,342
Standard Chartered Bank (Daqin Railway Company Limited Class A) (Industrials, Road & Rail) †					3-30-2016		316,000		712,008
Standard Chartered Bank (SAIC Motor Corporation Limited Class A) (Consumer Discretionary, Automobiles) †					4-29-2016		140,000		609,668
									3,039,834
India: 4.36%
HSBC Bank plc (Akzo Nobel India) (Materials, Construction Materials)					1-9-2025		30,986		683,429
HSBC Bank plc (Coal India Limited) (Materials, Metals & Mining) †					11-2-2020		192,998		1,102,017
HSBC Bank plc (Indiabulls Housing Finance) (Financials, Diversified Financial Services) †					6-18-2024		148,613		1,388,722
HSBC Bank plc (Mphasis Limted) (Information Technology, Semiconductors & Semiconductor Equipment) †					6-1-2020		82,000		509,781
HSBC Bank plc (NTPC Limited) (Utilities, Electric Utilities) †					5-6-2024		200,375		474,057
HSBC Bank plc (Oil & Natural Gas Corporation Limited) (Energy, Oil, Gas & Consumable Fuels) †					1-10-2024		139,072		665,490
HSBC Bank plc (Power Finance Corporation) (Financials, Diversified Financial Services) †					11-21-2023		192,487		804,895
									5,628,391
Qatar: 0.60%
HSBC Bank plc (Qatar National Bank) (Financials, Banks) †					8-1-2023		385,518		778,269
Total Participation Notes (Cost $9,375,690)									9,446,494
	Dividend yield
Preferred Stocks: 1.14%
Brazil: 1.14%
Banco Bradesco SA (Financials, Banks) ±		3.43	%				138,560		1,478,979
Total Preferred Stocks (Cost $1,345,867)									1,478,979
Exchange-Traded Funds: 0.71%
Russia: 0.71%
Market Vectors Russia ETF							46,741		920,798
Total Exchange-Traded Funds (Cost $828,259)									920,798

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

Portfolio of investments—April 30, 2015 (unaudited) Wells Fargo Advantage Emerging Markets Equity Income Fund 11

Security name	Yield			Shares		Value
Short-Term Investments: 5.37%
Investment Companies: 5.37%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (u)(l)		0.11	%		6,930,129	$	6,930,129
Total Short-Term Investments (Cost $6,930,129)							6,930,129

Total investments in securities (Cost $114,635,939) *	97.51	%		125,894,689
Other assets and liabilities, net	2.49			3,211,983
Total net assets	100.00	%	$	129,106,672

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

† Non-income-earning security

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

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

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.

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

* Cost for federal income tax purposes is $116,040,701 and unrealized gains (losses) consists of:

Gross unrealized gains	$	13,474,069
Gross unrealized losses		(3,620,081	)
Net unrealized gains	$	9,853,988

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

12 Wells Fargo Advantage Emerging Markets Equity Income Fund Statement of assets and liabilities—April 30, 2015 (unaudited)

Assets
Investments
In unaffiliated securities, at value (cost $107,705,810)	$	118,964,560
In affiliated securities, at value (cost $6,930,129)		6,930,129
Total investments, at value (cost $114,635,939)		125,894,689
Foreign currency, at value (cost $274,648)		276,441
Receivable for investments sold		2,670,111
Receivable for Fund shares sold		2,133,825
Receivable for dividends		263,514
Prepaid expenses and other assets		30,966
Total assets		131,269,546
Liabilities
Payable for investments purchased		1,869,057
Payable for Fund shares redeemed		131,616
Advisory fee payable		84,304
Distribution fee payable		5,132
Administration fees payable		17,841
Accrued expenses and other liabilities		54,924
Total liabilities		2,162,874
Total net assets	$	129,106,672
NET ASSETS CONSIST OF
Paid-in capital	$	121,600,522
Undistributed net investment income		287,167
Accumulated net realized losses on investments		(4,034,743	)
Net unrealized gains on investments		11,253,726
Total net assets	$	129,106,672
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	20,500,500
Shares outstanding – Class A1		1,749,198
Net asset value per share – Class A		$11.72
Maximum offering price per share – Class A2		$12.44
Net assets – Class C	$	8,826,317
Shares outstanding – Class C1		755,185
Net asset value per share – Class C		$11.69
Net assets – Administrator Class	$	47,634,196
Shares outstanding – Administrator Class1		4,056,524
Net asset value per share – Administrator Class		$11.74
Net assets – Institutional Class	$	52,145,659
Shares outstanding – Institutional Class1		4,445,357
Net asset value per share – Institutional Class		$11.73

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 April 30, 2015 (unaudited) Wells Fargo Advantage Emerging Markets Equity Income Fund 13

Investment income
Dividends (net of foreign withholding taxes of $130,806)	$	1,210,221
Income from affiliated securities		2,819
Total investment income		1,213,040
Expenses
Advisory fee		545,679
Administration fees
Fund level		24,804
Class A		20,192
Class C		9,124
Administrator Class		19,305
Institutional Class		15,221
Shareholder servicing fees
Class A		19,416
Class C		8,773
Administrator Class		48,262
Distribution fee
Class C		26,318
Custody and accounting fees		61,888
Professional fees		22,947
Registration fees		30,534
Shareholder report expenses		9,650
Trustees’ fees and expenses		7,156
Interest expense		1,472
Other fees and expenses		12,392
Total expenses		883,133
Less: Fee waivers and/or expense reimbursements		(151,540	)
Net expenses		731,593
Net investment income		481,447
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized losses on investments		(2,073,197	)
Net change in unrealized gains (losses) on investments		6,767,705
Net realized and unrealized gains (losses) on investments		4,694,508
Net increase in net assets resulting from operations	$	5,175,955

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

14 Wells Fargo Advantage Emerging Markets Equity Income Fund Statement of changes in net assets

	Six months ended April 30, 2015 (unaudited)						Year ended October 31, 2014
Operations
Net investment income				$	481,447					$	2,263,545
Net realized losses on investments					(2,073,197	)					(1,885,047	)
Net change in unrealized gains (losses) on investments					6,767,705						3,323,488
Net increase in net assets resulting from operations					5,175,955						3,701,986
Distributions to shareholders from
Net investment income
Class A					(44,825	)					(365,935	)
Class C					(6,415	)					(99,761	)
Administrator Class					(162,965	)					(734,156	)
Institutional Class					(213,116	)					(960,146	)
Net realized gains
Class A					0						(297,936	)
Class C					0						(99,039	)
Administrator Class					0						(465,603	)
Institutional Class					0						(190,076	)
Total distributions to shareholders					(427,321	)					(3,212,652	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		792,738			8,786,992			1,137,117			12,671,376
Class C		284,661			3,168,097			413,136			4,655,213
Administrator Class		1,789,779			20,110,326			4,410,592			50,555,968
Institutional Class		1,599,372			17,768,139			5,192,856			56,567,470
					49,833,554						124,450,027
Reinvestment of distributions
Class A		4,012			44,288			58,552			659,941
Class C		588			6,415			17,625			198,800
Administrator Class		13,448			150,146			102,116			1,157,719
Institutional Class		8,145			91,218			76,117			868,402
					292,067						2,884,862
Payment for shares redeemed
Class A		(284,054	)		(3,128,726	)		(693,777	)		(8,135,229	)
Class C		(94,724	)		(1,066,859	)		(38,131	)		(422,208	)
Administrator Class		(2,406,768	)		(27,120,506	)		(999,004	)		(11,045,099	)
Institutional Class		(257,522	)		(2,861,853	)		(2,688,911	)		(30,101,322	)
					(34,177,944	)					(49,703,858	)
Net increase in net assets resulting from capital share transactions					15,947,677						77,631,031
Total increase in net assets					20,696,311						78,120,365
Net assets
Beginning of period					108,410,361						30,289,996
End of period				$	129,106,672					$	108,410,361
Undistributed net investment income				$	287,167					$	233,041

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

Financial highlights Wells Fargo Advantage Emerging Markets Equity Income Fund 15

(For a share outstanding throughout each period)

	Six months ended April 30, 2015 (unaudited)			Year ended October 31
CLASS A				2014			2013			20121
Net asset value, beginning of period		$11.33			$11.79			$11.17			$10.00
Net investment income		0.04			0.33			0.31			0.13
Net realized and unrealized gains (losses) on investments		0.39			(0.11	)		0.88			1.15
Total from investment operations		0.43			0.22			1.19			1.28
Distributions to shareholders from
Net investment income		(0.04	)		(0.31	)		(0.34	)		(0.11	)
Net realized gains		0.00			(0.37	)		(0.23	)		0.00
Total distributions to shareholders		(0.04	)		(0.68	)		(0.57	)		(0.11	)
Net asset value, end of period		$11.72			$11.33			$11.79			$11.17
Total return2		3.77	%		2.05	%		10.94	%		12.80	%
Ratios to average net assets (annualized)
Gross expenses		1.96	%		2.09	%		2.88	%		4.29	%
Net expenses		1.65	%		1.65	%		1.65	%		1.65	%
Net investment income		0.84	%		3.12	%		2.64	%		2.94	%
Supplemental data
Portfolio turnover rate		53	%		91	%		85	%		39	%
Net assets, end of period (000s omitted)		$20,501			$14,010			$8,658			$628

¹  For the period from May 31, 2012 (commencement of class operations) to October 31, 2012

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.

16 Wells Fargo Advantage Emerging Markets Equity Income Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended April 30, 2015 (unaudited)			Year ended October 31
CLASS C				2014			2013			20121
Net asset value, beginning of period		$11.32			$11.79			$11.16			$10.00
Net investment income		0.00	2		0.23			0.22			0.10
Net realized and unrealized gains (losses) on investments		0.38			(0.08	)		0.89			1.13
Total from investment operations		0.38			0.15			1.11			1.23
Distributions to shareholders from
Net investment income		(0.01	)		(0.25	)		(0.25	)		(0.07	)
Net realized gains		0.00			(0.37	)		(0.23	)		0.00
Total distributions to shareholders		(0.01	)		(0.62	)		(0.48	)		(0.07	)
Net asset value, end of period		$11.69			$11.32			$11.79			$11.16
Total return3		3.46	%		1.27	%		10.11	%		12.49	%
Ratios to average net assets (annualized)
Gross expenses		2.71	%		2.83	%		3.81	%		5.03	%
Net expenses		2.40	%		2.40	%		2.40	%		2.41	%
Net investment income		0.05	%		2.17	%		1.80	%		2.24	%
Supplemental data
Portfolio turnover rate		53	%		91	%		85	%		39	%
Net assets, end of period (000s omitted)		$8,826			$6,390			$2,028			$562

¹  For the period from May 31, 2012 (commencement of class operations) to October 31, 2012

²  Amount less than $0.005 per share

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 Emerging Markets Equity Income Fund 17

(For a share outstanding throughout each period)

	Six months ended April 30, 2015 (unaudited)			Year ended October 31
ADMINISTRATOR CLASS				2014			2013			20121
Net asset value, beginning of period		$11.35			$11.80			$11.17			$10.00
Net investment income		0.05			0.33	2		0.32			0.14
Net realized and unrealized gains (losses) on investments		0.38			(0.08	)		0.89			1.14
Total from investment operations		0.43			0.25			1.21			1.28
Distributions to shareholders from
Net investment income		(0.04	)		(0.33	)		(0.35	)		(0.11	)
Net realized gains		0.00			(0.37	)		(0.23	)		0.00
Total distributions to shareholders		(0.04	)		(0.70	)		(0.58	)		(0.11	)
Net asset value, end of period		$11.74			$11.35			$11.80			$11.17
Total return3		3.94	%		2.30	%		11.13	%		12.89	%
Ratios to average net assets (annualized)
Gross expenses		1.79	%		1.91	%		2.94	%		4.14	%
Net expenses		1.45	%		1.45	%		1.45	%		1.45	%
Net investment income		0.93	%		2.89	%		2.70	%		3.17	%
Supplemental data
Portfolio turnover rate		53	%		91	%		85	%		39	%
Net assets, end of period (000s omitted)		$47,634			$52,896			$13,527			$5,285

¹  For the period from May 31, 2012 (commencement of class operations) to October 31, 2012

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 Emerging Markets Equity Income Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended April 30, 2015 (unaudited)			Year ended October 31
INSTITUTIONAL CLASS				2014			2013			20121
Net asset value, beginning of period		$11.34			$11.79			$11.17			$10.00
Net investment income		0.07			0.35			0.34			0.15
Net realized and unrealized gains (losses) on investments		0.38			(0.07	)		0.89			1.14
Total from investment operations		0.45			0.28			1.23			1.29
Distributions to shareholders from
Net investment income		(0.06	)		(0.36	)		(0.38	)		(0.12	)
Net realized gains		0.00			(0.37	)		(0.23	)		0.00
				��
Total distributions to shareholders		(0.06	)		(0.73	)		(0.61	)		(0.12	)
Net asset value, end of period		$11.73			$11.34			$11.79			$11.17
Total return2		4.01	%		2.52	%		11.32	%		12.98	%
Ratios to average net assets (annualized)
Gross expenses		1.53	%		1.62	%		2.74	%		3.92	%
Net expenses		1.25	%		1.25	%		1.25	%		1.25	%
Net investment income		1.24	%		3.69	%		2.88	%		3.39	%
Supplemental data
Portfolio turnover rate		53	%		91	%		85	%		39	%
Net assets, end of period (000s omitted)		$52,146			$35,114			$6,077			$5,082

¹  For the period from May 31, 2012 (commencement of class operations) to October 31, 2012

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

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

Notes to financial statements (unaudited) Wells Fargo Advantage Emerging Markets Equity Income 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 Emerging Markets Equity Income Fund (the “Fund”) which is a diversified series of the Trust.

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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.

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 April 30, 2015, such fair value pricing was used in pricing foreign securities.

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

Investments which are not valued using any of the methods discussed above are valued at their fair value, as determined in good faith by the Board of Trustees. 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.

20 Wells Fargo Advantage Emerging Markets Equity Income 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 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

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 October 31, 2014, the Fund had capital loss carryforwards which consist of $1,412,277 in short-term capital losses.

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

Notes to financial statements (unaudited) Wells Fargo Advantage Emerging Markets Equity Income Fund 21

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 April 30, 2015:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in :
Common stocks
Australia	$	0	$	677,638	$	0	$	677,638
Brazil		7,502,720		0		0		7,502,720
Cayman Islands		1,661,601		1,540,853		0		3,202,454
Chile		0		1,025,544		0		1,025,544
China		869,067		23,234,337		0		24,103,404
Czech Republic		479,465		0		0		479,465
Hong Kong		0		7,748,450		0		7,748,450
Indonesia		0		2,014,200		0		2,014,200
Malaysia		1,418,779		2,064,650		0		3,483,429
Mexico		9,430,029		0		0		9,430,029
Panama		1,187,372		0		0		1,187,372
Philippines		0		960,335		0		960,335
Poland		0		1,245,518		0		1,245,518
Qatar		0		1,178,823		0		1,178,823
Russia		0		568,693		0		568,693
Singapore		1,195,261		1,009,292		0		2,204,553
South Africa		2,647,964		5,529,887		0		8,177,851
South Korea		5,020,459		6,838,400		0		11,858,859
Taiwan		867,108		13,313,873		0		14,180,981
Thailand		2,622,561		1,318,133		0		3,940,694
Turkey		0		1,947,277		0		1,947,277
Participation notes
China		0		3,039,834		0		3,039,834
India		0		5,628,391		0		5,628,391
Qatar		0		778,269		0		778,269
Preferred stocks
Brazil		1,478,979		0		0		1,478,979
Exchange-traded funds
Russia		920,798		0		0		920,798
Short-term investments
Investment companies		6,930,129		0		0		6,930,129
Total assets	$	44,232,292	$	81,662,397	$	0	$	125,894,689

The Fund recognizes transfers between levels within the fair value hierarchy at the end of the reporting period. At April 30, 2015, fair value pricing was used in pricing certain foreign securities and securities valued at $44,928,410 were transferred from Level 1 to Level 2. The Fund did not have any transfers into/out of Level 3.

4. TRANSACTIONS WITH AFFILIATES

Advisory fee

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

22 Wells Fargo Advantage Emerging Markets Equity Income Fund Notes to financial statements (unaudited)

Pursuant to the contract, Funds Management is entitled to receive an annual advisory fee starting at 1.10% and declining to 0.925% as the average daily net assets of the Fund increase. Prior to March 1, 2015, Funds Management received an annual advisory fee which started at 1.10% and declined to 0.95% as the average daily net assets of the Fund increased. For the six months ended April 30, 2015, the advisory fee was equivalent to an annual rate of 1.10% of the Fund’s average daily net assets.

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Funds Management. Wells Capital Management Incorporated, an affiliate of Funds Management and an indirect wholly owned subsidiary of Wells Fargo, is the subadviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.65% and declining to 0.45% as the average daily net assets of the Fund increase.

Administration fees

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

	Class level administration fee
Class A, Class C		0.26	%
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 February 29, 2016 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.65% for Class A shares, 2.40% for Class C shares, 1.45% for Administrator Class shares and 1.25% 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 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 Class A shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the six months ended April 30, 2015, Funds Distributor received $11,349 from the sale of Class A shares.

Shareholder servicing fees

The Trust has entered into contracts with one or more shareholder servicing agents, whereby Class A, Class C and 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 April 30, 2015 were $64,350,738 and $50,784,365, 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

Notes to financial statements (unaudited) Wells Fargo Advantage Emerging Markets Equity Income Fund 23

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 April 30, 2015, the Fund paid $90 in commitment fees.

During the six months ended April 30, 2015, the Fund had average borrowings outstanding of $107,445 (on an annualized basis) at an average rate of 1.37% and paid interest in the amount of $1,472.

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

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

9. SUBSEQUENT DISTRIBUTIONS

On May 22, 2015, the Fund declared distributions from net investment income to shareholders of record on May 21, 2015. The per share amounts payable on May 26, 2015 were as follows:

	Net investment income
Class A	$	0.02390
Class C	$	0.01810
Administrator Class	$	0.02533
Institutional Class	$	0.02748

On June 24, 2015, the Fund declared distributions from net investment income to shareholders of record on June 23, 2015. The per share amounts payable on June 25, 2015 were as follows:

	Net investment income
Class A	$	0.04763
Class C	$	0.04088
Administrator Class	$	0.04893
Institutional Class	$	0.05157

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

24 Wells Fargo Advantage Emerging Markets Equity Income Fund Other information (unaudited)

TAX INFORMATION

Pursuant to Section 853 of the Internal Revenue Code, the following amounts were designated as foreign taxes paid for the fiscal year ended October 31, 2014. These amounts may be less than the actual foreign taxes paid for financial statement purposes. Foreign taxes paid or withheld should be included in taxable income with an offsetting deduction from gross income or as a credit for taxes paid to foreign governments. None of the income was derived from ineligible foreign sources as defined under Section 901(j) of the Internal Revenue Code.

Creditable foreign taxes paid	Per share amount	Foreign income as % of ordinary income distributions
$303,444	$0.0318	95.88%

PROXY VOTING INFORMATION

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

PORTFOLIO HOLDINGS INFORMATION

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

Other information (unaudited) Wells Fargo Advantage Emerging Markets Equity Income Fund 25

BOARD OF TRUSTEES AND OFFICERS

Each of the Trustees and Officers¹ listed in the table below acts in identical capacities for each fund in the Wells Fargo Advantage family of funds, which consists of 134 mutual funds comprising the Wells Fargo Funds Trust, Wells Fargo Variable Trust, Wells Fargo Master Trust and four closed-end funds (collectively the “Fund Complex”). This table should be read in conjunction with the Prospectus and the Statement of Additional Information². The mailing address of each Trustee and Officer is 525 Market Street, 12th Floor, San Francisco, CA 94105. Each Trustee and Officer serves an indefinite term, however, each Trustee serves such term until reaching the mandatory retirement age established by the Trustees.

Independent Trustees

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Other directorships during past five years
William R. Ebsworth (Born 1957)	Trustee, since 2015**	Retired. From 1984 to 2013, equities analyst, portfolio manager, research director at Fidelity Management and Research Company and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. in Boston, Tokyo, and Hong Kong where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Mr. Ebsworth is an Adjunct Lecturer, Finance, at Babson College and a Chartered Financial Analyst.	Asset Allocation Trust
Jane A. Freeman (Born 1953)	Trustee, since 2015**	Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, 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 Deluxe 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 Emerging Markets Equity Income Fund Other information (unaudited)

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Other directorships during past five years
Timothy J. Penny (Born 1951)	Trustee, since 1996	President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007 and Senior Fellow at the Humphrey Institute Policy Forum at the University of Minnesota since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	Asset Allocation Trust
Michael S. Scofield (Born 1943)	Trustee, since 2010	Served on the Investment Company Institute’s Board of Governors and Executive Committee from 2008-2011 as well the Governing Council of the Independent Directors Council from 2006-2011 and the Independent Directors Council Executive Committee from 2008-2011. Chairman of the IDC from 2008-2010. Institutional Investor (Fund Directions) Trustee of Year in 2007. Trustee of the Evergreen Funds complex (and its predecessors) from 1984 to 2010. Chairman of the Evergreen Funds from 2000-2010. Former Trustee of the Mentor Funds. Retired Attorney, Law Offices of Michael S. Scofield.	Asset Allocation Trust
Donald C. Willeke (Born 1940)	Trustee, since 1996	Principal of the law firm of Willeke & Daniels. General Counsel of the Minneapolis Employees Retirement Fund from 1984 until its consolidation into the Minnesota Public Employees Retirement Association on June 30, 2010. Director and Vice Chair of The Tree Trust (non-profit corporation). Director of the American Chestnut Foundation (non-profit corporation).	Asset Allocation Trust

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

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

Officers

Name and year of birth	Position held and length of service	Principal occupations during past five years or longer
Karla M. Rabusch (Born 1959)	President, since 2003	Executive Vice President of Wells Fargo Bank, N.A. and President of Wells Fargo Funds Management, LLC since 2003.
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 Emerging Markets Equity Income 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

PIK —  Payment-in-kind

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 leu

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.

For more information

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

Wells Fargo Advantage Funds

P.O. Box 8266

Boston, MA 02266-8266

Email: wfaf@wellsfargo.com

Website: wellsfargoadvantagefunds.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

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

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

NOT FDIC INSURED  ¡  NO BANK GUARANTEE  ¡   MAY LOSE VALUE

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

233653 06-15 SA262/SAR262 04-15

Wells Fargo Advantage

Emerging Markets Equity Select Fund

Semi-Annual Report

April 30, 2015

Reduce clutter. Save trees.

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

Contents

Letter to shareholders	2
Performance highlights	4
Fund expenses	6
Portfolio of investments	7
Financial statements
Statement of assets and liabilities	11
Statement of operations	12
Statement of changes in net assets	13
Financial highlights	14
Notes to financial statements	19
Other information	25
List of abbreviations	28

The views expressed and any forward-looking statements are as of April 30, 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 Emerging Markets Equity Select Fund Letter to shareholders (unaudited)

Karla M. Rabusch

President

Wells Fargo Advantage Funds

A worldwide trend toward looser monetary policy tended to support stock and bond markets in both developed and emerging economies.

Dear Valued Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Advantage Emerging Markets Equity Select Fund for the six-month period that ended April 30, 2015. The period was marked by low global interest rates as major central banks initiated or increased their quantitative easing programs. Emerging markets stocks, as measured by the MSCI Emerging Markets Index (Net)¹, displayed considerable volatility because investors worried about slower economic growth in major economies such as China and Brazil. Even so, the index ended the period with a 3.92% gain.

Major central banks continued to provide liquidity to the markets.

A worldwide trend toward looser monetary policy tended to support stock and bond markets in both developed and emerging economies. 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 at zero. Even though the FOMC ended its bond-buying program in October 2014 and guided investors to expect an interest-rate hike in mid- to late-2015, the Fed remained accommodative.

The European Central Bank maintained a variety of measures aimed at encouraging lending, including making funds available to banks at low interest rates and imposing a negative interest rate on bank deposits held at the central bank. In January 2015, the bank announced quantitative easing via significant bond purchases in an attempt to raise the eurozone’s inflation to just under its target of 2%. In China, the People’s Bank of China cut its benchmark interest rate twice during the reporting period in order to support a slowing economy.

The Central Bank of Brazil bucked the trend by raising its key rate to 13.25% on April 29, 2015, in an attempt to combat the country’s high rate of inflation.

Currency movements and worries about economic growth dominated the emerging markets landscape.

The projected actions of the Fed—whether it would raise interest rates and when—heavily influenced the emerging markets landscape throughout much of the reporting period. Many emerging markets governments and companies have U.S. dollar-denominated debt outstanding; a rise in U.S. interest rates could make it more expensive to refinance that debt. In addition, near-zero U.S. rates supported capital inflows into emerging markets because investors became more willing to accept higher risk in exchange for potentially higher returns. In the past, even the prospect of higher U.S. rates caused such flows to reverse. Currency swings thus had a large effect on the emerging markets landscape, with notable weakness in the Brazilian real.

Country-specific factors also played a role in the real’s decline; Brazil faces a challenging situation with a growing corruption scandal affecting the state-controlled oil company, a struggling economy, and a severe drought afflicting the city of São Paulo.

¹  The Morgan Stanley Capital International (MSCI) Emerging Markets Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of emerging markets. The MSCI Emerging Markets Index (Net) consists of the following 23 emerging markets country indexes: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Peru, the Philippines, Poland, Qatar, Russia, South Africa, Taiwan, Thailand, Turkey, and United Arab Emirates. You cannot invest directly in an index. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI.

Letter to shareholders (unaudited) Wells Fargo Advantage Emerging Markets Equity Select Fund 3

In China, government data showed a slowdown in fixed-asset investment, which includes property investment, and modest growth in manufacturing and housing sales. However, China’s growth rates still contrasted favorably with stagnant growth in most developed economies. Chinese markets also benefited from the Shanghai-Hong Kong Stock Connect program, launched in November 2014, which made it easier for mainland investors to purchase stocks on the Hong Kong exchange and for international investors to purchase stocks on the Shanghai exchange. The resulting surge in demand helped the MSCI China Index (Net)² end the period with a 29.61% gain.

Among smaller markets, South Korea outperformed for the period as the stronger U.S. dollar tended to support exporters such as South Korea. India’s stock market benefited from lower inflation and signs of improving economic growth, but delays in key reforms caused the Indian market to underperform the benchmark.

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,

Karla M. Rabusch

President

Wells Fargo Advantage Funds

Among smaller markets, South Korea outperformed for the period as the stronger U.S. dollar tended to support exporters such as South Korea.

Notice to shareholders

At a telephonic meeting held on June 15, 2015, the Board of Trustees of Wells Fargo Funds Trust unanimously approved the liquidation of the Fund. The Fund was closed to new direct investors and additional investments from existing shareholders effective at the close of business on June 19, 2015. Existing retirement plans, benefit plans and retirement plan platforms may continue to add new participants and make additional purchases until the Fund’s liquidation date. The liquidation of the Fund is expected to occur after close of business on or about July 17, 2015. Shareholders of the Fund on the date of liquidation will receive a distribution of their account proceeds, including any accrued dividends, in complete redemption of their shares.

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.

²  The Morgan Stanley Capital International (MSCI) China Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure equity market performance in China. You cannot invest directly in an index.

4 Wells Fargo Advantage Emerging Markets Equity Select 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

Derrick Irwin, CFA

Richard Peck, CFA

Yi (Jerry) Zhang, Ph.D, CFA

Average annual total returns (%) as of April 30, 2015

		Including sales charge						Excluding sales charge						Expense ratios1 (%)
	Inception date	1 year			Since inception			1 year			Since inception			Gross		Net2
Class A (WEMSX)	11-29-2013		(5.04	)		(4.59	)		0.76			(0.52	)		5.44		1.67
Class C (WEMQX)	11-29-2013		(1.12	)		(2.01	)		(0.12	)		(1.31	)		6.19		2.42
Class R6 (WEMRX)	11-29-2013		–			–			1.14			(0.07	)		4.96		1.17
Administrator Class (WEMEX)	11-29-2013		–			–			0.89			(0.34	)		5.28		1.47
Institutional Class (WEMTX)	11-29-2013		–			–			1.18			(0.12	)		5.01		1.22
MSCI Emerging Markets Index (Net)3	–		–			–			7.80			4.29			–		–

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

Stock values fluctuate in response to the activities of individual companies and general market and economic conditions. Foreign investments are especially volatile and can rise or fall dramatically due to differences in the political and economic conditions of the host country. These risks are generally intensified in emerging markets. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). 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 Emerging Markets Equity Select Fund 5

Ten largest holdings4 (%) as of April 30, 2015
Samsung Electronics Company Limited	4.68
Taiwan Semiconductor Manufacturing Company Limited ADR	4.64
China Life Insurance Company Limited H Shares	3.30
China Mobile Limited	3.21
Fomento Economico Mexicano SAB de CV ADR	2.29
AIA Group Limited	1.93
America Movil SAB de CV ADR	1.78
Belle International Holdings Limited	1.71
CNOOC Limited	1.71
Lojas Americanas SA	1.64

Sector distribution⁵ as of April 30, 2015

Country allocation⁵ as of April 30, 2015

¹  Reflects the expense ratios as stated in the most recent prospectuses, which include the impact of 0.02% in acquired fund fees and expenses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report, which do not include acquired fund fees and expenses.

²  The Adviser has committed through February 29, 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 1.65% for Class A, 2.40% for Class C, 1.15% for Class R6, 1.45% for Administrator Class, and 1.20% 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.

³  The Morgan Stanley Capital International (MSCI) Emerging Markets Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of emerging markets. The MSCI Emerging Markets Index (Net) consists of the following 23 emerging markets country indexes: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Peru, the Philippines, Poland, Qatar, Russia, South Africa, Taiwan, Thailand, Turkey, and United Arab Emirates. You cannot invest directly in an index. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI.

⁴  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.

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

6 Wells Fargo Advantage Emerging Markets Equity Select 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 November 1, 2014 to April 30, 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 11-1-2014		Ending account value 4-30-2015		Expenses paid during the period¹		Net annualized expense ratio
Class A
Actual	$	1,000.00	$	985.50	$	8.12		1.65	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,016.61	$	8.25		1.65	%
Class C
Actual	$	1,000.00	$	980.78	$	11.79		2.40	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,012.89	$	11.98		2.40	%
Class R6
Actual	$	1,000.00	$	987.35	$	5.67		1.15	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.09	$	5.76		1.15	%
Administrator Class
Actual	$	1,000.00	$	985.84	$	7.14		1.45	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.60	$	7.25		1.45	%
Institutional Class
Actual	$	1,000.00	$	986.69	$	5.91		1.20	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.84	$	6.01		1.20	%

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—April 30, 2015 (unaudited) Wells Fargo Advantage Emerging Markets Equity Select Fund 7

Security name	Shares		Value
Common Stocks: 91.24%
Argentina: 0.69%
MercadoLibre Incorporated (Information Technology, Internet Software & Services) «		420	$	59,779
Brazil: 8.93%
Ambev SA ADR (Consumer Staples, Beverages)		21,500		136,095
B2W Cia Digital (Consumer Discretionary, Internet & Catalog Retail) †		5,400		49,054
Banco Bradesco SA ADR (Financials, Banks)		12,240		130,846
BM&F Bovespa SA (Financials, Diversified Financial Services)		23,500		96,794
BRF Brasil Foods SA ADR (Consumer Staples, Food Products)		2,300		49,381
CETIP SA (Financials, Capital Markets)		7,700		88,297
Lojas Renner SA (Consumer Discretionary, Multiline Retail)		1,800		62,759
Multiplan Empreendimentos Imobiliarios SA (Financials, Real Estate Management & Development)		2,300		40,459
Petroleo Brasileiro SA ADR (Energy, Oil, Gas & Consumable Fuels) «†		6,200		58,900
Rumo Logistica Operadora Multimodal SA (Industrials, Road & Rail)		76,014		32,798
Vale SA ADR (Materials, Metals & Mining) «		3,900		29,952
				775,335
Chile: 1.97%
Banco Santander Chile SA ADR (Financials, Banks)		4,000		87,240
SACI Falabella (Consumer Discretionary, Multiline Retail)		10,714		83,901
				171,141
China: 20.56%
Alibaba Group Holding Limited ADR (Information Technology, Internet Software & Services) †		534		43,409
Baidu Incorporated ADR (Information Technology, Internet Software & Services) †		390		78,109
China Auto Rental Incorporated (Consumer Discretionary, Automobiles) †		1,705		4,030
China Life Insurance Company Limited H Shares (Financials, Insurance)		59,000		286,344
China Mobile Limited (Telecommunication Services, Wireless Telecommunication Services)		19,500		278,524
CNOOC Limited (Energy, Oil, Gas & Consumable Fuels)		87,000		148,353
Ctrip.com International Limited ADR (Consumer Discretionary, Internet & Catalog Retail) †		1,600		101,888
Hengan International Group Company Limited (Consumer Staples, Personal Products)		11,500		141,875
Mindray Medical International Limited ADR (Health Care, Health Care Equipment & Supplies)		2,750		84,920
New Oriental Education & Technology Group Incorporated (Consumer Discretionary, Diversified Consumer Services) †		4,450		113,875
PetroChina Company Limited H Shares (Energy, Oil, Gas & Consumable Fuels)		54,000		69,647
Shandong Weigao Group Medical Polymer Company Limited H Shares (Health Care, Health Care Equipment & Supplies)		36,000		33,270
SINA Corporation (Information Technology, Internet Software & Services) «†		3,060		134,625
Tingyi Holding Corporation (Consumer Staples, Food Products)		48,000		101,365
Tsingtao Brewery Company Limited H Shares (Consumer Staples, Beverages)		16,000		101,651
Vipshop Holdings Limited ADR (Consumer Discretionary, Internet & Catalog Retail) †		1,000		28,290
Weibo Corporation ADR (Information Technology, Internet Software & Services) †		2,149		35,845
				1,786,020
Colombia: 0.68%
Bancolombia SA ADR (Financials, Banks) «		1,300		58,851
Hong Kong: 5.67%
AIA Group Limited (Financials, Insurance)		25,200		167,592
Belle International Holdings Limited (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		116,000		148,883
Sun Art Retail Group Limited (Consumer Staples, Food & Staples Retailing)		57,000		58,761

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

8 Wells Fargo Advantage Emerging Markets Equity Select Fund Portfolio of investments—April 30, 2015 (unaudited)

Security name	Shares		Value
Hong Kong (continued)
WH Group Limited (Consumer Staples, Food Products) †		168,500	$	117,611
				492,847
India: 5.83%
HDFC Bank Limited ADR (Financials, Banks)		2,404		136,643
ICICI Bank Limited ADR (Financials, Banks)		10,500		114,765
Infosys Technologies Limited ADR (Information Technology, IT Services)		3,900		120,822
Reliance Industries Limited GDR (Energy, Oil, Gas & Consumable Fuels) 144A		5,000		134,500
				506,730
Indonesia: 2.05%
PT Astra International Tbk (Consumer Discretionary, Automobiles)		76,000		39,994
PT Bank Central Asia Tbk (Financials, Banks)		48,000		49,699
PT Matahari Department Store Tbk (Consumer Discretionary, Multiline Retail)		18,100		24,343
PT Telekomunikasi Indonesia Persero Tbk (Telecommunication Services, Diversified Telecommunication Services)		320,000		64,359
				178,395
Malaysia: 1.42%
Genting Bhd (Consumer Discretionary, Hotels, Restaurants & Leisure)		20,700		50,813
Genting Malaysia Bhd (Consumer Discretionary, Hotels, Restaurants & Leisure)		41,000		49,419
Sime Darby Bhd (Industrials, Industrial Conglomerates)		9,000		22,867
				123,099
Mexico: 10.75%
America Movil SAB de CV ADR (Telecommunication Services, Wireless Telecommunication Services)		7,400		154,586
Cemex SAB de CV ADR (Materials, Construction Materials) †		10,088		97,046
Fibra Uno Administracion SAB de CV (Financials, REITs)		43,250		107,857
Fomento Economico Mexicano SAB de CV ADR (Consumer Staples, Beverages) †		2,200		199,078
Grupo Financiero Banorte SAB de CV (Financials, Banks)		23,100		131,038
Grupo Financiero Santander SAB de CV ADR (Financials, Banks)		4,250		43,222
Grupo Sanborns SA de CV (Consumer Discretionary, Multiline Retail)		5,000		7,512
Grupo Televisa SAB ADR (Consumer Discretionary, Media) †		2,600		94,666
Wal-Mart de Mexico SAB de CV (Consumer Staples, Food & Staples Retailing)		42,000		98,827
				933,832
Peru: 0.40%
Compania de Minas Buenaventura SA ADR (Materials, Metals & Mining)		3,100		34,658
Philippines: 1.48%
Ayala Corporation (Financials, Diversified Financial Services)		2,800		48,962
Metropolitan Bank & Trust Company (Financials, Banks)		13,903		28,982
SM Investments Corporation (Industrials, Industrial Conglomerates)		2,500		50,507
				128,451
Russia: 2.88%
LUKOIL ADR (Energy, Oil, Gas & Consumable Fuels)		1,500		76,733
Magnit (Consumer Staples, Food & Staples Retailing) (a)		200		43,723
Mobile Telesystems ADR (Telecommunication Services, Wireless Telecommunication Services)		4,000		48,320

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

Portfolio of investments—April 30, 2015 (unaudited) Wells Fargo Advantage Emerging Markets Equity Select Fund 9

Security name	Shares		Value
Russia (continued)
Sberbank of Russia ADR (Financials, Banks)		6,000	$	35,612
Yandex NV Class A (Information Technology, Internet Software & Services) †		2,400		46,176
				250,564
South Africa: 4.89%
AngloGold Ashanti Limited ADR (Materials, Metals & Mining) †		2,200		24,926
Impala Platinum Holdings Limited (Materials, Metals & Mining) †		1,300		7,235
MTN Group Limited (Telecommunication Services, Wireless Telecommunication Services)		5,100		102,402
Sasol Limited (Energy, Oil, Gas & Consumable Fuels)		600		24,158
Shoprite Holdings Limited (Consumer Staples, Food & Staples Retailing)		7,200		103,017
Standard Bank Group Limited (Financials, Banks)		5,000		73,290
Tiger Brands Limited (Consumer Staples, Food Products)		3,450		89,794
				424,822
South Korea: 9.95%
Amorepacific Corporation (Consumer Staples, Personal Products) (a)		10		36,231
KT Corporation ADR (Telecommunication Services, Diversified Telecommunication Services)		8,500		123,845
KT&G Corporation (Consumer Staples, Tobacco)		1,100		97,584
Samsung Electronics Company Limited (Information Technology, Technology Hardware, Storage & Peripherals)		310		406,675
Samsung Life Insurance Company Limited (Financials, Insurance)		1,300		127,156
SK Hynix Incorporated (Information Technology, Semiconductors & Semiconductor Equipment)		1,700		72,735
				864,226
Taiwan: 7.85%
Far Eastern New Century Corporation (Industrials, Industrial Conglomerates)		21,420		23,528
Media Tek Incorporated (Information Technology, Semiconductors & Semiconductor Equipment)		6,000		77,125
President Chain Store Corporation (Consumer Staples, Food & Staples Retailing)		6,000		44,401
Taiwan Semiconductor Manufacturing Company Limited ADR (Information Technology, Semiconductors & Semiconductor Equipment)		16,500		403,260
Uni-President Enterprises Corporation (Consumer Staples, Food Products)		81,360		133,150
				681,464
Thailand: 3.69%
Bangkok Bank PCL (Financials, Banks)		6,500		36,485
PTT Exploration & Production PCL (Energy, Oil, Gas & Consumable Fuels)		12,000		42,591
PTT PCL (Energy, Oil, Gas & Consumable Fuels)		6,000		64,796
Siam Commercial Bank PCL (Financials, Banks)		18,000		86,819
Thai Beverage PCL (Consumer Staples, Beverages)		167,000		90,240
				320,931
Turkey: 0.58%
Anadolu Efes Biracilik Ve Malt Sanayii AS (Consumer Staples, Beverages) †		6,000		50,511
United Kingdom: 0.97%
Standard Chartered plc (Financials, Banks)		5,162		84,513
Total Common Stocks (Cost $7,959,713)				7,926,169

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

10 Wells Fargo Advantage Emerging Markets Equity Select Fund Portfolio of investments—April 30, 2015 (unaudited)

Security name	Dividend yield			Shares		Value
Preferred Stocks: 1.64%
Brazil: 1.64%
Lojas Americanas SA (Consumer Discretionary, Multiline Retail) ±		0.72	%		25,550	$	142,211
Total Preferred Stocks (Cost $148,568)							142,211
Exchange-Traded Funds: 1.93%
United States: 1.93%
iShares MSCI South Korea Capped ETF					1,400		85,638
iShares MSCI Taiwan ETF					5,000		82,200
Total Exchange-Traded Funds (Cost $157,672)							167,838
	Yield
Short-Term Investments: 7.56%
Investment Companies: 7.56%
Securities Lending Cash Investments, LLC (l)(r)(u)		0.12			310,678		310,678
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)		0.11			346,401		346,401
Total Short-Term Investments (Cost $657,079)							657,079

Total investments in securities (Cost $8,923,032) *	102.37	%		8,893,297
Other assets and liabilities, net	(2.37	)		(206,178	)
Total net assets	100.00	%	$	8,687,119

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

† 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.

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

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

(l) The security represents an affiliate of the 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 $8,979,514 and unrealized gains (losses) consists of:

Gross unrealized gains	$	626,324
Gross unrealized losses		(712,541	)
Net unrealized losses	$	(86,217	)

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

Statement of assets and liabilities—April 30, 2015 (unaudited) Wells Fargo Advantage Emerging Markets Equity Select Fund 11

Assets
Investments
In unaffiliated securities (including $302,698 of securities loaned), at value (cost $8,265,953)	$	8,236,218
In affiliated securities, at value (cost $657,079)		657,079
Total investments, at value (cost $8,923,032)		8,893,297
Foreign currency, at value (cost $73,276)		73,194
Receivable for dividends		16,273
Receivable for securities lending income		112
Receivable from adviser		8,901
Prepaid expenses and other assets		41,533
Total assets		9,033,310
Liabilities
Payable upon receipt of securities loaned		310,678
Distribution fee payable		168
Administration fees payable		825
Professional fees payable		24,573
Accrued expenses and other liabilities		9,947
Total liabilities		346,191
Total net assets	$	8,687,119
NET ASSETS CONSIST OF
Paid-in capital	$	8,783,341
Undistributed net investment income		8,525
Accumulated net realized losses on investments		(74,825	)
Net unrealized losses on investments		(29,922	)
Total net assets	$	8,687,119
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	316,174
Shares outstanding – Class A1		32,044
Net asset value per share – Class A		$9.87
Maximum offering price per share – Class A2		$10.47
Net assets – Class C	$	273,967
Shares outstanding – Class C1		28,037
Net asset value per share – Class C		$9.77
Net assets – Class R6	$	5,095,857
Shares outstanding – Class R61		515,779
Net asset value per share – Class R6		$9.88
Net assets – Administrator Class	$	1,503,556
Shares outstanding – Administrator Class1		152,234
Net asset value per share – Administrator Class		$9.88
Net assets – Institutional Class	$	1,497,565
Shares outstanding – Institutional Class1		151,556
Net asset value per share – Institutional Class		$9.88

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 Emerging Markets Equity Select Fund Statement of operations—six months ended April 30, 2015 (unaudited)

Investment income
Dividends (net of foreign withholding taxes of $7,965)	$	62,519
Securities lending income, net		736
Income from affiliated securities		195
Total investment income		63,450
Expenses
Advisory fee		39,886
Administration fees
Fund level		1,994
Class A		386
Class C		337
Class R6		688
Administrator Class		710
Institutional Class		566
Shareholder servicing fees
Class A		371
Class C		324
Administrator Class		1,776
Distribution fee
Class C		971
Custody and accounting fees		7,383
Professional fees		28,672
Registration fees		46,839
Shareholder report expenses		17,129
Trustees’ fees and expenses		7,753
Other fees and expenses		4,576
Total expenses		160,361
Less: Fee waivers and/or expense reimbursements		(109,646	)
Net expenses		50,715
Net investment income		12,735
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized losses on:
Unaffiliated securities		(74,577	)
Forward foreign currency contract transactions		(245	)
Net realized losses on investments		(74,822	)
Net change in unrealized gains (losses) on investments		(49,210	)
Net realized and unrealized gains (losses) on investments		(124,032	)
Net decrease in net assets resulting from operations	$	(111,297	)

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

Statement of changes in net assets Wells Fargo Advantage Emerging Markets Equity Select Fund 13

	Six months ended April 30, 2015 (unaudited)						Year ended October 31, 20141
Operations
Net investment income				$	12,735					$	44,964
Net realized gains (losses) on investments					(74,822	)					21,610
Net change in unrealized gains (losses) on investments					(49,210	)					19,288
Net increase (decrease) in net assets resulting from operations					(111,297	)					85,862
Distributions to shareholders from
Net investment income
Class A					(181	)					(570	)
Class C					0						(414	)
Class R6					(26,084	)					(4,056	)
Administrator Class					(2,747	)					(3,679	)
Institutional Class					(6,731	)					(3,993	)
Net realized gains
Class A					(851	)					0
Class C					(732	)					0
Class R6					(13,417	)					0
Administrator Class					(3,974	)					0
Institutional Class					(3,945	)					0
Total distributions to shareholders					(58,662	)					(12,712	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		2,774			26,396			33,596			336,929
Class C		62			600			28,476			285,482
Class R6		179,104			1,800,000			332,002			3,300,000
Administrator Class		0			0			151,135			1,511,750
Institutional Class		0			0			150,000			1,500,000
					1,826,996						6,934,161
Reinvestment of distributions
Class A		113			1,032			58			570
Class C		80			732			42			414
Class R6		4,263			39,501			410			4,056
Administrator Class		727			6,721			372			3,679
Institutional Class		1,153			10,676			403			3,993
					58,662						12,712
Payment for shares redeemed
Class A		(2,841	)		(25,674	)		(1,656	)		(16,912	)
Class C		(1	)		(10	)		(622	)		(6,007	)
					(25,684	)					(22,919	)
Net increase in net assets resulting from capital share transactions					1,859,974						6,923,954
Total increase in net assets					1,690,015						6,997,104
Net assets
Beginning of period					6,997,104						0
End of period				$	8,687,119					$	6,997,104
Undistributed net investment income				$	8,525					$	31,533

¹  For the period from November 29, 2013 (commencement of operations) to October 31, 2014

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

14 Wells Fargo Advantage Emerging Markets Equity Select Fund Financial highlights

(For a share outstanding throughout each period)

CLASS A	Six months ended April 30, 2015 (unaudited)			Year ended October 31, 20141
Net asset value, beginning of period		$10.05			$10.00
Net investment income (loss)		(0.00	)2		0.04
Net realized and unrealized gains (losses) on investments		(0.14	)		0.03
Total from investment operations		(0.14	)		0.07
Distributions to shareholders from
Net investment income		(0.01	)		(0.02	)
Net realized gains		(0.03	)		0.00
Total distributions to shareholders		(0.04	)		(0.02	)
Net asset value, end of period		$9.87			$10.05
Total return3		(1.45	)%		0.73	%
Ratios to average net assets (annualized)
Gross expenses		4.40	%		5.49	%
Net expenses		1.65	%		1.65	%
Net investment income (loss)		(0.08	)%		0.46	%
Supplemental data
Portfolio turnover rate		5	%		12	%
Net assets, end of period (000s omitted)		$316			$322

¹  For the period from November 29, 2013 (commencement of class operations) to October 31, 2014

²  Amount is less than $0.005.

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

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

Financial highlights Wells Fargo Advantage Emerging Markets Equity Select Fund 15

(For a share outstanding throughout each period)

CLASS C	Six months ended April 30, 2015 (unaudited)			Year ended October 31, 20141
Net asset value, beginning of period		$9.99			$10.00
Net investment loss		(0.04	)		(0.02	)
Net realized and unrealized gains (losses) on investments		(0.15	)		0.03
Total from investment operations		(0.19	)		0.01
Distributions to shareholders from
Net investment income		0.00			(0.02	)
Net realized gains		(0.03	)		0.00
Total distributions to shareholders		(0.03	)		(0.02	)
Net asset value, end of period		$9.77			$9.99
Total return2		(1.92	)%		0.07	%
Ratios to average net assets (annualized)
Gross expenses		5.15	%		6.25	%
Net expenses		2.40	%		2.40	%
Net investment loss		(0.83	)%		(0.30	)%
Supplemental data
Portfolio turnover rate		5	%		12	%
Net assets, end of period (000s omitted)		$274			$279

¹  For the period from November 29, 2013 (commencement of class operations) to October 31, 2014

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.

16 Wells Fargo Advantage Emerging Markets Equity Select Fund Financial highlights

(For a share outstanding throughout each period)

CLASS R6	Six months ended April 30, 2015 (unaudited)			Year ended October 31, 20141
Net asset value, beginning of period		$10.09			$10.00
Net investment income		0.02	2		0.09	2
Net realized and unrealized gains (losses) on investments		(0.15	)		0.03
Total from investment operations		(0.13	)		0.12
Distributions to shareholders from
Net investment income		(0.05	)		(0.03	)
Net realized gains		(0.03	)		0.00
Total distributions to shareholders		(0.08	)		(0.03	)
Net asset value, end of period		$9.88			$10.09
Total return3		(1.27	)%		1.18	%
Ratios to average net assets (annualized)
Gross expenses		3.88	%		4.81	%
Net expenses		1.15	%		1.15	%
Net investment income		0.45	%		0.99	%
Supplemental data
Portfolio turnover rate		5	%		12	%
Net assets, end of period (000s omitted)		$5,096			$3,354

¹  For the period from November 29, 2013 (commencement of class operations) to October 31, 2014

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 Emerging Markets Equity Select Fund 17

(For a share outstanding throughout each period)

ADMINISTRATOR CLASS	Six months ended April 30, 2015 (unaudited)			Year ended October 31, 20141
Net asset value, beginning of period		$10.07			$10.00
Net investment income		0.01			0.06
Net realized and unrealized gains (losses) on investments		(0.15	)		0.03
Total from investment operations		(0.14	)		0.09
Distributions to shareholders from
Net investment income		(0.02	)		(0.02	)
Net realized gains		(0.03	)		0.00
Total distributions to shareholders		(0.05	)		(0.02	)
Net asset value, end of period		$9.88			$10.07
Total return2		(1.42	)%		0.95	%
Ratios to average net assets (annualized)
Gross expenses		4.24	%		5.36	%
Net expenses		1.45	%		1.45	%
Net investment income		0.12	%		0.66	%
Supplemental data
Portfolio turnover rate		5	%		12	%
Net assets, end of period (000s omitted)		$1,504			$1,525

¹  For the period from November 29, 2013 (commencement of class operations) to October 31, 2014

²  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 Emerging Markets Equity Select Fund Financial highlights

(For a share outstanding throughout each period)

INSTITUTIONAL CLASS	Six months ended April 30, 2015 (unaudited)			Year ended October 31, 20141
Net asset value, beginning of period		$10.09			$10.00
Net investment income		0.02			0.08
Net realized and unrealized gains (losses) on investments		(0.16	)		0.04
Total from investment operations		(0.14	)		0.12
Distributions to shareholders from
Net investment income		(0.04	)		(0.03	)
Net realized gains		(0.03	)		0.00
Total distributions to shareholders		(0.07	)		(0.03	)
Net asset value, end of period		$9.88			$10.09
Total return2		(1.33	)%		1.17	%
Ratios to average net assets (annualized)
Gross expenses		3.97	%		5.09	%
Net expenses		1.20	%		1.20	%
Net investment income		0.37	%		0.91	%
Supplemental data
Portfolio turnover rate		5	%		12	%
Net assets, end of period (000s omitted)		$1,498			$1,517

¹  For the period from November 29, 2013 (commencement of class operations) to October 31, 2014

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

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

Notes to financial statements (unaudited) Wells Fargo Advantage Emerging Markets Equity Select 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 Emerging Markets Equity Select 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.

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 April 31, 2015, such fair value pricing was used in pricing foreign securities.

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. 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

20 Wells Fargo Advantage Emerging Markets Equity Select Fund Notes to financial statements (unaudited)

independent pricing services in addition to the review of prices by the adviser and/or subadviser. Unobservable inputs used in determining fair valuations are identified based on the type of security, taking into consideration factors utilized by market participants in valuing the investment, knowledge about the issuer and the current market environment.

Foreign currency translation

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

Forward foreign currency contracts

The Fund is subject to foreign currency exchange rate risk in the normal course of pursuing its investment objectives. A forward foreign currency contract is an agreement between two parties to purchase or sell a specific currency for an agreed-upon price at a future date. The Fund enters into forward foreign currency contracts to facilitate transactions in foreign-denominated securities and to attempt to minimize the risk to the Fund from adverse changes in the relationship between currencies. Forward foreign currency contracts are recorded at the forward rate and marked-to-market daily. When the contracts are closed, realized gains and losses arising from such transactions are recorded as realized gains or losses on forward foreign currency contract transactions. The Fund could be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts or if the value of the foreign currency changes unfavorably. The Fund’s maximum risk of loss from counterparty credit risk is the unrealized gains on the contracts. This risk may be mitigated if there is a master netting arrangement between the Fund and the counterparty.

Security loans

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

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

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.

Notes to financial statements (unaudited) Wells Fargo Advantage Emerging Markets Equity Select Fund 21

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

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

22 Wells Fargo Advantage Emerging Markets Equity Select 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 April 30, 2015:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Argentina	$	59,779	$	0	$	0	$	59,779
Brazil		775,335		0		0		775,335
Chile		171,141		0		0		171,141
China		620,961		1,165,059		0		1,786,020
Colombia		58,851		0		0		58,851
Hong Kong		58,761		434,086		0		492,847
India		506,730		0		0		506,730
Indonesia		0		178,395		0		178,395
Malaysia		0		123,099		0		123,099
Mexico		933,832		0		0		933,832
Peru		34,658		0		0		34,658
Philippines		0		128,451		0		128,451
Russia		94,496		156,068		0		250,564
South Africa		24,926		399,896		0		424,822
South Korea		221,429		642,797		0		864,226
Taiwan		403,260		278,204		0		681,464
Thailand		284,446		36,485		0		320,931
Turkey		0		50,511		0		50,511
United Kingdom		0		84,513		0		84,513
Preferred stocks
Brazil		142,211		0		0		142,211
Exchange-traded funds
United States		167,838		0		0		167,838
Short-term investments
Investment companies		346,401		310,678		0		657,079
Total assets	$	4,905,055	$	3,988,242	$	0	$	8,893,297

The Fund recognizes transfers between levels within the fair value hierarchy at the end of the reporting period. At April 30, 2015, fair value pricing was used in pricing certain foreign securities and securities valued at $3,941,605 were transferred from Level 1 to Level 2. The Fund did not have any transfers into/out of Level 3.

4. TRANSACTIONS WITH AFFILIATES

Advisory fee

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

Pursuant to the contract, Funds Management is entitled to receive an annual advisory fee starting at 1.00% and declining to 0.90% as the average daily net assets of the Fund increase. For the six months ended April 30, 2015, the advisory fee was equivalent to an annual rate of 1.00% 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 0.60% and declining to 0.425% as the average daily net assets of the Fund increase.

Notes to financial statements (unaudited) Wells Fargo Advantage Emerging Markets Equity Select Fund 23

Administration fees

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

	Class level administration fee
Class A, Class C		0.26	%
Class R6		0.03
Administrator Class		0.10
Institutional Class		0.08

Funds Management has contractually waived and/or reimbursed advisory and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. Waiver of fees and/or reimbursement of expenses by Funds Management were made first from fund level expenses on a proportionate basis and then from class specific expenses. Funds Management has committed through February 29, 2016 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.65% for Class A shares, 2.40% for Class C shares, 1.15% for Class R6 shares, 1.45% for Administrator Class shares, and 1.20% 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 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 Class A shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the six months ended April 30, 2015, Funds Distributor received $81 from the sale of Class A shares.

Shareholder servicing fees

The Trust has entered into contracts with one or more shareholder servicing agents, whereby Class A, Class C, and 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 April 30, 2015 were $2,169,596 and $413,137, respectively.

6. DERIVATIVE TRANSACTIONS

During the six months ended April 30, 2015, the Fund entered into forward foreign currency contracts for economic hedging purposes.

As of April 30, 2015, the Fund did not have any open forward foreign currency contracts. The Fund had an average contract amount of $589 in forward foreign currency contracts to sell during the six months ended April 30, 2015.

7. BANK BORROWINGS

The Trust (excluding the money market funds and certain other funds in the Trust) and Wells Fargo Variable Trust are parties to a $150,000,000 revolving credit agreement, whereby the Fund is permitted to use bank borrowings for temporary or emergency purposes, such as to fund shareholder redemption requests. Interest under the credit agreement is charged to the Fund based on a borrowing rate equal to the higher of the Federal Funds rate in effect on that day plus 1.25% or the overnight LIBOR rate in effect on that day plus 1.25%. In addition, an annual commitment fee equal to 0.10% of the unused balance is allocated to each participating fund. For the six months ended April 30, 2015, the Fund paid $7 in commitment fees.

24 Wells Fargo Advantage Emerging Markets Equity Select Fund Notes to financial statements (unaudited)

For the six months ended April 30, 2015, there were no borrowings by the Fund under the agreement.

8. INDEMNIFICATION

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

9. FUND LIQUIDATION

At a meeting of the Board of Trustees held on June 15, 2015, the Trustees approved the liquidation of the Fund. The Fund is currently closed to new direct investors and additional investments from existing shareholders. Existing retirement plans, benefit plans and retirement plan platforms may continue to add new participants and make additional purchases until the Fund’s liquidation date. The liquidation of the Fund is expected to occur after close of business on or about July 17, 2015. Shareholders of the Fund on the date of liquidation will receive a distribution of their account proceeds, including any accrued dividends, in complete redemption of their shares.

Other information (unaudited) Wells Fargo Advantage Emerging Markets Equity Select Fund 25

TAX INFORMATION

Pursuant to Section 853 of the Internal Revenue Code, the following amounts were designated as foreign taxes paid for the fiscal year ended October 31, 2014. These amounts may be less than the actual foreign taxes paid for financial statement purposes. Foreign taxes paid or withheld should be included in taxable income with an offsetting deduction from gross income or as a credit for taxes paid to foreign governments. None of the income was derived from ineligible foreign sources as defined under Section 901(j) of the Internal Revenue Code.

Creditable foreign taxes paid	Per share amount	Foreign income as % of ordinary income distributions
$8,911	$0.0128	82.01%

PROXY VOTING INFORMATION

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

PORTFOLIO HOLDINGS INFORMATION

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

26 Wells Fargo Advantage Emerging Markets Equity Select 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 to 1999, 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 Deluxe 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 Emerging Markets Equity Select 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.
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.

28 Wells Fargo Advantage Emerging Markets Equity Select 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

PIK —  Payment-in-kind

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 leu

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

For more information

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

Wells Fargo Advantage Funds

P.O. Box 8266

Boston, MA 02266-8266

Email: wfaf@wellsfargo.com

Website: wellsfargoadvantagefunds.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

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

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

NOT FDIC INSURED  ¡  NO BANK GUARANTEE  ¡   MAY LOSE VALUE

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

233654 06-15 SA266/SAR266 04-15

Wells Fargo Advantage

Global Opportunities Fund

Semi-Annual Report

April 30, 2015

Reduce clutter. Save trees.

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

Contents

Letter to shareholders	2
Performance highlights	4
Fund expenses	6
Portfolio of investments	7
Financial statements
Statement of assets and liabilities	12
Statement of operations	13
Statement of changes in net assets	14
Financial highlights	15
Notes to financial statements	20
Other information	26
List of abbreviations	29

The views expressed and any forward-looking statements are as of April 30, 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 Global Opportunities Fund Letter to shareholders (unaudited)

Karla M. Rabusch

President

Wells Fargo Advantage Funds

A worldwide trend toward looser monetary policy tended to support stock and bond markets in both developed and emerging economies.

European stocks were boosted by the anticipation and then the reality of the ECB’s asset purchases.

Dear Valued Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Advantage Global Opportunities Fund for the six-month period that ended April 30, 2015. The period was marked by low global interest rates as major central banks initiated or increased their quantitative easing programs. By the end of the period, some European sovereign debt issues were selling at negative yields. In the U.S., large-cap stocks, as measured by the S&P 500 Index¹, gained 7.22%, boosted by stronger economic data in the U.S. Although non-U.S. economic growth was more restrained, developed international stocks, as measured by the MSCI EAFE Index (Net)², gained 6.81%, appreciating, in part, because of quantitative easing in Europe and Japan.

Major central banks continued to provide liquidity to the markets.

A worldwide trend toward looser monetary policy tended to support stock and bond markets in both developed and emerging economies. 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 at zero. Even though the FOMC ended its bond-buying program in October 2014 and guided investors to expect an interest-rate hike in mid- to late-2015, the Fed remained accommodative.

The European Central Bank (ECB) maintained a variety of measures aimed at encouraging lending, including making funds available to banks at low interest rates and imposing a negative interest rate on bank deposits held at the central bank. In January 2015, the bank announced quantitative easing via significant bond purchases in an attempt to raise the eurozone’s inflation to just under its target of 2%. In Japan, the Bank of Japan (BOJ) also maintained an aggressive monetary program aimed at combating deflation.

The U.S. outperformed other developed markets economies, while major emerging economies grappled with slower growth.

Reported U.S. gross domestic product (GDP) growth came in at a solid 2.2% annualized rate in the fourth quarter of 2014. Although the initial estimate for annualized GDP growth came in at a modest 0.2% in the first quarter of 2015, the slowdown was attributed to short-term factors such as a harsh winter and a long-lived strike at West Coast ports.

European annualized GDP growth was 1.3% in the fourth quarter of 2014 and 1.4% in the first quarter of 2015. European stocks were boosted by the anticipation and then the reality of the ECB’s asset purchases. As also occurred in the U.S., the central bank’s purchase of fixed-income assets provided liquidity that investors poured into riskier assets, including stocks. A similar dynamic played out in Japan, although Japanese shares received the benefit of direct purchases from the BOJ and major pension funds.

Among major emerging markets, Chinese government data showed a slowdown in fixed-asset investment, which includes property investment, and modest growth in manufacturing and housing sales. However, China’s growth rates still

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

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

Letter to shareholders (unaudited) Wells Fargo Advantage Global Opportunities Fund 3

contrasted favorably with stagnant growth in most developed economies. Brazil faced a challenging situation with a growing corruption scandal affecting the state-controlled oil company, a struggling economy, and a severe drought affecting the city of São Paulo. The MSCI Emerging Markets Index (Net)³ ended the period with a 3.92% return.

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

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

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 Morgan Stanley Capital International (MSCI) Emerging Markets Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of emerging markets. The MSCI Emerging Markets Index (Net) consists of the following 23 emerging markets country indexes: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Peru, the Philippines, Poland, Qatar, Russia, South Africa, Taiwan, Thailand, Turkey, and United Arab Emirates. You cannot invest directly in an index.

4 Wells Fargo Advantage Global Opportunities 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

Oleg Makhorine

Robert Rifkin, CFA

James M. Tringas, CFA

Bryant VanCronkhite, CFA, CPA

Average annual total returns¹ (%) as of April 30, 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 (EKGAX)	3-16-1988		(2.22	)		8.00		8.42		3.75		9.29		9.06		1.58		1.56
Class B (EKGBX)*	2-1-1993		(1.17	)		8.18		8.51		2.97		8.47		8.51		2.33		2.31
Class C (EKGCX)	2-1-1993		1.98			8.47		8.26		2.98		8.47		8.26		2.33		2.31
Administrator Class (EKGYX)	1-13-1997		–			–		–		3.93		9.48		9.31		1.42		1.41
Institutional Class (EKGIX)	7-30-2010		–			–		–		4.21		9.75		9.44		1.15		1.15
S&P Developed SmallCap Index4	–		–			–		–		6.72		11.87		8.94		–		–

* 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.

Stock values fluctuate in response to the activities of individual companies and general market and economic conditions. Foreign investments are especially volatile and can rise or fall dramatically due to differences in the political and economic conditions of the host country. These risks are generally intensified in emerging markets. The use of derivatives may reduce returns and/or increase volatility. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). The Fund is exposed to geographic 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 Global Opportunities Fund 5

Ten largest holdings5 (%) as of April 30, 2015
ACI Worldwide Incorporated	1.76
Krispy Kreme Doughnuts Incorporated	1.76
GSI Group Incorporated	1.74
Innospec Incorporated	1.67
Kadant Incorporated	1.54
Mueller Industries Incorporated	1.53
Franklin Electric Company Incorporated	1.51
Simpson Manufacturing Company Incorporated	1.51
Brown & Brown Incorporated	1.50
Schweitzer-Mauduit International Incorporated	1.48

Sector distribution⁶ as of April 30, 2015

Country allocation⁶ as of April 30, 2015

¹  Historical performance shown for Institutional Class shares prior to their inception reflects the performance of Administrator Class shares, and includes the higher expenses applicable to Administrator Class shares. If these expenses had not been included, returns would be higher. Historical performance shown for all classes of the Fund prior to July 19, 2010, is based on the performance of the Fund’s predecessor, Evergreen Global Opportunities Fund.

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

³  The Adviser has committed through February 29, 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 1.55% for Class A, 2.30% for Class B, 2.30% for Class C, 1.40% for Administrator Class, and 1.15% 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  The S&P Developed SmallCap Index is a float-adjusted market capitalization index designed to measure the equity market performance of small capitalization companies located in developed markets. The index is comprised of companies within the bottom 15% of the cumulative market capitalization in developed markets. The index covers all publicly listed equities with float-adjusted market values of U.S. $100 million or more and annual dollar value traded of at least U.S. $50 million in all included countries. 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 Global Opportunities 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 November 1, 2014 to April 30, 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 11-1-2014		Ending account value 4-30-2015		Expenses paid during the period1		Net annualized expense ratio
Class A
Actual	$	1,000.00	$	1,066.98	$	7.94		1.55	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.11	$	7.75		1.55	%
Class B
Actual	$	1,000.00	$	1,062.97	$	11.76		2.30	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,013.39	$	11.48		2.30	%
Class C
Actual	$	1,000.00	$	1,062.99	$	11.76		2.30	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,013.39	$	11.48		2.30	%
Administrator Class
Actual	$	1,000.00	$	1,067.98	$	7.18		1.40	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.85	$	7.00		1.40	%
Institutional Class
Actual	$	1,000.00	$	1,069.37	$	5.90		1.15	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.09	$	5.76		1.15	%

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—April 30, 2015 (unaudited) Wells Fargo Advantage Global Opportunities Fund 7

Security name	Shares		Value
Common Stocks: 94.14%
Australia: 0.22%
Super Cheap Auto Group Limited (Consumer Discretionary, Specialty Retail) «		75,078	$	584,439
Austria: 0.32%
UNIQA Insurance Group AG (Financials, Insurance)		84,451		829,579
Belgium: 0.15%
Barco NV (Information Technology, Electronic Equipment, Instruments & Components) «		5,743		388,216
Canada: 4.85%
Canadian Western Bank (Financials, Banks)		67,475		1,754,406
Capstone Mining Corporation (Materials, Metals & Mining) †		183,636		255,705
Cott Corporation (Consumer Staples, Beverages)		187,800		1,635,738
Cott Corporation - Canadian Exchange (Consumer Staples, Beverages)		139,045		1,212,394
GSI Group Incorporated (Information Technology, Electronic Equipment, Instruments & Components) †		341,271		4,532,079
Maple Leaf Foods Incorporated (Consumer Staples, Food Products)		68,974		1,323,455
MBAC Fertilizer Corporation - Legend Shares (Materials, Chemicals) (i)		84,000		7,310
Parex Resources Incorporated (Energy, Oil, Gas & Consumable Fuels) †		94,897		761,378
Transglobe Energy Corporation (Energy, Oil, Gas & Consumable Fuels)		132,059		602,010
Western Forest Products Incorporated (Materials, Paper & Forest Products)		348,677		528,868
				12,613,343
Denmark: 0.62%
Jyske Bank AS (Financials, Banks) †		32,767		1,604,562
France: 4.51%
ALTEN SA (Information Technology, IT Services)		72,494		3,538,625
Eutelsat Communications SA (Consumer Discretionary, Media)		46,897		1,635,037
M6 Metropole Television SA (Consumer Discretionary, Media)		71,729		1,497,043
Mersen SA (Industrials, Electrical Equipment)		61,675		1,686,281
Teleperformance SA (Industrials, Professional Services)		44,778		3,366,177
				11,723,163
Germany: 4.11%
Amadeus Fire AG (Industrials, Professional Services)		9,573		775,898
Bilfinger SE (Industrials, Commercial Services & Supplies) «		8,136		408,723
Cancom SE (Information Technology, IT Services) «		31,806		1,315,639
Gerresheimer AG (Health Care, Life Sciences Tools & Services) «		40,158		2,272,810
Hochtief AG (Industrials, Construction & Engineering) «		24,093		1,861,589
Kion Group AG (Industrials, Machinery)		37,774		1,675,839
TLG Immobilien AG (Financials, REITs) †		110,927		1,862,088
TOM TAILOR Holding AG (Consumer Discretionary, Textiles, Apparel & Luxury Goods) †		40,907		505,645
				10,678,231
Hong Kong: 0.92%
Sunlight REIT (Financials, REITs)		4,734,000		2,390,903
Israel: 0.65%
Orbotech Limited (Information Technology, Electronic Equipment, Instruments & Components) †		93,700		1,681,915

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

8 Wells Fargo Advantage Global Opportunities Fund Portfolio of investments—April 30, 2015 (unaudited)

Security name	Shares		Value
Italy: 1.28%
Beni Stabili SpA (Financials, REITs)		1,892,024	$	1,560,111
Davide Campari-Milano SpA (Consumer Staples, Beverages)		227,003		1,755,592
				3,315,703
Japan: 7.58%
Aeon Delight Company Limited (Industrials, Commercial Services & Supplies)		84,700		2,243,068
Chiba Bank Limited (Financials, Banks)		177,000		1,454,659
DTS Corporation (Information Technology, IT Services)		76,100		1,548,843
FamilyMart Company Limited (Consumer Staples, Food & Staples Retailing)		46,200		1,989,511
Hitachi Chemical Company Limited (Materials, Chemicals)		85,600		1,656,868
Musashi Seimitsu Industry Company Limited (Consumer Discretionary, Auto Components)		66,400		1,405,448
Nissin Kogyo Company Limited (Consumer Discretionary, Auto Components)		99,830		1,645,429
ORIX JREIT Incorporated (Financials, REITs)		1,381		2,041,336
Sumitomo Warehouse Company Limited (Industrials, Transportation Infrastructure)		380,000		2,144,008
Taikisha Limited (Industrials, Construction & Engineering)		52,500		1,409,333
Tokyo Ohka Kogyo Company Limited (Materials, Chemicals)		35,955		1,119,106
Toshiba Machine Company Limited (Industrials, Machinery)		233,263		1,035,829
				19,693,438
Netherlands: 1.77%
Arcadis NV (Industrials, Construction & Engineering)		54,464		1,724,004
BinckBank NV (Financials, Capital Markets)		147,653		1,479,892
USG People NV (Industrials, Professional Services)		103,495		1,405,466
				4,609,362
Norway: 1.46%
Atea ASA (Information Technology, IT Services) «		198,319		2,212,412
SpareBank 1 SR Bank ASA (Financials, Banks) «		215,103		1,595,291
				3,807,703
Russia: 0.17%
Sollers OJSC (Consumer Discretionary, Automobiles) (a)		53,955		430,826
South Korea: 0.93%
BS Financial Group Incorporated (Financials, Banks)		119,424		1,785,345
Hy-Lok Corporation (Industrials, Machinery)		19,851		629,603
				2,414,948
Spain: 1.43%
Almirall SA (Health Care, Pharmaceuticals) †		77,762		1,466,176
Merlin Properties Socimi SA (Financials, REITs) Ǡ		106,487		1,455,752
Prosegur Compania de Seguridad SA (Industrials, Commercial Services & Supplies)		135,886		783,322
				3,705,250
Sweden: 0.31%
Rezidor Hotel Group AB (Consumer Discretionary, Hotels, Restaurants & Leisure)		189,238		806,152
Switzerland: 2.22%
Aryzta AG (Consumer Staples, Food Products)		21,635		1,459,866

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

Portfolio of investments—April 30, 2015 (unaudited) Wells Fargo Advantage Global Opportunities Fund 9

Security name	Shares		Value
Switzerland (continued)
Dufry AG (Consumer Discretionary, Specialty Retail) †		11,195	$	1,646,078
Kuoni Reisen Holding AG (Consumer Discretionary, Hotels, Restaurants & Leisure)		5,190		1,746,782
OC Oerlikon Corporation AG (Information Technology, Electronic Equipment, Instruments & Components)		69,936		914,869
				5,767,595
Taiwan: 0.29%
Siliconware Precision Industries Company (Information Technology, Semiconductors & Semiconductor Equipment)		466,000		765,547
United Kingdom: 9.52%
Bovis Homes Group plc (Consumer Discretionary, Household Durables)		153,578		2,186,704
Cambian Group plc (Health Care, Health Care Providers & Services)		466,837		1,857,771
Catlin Group Limited (Financials, Insurance) (a)		211,358		2,277,536
Consort Medical plc (Health Care, Health Care Equipment & Supplies)		148,305		2,139,892
Debenhams plc (Consumer Discretionary, Multiline Retail)		865,225		1,188,564
Hunting plc (Energy, Energy Equipment & Services)		115,066		1,034,147
IMI plc (Industrials, Machinery)		56,940		1,091,117
John Wood Group plc (Energy, Energy Equipment & Services)		24,827		261,588
Jupiter Fund Management plc (Financials, Capital Markets)		296,987		1,955,433
Keller Group plc (Industrials, Construction & Engineering)		78,060		1,194,002
Mears Group plc (Industrials, Commercial Services & Supplies)		271,251		1,782,064
Morgan Advanced Materials plc (Industrials, Machinery)		333,093		1,718,471
Pace plc (Consumer Discretionary, Household Durables)		185,986		1,179,183
Savills plc (Financials, Real Estate Management & Development)		153,645		1,945,845
Shawbrook Group plc (Financials, Banks) †		95,085		451,002
SIG plc (Industrials, Trading Companies & Distributors)		540,088		1,605,035
Stock Spirits Group plc (Consumer Staples, Beverages)		296,450		866,525
				24,734,879
United States: 50.83%
A. Schulman Incorporated (Materials, Chemicals)		77,611		3,294,587
ACI Worldwide Incorporated (Information Technology, Software) †		199,000		4,582,970
Acxiom Corporation (Information Technology, IT Services) †		74,000		1,292,040
Analogic Corporation (Health Care, Health Care Equipment & Supplies)		41,524		3,508,778
Atwood Oceanics Incorporated (Energy, Energy Equipment & Services)		38,100		1,271,778
Bio-Rad Laboratories Incorporated Class A (Health Care, Life Sciences Tools & Services) †		14,361		1,930,836
Blyth Incorporated (Consumer Discretionary, Household Durables) †		93,500		718,080
Brown & Brown Incorporated (Financials, Insurance)		121,722		3,889,018
CARBO Ceramics Incorporated (Energy, Energy Equipment & Services) «		35,500		1,570,165
Christopher & Banks Corporation (Consumer Discretionary, Specialty Retail) †		172,028		1,021,846
Coherent Incorporated (Information Technology, Electronic Equipment, Instruments & Components) †		25,200		1,512,000
Delta Apparel Incorporated (Consumer Discretionary, Textiles, Apparel & Luxury Goods) †		72,800		893,256
Denny’s Corporation (Consumer Discretionary, Hotels, Restaurants & Leisure) †		126,260		1,314,367
Dixie Group Incorporated (Consumer Discretionary, Household Durables) Ǡ		178,671		1,756,336
Domino’s Pizza Group plc (Consumer Discretionary, Hotels, Restaurants & Leisure)		120,183		1,456,476
Douglas Dynamics Incorporated (Industrials, Machinery)		147,702		3,212,519
DST Systems Incorporated (Information Technology, IT Services)		25,256		2,906,460
Eagle Materials Incorporated (Materials, Construction Materials)		45,900		3,827,601
First Citizens BancShares Corporation Class A (Financials, Banks)		14,096		3,387,833
Franklin Electric Company Incorporated (Industrials, Electrical Equipment)		108,362		3,918,370

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

10 Wells Fargo Advantage Global Opportunities Fund Portfolio of investments—April 30, 2015 (unaudited)

Security name						Shares		Value
United States (continued)
Guess? Incorporated (Consumer Discretionary, Specialty Retail)							125,100	$	2,290,581
Haemonetics Corporation (Health Care, Health Care Equipment & Supplies) †							50,176		2,033,633
ICU Medical Incorporated (Health Care, Health Care Equipment & Supplies) †							28,169		2,376,619
Imation Corporation (Information Technology, Technology Hardware, Storage & Peripherals) †							494,388		2,022,047
Innospec Incorporated (Materials, Chemicals)							99,205		4,335,259
Kadant Incorporated (Industrials, Machinery)							78,276		3,988,945
Knowles Corporation (Information Technology, Electronic Equipment, Instruments & Components) «†							71,500		1,370,655
Krispy Kreme Doughnuts Incorporated (Consumer Discretionary, Hotels, Restaurants & Leisure) †							257,300		4,579,940
Liberty Tax Incorporated (Consumer Discretionary, Diversified Consumer Services) «							109,300		3,027,610
Matthews International Corporation Class A (Industrials, Commercial Services & Supplies)							66,740		3,238,892
Mueller Industries Incorporated (Industrials, Machinery)							113,200		3,966,528
Neenah Paper Incorporated (Materials, Paper & Forest Products)							42,850		2,591,140
NETGEAR Incorporated (Information Technology, Communications Equipment) †							63,193		1,912,852
Pier 1 Imports Incorporated (Consumer Discretionary, Specialty Retail)							107,700		1,362,405
ProAssurance Corporation (Financials, Insurance)							56,900		2,557,655
Progress Software Corporation (Information Technology, Software) †							83,400		2,201,760
Schweitzer-Mauduit International Incorporated (Materials, Paper & Forest Products)							87,200		3,855,112
Simpson Manufacturing Company Incorporated (Industrials, Building Products)							119,416		3,914,456
Spectrum Brands Holdings Incorporated (Consumer Staples, Household Products)							16,700		1,526,881
Steel Excel Incorporated (Energy, Energy Equipment & Services) †							103,534		2,075,857
Steris Corporation (Health Care, Health Care Equipment & Supplies)							43,600		2,899,400
Stone Energy Corporation (Energy, Oil, Gas & Consumable Fuels) †							53,864		919,458
Teradata Corporation (Information Technology, IT Services) †							60,300		2,652,597
Theravance Incorporated (Health Care, Pharmaceuticals) «							99,908		1,623,505
TreeHouse Foods Incorporated (Consumer Staples, Food Products) †							45,900		3,729,834
UMB Financial Corporation (Financials, Banks)							76,900		3,828,851
Validus Holdings Limited (Financials, Insurance)							35,500		1,484,965
Vishay Intertechnology Incorporated (Information Technology, Electronic Equipment, Instruments & Components)							246,890		3,130,565
WD-40 Company (Consumer Staples, Household Products)							36,716		2,972,527
WellCare Health Plans Incorporated (Health Care, Health Care Providers & Services) †							31,700		2,454,531
West Pharmaceutical Services Incorporated (Health Care, Health Care Equipment & Supplies)							19,100		1,017,648
Westwood Holdings Group Incorporated (Financials, Capital Markets)							49,050		2,873,841
									132,081,865
Total Common Stocks (Cost $209,513,300)									244,627,619
	Dividend yield
Preferred Stocks: 0.64%
Germany: 0.64%
Draegerwerk AG & Company KGAA (Health Care, Health Care Equipment & Supplies) «		1.34	%				14,232		1,651,574
Total Preferred Stocks (Cost $1,439,559)									1,651,574
				Expiration date
Rights: 0.06%
Spain: 0.06%
Merlin Properties Socimi SA (Financials, REITs) †					5-2-2015		106,487		162,614
Total Rights (Cost $0)									162,614

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

Portfolio of investments—April 30, 2015 (unaudited) Wells Fargo Advantage Global Opportunities Fund 11

Security name	Yield			Shares		Value
Short-Term Investments: 9.52%
Investment Companies: 9.52%
Securities Lending Cash Investments, LLC (l)(r)(u)		0.12	%		16,489,624	$	16,489,624
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)		0.11			8,261,818		8,261,818
Total Short-Term Investments (Cost $24,751,442)							24,751,442

Total investments in securities (Cost $235,704,301)*	104.36	%		271,193,249
Other assets and liabilities, net	(4.36	)		(11,334,192	)
Total net assets	100.00	%	$	259,859,057

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

† Non-income-earning security

(i) Illiquid security

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

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

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

(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 $237,290,131 and unrealized gains (losses) consists of:

Gross unrealized gains	$	45,749,652
Gross unrealized losses		(11,846,534	)
Net unrealized gains	$	33,903,118

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

12 Wells Fargo Advantage Global Opportunities Fund Statement of assets and liabilities—April 30, 2015 (unaudited)

Assets
Investments
In unaffiliated securities (including $15,831,687 of securities loaned), at value (cost $210,952,859)	$	246,441,807
In affiliated securities, at value (cost $24,751,442)		24,751,442
Total investments, at value (cost $235,704,301)		271,193,249
Foreign currency, at value (cost $3,670,311)		3,812,401
Receivable for investments sold		2,788,898
Receivable for Fund shares sold		98,205
Receivable for dividends		596,543
Receivable for securities lending income		33,433
Prepaid expenses and other assets		39,919
Total assets		278,562,648
Liabilities
Payable for investments purchased		1,621,361
Payable for Fund shares redeemed		183,569
Payable upon receipt of securities loaned		16,489,624
Advisory fee payable		187,418
Distribution fees payable		30,613
Administration fees payable		60,764
Accrued expenses and other liabilities		130,242
Total liabilities		18,703,591
Total net assets	$	259,859,057
NET ASSETS CONSIST OF
Paid-in capital	$	220,564,107
Overdistributed net investment income		(89,471	)
Accumulated net realized gains on investments		3,728,496
Net unrealized gains on investments		35,655,925
Total net assets	$	259,859,057
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	165,555,328
Shares outstanding – Class A1		4,255,398
Net asset value per share – Class A		$38.90
Maximum offering price per share – Class A2		$41.27
Net assets – Class B	$	8,309,728
Shares outstanding – Class B1		280,784
Net asset value per share – Class B		$29.59
Net assets – Class C	$	40,469,650
Shares outstanding – Class C1		1,358,860
Net asset value per share – Class C		$29.78
Net assets – Administrator Class	$	37,931,533
Shares outstanding – Administrator Class1		939,863
Net asset value per share – Administrator Class		$40.36
Net assets – Institutional Class	$	7,592,818
Shares outstanding – Institutional Class1		188,476
Net asset value per share – Institutional Class		$40.29

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.

Statement of operations—six months ended April 30, 2015 (unaudited) Wells Fargo Advantage Global Opportunities Fund 13

Investment income
Dividends (net of foreign withholding taxes of $68,375)	$	2,182,644
Securities lending income, net		100,688
Income from affiliated securities		5,619
Total investment income		2,288,951
Expenses
Advisory fee		1,154,974
Administration fees
Fund level		64,165
Class A		208,826
Class B		12,699
Class C		51,843
Administrator Class		19,380
Institutional Class		3,047
Shareholder servicing fees
Class A		200,794
Class B		12,211
Class C		49,849
Administrator Class		48,215
Distribution fees
Class B		36,633
Class C		149,547
Custody and accounting fees		66,145
Professional fees		24,843
Registration fees		25,019
Shareholder report expenses		24,496
Trustees’ fees and expenses		5,708
Other fees and expenses		14,089
Total expenses		2,172,483
Less: Fee waivers and/or expense reimbursements		(41,586	)
Net expenses		2,130,897
Net investment income		158,054
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on:
Unaffiliated securities		4,732,085
Forward foreign currency contract transactions		227,108
Net realized gains on investments		4,959,193
Net change in unrealized gains (losses) on:
Unaffiliated securities		11,705,726
Forward foreign currency contract transactions		(224,896	)
Net change in unrealized gains (losses) on investments		11,480,830
Net realized and unrealized gains (losses) on investments		16,440,023
Net increase in net assets resulting from operations	$	16,598,077

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

14 Wells Fargo Advantage Global Opportunities Fund Statement of changes in net assets

	Six months ended April 30, 2015 (unaudited)						Year ended October 31, 2014
Operations
Net investment income (loss)				$	158,054					$	(166,255	)
Net realized gains on investments					4,959,193						43,058,242
Net change in unrealized gains (losses) on investments					11,480,830						(36,690,231	)
Net increase in net assets resulting from operations					16,598,077						6,201,756
Distributions to shareholders from
Net investment income
Class A					(112,091	)					(1,289,731	)
Class C					0						(17,006	)
Administrator Class					(31,925	)					(475,665	)
Institutional Class					(45,625	)					(23,151	)
Net realized gains
Class A					(25,688,232	)					0
Class B					(2,100,714	)					0
Class C					(7,981,435	)					0
Administrator Class					(5,573,313	)					0
Institutional Class					(1,170,657	)					0
Total distributions to shareholders					(42,703,992	)					(1,805,553	)
		Shares						Shares
Capital share transactions
Proceeds from shares sold
Class A		227,391			8,764,038			339,559			14,931,283
Class B		2,168			62,186			4,025			140,530
Class C		61,360			1,771,541			55,031			1,941,771
Administrator Class		119,864			4,760,342			300,922			13,658,466
Institutional Class		103,519			4,354,130			87,544			4,024,855
					19,712,237						34,696,905
Reinvestment of distributions
Class A		656,362			23,808,617			27,164			1,188,435
Class B		73,234			2,024,915			0			0
Class C		236,312			6,574,187			392			13,875
Administrator Class		146,011			5,492,203			9,728			438,256
Institutional Class		21,540			812,381			514			23,151
					38,712,303						1,663,717
Payment for shares redeemed
Class A		(492,443	)		(18,874,061	)		(761,396	)		(33,410,938	)
Class B		(135,424	)		(4,067,490	)		(232,231	)		(8,230,660	)
Class C		(139,829	)		(4,154,067	)		(152,969	)		(5,417,774	)
Administrator Class		(535,939	)		(23,182,203	)		(292,897	)		(13,293,051	)
Institutional Class		(54,858	)		(2,188,499	)		(18,605	)		(837,713	)
					(52,466,320	)					(61,190,136	)
Net increase (decrease) in net assets resulting from capital share transactions					5,958,220						(24,829,514	)
Total decrease in net assets					(20,147,695	)					(20,433,311	)
Net assets
Beginning of period					280,006,752						300,440,063
End of period				$	259,859,057					$	280,006,752
Overdistributed/accumulated net investment income (loss)				$	(89,471	)				$	(57,884	)

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

Financial highlights Wells Fargo Advantage Global Opportunities Fund 15

(For a share outstanding throughout each period)

	Six months ended April 30, 2015 (unaudited)			Year ended October 31
CLASS A				2014			2013			2012			2011			20101
Net asset value, beginning of period		$43.26			$42.68			$33.17			$30.14			$31.91			$24.96
Net investment income		0.05	2		0.03	2		0.16	2		0.20	2		0.12	2		0.07	2
Net realized and unrealized gains (losses) on investments		2.36			0.86			9.58			2.87			(1.89	)		6.99
Total from investment operations		2.41			0.89			9.74			3.07			(1.77	)		7.06
Distributions to shareholders from
Net investment income		(0.03	)		(0.31	)		(0.23	)		(0.04	)		0.00			(0.11	)
Net realized gains		(6.74	)		0.00			0.00			0.00			0.00			0.00
Total distributions to shareholders		(6.77	)		(0.31	)		(0.23	)		(0.04	)		0.00			(0.11	)
Net asset value, end of period		$38.90			$43.26			$42.68			$33.17			$30.14			$31.91
Total return3		6.70	%		2.07	%		29.50	%		10.24	%		(5.55	)%		28.41	%
Ratios to average net assets (annualized)
Gross expenses		1.59	%		1.57	%		1.59	%		1.55	%		1.55	%		1.66	%
Net expenses		1.55	%		1.55	%		1.55	%		1.54	%		1.53	%		1.63	%
Net investment income		0.24	%		0.06	%		0.43	%		0.65	%		0.34	%		0.25	%
Supplemental data
Portfolio turnover rate		18	%		66	%		59	%		85	%		76	%		104	%
Net assets, end of period (000s omitted)		$165,555			$167,166			$181,764			$156,433			$174,937			$212,729

¹  After the close of business on July 16, 2010, the Fund acquired the net assets of Evergreen Global Opportunities Fund which became the accounting and performance survivor in the transaction. The information for the periods prior to July 19, 2010 is that of Class A of Evergreen Global Opportunities Fund.

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 Global Opportunities Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended April 30, 2015 (unaudited)			Year ended October 31
CLASS B				2014			2013			2012			2011			20101
Net asset value, beginning of period		$34.62			$34.18			$26.58			$24.30			$25.92			$20.33
Net investment loss		(0.08	)2		(0.25	)2		(0.09	)2		(0.03	)2		(0.12	)2		(0.11	)2
Net realized and unrealized gains (losses) on investments		1.79			0.69			7.69			2.31			(1.50	)		5.70
Total from investment operations		1.71			0.44			7.60			2.28			(1.62	)		5.59
Distributions to shareholders from
Net realized gains		(6.74	)		0.00			0.00			0.00			0.00			0.00
Net asset value, end of period		$29.59			$34.62			$34.18			$26.58			$24.30			$25.92
Total return3		6.30	%		1.29	%		28.54	%		9.42	%		(6.25	)%		27.43	%
Ratios to average net assets (annualized)
Gross expenses		2.33	%		2.32	%		2.34	%		2.30	%		2.30	%		2.41	%
Net expenses		2.30	%		2.30	%		2.30	%		2.29	%		2.28	%		2.38	%
Net investment loss		(0.56	)%		(0.71	)%		(0.32	)%		(0.10	)%		(0.43	)%		(0.49	)%
Supplemental data
Portfolio turnover rate		18	%		66	%		59	%		85	%		76	%		104	%
Net assets, end of period (000s omitted)		$8,310			$11,799			$19,446			$21,181			$26,598			$37,752

¹  After the close of business on July 16, 2010, the Fund acquired the net assets of Evergreen Global Opportunities Fund which became the accounting and performance survivor in the transaction. The information for the periods prior to July 19, 2010 is that of Class B of Evergreen Global Opportunities Fund.

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 Global Opportunities Fund 17

(For a share outstanding throughout each period)

	Six months ended April 30, 2015 (unaudited)			Year ended October 31
CLASS C				2014			2013			2012			2011			20101
Net asset value, beginning of period		$34.80			$34.36			$26.73			$24.43			$26.05			$20.44
Net investment loss		(0.08	)2		(0.24	)2		(0.09	)2		(0.03	)2		(0.11	)2		(0.11	)2
Net realized and unrealized gains (losses) on investments		1.80			0.69			7.72			2.33			(1.51	)		5.72
Total from investment operations		1.72			0.45			7.63			2.30			(1.62	)		5.61
Distributions to shareholders from
Net investment income		0.00			(0.01	)		0.00			0.00			0.00			0.00
Net realized gains		(6.74	)		0.00			0.00			0.00			0.00			0.00
Total distributions to shareholders		(6.74	)		(0.01	)		0.00			0.00			0.00			0.00
Net asset value, end of period		$29.78			$34.80			$34.36			$26.73			$24.43			$26.05
Total return3		6.30	%		1.32	%		28.54	%		9.41	%		(6.25	)%		27.43	%
Ratios to average net assets (annualized)
Gross expenses		2.34	%		2.32	%		2.34	%		2.30	%		2.30	%		2.41	%
Net expenses		2.30	%		2.30	%		2.30	%		2.29	%		2.28	%		2.38	%
Net investment loss		(0.52	)%		(0.69	)%		(0.31	)%		(0.11	)%		(0.41	)%		(0.50	)%
Supplemental data
Portfolio turnover rate		18	%		66	%		59	%		85	%		76	%		104	%
Net assets, end of period (000s omitted)		$40,470			$41,792			$44,618			$37,753			$45,135			$52,866

¹  After the close of business on July 16, 2010, the Fund acquired the net assets of Evergreen Global Opportunities Fund which became the accounting and performance survivor in the transaction. The information for the periods prior to July 19, 2010 is that of Class C of Evergreen Global Opportunities Fund.

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 Global Opportunities Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended April 30, 2015 (unaudited)			Year ended October 31
ADMINISTRATOR CLASS				2014			2013			2012			2011			20101
Net asset value, beginning of period		$44.60			$44.00			$34.21			$31.10			$32.92			$25.73
Net investment income		0.07	2		0.09			0.22	2		0.26	2		0.15			0.14	2
Net realized and unrealized gains (losses) on investments		2.46			0.90			9.86			2.96			(1.93	)		7.23
Total from investment operations		2.53			0.99			10.08			3.22			(1.78	)		7.37
Distributions to shareholders from
Net investment income		(0.03	)		(0.39	)		(0.29	)		(0.11	)		(0.04	)		(0.18	)
Net realized gains		(6.74	)		0.00			0.00			0.00			0.00			0.00
Total distributions to shareholders		(6.77	)		(0.39	)		(0.29	)		(0.11	)		(0.04	)		(0.18	)
Net asset value, end of period		$40.36			$44.60			$44.00			$34.21			$31.10			$32.92
Total return3		6.80	%		2.22	%		29.73	%		10.44	%		(5.39	)%		28.77	%
Ratios to average net assets (annualized)
Gross expenses		1.42	%		1.41	%		1.42	%		1.38	%		1.37	%		1.43	%
Net expenses		1.40	%		1.40	%		1.40	%		1.38	%		1.36	%		1.40	%
Net investment income		0.37	%		0.22	%		0.58	%		0.81	%		0.53	%		0.49	%
Supplemental data
Portfolio turnover rate		18	%		66	%		59	%		85	%		76	%		104	%
Net assets, end of period (000s omitted)		$37,932			$53,966			$52,461			$44,360			$49,860			$46,106

¹  After the close of business on July 16, 2010, the Fund acquired the net assets of Evergreen Global Opportunities Fund which became the accounting and performance survivor in the transaction. The information for the periods prior to July 19, 2010 is that of Class I of Evergreen Global Opportunities Fund.

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 Global Opportunities Fund 19

(For a share outstanding throughout each period)

	Six months ended April 30, 2015 (unaudited)			Year ended October 31
INSTITUTIONAL CLASS				2014			2013			2012			2011			20101
Net asset value, beginning of period		$44.67			$44.05			$34.25			$31.18			$32.94			$28.37
Net investment income		0.13	2		0.15			0.32	2		0.36	2		0.25			0.04	2
Net realized and unrealized gains (losses) on investments		2.45			0.96			9.86			2.93			(1.94	)		4.53
Total from investment operations		2.58			1.11			10.18			3.29			(1.69	)		4.57
Distributions to shareholders from
Net investment income		(0.22	)		(0.49	)		(0.38	)		(0.22	)		(0.07	)		0.00
Net realized gains		(6.74	)		0.00			0.00			0.00			0.00			0.00
Total distributions to shareholders		(6.96	)		(0.49	)		(0.38	)		(0.22	)		(0.07	)		0.00
Net asset value, end of period		$40.29			$44.67			$44.05			$34.25			$31.18			$32.94
Total return3		6.94	%		2.48	%		30.06	%		10.70	%		(5.15	)%		16.11	%
Ratios to average net assets (annualized)
Gross expenses		1.16	%		1.14	%		1.16	%		1.12	%		1.08	%		1.22	%
Net expenses		1.15	%		1.14	%		1.15	%		1.12	%		1.08	%		1.15	%
Net investment income		0.64	%		0.47	%		0.83	%		1.13	%		1.18	%		0.53	%
Supplemental data
Portfolio turnover rate		18	%		66	%		59	%		85	%		76	%		104	%
Net assets, end of period (000s omitted)		$7,593			$5,284			$2,151			$1,263			$1,486			$12

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

²  Calculated based upon average shares outstanding

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

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

20 Wells Fargo Advantage Global Opportunities 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 Global Opportunities 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.

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 April 30, 2015, such fair value pricing was used in pricing foreign securities.

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. 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

Notes to financial statements (unaudited) Wells Fargo Advantage Global Opportunities Fund 21

independent pricing services in addition to the review of prices by the adviser and/or subadviser. Unobservable inputs used in determining fair valuations are identified based on the type of security, taking into consideration factors utilized by market participants in valuing the investment, knowledge about the issuer and the current market environment.

Foreign currency translation

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

Forward foreign currency contracts

The Fund is subject to foreign currency exchange rate risk in the normal course of pursuing its investment objectives. A forward foreign currency contract is an agreement between two parties to purchase or sell a specific currency for an agreed-upon price at a future date. The Fund enters into forward foreign currency contracts to facilitate transactions in foreign-denominated securities and to attempt to minimize the risk to the Fund from adverse changes in the relationship between currencies. Forward foreign currency contracts are recorded at the forward rate and marked-to-market daily. When the contracts are closed, realized gains and losses arising from such transactions are recorded as realized gains or losses on forward foreign currency contract transactions. The Fund could be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts or if the value of the foreign currency changes unfavorably. The Fund’s maximum risk of loss from counterparty credit risk is the unrealized gains on the contracts. This risk may be mitigated if there is a master netting arrangement between the Fund and the counterparty.

Security loans

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

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

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.

22 Wells Fargo Advantage Global Opportunities Fund Notes to financial statements (unaudited)

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.

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

Notes to financial statements (unaudited) Wells Fargo Advantage Global Opportunities Fund 23

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of April 30, 2015:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in :
Common stocks
Australia	$	0	$	584,439	$	0	$	584,439
Austria		0		829,579		0		829,579
Belgium		0		388,216		0		388,216
Canada		12,606,033		7,310		0		12,613,343
Denmark		0		1,604,562		0		1,604,562
France		5,052,458		6,670,705		0		11,723,163
Germany		2,270,811		8,407,420		0		10,678,231
Hong Kong		0		2,390,903		0		2,390,903
Israel		1,681,915		0		0		1,681,915
Italy		0		3,315,703		0		3,315,703
Japan		0		19,693,438		0		19,693,438
Netherlands		0		4,609,362		0		4,609,362
Norway		2,212,412		1,595,291		0		3,807,703
Russia		0		430,826		0		430,826
South Korea		629,603		1,785,345		0		2,414,948
Spain		1,455,752		2,249,498		0		3,705,250
Sweden		806,152		0		0		806,152
Switzerland		1,746,782		4,020,813		0		5,767,595
Taiwan		0		765,547		0		765,547
United Kingdom		8,983,347		15,751,532		0		24,734,879
United States		130,006,008		2,075,857		0		132,081,865
Preferred stocks
Germany		1,651,574		0		0		1,651,574
Rights
Spain		0		162,614		0		162,614
Short-term investments
Investment companies		8,261,818		16,489,624		0		24,751,442
Total assets	$	177,364,665	$	93,828,584	$	0	$	271,193,249

The Fund recognizes transfers between levels within the fair value hierarchy at the end of the reporting period. At April 30, 2015, fair value pricing was used in pricing certain foreign securities and securities valued at $67,126,086 were transferred from Level 1 to Level 2. The Fund did not have any transfers into/out of Level 3.

4. TRANSACTIONS WITH AFFILIATES

Advisory fee

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

Pursuant to the contract, Funds Management is entitled to receive an annual advisory fee starting at 0.90% and declining to 0.80% as the average daily net assets of the Fund increase. For the six months ended April 30, 2015, the advisory fee was equivalent to an annual rate of 0.90% 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 0.55% and declining to 0.40% as the average daily net assets of the Fund increase.

24 Wells Fargo Advantage Global Opportunities Fund Notes to financial statements (unaudited)

Administration fees

The Trust has entered into an administration agreement with Funds Management. Under this agreement, for providing administrative services, which includes paying fees and expenses for services provided by the transfer agent, sub-transfer agents, omnibus account servicers and record-keepers, Funds Management is entitled to receive from 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 February 29, 2016 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.55% for Class A shares, 2.30% for Class B shares, 2.30% for Class C shares, 1.40% for Administrator Class shares, and 1.15% 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 Class A 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 April 30, 2015, Funds Distributor received $2,389 from the sale of Class A shares and $320 and $152 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 April 30, 2015 were $44,543,209 and $79,489,831, respectively.

6. DERIVATIVE TRANSACTIONS

During the six months ended April 30, 2015, the Fund entered into forward foreign currency contracts for economic hedging purposes.

As of April 30, 2015, the Fund did not have any open forward foreign currency contracts. The Fund had average contract amounts of $30,573 and $113,770 in forward foreign currency contracts to buy and forward foreign currency contracts to sell, respectively, during the six months ended April 30, 2015.

The fair value, realized gains or losses and change in unrealized gains or losses, if any, on derivative instruments are reflected in the appropriate financial statements.

Notes to financial statements (unaudited) Wells Fargo Advantage Global Opportunities Fund 25

7. BANK BORROWINGS

The Trust (excluding the money market funds and certain other funds in the Trust) and Wells Fargo Variable Trust are parties to a $150,000,000 revolving credit agreement, whereby the Fund is permitted to use bank borrowings for temporary or emergency purposes, such as to fund shareholder redemption requests. Interest under the credit agreement is charged to the Fund based on a borrowing rate equal to the higher of the Federal Funds rate in effect on that day plus 1.25% or the overnight LIBOR rate in effect on that day plus 1.25%. In addition, an annual commitment fee equal to 0.10% of the unused balance is allocated to each participating fund. For the six months ended April 30, 2015, the Fund paid $242 in commitment fees.

For the six months ended April 30, 2015, there were no borrowings by the Fund under the agreement.

8. INDEMNIFICATION

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

26 Wells Fargo Advantage Global Opportunities Fund Other information (unaudited)

PROXY VOTING INFORMATION

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

PORTFOLIO HOLDINGS INFORMATION

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

Other information (unaudited) Wells Fargo Advantage Global Opportunities Fund 27

BOARD OF TRUSTEES AND OFFICERS

Each of the Trustees and Officers¹ listed in the table below acts in identical capacities for each fund in the Wells Fargo Advantage family of funds, which consists of 134 mutual funds comprising the Wells Fargo Funds Trust, Wells Fargo Variable Trust, Wells Fargo Master Trust and four closed-end funds (collectively the “Fund Complex”). This table should be read in conjunction with the Prospectus and the Statement of Additional Information². The mailing address of each Trustee and Officer is 525 Market Street, 12th Floor, San Francisco, CA 94105. Each Trustee and Officer serves an indefinite term, however, each Trustee serves such term until reaching the mandatory retirement age established by the Trustees.

Independent Trustees

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Other directorships during past five years
William R. Ebsworth (Born 1957)	Trustee, since 2015**	Retired. From 1984 to 2013, equities analyst, portfolio manager, research director at Fidelity Management and Research Company and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. in Boston, Tokyo, and Hong Kong where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Mr. Ebsworth is an Adjunct Lecturer, Finance, at Babson College and a Chartered Financial Analyst.	Asset Allocation Trust
Jane A. Freeman (Born 1953)	Trustee, since 2015**	Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, 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 Deluxe 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 Global Opportunities 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 Global Opportunities 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

PIK —  Payment-in-kind

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 leu

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

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For more information

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

Wells Fargo Advantage Funds

P.O. Box 8266

Boston, MA 02266-8266

Email: wfaf@wellsfargo.com

Website: wellsfargoadvantagefunds.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

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

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

NOT FDIC INSURED  ¡  NO BANK GUARANTEE  ¡   MAY LOSE VALUE

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

233655 06-15 SA239/SAR239 04-15

Wells Fargo Advantage

International Equity Fund

Semi-Annual Report

April 30, 2015

Reduce clutter. Save trees.

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

Contents

Letter to shareholders	2
Performance highlights	4
Fund expenses	6
Portfolio of investments	7
Financial statements
Statement of assets and liabilities	10
Statement of operations	11
Statement of changes in net assets	12
Financial highlights	13
Notes to financial statements	19
Other information	25
List of abbreviations	28

The views expressed and any forward-looking statements are as of April 30, 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 International Equity Fund Letter to shareholders (unaudited)

Karla M. Rabusch

President

Wells Fargo Advantage Funds

A worldwide trend toward looser monetary policy tended to support stock and bond markets in both developed and emerging economies.

European stocks were boosted by the anticipation and then the reality of the ECB’s asset purchases.

Dear Valued Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Advantage International Equity Fund for the six-month period that ended April 30, 2015. The period was marked by low global interest rates as major central banks initiated or increased their quantitative easing programs. By the end of the period, some European sovereign debt issues were selling at negative yields. In the U.S., large-cap stocks, as measured by the S&P 500 Index¹, gained 7.22%, boosted by stronger economic data in the U.S. Although non-U.S. economic growth was more restrained, developed international stocks, as measured by the MSCI EAFE Index (Net)², gained 6.81%, appreciating, in part, because of quantitative easing in Europe and Japan.

Major central banks continued to provide liquidity to the markets.

A worldwide trend toward looser monetary policy tended to support stock and bond markets in both developed and emerging economies. 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 at zero. Even though the FOMC ended its bond-buying program in October 2014 and guided investors to expect an interest-rate hike in mid- to late-2015, the Fed remained accommodative.

The European Central Bank (ECB) maintained a variety of measures aimed at encouraging lending, including making funds available to banks at low interest rates and imposing a negative interest rate on bank deposits held at the central bank. In January 2015, the bank announced quantitative easing via significant bond purchases in an attempt to raise the eurozone’s inflation to just under its target of 2%. In Japan, the Bank of Japan (BOJ) also maintained an aggressive monetary program aimed at combating deflation.

The U.S. outperformed other developed markets economies, while major emerging economies grappled with slower growth.

Reported U.S. gross domestic product (GDP) growth came in at a solid 2.2% annualized rate in the fourth quarter of 2014. Although the initial estimate for annualized GDP growth came in at a modest 0.2% in the first quarter of 2015, the slowdown was attributed to short-term factors such as a harsh winter and a long-lived strike at West Coast ports.

European annualized GDP growth was 1.3% in the fourth quarter of 2014 and 1.4% in the first quarter of 2015. European stocks were boosted by the anticipation and then the reality of the ECB’s asset purchases. As also occurred in the U.S., the central bank’s purchase of fixed-income assets provided liquidity that investors poured into riskier assets, including stocks. A similar dynamic played out in Japan, although Japanese shares received the benefit of direct purchases from the BOJ and major pension funds.

Among major emerging markets, Chinese government data showed a slowdown in fixed-asset investment, which includes property investment, and modest growth in manufacturing and housing sales. However, China’s growth rates still

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

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

Letter to shareholders (unaudited) Wells Fargo Advantage International Equity Fund 3

contrasted favorably with stagnant growth in most developed economies. Brazil faced a challenging situation with a growing corruption scandal affecting the state-controlled oil company, a struggling economy, and a severe drought affecting the city of São Paulo. The MSCI Emerging Markets Index (Net)³ ended the period with a 3.92% return.

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

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

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 Morgan Stanley Capital International (MSCI) Emerging Markets Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of emerging markets. The MSCI Emerging Markets Index (Net) consists of the following 23 emerging markets country indexes: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Peru, the Philippines, Poland, Qatar, Russia, South Africa, Taiwan, Thailand, Turkey, and United Arab Emirates. You cannot invest directly in an index.

4 Wells Fargo Advantage International Equity 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

Jeffrey Everett, CFA

Dale Winner, CFA

Average annual total returns¹ (%) as of April 30, 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 (WFEAX)	1-20-1998		7.36		6.43		4.60		13.87		7.70		5.22		1.53		1.09
Class B (WFEBX)*	9-6-1979		8.03		6.58		4.67		13.03		6.89		4.67		2.28		1.84
Class C (WFEFX)	3-6-1998		12.10		6.89		4.44		13.10		6.89		4.44		2.28		1.84
Class R (WFERX)	10-10-2003		–		–		–		13.62		7.43		4.95		1.78		1.34
Administrator Class (WFEDX)	7-16-2010		–		–		–		13.95		7.71		5.37		1.37		1.09
Institutional Class (WFENX)	3-9-1998		–		–		–		14.14		7.96		5.49		1.10		0.84
MSCI ACWI ex USA (Net)4	–		–		–		–		2.63		6.04		6.26		–		–

* 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. Class R, Administrator Class, and Institutional Class shares are sold without a front-end sales charge or contingent deferred sales charge.

Stock values fluctuate in response to the activities of individual companies and general market and economic conditions. Foreign investments are especially volatile and can rise or fall dramatically due to differences in the political and economic conditions of the host country. These risks are generally intensified in emerging markets. The use of derivatives may reduce returns and/or increase volatility. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). The Fund is exposed to smaller-company securities risk. Consult the Fund’s prospectus for additional information on these and other risks.

Please see footnotes on page 5.

Performance highlights (unaudited) Wells Fargo Advantage International Equity Fund 5

Ten largest holdings5 (%) as of April 30, 2015
Mitsubishi UFJ Financial Group Incorporated	3.29
Anima Holding SpA	3.14
China Everbright Limited	3.02
Daiwa House Industry Company Limited	2.99
Man Group plc	2.84
Hitachi Limited	2.73
China Mobile Limited	2.63
Nomura Holdings Incorporated	2.59
Akzo Nobel NV	2.56
Compagnie de Saint-Gobain	2.49

Sector distribution⁶ as of April 30, 2015

Country allocation⁶ as of April 30, 2015

¹  Historical performance shown for Administrator Class shares prior to their inception reflects the performance of Institutional Class shares and has been adjusted to reflect the higher expenses applicable to Administrator Class shares. Historical performance shown for all classes of the Fund prior to July 19, 2010, is based on the performance of the Fund’s predecessor, Evergreen International Equity Fund.

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

³  The Adviser has committed through February 29, 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 Morgan Stanley Capital International All Country World Index ex USA (Net) (MSCI ACWI ex USA (Net)) is a free float-adjusted market-capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. You cannot invest directly in an index. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI.

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 International Equity 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 November 1, 2014 to April 30, 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 11-1-2014		Ending account value 4-30-2015		Expenses paid during the period¹		Net annualized expense ratio
Class A
Actual	$	1,000.00	$	1,164.93	$	5.85		1.09	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.39	$	5.46		1.09	%
Class B
Actual	$	1,000.00	$	1,160.24	$	9.86		1.84	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.67	$	9.20		1.84	%
Class C
Actual	$	1,000.00	$	1,160.67	$	9.86		1.84	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.67	$	9.20		1.84	%
Class R
Actual	$	1,000.00	$	1,163.09	$	7.19		1.34	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.15	$	6.71		1.34	%
Administrator Class
Actual	$	1,000.00	$	1,165.15	$	5.85		1.09	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.39	$	5.46		1.09	%
Institutional Class
Actual	$	1,000.00	$	1,165.80	$	4.51		0.84	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.63	$	4.21		0.84	%

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

Portfolio of investments—April 30, 2015 (unaudited) Wells Fargo Advantage International Equity Fund 7

Security name	Shares		Value
Common Stocks: 85.79%
Canada: 1.44%
Valeant Pharmaceuticals International Incorporated (Health Care, Pharmaceuticals) †		15,267	$	3,311,870
China: 7.76%
Biostime International Holdings Limited (Consumer Staples, Food Products)		322,500		1,478,123
China Mobile Limited (Telecommunication Services, Wireless Telecommunication Services)		424,500		6,063,255
Dongfeng Motor Group Company Limited (Consumer Discretionary, Automobiles)		3,006,000		4,994,037
Industrial & Commercial Bank of China Limited H Shares (Financials, Banks)		4,800,000		4,163,812
Xtep International Holdings Limited (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		3,317,715		1,207,135
				17,906,362
France: 2.49%
Compagnie de Saint-Gobain (Industrials, Building Products)		126,646		5,755,692
Germany: 10.65%
Bayer AG (Health Care, Pharmaceuticals)		30,127		4,336,257
Hugo Boss AG (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		15,289		1,881,318
Metro AG (Consumer Staples, Food & Staples Retailing)		130,400		4,726,331
Rheinmetall AG (Industrials, Industrial Conglomerates)		91,889		4,704,516
SAP AG (Information Technology, Software)		51,197		3,868,701
Siemens AG (Industrials, Industrial Conglomerates)		46,664		5,076,199
				24,593,322
Hong Kong: 4.31%
China Everbright Limited (Financials, Capital Markets)		2,110,000		6,975,328
Value Partners Group Limited (Financials, Capital Markets)		1,602,000		2,961,889
				9,937,217
Italy: 9.53%
Anima Holding SpA (Financials, Capital Markets) †		813,887		7,246,508
ENI SpA (Energy, Oil, Gas & Consumable Fuels)		230,235		4,417,254
Intesa Sanpaolo SpA (Financials, Banks)		1,365,870		4,588,641
Prysmian SpA (Industrials, Electrical Equipment)		281,424		5,739,089
				21,991,492
Japan: 19.25%
Coca-Cola East Japan Company Limited (Consumer Staples, Beverages)		108,200		2,021,941
Daiwa House Industry Company Limited (Financials, Real Estate Management & Development)		308,900		6,896,196
Daiwa Securities Group Incorporated (Financials, Capital Markets)		265,000		2,198,390
Hitachi Limited (Information Technology, Electronic Equipment, Instruments & Components)		925,000		6,311,185
Mitsubishi UFJ Financial Group Incorporated (Financials, Banks)		1,070,000		7,601,654
Mitsui Fudosan Company Limited (Financials, Real Estate Management & Development)		147,000		4,357,712
Nitto Denko Corporation (Materials, Chemicals)		49,888		3,197,098
Nomura Holdings Incorporated (Financials, Capital Markets)		920,600		5,972,313
Toyota Motor Corporation (Consumer Discretionary, Automobiles)		63,800		4,441,062
West Holdings Corporation (Consumer Discretionary, Household Durables)		151,200		1,096,340
Yaskawa Electric Corporation (Information Technology, Electronic Equipment, Instruments & Components)		25,500		350,357
				44,444,248

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

8 Wells Fargo Advantage International Equity Fund Portfolio of investments—April 30, 2015 (unaudited)

Security name			Shares		Value
Netherlands: 2.56%
Akzo Nobel NV (Materials, Chemicals) «				77,098	$	5,899,054
Norway: 1.42%
Frontline 2012 Limited (Energy, Oil, Gas & Consumable Fuels) 144A				189,513		1,157,762
Marine Harvest ASA (Consumer Staples, Food Products)				173,624		2,116,242
						3,274,004
South Korea: 4.05%
Hana Financial Group Incorporated (Financials, Banks)				138,230		4,068,921
Samsung Electronics Company Limited GDR (Information Technology, Semiconductors & Semiconductor Equipment) 144A				7,232		4,742,656
SK Telecom Company Limited (Telecommunication Services, Wireless Telecommunication Services)				1,983		531,390
						9,342,967
Sweden: 1.65%
Volvo AB Class B (Industrials, Machinery)				275,740		3,809,401
Switzerland: 6.03%
ABB Limited (Industrials, Electrical Equipment)				208,709		4,573,322
Novartis AG (Health Care, Pharmaceuticals)				47,737		4,872,617
Zurich Financial Services AG (Financials, Insurance)				14,503		4,476,397
						13,922,336
United Kingdom: 13.52%
BP plc (Energy, Oil, Gas & Consumable Fuels)				764,873		5,516,566
Capita plc (Industrials, Professional Services)				113,451		1,985,754
Man Group plc (Financials, Capital Markets)				2,219,944		6,545,527
Reckitt Benckiser Group plc (Consumer Staples, Household Products)				42,649		3,795,948
Smiths Group plc (Industrials, Industrial Conglomerates)				150,535		2,635,330
Vodafone Group plc (Telecommunication Services, Wireless Telecommunication Services)				1,508,811		5,315,852
Wolseley plc (Industrials, Trading Companies & Distributors)				91,639		5,419,929
						31,214,906
United States: 1.13%
QUALCOMM Incorporated (Information Technology, Communications Equipment)				38,479		2,616,572
Total Common Stocks (Cost $148,628,692)						198,019,443
	Expiration date
Participation Notes: 1.59%
United Kingdom: 1.59%
HSBC Bank plc (Kweichow Moutai Company Limited Class A) (Consumer Staples, Beverages) †		2-19-2019		21,100		858,382
HSBC Bank plc (Kweichow Moutai Company Limited Class A) (Consumer Staples, Beverages) †		12-4-2024		7,469		303,851
Standard Chartered Bank (Kweichow Moutai Company Limited Class A) (Consumer Staples, Beverages) †		4-18-2016		61,639		2,507,573
Total Participation Notes (Cost $3,069,004)						3,669,806

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

Portfolio of investments—April 30, 2015 (unaudited) Wells Fargo Advantage International Equity Fund 9

Security name	Dividend yield			Shares		Value
Preferred Stocks: 0.95%
Germany: 0.95%
Volkswagen AG (Consumer Discretionary, Automobiles) «±		2.14	%		8,574	$	2,207,339
Total Preferred Stocks (Cost $1,988,951)							2,207,339
	Yield
Short-Term Investments: 12.09%
Investment Companies: 12.09%
Securities Lending Cash Investments, LLC (l)(r)(u)		0.12			2,200,453		2,200,453
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)		0.11			25,699,509		25,699,509
Total Short-Term Investments (Cost $27,899,962)							27,899,962

Total investments in securities (Cost $181,586,609) *	100.42	%		231,796,550
Other assets and liabilities, net	(0.42	)		(969,019	)
Total net assets	100.00	%	$	230,827,531

† Non-income-earning security

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

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

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

(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 $183,182,623 and unrealized gains (losses) consists of:

Gross unrealized gains	$	52,651,039
Gross unrealized losses		(4,037,112	)
Net unrealized gains	$	48,613,927

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

10 Wells Fargo Advantage International Equity Fund Statement of assets and liabilities—April 30, 2015 (unaudited)

Assets
Investments
In unaffiliated securities (including $2,096,410 of securities loaned), at value (cost $153,686,647)	$	203,896,588
In affiliated securities, at value (cost $27,899,962)		27,899,962
Total investments, at value (cost $181,586,609)		231,796,550
Foreign currency, at value (cost $232,480)		233,953
Receivable for investments sold		199,596
Receivable for Fund shares sold		2,477,000
Receivable for dividends		793,103
Receivable for securities lending income		13,323
Prepaid expenses and other assets		45,449
Total assets		235,558,974
Liabilities
Payable for investments purchased		1,452,376
Payable for Fund shares redeemed		119,048
Unrealized losses on forward foreign currency contracts		711,568
Payable upon receipt of securities loaned		2,200,453
Advisory fee payable		75,467
Distribution fees payable		13,410
Administration fees payable		41,861
Accrued expenses and other liabilities		117,260
Total liabilities		4,731,443
Total net assets	$	230,827,531
NET ASSETS CONSIST OF
Paid-in capital	$	222,477,174
Undistributed net investment income		482,187
Accumulated net realized losses on investments		(41,639,229	)
Net unrealized gains on investments		49,507,399
Total net assets	$	230,827,531
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	111,435,518
Shares outstanding – Class A1		8,866,600
Net asset value per share – Class A		$12.57
Maximum offering price per share – Class A2		$13.34
Net assets – Class B	$	3,648,537
Shares outstanding – Class B1		297,353
Net asset value per share – Class B		$12.27
Net assets – Class C	$	18,312,640
Shares outstanding – Class C1		1,480,823
Net asset value per share – Class C		$12.37
Net assets – Class R	$	1,612,864
Shares outstanding – Class R1		126,720
Net asset value per share – Class R		$12.73
Net assets – Administrator Class	$	19,800,146
Shares outstanding – Administrator Class1		1,603,373
Net asset value per share – Administrator Class		$12.35
Net assets – Institutional Class	$	76,017,826
Shares outstanding – Institutional Class1		6,075,210
Net asset value per share – Institutional Class		$12.51

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 April 30, 2015 (unaudited) Wells Fargo Advantage International Equity Fund 11

Investment income
Dividends (net of foreign withholding taxes of $179,084)	$	2,064,255
Securities lending income, net		44,068
Income from affiliated securities		4,247
Interest		19
Total investment income		2,112,589
Expenses
Advisory fee		819,825
Administration fees
Fund level		48,225
Class A		125,251
Class B		4,800
Class C		20,902
Class R		1,953
Administrator Class		5,520
Institutional Class		25,696
Shareholder servicing fees
Class A		120,433
Class B		4,616
Class C		20,098
Class R		1,877
Administrator Class		13,801
Distribution fees
Class B		13,847
Class C		60,294
Class R		1,877
Custody and accounting fees		45,284
Professional fees		35,011
Registration fees		30,221
Shareholder report expenses		27,122
Trustees’ fees and expenses		8,290
Other fees and expenses		11,560
Total expenses		1,446,503
Less: Fee waivers and/or expense reimbursements		(399,479	)
Net expenses		1,047,024
Net investment income		1,065,565
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on:
Unaffiliated securities		7,231,468
Forward foreign currency contract transactions		2,520,742
Net realized gains on investments		9,752,210
Net change in unrealized gains (losses) on:
Unaffiliated securities		20,383,036
Forward foreign currency contract transactions		(1,152,478	)
Net change in unrealized gains (losses) on investments		19,230,558
Net realized and unrealized gains (losses) on investments		28,982,768
Net increase in net assets resulting from operations	$	30,048,333

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

12 Wells Fargo Advantage International Equity Fund Statement of changes in net assets

	Six months ended April 30, 2015 (unaudited)						Year ended October 31, 2014
Operations
Net investment income				$	1,065,565					$	6,499,158
Net realized gains on investments					9,752,210						2,939,425
Net change in unrealized gains (losses) on investments					19,230,558						(17,267,991	)
Net increase (decrease) in net assets resulting from operations					30,048,333						(7,829,408	)
Distributions to shareholders from
Net investment income
Class A					(4,144,449	)					(2,501,560	)
Class B					(133,491	)					(86,510	)
Class C					(589,249	)					(245,790	)
Class R					(58,692	)					(13,985	)
Administrator Class					(444,265	)					(102,289	)
Institutional Class					(3,012,972	)					(1,898,103	)
Total distributions to shareholders					(8,383,118	)					(4,848,237	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		928,405			11,148,845			1,770,644			20,755,971
Class B		2,011			24,346			2,057			23,111
Class C		125,459			1,488,699			286,544			3,296,726
Class R		20,567			237,031			34,731			411,910
Administrator Class		838,756			10,064,904			1,087,000			12,536,509
Institutional Class		1,804,105			21,467,188			1,478,849			17,423,599
					44,431,013						54,447,826
Reinvestment of distributions
Class A		350,957			3,835,959			183,571			2,204,689
Class B		12,086			129,201			7,028			82,440
Class C		47,129			508,047			18,292			216,764
Class R		2,725			30,167			467			5,680
Administrator Class		41,287			443,423			6,202			73,240
Institutional Class		220,501			2,396,847			100,489			1,200,840
					7,343,644						3,783,653
Payment for shares redeemed
Class A		(1,069,134	)		(12,207,233	)		(2,964,305	)		(34,898,761	)
Class B		(93,755	)		(1,040,579	)		(218,071	)		(2,489,646	)
Class C		(169,964	)		(1,902,446	)		(273,075	)		(3,147,560	)
Class R		(34,897	)		(411,177	)		(83,667	)		(995,507	)
Administrator Class		(445,408	)		(4,952,316	)		(259,973	)		(2,909,657	)
Institutional Class		(1,618,086	)		(18,516,352	)		(2,848,720	)		(33,494,543	)
					(39,030,103	)					(77,935,674	)
Net increase (decrease) in net assets resulting from capital share transactions					12,744,554						(19,704,195	)
Total increase (decrease) in net assets					34,409,769						(32,381,840	)
Net assets
Beginning of period					196,417,762						228,799,602
End of period				$	230,827,531					$	196,417,762
Undistributed net investment income				$	482,187					$	7,799,740

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

Financial highlights Wells Fargo Advantage International Equity Fund 13

(For a share outstanding throughout each period)

	Six months ended April 30, 2015 (unaudited)			Year ended October 31
CLASS A				2014			2013			2012			2011			20101
Net asset value, beginning of period		$11.28			$11.98			$9.77			$9.82			$10.41			$9.14
Net investment income		0.06	2		0.37	2		0.21			0.25			0.17			0.09	2
Net realized and unrealized gains (losses) on investments		1.73			(0.81	)		2.27			(0.09	)		(0.75	)		1.42
Total from investment operations		1.79			(0.44	)		2.48			0.16			(0.58	)		1.51
Distributions to shareholders from
Net investment income		(0.50	)		(0.26	)		(0.27	)		(0.21	)		(0.01	)		(0.24	)
Net asset value, end of period		$12.57			$11.28			$11.98			$9.77			$9.82			$10.41
Total return3		16.49	%		(3.77	)%		25.99	%		1.83	%		(5.62	)%		16.90	%
Ratios to average net assets (annualized)
Gross expenses		1.57	%		1.53	%		1.56	%		1.53	%		1.46	%		1.19	%
Net expenses		1.09	%		1.09	%		1.09	%		1.09	%		1.09	%		1.07	%
Net investment income		1.11	%		3.14	%		2.03	%		2.49	%		1.55	%		0.91	%
Supplemental data
Portfolio turnover rate		16	%		32	%		38	%		115	%		44	%		42	%
Net assets, end of period (000s omitted)		$111,436			$97,640			$115,821			$114,219			$162,954			$216,096

¹  After the close of business on July 16, 2010, the Fund acquired the net assets of Evergreen International Equity Fund which became the accounting and performance survivor in the transaction. The information for the period prior to July 19, 2010 is that of Class A of Evergreen International Equity Fund.

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 International Equity Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended April 30, 2015 (unaudited)			Year ended October 31
CLASS B				2014			2013			2012			2011			20101
Net asset value, beginning of period		$10.95			$11.62			$9.47			$9.48			$10.12			$8.81
Net investment income		0.01	2		0.28	2		0.13	2		0.16	2		0.08	2		0.01	2
Net realized and unrealized gains (losses) on investments		1.69			(0.79	)		2.21			(0.07	)		(0.72	)		1.41
Total from investment operations		1.70			(0.51	)		2.34			0.09			(0.64	)		1.42
Distributions to shareholders from
Net investment income		(0.38	)		(0.16	)		(0.19	)		(0.10	)		0.00			(0.11	)
Net asset value, end of period		$12.27			$10.95			$11.62			$9.47			$9.48			$10.12
Total return3		16.02	%		(4.48	)%		25.07	%		0.99	%		(6.32	)%		16.15	%
Ratios to average net assets (annualized)
Gross expenses		2.32	%		2.28	%		2.31	%		2.28	%		2.21	%		1.94	%
Net expenses		1.84	%		1.84	%		1.84	%		1.84	%		1.84	%		1.82	%
Net investment income		0.24	%		2.40	%		1.27	%		1.67	%		0.77	%		0.15	%
Supplemental data
Portfolio turnover rate		16	%		32	%		38	%		115	%		44	%		42	%
Net assets, end of period (000s omitted)		$3,649			$4,127			$6,810			$8,303			$12,873			$20,450

¹  After the close of business on July 16, 2010, the Fund acquired the net assets of Evergreen International Equity Fund which became the accounting and performance survivor in the transaction. The information for the period prior to July 19, 2010 is that of Class B of Evergreen International Equity Fund.

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 International Equity Fund 15

(For a share outstanding throughout each period)

	Six months ended April 30, 2015 (unaudited)			Year ended October 31
CLASS C				2014			2013			2012			2011			20101
Net asset value, beginning of period		$11.06			$11.75			$9.58			$9.59			$10.24			$8.93
Net investment income		0.03			0.27	2		0.14	2		0.16	2		0.06			0.01	2
Net realized and unrealized gains (losses) on investments		1.69			(0.79	)		2.22			(0.07	)		(0.71	)		1.41
Total from investment operations		1.72			(0.52	)		2.36			0.09			(0.65	)		1.42
Distributions to shareholders from
Net investment income		(0.41	)		(0.17	)		(0.19	)		(0.10	)		0.00			(0.11	)
Net asset value, end of period		$12.37			$11.06			$11.75			$9.58			$9.59			$10.24
Total return3		16.07	%		(4.49	)%		25.05	%		1.08	%		(6.35	)%		16.13	%
Ratios to average net assets (annualized)
Gross expenses		2.32	%		2.28	%		2.31	%		2.28	%		2.21	%		1.94	%
Net expenses		1.84	%		1.84	%		1.84	%		1.84	%		1.84	%		1.82	%
Net investment income		0.34	%		2.37	%		1.30	%		1.72	%		0.79	%		0.16	%
Supplemental data
Portfolio turnover rate		16	%		32	%		38	%		115	%		44	%		42	%
Net assets, end of period (000s omitted)		$18,313			$16,346			$16,997			$16,760			$22,578			$30,439

¹  After the close of business on July 16, 2010, the Fund acquired the net assets of Evergreen International Equity Fund which became the accounting and performance survivor in the transaction. The information for the period prior to July 19, 2010 is that of Class C of Evergreen International Equity Fund.

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 International Equity Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended April 30, 2015 (unaudited)			Year ended October 31
CLASS R				2014			2013			2012			2011			20101
Net asset value, beginning of period		$11.40			$11.96			$9.75			$9.79			$10.40			$9.13
Net investment income		0.05	2		0.32	2		0.18	2		0.20	2		0.14	2		0.06	2
Net realized and unrealized gains (losses) on investments		1.74			(0.79	)		2.27			(0.06	)		(0.75	)		1.42
Total from investment operations		1.79			(0.47	)		2.45			0.14			(0.61	)		1.48
Distributions to shareholders from
Net investment income		(0.46	)		(0.09	)		(0.24	)		(0.18	)		0.00			(0.21	)
Net asset value, end of period		$12.73			$11.40			$11.96			$9.75			$9.79			$10.40
Total return3		16.31	%		(4.00	)%		25.68	%		1.58	%		(5.87	)%		16.58	%
Ratios to average net assets (annualized)
Gross expenses		1.82	%		1.78	%		1.81	%		1.78	%		1.71	%		1.45	%
Net expenses		1.34	%		1.34	%		1.34	%		1.34	%		1.34	%		1.33	%
Net investment income		0.86	%		2.71	%		1.72	%		2.11	%		1.31	%		0.66	%
Supplemental data
Portfolio turnover rate		16	%		32	%		38	%		115	%		44	%		42	%
Net assets, end of period (000s omitted)		$1,613			$1,576			$2,234			$2,196			$3,050			$4,066

¹  After the close of business on July 16, 2010, the Fund acquired the net assets of Evergreen International Equity Fund which became the accounting and performance survivor in the transaction. The information for the period prior to July 19, 2010 is that of Class R of Evergreen International Equity Fund.

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 International Equity Fund 17

(For a share outstanding throughout each period)

	Six months ended April 30, 2015 (unaudited)			Year ended October 31
ADMINISTRATOR CLASS				2014			2013			2012			2011			20101
Net asset value, beginning of period		$11.09			$11.79			$9.62			$9.67			$10.28			$8.82
Net investment income		0.07	2		0.37	2		0.22			0.25			0.16			0.01
Net realized and unrealized gains (losses) on investments		1.69			(0.80	)		2.22			(0.09	)		(0.74	)		1.45
Total from investment operations		1.76			(0.43	)		2.44			0.16			(0.58	)		1.46
Distributions to shareholders from
Net investment income		(0.50	)		(0.27	)		(0.27	)		(0.21	)		(0.03	)		0.00
Net asset value, end of period		$12.35			$11.09			$11.79			$9.62			$9.67			$10.28
Total return3		16.51	%		(3.82	)%		26.00	%		1.88	%		(5.68	)%		16.55	%
Ratios to average net assets (annualized)
Gross expenses		1.42	%		1.37	%		1.37	%		1.36	%		1.25	%		1.36	%
Net expenses		1.09	%		1.09	%		1.09	%		1.09	%		1.09	%		1.09	%
Net investment income		1.21	%		3.21	%		2.08	%		2.52	%		1.58	%		0.32	%
Supplemental data
Portfolio turnover rate		16	%		32	%		38	%		115	%		44	%		42	%
Net assets, end of period (000s omitted)		$19,800			$12,962			$3,955			$3,505			$3,436			$89

¹  For the period from July 16, 2010 (commencement of class operations) to October 31, 2010

²  Calculated based upon average shares outstanding

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

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

18 Wells Fargo Advantage International Equity Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended April 30, 2015 (unaudited)			Year ended October 31
INSTITUTIONAL CLASS				2014			2013			2012			2011			20101
Net asset value, beginning of period		$11.25			$11.96			$9.76			$9.83			$10.42			$9.17
Net investment income		0.07	2		0.37	2		0.24	2		0.37			0.19	2		0.11	2
Net realized and unrealized gains (losses) on investments		1.72			(0.77	)		2.26			(0.19	)		(0.75	)		1.43
Total from investment operations		1.79			(0.40	)		2.50			0.18			(0.56	)		1.54
Distributions to shareholders from
Net investment income		(0.53	)		(0.31	)		(0.30	)		(0.25	)		(0.03	)		(0.29	)
Net asset value, end of period		$12.51			$11.25			$11.96			$9.76			$9.83			$10.42
Total return3		16.58	%		(3.53	)%		26.31	%		2.05	%		(5.38	)%		17.17	%
Ratios to average net assets (annualized)
Gross expenses		1.14	%		1.10	%		1.13	%		1.10	%		1.03	%		0.87	%
Net expenses		0.84	%		0.84	%		0.84	%		0.84	%		0.84	%		0.82	%
Net investment income		1.33	%		3.18	%		2.29	%		2.67	%		1.78	%		1.15	%
Supplemental data
Portfolio turnover rate		16	%		32	%		38	%		115	%		44	%		42	%
Net assets, end of period (000s omitted)		$76,018			$63,766			$82,982			$138,245			$227,158			$373,200

¹  After the close of business on July 16, 2010, the Fund acquired the net assets of Evergreen International Equity Fund which became the accounting and performance survivor in the transaction. The information for the period prior to July 19, 2010 is that of Class I of Evergreen International Equity Fund.

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 International Equity 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 International Equity 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.

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 April 30, 2015, such fair value pricing was used in pricing foreign securities.

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. 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

20 Wells Fargo Advantage International Equity Fund Notes to financial statements (unaudited)

independent pricing services in addition to the review of prices by the adviser and/or subadviser. Unobservable inputs used in determining fair valuations are identified based on the type of security, taking into consideration factors utilized by market participants in valuing the investment, knowledge about the issuer and the current market environment.

Foreign currency translation

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

Forward foreign currency contracts

The Fund is subject to foreign currency exchange rate risk in the normal course of pursuing its investment objectives. A forward foreign currency contract is an agreement between two parties to purchase or sell a specific currency for an agreed-upon price at a future date. The Fund enters into forward foreign currency contracts to facilitate transactions in foreign-denominated securities and to attempt to minimize the risk to the Fund from adverse changes in the relationship between currencies. Forward foreign currency contracts are recorded at the forward rate and marked-to-market daily. When the contracts are closed, realized gains and losses arising from such transactions are recorded as realized gains or losses on forward foreign currency contract transactions. The Fund could be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts or if the value of the foreign currency changes unfavorably. The Fund’s maximum risk of loss from counterparty credit risk is the unrealized gains on the contracts. This risk may be mitigated if there is a master netting arrangement between the Fund and the counterparty.

Security loans

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

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

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.

Notes to financial statements (unaudited) Wells Fargo Advantage International Equity Fund 21

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

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 October 31, 2014, the Fund had capital loss carryforwards available to offset future net realized capital gains in the amount of $49,301,219 expiring in 2016.

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

22 Wells Fargo Advantage International Equity 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 April 30, 2015:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in :
Common stocks
Canada	$	3,311,870	$	0	$	0	$	3,311,870
China		1,207,135		16,699,227		0		17,906,362
France		0		5,755,692		0		5,755,692
Germany		0		24,593,322		0		24,593,322
Hong Kong		0		9,937,217		0		9,937,217
Italy		0		21,991,492		0		21,991,492
Japan		0		44,444,248		0		44,444,248
Netherlands		0		5,899,054		0		5,899,054
Norway		1,157,762		2,116,242		0		3,274,004
South Korea		0		9,342,967		0		9,342,967
Sweden		0		3,809,401		0		3,809,401
Switzerland		0		13,922,336		0		13,922,336
United Kingdom		0		31,214,906		0		31,214,906
United States		2,616,572		0		0		2,616,572
Participation notes
United Kingdom		0		3,669,806		0		3,669,806
Preferred stocks
Germany		0		2,207,339		0		2,207,339
Short-term investments
Investment companies		25,699,509		2,200,453		0		27,899,962
Total assets	$	33,992,848	$	197,803,702	$	0	$	231,796,550
Liabilities
Forward foreign currency contracts		0	$	711,568		0	$	711,568
Total liabilities	$	0	$	711,568	$	0	$	711,568

Forward foreign currency contracts are reported at their unrealized gains (losses) at measurement date, which represents the change in the contract’s value from trade date. All other assets and liabilities are reported at their market value at measurement date.

The Fund recognizes transfers between levels within the fair value hierarchy at the end of the reporting period. At April 30, 2015, fair value pricing was used in pricing certain foreign securities and securities valued at $172,813,890 were transferred from Level 1 to Level 2. The Fund did not have any transfers into/out of Level 3.

4. TRANSACTIONS WITH AFFILIATES

Advisory fee

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

Pursuant to the contract, Funds Management is entitled to receive an annual advisory fee starting at 0.85% and declining to 0.70% as the average daily net assets of the Fund increase. For the six months ended April 30, 2015, the advisory fee was equivalent to an annual rate of 0.85% 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 0.40% as the average daily net assets of the Fund increase.

Notes to financial statements (unaudited) Wells Fargo Advantage International Equity Fund 23

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, Class R		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 February 29, 2016 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.09% for Class A shares, 1.84% for Class B shares, 1.84% for Class C shares, 1.34% for Class R shares, 1.09% for Administrator Class shares, and 0.84% 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, Class C, and Class R shares of the Fund pursuant to Rule 12b-1 under the 1940 Act. Distribution fees are charged to Class B, Class C, and Class R 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 and 0.25% of the average daily net assets of Class R shares.

In addition, Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A 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 April 30, 2015, Funds Distributor received $5,553 from the sale of Class A shares and $110 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 B, Class C, Class R, 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 April 30, 2015 were $30,813,979 and $32,853,037, respectively.

6. DERIVATIVE TRANSACTIONS

During the six months ended April 30, 2015, the Fund entered into forward foreign currency contracts for economic hedging purposes.

At April 30, 2015, the Fund had forward foreign currency contracts outstanding as follows:

Forward foreign currency contracts to sell:

Exchange date	Counterparty	Contracts to deliver		U.S. value at April 30, 2015		In exchange for U.S. $		Unrealized losses
6-26-2015	State Street Bank		5,449,300 EUR	$	6,122,896	$	6,001,423	$	(121,473	)
7-9-2015	State Street Bank		1,086,102,000 JPY		9,103,220		9,049,870		(53,350	)
7-9-2015	State Street Bank		5,555,450 GBP		8,523,774		8,276,481		(247,293	)
7-9-2015	State Street Bank		8,363,784 EUR		9,399,286		9,109,834		(289,452	)

The Fund had average contract amounts of $555,794 and $24,910,550 in forward foreign currency contracts to buy and forward foreign currency contracts to sell, respectively, during the six months ended April 30, 2015.

24 Wells Fargo Advantage International Equity Fund Notes to financial statements (unaudited)

The fair value, realized gains or losses and change in unrealized gains or losses, if any, on derivative instruments are reflected in the appropriate financial statements.

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 pledged		Net amount of liabilities
Forward foreign currency contracts	State Street Bank	$	711,568	*	$	0	$	0	$	711,568

* Amount represents net unrealized loss.

7. BANK BORROWINGS

The Trust (excluding the money market funds and certain other funds in the Trust) and Wells Fargo Variable Trust are parties to a $150,000,000 revolving credit agreement, whereby the Fund is permitted to use bank borrowings for temporary or emergency purposes, such as to fund shareholder redemption requests. Interest under the credit agreement is charged to the Fund based on a borrowing rate equal to the higher of the Federal Funds rate in effect on that day plus 1.25% or the overnight LIBOR rate in effect on that day plus 1.25%. In addition, an annual commitment fee equal to 0.10% of the unused balance is allocated to each participating fund. For the six months ended April 30, 2015, the Fund paid $176 in commitment fees.

For the six months ended April 30, 2015, there were no borrowings by the Fund under the agreement.

8. 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.

9. INDEMNIFICATION

Under the Trust’s organizational documents, the officers and Trustees have been granted certain indemnification rights 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 International Equity Fund 25

TAX INFORMATION

Pursuant to Section 853 of the Internal Revenue Code, the following amounts were designated as foreign taxes paid for the fiscal year ended October 31, 2014. These amounts may be less than the actual foreign taxes paid for financial statement purposes. Foreign taxes paid or withheld should be included in taxable income with an offsetting deduction from gross income or as a credit for taxes paid to foreign governments. None of the income was derived from ineligible foreign sources as defined under Section 901(j) of the Internal Revenue Code.

Creditable foreign taxes paid	Per share amount	Foreign income as % of ordinary income distributions
$340,784	$0.0195	79.59%

PROXY VOTING INFORMATION

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

PORTFOLIO HOLDINGS INFORMATION

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

26 Wells Fargo Advantage International Equity 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 to 1999, 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 Deluxe 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 International Equity 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.
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.

28 Wells Fargo Advantage International Equity 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

PIK —   Payment-in-kind

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 leu

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

For more information

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

Wells Fargo Advantage Funds

P.O. Box 8266

Boston, MA 02266-8266

Email: wfaf@wellsfargo.com

Website: wellsfargoadvantagefunds.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

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

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

NOT FDIC INSURED  ¡  NO BANK GUARANTEE  ¡   MAY LOSE VALUE

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

233656 06-15 SA240/SAR240 04-15

Wells Fargo Advantage

Intrinsic World Equity Fund

Semi-Annual Report

April 30, 2015

Reduce clutter. Save trees.

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

Contents

Letter to shareholders	2
Performance highlights	4
Fund expenses	6
Portfolio of investments	7
Financial statements
Statement of assets and liabilities	10
Statement of operations	11
Statement of changes in net assets	12
Financial highlights	13
Notes to financial statements	17
Other information	22
List of abbreviations	25

The views expressed and any forward-looking statements are as of April 30, 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 Intrinsic World Equity Fund Letter to shareholders (unaudited)

Karla M. Rabusch

President

Wells Fargo Advantage Funds

A worldwide trend toward looser monetary policy tended to support stock and bond markets in both developed and emerging economies.

European stocks were boosted by the anticipation and then the reality of the ECB’s asset purchases.

Dear Valued Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Advantage Intrinsic World Equity Fund for the six-month period that ended April 30, 2015. The period was marked by low global interest rates as major central banks initiated or increased their quantitative easing programs. By the end of the period, some European sovereign debt issues were selling at negative yields. In the U.S., large-cap stocks, as measured by the S&P 500 Index¹, gained 7.22%, boosted by stronger economic data in the U.S. Although non-U.S. economic growth was more restrained, developed international stocks, as measured by the MSCI EAFE Index (Net)², gained 6.81%, appreciating, in part, because of quantitative easing in Europe and Japan.

Major central banks continued to provide liquidity to the markets.

A worldwide trend toward looser monetary policy tended to support stock and bond markets in both developed and emerging economies. 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 at zero. Even though the FOMC ended its bond-buying program in October 2014 and guided investors to expect an interest-rate hike in mid- to late-2015, the Fed remained accommodative.

The European Central Bank (ECB) maintained a variety of measures aimed at encouraging lending, including making funds available to banks at low interest rates and imposing a negative interest rate on bank deposits held at the central bank. In January 2015, the bank announced quantitative easing via significant bond purchases in an attempt to raise the eurozone’s inflation to just under its target of 2%. In Japan, the Bank of Japan (BOJ) also maintained an aggressive monetary program aimed at combating deflation.

The U.S. outperformed other developed markets economies, while major emerging economies grappled with slower growth.

Reported U.S. gross domestic product (GDP) growth came in at a solid 2.2% annualized rate in the fourth quarter of 2014. Although the initial estimate for annualized GDP growth came in at a modest 0.2% in the first quarter of 2015, the slowdown was attributed to short-term factors such as a harsh winter and a long-lived strike at West Coast ports.

European annualized GDP growth was 1.3% in the fourth quarter of 2014 and 1.4% in the first quarter of 2015. European stocks were boosted by the anticipation and then the reality of the ECB’s asset purchases. As also occurred in the U.S., the central bank’s purchase of fixed-income assets provided liquidity that investors poured into riskier assets, including stocks. A similar dynamic played out in Japan, although Japanese shares received the benefit of direct purchases from the BOJ and major pension funds.

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

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

Letter to shareholders (unaudited) Wells Fargo Advantage Intrinsic World Equity Fund 3

Among major emerging markets, Chinese government data showed a slowdown in fixed-asset investment, which includes property investment, and modest growth in manufacturing and housing sales. However, China’s growth rates still contrasted favorably with stagnant growth in most developed economies. Brazil faced a challenging situation with a growing corruption scandal affecting the state-controlled oil company, a struggling economy, and a severe drought affecting the city of São Paulo. The MSCI Emerging Markets Index (Net)³ ended the period with a 3.92% return.

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

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

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 Morgan Stanley Capital International (MSCI) Emerging Markets Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of emerging markets. The MSCI Emerging Markets Index (Net) consists of the following 23 emerging markets country indexes: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Peru, the Philippines, Poland, Qatar, Russia, South Africa, Taiwan, Thailand, Turkey, and United Arab Emirates. You cannot invest directly in an index.

4 Wells Fargo Advantage Intrinsic World Equity Fund Performance highlights (unaudited)

Investment objective

The Fund seeks long-term capital appreciation.

Adviser

Wells Fargo Funds Management, LLC

Subadviser

Metropolitan West Capital Management, LLC

Portfolio managers

Jean-Baptiste Nadal, CFA

Jeffrey Peck

Average annual total returns¹ (%) as of April 30, 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 (EWEAX)	4-30-1996		(0.03	)		10.41		7.06		6.09		11.73		7.70		1.47		1.40
Class C (EWECX)	5-18-2007		4.28			10.90		6.90		5.28		10.90		6.90		2.22		2.15
Administrator Class (EWEIX)	5-18-2007		–			–		–		6.39		12.01		7.90		1.31		1.15
Institutional Class (EWENX)	7-30-2010		–			–		–		6.55		12.22		8.00		1.04		0.95
MSCI World Index (Net)4	–		–			–		–		7.41		10.51		6.87		–		–

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

Stock values fluctuate in response to the activities of individual companies and general market and economic conditions. Foreign investments are especially volatile and can rise or fall dramatically due to differences in the political and economic conditions of the host country. These risks are generally intensified in emerging markets. The use of derivatives may reduce returns and/or increase volatility. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). The Fund is exposed to focused portfolio risk, geographic 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 Intrinsic World Equity Fund 5

Ten largest holdings5 (%) as of April 30, 2015
Samsonite International SA	2.56
Oracle Corporation	2.52
Express Scripts Holding Company	2.52
The Walt Disney Company	2.51
Sensata Technologies Holding NV	2.40
Novartis AG ADR	2.36
Visa Incorporated Class A	2.29
Samsung Electronics Company Limited	2.28
Apple Incorporated	2.27
Unilever NV	2.27

Sector distribution⁶ as of April 30, 2015

Country allocation⁶ as of April 30, 2015

¹  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 shares prior to their inception reflects the performance of Administrator Class shares, and includes the higher expenses applicable to Administrator Class shares. If these expenses had not been included, returns would be higher. Historical performance shown for Administrator Class shares prior to their inception reflects the performance of Class A shares, and includes the higher expenses applicable to Class A shares. If these expenses had not been included, returns would be higher. Historical performance shown for all classes of the Fund prior to July 19, 2010, is based on the performance of the Fund’s predecessor, Evergreen Intrinsic World Equity Fund.

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

³  The Adviser has committed through February 29, 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 Morgan Stanley Capital International World Index (Net) (MSCI World Index (Net)) is a free float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed markets. You cannot invest directly in an index. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI.

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 Intrinsic World Equity 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 November 1, 2014 to April 30, 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 11-1-2014		Ending account value 4-30-2015		Expenses paid during the period1		Net annualized expense ratio
Class A
Actual	$	1,000.00	$	1,076.54	$	7.21		1.40	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.85	$	7.00		1.40	%
Class C
Actual	$	1,000.00	$	1,072.70	$	11.05		2.15	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,014.13	$	10.74		2.15	%
Administrator Class
Actual	$	1,000.00	$	1,078.15	$	5.93		1.15	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.09	$	5.76		1.15	%
Institutional Class
Actual	$	1,000.00	$	1,079.33	$	4.90		0.95	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.08	$	4.76		0.95	%

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—April 30, 2015 (unaudited) Wells Fargo Advantage Intrinsic World Equity Fund 7

Security name	Shares		Value
Common Stocks: 99.14%
France: 5.30%
Kering (Consumer Discretionary, Textiles, Apparel & Luxury Goods) «		14,765	$	2,730,589
Sanofi-Aventis SA (Health Care, Pharmaceuticals)		30,313		3,085,573
Societe Generale SA (Financials, Banks)		77,502		3,874,686
				9,690,848
Germany: 1.81%
Siemens AG (Industrials, Industrial Conglomerates)		30,444		3,311,756
Hong Kong: 2.19%
AIA Group Limited (Financials, Insurance)		600,530		3,993,809
Japan: 8.39%
Honda Motor Company Limited (Consumer Discretionary, Automobiles)		101,220		3,393,437
Kao Corporation (Consumer Staples, Personal Products)		82,700		3,960,418
Nidec Corporation (Industrials, Electrical Equipment)		26,610		1,990,554
ORIX Corporation (Financials, Diversified Financial Services)		257,500		3,959,935
ORIX Corporation ADR (Financials, Diversified Financial Services) «		10,410		802,091
TOTO Limited (Industrials, Building Products)		87,000		1,230,810
				15,337,245
Luxembourg: 1.83%
Millicom International Cellular SA (Telecommunication Services, Wireless Telecommunication Services)		42,850		3,343,020
Netherlands: 7.67%
Airbus Group NV (Industrials, Aerospace & Defense)		32,380		2,244,002
Heineken NV (Consumer Staples, Beverages) «		41,232		3,248,175
Sensata Technologies Holding NV (Industrials, Electrical Equipment) †		79,392		4,383,232
Unilever NV (Consumer Staples, Food Products)		95,341		4,145,427
				14,020,836
South Korea: 2.28%
Samsung Electronics Company Limited (Information Technology, Technology Hardware, Storage & Peripherals)		3,183		4,175,630
Spain: 1.68%
CaixaBank SA (Financials, Banks)		611,213		3,065,570
Sweden: 1.95%
Autoliv Incorporated SDR (Consumer Discretionary, Auto Components)		29,852		3,560,965
Switzerland: 6.59%
Novartis AG ADR (Health Care, Pharmaceuticals)		42,381		4,314,386
Roche Holding AG (Health Care, Pharmaceuticals)		12,847		3,676,234
UBS Group AG (Financials, Capital Markets)		203,410		4,063,588
				12,054,208
United Kingdom: 6.39%
Barclays plc (Financials, Banks)		1,016,508		3,977,036
BG Group plc (Energy, Oil, Gas & Consumable Fuels)		165,246		2,993,190

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

8 Wells Fargo Advantage Intrinsic World Equity Fund Portfolio of investments—April 30, 2015 (unaudited)

Security name				Shares		Value
United Kingdom (continued)
Diageo plc (Consumer Staples, Beverages)					78,476	$	2,178,679
Royal Dutch Shell plc Class A (Energy, Oil, Gas & Consumable Fuels)					79,857		2,532,041
							11,680,946
United States: 53.06%
Abbott Laboratories (Health Care, Health Care Equipment & Supplies)					86,908		4,034,269
Apple Incorporated (Information Technology, Technology Hardware, Storage & Peripherals)					33,164		4,150,475
Baxter International Incorporated (Health Care, Health Care Equipment & Supplies)					4,102		281,971
BB&T Corporation (Financials, Banks)					86,910		3,327,784
Charles Schwab Corporation (Financials, Capital Markets)					124,295		3,790,998
Chevron Corporation (Energy, Oil, Gas & Consumable Fuels)					31,731		3,524,045
CIT Group Incorporated (Financials, Banks)					38,697		1,742,526
EMC Corporation (Information Technology, Technology Hardware, Storage & Peripherals)					146,237		3,935,238
EOG Resources Incorporated (Energy, Oil, Gas & Consumable Fuels)					18,845		1,864,713
Express Scripts Holding Company (Health Care, Health Care Providers & Services) †					53,224		4,598,554
FMC Corporation (Materials, Chemicals)					31,826		1,887,600
Franklin Resources Incorporated (Financials, Capital Markets)					6,353		327,561
Gilead Sciences Incorporated (Health Care, Biotechnology) †					26,791		2,692,763
Goldman Sachs Group Incorporated (Financials, Capital Markets)					20,129		3,953,738
Honeywell International Incorporated (Industrials, Aerospace & Defense)					17,400		1,756,008
Microsoft Corporation (Information Technology, Software)					80,190		3,900,442
Motorola Solutions Incorporated (Information Technology, Communications Equipment)					59,270		3,541,383
Occidental Petroleum Corporation (Energy, Oil, Gas & Consumable Fuels)					36,916		2,956,972
Oracle Corporation (Information Technology, Software)					105,753		4,612,946
PepsiCo Incorporated (Consumer Staples, Beverages)					40,518		3,854,072
QUALCOMM Incorporated (Information Technology, Communications Equipment)					38,926		2,646,968
Samsonite International SA (Consumer Discretionary, Textiles, Apparel & Luxury Goods)					1,280,970		4,671,911
Schlumberger Limited (Energy, Energy Equipment & Services)					40,620		3,843,058
SunTrust Banks Incorporated (Financials, Banks)					85,674		3,555,471
Texas Instruments Incorporated (Information Technology, Semiconductors & Semiconductor Equipment)					66,653		3,613,259
The Procter & Gamble Company (Consumer Staples, Household Products)					31,805		2,528,816
The Walt Disney Company (Consumer Discretionary, Media)					42,226		4,590,811
United Parcel Service Incorporated Class B (Industrials, Air Freight & Logistics)					36,104		3,629,535
Verizon Communications Incorporated (Telecommunication Services, Diversified Telecommunication Services)					59,890		3,020,852
Visa Incorporated Class A (Information Technology, IT Services)					63,292		4,180,437
							97,015,176
Total Common Stocks (Cost $139,270,644)							181,250,009
	Yield
Short-Term Investments: 4.12%
Investment Companies: 4.12%
Securities Lending Cash Investments, LLC (l)(r)(u)		0.12	%		6,478,230		6,478,230
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)		0.11			1,063,333		1,063,333
Total Short-Term Investments (Cost $7,541,563)							7,541,563

Total investments in securities (Cost $146,812,207) *	103.26	%		188,791,572
Other assets and liabilities, net	(3.26	)		(5,965,366	)
Total net assets	100.00	%	$	182,826,206

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

Portfolio of investments—April 30, 2015 (unaudited) Wells Fargo Advantage Intrinsic World Equity Fund 9

« 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.

(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 $147,285,642 and unrealized gains (losses) consists of:

Gross unrealized gains	$	46,411,302
Gross unrealized losses		(4,905,372	)
Net unrealized gains	$	41,505,930

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

10 Wells Fargo Advantage Intrinsic World Equity Fund Statement of assets and liabilities—April 30, 2015 (unaudited)

Assets
Investments
In unaffiliated securities (including $6,177,686 of securities loaned), at value (cost $139,270,644)	$	181,250,009
In affiliated securities, at value (cost $7,541,563)		7,541,563
Total investments, at value (cost $146,812,207)		188,791,572
Foreign currency, at value (cost $1,906)		1,904
Receivable for investments sold		2,435,338
Receivable for Fund shares sold		44,891
Receivable for dividends		374,963
Receivable for securities lending income		3,124
Prepaid expenses and other assets		39,965
Total assets		191,691,757
Liabilities
Payable for investments purchased		1,730,496
Payable for Fund shares redeemed		416,952
Payable upon receipt of securities loaned		6,478,230
Advisory fee payable		106,657
Distribution fee payable		6,333
Administration fees payable		45,132
Accrued expenses and other liabilities		81,751
Total liabilities		8,865,551
Total net assets	$	182,826,206
NET ASSETS CONSIST OF
Paid-in capital	$	128,181,204
Undistributed net investment income		152,186
Accumulated net realized gains on investments		12,513,569
Net unrealized gains on investments		41,979,247
Total net assets	$	182,826,206
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	162,043,077
Shares outstanding – Class A1		6,874,458
Net asset value per share – Class A		$23.57
Maximum offering price per share – Class A2		$25.01
Net assets – Class C	$	10,304,975
Shares outstanding – Class C1		451,824
Net asset value per share – Class C		$22.81
Net assets – Administrator Class	$	5,875,751
Shares outstanding – Administrator Class1		250,249
Net asset value per share – Administrator Class		$23.48
Net assets – Institutional Class	$	4,602,403
Shares outstanding – Institutional Class1		195,599
Net asset value per share – Institutional Class		$23.53

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 April 30, 2015 (unaudited) Wells Fargo Advantage Intrinsic World Equity Fund 11

Investment income
Dividends (net of foreign withholding taxes of $117,858)	$	1,795,169
Securities lending income, net		17,482
Income from affiliated securities		796
Total investment income		1,813,447
Expenses
Advisory fee		698,636
Administration fees
Fund level		43,665
Class A		200,659
Class C		12,717
Administrator Class		3,011
Institutional Class		1,800
Shareholder servicing fees
Class A		192,942
Class C		12,228
Administrator Class		7,157
Distribution fee
Class C		36,685
Custody and accounting fees		17,476
Professional fees		26,446
Registration fees		30,260
Shareholder report expenses		21,025
Trustees’ fees and expenses		6,747
Other fees and expenses		6,175
Total expenses		1,317,629
Less: Fee waivers and/or expense reimbursements		(75,985	)
Net expenses		1,241,644
Net investment income		571,803
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on investments		13,051,454
Net change in unrealized gains (losses) on investments		(430,319	)
Net realized and unrealized gains (losses) on investments		12,621,135
Net increase in net assets resulting from operations	$	13,192,938

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

12 Wells Fargo Advantage Intrinsic World Equity Fund Statement of changes in net assets

	Six months ended April 30, 2015 (unaudited)						Year ended October 31, 2014
Operations
Net investment income				$	571,803					$	1,272,982
Net realized gains on investments					13,051,454						14,277,155
Net change in unrealized gains (losses) on investments					(430,319	)					(9,175,909	)
Net increase in net assets resulting from operations					13,192,938						6,374,228
Distributions to shareholders from
Net investment income
Class A					(856,992	)					(1,863,591	)
Class C					0						(51,916	)
Administrator Class					(51,944	)					(64,491	)
Institutional Class					(48,847	)					(34,571	)
Net realized gains
Class A					(2,600,451	)					0
Class C					(169,828	)					0
Administrator Class					(108,609	)					0
Institutional Class					(77,473	)					0
Total distributions to shareholders					(3,914,144	)					(2,014,569	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		127,873			2,908,836			233,908			5,271,086
Class C		21,303			466,361			50,986			1,125,201
Administrator Class		25,364			570,272			311,050			6,906,837
Institutional Class		107,967			2,447,708			77,064			1,740,401
					6,393,177						15,043,525
Reinvestment of distributions
Class A		152,110			3,351,854			80,375			1,805,214
Class C		7,388			156,548			2,231			48,726
Administrator Class		7,067			155,486			2,592			57,936
Institutional Class		3,982			87,906			1,542			34,536
					3,751,794						1,946,412
Payment for shares redeemed
Class A		(420,917	)		(9,510,028	)		(1,004,696	)		(22,616,282	)
Class C		(29,234	)		(644,871	)		(70,464	)		(1,532,097	)
Administrator Class		(110,350	)		(2,456,676	)		(228,770	)		(5,076,626	)
Institutional Class		(58,247	)		(1,340,819	)		(44,254	)		(998,282	)
					(13,952,394	)					(30,223,287	)
Net decrease in net assets resulting from capital share transactions					(3,807,423	)					(13,233,350	)
Total increase (decrease) in net assets					5,471,371						(8,873,691	)
Net assets
Beginning of period					177,354,835						186,228,526
End of period				$	182,826,206					$	177,354,835
Undistributed net investment income				$	152,186					$	538,166

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

Financial highlights Wells Fargo Advantage Intrinsic World Equity Fund 13

(For a share outstanding throughout each period)

	Six months ended April 30, 2015 (unaudited)			Year ended October 31
CLASS A				2014			2013			2012			2011			20101
Net asset value, beginning of period		$22.39			$21.88			$17.94			$15.55			$15.06			$13.27
Net investment income		0.08			0.17			0.20			0.16			0.12	2		0.12
Net realized and unrealized gains (losses) on investments		1.59			0.59			4.00			1.87			0.48			1.78
Total from investment operations		1.67			0.76			4.20			2.03			0.60			1.90
Distributions to shareholders from
Net investment income		(0.12	)		(0.25	)		(0.26	)		(0.11	)		(0.11	)		(0.11	)
Net realized gains		(0.37	)		0.00			0.00			0.00			0.00			0.00
Total distributions to shareholders		(0.49	)		(0.25	)		(0.26	)		(0.11	)		(0.11	)		(0.11	)
Regulatory settlement proceeds		0.00			0.00			0.00			0.47			0.00			0.00
Net asset value, end of period		$23.57			$22.39			$21.88			$17.94			$15.55			$15.06
Total return3		7.65	%		3.45	%		23.74	%		16.25	%4		4.00	%		14.43	%
Ratios to average net assets (annualized)
Gross expenses		1.48	%		1.47	%		1.49	%		1.51	%		1.50	%		1.53	%
Net expenses		1.40	%		1.40	%		1.40	%		1.40	%		1.40	%		1.46	%
Net investment income		0.68	%		0.70	%		0.95	%		0.91	%		0.79	%		0.75	%
Supplemental data
Portfolio turnover rate		22	%		23	%		22	%		27	%		12	%		11	%
Net assets, end of period (000s omitted)		$162,043			$157,061			$168,621			$146,930			$139,100			$100,460

¹  After the close of business on July 16, 2010, the Fund acquired the net assets of Evergreen Intrinsic World Equity Fund which became the accounting and performance survivor in the transaction. The information for the period prior to July 19, 2010 is that of Class A of Evergreen Intrinsic World Equity Fund.

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.

⁴  During the year ended October 31, 2012, the Fund received a regulatory settlement from an unaffiliated third party which had an impact of 2.92% on the total return.

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

14 Wells Fargo Advantage Intrinsic World Equity Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended April 30, 2015 (unaudited)			Year ended October 31
CLASS C				2014			2013			2012			2011			20101
Net asset value, beginning of period		$21.64			$21.19			$17.37			$15.15			$14.68			$12.96
Net investment income (loss)		(0.01	)		(0.02	)		0.05			0.02			(0.01	)2		0.07
Net realized and unrealized gains (losses) on investments		1.55			0.58			3.89			1.82			0.49			1.69
Total from investment operations		1.54			0.56			3.94			1.84			0.48			1.76
Distributions to shareholders from
Net investment income		0.00			(0.11	)		(0.12	)		(0.09	)		(0.01	)		(0.04	)
Net realized gains		(0.37	)		0.00			0.00			0.00			0.00			0.00
Total distributions to shareholders		(0.37	)		(0.11	)		(0.12	)		(0.09	)		(0.01	)		(0.04	)
Regulatory settlement proceeds		0.00			0.00			0.00			0.47			0.00			0.00
Net asset value, end of period		$22.81			$21.64			$21.19			$17.37			$15.15			$14.68
Total return3		7.27	%		2.65	%		22.82	%		15.39	%4		3.27	%		13.58	%
Ratios to average net assets (annualized)
Gross expenses		2.23	%		2.22	%		2.24	%		2.26	%		2.20	%		2.28	%
Net expenses		2.15	%		2.15	%		2.15	%		2.15	%		2.15	%		2.21	%
Net investment income (loss)		(0.07	)%		(0.06	)%		0.20	%		0.16	%		(0.05	)%		0.04	%
Supplemental data
Portfolio turnover rate		22	%		23	%		22	%		27	%		12	%		11	%
Net assets, end of period (000s omitted)		$10,305			$9,788			$9,949			$7,341			$6,817			$588

¹  After the close of business on July 16, 2010, the Fund acquired the net assets of Evergreen Intrinsic World Equity Fund which became the accounting and performance survivor in the transaction. The information for the period prior to July 19, 2010 is that of Class C of Evergreen Intrinsic World Equity Fund.

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.

⁴  During the year ended October 31, 2012, the Fund received a regulatory settlement from an unaffiliated third party which had an impact of 2.92% on the total return.

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

Financial highlights Wells Fargo Advantage Intrinsic World Equity Fund 15

(For a share outstanding throughout each period)

	Six months ended April 30, 2015 (unaudited)			Year ended October 31
ADMINISTRATOR CLASS				2014			2013			2012			2011			20101
Net asset value, beginning of period		$22.33			$21.81			$17.89			$15.52			$15.02			$13.23
Net investment income		0.10	2		0.22	2		0.24	2		0.19	2		0.15	2		0.15	2
Net realized and unrealized gains (losses) on investments		1.60			0.59			3.99			1.87			0.49			1.78
Total from investment operations		1.70			0.81			4.23			2.06			0.64			1.93
Distributions to shareholders from
Net investment income		(0.18	)		(0.29	)		(0.31	)		(0.16	)		(0.14	)		(0.14	)
Net realized gains		(0.37	)		0.00			0.00			0.00			0.00			0.00
Total distributions to shareholders		(0.55	)		(0.29	)		(0.31	)		(0.16	)		(0.14	)		(0.14	)
Regulatory settlement proceeds		0.00			0.00			0.00			0.47			0.00			0.00
Net asset value, end of period		$23.48			$22.33			$21.81			$17.89			$15.52			$15.02
Total return3		7.81	%		3.70	%		24.03	%		16.52	%4		4.27	%		14.72	%
Ratios to average net assets (annualized)
Gross expenses		1.31	%		1.29	%		1.31	%		1.34	%		1.30	%		1.29	%
Net expenses		1.15	%		1.15	%		1.15	%		1.15	%		1.15	%		1.21	%
Net investment income		0.91	%		0.96	%		1.18	%		1.14	%		0.99	%		1.06	%
Supplemental data
Portfolio turnover rate		22	%		23	%		22	%		27	%		12	%		11	%
Net assets, end of period (000s omitted)		$5,876			$7,327			$5,306			$2,001			$1,986			$144

¹  After the close of business on July 16, 2010, the Fund acquired the net assets of Evergreen Intrinsic World Equity Fund which became the accounting and performance survivor in the transaction. The information for the period prior to July 19, 2010 is that of Class I of Evergreen Intrinsic World Equity Fund.

²  Calculated based upon average shares outstanding

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

⁴  During the year ended October 31, 2012, the Fund received a regulatory settlement from an unaffiliated third party which had an impact of 2.93% on the total return.

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

16 Wells Fargo Advantage Intrinsic World Equity Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended April 30, 2015 (unaudited)			Year ended October 31
INSTITUTIONAL CLASS				2014			2013			2012			2011			20101
Net asset value, beginning of period		$22.40			$21.87			$17.93			$15.54			$15.02			$13.80
Net investment income		0.12			0.25	2		0.26	2		0.17	2		0.16			0.03	2
Net realized and unrealized gains (losses) on investments		1.61			0.60			4.02			1.92			0.51			1.19
Total from investment operations		1.73			0.85			4.28			2.09			0.67			1.22
Distributions to shareholders from
Net investment income		(0.23	)		(0.32	)		(0.34	)		(0.17	)		(0.15	)		0.00
Net realized gains		(0.37	)		0.00			0.00			0.00			0.00			0.00
Total distributions to shareholders		(0.60	)		(0.32	)		(0.34	)		(0.17	)		(0.15	)		0.00
Regulatory settlement proceeds		0.00			0.00			0.00			0.47			0.00			0.00
Net asset value, end of period		$23.53			$22.40			$21.87			$17.93			$15.54			$15.02
Total return3		7.93	%		3.90	%		24.28	%		16.74	%4		4.50	%		8.84	%
Ratios to average net assets (annualized)
Gross expenses		1.05	%		1.04	%		1.06	%		1.10	%		1.00	%		1.23	%
Net expenses		0.95	%		0.95	%		0.95	%		0.95	%		0.95	%		0.95	%
Net investment income		1.14	%		1.11	%		1.32	%		1.03	%		1.12	%		0.91	%
Supplemental data
Portfolio turnover rate		22	%		23	%		22	%		27	%		12	%		11	%
Net assets, end of period (000s omitted)		$4,602			$3,179			$2,352			$561			$573			$11

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

²  Calculated based upon average shares outstanding

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

⁴  During the year ended October 31, 2012, the Fund received a regulatory settlement from an unaffiliated third party which had an impact of 2.93% on the total return.

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

Notes to financial statements (unaudited) Wells Fargo Advantage Intrinsic World Equity Fund 17

1. ORGANIZATION

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

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 April 30, 2015, such fair value pricing was used in pricing foreign securities.

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. 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

18 Wells Fargo Advantage Intrinsic World Equity Fund Notes to financial statements (unaudited)

independent pricing services in addition to the review of prices by the adviser and/or subadviser. Unobservable inputs used in determining fair valuations are identified based on the type of security, taking into consideration factors utilized by market participants in valuing the investment, knowledge about the issuer and the current market environment.

Foreign currency translation

The accounting records of the Fund are maintained in U.S. dollars. The values of other assets and liabilities denominated in foreign currencies will be converted to U.S. dollars at rates provided by an independent foreign currency pricing source at a time each business day specified by the Management Valuation Team. Purchases and sales of securities, and income and expenses are converted at the rate of exchange on the respective dates of such transactions. Reported net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded and the U.S. dollar equivalent of the amounts actually paid or received. Net unrealized foreign exchange gains and losses arise from changes in the fair value of assets and liabilities other than investments in securities resulting from changes in exchange rates. The changes in net assets arising from changes in exchange rates and the changes in net assets resulting from changes in market prices of securities are not separately presented. Such changes are recorded with net realized and unrealized gains or losses from investments. Gains and losses from certain foreign currency transactions are treated as ordinary income for U.S. federal income tax purposes.

Security loans

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

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

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

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.

Notes to financial statements (unaudited) Wells Fargo Advantage Intrinsic World Equity Fund 19

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 October 31, 2014, the Fund had capital loss carryforwards available to offset future net realized capital gains in the amount of $152,261 expiring in 2017.

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of April 30, 2015:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
France	$	0	$	9,690,848	$	0	$	9,690,848
Germany		0		3,311,756		0		3,311,756
Hong Kong		0		3,993,809		0		3,993,809
Japan		802,091		14,535,154		0		15,337,245
Luxembourg		0		3,343,020		0		3,343,020
Netherlands		8,528,659		5,492,177		0		14,020,836
South Korea		0		4,175,630		0		4,175,630
Spain		0		3,065,570		0		3,065,570
Sweden		0		3,560,965		0		3,560,965
Switzerland		4,314,386		7,739,822		0		12,054,208
United Kingdom		0		11,680,946		0		11,680,946
United States		92,343,265		4,671,911		0		97,015,176
Short-term investments
Investment companies		1,063,333		6,478,230		0		7,541,563
Total assets	$	107,051,734	$	81,739,838	$	0	$	188,791,572

The Fund recognizes transfers between levels within the fair value hierarchy at the end of the reporting period. At April 30, 2015, fair value pricing was used in pricing certain foreign securities and securities valued at $62,465,665 were transferred from Level 1 to Level 2. The Fund did not have any transfers into/out of Level 3.

20 Wells Fargo Advantage Intrinsic World Equity Fund Notes to financial statements (unaudited)

4. TRANSACTIONS WITH AFFILIATES

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 0.80% and declining to 0.65% as the average daily net assets of the Fund increase. For the six months ended April 30, 2015, the advisory fee was equivalent to an annual rate of 0.80% 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. Metropolitan West Capital Management, LLC, an affiliate of Funds Management and an indirect wholly owned subsidiary of Wells Fargo, is the subadviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.35% and declining to 0.20% as the average daily net assets of the Fund increase.

Administration fees

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

	Class level administration fee
Class A, Class 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 February 29, 2016 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.40% for Class A shares, 2.15% for Class C shares, 1.15% for Administrator Class shares, and 0.95% 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 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 Class A shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the six months ended April 30, 2015, Funds Distributor received $1,352 from the sale of Class A shares.

Shareholder servicing fees

The Trust has entered into contracts with one or more shareholder servicing agents, whereby Class A, Class C, and 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 April 30, 2015 were $38,002,576 and $43,839,014 respectively.

Notes to financial statements (unaudited) Wells Fargo Advantage Intrinsic World Equity Fund 21

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 April 30, 2015, the Fund paid $160 in commitment fees.

For the six months ended April 30, 2015, there were no borrowings by the Fund under the agreement.

7. INDEMNIFICATION

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

22 Wells Fargo Advantage Intrinsic World Equity Fund Other information (unaudited)

PROXY VOTING INFORMATION

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

PORTFOLIO HOLDINGS INFORMATION

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

Other information (unaudited) Wells Fargo Advantage Intrinsic World Equity Fund 23

BOARD OF TRUSTEES AND OFFICERS

Each of the Trustees and Officers¹ listed in the table below acts in identical capacities for each fund in the Wells Fargo Advantage family of funds, which consists of 134 mutual funds comprising the Wells Fargo Funds Trust, Wells Fargo Variable Trust, Wells Fargo Master Trust and four closed-end funds (collectively the “Fund Complex”). This table should be read in conjunction with the Prospectus and the Statement of Additional Information². The mailing address of each Trustee and Officer is 525 Market Street, 12th Floor, San Francisco, CA 94105. Each Trustee and Officer serves an indefinite term, however, each Trustee serves such term until reaching the mandatory retirement age established by the Trustees.

Independent Trustees

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Other directorships during past five years
William R. Ebsworth (Born 1957)	Trustee, since 2015**	Retired. From 1984 to 2013, equities analyst, portfolio manager, research director at Fidelity Management and Research Company and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. in Boston, Tokyo, and Hong Kong where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Mr. Ebsworth is an Adjunct Lecturer, Finance, at Babson College and a Chartered Financial Analyst.	Asset Allocation Trust
Jane A. Freeman (Born 1953)	Trustee, since 2015**	Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, 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 Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy. Mr. Harris is a certified public accountant.	CIGNA Corporation; Asset Allocation Trust
Judith M. Johnson (Born 1949)	Trustee, since 2008; Audit Committee Chairman, since 2008	Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant.	Asset Allocation Trust
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business, Stanford University, Morgan Stanley Director of the Center for Leadership Development and Research and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	Asset Allocation Trust
Olivia S. Mitchell (Born 1953)	Trustee, since 2006	International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993.	Asset Allocation Trust

24 Wells Fargo Advantage Intrinsic World Equity 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 Intrinsic World Equity Fund 25

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

ACA —  ACA Financial Guaranty Corporation

ADR —  American depositary receipt

ADS —  American depositary shares

AGC —  Assured Guaranty Corporation

AGM —  Assured Guaranty Municipal

Ambac —  Ambac Financial Group Incorporated

AMT —  Alternative minimum tax

AUD —  Australian dollar

BAN —  Bond anticipation notes

BHAC —  Berkshire Hathaway Assurance Corporation

BRL —  Brazilian real

CAB —  Capital appreciation bond

CAD —  Canadian dollar

CCAB —  Convertible capital appreciation bond

CDA —  Community Development Authority

CDO —  Collateralized debt obligation

CHF —  Swiss franc

COP —  Columbian Peso

CLP —  Chilean peso

DKK —  Danish krone

DRIVER —  Derivative inverse tax-exempt receipts

DW&P —  Department of Water & Power

DWR —  Department of Water Resources

ECFA —  Educational & Cultural Facilities Authority

EDA —  Economic Development Authority

EDFA —  Economic Development Finance Authority

ETF —  Exchange-traded fund

EUR —  Euro

FDIC —  Federal Deposit Insurance Corporation

FFCB —  Federal Farm Credit Banks

FGIC —  Financial Guaranty Insurance Corporation

FHA —  Federal Housing Administration

FHLB —  Federal Home Loan Bank

FHLMC —  Federal Home Loan Mortgage Corporation

FICO —  The Financing Corporation

FNMA —  Federal National Mortgage Association

FSA —  Farm Service Agency

GBP —  Great British pound

GDR —  Global depositary receipt

GNMA —  Government National Mortgage Association

GO —  General obligation

HCFR —  Healthcare facilities revenue

HEFA —  Health & Educational Facilities Authority

HEFAR —  Higher education facilities authority revenue

HFA —  Housing Finance Authority

HFFA —  Health Facilities Financing Authority

HKD —  Hong Kong dollar

HUD —  Department of Housing and Urban Development

HUF —  Hungarian forint

IDA —  Industrial Development Authority

IDAG —  Industrial Development Agency

IDR —  Indonesian rupiah

IEP —  Irish pound

JPY —  Japanese yen

KRW —  Republic of Korea won

LIBOR —  London Interbank Offered Rate

LIFER —  Long Inverse Floating Exempt Receipts

LIQ —  Liquidity agreement

LLC —  Limited liability company

LLLP —  Limited liability limited partnership

LLP —  Limited liability partnership

LOC —  Letter of credit

LP —  Limited partnership

MBIA —  Municipal Bond Insurance Association

MFHR —  Multifamily housing revenue

MSTR —  Municipal securities trust receipts

MTN —  Medium-term note

MUD —  Municipal Utility District

MXN —  Mexican peso

MYR —  Malaysian ringgit

National —  National Public Finance Guarantee Corporation

NGN —  Nigerian naira

NOK —  Norwegian krone

NZD —  New Zealand dollar

PCFA —  Pollution Control Financing Authority

PCL —  Public Company Limited

PCR —  Pollution control revenue

PFA —  Public Finance Authority

PFFA —  Public Facilities Financing Authority

PFOTER —  Puttable floating option tax-exempt receipts

PIK —  Payment-in-kind

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 leu

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

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For more information

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

Wells Fargo Advantage Funds

P.O. Box 8266

Boston, MA 02266-8266

Email: wfaf@wellsfargo.com

Website: wellsfargoadvantagefunds.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

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

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

NOT FDIC INSURED  ¡  NO BANK GUARANTEE  ¡   MAY LOSE VALUE

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

233657 06-15 SA241/SAR241 04-15

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:	June 25, 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:	June 25, 2015
By:	/s/ Nancy Wiser
	Nancy Wiser
	Treasurer
Date:	June 25, 2015
By:	/s/ Jeremy DePalma
	Jeremy DePalma
	Treasurer
Date:	June 25, 2015