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:	July 31, 2011
Date of reporting period:	January 31, 2012

ITEM 1. REPORT TO SHAREHOLDERS

Wells Fargo Advantage Capital Growth Fund

Semi-Annual Report

January 31, 2012

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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	5
Fund Expenses	7
Portfolio of Investments	8
Financial Statements
Statement of Assets and Liabilities	12
Statement of Operations	13
Statements of Changes in Net Assets	14
Financial Highlights	15
Notes to Financial Statements	20
Other Information	25
List of Abbreviations	28

The views expressed and any forward-looking statements are as of January 31, 2012, 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, disclaims any obligation to publicly update or revise any views expressed or forward-looking statements.

NOT FDIC INSURED  ¡  NO BANK GUARANTEE  ¡   MAY LOSE VALUE

WELLS FARGO INVESTMENT HISTORY

1932	Keystone creates one of the first mutual fund families.
1971	Wells Fargo & Company introduces one of the first institutional index funds.
1978	Wells Fargo applies Markowitz and Sharpe’s research on Modern Portfolio Theory to introduce one of the industry’s first Tactical Asset Allocation (TAA) models in institutional separately managed accounts.
1984	Wells Fargo Stagecoach Funds launches its first asset allocation fund.
1989	The Tactical Asset Allocation (TAA) Model is first applied to Wells Fargo’s asset allocation mutual funds.
1994	Wells Fargo introduces the LifePath Funds, one of the first suites of target date funds (now the Wells Fargo Advantage Dow Jones Target Date FundsSM).
1996	Evergreen Investments and Keystone Funds merge.
1997	Wells Fargo launches Wells Fargo Advantage WealthBuilder PortfoliosSM, a fund-of-funds suite of products that includes the use of quantitative models to shift assets among investment styles.
1999	Norwest Advantage Funds and Stagecoach Funds are reorganized into Wells Fargo Funds after the merger of Norwest and Wells Fargo.
2002	Evergreen Retail and Evergreen Institutional companies form the umbrella asset management company, Evergreen Investments.
2005	The integration of Strong Funds with Wells Fargo Funds creates Wells Fargo Advantage Funds, resulting in one of the top 20 mutual fund companies in the United States.
2006	Wells Fargo Advantage Funds relaunches the target date product line as Wells Fargo Advantage Dow Jones Target Date Funds.
2010	The mergers and reorganizations of Evergreen and Wells Fargo Advantage mutual funds are completed, unifying the families under the brand of Wells Fargo Advantage Funds.

Wells Fargo Advantage Funds^®

Wells Fargo Advantage Funds skillfully guides institutions, financial advisors, and individuals through the investment terrain to help them reach their financial objectives. Everything we do on behalf of investors is backed by our unique combination of qualifications.

Strength

Our organization is built on the standards of integrity and service established by our parent company—Wells Fargo & Company—more than 150 years ago. And, because we’re part of a highly diversified financial enterprise, we offer the depth of resources to help investors succeed.

Expertise

Our multi-boutique model offers investors access to the independent thinking of premier investment managers that have been chosen for their time-tested strategies. While each team specializes in a specific investment strategy, collectively they provide investors a wide choice of distinct investment styles. Our dedication to investment excellence doesn’t end with our expertise in manager selection—risk management, analysis, and rigorous ongoing review seek to ensure each manager’s investment process remains consistent.

Partnership

Our collaborative approach is built around understanding the needs and goals of our clients. By adhering to core principles of sound judgment and steady guidance, we support you through every stage of the investment decision process.

Carefully consider a fund’s investment objectives, risks, charges, and expenses before investing. For a current prospectus and, if available, a summary prospectus, containing this and other information, visit wellsfargoadvantagefunds.com. Read it carefully before investing.

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.

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

NOT FDIC INSURED  ¡  NO BANK GUARANTEE  ¡   MAY LOSE VALUE

Not part of the semi-annual report.

Wells Fargo Advantage Funds offers more than 110 mutual funds across a wide range of asset classes, representing over $217 billion in assets under management, as of January 31, 2012.

Equity Funds
Asia Pacific Fund	Equity Value Fund	Precious Metals Fund
C&B Large Cap Value Fund	Global Opportunities Fund	Premier Large Company Growth Fund
C&B Mid Cap Value Fund	Growth Fund	Small Cap Opportunities Fund
Capital Growth Fund	Index Fund	Small Cap Value Fund
Common Stock Fund	International Equity Fund	Small Company Growth Fund
Disciplined U.S. Core Fund	International Value Fund	Small Company Value Fund
Discovery Fund†	Intrinsic Small Cap Value Fund	Small/Mid Cap Core Fund
Diversified Equity Fund	Intrinsic Value Fund	Small/Mid Cap Value Fund
Diversified International Fund	Intrinsic World Equity Fund	Special Mid Cap Value Fund
Diversified Small Cap Fund	Large Cap Core Fund	Special Small Cap Value Fund
Emerging Growth Fund	Large Cap Growth Fund	Specialized Technology Fund
Emerging Markets Equity Fund	Large Company Value Fund	Strategic Large Cap Growth Fund
Endeavor Select Fund†	Omega Growth Fund	Traditional Small Cap Growth Fund
Enterprise Fund†	Opportunity Fund†	Utility and Telecommunications Fund
Bond Funds
Adjustable Rate Government Fund	Inflation-Protected Bond Fund	Short-Term Bond Fund
California Limited-Term Tax-Free Fund	Intermediate Tax/AMT-Free Fund	Short-Term High Yield Bond Fund
California Tax-Free Fund	International Bond Fund	Short-Term Municipal Bond Fund
Colorado Tax-Free Fund	Minnesota Tax-Free Fund	Strategic Municipal Bond Fund
Government Securities Fund	Municipal Bond Fund	Total Return Bond Fund
High Income Fund	North Carolina Tax-Free Fund	Ultra Short-Term Income Fund
High Yield Bond Fund	Pennsylvania Tax-Free Fund	Ultra Short-Term Municipal Income Fund
Income Plus Fund	Short Duration Government Bond Fund	Wisconsin Tax-Free Fund
Asset Allocation Funds
Absolute Return Fund	WealthBuilder Equity Portfolio†	Target 2020 Fund†
Asset Allocation Fund	WealthBuilder Growth Allocation Portfolio†	Target 2025 Fund†
Conservative Allocation Fund	WealthBuilder Growth Balanced Portfolio†	Target 2030 Fund†
Diversified Capital Builder Fund	WealthBuilder Moderate Balanced Portfolio†	Target 2035 Fund†
Diversified Income Builder Fund	WealthBuilder Tactical Equity Portfolio†	Target 2040 Fund†
Growth Balanced Fund	Target Today Fund†	Target 2045 Fund†
Index Asset Allocation Fund	Target 2010 Fund†	Target 2050 Fund†
Moderate Balanced Fund	Target 2015 Fund†	Target 2055 Fund†
WealthBuilder Conservative Allocation Portfolio†
Money Market Funds
100% Treasury Money Market Fund	Heritage Money Market Fund†	National Tax-Free Money Market Fund
California Municipal Money Market Fund	Money Market Fund	Prime Investment Money Market Fund
Cash Investment Money Market Fund	Municipal Cash Management Money Market Fund	Treasury Plus Money Market Fund
Government Money Market Fund	Municipal Money Market Fund
Variable Trust Funds1
VT Discovery Fund†	VT Intrinsic Value Fund	VT Small Cap Growth Fund
VT Index Asset Allocation Fund	VT Omega Growth Fund	VT Small Cap Value Fund
VT International Equity Fund	VT Opportunity Fund†	VT Total Return Bond Fund

An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Wells Fargo Advantage Money Market Funds seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in a money market fund.

1. The Variable Trust Funds are generally available only through insurance company variable contracts.

† In this report, the Wells Fargo Advantage Discovery Fund^SM, Wells Fargo Advantage Endeavor Select Fund^SM, Wells Fargo Advantage Enterprise Fund^SM, Wells Fargo Advantage Opportunity Fund^SM, Wells Fargo Advantage WealthBuilder Conservative Allocation Portfolio^SM, Wells Fargo Advantage WealthBuilder Equity Portfolio^SM, Wells Fargo Advantage WealthBuilder Growth Allocation Portfolio^SM, Wells Fargo Advantage WealthBuilder Growth Balanced Portfolio^SM, Wells Fargo Advantage WealthBuilder Moderate Balanced Portfolio^SM, Wells Fargo Advantage WealthBuilder Tactical Equity Portfolio^SM, Wells Fargo Advantage Dow Jones Target Today Fund^SM, Wells Fargo Advantage Dow Jones Target 2010 Fund^SM, Wells Fargo Advantage Dow Jones Target 2015 Fund^SM, Wells Fargo Advantage Dow Jones Target 2020 Fund^SM, Wells Fargo Advantage Dow Jones Target 2025 Fund^SM, Wells Fargo Advantage Dow Jones Target 2030 Fund^SM, Wells Fargo Advantage Dow Jones Target 2035 Fund^SM, Wells Fargo Advantage Dow Jones Target 2040 Fund^SM, Wells Fargo Advantage Dow Jones Target 2045 Fund^SM, Wells Fargo Advantage Dow Jones Target 2050 Fund^SM, Wells Fargo Advantage Dow Jones Target 2055 Fund^SM, Wells Fargo Advantage Heritage Money Market Fund^SM, Wells Fargo Advantage VT Discovery Fund^SM, and Wells Fargo Advantage VT Opportunity Fund^SM are referred to as the Discovery Fund, Endeavor Select Fund, Enterprise Fund, Opportunity Fund, WealthBuilder Conservative Allocation Portfolio, WealthBuilder Equity Portfolio, WealthBuilder Growth Allocation Portfolio, WealthBuilder Growth Balanced Portfolio, WealthBuilder Moderate Balanced Portfolio, WealthBuilder Tactical Equity Portfolio, Target Today Fund, Target 2010 Fund, Target 2015 Fund, Target 2020 Fund, Target 2025 Fund, Target 2030 Fund, Target 2035 Fund, Target 2040 Fund, Target 2045 Fund, Target 2050 Fund, Target 2055 Fund, Heritage Money Market Fund, VT Discovery Fund, and VT Opportunity Fund, respectively.

Not part of the semi-annual report.

2 Wells Fargo Advantage Capital Growth Fund Letter to Shareholders

Karla M. Rabusch,

President

Wells Fargo Advantage Funds

The period was marked by increased confidence that the U.S. economy was staging a fragile recovery, offset by continued concerns about the possible effect on the global economy of the ongoing European sovereign debt crisis—which began in Greece and later spread to the larger economies of Italy and Spain.

The slow-motion debt crisis in the eurozone was a major headwind to both domestic and global stock market indexes.

Dear Valued Shareholder:

We’re pleased to offer you this semi-annual report for the Wells Fargo Advantage Capital Growth Fund for the six-month period that ended January 31, 2012. The period was marked by increased confidence that the U.S. economy was staging a fragile recovery, offset by continued concerns about the possible effect on the global economy of the ongoing European sovereign debt crisis—which began in Greece and later spread to the larger economies of Italy and Spain. Most U.S. stock indexes posted gains for the period, even if only modest ones.

Worries gave way to guarded optimism for the U.S. economy.

The period began with worries that the U.S. economy was returning to recession. Revised figures for gross domestic product (GDP) indicated that the U.S. economy grew by an annualized rate of only 0.8% in the first half of 2011. Moreover, although the July 2011 Institute for Supply Management (ISM) manufacturing survey suggested that factories continued to expand, the rate of expansion was lower than in previous months. The prolonged debate over whether and how to raise the U.S. debt ceiling—which only ended on July 31, 2011—also depressed market sentiment by highlighting the country’s political divisions.

The stock market remained volatile throughout September. By late October, however, stronger economic data led to greater optimism and higher stock prices. Revised real GDP growth came in at 1.8% in the third quarter of 2011 and 2.8% in the fourth quarter, suggesting that the recovery was on firmer footing. Economic growth was not evenly distributed, though, as December 2011 retail same-store sales generally showed stronger growth for retailers targeting affluent customers than for those targeting the broad middle class. The reported unemployment rate also showed some signs of improvement, falling from 9.1% in August 2011 to 8.3% in January 2012. However, this decline in the unemployment rate was accompanied by an increase in the number of Americans not in the labor force, raising concerns about the economy’s ability to generate jobs.

The eurozone had continued trouble.

The slow-motion debt crisis in the eurozone was a major headwind to both domestic and global stock market indexes. The worsening debt and deficit numbers for Greece in late 2011 and early 2012 cast doubt on the country’s ability to service its debt under the plan put in place by the European Union and the International Monetary Fund and put the ongoing drama of the European sovereign debt crisis back on center stage. Investors became increasingly concerned that Greece would default on its debt, a scenario that only seemed more likely as many Greeks rioted in response to greater budgetary austerity and the discussion moved from whether private investors would take a loss on their Greek debt to how big the loss would be. Because many eurozone banks owned Greek debt and many U.S. banks had financial ties to eurozone banks, investors worried about the effect of such an event on the financial system and the global economy.

Even as the situation in Greece deteriorated, eurozone GDP numbers supported the case for a modest recovery in the global economy. Reported GDP growth for the 17 countries that comprise the eurozone was modest, rising 0.2% in the third quarter compared to the second quarter, and by 0.2% in the fourth quarter

Letter to Shareholders Wells Fargo Advantage Capital Growth Fund 3

compared to the third quarter. However, the eurozone average concealed a wide variation between economies, with Germany’s growing by 0.5% in the third quarter of 2011 even as Greece’s GDP contracted.

Central banks continued to provide stimulus.

Throughout the reporting period, the Federal Open Market Committee (FOMC) kept its key interest rates effectively at zero in order to support the economy and financial system. Moreover, in response to extreme market volatility and signs of a weakening economy, in its August 2011 policy statement, the Federal Reserve (Fed) announced it would keep interest rates “exceptionally low” until at least mid-2013 as a way to support the economy. Market participants interpreted the Fed’s statement to mean that the central bankers believed the economy would remain weak over the next two years. However, the Fed also said that it was considering a “range of policy tools available to promote a stronger economic recovery” and “is prepared to employ these tools as appropriate.”

At the beginning of the period, the European Central Bank (ECB) had a key rate of 1.50% but lowered it to 1.25% in November 2011 and then to 1.00% in December 2011 in an attempt to support the sluggish eurozone recovery. To support the banking system, in late 2011, the ECB initiated a long-term refinancing operation (LTRO) in which it supplied three-year loans to banks against a wide range of collateral. The operation basically provided a near-unlimited amount of liquidity to banks, easing some investor concerns about the effect of an increasingly probable Greek default.

We use time-tested investment strategies, even as many variables are at work in the market.

Experience tells us that strict adherence to time-tested investment strategies has its rewards. As a whole, Wells Fargo Advantage Funds represents investments across a range of asset classes and investment styles, giving you an opportunity to create a diversified investment portfolio. While diversification may not prevent losses in a downturn, it does provide you with one way of managing risk.

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

Sincerely,

Karla M. Rabusch

President

Wells Fargo Advantage Funds

4 Wells Fargo Advantage Capital Growth Fund Letter to Shareholders

Notice to Shareholders

The Board of Trustees for Wells Fargo Advantage Funds has unanimously approved the following modifications to certain net asset value (NAV) waiver privileges and commission schedules:

n Effective May 1, 2012, automatic investment plan (AIP) purchases and proceeds received from systematic withdrawals will no longer qualify for NAV repurchase privileges.

n Effective May 1, 2012, discretionary rights to waive the upfront commission for Class C and “jumbo” Class A share purchases will no longer be granted to broker/dealers. However, we will continue to waive the Class C shares contingent deferred sales charge for redemptions by employer-sponsored retirement plans where the dealer of record waived its commission at the time of purchase.

n Effective July 31, 2012, NAV purchase privileges for former Evergreen Class IS and Class R shareholders are being modified to remove the ability to purchase Class A shares at NAV unless those shares are held directly with the Fund on or after July 31, 2012.

Please contact your investment professional or call us directly at 1-800-222-8222 if you have any questions on this Notice to Shareholders.

Performance Highlights (Unaudited) Wells Fargo Advantage Capital Growth Fund 5

INVESTMENT OBJECTIVE

The Fund seeks long-term capital appreciation.

ADVISER

Wells Fargo Funds Management, LLC

SUB-ADVISER

Wells Capital Management Incorporated

PORTFOLIO MANAGERS

Thomas J. Pence, CFA

Michael T. Smith, CFA

FUND INCEPTION

November 3, 1997

TEN LARGEST EQUITY HOLDINGS1 (AS OF JANUARY 31, 2012)
Apple Incorporated	7.97%
Google Incorporated Class A	3.44%
QUALCOMM Incorporated	2.86%
Amazon.com Incorporated	2.33%
Monsanto Company	2.22%
Costco Wholesale Corporation	2.14%
Danaher Corporation	2.06%
Occidental Petroleum Corporation	2.03%
Pioneer Natural Resources Company	1.99%
priceline.com Incorporated	1.97%

SECTOR DISTRIBUTION²

(AS OF JANUARY 31, 2012)

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

2. Sector distribution is subject to change and is calculated based on the total long-term investments of the Fund.

6 Wells Fargo Advantage Capital Growth Fund Performance Highlights (Unaudited)

AVERAGE ANNUAL TOTAL RETURN³ (%) (AS OF JANUARY 31, 2012)

			Including Sales Charge											Excluding Sales Charge											Expense Ratios4
	Inception Date		6 Months*			1 Year			5 Year			10 Year		6 Months*			1 Year			5 Year			10 Year		Gross		Net5
Class A (WFCGX)		07/31/2007		(7.71	)		(6.47	)		(1.38	)		3.08		(2.09	)		(0.75	)		(0.20	)		3.69		1.22%		1.20%
Class C (WFCCX)		07/31/2007		(3.47	)		(2.47	)		(0.92	)		3.03		(2.47	)		(1.47	)		(0.92	)		3.03		1.97%		1.95%
Administrator Class (WFCDX)		06/30/2003													(1.97	)		(0.48	)		0.09			4.02		1.06%		0.94%
Institutional Class (WWCIX)		04/08/2005													(1.89	)		(0.24	)		0.29			4.16		0.79%		0.70%
Investor Class (SLGIX)		11/03/1997													(2.16	)		(0.81	)		(0.30	)		3.64		1.29%		1.27%
Russell 1000® Growth Index6															2.84			6.07			3.17			3.38

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

Figures quoted represent past performance, which is no guarantee of future results and do not reflect the deduction of taxes that a shareholder may pay on fund distributions or the redemption of fund shares. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance shown without sales charges would be lower if sales charges were reflected. Current performance may be lower or higher than the performance data quoted and assumes the reinvestment of dividends and capital gains. Current month-end performance is available on the Fund’s Web site – 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 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 fund values fluctuate in response to the activities of individual companies and general market and economic conditions. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). This Fund is exposed to foreign investment risk. Consult the Fund’s prospectus for additional information on these and other risks.

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

4. Reflects the expense ratios as stated in the most recent prospectuses.

5. The Adviser has committed through July 18, 2013 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 above. Without this cap, the Fund’s returns would have been lower.

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

Fund Expenses (Unaudited) Wells Fargo Advantage Capital Growth Fund 7

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 August 1, 2011 to January 31, 2012.

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 08-01-2011		Ending Account Value 01-31-2012		Expenses Paid During the Period1		Net Annual Expense Ratio
Class A
Actual	$	1,000.00	$	979.08	$	5.97		1.20	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.10	$	6.09		1.20	%
Class C
Actual	$	1,000.00	$	975.27	$	9.68		1.95	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.33	$	9.88		1.95	%
Administrator Class
Actual	$	1,000.00	$	980.32	$	4.68		0.94	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.41	$	4.77		0.94	%
Institutional Class
Actual	$	1,000.00	$	981.13	$	3.49		0.70	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.62	$	3.56		0.70	%
Investor Class
Actual	$	1,000.00	$	978.37	$	6.32		1.27	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.75	$	6.44		1.27	%

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).

8 Wells Fargo Advantage Capital Growth Fund Portfolio of Investments—January 31, 2012 (Unaudited)

Security Name	Shares		Value
Common Stocks: 98.44%
Consumer Discretionary: 19.59%
Diversified Consumer Services: 0.88%
Weight Watchers International Incorporated«		164,500	$	12,523,385
Hotels, Restaurants & Leisure: 1.54%
Starbucks Corporation		455,974		21,854,834
Internet & Catalog Retail: 4.30%
Amazon.com Incorporated†		169,890		33,033,412
priceline.com Incorporated†		52,910		28,014,787
				61,048,199
Media: 2.24%
CBS Corporation Class B		614,170		17,491,562
DIRECTV Group Incorporated«		318,434		14,332,714
				31,824,276
Multiline Retail: 2.09%
Dollar General Corporation†		523,315		22,298,452
JCPenney Company Incorporated		177,400		7,370,970
				29,669,422
Specialty Retail: 2.77%
Home Depot Incorporated		378,150		16,786,079
TJX Companies Incorporated		331,250		22,571,375
				39,357,454
Textiles, Apparel & Luxury Goods: 5.77%
Coach Incorporated		364,870		25,559,144
lululemon athletica incorporatedǠ		306,400		19,343,032
Nike Incorporated Class B		137,800		14,329,822
Ralph Lauren Corporation		148,650		22,594,800
				81,826,798
Consumer Staples: 6.68%
Beverages: 0.81%
Monster Beverage Corporation		110,200		11,517,002
Food & Staples Retailing: 3.56%
Costco Wholesale Corporation		369,750		30,419,333
Whole Foods Market Incorporated		271,550		20,102,847
				50,522,180
Food Products: 1.06%
Mead Johnson & Company		202,350		14,992,112
Personal Products: 1.25%
Estee Lauder Companies Incorporated Class A		307,250		17,798,993

Portfolio of Investments—January 31, 2012 (Unaudited) Wells Fargo Advantage Capital Growth Fund 9

Security Name	Shares		Value
Energy: 10.92%
Energy Equipment & Services: 4.95%
Cameron International Corporation†		452,550	$	24,075,660
Ensco International plc ADR		397,900		20,945,456
Schlumberger Limited		337,100		25,339,807
				70,360,923
Oil, Gas & Consumable Fuels: 5.97%
Exxon Mobil Corporation		330,150		27,646,761
Occidental Petroleum Corporation		288,700		28,803,599
Pioneer Natural Resources Company«		284,980		28,298,514
				84,748,874
Financials: 6.98%
Consumer Finance: 5.35%
American Express Company		457,050		22,916,487
Capital One Financial Corporation		214,850		9,829,388
MasterCard Incorporated		46,860		16,662,010
Visa Incorporated Class A«		264,550		26,624,312
				76,032,197
REIT: 1.63%
American Tower Corporation		363,650		23,095,412
Health Care: 12.39%
Biotechnology: 2.65%
Alexion Pharmaceuticals Incorporated†		268,582		20,616,354
Gilead Sciences Incorporated†		346,950		16,945,038
				37,561,392
Health Care Equipment & Supplies: 1.03%
Intuitive Surgical Incorporated		31,950		14,694,125
Health Care Providers & Services: 2.20%
Humana Incorporated		122,750		10,927,205
UnitedHealth Group Incorporated		392,810		20,343,630
				31,270,835
Health Care Technology: 1.50%
Cerner CorporationǠ		349,550		21,284,100
Pharmaceuticals: 5.01%
Allergan Incorporated		306,690		26,961,118
Bristol-Myers Squibb Company		720,650		23,233,756
Shire plc ADR		210,193		20,918,407
				71,113,281
Industrials: 10.62%
Aerospace & Defense: 1.45%
Precision Castparts Corporation«		125,900		20,607,312

10 Wells Fargo Advantage Capital Growth Fund Portfolio of Investments—January 31, 2012 (Unaudited)

Security Name	Shares		Value
Electrical Equipment: 0.73%
Rockwell Automation Incorporated		133,800	$	10,419,006
Machinery: 4.50%
Cummins Incorporated		192,961		20,067,944
Danaher Corporation		554,450		29,114,170
Deere & Company		170,200		14,662,730
				63,844,844
Road & Rail: 2.70%
Hertz Global Holdings IncorporatedǠ		1,168,650		15,893,640
Union Pacific Corporation		195,539		22,352,063
				38,245,703
Trading Companies & Distributors: 1.24%
W.W. Grainger Incorporated«		92,537		17,650,507
Information Technology: 25.26%
Communications Equipment: 1.52%
F5 Networks Incorporated†		180,100		21,565,174
Computers & Peripherals: 9.54%
Apple Incorporated†		248,025		113,218,452
EMC Corporation†		864,320		22,264,883
				135,483,335
Internet Software & Services: 5.93%
Baidu.com Incorporated ADR†		115,110		14,678,827
eBay Incorporated†		655,750		20,721,700
Google Incorporated Class A†		84,150		48,816,257
				84,216,784
IT Services: 1.33%
Cognizant Technology Solutions Corporation Class A†		263,500		18,906,125
Semiconductors & Semiconductor Equipment: 2.89%
ARM Holdings plc ADR		193,850		5,598,388
Avago Technologies Limited		654,200		22,203,548
Microchip Technology Incorporated«		358,050		13,215,626
				41,017,562
Software: 4.05%
Autodesk Incorporated		318,200		11,455,200
Check Point Software Technologies Limited«		350,938		19,754,300
Citrix Systems Incorporated†		148,687		9,695,874
Red Hat Incorporated		31,371		1,454,673
VMware Incorporated		165,450		15,100,622
				57,460,669
Materials: 3.14%
Chemicals: 3.14%
Monsanto Company		384,050		31,511,303

Portfolio of Investments—January 31, 2012 (Unaudited) Wells Fargo Advantage Capital Growth Fund 11

Security Name				Shares		Value
Chemicals (continued)
Praxair Incorporated					122,650	$	13,025,430
							44,536,733
Telecommunication Services: 2.86%
Wireless Telecommunication Services: 2.86%
QUALCOMM Incorporated					690,200		40,597,563
Total Common Stocks (Cost $1,217,770,347)							1,397,647,111
				Principal
Other: 0.22%
Gryphon Funding Limited, Pass-Through Entity(a)(i)(v)				$	4,185,360		1,130,047
VFNC Corporation, Pass-Through Entity, 0.27%(a)(i)(v)144A±					4,769,221		2,050,765
Total Other (Cost $1,486,707)							3,180,812
	Yield			Shares
Short-Term Investments: 7.38%
Investment Companies: 7.38%
Wells Fargo Advantage Cash Investment Money Market Fund, Institutional Class(l)(u)		0.02	%		2,689,712		2,689,712
Wells Fargo Securities Lending Cash Investments, LLC(v)(l)(u)(r)		0.15			102,068,543		102,068,543
Total Short-Term Investments (Cost $104,758,255)							104,758,255

Total Investments in Securities
(Cost $1,324,015,309)*	106.04	%		1,505,586,178
Other Assets and Liabilities, Net	(6.04	)		(85,805,382	)
Total Net Assets	100.00	%	$	1,419,780,796

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

† Non-income earning security.

(a) Security is fair valued by the Management Valuation Team, and in certain instances by the Board of Trustees, in accordance with procedures approved by the Board of Trustees.

(i) Illiquid security.

(v) Security represents investment of cash collateral received from securities on loan.

144A Security that may be resold to “qualified institutional buyers” under Rule 144A or security offered pursuant to Section 4(2) of the Securities Act of 1933, as amended.

± Variable rate investment.

(l) Investment in an affiliate.

(u) Rate shown is the 7-day annualized yield at period end.

(r) The investment company is exempt from registration under Section 3(c)(7) of the 1940 Act.

* Cost for federal income tax purposes is $1,327,994,666 and net unrealized appreciation (depreciation) consists of:

Gross unrealized appreciation	$	189,138,757
Gross unrealized depreciation		(11,547,245	)
Net unrealized appreciation	$	177,591,512

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

12 Wells Fargo Advantage Capital Growth Fund Statement of Assets and Liabilities—January 31, 2012 (Unaudited)

Assets
Investments
In unaffiliated securities (including securities on loan), at value (see cost below)	$	1,400,827,923
In affiliated securities, at value (see cost below)		104,758,255
Total investments, at value (see cost below)		1,505,586,178
Receivable for investments sold		27,868,320
Receivable for Fund shares sold		555,668
Receivable for dividends		387,537
Receivable for securities lending income		13,431
Prepaid expenses and other assets		47,819
Total assets		1,534,458,953
Liabilities
Payable for investments purchased		8,490,847
Payable for Fund shares redeemed		1,534,819
Payable upon receipt of securities loaned		103,555,250
Advisory fee payable		642,300
Distribution fees payable		4,684
Due to other related parties		158,937
Accrued expenses and other liabilities		291,320
Total liabilities		114,678,157
Total net assets	$	1,419,780,796
NET ASSETS CONSIST OF
Paid-in capital	$	1,474,204,049
Undistributed net investment income		897,753
Accumulated net realized losses on investments		(236,891,875	)
Net unrealized gains on investments		181,570,869
Total net assets	$	1,419,780,796
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE1
Net assets – Class A	$	18,202,908
Shares outstanding – Class A		1,144,302
Net asset value per share – Class A		$15.91
Maximum offering price per share – Class A2		$16.88
Net assets – Class C	$	7,398,238
Shares outstanding – Class C		481,080
Net asset value per share – Class C		$15.38
Net assets – Administrator Class	$	364,699,397
Shares outstanding – Administrator Class		22,186,868
Net asset value per share – Administrator Class		$16.44
Net assets – Institutional Class	$	944,966,378
Shares outstanding – Institutional Class		56,787,734
Net asset value per share – Institutional Class		$16.64
Net assets – Investor Class	$	84,513,875
Shares outstanding – Investor Class		5,338,975
Net asset value per share – Investor Class		$15.83
Investments in unaffiliated securities, at cost	$	1,219,257,054
Investments in affiliated securities, at cost	$	104,758,255
Total investments, at cost	$	1,324,015,309
Securities on loan, at value	$	101,232,275

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 January 31, 2012 (Unaudited) Wells Fargo Advantage Capital Growth Fund 13

Investment income
Dividends*	$	6,310,317
Securities lending income, net		93,464
Income from affiliated securities		10,491
Total investment income		6,414,272
Expenses
Advisory fee		4,273,167
Administration fees
Fund level		340,387
Class A		23,414
Class C		9,515
Administrator Class		175,994
Institutional Class		360,296
Investor Class		137,756
Shareholder servicing fees
Class A		22,514
Class C		9,149
Administrator Class		439,985
Investor Class		104,141
Distribution fees
Class C		27,448
Custody and accounting fees		32,593
Professional fees		6,988
Registration fees		27,633
Shareholder report expenses		88,581
Trustees’ fees and expenses		6,033
Other fees and expenses		13,005
Total expenses		6,098,599
Less: Fee waivers and/or expense reimbursements		(582,080	)
Net expenses		5,516,519
Net investment income		897,753
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized losses on investments		(15,163,336	)
Net change in unrealized gains (losses) on investments		(15,850,250	)
Net realized and unrealized gains (losses) on investments		(31,013,586	)
Net decrease in net assets resulting from operations	$	(30,115,833	)
* Net of foreign dividend withholding taxes of		$15,632

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

14 Wells Fargo Advantage Capital Growth Fund Statements of Changes in Net Assets

	Six Months Ended January 31, 2012 (Unaudited)						Year Ended July 31, 2011
Operations
Net investment income (loss)				$	897,753					$	(1,580,716	)
Net realized gains (losses) on investments					(15,163,336	)					160,826,597
Net change in unrealized gains (losses) on investments					(15,850,250	)					147,362,801
Net increase (decrease) in net assets resulting from operations					(30,115,833	)					306,608,682
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		60,689			888,705			94,865			1,482,711
Class C		23,681			336,775			57,425			871,679
Administrator Class		3,275,005			50,148,454			5,250,091			82,207,407
Institutional Class		5,379,968			83,112,739			35,795,657			523,745,064
Investor Class		225,408			3,329,034			591,572			9,235,502
					137,815,707						617,542,363
Payment for shares redeemed
Class A		(189,600	)		(2,838,419	)		(675,574	)		(10,233,303	)
Class C		(67,090	)		(964,822	)		(90,936	)		(1,394,981	)
Administrator Class		(3,278,004	)		(50,652,748	)		(33,927,433	)		(478,171,336	)
Institutional Class		(6,889,576	)		(107,284,919	)		(12,422,744	)		(201,343,608	)
Investor Class		(878,337	)		(12,894,650	)		(2,605,808	)		(39,824,815	)
					(174,635,558	)					(730,968,043	)
Net decrease in net assets resulting from capital share transactions					(36,819,851	)					(113,425,680	)
Total increase (decrease) in net assets					(66,935,684	)					193,183,002
Net assets
Beginning of period					1,486,716,480						1,293,533,478
End of period				$	1,419,780,796					$	1,486,716,480
Undistributed net investment income				$	897,753					$	0

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

Financial Highlights Wells Fargo Advantage Capital Growth Fund 15

(For a share outstanding throughout each period)

	Six Months Ended January 31, 2012 (Unaudited)			Year Ended July 31,
Class A				2011			2010			2009			2008			20071
Net asset value, beginning of period	$	16.25		$	13.07		$	11.83		$	17.60		$	18.64		$	18.64
Net investment income (loss)		(0.02	)2		(0.07	)2		(0.06	)2		(0.00	)2,3		(0.08	)2		0.00
Net realized and unrealized gains (losses) on investments		(0.32	)		3.25			1.30			(5.26	)		0.08			0.00
Total from investment operations		(0.34	)		3.18			1.24			(5.26	)		0.00			0.00
Distributions to shareholders from
Net realized gains		0.00			0.00			0.00			(0.51	)		(1.04	)		0.00
Net asset value, end of period	$	15.91		$	16.25		$	13.07		$	11.83		$	17.60		$	18.64
Total return4		(2.09	)%		24.43	%		10.40	%		(29.23	)%		(0.46	)%		0.00	%
Ratios to average net assets (annualized)
Gross expenses		1.21	%		1.21	%		1.27	%		1.31	%		1.22	%		0.00	%
Net expenses		1.20	%		1.20	%		1.25	%		1.25	%		1.22	%		0.00	%
Net investment income (loss)		(0.26	)%		(0.48	)%		(0.55	)%		(0.01	)%		(0.45	)%		0.00	%
Supplemental data
Portfolio turnover rate		58	%		116	%		128	%		172	%		151	%		114	%
Net assets, end of period (000’s omitted)		$18,203			$20,693			$24,222			$21,064			$33,756			$10

1. Class A commenced operations on July 31, 2007 and had no activity during the period.

2. Calculated based upon average shares outstanding.

3. Amount is less than $0.005.

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

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

16 Wells Fargo Advantage Capital Growth Fund Financial Highlights

(For a share outstanding throughout each period)

	Six Months Ended January 31, 2012 (Unaudited)			Year Ended July 31,
Class C				2011			2010			2009			2008			20071
Net asset value, beginning of period	$	15.77		$	12.77		$	11.65		$	17.47		$	18.64		$	18.64
Net investment income (loss)		(0.07	)2		(0.19	)2		(0.17	)		(0.08	)2		(0.22	)2		0.00
Net realized and unrealized gains (losses) on investments		(0.32	)		3.19			1.29			(5.23	)		0.09			0.00
Total from investment operations		(0.39	)		3.00			1.12			(5.31	)		(0.13	)		0.00
Distributions to shareholders from
Net realized gains		0.00			0.00			0.00			(0.51	)		(1.04	)		0.00
Net asset value, end of period	$	15.38		$	15.77		$	12.77		$	11.65		$	17.47		$	18.64
Total return3		(2.47	)%		23.49	%		9.61	%		(29.75	)%		(1.18	)%		0.00	%
Ratios to average net assets (annualized)
Gross expenses		1.96	%		1.96	%		2.02	%		2.02	%		2.14	%		0.00	%
Net expenses		1.95	%		1.95	%		2.00	%		1.96	%		2.00	%		0.00	%
Net investment income (loss)		(1.01	)%		(1.23	)%		(1.31	)%		(0.70	)%		(1.21	)%		0.00	%
Supplemental data
Portfolio turnover rate		58	%		116	%		128	%		172	%		151	%		114	%
Net assets, end of period (000’s omitted)		$7,398			$8,272			$7,127			$6,772			$7,835			$10

1. Class C commenced operations on July 31, 2007 and had no activity during the period.

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 Capital Growth Fund 17

(For a share outstanding throughout each period)

	Six Months Ended January 31, 2012 (Unaudited)			Year Ended July 31,
Administrator Class				2011			2010			2009			2008			2007
Net asset value, beginning of period	$	16.77		$	13.45		$	12.17		$	18.03		$	19.03		$	16.07
Net investment income (loss)		0.00	2		(0.03	)1		(0.03	)1		0.04	1		(0.02	)1		(0.02	)1
Net realized and unrealized gains (losses) on investments		(0.33	)		3.35			1.35			(5.39	)		0.06			3.08
Total from investment operations		(0.33	)		3.32			1.32			(5.35	)		0.04			3.06
Distributions to shareholders from
Net investment income		0.00			0.00			(0.04	)		0.00			0.00			0.00
Net realized gains		0.00			0.00			0.00			(0.51	)		(1.04	)		(0.10	)
Total distributions to shareholders		0.00			0.00			(0.04	)		(0.51	)		(1.04	)		(0.10	)
Net asset value, end of period		$16.44			$16.77			$13.45			$12.17			$18.03			$19.03
Total return3		(1.97	)%		24.68	%		10.81	%		(29.02	)%		(0.24	)%		19.08	%
Ratios to average net assets (annualized)
Gross expenses		1.05	%		1.05	%		1.09	%		1.13	%		1.12	%		1.18	%
Net expenses		0.94	%		0.94	%		0.94	%		0.94	%		0.94	%		0.94	%
Net investment income (loss)		0.00	%		(0.21	)%		(0.25	)%		0.33	%		(0.11	)%		(0.09	)%
Supplemental data
Portfolio turnover rate		58	%		116	%		128	%		172	%		151	%		114	%
Net assets, end of period (000’s omitted)		$364,699			$372,178			$684,207			$680,869			$678,414			$500,499

1. Calculated based upon average shares outstanding.

2. Amount is less than $0.005.

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

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

18 Wells Fargo Advantage Capital Growth Fund Financial Highlights

(For a share outstanding throughout each period)

	Six Months Ended January 31, 2012 (Unaudited)			Year Ended July 31,
Institutional Class				2011			2010			2009			2008			2007
Net asset value, beginning of period	$	16.96		$	13.57		$	12.27		$	18.14		$	19.10		$	16.10
Net investment income (loss)		0.02	1		0.00	2		(0.00	)		0.06	1		0.01	1		0.02	1
Net realized and unrealized gains (losses) on investments		(0.34	)		3.39			1.36			(5.42	)		0.07			3.08
Total from investment operations		(0.32	)		3.39			1.36			(5.36	)		0.08			3.10
Distributions to shareholders from
Net investment income		0.00			0.00			(0.06	)		0.00			0.00			0.00
Net realized gains		0.00			0.00			0.00			(0.51	)		(1.04	)		(0.10	)
Total distributions to shareholders		0.00			0.00			(0.06	)		(0.51	)		(1.04	)		(0.10	)
Net asset value, end of period	$	16.64		$	16.96		$	13.57		$	12.27		$	18.14		$	19.10
Total return3		(1.89	)%		25.07	%		10.97	%		(28.90	)%		(0.02	)%		19.36	%
Ratios to average net assets (annualized)
Gross expenses		0.78	%		0.78	%		0.82	%		0.86	%		0.85	%		0.91	%
Net expenses		0.70	%		0.70	%		0.75	%		0.75	%		0.75	%		0.76	%
Net investment income (loss)		0.24	%		0.00	%		(0.06	)%		0.51	%		0.07	%		0.11	%
Supplemental data
Portfolio turnover rate		58	%		116	%		128	%		172	%		151	%		114	%
Net assets, end of period (000’s omitted)		$944,966			$988,633			$473,777			$443,931			$539,373			$281,353

1. Calculated based upon average shares outstanding.

2. Amount is less than $0.005.

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

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

Financial Highlights Wells Fargo Advantage Capital Growth Fund 19

(For a share outstanding throughout each period)

	Six Months Ended January 31, 2012 (Unaudited)			Year Ended July 31,
Investor Class				2011			2010			2009			2008			2007
Net asset value, beginning of period	$	16.18		$	13.02		$	11.79		$	17.56		$	18.64		$	15.81
Net investment loss		(0.02	)1		(0.08	)1		(0.08	)1		(0.01	)1		(0.10	)1		(0.10	)1
Net realized and unrealized gains (losses) on investments		(0.33	)		3.24			1.31			(5.25	)		0.06			3.03
Total from investment operations		(0.35	)		3.16			1.23			(5.26	)		(0.04	)		2.93
Distributions to shareholders from
Net realized gains		0.00			0.00			0.00			(0.51	)		(1.04	)		(0.10	)
Net asset value, end of period	$	15.83		$	16.18		$	13.02		$	11.79		$	17.56		$	18.64
Total return2		(2.16	)%		24.37	%		10.35	%		(29.30	)%		(0.68	)%		18.63	%
Ratios to average net assets (annualized)
Gross expenses		1.28	%		1.28	%		1.36	%		1.41	%		1.42	%		1.53	%
Net expenses		1.27	%		1.27	%		1.35	%		1.36	%		1.39	%		1.42	%
Net investment loss		(0.33	)%		(0.55	)%		(0.64	)%		(0.12	)%		(0.54	)%		(0.56	)%
Supplemental data
Portfolio turnover rate		58	%		116	%		128	%		172	%		151	%		114	%
Net assets, end of period (000’s omitted)		$84,514			$96,941			$104,200			$220,008			$379,966			$374,723

1. Calculated based upon average shares outstanding.

2. 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 Capital Growth 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”). These financial statements report on Wells Fargo Advantage Capital Growth 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

Investments in equity securities are valued each business day as of the close of regular trading on the New York Stock Exchange, which is usually 4:00 p.m. (Eastern Time). Securities which are traded on a national or foreign securities exchange are valued at the last reported sales price, except that securities listed on The Nasdaq Stock Market, Inc. (“Nasdaq”) are valued at the Nasdaq Official Closing Price (“NOCP”), and if no NOCP is available, then at the last reported sales price. If no sales price is shown on the Nasdaq, the bid price will be used. In the absence of any sale of securities listed on the Nasdaq, and in the case of other securities (including U.S. Government obligations, but excluding debt securities maturing in 60 days or less), the price will be deemed “stale” and the valuations will be determined in accordance with the Fund’s Fair Value Procedures.

Investments in open-end mutual funds and non-registered investment companies are generally 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 by procedures established in good faith and approved by the Board of Trustees.

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 Wells Fargo Securities Lending Cash Investments, LLC (the “Cash Collateral Fund”). The Cash Collateral Fund is exempt from registration under Section 3(c)(7) of the 1940 Act and is managed by Wells Fargo Funds Management LLC (“Funds Management”) and is sub-advised by Wells Capital Management Incorporated (“Wells Capital Management”). Funds Management receives an advisory fee starting at 0.05% and declining to 0.01% as the average daily net assets of the Cash Collateral Fund increase. All of the fees received by Funds Management are paid to Wells Capital Management for its services as sub-adviser. The Cash Collateral 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. Cash Collateral Fund investments are fair valued based upon the amortized cost valuation technique. Income earned from investment in the Cash Collateral Fund is included in securities lending income on the Statement of Operations.

For Wells Fargo Advantage Funds that participated in securities lending activity prior to February 13, 2009, certain structured investment vehicles purchased in a joint account by the former securities lending agent defaulted or were

Notes to Financial Statements (Unaudited) Wells Fargo Advantage Capital Growth Fund 21

impaired. Certain of the Wells Fargo Advantage Funds still hold ownership interest in these structured investment vehicles, which have since been restructured as pass-through securities. If the Fund holds an ownership interest in such pass-through securities, information regarding this ownership interest can be found in the Portfolio of Investments under the category “Other”.

Security transactions and income recognition

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

Dividend income is recognized on the ex-dividend date. Dividend income is recorded net of foreign taxes withheld where recovery 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 income tax regulations, which may differ from 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.

Under the recently enacted Regulated Investment Company Modernization Act of 2010, the Fund is permitted to carry forward capital losses incurred in taxable years which began after December 22, 2010 for an unlimited period. However, any losses incurred are required to be utilized prior to the losses incurred in pre-enactment taxable years. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law.

As of July 31, 2011, the Fund had net capital loss carryforwards, which were available to offset future net realized capital gains, in the amount of $217,442,388 with $4,472,500 expiring in 2015, $17,258,430 expiring in 2016 and $195,711,458 expiring in 2018.

Class allocations

The separate classes of shares offered by the Fund differ principally in applicable sales charges, distribution, shareholder servicing and administration fees. Shareholders of each class bear certain expenses that pertain to that particular class. All shareholders bear the common expenses of the Fund, earn income from the portfolio, and are allocated unrealized gains and losses pro rata based on the average daily net assets of each class, without distinction between share classes. Dividends are determined separately for each class based on income and expenses allocable to each class. Realized gains and losses are allocated to each class pro rata based upon the net assets of each class on the date realized. Differences in per share dividend rates generally result from the relative weightings of pro rata income and realized gain allocations and from differences in separate class expenses, including distribution, shareholder servicing and administration fees.

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

22 Wells Fargo Advantage Capital Growth Fund Notes to Financial Statements (Unaudited)

n Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, 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 securities are not necessarily an indication of the risk associated with investing in those securities.

As of January 31, 2012, the inputs used in valuing the Fund’s assets, which are carried at fair value, were as follows:

Investments in Securities	Quoted Prices (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Equity securities
Common stocks	$	1,397,647,111	$	0	$	0	$	1,397,647,111
Other		0		0		3,180,812		3,180,812
Short-term investments
Investment companies		2,689,712		102,068,543		0		104,758,255
	$	1,400,336,823	$	102,068,543	$	3,180,812	$	1,505,586,178

Further details on the major security types listed above can be found in the Portfolio of Investments.

Transfers in and transfers out are recognized at the end of the reporting period. For the six months ended January 31, 2012, the Fund did not have any significant transfers into/out of Level 1 and Level 2.

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

	Other
Balance as of July��31, 2011		$4,511,470
Accrued discounts (premiums)		0
Realized gains (losses)		0
Change in unrealized gains (losses)		(784,221	)
Purchases		0
Sales		(546,437	)
Transfers into Level 3		0
Transfers out of Level 3		0
Balance as of January 31, 2012		$3,180,812
Change in unrealized gains (losses) relating to securities still held at January 31, 2012		$(1,060,759	)

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 sub-adviser, 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 January 31, 2012, the advisory fee was equivalent to an annual rate of 0.63% of the Fund’s average daily net assets.

Funds Management may retain the services of certain sub-advisers to provide daily portfolio management to the Fund. The fees related to sub-advisory services are borne directly by Funds Management and do not increase the overall fees paid by the Fund. Wells Capital Management, an affiliate of Funds Management, is the sub-adviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.35% and declining to 0.15% as the average daily net assets of the Fund increase.

Notes to Financial Statements (Unaudited) Wells Fargo Advantage Capital Growth Fund 23

Administration and transfer agent 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
Investor Class		0.33

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 July 18, 2013 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.20% for Class A, 1.95% for Class C, 0.94% for Administrator Class, 0.70% for Institutional Class and 1.27% for Investor Class.

Distribution fees

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

For the six months ended January 31, 2012, Wells Fargo Funds Distributor, LLC received $1,581 from the sale of Class A shares and $141 and $229 in contingent deferred sales charges from redemptions of Class A and Class C shares, respectively.

Shareholder servicing fees

The Trust has entered into contracts with one or more shareholder servicing agents, whereby Class A, Class 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 (securities with maturities of one year or less at purchase date), for the six months ended January 31, 2012 were $798,622,349 and $861,780,880, respectively.

6. BANK BORROWINGS

The Trust (excluding the money market funds) and Wells Fargo Variable Trust are parties to a $150,000,000 revolving credit agreement with State Street Bank and Trust Company, 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. Prior to September 6, 2011, the revolving credit agreement was for $125,000,000 and the annual commitment fee paid by the Fund was 0.125% of the unused balance. For the six months ended January 31, 2012, the Fund paid $734 in commitment fees.

For the six months ended January 31, 2012, there were no borrowings by the Fund under the agreement.

24 Wells Fargo Advantage Capital Growth Fund Notes to Financial Statements (Unaudited)

7. INDEMNIFICATION

Under the Trust’s organizational documents, the officers and directors are indemnified against certain liabilities that may arise out of performance of their duties to the Trust. Additionally, in the normal course of business, the Trust may enter 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.

8. NEW ACCOUNTING PRONOUNCEMENTS

In May 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2011-04 “Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs”. ASU No. 2011-04 amends FASB ASC Topic 820, Fair Value Measurements and Disclosures, to establish common requirements for measuring fair value and for disclosing information about fair value measurements in accordance with GAAP. The ASU is effective prospectively for interim and annual periods beginning after December 15, 2011. Management expects that adoption of the ASU will result in additional disclosures in the financial statements, as applicable.

In April 2011, FASB issued ASU No. 2011-03 “Reconsideration of Effective Control for Repurchase Agreements”. ASU No. 2011-03 amends FASB ASC Topic 860, Transfers and Servicing, specifically the criteria required to determine whether a repurchase agreement (repo) and similar agreements should be accounted for as sales of financial assets or secured borrowings with commitments. ASU No. 2011-03 changes the assessment of effective control by focusing on the transferor’s contractual rights and obligations and removing the criterion to assess its ability to exercise those rights or honor those obligations. This could result in changes to the way entities account for certain transactions including repurchase agreements, mortgage dollar rolls and reverse repurchase agreements. The ASU will become effective on a prospective basis for new transfers and modifications to existing transactions as of the beginning of the first interim or annual period beginning on or after December 15, 2011. Management has evaluated the impact of adopting the ASU and expects no significant changes.

Other Information (Unaudited) Wells Fargo Advantage Capital Growth Fund 25

PROXY VOTING INFORMATION

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by calling 1-800-222-8222, visiting our Web site at wellsfargoadvantagefunds.com, or visiting the SEC Web site 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 without charge on the Fund’s Web site at wellsfargoadvantagefunds.com or by visiting the SEC Web site at sec.gov.

PORTFOLIO HOLDINGS INFORMATION

The complete portfolio holdings for the Fund are publicly available on the Fund’s Web site (wellsfargoadvantagefunds.com) on a monthly, 30-day or more delayed basis. In addition, top ten holdings information for the Fund is publicly available on the Fund’s Web site 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 without charge by visiting the SEC Web site 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 Capital Growth Fund Other Information (Unaudited)

BOARD OF TRUSTEES

The following table provides basic information about the Board of Trustees (the “Trustees”) of the Trust and Officers of the Trust. This table should be read in conjunction with the Prospectus and the Statement of Additional Information¹ of the Fund. Each of the Trustees and Officers listed below acts in identical capacities for the Wells Fargo Advantage family of funds, which consists of 137 funds comprising the Wells Fargo Funds Trust, Wells Fargo Variable Trust, Wells Fargo Master Trust and four closed-end funds (collectively the “Fund Complex”). All of the Trustees are also Members of the Audit and Governance Committees of each Trust in the Fund Complex. 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	Other Directorships During Past Five Years
Peter G. Gordon (Born 1942)	Trustee, since 1998; Chairman, since 2005 (Lead Trustee since 2001)	Co-Founder, Retired Chairman, President and CEO of Crystal Geyser Water Company. Trustee Emeritus, Colby College	Asset Allocation Trust
Isaiah Harris, Jr. (Born 1952)	Trustee, since 2009	Retired. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Mr. Harris is a certified public accountant.	CIGNA Corporation; Deluxe Corporation; Asset Allocation Trust
Judith M. Johnson (Born 1949)	Trustee, since 2008	Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant.	Asset Allocation Trust
Leroy Keith, Jr. (Born 1939)	Trustee, since 2010	Chairman, Bloc Global Services (development and construction). Trustee of the Evergreen Funds from 1983 to 2010. Former Managing Director, Almanac Capital Management (commodities firm), former Partner, Stonington Partners, Inc. (private equity fund), former Director, Obagi Medical Products Co. and former Director, Lincoln Educational Services.	Trustee, Virtus Fund Complex (consisting of 40 portfolios as of 12/31/11); 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, Director of Corporate Governance Research Program 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 Capital Growth Fund 27

Name and Year of Birth	Position Held and Length of Service	Principal Occupations During Past Five Years	Other Directorships During Past Five Years
Timothy J. Penny (Born 1951)	Trustee, since 1996	President and CEO of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007 and Senior Fellow at the Humphrey Institute Policy Forum at the University of Minnesota since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	Asset Allocation Trust
Michael S. Scofield (Born 1943)	Trustee, since 2010	Served on the Investment Company Institute’s Board of Governors and Executive Committee from 2008-2011 as well the Governing Council of the Independent Directors Council from 2006-2011 and the Independent Directors Council Executive Committee from 2008-2011. Chairman of the IDC from 2008-2010. Institutional Investor (Fund Directions) Trustee of Year in 2007. Trustee of the Evergreen Funds (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 and former Director and Chairman, Branded Media Corporation (multi-media branding company).	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 Free Trust (non-profit corporation). Director of the American Chestnut Foundation (non-profit corporation).	Asset Allocation Trust

Officers

Name and Year of Birth	Position Held and Length of Service	Principal Occupations During Past Five Years
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. Senior Vice President and Chief Administrative Officer of Wells Fargo Funds Management, LLC from 2001 to 2003.
C. David Messman (Born 1960)	Secretary, since 2000; Chief Legal Counsel, since 2003	Senior Vice President and Secretary of Wells Fargo Funds Management, LLC since 2001. Vice President and Managing Senior Counsel of Wells Fargo Bank, N.A. since 1996.
Kasey Phillips (Born 1970)	Treasurer, since 2009	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2006 to 2010. Treasurer of the Evergreen Funds from 2005 to 2010.
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 DePalma (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.
Debra Ann Early (Born 1964)	Chief Compliance Officer, since 2007	Chief Compliance Officer of Wells Fargo Funds Management, LLC since 2007. Chief Compliance Officer of Parnassus Investments from 2005 to 2007. Chief Financial Officer of Parnassus Investments from 2004 to 2007 and Senior Audit Manager of PricewaterhouseCoopers LLP from 1998 to 2004.

1. 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 Web site at wellsfargoadvantagefunds.com.

28 Wells Fargo Advantage Capital Growth Fund List of Abbreviations

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

ACB —  Agricultural Credit Bank

ADR —  American Depository Receipt

ADS —  American Depository Shares

AGC-ICC —  Assured Guaranty Corporation - Insured Custody Certificates

AGM —  Assured Guaranty Municipal

AMBAC —  American Municipal Bond Assurance Corporation

AMT —  Alternative Minimum Tax

AUD —  Australian Dollar

BAN —  Bond Anticipation Notes

BHAC —  Berkshire Hathaway Assurance Corporation

BRL —  Brazil 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 —  Certificate of Participation

CR —  Custody Receipts

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

FFCB —  Federal Farm Credit Bank

FGIC —  Financial Guaranty Insurance Corporation

FHA —  Federal Housing Authority

FHLB —  Federal Home Loan Bank

FHLMC —  Federal Home Loan Mortgage Corporation

FNMA —  Federal National Mortgage Association

FSA —  Farm Service Agency

GBP —  Great British Pound

GDR —  Global Depository 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

HUF —  Hungarian Forint

IBC —  Insured Bond Certificate

IDA —  Industrial Development Authority

IDAG —  Industrial Development Agency

IDR —  Industrial Development Revenue

IEP —  Irish Pound

JPY —  Japanese Yen

KRW —  Republic of Korea Won

LIBOR —  London Interbank Offered Rate

LLC —  Limited Liability Company

LLP —  Limited Liability Partnership

LOC —  Letter of Credit

LP —  Limited Partnership

MBIA —  Municipal Bond Insurance Association

MFHR —  Multi-Family Housing Revenue

MSTR —  Municipal Securities Trust Receipts

MTN —  Medium Term Note

MUD —  Municipal Utility District

MXN —  Mexican Peso

MYR —  Malaysian Ringgit

NATL-RE —  National Public Finance Guarantee Corporation

NOK —  Norwegian Krone

NZD —  New Zealand Dollar

PCFA —  Pollution Control Finance Authority

PCR —  Pollution Control Revenue

PFA —  Public Finance Authority

PFFA —  Public Facilities Financing Authority

PFOTER —  Puttable Floating Option Tax-Exempt Receipts

plc —  Public Limited Company

PLN —  Polish Zloty

PUTTER —  Puttable Tax-Exempt Receipts

R&D —  Research & Development

RDA —  Redevelopment Authority

RDFA —  Redevelopment Finance Authority

REIT —  Real Estate Investment Trust

ROC —  Reset Option Certificates

SAVRS —  Select Auction Variable Rate Securities

SBA —  Small Business Authority

SEK —  Swedish Krona

SFHR —  Single Family Housing Revenue

SFMR —  Single Family Mortgage Revenue

SGD —  Singapore Dollar

SKK —  Slovakian Koruna

SPDR —  Standard & Poor’s Depositary Receipts

TAN —  Tax Anticipation Notes

TBA —  To Be Announced

TIPS —  Treasury Inflation-Protected Securities

TRAN —  Tax Revenue Anticipation Notes

TCR —  Transferable Custody Receipts

TRY —  Turkish Lira

TTFA —  Transportation Trust Fund Authority

TVA —  Tennessee Valley Authority

XLCA —  XL Capital Assurance

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, e-mail, visit the Fund’s Web site, or call:

Wells Fargo Advantage Funds

P.O. Box 8266

Boston, MA 02266-8266

E-mail: wfaf@wellsfargo.com

Web site: 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. For a prospectus containing more complete information, including charges and expenses, call 1-800-222-8222 or visit the Fund’s Web site at wellsfargoadvantagefunds.com. Please consider the investment objectives, risks, charges, and expenses of the investment carefully before investing. This and other information about Wells Fargo Advantage Funds can be found in the current prospectus. 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

© 2012 Wells Fargo Funds Management, LLC. All rights reserved.

207943 03-12 SA200/SAR200 1-12

Wells Fargo Advantage

Disciplined U.S. Core Fund

Semi-Annual Report

January 31, 2012

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	5
Fund Expenses	7
Portfolio of Investments	8
Financial Statements
Statement of Assets and Liabilities	15
Statement of Operations	16
Statements of Changes in Net Assets	17
Financial Highlights	18
Notes to Financial Statements	22
Other Information	27
List of Abbreviations	30

The views expressed and any forward-looking statements are as of January 31, 2012, 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, disclaims any obligation to publicly update or revise any views expressed or forward-looking statements.

NOT FDIC INSURED  ¡  NO BANK GUARANTEE  ¡   MAY LOSE VALUE

WELLS FARGO INVESTMENT HISTORY

1932	Keystone creates one of the first mutual fund families.
1971	Wells Fargo & Company introduces one of the first institutional index funds.
1978	Wells Fargo applies Markowitz and Sharpe’s research on Modern Portfolio Theory to introduce one of the industry’s first Tactical Asset Allocation (TAA) models in institutional separately managed accounts.
1984	Wells Fargo Stagecoach Funds launches its first asset allocation fund.
1989	The Tactical Asset Allocation (TAA) Model is first applied to Wells Fargo’s asset allocation mutual funds.
1994	Wells Fargo introduces the LifePath Funds, one of the first suites of target date funds (now the Wells Fargo Advantage Dow Jones Target Date FundsSM).
1996	Evergreen Investments and Keystone Funds merge.
1997	Wells Fargo launches Wells Fargo Advantage WealthBuilder PortfoliosSM, a fund-of-funds suite of products that includes the use of quantitative models to shift assets among investment styles.
1999	Norwest Advantage Funds and Stagecoach Funds are reorganized into Wells Fargo Funds after the merger of Norwest and Wells Fargo.
2002	Evergreen Retail and Evergreen Institutional companies form the umbrella asset management company, Evergreen Investments.
2005	The integration of Strong Funds with Wells Fargo Funds creates Wells Fargo Advantage Funds, resulting in one of the top 20 mutual fund companies in the United States.
2006	Wells Fargo Advantage Funds relaunches the target date product line as Wells Fargo Advantage Dow Jones Target Date Funds.
2010	The mergers and reorganizations of Evergreen and Wells Fargo Advantage mutual funds are completed, unifying the families under the brand of Wells Fargo Advantage Funds.

Wells Fargo Advantage Funds^®

Wells Fargo Advantage Funds skillfully guides institutions, financial advisors, and individuals through the investment terrain to help them reach their financial objectives. Everything we do on behalf of investors is backed by our unique combination of qualifications.

Strength

Our organization is built on the standards of integrity and service established by our parent company—Wells Fargo & Company—more than 150 years ago. And, because we’re part of a highly diversified financial enterprise, we offer the depth of resources to help investors succeed.

Expertise

Our multi-boutique model offers investors access to the independent thinking of premier investment managers that have been chosen for their time-tested strategies. While each team specializes in a specific investment strategy, collectively they provide investors a wide choice of distinct investment styles. Our dedication to investment excellence doesn’t end with our expertise in manager selection—risk management, analysis, and rigorous ongoing review seek to ensure each manager’s investment process remains consistent.

Partnership

Our collaborative approach is built around understanding the needs and goals of our clients. By adhering to core principles of sound judgment and steady guidance, we support you through every stage of the investment decision process.

Carefully consider a fund’s investment objectives, risks, charges, and expenses before investing. For a current prospectus and, if available, a summary prospectus, containing this and other information, visit wellsfargoadvantagefunds.com. Read it carefully before investing.

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.

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

NOT FDIC INSURED  ¡  NO BANK GUARANTEE  ¡   MAY LOSE VALUE

Not part of the semi-annual report.

Wells Fargo Advantage Funds offers more than 110 mutual funds across a wide range of asset classes, representing over $217 billion in assets under management, as of January 31, 2012.

Equity Funds
Asia Pacific Fund	Equity Value Fund	Precious Metals Fund
C&B Large Cap Value Fund	Global Opportunities Fund	Premier Large Company Growth Fund
C&B Mid Cap Value Fund	Growth Fund	Small Cap Opportunities Fund
Capital Growth Fund	Index Fund	Small Cap Value Fund
Common Stock Fund	International Equity Fund	Small Company Growth Fund
Disciplined U.S. Core Fund	International Value Fund	Small Company Value Fund
Discovery Fund†	Intrinsic Small Cap Value Fund	Small/Mid Cap Core Fund
Diversified Equity Fund	Intrinsic Value Fund	Small/Mid Cap Value Fund
Diversified International Fund	Intrinsic World Equity Fund	Special Mid Cap Value Fund
Diversified Small Cap Fund	Large Cap Core Fund	Special Small Cap Value Fund
Emerging Growth Fund	Large Cap Growth Fund	Specialized Technology Fund
Emerging Markets Equity Fund	Large Company Value Fund	Strategic Large Cap Growth Fund
Endeavor Select Fund†	Omega Growth Fund	Traditional Small Cap Growth Fund
Enterprise Fund†	Opportunity Fund†	Utility and Telecommunications Fund
Bond Funds
Adjustable Rate Government Fund	Inflation-Protected Bond Fund	Short-Term Bond Fund
California Limited-Term Tax-Free Fund	Intermediate Tax/AMT-Free Fund	Short-Term High Yield Bond Fund
California Tax-Free Fund	International Bond Fund	Short-Term Municipal Bond Fund
Colorado Tax-Free Fund	Minnesota Tax-Free Fund	Strategic Municipal Bond Fund
Government Securities Fund	Municipal Bond Fund	Total Return Bond Fund
High Income Fund	North Carolina Tax-Free Fund	Ultra Short-Term Income Fund
High Yield Bond Fund	Pennsylvania Tax-Free Fund	Ultra Short-Term Municipal Income Fund
Income Plus Fund	Short Duration Government Bond Fund	Wisconsin Tax-Free Fund
Asset Allocation Funds
Absolute Return Fund	WealthBuilder Equity Portfolio†	Target 2020 Fund†
Asset Allocation Fund	WealthBuilder Growth Allocation Portfolio†	Target 2025 Fund†
Conservative Allocation Fund	WealthBuilder Growth Balanced Portfolio†	Target 2030 Fund†
Diversified Capital Builder Fund	WealthBuilder Moderate Balanced Portfolio†	Target 2035 Fund†
Diversified Income Builder Fund	WealthBuilder Tactical Equity Portfolio†	Target 2040 Fund†
Growth Balanced Fund	Target Today Fund†	Target 2045 Fund†
Index Asset Allocation Fund	Target 2010 Fund†	Target 2050 Fund†
Moderate Balanced Fund	Target 2015 Fund†	Target 2055 Fund†
WealthBuilder Conservative Allocation Portfolio†
Money Market Funds
100% Treasury Money Market Fund	Heritage Money Market Fund†	National Tax-Free Money Market Fund
California Municipal Money Market Fund	Money Market Fund	Prime Investment Money Market Fund
Cash Investment Money Market Fund	Municipal Cash Management Money Market Fund	Treasury Plus Money Market Fund
Government Money Market Fund	Municipal Money Market Fund
Variable Trust Funds1
VT Discovery Fund†	VT Intrinsic Value Fund	VT Small Cap Growth Fund
VT Index Asset Allocation Fund	VT Omega Growth Fund	VT Small Cap Value Fund
VT International Equity Fund	VT Opportunity Fund†	VT Total Return Bond Fund

An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Wells Fargo Advantage Money Market Funds seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in a money market fund.

1. The Variable Trust Funds are generally available only through insurance company variable contracts.

† In this report, the Wells Fargo Advantage Discovery Fund^SM, Wells Fargo Advantage Endeavor Select Fund^SM, Wells Fargo Advantage Enterprise Fund^SM, Wells Fargo Advantage Opportunity Fund^SM, Wells Fargo Advantage WealthBuilder Conservative Allocation Portfolio^SM, Wells Fargo Advantage WealthBuilder Equity Portfolio^SM, Wells Fargo Advantage WealthBuilder Growth Allocation Portfolio^SM, Wells Fargo Advantage WealthBuilder Growth Balanced Portfolio^SM, Wells Fargo Advantage WealthBuilder Moderate Balanced Portfolio^SM, Wells Fargo Advantage WealthBuilder Tactical Equity Portfolio^SM, Wells Fargo Advantage Dow Jones Target Today Fund^SM, Wells Fargo Advantage Dow Jones Target 2010 Fund^SM, Wells Fargo Advantage Dow Jones Target 2015 Fund^SM, Wells Fargo Advantage Dow Jones Target 2020 Fund^SM, Wells Fargo Advantage Dow Jones Target 2025 Fund^SM, Wells Fargo Advantage Dow Jones Target 2030 Fund^SM, Wells Fargo Advantage Dow Jones Target 2035 Fund^SM, Wells Fargo Advantage Dow Jones Target 2040 Fund^SM, Wells Fargo Advantage Dow Jones Target 2045 Fund^SM, Wells Fargo Advantage Dow Jones Target 2050 Fund^SM, Wells Fargo Advantage Dow Jones Target 2055 Fund^SM, Wells Fargo Advantage Heritage Money Market Fund^SM, Wells Fargo Advantage VT Discovery Fund^SM, and Wells Fargo Advantage VT Opportunity Fund^SM are referred to as the Discovery Fund, Endeavor Select Fund, Enterprise Fund, Opportunity Fund, WealthBuilder Conservative Allocation Portfolio, WealthBuilder Equity Portfolio, WealthBuilder Growth Allocation Portfolio, WealthBuilder Growth Balanced Portfolio, WealthBuilder Moderate Balanced Portfolio, WealthBuilder Tactical Equity Portfolio, Target Today Fund, Target 2010 Fund, Target 2015 Fund, Target 2020 Fund, Target 2025 Fund, Target 2030 Fund, Target 2035 Fund, Target 2040 Fund, Target 2045 Fund, Target 2050 Fund, Target 2055 Fund, Heritage Money Market Fund, VT Discovery Fund, and VT Opportunity Fund, respectively.

Not part of the semi-annual report.

2 Wells Fargo Advantage Disciplined U.S. Core Fund Letter to Shareholders

Karla M. Rabusch,

President

Wells Fargo Advantage Funds

The period was marked by increased confidence that the U.S. economy was staging a fragile recovery, offset by continued concerns about the possible effect on the global economy of the ongoing European sovereign debt crisis—which began in Greece and later spread to the larger economies of Italy and Spain.

The slow-motion debt crisis in the eurozone was a major headwind to both domestic and global stock market indexes.

Dear Valued Shareholder:

We’re pleased to offer you this semi-annual report for the Wells Fargo Advantage Disciplined U.S. Core Fund for the six-month period that ended January 31, 2012. The period was marked by increased confidence that the U.S. economy was staging a fragile recovery, offset by continued concerns about the possible effect on the global economy of the ongoing European sovereign debt crisis—which began in Greece and later spread to the larger economies of Italy and Spain. Most U.S. stock indexes posted gains for the period, even if only modest ones.

Worries gave way to guarded optimism for the U.S. economy.

The period began with worries that the U.S. economy was returning to recession. Revised figures for gross domestic product (GDP) indicated that the U.S. economy grew by an annualized rate of only 0.8% in the first half of 2011. Moreover, although the July 2011 Institute for Supply Management (ISM) manufacturing survey suggested that factories continued to expand, the rate of expansion was lower than in previous months. The prolonged debate over whether and how to raise the U.S. debt ceiling—which only ended on July 31, 2011—also depressed market sentiment by highlighting the country’s political divisions.

The stock market remained volatile throughout September. By late October, however, stronger economic data led to greater optimism and higher stock prices. Revised real GDP growth came in at 1.8% in the third quarter of 2011 and 2.8% in the fourth quarter, suggesting that the recovery was on firmer footing. Economic growth was not evenly distributed, though, as December 2011 retail same-store sales generally showed stronger growth for retailers targeting affluent customers than for those targeting the broad middle class. The reported unemployment rate also showed some signs of improvement, falling from 9.1% in August 2011 to 8.3% in January 2012. However, this decline in the unemployment rate was accompanied by an increase in the number of Americans not in the labor force, raising concerns about the economy’s ability to generate jobs.

The eurozone had continued trouble.

The slow-motion debt crisis in the eurozone was a major headwind to both domestic and global stock market indexes. The worsening debt and deficit numbers for Greece in late 2011 and early 2012 cast doubt on the country’s ability to service its debt under the plan put in place by the European Union and the International Monetary Fund and put the ongoing drama of the European sovereign debt crisis back on center stage. Investors became increasingly concerned that Greece would default on its debt, a scenario that only seemed more likely as many Greeks rioted in response to greater budgetary austerity and the discussion moved from whether private investors would take a loss on their Greek debt to how big the loss would be. Because many eurozone banks owned Greek debt and many U.S. banks had financial ties to eurozone banks, investors worried about the effect of such an event on the financial system and the global economy.

Even as the situation in Greece deteriorated, eurozone GDP numbers supported the case for a modest recovery in the global economy. Reported GDP growth for the 17 countries that comprise the eurozone was modest, rising 0.2% in the third quarter compared to the second quarter, and by 0.2% in the fourth quarter

Letter to Shareholders Wells Fargo Advantage Disciplined U.S. Core Fund 3

compared to the third quarter. However, the eurozone average concealed a wide variation between economies, with Germany’s growing by 0.5% in the third quarter of 2011 even as Greece’s GDP contracted.

Central banks continued to provide stimulus.

Throughout the reporting period, the Federal Open Market Committee (FOMC) kept its key interest rates effectively at zero in order to support the economy and financial system. Moreover, in response to extreme market volatility and signs of a weakening economy, in its August 2011 policy statement, the Federal Reserve (Fed) announced it would keep interest rates “exceptionally low” until at least mid-2013 as a way to support the economy. Market participants interpreted the Fed’s statement to mean that the central bankers believed the economy would remain weak over the next two years. However, the Fed also said that it was considering a “range of policy tools available to promote a stronger economic recovery” and “is prepared to employ these tools as appropriate.”

At the beginning of the period, the European Central Bank (ECB) had a key rate of 1.50% but lowered it to 1.25% in November 2011 and then to 1.00% in December 2011 in an attempt to support the sluggish eurozone recovery. To support the banking system, in late 2011, the ECB initiated a long-term refinancing operation (LTRO) in which it supplied three-year loans to banks against a wide range of collateral. The operation basically provided a near-unlimited amount of liquidity to banks, easing some investor concerns about the effect of an increasingly probable Greek default.

We use time-tested investment strategies, even as many variables are at work in the market.

Experience tells us that strict adherence to time-tested investment strategies has its rewards. As a whole, Wells Fargo Advantage Funds represents investments across a range of asset classes and investment styles, giving you an opportunity to create a diversified investment portfolio. While diversification may not prevent losses in a downturn, it does provide you with one way of managing risk.

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

Sincerely,

Karla M. Rabusch

President

Wells Fargo Advantage Funds

4 Wells Fargo Advantage Disciplined U.S. Core Fund Letter to Shareholders

Notice to Shareholders

The Board of Trustees for Wells Fargo Advantage Funds has unanimously approved the following modifications to certain net asset value (NAV) waiver privileges and commission schedules:

n Effective May 1, 2012, automatic investment plan (AIP) purchases and proceeds received from systematic withdrawals will no longer qualify for NAV repurchase privileges.

n Effective May 1, 2012, discretionary rights to waive the upfront commission for Class C and “jumbo” Class A share purchases will no longer be granted to broker/dealers. However, we will continue to waive the Class C shares contingent deferred sales charge for redemptions by employer-sponsored retirement plans where the dealer of record waived its commission at the time of purchase.

n Effective July 31, 2012, NAV purchase privileges for former Evergreen Class IS and Class R shareholders are being modified to remove the ability to purchase Class A shares at NAV unless those shares are held directly with the Fund on or after July 31, 2012.

Please contact your investment professional or call us directly at 1-800-222-8222 if you have any questions on this Notice to Shareholders.

Performance Highlights (Unaudited) Wells Fargo Advantage Disciplined U.S. Core Fund 5

INVESTMENT OBJECTIVE

The Fund seeks long-term capital appreciation.

ADVISER

Wells Fargo Funds Management, LLC

SUB-ADVISER

Golden Capital Management, LLC.

PORTFOLIO MANAGER

Greg Golden, CFA

FUND INCEPTION

February 28, 1990

TEN LARGEST EQUITY HOLDINGS1 (AS OF JANUARY 31, 2012)
Apple Incorporated	4.04%
Exxon Mobil Corporation	3.69%
ChevronTexaco Corporation	2.12%
Microsoft Corporation	2.02%
International Business Machines Corporation	1.89%
General Electric Company	1.84%
AT&T Incorporated	1.65%
Pfizer Incorporated	1.49%
Johnson & Johnson	1.48%
Intel Corporation	1.42%

SECTOR DISTRIBUTION²

(AS OF JANUARY 31, 2012)

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

2. Sector distribution is subject to change and is calculated based on the total long-term investments of the Fund.

6 Wells Fargo Advantage Disciplined U.S. Core Fund Performance Highlights (Unaudited)

AVERAGE ANNUAL TOTAL RETURN³ (%) (AS OF JANUARY 31, 2012)

			Including Sales Charge											Excluding Sales Charge										Expense Ratios4
	Inception Date		6 Months*			1 Year			5 Year			10 Year		6 Months*			1 Year		5 Year			10 Year		Gross		Net5
Class A (EVSAX)		02/28/1990		(2.94	)		(0.84	)		(1.18	)		3.30		2.98			5.20		(0.00	)		3.91		0.93%		0.92%
Class C (EVSTX)		06/30/1999		1.63			3.46			(0.74	)		3.15		2.63			4.46		(0.74	)		3.15		1.68%		1.67%
Administrator Class (EVSYX)		02/21/1995													3.06			5.41		0.23			4.17		0.77%		0.74%
Institutional Class (EVSIX)		07/30/2010													3.19			5.61		0.30			4.20		0.50%		0.48%
S&P 500 Index6															(2.71	)		4.22		0.33			3.52

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

Figures quoted represent past performance, which is no guarantee of future results and do not reflect the deduction of taxes that a shareholder may pay on fund distributions or the redemption of fund shares. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance shown without sales charges would be lower if sales charges were reflected. Current performance may be lower or higher than the performance data quoted and assumes the reinvestment of dividends and capital gains. Current month-end performance is available on the Fund’s Web site – 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 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 fund values fluctuate in response to the activities of individual companies and general market and economic conditions. The use of derivatives may reduce returns and/or increase volatility. Consult the Fund’s prospectus for additional information on these and other risks.

3. Historical performance shown for the Institutional Class shares prior to their inception reflects the performance of the Administrator Class shares, and includes the higher expenses applicable to the 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 Enhanced S&P 500 Fund.

4. Reflects the expense ratios as stated in the most recent prospectuses.

5. The Adviser has committed through July 18, 2013 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 above. Without this cap, the Fund’s returns would have been lower.

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

Fund Expenses (Unaudited) Wells Fargo Advantage Disciplined U.S. Core Fund 7

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 August 1, 2011 to January 31, 2012.

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 08-01-2011		Ending Account Value 01-31-2012		Expenses Paid During the Period1		Net Annual Expense Ratio
Class A
Actual	$	1,000.00	$	1,029.84	$	4.64		0.91	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.56	$	4.62		0.91	%
Class C
Actual	$	1,000.00	$	1,026.33	$	8.46		1.66	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,016.79	$	8.42		1.66	%
Administrator Class
Actual	$	1,000.00	$	1,030.64	$	3.78		0.74	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.42	$	3.76		0.74	%
Institutional Class
Actual	$	1,000.00	$	1,031.89	$	2.45		0.48	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.72	$	2.44		0.48	%

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).

8 Wells Fargo Advantage Disciplined U.S. Core Fund Portfolio of Investments—January 31, 2012 (Unaudited)

Security Name	Shares		Value
Common Stocks: 98.62%
Consumer Discretionary: 9.93%
Auto Components: 0.38%
BorgWarner Incorporated†«		10,640	$	794,063
Dana Holding Corporation†		36,266		538,550
The Goodyear Tire & Rubber Company†		29,666		385,658
				1,718,271
Automobiles: 0.58%
Ford Motor Company«		208,460		2,589,073
Diversified Consumer Services: 0.93%
Apollo Group Incorporated Class A†		14,557		762,932
ITT Educational Services Incorporated†«		44,851		2,954,335
Service Corporation International		41,422		459,784
				4,177,051
Hotels, Restaurants & Leisure: 0.56%
McDonald’s Corporation		25,077		2,483,877
Internet & Catalog Retail: 0.13%
Expedia Incorporated		17,895		579,261
Media: 3.21%
Comcast Corporation Class A		145,856		3,878,311
DIRECTV Group Incorporated		62,746		2,824,197
Interpublic Group of Companies Incorporated		58,515		604,460
News Corporation Class A		144,605		2,722,912
Time Warner Incorporated«		61,064		2,263,032
Walt Disney Company		54,482		2,119,350
				14,412,262
Multiline Retail: 1.01%
Dillard’s Incorporated Class A«		58,026		2,567,651
Dollar Tree Incorporated		15,818		1,341,525
Target Corporation		12,170		618,358
				4,527,534
Specialty Retail: 3.13%
Aeropostale Incorporated†«		40,577		664,245
AutoZone Incorporated†		1,997		694,716
Best Buy Company Incorporated«		107,227		2,568,087
GameStop Corporation Class A†		22,725		530,856
Gap Incorporated		36,265		688,310
Home Depot Incorporated		81,066		3,598,520
Limited Brands Incorporated		11,829		495,162
Lowe’s Companies Incorporated		108,641		2,914,838
RadioShack Corporation«		264,088		1,896,152
				14,050,886

Portfolio of Investments—January 31, 2012 (Unaudited) Wells Fargo Advantage Disciplined U.S. Core Fund 9

Security Name	Shares		Value
Consumer Staples: 10.21%
Beverages: 2.16%
Coca-Cola Enterprises Incorporated		70,439	$	1,887,061
Constellation Brands Incorporated Class A†		131,035		2,738,632
The Coca-Cola Company		75,164		5,075,825
				9,701,518
Food & Staples Retailing: 4.37%
Costco Wholesale Corporation		16,301		1,341,083
CVS Caremark Corporation		87,094		3,636,174
Kroger Company		134,977		3,207,054
Safeway Incorporated«		125,704		2,762,974
SUPERVALU Incorporated«		337,461		2,331,856
Wal-Mart Stores Incorporated		103,082		6,325,112
				19,604,253
Food Products: 1.28%
Archer Daniels Midland Company		89,469		2,561,497
Dean Foods Company		247,003		2,657,752
Tyson Foods Incorporated Class A«		28,720		535,341
				5,754,590
Household Products: 0.81%
Procter & Gamble Company		57,572		3,629,339
Personal Products: 0.60%
Herbalife Limited		46,176		2,672,667
Tobacco: 0.99%
Philip Morris International		59,689		4,462,947
Energy: 12.14%
Energy Equipment & Services: 1.96%
Baker Hughes Incorporated		8,286		407,091
Halliburton Company		47,184		1,735,428
Helmerich & Payne Incorporated«		40,929		2,525,729
National Oilwell Varco Incorporated		32,473		2,402,353
Schlumberger Limited		22,786		1,712,824
				8,783,425
Oil, Gas & Consumable Fuels: 10.18%
ChevronTexaco Corporation		92,167		9,500,574
ConocoPhillips		66,949		4,566,591
Exxon Mobil Corporation		197,620		16,548,699
Hess Corporation		7,188		404,684
Marathon Oil Corporation		90,487		2,840,387
Marathon Petroleum Corporation		82,102		3,137,938
Murphy Oil Corporation		46,396		2,765,202
Occidental Petroleum Corporation		4,410		439,986
Tesoro Corporation		96,126		2,406,034
Valero Energy Corporation		127,820		3,066,402
				45,676,497

10 Wells Fargo Advantage Disciplined U.S. Core Fund Portfolio of Investments—January 31, 2012 (Unaudited)

Security Name	Shares		Value
Financials: 13.27%
Capital Markets: 0.46%
Bank of New York Mellon Corporation		47,073	$	947,579
State Street Corporation		29,015		1,136,808
				2,084,387
Commercial Banks: 2.04%
Fifth Third Bancorp		156,548		2,036,689
KeyCorp		227,708		1,769,291
PNC Financial Services Group Incorporated		22,644		1,334,184
Regions Financial Corporation		147,630		770,629
US Bancorp		114,947		3,243,804
				9,154,597
Consumer Finance: 1.50%
American Express Company		24,065		1,206,619
Capital One Financial Corporation		58,361		2,670,016
Discover Financial Services		104,321		2,835,445
				6,712,080
Diversified Financial Services: 2.54%
Citigroup Incorporated		130,470		4,008,038
InterContinental Exchange Incorporated		6,188		708,402
JPMorgan Chase & Company		167,531		6,248,906
NASDAQ Stock Market Incorporated		16,675		413,207
				11,378,553
Insurance: 3.77%
ACE Limited		5,737		399,295
AFLAC Incorporated		61,111		2,947,383
American Financial Group Incorporated		11,432		419,211
Berkshire Hathaway Incorporated Class B†		52,479		4,112,779
Chubb Corporation		12,626		851,119
Lincoln National Corporation		22,165		477,434
MetLife Incorporated		76,664		2,708,539
Prudential Financial Incorporated		49,361		2,825,424
Torchmark Corporation		24,982		1,140,928
UnumProvident Corporation		45,326		1,034,793
				16,916,905
REITs: 2.96%
Equity Residential«		8,509		506,711
HCP Incorporated«		59,733		2,510,578
Host Hotels & Resorts Incorporated«		146,364		2,403,297
Public Storage Incorporated		18,820		2,613,345
Simon Property Group Incorporated		22,403		3,043,672
Weyerhaeuser Company		109,947		2,201,139
				13,278,742

Portfolio of Investments—January 31, 2012 (Unaudited) Wells Fargo Advantage Disciplined U.S. Core Fund 11

Security Name	Shares		Value
Health Care: 12.38%
Biotechnology: 1.31%
Amgen Incorporated		40,351	$	2,740,236
Gilead Sciences Incorporated†		64,164		3,133,770
				5,874,006
Health Care Equipment & Supplies: 0.59%
Boston Scientific Corporation†		368,044		2,193,542
Medtronic Incorporated		11,492		443,246
				2,636,788
Health Care Providers & Services: 3.99%
Aetna Incorporated		59,240		2,588,788
AmerisourceBergen Corporation		24,545		956,519
Cardinal Health Incorporated		9,128		392,778
CIGNA Corporation		9,909		444,220
Express Scripts Incorporated«		21,233		1,086,280
Humana Incorporated		29,822		2,654,754
McKesson Corporation		22,996		1,879,233
Medco Health Solutions Incorporated		45,071		2,795,303
UnitedHealth Group Incorporated		51,928		2,689,351
WellPoint Incorporated		37,428		2,407,369
				17,894,595
Pharmaceuticals: 6.49%
Abbott Laboratories		62,826		3,402,028
Bristol-Myers Squibb Company		84,784		2,733,436
Eli Lilly & Company		68,842		2,735,781
Forest Laboratories Incorporated†		63,537		2,019,206
Johnson & Johnson		100,859		6,647,617
Merck & Company Incorporated		127,925		4,894,411
Pfizer Incorporated		313,253		6,703,614
				29,136,093
Industrials: 10.32%
Aerospace & Defense: 3.95%
General Dynamics Corporation		36,647		2,534,507
Honeywell International Incorporated		38,908		2,258,220
L-3 Communications Holdings Incorporated		38,691		2,737,001
Lockheed Martin Corporation		31,365		2,581,967
Northrop Grumman Corporation		44,711		2,595,474
Raytheon Company		46,463		2,229,759
United Technologies Corporation		35,554		2,785,656
				17,722,584
Air Freight & Logistics: 0.63%
FedEx Corporation«		30,931		2,829,877
Airlines: 0.27%
Southwest Airlines Company		125,116		1,198,611

12 Wells Fargo Advantage Disciplined U.S. Core Fund Portfolio of Investments—January 31, 2012 (Unaudited)

Security Name	Shares		Value
Commercial Services & Supplies: 0.07%
RR Donnelley & Sons Company«		29,052	$	330,031
Construction & Engineering: 0.11%
Fluor Corporation		8,470		476,353
Industrial Conglomerates: 1.84%
General Electric Company		441,631		8,262,916
Machinery: 1.79%
Caterpillar Incorporated		4,611		503,152
Cummins Incorporated		23,829		2,478,216
Paccar Incorporated		21,760		961,792
Parker Hannifin Corporation		33,651		2,714,963
Timken Company		13,987		682,985
Xylem Incorporated		26,046		674,852
				8,015,960
Road & Rail: 1.66%
Amerco Corporation		32,092		3,103,938
CSX Corporation		97,779		2,204,916
Norfolk Southern Corporation		14,473		1,044,951
Ryder System Incorporated		11,078		623,470
Union Pacific Corporation		4,214		481,702
				7,458,977
Information Technology: 20.17%
Communications Equipment: 1.87%
QUALCOMM Incorporated		54,219		3,189,162
Cisco Systems Incorporated		264,351		5,189,210
				8,378,372
Computers & Peripherals: 6.80%
Apple Incorporated†		39,743		18,141,885
Dell Incorporated†		169,709		2,924,086
EMC Corporation		91,805		2,364,897
Hewlett-Packard Company		115,105		3,220,638
Seagate Technology plc		36,928		780,658
Western Digital Corporation		84,144		3,058,634
				30,490,798
Electronic Equipment, Instruments & Components: 0.93%
Agilent Technologies Incorporated		12,059		512,146
Amkor Technology Incorporated†«		90,013		515,774
Corning Incorporated		30,086		387,207
Jabil Circuit Incorporated		122,579		2,777,640
				4,192,767
Internet Software & Services: 2.06%
eBay Incorporated		12,929		408,556
Google Incorporated Class A†		9,893		5,739,028
IAC InterActive Corporation		71,975		3,099,963
				9,247,547

Portfolio of Investments—January 31, 2012 (Unaudited) Wells Fargo Advantage Disciplined U.S. Core Fund 13

Security Name	Shares		Value
IT Services: 2.13%
Computer Sciences Corporation		18,499	$	477,829
International Business Machines Corporation		44,135		8,500,401
Total System Services Incorporated		27,849		597,083
				9,575,313
Office Electronics: 0.56%
Xerox Corporation		321,097		2,488,502
Semiconductors & Semiconductor Equipment: 2.63%
Applied Materials Incorporated		197,728		2,428,100
Intel Corporation		241,713		6,386,057
LSI Logic Corporation†		396,154		2,998,886
				11,813,043
Software: 3.19%
Microsoft Corporation		306,479		9,050,325
Oracle Corporation		187,241		5,280,196
				14,330,521
Materials: 2.87%
Chemicals: 1.09%
CF Industries Holdings Incorporated		17,160		3,043,841
Dow Chemical Company		16,965		568,497
Mosaic Company		23,215		1,299,344
				4,911,682
Metals & Mining: 1.24%
Freeport-McMoRan Copper & Gold Incorporated Class B		80,961		3,741,208
Nucor Corporation		10,754		478,445
Silver Standard Resources Incorporated		76,963		1,329,151
				5,548,804
Paper & Forest Products: 0.54%
International Paper Company«		77,244		2,405,378
Telecommunication Services: 2.88%
Diversified Telecommunication Services: 2.78%
AT&T Incorporated		251,063		7,383,763
Verizon Communications Incorporated«		135,415		5,099,729
				12,483,492
Wireless Telecommunication Services: 0.10%
Sprint Nextel Corporation		198,108		419,989
Utilities: 4.45%
Electric Utilities: 2.11%
Duke Energy Corporation«		83,480		1,778,959
Edison International		64,256		2,637,066
Entergy Corporation		36,478		2,530,844
Exelon Corporation«		63,111		2,510,556
				9,457,425

14 Wells Fargo Advantage Disciplined U.S. Core Fund Portfolio of Investments—January 31, 2012 (Unaudited)

Security Name				Shares		Value
Gas Utilities: 0.14%
Questar Corporation					33,405	$	644,048
Independent Power Producers & Energy Traders: 0.38%
AES Corporation†					132,656		1,692,690
Multi-Utilities: 1.82%
Ameren Corporation					80,941		2,560,973
CenterPoint Energy Incorporated					133,090		2,458,172
Public Service Enterprise Group Incorporated					81,776		2,481,084
Sempra Energy					12,041		685,133
							8,185,362
Total Common Stocks (Cost $320,918,625)							442,451,239
	Yield
Short-Term Investments: 8.66%
Investment Companies: 8.66%
Wells Fargo Advantage Cash Investment Money Market Fund, Institutional Class(l)(u)		0.02	%		6,525,583		6,525,583
Wells Fargo Securities Lending Cash Investments, LLC(l)(u)(r)(v)		0.15			32,336,450		32,336,450
Total Short-Term Investments (Cost $38,862,033)							38,862,033

Total Investments in Securities
(Cost $359,780,658)*	107.28	%		481,313,272
Other Assets and Liabilities, Net	(7.28	)		(32,643,365	)
Total Net Assets	100.00	%	$	448,669,907

† Non-income earning security.

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

(l) Investment in an affiliate.

(u) Rate shown is the 7-day annualized yield at period end.

(r) The investment company is exempt from registration under Section 3(c)(7) of the 1940 Act.

(v) Security represents investment of cash collateral received from securities on loan.

* Cost for federal income tax purposes is $361,833,253 and net unrealized appreciation (depreciation) consists of:

Gross unrealized appreciation	$	125,716,036
Gross unrealized depreciation		(6,236,017	)
Net unrealized appreciation	$	119,480,019

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

Statement of Assets and Liabilities—January 31, 2012 (Unaudited) Wells Fargo Advantage Disciplined U.S. Core Fund 15

Assets
Investments
In unaffiliated securities (including securities on loan), at value (see cost below)	$	442,451,239
In affiliated securities, at value (see cost below)		38,862,033
Total investments, at value (see cost below)		481,313,272
Receivable for Fund shares sold		25,896
Receivable for dividends		449,729
Receivable for securities lending income		19,427
Prepaid expenses and other assets		80,863
Total assets		481,889,187
Liabilities
Payable for Fund shares redeemed		409,976
Payable upon receipt of securities loaned		32,336,450
Advisory fee payable		70,830
Distribution fees payable		1,494
Due to other related parties		67,954
Accrued expenses and other liabilities		332,576
Total liabilities		33,219,280
Total net assets	$	448,669,907
NET ASSETS CONSIST OF
Paid-in capital	$	295,339,092
Undistributed net investment income		3,327,280
Accumulated net realized gains on investments		28,470,921
Net unrealized gains on investments		121,532,614
Total net assets	$	448,669,907
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE1
Net assets – Class A	$	254,233,252
Shares outstanding – Class A		18,287,526
Net asset value per share – Class A		$13.90
Maximum offering price per share – Class A2		$14.75
Net assets – Class C	$	8,652,868
Shares outstanding – Class C		644,416
Net asset value per share – Class C		$13.43
Net assets – Administrator Class	$	184,591,373
Shares outstanding – Administrator Class		13,168,711
Net asset value per share – Administrator Class		$14.02
Net assets – Institutional Class	$	1,192,414
Shares outstanding – Institutional Class		85,205
Net asset value per share – Institutional Class		$13.99
Investments in unaffiliated securities, at cost	$	320,918,625
Investments in affiliated securities, at cost	$	38,862,033
Total investments, at cost	$	359,780,658
Securities on loan, at value	$	31,483,274

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.

16 Wells Fargo Advantage Disciplined U.S. Core Fund Statement of Operations—Six Months Ended January 31, 2012 (Unaudited)

Investment income
Dividends	$	5,304,345
Securities lending income, net		61,887
Income from affiliated securities		2,045
Interest		64
Total investment income		5,368,341
Expenses
Advisory fee		690,756
Administration fees
Fund level		115,126
Class A		323,178
Class C		10,610
Administrator Class		101,507
Institutional Class		292
Shareholder servicing fees
Class A		310,748
Class C		10,202
Administrator Class		251,975
Distribution fees
Class C		30,605
Custody and accounting fees		19,267
Professional fees		24,028
Registration fees		22,265
Shareholder report expenses		31,837
Trustees’ fees and expenses		8,738
Other fees and expenses		17,308
Total expenses		1,968,442
Less: Fee waivers and/or expense reimbursements		(11,554	)
Net expenses		1,956,888
Net investment income		3,411,453
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains (losses) on:
Unaffiliated securities		31,167,600
Futures transactions		(575,097	)
Net realized gains on investments		30,592,503
Net change in unrealized gains (losses) on:
Unaffiliated securities		(24,771,163	)
Futures transactions		19,905
Net change in unrealized gains (losses) on investments		(24,751,258	)
Net realized and unrealized gains (losses) on investments		5,841,245
Net increase in net assets resulting from operations	$	9,252,698

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

Statements of Changes in Net Assets Wells Fargo Advantage Disciplined U.S. Core Fund 17

	Six Months Ended January 31, 2012 (Unaudited)						Year Ended July 31, 2011
Operations
Net investment income				$	3,411,453					$	7,666,243
Net realized gains on investments					30,592,503						107,381,301
Net change in unrealized gains (losses) on investments					(24,751,258	)					(1,346,233	)
Net increase in net assets resulting from operations					9,252,698						113,701,311
Distributions to shareholders from
Net investment income
Class A					(4,231,155	)					(124,951	)
Class C					(53,972	)					0
Administrator Class					(3,244,083	)					(212,566	)
Institutional Class					(25,062	)					(8	)
Net realized gains
Class A					(9,085,986	)					0
Class C					(310,411	)					0
Administrator Class					(7,012,529	)					0
Institutional Class					(40,036	)					0
Total distributions to shareholders					(24,003,234	)					(337,525	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		149,613			1,973,072			430,266			5,684,893
Class C		26,749			339,539			35,384			472,116
Administrator Class		238,736			3,161,458			1,012,926			13,285,992
Institutional Class		85,478			1,071,132			0			0
					6,545,201						19,443,001
Reinvestment of distributions
Class A		931,488			12,377,000			8,603			115,201
Class C		17,202			220,814			0			0
Administrator Class		203,569			2,733,877			4,345			58,533
Institutional Class		4,870			65,098			1			8
					15,396,789						173,742
Payment for shares redeemed
Class A		(1,629,903	)		(22,002,289	)		(3,893,101	)		(52,287,068	)
Class C		(39,901	)		(509,121	)		(401,485	)		(5,197,587	)
Administrator Class		(4,319,181	)		(57,887,793	)		(14,937,178	)		(202,387,161	)
Institutional Class		(5,978	)		(78,369	)		0			0
					(80,477,572	)					(259,871,816	)
Net decrease in net assets resulting from capital share transactions					(58,535,582	)					(240,255,073	)
Total decrease in net assets					(73,286,118	)					(126,891,287	)
Net assets
Beginning of period					521,956,025						648,847,312
End of period				$	448,669,907					$	521,956,025
Undistributed net investment income				$	3,327,280					$	7,470,099

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

18 Wells Fargo Advantage Disciplined U.S. Core Fund Financial Highlights

(For a share outstanding throughout each period)

	Six Months Ended January 31, 2012 (Unaudited)			Year Ended July 31,												Year Ended September 30,
Class A				2011			20101			20091			20081,2			20071			20061
Net asset value, beginning of period	$	14.25		$	11.93		$	10.85		$	14.40		$	18.97		$	17.09		$	15.56
Net investment income		0.09			0.16			0.15			0.18			0.14			0.18			0.19
Net realized and unrealized gains (losses) on investments		0.29			2.17			1.09			(3.15	)		(2.58	)		2.48			1.53
Total from investment operations		0.38			2.33			1.24			(2.97	)		(2.44	)		2.66			1.72
Distributions to shareholders from
Net investment income		(0.23	)		(0.01	)		(0.16	)		(0.17	)		(0.14	)		(0.18	)		(0.19	)
Net realized gains		(0.50	)		0.00			0.00			(0.41	)		(1.99	)		(0.60	)		0.00
Total distributions to shareholders		(0.73	)		(0.01	)		(0.16	)		(0.58	)		(2.13	)		(0.78	)		(0.19	)
Net asset value, end of period	$	13.90		$	14.25		$	11.93		$	10.85		$	14.40		$	18.97		$	17.09
Total return3		2.98	%		19.50	%		11.39	%		(20.07	)%		(14.06	)%		15.98	%		11.13	%
Ratios to average net assets (annualized)
Gross expenses		0.91	%		0.93	%		0.76	%		1.00	%		0.94	%		0.89	%		0.82	%
Net expenses		0.91	%		0.92	%		0.76	%		1.00	%		0.94	%		0.89	%		0.81	%
Net investment income		1.40	%		1.18	%		1.27	%		1.71	%		1.12	%		0.92	%		1.20	%
Supplemental data
Portfolio turnover rate		53	%		64	%		63	%		30	%		29	%		71	%		52	%
Net assets, end of period (000’s omitted)		$254,233			$268,460			$265,835			$243,049			$348,350			$513,074			$115,630

1. After the close of business on July 16, 2010, the Fund acquired the net assets of Evergreen Enhanced S&P 500 Fund which became accounting and performance survivor in the transaction. The information for the periods prior to July 19, 2010 is that of Class A of Evergreen Enhanced S&P 500 Fund.

2. For the ten months ended July 31, 2008. The Fund changed its fiscal year end from September 30 to July 31, effective July 31, 2008.

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 Disciplined U.S. Core Fund 19

(For a share outstanding throughout each period)

	Six Months Ended January 31, 2012 (Unaudited)			Year Ended July 31,												Year Ended September 30,
Class C				2011			20101			20091			20081,2			20071			20061
Net asset value, beginning of period	$	13.69		$	11.54		$	10.50		$	13.95		$	18.45		$	16.64		$	15.17
Net investment income		0.04			0.05			0.06			0.11			0.05			0.04	3		0.07	3
Net realized and unrealized gains (losses) on investments		0.28			2.10			1.04			(3.06	)		(2.51	)		2.42			1.49
Total from investment operations		0.32			2.15			1.10			(2.95	)		(2.46	)		2.46			1.56
Distributions to shareholders from
Net investment income		(0.08	)		0.00			(0.06	)		(0.09	)		(0.05	)		(0.05	)		(0.09	)
Net realized gains		(0.50	)		0.00			0.00			(0.41	)		(1.99	)		(0.60	)		0.00
Total distributions to shareholders		(0.58	)		0.00			(0.06	)		(0.50	)		(2.04	)		(0.65	)		(0.09	)
Net asset value, end of period	$	13.43		$	13.69		$	11.54		$	10.50		$	13.95		$	18.45		$	16.64
Total return4		2.63	%		18.63	%		10.51	%		(20.65	)%		(14.58	)%		15.10	%		10.29	%
Ratios to average net assets (annualized)
Gross expenses		1.66	%		1.68	%		1.51	%		1.76	%		1.69	%		1.63	%		1.56	%
Net expenses		1.66	%		1.67	%		1.51	%		1.76	%		1.69	%		1.63	%		1.55	%
Net investment income		0.65	%		0.44	%		0.52	%		0.95	%		0.36	%		0.24	%		0.45	%
Supplemental data
Portfolio turnover rate		53	%		64	%		63	%		30	%		29	%		71	%		52	%
Net assets, end of period (000’s omitted)		$8,653			$8,768			$11,613			$11,462			$10,409			$12,331			$7,944

1. After the close of business on July 16, 2010, the Fund acquired the net assets of Evergreen Enhanced S&P 500 Fund which became accounting and performance survivor in the transaction. The information for the periods prior to July 19, 2010 is that of Class C of Evergreen Enhanced S&P 500 Fund.

2. For the ten months ended July 31, 2008. The Fund changed its fiscal year end from September 30 to July 31, effective July 31, 2008.

3. Calculated based upon average shares outstanding.

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

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

20 Wells Fargo Advantage Disciplined U.S. Core Fund Financial Highlights

(For a share outstanding throughout each period)

	Six Months Ended January 31, 2012 (Unaudited)			Year Ended July 31,												Year Ended September 30,
Administrator Class				2011			20101			20091			20081,2			20071			20061
Net asset value, beginning of period	$	14.36		$	11.99		$	10.92		$	14.48		$	19.06		$	17.16		$	15.62
Net investment income		0.11	3		0.19	3		0.20			0.22			0.19			0.23			0.24
Net realized and unrealized gains (losses) on investments		0.28			2.19			1.06			(3.17	)		(2.61	)		2.49			1.53
Total from investment operations		0.39			2.38			1.26			(2.95	)		(2.42	)		2.72			1.77
Distributions to shareholders from
Net investment income		(0.23	)		(0.01	)		(0.19	)		(0.20	)		(0.17	)		(0.22	)		(0.23	)
Net realized gains		(0.50	)		0.00			0.00			(0.41	)		(1.99	)		(0.60	)		0.00	)
Total distributions to shareholders		(0.73	)		(0.01	)		(0.19	)		(0.61	)		(2.16	)		(0.82	)		(0.23	)
Net asset value, end of period	$	14.02		$	14.36		$	11.99		$	10.92		$	14.48		$	19.06		$	17.16
Total return4		3.06	%		19.84	%		11.51	%		(19.81	)%		(13.89	)%		16.28	%		11.44	%
Ratios to average net assets (annualized)
Gross expenses		0.75	%		0.77	%		0.52	%		0.75	%		0.69	%		0.62	%		0.56	%
Net expenses		0.74	%		0.74	%		0.52	%		0.75	%		0.69	%		0.62	%		0.55	%
Net investment income		1.61	%		1.37	%		1.53	%		1.99	%		1.36	%		1.25	%		1.45	%
Supplemental data
Portfolio turnover rate		53	%		64	%		63	%		30	%		29	%		71	%		52	%
Net assets, end of period (000’s omitted)		$184,591			$244,716			$371,389			$484,594			$942,112			$1,592,166			$1,722,790

1. After the close of business on July 16, 2010, the Fund acquired the net assets of Evergreen Enhanced S&P 500 Fund which became accounting and performance survivor in the transaction. The information for the periods prior to July 19, 2010 is that of Class I of Evergreen Enhanced S&P 500 Fund.

2. For the ten months ended July 31, 2008. The Fund changed its fiscal year end from September 30 to July 31, effective July 31, 2008.

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 Disciplined U.S. Core Fund 21

(For a share outstanding throughout each period)

	Six Months Ended January 31, 2012 (Unaudited)			Year Ended July 31,
Institutional Class				2011			20101
Net asset value, beginning of period	$	14.39		$	11.99		$	11.99
Net investment income		0.11	2		0.22			0.00
Net realized and unrealized gains (losses) on investments		0.29			2.19			0.00
Total from investment operations		0.40			2.41			0.00
Distributions to shareholders from
Net investment income		(0.30	)		(0.01	)		0.00
Net realized gains		(0.50	)		0.00			0.00
Total distributions to shareholders		(0.80	)		(0.01	)		0.00
Net asset value, end of period	$	13.99		$	14.39		$	11.99
Total return3		3.19	%		20.10	%		0.00	%
Ratios to average net assets (annualized)
Gross expenses		0.49	%		0.51	%		0.00	%
Net expenses		0.48	%		0.47	%		0.00	%
Net investment income		1.62	%		1.62	%		0.00	%
Supplemental data
Portfolio turnover rate		53	%		64	%		63	%
Net assets, end of period (000’s omitted)		$1,192			$12			$10

1. For the period from July 30, 2010 (commence of class operations) to July 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.

22 Wells Fargo Advantage Disciplined U.S. Core 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”). These financial statements report on Wells Fargo Advantage Disciplined U.S. Core 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

Investments in equity securities are valued each business day as of the close of regular trading on the New York Stock Exchange, which is usually 4:00 p.m. (Eastern Time). Securities which are traded on a national or foreign securities exchange are valued at the last reported sales price, except that securities listed on The Nasdaq Stock Market, Inc. (“Nasdaq”) are valued at the Nasdaq Official Closing Price (“NOCP”), and if no NOCP is available, then at the last reported sales price. If no sales price is shown on the Nasdaq, the bid price will be used. In the absence of any sale of securities listed on the Nasdaq, and in the case of other securities (including U.S. Government obligations, but excluding debt securities maturing in 60 days or less), the price will be deemed “stale” and the valuations will be determined in accordance with the Fund’s Fair Value Procedures.

Debt securities of sufficient credit quality with original maturities of 60 days or less generally are valued at amortized cost which approximates fair value. The amortized cost method involves valuing a security at its cost, plus accretion of discount or minus amortization of premium over the period until maturity.

Investments in open-end mutual funds and non-registered investment companies are generally 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 by procedures established in good faith and approved by the Board of Trustees.

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 Wells Fargo Securities Lending Cash Investments, LLC (the “Cash Collateral Fund”). The Cash Collateral Fund is exempt from registration under Section 3(c)(7) of the 1940 Act and is managed by Wells Fargo Funds Management LLC (“Funds Management”) and is sub-advised by Wells Capital Management Incorporated (“Wells Capital Management”). Funds Management receives an advisory fee starting at 0.05% and declining to 0.01% as the average daily net assets of the Cash Collateral Fund increase. All of the fees received by Funds Management are paid to Wells Capital Management for its services as sub-adviser. The Cash Collateral 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. Cash Collateral Fund investments are fair valued based upon the amortized cost valuation technique. Income earned from investment in the Cash Collateral Fund is included in securities lending income on the Statement of Operations.

Notes to Financial Statements (Unaudited) Wells Fargo Advantage Disciplined U.S. Core Fund 23

Futures contracts

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

Futures contracts are valued based upon their quoted daily settlement prices when available. 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 reported on the basis of identified cost of securities delivered.

Dividend income is recognized on the ex-dividend date.

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

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 income tax regulations, which may differ from 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.

Under the recently enacted Regulated Investment Company Modernization Act of 2010, the Fund is permitted to carry forward capital losses incurred in taxable years which began after December 22, 2010 for an unlimited period. However, any losses incurred are required to be utilized prior to the losses incurred in pre-enactment taxable years. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law.

Class allocations

The separate classes of shares offered by the Fund differ principally in applicable sales charges, distribution, shareholder servicing and administration fees. Shareholders of each class bear certain expenses that pertain to that particular class. All shareholders bear the common expenses of the Fund, earn income from the portfolio, and are allocated unrealized gains and losses pro rata based on the average daily net assets of each class, without distinction between share classes. Dividends are determined separately for each class based on income and expenses allocable to each class. Realized gains and losses are allocated to each class pro rata based upon the net assets of each class on the date realized. Differences in per share dividend rates generally result from the relative weightings of pro rata income and realized gain allocations and from differences in separate class expenses, including distribution, shareholder servicing and administration fees.

24 Wells Fargo Advantage Disciplined U.S. Core Fund Notes to Financial Statements (Unaudited)

3. FAIR VALUATION MEASUREMENTS

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

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

n Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, 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 securities are not necessarily an indication of the risk associated with investing in those securities.

As of January 31, 2012, the inputs used in valuing the Fund’s assets, which are carried at fair value, were as follows:

Investments in Securities	Quoted Prices (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Equity securities
Common stocks	$	442,451,239	$	0	$	0	$	442,451,239
Short-term investments
Investment companies		6,525,583		32,336,450		0		38,862,033
	$	448,976,822	$	32,336,450	$	0	$	481,313,272

Transfers in and transfers out are recognized at the end of the reporting period. For the six months ended January 31, 2012, the Fund did not have any significant transfers into/out of Level 1 and Level 2.

Further details on the major security types listed above can be found in the Portfolio of Investments.

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 sub-adviser, who is responsible for day-to-day portfolio management of the Fund.

Pursuant to the contract, Funds Management is entitled to receive an annual advisory fee starting at 0.30% and declining to 0.25% as the average daily net assets of the Fund increase. For the six months ended January 31, 2012, the advisory fee was equivalent to an annual rate of 0.30% of the Fund’s average daily net assets.

Funds Management may retain the services of certain sub-advisers to provide daily portfolio management to the Fund. The fees related to sub-advisory services are borne directly by Funds Management and do not increase the overall fees paid by the Fund. Golden Capital Management, LLC, an affiliate of Funds Management, is the sub-adviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.25% and declining to 0.15% as the average daily net assets of the Fund increase. Prior to October 1, 2011, Wells Capital Management, also an affiliate of Funds Management, was the sub-adviser to the Fund and received a fee from Funds Management at the same rates as is currently paid to Golden Capital Management, LLC.

Administration and transfer agent 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 Disciplined U.S. Core Fund 25

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 July 18, 2013 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 0.92% for Class A, 1.67% for Class C, 0.74% for Administrator Class and 0.48% for Institutional Class.

Distribution fees

The Trust has adopted a Distribution Plan for Class C shares of the Fund pursuant to Rule 12b-1 under the 1940 Act. Distribution fees are 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.

For the six months ended January 31, 2012, Wells Fargo Funds Distributor, LLC received $1,162 from the sale of Class A shares and $4 and $37 in contingent deferred sales charges from redemptions of Class A and Class C shares, respectively.

Shareholder servicing fees

The Trust has entered into contracts with one or more shareholder servicing agents, whereby Class A, Class 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 (securities with maturities of one year or less at purchase date), for the six months ended January 31, 20012 were $243,495,956 and $323,278,985, respectively.

6. DERIVATIVE TRANSACTIONS

During the six months ended January 31, 2012, the Fund used uninvested cash to enter into futures contracts to gain market exposure.

As of January 31, 2012, the Fund did not have any open futures contracts but had an average notional amount of $3,389,855 in long futures contracts during the six months ended January 31, 2012.

The realized gains and change in unrealized gains (losses) on futures contracts are reflected in the Statement of Operations.

7. BANK BORROWINGS

The Trust (excluding the money market funds) and Wells Fargo Variable Trust are parties to a $150,000,000 revolving credit agreement with State Street Bank and Trust Company, 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. Prior to September 6, 2011, the revolving credit agreement was for $125,000,000 and the annual commitment fee paid by the Fund was 0.125% of the unused balance. For the six months ended January 31, 2012, the Fund paid $263 in commitment fees.

26 Wells Fargo Advantage Disciplined U.S. Core Fund Notes to Financial Statements (Unaudited)

For the six months ended January 31, 2012, there were no borrowings by the Fund under the agreement.

8. INDEMNIFICATION

Under the Trust’s organizational documents, the officers and directors are indemnified against certain liabilities that may arise out of performance of their duties to the Trust. Additionally, in the normal course of business, the Trust may enter 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. NEW ACCOUNTING PRONOUNCEMENTS

In May 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2011-04 “Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs”. ASU No. 2011-04 amends FASB ASC Topic 820, Fair Value Measurements and Disclosures, to establish common requirements for measuring fair value and for disclosing information about fair value measurements in accordance with GAAP. The ASU is effective prospectively for interim and annual periods beginning after December 15, 2011. Management expects that adoption of the ASU will result in additional disclosures in the financial statements, as applicable.

In April 2011, FASB issued ASU No. 2011-03 “Reconsideration of Effective Control for Repurchase Agreements”. ASU No. 2011-03 amends FASB ASC Topic 860, Transfers and Servicing, specifically the criteria required to determine whether a repurchase agreement (repo) and similar agreements should be accounted for as sales of financial assets or secured borrowings with commitments. ASU No. 2011-03 changes the assessment of effective control by focusing on the transferor’s contractual rights and obligations and removing the criterion to assess its ability to exercise those rights or honor those obligations. This could result in changes to the way entities account for certain transactions including repurchase agreements, mortgage dollar rolls and reverse repurchase agreements. The ASU will become effective on a prospective basis for new transfers and modifications to existing transactions as of the beginning of the first interim or annual period beginning on or after December 15, 2011. Management has evaluated the impact of adopting the ASU and expects no significant changes.

Other Information (Unaudited) Wells Fargo Advantage Disciplined U.S. Core Fund 27

PROXY VOTING INFORMATION

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by calling 1-800-222-8222, visiting our Web site at wellsfargoadvantagefunds.com, or visiting the SEC Web site 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 without charge on the Fund’s Web site at wellsfargoadvantagefunds.com or by visiting the SEC Web site at sec.gov.

PORTFOLIO HOLDINGS INFORMATION

The complete portfolio holdings for the Fund are publicly available on the Fund’s Web site (wellsfargoadvantagefunds.com) on a monthly, 30-day or more delayed basis. In addition, top ten holdings information for the Fund is publicly available on the Fund’s Web site 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 without charge by visiting the SEC Web site 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 Disciplined U.S. Core Fund Other Information (Unaudited)

BOARD OF TRUSTEES

The following table provides basic information about the Board of Trustees (the “Trustees”) of the Trust and Officers of the Trust. This table should be read in conjunction with the Prospectus and the Statement of Additional Information¹ of the Fund. Each of the Trustees and Officers listed below acts in identical capacities for the Wells Fargo Advantage family of funds, which consists of 137 funds comprising the Wells Fargo Funds Trust, Wells Fargo Variable Trust, Wells Fargo Master Trust and four closed-end funds (collectively the “Fund Complex”). All of the Trustees are also Members of the Audit and Governance Committees of each Trust in the Fund Complex. 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	Other Directorships During Past Five Years
Peter G. Gordon (Born 1942)	Trustee, since 1998; Chairman, since 2005 (Lead Trustee since 2001)	Co-Founder, Retired Chairman, President and CEO of Crystal Geyser Water Company. Trustee Emeritus, Colby College	Asset Allocation Trust
Isaiah Harris, Jr. (Born 1952)	Trustee, since 2009	Retired. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Mr. Harris is a certified public accountant.	CIGNA Corporation; Deluxe Corporation; Asset Allocation Trust
Judith M. Johnson (Born 1949)	Trustee, since 2008	Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant.	Asset Allocation Trust
Leroy Keith, Jr. (Born 1939)	Trustee, since 2010	Chairman, Bloc Global Services (development and construction). Trustee of the Evergreen Funds from 1983 to 2010. Former Managing Director, Almanac Capital Management (commodities firm), former Partner, Stonington Partners, Inc. (private equity fund), former Director, Obagi Medical Products Co. and former Director, Lincoln Educational Services.	Trustee, Virtus Fund Complex (consisting of 40 portfolios as of 12/31/11); 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, Director of Corporate Governance Research Program 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 Disciplined U.S. Core Fund 29

Name and Year of Birth	Position Held and Length of Service	Principal Occupations During Past Five Years	Other Directorships During Past Five Years
Timothy J. Penny (Born 1951)	Trustee, since 1996	President and CEO of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007 and Senior Fellow at the Humphrey Institute Policy Forum at the University of Minnesota since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	Asset Allocation Trust
Michael S. Scofield (Born 1943)	Trustee, since 2010	Served on the Investment Company Institute’s Board of Governors and Executive Committee from 2008-2011 as well the Governing Council of the Independent Directors Council from 2006-2011 and the Independent Directors Council Executive Committee from 2008-2011. Chairman of the IDC from 2008-2010. Institutional Investor (Fund Directions) Trustee of Year in 2007. Trustee of the Evergreen Funds (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 and former Director and Chairman, Branded Media Corporation (multi-media branding company).	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 Free Trust (non-profit corporation). Director of the American Chestnut Foundation (non-profit corporation).	Asset Allocation Trust

Officers

Name and Year of Birth	Position Held and Length of Service	Principal Occupations During Past Five Years
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. Senior Vice President and Chief Administrative Officer of Wells Fargo Funds Management, LLC from 2001 to 2003.
C. David Messman (Born 1960)	Secretary, since 2000; Chief Legal Counsel, since 2003	Senior Vice President and Secretary of Wells Fargo Funds Management, LLC since 2001. Vice President and Managing Senior Counsel of Wells Fargo Bank, N.A. since 1996.
Kasey Phillips (Born 1970)	Treasurer, since 2009	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2006 to 2010. Treasurer of the Evergreen Funds from 2005 to 2010.
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 DePalma (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.
Debra Ann Early (Born 1964)	Chief Compliance Officer, since 2007	Chief Compliance Officer of Wells Fargo Funds Management, LLC since 2007. Chief Compliance Officer of Parnassus Investments from 2005 to 2007. Chief Financial Officer of Parnassus Investments from 2004 to 2007 and Senior Audit Manager of PricewaterhouseCoopers LLP from 1998 to 2004.

1. 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 Web site at wellsfargoadvantagefunds.com.

30 Wells Fargo Advantage Disciplined U.S. Core Fund List of Abbreviations

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

ACB —  Agricultural Credit Bank

ADR —  American Depository Receipt

ADS —  American Depository Shares

AGC-ICC —  Assured Guaranty Corporation - Insured Custody Certificates

AGM —  Assured Guaranty Municipal

AMBAC —  American Municipal Bond Assurance Corporation

AMT —  Alternative Minimum Tax

AUD —  Australian Dollar

BAN —  Bond Anticipation Notes

BHAC —  Berkshire Hathaway Assurance Corporation

BRL —  Brazil 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 —  Certificate of Participation

CR —  Custody Receipts

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

FFCB —  Federal Farm Credit Bank

FGIC —  Financial Guaranty Insurance Corporation

FHA —  Federal Housing Authority

FHLB —  Federal Home Loan Bank

FHLMC —  Federal Home Loan Mortgage Corporation

FNMA —  Federal National Mortgage Association

FSA —  Farm Service Agency

GBP —  Great British Pound

GDR —  Global Depository 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

HUF —  Hungarian Forint

IBC —  Insured Bond Certificate

IDA —  Industrial Development Authority

IDAG —  Industrial Development Agency

IDR —  Industrial Development Revenue

IEP —  Irish Pound

JPY —  Japanese Yen

KRW —  Republic of Korea Won

LIBOR —  London Interbank Offered Rate

LLC —  Limited Liability Company

LLP —  Limited Liability Partnership

LOC —  Letter of Credit

LP —  Limited Partnership

MBIA —  Municipal Bond Insurance Association

MFHR —  Multi-Family Housing Revenue

MSTR —  Municipal Securities Trust Receipts

MTN —  Medium Term Note

MUD —  Municipal Utility District

MXN —  Mexican Peso

MYR —  Malaysian Ringgit

NATL-RE —  National Public Finance Guarantee Corporation

NOK —  Norwegian Krone

NZD —  New Zealand Dollar

PCFA —  Pollution Control Finance Authority

PCR —  Pollution Control Revenue

PFA —  Public Finance Authority

PFFA —  Public Facilities Financing Authority

PFOTER —  Puttable Floating Option Tax-Exempt Receipts

plc —  Public Limited Company

PLN —  Polish Zloty

PUTTER —  Puttable Tax-Exempt Receipts

R&D —  Research & Development

RDA —  Redevelopment Authority

RDFA —  Redevelopment Finance Authority

REIT —  Real Estate Investment Trust

ROC —  Reset Option Certificates

SAVRS —  Select Auction Variable Rate Securities

SBA —  Small Business Authority

SEK —  Swedish Krona

SFHR —  Single Family Housing Revenue

SFMR —  Single Family Mortgage Revenue

SGD —  Singapore Dollar

SKK —  Slovakian Koruna

SPDR —  Standard & Poor’s Depositary Receipts

TAN —  Tax Anticipation Notes

TBA —  To Be Announced

TIPS —  Treasury Inflation-Protected Securities

TRAN —  Tax Revenue Anticipation Notes

TCR —  Transferable Custody Receipts

TRY —  Turkish Lira

TTFA —  Transportation Trust Fund Authority

TVA —  Tennessee Valley Authority

XLCA —  XL Capital Assurance

ZAR —  South African Rand

FOR MORE INFORMATION

More information about Wells Fargo Advantage Funds is available free upon request. To obtain literature, please write, e-mail, visit the Fund’s Web site, or call:

Wells Fargo Advantage Funds

P.O. Box 8266

Boston, MA 02266-8266

E-mail: wfaf@wellsfargo.com

Web site: 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. For a prospectus containing more complete information, including charges and expenses, call 1-800-222-8222 or visit the Fund’s Web site at wellsfargoadvantagefunds.com. Please consider the investment objectives, risks, charges, and expenses of the investment carefully before investing. This and other information about Wells Fargo Advantage Funds can be found in the current prospectus. 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

© 2012 Wells Fargo Funds Management, LLC. All rights reserved.

277944 03-12 SA203/SAR203 1-12

Wells Fargo Advantage

Endeavor Select Fund^SM

Semi-Annual Report

January 31, 2012

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Contents

Letter to Shareholders	2
Performance Highlights	5
Fund Expenses	7
Portfolio of Investments	8
Financial Statements
Statement of Assets and Liabilities	11
Statement of Operations	12
Statements of Changes in Net Assets	13
Financial Highlights	14
Notes to Financial Statements	19
Other Information	24
List of Abbreviations	27

The views expressed and any forward-looking statements are as of January 31, 2012, 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, disclaims any obligation to publicly update or revise any views expressed or forward-looking statements.

NOT FDIC INSURED  ¡  NO BANK GUARANTEE  ¡   MAY LOSE VALUE

WELLS FARGO INVESTMENT HISTORY

1932	Keystone creates one of the first mutual fund families.
1971	Wells Fargo & Company introduces one of the first institutional index funds.
1978	Wells Fargo applies Markowitz and Sharpe’s research on Modern Portfolio Theory to introduce one of the industry’s first Tactical Asset Allocation (TAA) models in institutional separately managed accounts.
1984	Wells Fargo Stagecoach Funds launches its first asset allocation fund.
1989	The Tactical Asset Allocation (TAA) Model is first applied to Wells Fargo’s asset allocation mutual funds.
1994	Wells Fargo introduces the LifePath Funds, one of the first suites of target date funds (now the Wells Fargo Advantage Dow Jones Target Date FundsSM ).
1996	Evergreen Investments and Keystone Funds merge.
1997	Wells Fargo launches Wells Fargo Advantage WealthBuilder PortfoliosSM, a fund-of-funds suite of products that includes the use of quantitative models to shift assets among investment styles.
1999	Norwest Advantage Funds and Stagecoach Funds are reorganized into Wells Fargo Funds after the merger of Norwest and Wells Fargo.
2002	Evergreen Retail and Evergreen Institutional companies form the umbrella asset management company, Evergreen Investments.
2005	The integration of Strong Funds with Wells Fargo Funds creates Wells Fargo Advantage Funds, resulting in one of the top 20 mutual fund companies in the United States.
2006	Wells Fargo Advantage Funds relaunches the target date product line as Wells Fargo Advantage Dow Jones Target Date Funds.
2010	The mergers and reorganizations of Evergreen and Wells Fargo Advantage mutual funds are completed, unifying the families under the brand of Wells Fargo Advantage Funds.

Wells Fargo Advantage Funds^®

Wells Fargo Advantage Funds skillfully guides institutions, financial advisors, and individuals through the investment terrain to help them reach their financial objectives. Everything we do on behalf of investors is backed by our unique combination of qualifications.

Strength

Our organization is built on the standards of integrity and service established by our parent company—Wells Fargo & Company—more than 150 years ago. And, because we’re part of a highly diversified financial enterprise, we offer the depth of resources to help investors succeed.

Expertise

Our multi-boutique model offers investors access to the independent thinking of premier investment managers that have been chosen for their time-tested strategies. While each team specializes in a specific investment strategy, collectively they provide investors a wide choice of distinct investment styles. Our dedication to investment excellence doesn’t end with our expertise in manager selection—risk management, analysis, and rigorous ongoing review seek to ensure each manager’s investment process remains consistent.

Partnership

Our collaborative approach is built around understanding the needs and goals of our clients. By adhering to core principles of sound judgment and steady guidance, we support you through every stage of the investment decision process.

Carefully consider a fund’s investment objectives, risks, charges, and expenses before investing. For a current prospectus and, if available, a summary prospectus, containing this and other information, visit wellsfargoadvantagefunds.com. Read it carefully before investing.

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.

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

NOT FDIC INSURED  ¡  NO BANK GUARANTEE  ¡   MAY LOSE VALUE

Not part of the semi-annual report.

Wells Fargo Advantage Funds offers more than 110 mutual funds across a wide range of asset classes, representing over $217 billion in assets under management, as of January 31, 2012.

Equity Funds
Asia Pacific Fund	Equity Value Fund	Precious Metals Fund
C&B Large Cap Value Fund	Global Opportunities Fund	Premier Large Company Growth Fund
C&B Mid Cap Value Fund	Growth Fund	Small Cap Opportunities Fund
Capital Growth Fund	Index Fund	Small Cap Value Fund
Common Stock Fund	International Equity Fund	Small Company Growth Fund
Disciplined U.S. Core Fund	International Value Fund	Small Company Value Fund
Discovery Fund†	Intrinsic Small Cap Value Fund	Small/Mid Cap Core Fund
Diversified Equity Fund	Intrinsic Value Fund	Small/Mid Cap Value Fund
Diversified International Fund	Intrinsic World Equity Fund	Special Mid Cap Value Fund
Diversified Small Cap Fund	Large Cap Core Fund	Special Small Cap Value Fund
Emerging Growth Fund	Large Cap Growth Fund	Specialized Technology Fund
Emerging Markets Equity Fund	Large Company Value Fund	Strategic Large Cap Growth Fund
Endeavor Select Fund†	Omega Growth Fund	Traditional Small Cap Growth Fund
Enterprise Fund†	Opportunity Fund†	Utility and Telecommunications Fund
Bond Funds
Adjustable Rate Government Fund	Inflation-Protected Bond Fund	Short-Term Bond Fund
California Limited-Term Tax-Free Fund	Intermediate Tax/AMT-Free Fund	Short-Term High Yield Bond Fund
California Tax-Free Fund	International Bond Fund	Short-Term Municipal Bond Fund
Colorado Tax-Free Fund	Minnesota Tax-Free Fund	Strategic Municipal Bond Fund
Government Securities Fund	Municipal Bond Fund	Total Return Bond Fund
High Income Fund	North Carolina Tax-Free Fund	Ultra Short-Term Income Fund
High Yield Bond Fund	Pennsylvania Tax-Free Fund	Ultra Short-Term Municipal Income Fund
Income Plus Fund	Short Duration Government Bond Fund	Wisconsin Tax-Free Fund
Asset Allocation Funds
Absolute Return Fund	WealthBuilder Equity Portfolio†	Target 2020 Fund†
Asset Allocation Fund	WealthBuilder Growth Allocation Portfolio†	Target 2025 Fund†
Conservative Allocation Fund	WealthBuilder Growth Balanced Portfolio†	Target 2030 Fund†
Diversified Capital Builder Fund	WealthBuilder Moderate Balanced Portfolio†	Target 2035 Fund†
Diversified Income Builder Fund	WealthBuilder Tactical Equity Portfolio†	Target 2040 Fund†
Growth Balanced Fund	Target Today Fund†	Target 2045 Fund†
Index Asset Allocation Fund	Target 2010 Fund†	Target 2050 Fund†
Moderate Balanced Fund	Target 2015 Fund†	Target 2055 Fund†
WealthBuilder Conservative Allocation Portfolio†
Money Market Funds
100% Treasury Money Market Fund	Heritage Money Market Fund†	National Tax-Free Money Market Fund
California Municipal Money Market Fund	Money Market Fund	Prime Investment Money Market Fund
Cash Investment Money Market Fund	Municipal Cash Management Money Market Fund	Treasury Plus Money Market Fund
Government Money Market Fund	Municipal Money Market Fund
Variable Trust Funds1
VT Discovery Fund†	VT Intrinsic Value Fund	VT Small Cap Growth Fund
VT Index Asset Allocation Fund	VT Omega Growth Fund	VT Small Cap Value Fund
VT International Equity Fund	VT Opportunity Fund†	VT Total Return Bond Fund

An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Wells Fargo Advantage Money Market Funds seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in a money market fund.

1. The Variable Trust Funds are generally available only through insurance company variable contracts.

† In this report, the Wells Fargo Advantage Discovery Fund^SM, Wells Fargo Advantage Endeavor Select Fund^SM, Wells Fargo Advantage Enterprise Fund^SM, Wells Fargo Advantage Opportunity Fund^SM, Wells Fargo Advantage WealthBuilder Conservative Allocation Portfolio^SM, Wells Fargo Advantage WealthBuilder Equity Portfolio^SM, Wells Fargo Advantage WealthBuilder Growth Allocation Portfolio^SM, Wells Fargo Advantage WealthBuilder Growth Balanced Portfolio^SM, Wells Fargo Advantage WealthBuilder Moderate Balanced Portfolio^SM, Wells Fargo Advantage WealthBuilder Tactical Equity Portfolio^SM, Wells Fargo Advantage Dow Jones Target Today Fund^SM, Wells Fargo Advantage Dow Jones Target 2010 Fund^SM, Wells Fargo Advantage Dow Jones Target 2015 Fund^SM, Wells Fargo Advantage Dow Jones Target 2020 Fund^SM, Wells Fargo Advantage Dow Jones Target 2025 Fund^SM, Wells Fargo Advantage Dow Jones Target 2030 Fund^SM, Wells Fargo Advantage Dow Jones Target 2035 Fund^SM, Wells Fargo Advantage Dow Jones Target 2040 Fund^SM, Wells Fargo Advantage Dow Jones Target 2045 Fund^SM, Wells Fargo Advantage Dow Jones Target 2050 Fund^SM, Wells Fargo Advantage Dow Jones Target 2055 Fund^SM, Wells Fargo Advantage Heritage Money Market Fund^SM, Wells Fargo Advantage VT Discovery Fund^SM, and Wells Fargo Advantage VT Opportunity Fund^SM are referred to as the Discovery Fund, Endeavor Select Fund, Enterprise Fund, Opportunity Fund, WealthBuilder Conservative Allocation Portfolio, WealthBuilder Equity Portfolio, WealthBuilder Growth Allocation Portfolio, WealthBuilder Growth Balanced Portfolio, WealthBuilder Moderate Balanced Portfolio, WealthBuilder Tactical Equity Portfolio, Target Today Fund, Target 2010 Fund, Target 2015 Fund, Target 2020 Fund, Target 2025 Fund, Target 2030 Fund, Target 2035 Fund, Target 2040 Fund, Target 2045 Fund, Target 2050 Fund, Target 2055 Fund, Heritage Money Market Fund, VT Discovery Fund, and VT Opportunity Fund, respectively.

Not part of the semi-annual report.

2 Wells Fargo Advantage Endeavor Select Fund Letter to Shareholders

Karla M. Rabusch,

President

Wells Fargo Advantage Funds

The period was marked by increased confidence that the U.S. economy was staging a fragile recovery, offset by continued concerns about the possible effect on the global economy of the ongoing European sovereign debt crisis—which began in Greece and later spread to the larger economies of Italy and Spain.

The slow-motion debt crisis in the eurozone was a major headwind to both domestic and global stock market indexes.

Dear Valued Shareholder:

We’re pleased to offer you this semi-annual report for the Wells Fargo Advantage Endeavor Select Fund for the six-month period that ended January 31, 2012. The period was marked by increased confidence that the U.S. economy was staging a fragile recovery, offset by continued concerns about the possible effect on the global economy of the ongoing European sovereign debt crisis—which began in Greece and later spread to the larger economies of Italy and Spain. Most U.S. stock indexes posted gains for the period, even if only modest ones.

Worries gave way to guarded optimism for the U.S. economy.

The period began with worries that the U.S. economy was returning to recession. Revised figures for gross domestic product (GDP) indicated that the U.S. economy grew by an annualized rate of only 0.8% in the first half of 2011. Moreover, although the July 2011 Institute for Supply Management (ISM) manufacturing survey suggested that factories continued to expand, the rate of expansion was lower than in previous months. The prolonged debate over whether and how to raise the U.S. debt ceiling—which only ended on July 31, 2011—also depressed market sentiment by highlighting the country’s political divisions.

The stock market remained volatile throughout September. By late October, however, stronger economic data led to greater optimism and higher stock prices. Revised real GDP growth came in at 1.8% in the third quarter of 2011 and 2.8% in the fourth quarter, suggesting that the recovery was on firmer footing. Economic growth was not evenly distributed, though, as December 2011 retail same-store sales generally showed stronger growth for retailers targeting affluent customers than for those targeting the broad middle class. The reported unemployment rate also showed some signs of improvement, falling from 9.1% in August 2011 to 8.3% in January 2012. However, this decline in the unemployment rate was accompanied by an increase in the number of Americans not in the labor force, raising concerns about the economy’s ability to generate jobs.

The eurozone had continued trouble.

The slow-motion debt crisis in the eurozone was a major headwind to both domestic and global stock market indexes. The worsening debt and deficit numbers for Greece in late 2011 and early 2012 cast doubt on the country’s ability to service its debt under the plan put in place by the European Union and the International Monetary Fund and put the ongoing drama of the European sovereign debt crisis back on center stage. Investors became increasingly concerned that Greece would default on its debt, a scenario that only seemed more likely as many Greeks rioted in response to greater budgetary austerity and the discussion moved from whether private investors would take a loss on their Greek debt to how big the loss would be. Because many eurozone banks owned Greek debt and many U.S. banks had financial ties to eurozone banks, investors worried about the effect of such an event on the financial system and the global economy.

Even as the situation in Greece deteriorated, eurozone GDP numbers supported the case for a modest recovery in the global economy. Reported GDP growth for the 17 countries that comprise the eurozone was modest, rising 0.2% in the third quarter compared to the second quarter, and by 0.2% in the fourth quarter

Letter to Shareholders Wells Fargo Advantage Endeavor Select Fund 3

compared to the third quarter. However, the eurozone average concealed a wide variation between economies, with Germany’s growing by 0.5% in the third quarter of 2011 even as Greece’s GDP contracted.

Central banks continued to provide stimulus.

Throughout the reporting period, the Federal Open Market Committee (FOMC) kept its key interest rates effectively at zero in order to support the economy and financial system. Moreover, in response to extreme market volatility and signs of a weakening economy, in its August 2011 policy statement, the Federal Reserve (Fed) announced it would keep interest rates “exceptionally low” until at least mid-2013 as a way to support the economy. Market participants interpreted the Fed’s statement to mean that the central bankers believed the economy would remain weak over the next two years. However, the Fed also said that it was considering a “range of policy tools available to promote a stronger economic recovery” and “is prepared to employ these tools as appropriate.”

At the beginning of the period, the European Central Bank (ECB) had a key rate of 1.50% but lowered it to 1.25% in November 2011 and then to 1.00% in December 2011 in an attempt to support the sluggish eurozone recovery. To support the banking system, in late 2011, the ECB initiated a long-term refinancing operation (LTRO) in which it supplied three-year loans to banks against a wide range of collateral. The operation basically provided a near-unlimited amount of liquidity to banks, easing some investor concerns about the effect of an increasingly probable Greek default.

We use time-tested investment strategies, even as many variables are at work in the market.

Experience tells us that strict adherence to time-tested investment strategies has its rewards. As a whole, Wells Fargo Advantage Funds represents investments across a range of asset classes and investment styles, giving you an opportunity to create a diversified investment portfolio. While diversification may not prevent losses in a downturn, it does provide you with one way of managing risk.

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

Sincerely,

Karla M. Rabusch

President

Wells Fargo Advantage Funds

4 Wells Fargo Advantage Endeavor Select Fund Letter to Shareholders

Notice to Shareholders

The Board of Trustees for Wells Fargo Advantage Funds has unanimously approved the following modifications to certain net asset value (NAV) waiver privileges and commission schedules:

n Effective May 1, 2012, automatic investment plan (AIP) purchases and proceeds received from systematic withdrawals will no longer qualify for NAV repurchase privileges.

n Effective May 1, 2012, discretionary rights to waive the upfront commission for Class C and “jumbo” Class A share purchases will no longer be granted to broker/dealers. However, we will continue to waive the Class C shares contingent deferred sales charge for redemptions by employer-sponsored retirement plans where the dealer of record waived its commission at the time of purchase.

n Effective July 31, 2012, NAV purchase privileges for former Evergreen Class IS and Class R shareholders are being modified to remove the ability to purchase Class A shares at NAV unless those shares are held directly with the Fund on or after July 31, 2012.

Please contact your investment professional or call us directly at 1-800-222-8222 if you have any questions on this Notice to Shareholders.

Performance Highlights (Unaudited) Wells Fargo Advantage Endeavor Select Fund 5

INVESTMENT OBJECTIVE

The Fund seeks long-term capital appreciation.

ADVISER

Wells Fargo Funds Management, LLC

SUB-ADVISER

Wells Capital Management Incorporated

PORTFOLIO MANAGERS

Thomas J. Pence, CFA

Michael T. Smith, CFA

FUND INCEPTION

December 29, 2000

TEN LARGEST EQUITY HOLDINGS1 (AS OF JANUARY 31, 2012)
Apple Incorporated	9.82%
QUALCOMM Incorporated	3.94%
Google Incorporated Class A	3.60%
Danaher Corporation	3.38%
Visa Incorporated Class A	3.11%
Amazon.com Incorporated	2.75%
priceline.com Incorporated	2.67%
Precision Castparts Corporation	2.65%
American Tower Corporation	2.63%
Monsanto Company	2.60%

SECTOR DISTRIBUTION²

(AS OF JANUARY 31, 2012)

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

2. Sector distribution is subject to change and is calculated based on the total long-term investments of the Fund.

6 Wells Fargo Advantage Endeavor Select Fund Performance Highlights (Unaudited)

AVERAGE ANNUAL TOTAL RETURN³ (%) (AS OF JANUARY 31, 2012)

			Including Sales Charge											Excluding Sales Charge											Expense Ratios4
	Inception Date		6 Months*			1 Year			5 Year			10 Year		6 Months*			1 Year			5 Year			10 Year		Gross		Net5
Class A (STAEX)		12/29/2000		(8.10	)		(5.64	)		(1.36	)		3.69		(2.47	)		0.10			(0.18	)		4.31		1.23%		1.23%
Class B (WECBX)**		12/29/2000		(7.80	)		(5.55	)		(1.35	)		3.75		(2.80	)		(0.55	)		(0.93	)		3.75		1.98%		1.98%
Class C (WECCX)		12/29/2000		(3.80	)		(1.55	)		(0.91	)		3.51		(2.80	)		(0.55	)		(0.91	)		3.51		1.98%		1.98%
Administrator Class (WECDX)		04/08/2005													(2.24	)		0.50			0.11			4.50		1.07%		1.00%
Institutional Class (WFCIX)		04/08/2005													(2.22	)		0.60			0.28			4.62		0.80%		0.80%
Russell 1000® Growth Index6															2.84			6.07			3.17			3.38

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

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

Figures quoted represent past performance, which is no guarantee of future results and do not reflect the deduction of taxes that a shareholder may pay on fund distributions or the redemption of fund shares. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance shown without sales charges would be lower if sales charges were reflected. Current performance may be lower or higher than the performance data quoted and assumes the reinvestment of dividends and capital gains. Current month-end performance is available on the Fund’s Web site – 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 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 fund values fluctuate in response to the activities of individual companies and general market and economic conditions. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). This Fund is exposed to foreign investment risk and non-diversification risk. Consult the Fund’s prospectus for additional information on these and other risks.

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

4. Reflects the expense ratios as stated in the most recent prospectuses.

5. The Adviser has committed through November 30, 2012 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waiver, excluding certain expenses, at 1.25% for Class A, 2.00% for Class B, 2.00% for Class C, 1.00% for Administrator Class and 0.80% for Institutional Class shares. Without this cap, the Fund’s returns would have been lower.

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

Fund Expenses (Unaudited) Wells Fargo Advantage Endeavor Select Fund 7

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 August 1, 2011 to January 31, 2012.

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 08-01-2011		Ending Account Value 01-31-2012		Expenses Paid During the  Period1		Net Annual Expense Ratio
Class A
Actual	$	1,000.00	$	975.30	$	6.16		1.24	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.90	$	6.29		1.24	%
Class B
Actual	$	1,000.00	$	971.98	$	9.86		1.99	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.13	$	10.08		1.99	%
Class C
Actual	$	1,000.00	$	971.98	$	9.86		1.99	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.13	$	10.08		1.99	%
Administrator Class
Actual	$	1,000.00	$	977.60	$	4.97		1.00	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.11	$	5.08		1.00	%
Institutional Class
Actual	$	1,000.00	$	977.82	$	3.98		0.80	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.11	$	4.06		0.80	%

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).

8 Wells Fargo Advantage Endeavor Select Fund Portfolio of Investments—January 31, 2012 (Unaudited)

Security Name	Shares		Value
Common Stocks: 97.51%
Consumer Discretionary: 17.32%
Hotels, Restaurants & Leisure: 2.01%
Starbucks Corporation		380,047	$	18,215,653
Internet & Catalog Retail: 5.42%
Amazon.com Incorporated†		127,900		24,868,876
priceline.com Incorporated†		45,700		24,197,236
				49,066,112
Multiline Retail: 1.78%
Dollar General Corporation†		378,784		16,139,986
Specialty Retail: 2.56%
TJX Companies Incorporated		339,400		23,126,716
Textiles, Apparel & Luxury Goods: 5.55%
lululemon athletica incorporatedǠ		232,600		14,684,038
Nike Incorporated Class B		178,900		18,603,811
Ralph Lauren Corporation		111,300		16,917,600
				50,205,449
Consumer Staples: 2.20%
Food & Staples Retailing: 2.20%
Costco Wholesale Corporation		241,900		19,901,113
Energy: 10.54%
Energy Equipment & Services: 4.03%
Cameron International Corporation†		308,700		16,422,840
Ensco International plc ADR		380,800		20,045,312
				36,468,152
Oil, Gas & Consumable Fuels: 6.51%
Exxon Mobil Corporation		264,000		22,107,360
Occidental Petroleum Corporation		181,800		18,138,186
Pioneer Natural Resources Company		187,600		18,628,680
				58,874,226
Financials: 7.90%
Consumer Finance: 5.27%
MasterCard Incorporated		55,000		19,556,350
Visa Incorporated Class A«		279,600		28,138,944
				47,695,294
REITs: 2.63%
American Tower Corporation		374,000		23,752,740
Health Care: 10.33%
Biotechnology: 3.96%
Alexion Pharmaceuticals Incorporated†		217,454		16,691,769
Gilead Sciences Incorporated†		392,900		19,189,236
				35,881,005

Portfolio of Investments—January 31, 2012 (Unaudited) Wells Fargo Advantage Endeavor Select Fund 9

Security Name	Shares		Value
Health Care Providers & Services: 2.17%
UnitedHealth Group Incorporated		378,400	$	19,597,336
Health Care Technology: 0.14%
Cerner Corporation†		21,390		1,302,437
Pharmaceuticals: 4.06%
Allergan Incorporated		188,600		16,579,826
Shire plc ADR		202,512		20,153,994
				36,733,820
Industrials: 14.42%
Aerospace & Defense: 2.65%
Precision Castparts Corporation«		146,600		23,995,488
Machinery: 7.88%
Cummins Incorporated		203,794		21,194,576
Danaher Corporation		582,800		30,602,828
Deere & Company		225,600		19,435,440
				71,232,844
Road & Rail: 3.89%
Hertz Global Holdings IncorporatedǠ		1,067,100		14,512,560
Union Pacific Corporation		181,014		20,691,710
				35,204,270
Information Technology: 32.20%
Communications Equipment: 5.74%
F5 Networks Incorporated†		136,500		16,344,510
QUALCOMM Incorporated		605,600		35,621,392
				51,965,902
Computers & Peripherals: 12.01%
Apple Incorporated†		194,649		88,853,376
EMC Corporation†		768,200		19,788,832
				108,642,208
Internet Software & Services: 7.24%
Baidu.com Incorporated ADR†		111,900		14,269,488
eBay Incorporated†		590,800		18,669,280
Google Incorporated Class A†		56,200		32,602,182
				65,540,950
IT Services: 2.07%
Cognizant Technology Solutions Corporation Class A†		260,500		18,690,875
Semiconductors & Semiconductor Equipment: 3.36%
ARM Holdings plc ADR«		473,332		13,669,828
Avago Technologies Limited		493,300		16,742,602
				30,412,430

10 Wells Fargo Advantage Endeavor Select Fund Portfolio of Investments—January 31, 2012 (Unaudited)

Security Name				Shares		Value
Software: 1.78%
Citrix Systems Incorporated†					246,300	$	16,061,223
Materials: 2.60%
Chemicals: 2.60%
Monsanto Company					286,300		23,490,915
Total Common Stocks (Cost $678,048,702)							882,197,144
				Principal
Other: 0.47%
Gryphon Funding Limited, Pass-Through Entity(v)(a)(i)				$	5,595,997		1,510,919
VFNC Corporation, Pass-Through Entity, 0.27%(v)(a)(i)±144A					6,376,643		2,741,956
Total Other (Cost $1,987,788)							4,252,875
	Yield			Shares
Short-Term Investments: 10.03%
Investment Companies: 10.03%
Wells Fargo Advantage Cash Investment Money Market Fund, Institutional Class(l)(u)		0.02	%		17,759,307		17,759,307
Wells Fargo Securities Lending Cash Investments, LLC(v)(r)(l)(u)		0.15			72,966,037		72,966,037
Total Short-Term Investments (Cost $90,725,344)							90,725,344

Total Investments in Securities
(Cost $770,761,834)*	108.01	%		977,175,363
Other Assets and Liabilities, Net	(8.01	)		(72,466,253	)
Total Net Assets	100.00	%	$	904,709,110

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

† Non-income earning security.

(v) Security represents investment of cash collateral received from securities on loan.

(a) Security is fair valued by the Management Valuation Team, and in certain instances by the Board of Trustees, in accordance with procedures approved by the Board of Trustees.

(i) Illiquid security.

± Variable rate investment.

(r) The investment company is exempt from registration under Section 3(c)(7) of the 1940 Act.

144A Security that may be resold to “qualified institutional buyers” under Rule 144A or security offered pursuant to Section 4(2) of the Securities Act of 1933, as amended.

(l) Investment in an affiliate.

(u) Rate shown is the 7-day annualized yield at period end.

* Cost for federal income tax purposes is $776,575,993 and net unrealized appreciation (depreciation) consists of:

Gross unrealized appreciation	$	204,453,359
Gross unrealized depreciation		(3,853,989	)
Net unrealized appreciation	$	200,599,370

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

Statement of Assets and Liabilities—January 31, 2012 (Unaudited) Wells Fargo Advantage Endeavor Select Fund 11

Assets
Investments
In unaffiliated securities (including securities on loan), at value (see cost below)	$	886,450,019
In affiliated securities, at value (see cost below)		90,725,344
Total investments, at value (see cost below)		977,175,363
Receivable for investments sold		3,084,941
Receivable for Fund shares sold		1,248,734
Receivable for dividends		80,166
Receivable for securities lending income		7,785
Prepaid expenses and other assets		48,088
Total assets		981,645,077
Liabilities
Payable for Fund shares redeemed		1,140,943
Payable upon receipt of securities loaned		74,953,825
Advisory fee payable		469,753
Distribution fees payable		4,899
Due to other related parties		100,834
Accrued expenses and other liabilities		265,713
Total liabilities		76,935,967
Total net assets	$	904,709,110
NET ASSETS CONSIST OF
Paid-in capital	$	940,043,715
Undistributed net investment loss		(636,542	)
Accumulated net realized losses on investments		(241,111,592	)
Net unrealized gains on investments		206,413,529
Total net assets	$	904,709,110
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE1
Net assets – Class A	$	55,064,671
Shares outstanding – Class A		5,576,575
Net asset value per share – Class A		$9.87
Maximum offering price per share – Class A2		$10.47
Net assets – Class B	$	1,223,893
Shares outstanding – Class B		135,661
Net asset value per share – Class B		$9.02
Net assets – Class C	$	6,643,803
Shares outstanding – Class C		736,461
Net asset value per share – Class C		$9.02
Net assets – Administrator Class	$	101,241,774
Shares outstanding – Administrator Class		10,086,077
Net asset value per share – Administrator Class		$10.04
Net assets – Institutional Class	$	740,534,969
Shares outstanding – Institutional Class		73,023,462
Net asset value per share – Institutional Class		$10.14
Investments in unaffiliated securities, at cost	$	680,036,490
Investments in affiliated securities, at cost	$	90,725,344
Total investments, at cost	$	770,761,834
Securities on loan, at value	$	73,177,879

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 Endeavor Select Fund Statement of Operations—Six Months Ended January 31, 2012 (Unaudited)

Investment income
Dividends*	$	3,627,288
Securities lending income, net		55,933
Income from affiliated securities		9,655
Total investment income		3,692,876
Expenses
Advisory fee		3,144,521
Administration fees
Fund level		246,891
Class A		91,249
Class B		1,702
Class C		8,535
Administrator Class		88,700
Institutional Class		292,839
Shareholder servicing fees
Class A		87,740
Class B		1,636
Class C		8,207
Administrator Class		217,179
Distribution fees
Class B		4,909
Class C		24,621
Custody and accounting fees		22,313
Professional fees		16,518
Registration fees		39,849
Shareholder report expenses		123,931
Trustees’ fees and expenses		7,578
Other fees and expenses		16,706
Total expenses		4,445,624
Less: Fee waivers and/or expense reimbursements		(116,206	)
Net expenses		4,329,418
Net investment loss		(636,542	)
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on investments		1,117,572
Net change in unrealized gains (losses) on investments		(38,928,139	)
Net realized and unrealized gains (losses) on investments		(37,810,567	)
Net decrease in net assets resulting from operations	$	(38,447,109	)
* Net of foreign dividend withholding taxes of		$8,927

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

Statements of Changes in Net Assets Wells Fargo Advantage Endeavor Select Fund 13

	Six Months Ended January 31, 2012 (Unaudited)						Year Ended July 31, 2011
Operations
Net investment loss				$	(636,542	)				$	(2,261,368	)
Net realized gains on investments					1,117,572						185,914,884
Net change in unrealized gains (losses) on investments					(38,928,139	)					93,350,136
Net increase (decrease) in net assets resulting from operations					(38,447,109	)					277,003,652
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		228,976			2,083,747			2,440,416			23,535,041
Class B		3,956			33,739			5,168			47,537
Class C		14,806			127,351			57,823			523,855
Administrator Class		6,255,443			60,888,214			6,705,953			65,199,722
Institutional Class		6,129,024			57,654,368			20,315,594			199,445,632
					120,787,419						288,751,787
Payment for shares redeemed
Class A		(4,009,860	)		(37,959,674	)		(8,510,412	)		(83,011,574	)
Class B		(44,250	)		(374,531	)		(178,672	)		(1,550,952	)
Class C		(81,177	)		(681,916	)		(298,247	)		(2,609,826	)
Administrator Class		(18,867,409	)		(183,798,898	)		(11,163,995	)		(107,274,190	)
Institutional Class		(15,437,558	)		(145,049,798	)		(50,686,101	)		(473,696,678	)
					(367,864,817	)					(668,143,220	)
Net decrease in net assets resulting from capital share transactions					(247,077,398	)					(379,391,433	)
Total decrease in net assets					(285,524,507	)					(102,387,781	)
Net assets
Beginning of period					1,190,233,617						1,292,621,398
End of period				$	904,709,110					$	1,190,233,617
Undistributed net investment income (loss)				$	(636,542	)				$	0

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

14 Wells Fargo Advantage Endeavor Select Fund Financial Highlights

(For a share outstanding throughout each period)

	Six Months Ended January 31, 2012 (Unaudited)			Year Ended July 31,
Class A				2011			2010			2009			2008			2007
Net asset value, beginning of period	$	10.12		$	8.12		$	7.25		$	10.81		$	10.85		$	9.35
Net investment loss		(0.02	)1		(0.05	)1		(0.04	)1		(0.01	)1		(0.04	)1		(0.04	)1
Net realized and unrealized gains (losses) on investments		(0.23	)		2.05			0.91			(3.29	)		0.10			1.54
Total from investment operations		(0.25	)		2.00			0.87			(3.30	)		0.06			1.50
Distributions to shareholders from
Net realized gains		0.00			0.00			0.00			(0.26	)		(0.10	)		(0.00	)2
Net asset value, end of period		$9.87			$10.12			$8.12			$7.25			$10.81			$10.85
Total return3		(2.47	)%		24.63	%		12.00	%		(30.10	)%		0.50	%		16.05	%
Ratios to average net assets (annualized)
Gross expenses		1.24	%		1.23	%		1.28	%		1.32	%		1.31	%		1.36	%
Net expenses		1.24	%		1.23	%		1.25	%		1.25	%		1.25	%		1.25	%
Net investment loss		(0.48	)%		(0.52	)%		(0.51	)%		(0.08	)%		(0.38	)%		(0.40	)%
Supplemental data
Portfolio turnover rate		49	%		100	%		139	%		173	%		154	%		91	%
Net assets, end of period (000’s omitted)		$55,065			$94,704			$125,266			$155,666			$237,689			$162,421

1. Calculated based upon average shares outstanding.

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 Endeavor Select Fund 15

(For a share outstanding throughout each period)

	Six Months Ended January 31, 2012 (Unaudited)			Year Ended July 31,
Class B				2011			2010			2009			2008			2007
Net asset value, beginning of period	$	9.28		$	7.50		$	6.75		$	10.18		$	10.29		$	8.94
Net investment loss		(0.05	)1		(0.11	)1		(0.09	)1		(0.06	)1		(0.12	)1		(0.11	)1
Net realized and unrealized gains (losses) on investments		(0.21	)		1.89			0.84			(3.11	)		0.11			1.46
Total from investment operations		(0.26	)		1.78			0.75			(3.17	)		(0.01	)		1.35
Distributions to shareholders from
Net realized gains		0.00			0.00			0.00			(0.26	)		(0.10	)		(0.00	)2
Net asset value, end of period	$	9.02		$	9.28		$	7.50		$	6.75		$	10.18		$	10.29
Total return3		(2.80	)%		23.73	%		11.11	%		(30.71	)%		(0.15	)%		15.11	%
Ratios to average net assets (annualized)
Gross expenses		1.99	%		1.98	%		2.02	%		2.07	%		2.06	%		2.11	%
Net expenses		1.99	%		1.98	%		2.00	%		2.00	%		2.00	%		2.00	%
Net investment loss		(1.23	)%		(1.26	)%		(1.25	)%		(0.85	)%		(1.12	)%		(1.16	)%
Supplemental data
Portfolio turnover rate		49	%		100	%		139	%		173	%		154	%		91	%
Net assets, end of period (000’s omitted)		$1,224			$1,633			$2,622			$3,976			$9,097			$10,596

1. Calculated based upon average shares outstanding.

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.

16 Wells Fargo Advantage Endeavor Select Fund Financial Highlights

(For a share outstanding throughout each period)

	Six Months Ended January 31, 2012 (Unaudited)			Year Ended July 31,
Class C				2011			2010			2009			2008			2007
Net asset value, beginning of period	$	9.28		$	7.50		$	6.75		$	10.18		$	10.28		$	8.93
Net investment loss		(0.05	)1		(0.11	)1		(0.09	)1		(0.05	)1		(0.12	)1		(0.11	)1
Net realized and unrealized gains (losses) on investments		(0.21	)		1.89			0.84			(3.12	)		0.12			1.46
Total from investment operations		(0.26	)		1.78			0.75			(3.17	)		0.00			1.35
Distributions to shareholders from
Net realized gains		0.00			0.00			0.00			(0.26	)		(0.10	)		(0.00	)2
Net asset value, end of period	$	9.02		$	9.28		$	7.50		$	6.75		$	10.18		$	10.28
Total return3		(2.80	)%		23.73	%		11.11	%		(30.70	)%		(0.06	)%		15.12	%
Ratios to average net assets (annualized)
Gross expenses		1.99	%		1.98	%		2.03	%		2.07	%		2.06	%		2.11	%
Net expenses		1.99	%		1.98	%		2.00	%		2.00	%		2.00	%		2.00	%
Net investment loss		(1.24	)%		(1.27	)%		(1.26	)%		(0.82	)%		(1.13	)%		(1.14	)%
Supplemental data
Portfolio turnover rate		49	%		100	%		139	%		173	%		154	%		91	%
Net assets, end of period (000’s omitted)		$6,644			$7,448			$7,825			$9,139			$12,297			$9,805

1. Calculated based upon average shares outstanding.

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 Endeavor Select Fund 17

(For a share outstanding throughout each period)

	Six Months Ended January 31, 2012 (Unaudited)			Year Ended July 31,
Administrator Class				2011			2010			2009			2008			2007
Net asset value, beginning of period		$10.26			$8.22			$7.34			$10.91			$10.91			$9.37
Net investment income (loss)		(0.01	)1		(0.03	)1		(0.02	)1		0.01	1		(0.01	)1		(0.01	)1
Net realized and unrealized gains (losses) on investments		(0.21	)		2.07			0.91			(3.32	)		0.11			1.55
Total from investment operations		(0.22	)		2.04			0.89			(3.31	)		0.10			1.54
Distributions to shareholders from
Net investment income		0.00			0.00			(0.01	)		0.00			0.00			0.00
Net realized gains		0.00			0.00			0.00			(0.26	)		(0.10	)		(0.00	)2
Total distributions to shareholders		0.00			0.00			(0.01	)		(0.26	)		(0.10	)		(0.00	)2
Net asset value, end of period		$10.04			$10.26			$8.22			$7.34			$10.91			$10.91
Total return3		(2.24	)%		24.94	%		12.16	%		(29.91	)%		0.87	%		16.44	%
Ratios to average net assets (annualized)
Gross expenses		1.08	%		1.07	%		1.10	%		1.14	%		1.12	%		1.17	%
Net expenses		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%
Net investment income (loss)		(0.27	)%		(0.29	)%		(0.26	)%		0.20	%		(0.12	)%		(0.14	)%
Supplemental data
Portfolio turnover rate		49	%		100	%		139	%		173	%		154	%		91	%
Net assets, end of period (000’s omitted)	$	101,242		$	232,954		$	223,320		$	247,298		$	276,388		$	108,062

1. Calculated based upon average shares outstanding.

2. Amount is less than $0.005 per share.

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 Endeavor Select Fund Financial Highlights

(For a share outstanding throughout each period)

	Six Months Ended January 31, 2012 (Unaudited)			Year Ended July 31,
Institutional Class				2011			2010			2009			2008			2007
Net asset value, beginning of period	$	10.37		$	8.28		$	7.39		$	10.97		$	10.96		$	9.40
Net Investment income (loss)		0.00	1,2		(0.01	)1		(0.01	)1		0.03	1		0.01	1		0.01	1
Net realized and unrealized gains (losses) on investments		(0.23	)		2.10			0.93			(3.35	)		0.11			1.55
Total from investment operations		(0.23	)		2.09			0.92			(3.32	)		0.12			1.56
Distributions to shareholders from
Net investment income		0.00			0.00			(0.03	)		0.00			(0.01	)		0.00
Net realized gains		0.00			0.00			0.00			(0.26	)		(0.10	)		(0.00	)2
Total distributions to shareholders		0.00			0.00			(0.03	)		(0.26	)		(0.11	)		(0.00	)2
Net asset value, end of period	$	10.14		$	10.37		$	8.28		$	7.39		$	10.97		$	10.96
Total return3		(2.22	)%		25.24	%		12.41	%		(29.84	)%		1.06	%		16.60	%
Ratios to average net assets (annualized)
Gross expenses		0.81	%		0.80	%		0.83	%		0.88	%		0.86	%		0.91	%
Net expenses		0.80	%		0.80	%		0.80	%		0.80	%		0.80	%		0.80	%
Net investment income (loss)		(0.05	)%		(0.08	)%		(0.07	)%		0.38	%		0.07	%		0.06	%
Supplemental data
Portfolio turnover rate		49	%		100	%		139	%		173	%		154	%		91	%
Net assets, end of period (000’s omitted)		$740,535			$853,494			$933,587			$867,167			$1,158,997			$1,099,424

1. Calculated based upon average shares outstanding.

2. Amount is less than $0.005.

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

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

Notes to Financial Statements (Unaudited) Wells Fargo Advantage Endeavor 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”). These financial statements report on Wells Fargo Advantage Endeavor Select Fund (the “Fund”) which is a non-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

Investments in equity securities are valued each business day as of the close of regular trading on the New York Stock Exchange, which is usually 4:00 p.m. (Eastern Time). Securities which are traded on a national or foreign securities exchange are valued at the last reported sales price, except that securities listed on The Nasdaq Stock Market, Inc. (“Nasdaq”) are valued at the Nasdaq Official Closing Price (“NOCP”), and if no NOCP is available, then at the last reported sales price. If no sales price is shown on the Nasdaq, the bid price will be used. In the absence of any sale of securities listed on the Nasdaq, and in the case of other securities (including U.S. Government obligations, but excluding debt securities maturing in 60 days or less), the price will be deemed “stale” and the valuations will be determined in accordance with the Fund’s Fair Value Procedures.

Investments in open-end mutual funds and non-registered investment companies are generally 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 by procedures established in good faith and approved by the Board of Trustees.

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 Wells Fargo Securities Lending Cash Investments, LLC (the “Cash Collateral Fund”). The Cash Collateral Fund is exempt from registration under Section 3(c)(7) of the 1940 Act and is managed by Wells Fargo Funds Management LLC (“Funds Management”) and is sub-advised by Wells Capital Management Incorporated (“Wells Capital Management”). Funds Management receives an advisory fee starting at 0.05% and declining to 0.01% as the average daily net assets of the Cash Collateral Fund increase. All of the fees received by Funds Management are paid to Wells Capital Management for its services as sub-adviser. The Cash Collateral 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. Cash Collateral Fund investments are fair valued based upon the amortized cost valuation technique. Income earned from investment in the Cash Collateral Fund is included in securities lending income on the Statement of Operations.

For Wells Fargo Advantage Funds that participated in securities lending activity prior to February 13, 2009, certain structured investment vehicles purchased in a joint account by the former securities lending agent defaulted or were

20 Wells Fargo Advantage Endeavor Select Fund Notes to Financial Statements (Unaudited)

impaired. Certain of the Wells Fargo Advantage Funds still hold ownership interest in these structured investment vehicles, which have since been restructured as pass-through securities. If the Fund holds an ownership interest in such pass-through securities, information regarding this ownership interest can be found in the Portfolio of Investments under the category “Other”.

Security transactions and income recognition

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

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

Distributions to shareholders

Distributions to shareholders from net investment income and net realized gains, if any, are recorded on the ex-dividend date. Such distributions are determined in conformity with income tax regulations, which may differ from 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.

Under the recently enacted Regulated Investment Company Modernization Act of 2010, the Fund is permitted to carry forward capital losses incurred in taxable years which began after December 22, 2010 for an unlimited period. However, any losses incurred are required to be utilized prior to the losses incurred in pre-enactment taxable years. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law.

As of July 31, 2011, the Fund had net capital loss carryforwards, which were available to offset future net realized capital gains, in the amount of $235,067,985 expiring in 2018.

Class allocations

The separate classes of shares offered by the Fund differ principally in applicable sales charges, distribution, shareholder servicing and administration fees. Shareholders of each class bear certain expenses that pertain to that particular class. All shareholders bear the common expenses of the Fund, earn income from the portfolio, and are allocated unrealized gains and losses pro rata based on the average daily net assets of each class, without distinction between share classes. Dividends are determined separately for each class based on income and expenses allocable to each class. Realized gains and losses are allocated to each class pro rata based upon the net assets of each class on the date realized. Differences in per share dividend rates generally result from the relative weightings of pro rata income and realized gain allocations and from differences in separate class expenses, including distribution, shareholder servicing and administration fees.

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, etc.)

Notes to Financial Statements (Unaudited) Wells Fargo Advantage Endeavor Select Fund 21

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 securities are not necessarily an indication of the risk associated with investing in those securities.

As of January 31, 2012, the inputs used in valuing the Fund’s assets, which are carried at fair value, were as follows:

Investments in Securities	Quoted Prices (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Equity securities
Common stocks	$	882,197,144	$	0	$	0	$	882,197,144
Other		0		0		4,252,875		4,252,875
Short-term investments
Investment companies		17,759,307		72,966,037		0		90,725,344
	$	899,956,451	$	72,966,037	$	4,252,875	$	977,175,363

Further details on the major security types listed above can be found in the Portfolio of Investments.

Transfers in and transfers out are recognized at the end of the reporting period. For the six months ended January 31, 2012, the Fund did not have any significant transfers into/out of Level 1 and Level 2.

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

	Other
Balance as of July 31, 2011	$	6,032,019
Accrued discounts (premiums)		0
Realized gains (losses)		0
Change in unrealized gains (losses)		(1,048,535	)
Purchases		0
Sales		(730,609	)
Transfers into Level 3		0
Transfers out of Level 3		0
Balance as of January 31, 2012	$	4,252,875
Change in unrealized gains (losses) relating to securities still held at January 31, 2012	$	(1,418,278	)

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 sub-adviser, 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 January 31, 2012, the advisory fee was equivalent to an annual rate of 0.64% of the Fund’s average daily net assets.

Funds Management may retain the services of certain sub-advisers to provide daily portfolio management to the Fund. The fees related to sub-advisory services are borne directly by Funds Management and do not increase the overall fees paid by the Fund. Wells Capital Management, an affiliate of Funds Management, is the sub-adviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.35% and declining to 0.15% as the average daily net assets of the Fund increase.

22 Wells Fargo Advantage Endeavor Select Fund Notes to Financial Statements (Unaudited)

Administration and transfer agent 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 November 30, 2012 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.25% for Class A, 2.00% for Class B, 2.00% for Class C, 1.00% for Administrator Class and 0.80% for Institutional Class.

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, the principal underwriter, at an annual rate of 0.75% of the average daily net assets of Class B and Class C shares.

For the six months ended January 31, 2012, Wells Fargo Funds Distributor, LLC received $2,566 from the sale of Class A shares and $673 and $16 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 (securities with maturities of one year or less at purchase date), for the six months ended January 31, 2012 were $480,614,478 and $723,493,887, respectively.

6. BANK BORROWINGS

The Trust (excluding the money market funds) and Wells Fargo Variable Trust are parties to a $150,000,000 revolving credit agreement with State Street Bank and Trust Company, 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. Prior to September 6, 2011, the revolving credit agreement was for $125,000,000 and the annual commitment fee paid by the Fund was 0.125% of the unused balance. For the six months ended January 31, 2012, the Fund paid $599 in commitment fees.

For the six month ended January 31, 2012, there were no borrowings by the Fund under the agreement.

Notes to Financial Statements (Unaudited) Wells Fargo Advantage Endeavor Select Fund 23

7. INDEMNIFICATION

Under the Trust’s organizational documents, the officers and directors are indemnified against certain liabilities that may arise out of performance of their duties to the Trust. Additionally, in the normal course of business, the Trust may enter 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.

8. NEW ACCOUNTING PRONOUNCEMENTS

In May 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2011-04 “Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs”. ASU No. 2011-04 amends FASB ASC Topic 820, Fair Value Measurements and Disclosures, to establish common requirements for measuring fair value and for disclosing information about fair value measurements in accordance with GAAP. The ASU is effective prospectively for interim and annual periods beginning after December 15, 2011. Management expects that adoption of the ASU will result in additional disclosures in the financial statements, as applicable.

In April 2011, FASB issued ASU No. 2011-03 “Reconsideration of Effective Control for Repurchase Agreements”. ASU No. 2011-03 amends FASB ASC Topic 860, Transfers and Servicing, specifically the criteria required to determine whether a repurchase agreement (repo) and similar agreements should be accounted for as sales of financial assets or secured borrowings with commitments. ASU No. 2011-03 changes the assessment of effective control by focusing on the transferor’s contractual rights and obligations and removing the criterion to assess its ability to exercise those rights or honor those obligations. This could result in changes to the way entities account for certain transactions including repurchase agreements, mortgage dollar rolls and reverse repurchase agreements. The ASU will become effective on a prospective basis for new transfers and modifications to existing transactions as of the beginning of the first interim or annual period beginning on or after December 15, 2011. Management has evaluated the impact of adopting the ASU and expects no significant changes.

24 Wells Fargo Advantage Endeavor Select 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 without charge, upon request, by calling 1-800-222-8222, visiting our Web site at wellsfargoadvantagefunds.com, or visiting the SEC Web site 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 without charge on the Fund’s Web site at wellsfargoadvantagefunds.com or by visiting the SEC Web site at sec.gov.

PORTFOLIO HOLDINGS INFORMATION

The complete portfolio holdings for the Fund are publicly available on the Fund’s Web site (wellsfargoadvantagefunds.com) on a monthly, 30-day or more delayed basis. In addition, top ten holdings information for the Fund is publicly available on the Fund’s Web site 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 without charge by visiting the SEC Web site 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 Endeavor Select Fund 25

BOARD OF TRUSTEES

The following table provides basic information about the Board of Trustees (the “Trustees”) of the Trust and Officers of the Trust. This table should be read in conjunction with the Prospectus and the Statement of Additional Information¹ of the Fund. Each of the Trustees and Officers listed below acts in identical capacities for the Wells Fargo Advantage family of funds, which consists of 137 funds comprising the Wells Fargo Funds Trust, Wells Fargo Variable Trust, Wells Fargo Master Trust and four closed-end funds (collectively the “Fund Complex”). All of the Trustees are also Members of the Audit and Governance Committees of each Trust in the Fund Complex. 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	Other Directorships During Past Five Years
Peter G. Gordon (Born 1942)	Trustee, since 1998; Chairman, since 2005 (Lead Trustee since 2001)	Co-Founder, Retired Chairman, President and CEO of Crystal Geyser Water Company. Trustee Emeritus, Colby College	Asset Allocation Trust
Isaiah Harris, Jr. (Born 1952)	Trustee, since 2009	Retired. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Mr. Harris is a certified public accountant.	CIGNA Corporation; Deluxe Corporation; Asset Allocation Trust
Judith M. Johnson (Born 1949)	Trustee, since 2008	Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant.	Asset Allocation Trust
Leroy Keith, Jr. (Born 1939)	Trustee, since 2010	Chairman, Bloc Global Services (development and construction). Trustee of the Evergreen Funds from 1983 to 2010. Former Managing Director, Almanac Capital Management (commodities firm), former Partner, Stonington Partners, Inc. (private equity fund), former Director, Obagi Medical Products Co. and former Director, Lincoln Educational Services.	Trustee, Virtus Fund Complex (consisting of 40 portfolios as of 12/31/11); 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, Director of Corporate Governance Research Program 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 Endeavor Select Fund Other Information (Unaudited)

Name and Year of Birth	Position Held and Length of Service	Principal Occupations During Past Five Years	Other Directorships During Past Five Years
Timothy J. Penny (Born 1951)	Trustee, since 1996	President and CEO of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007 and Senior Fellow at the Humphrey Institute Policy Forum at the University of Minnesota since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	Asset Allocation Trust
Michael S. Scofield (Born 1943)	Trustee, since 2010	Served on the Investment Company Institute’s Board of Governors and Executive Committee from 2008-2011 as well the Governing Council of the Independent Directors Council from 2006-2011 and the Independent Directors Council Executive Committee from 2008-2011. Chairman of the IDC from 2008-2010. Institutional Investor (Fund Directions) Trustee of Year in 2007. Trustee of the Evergreen Funds (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 and former Director and Chairman, Branded Media Corporation (multi-media branding company).	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 Free Trust (non-profit corporation). Director of the American Chestnut Foundation (non-profit corporation).	Asset Allocation Trust

Officers

Name and Year of Birth	Position Held and Length of Service	Principal Occupations During Past Five Years
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. Senior Vice President and Chief Administrative Officer of Wells Fargo Funds Management, LLC from 2001 to 2003.
C. David Messman (Born 1960)	Secretary, since 2000; Chief Legal Counsel, since 2003	Senior Vice President and Secretary of Wells Fargo Funds Management, LLC since 2001. Vice President and Managing Senior Counsel of Wells Fargo Bank, N.A. since 1996.
Kasey Phillips (Born 1970)	Treasurer, since 2009	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2006 to 2010. Treasurer of the Evergreen Funds from 2005 to 2010.
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 DePalma (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.
Debra Ann Early (Born 1964)	Chief Compliance Officer, since 2007	Chief Compliance Officer of Wells Fargo Funds Management, LLC since 2007. Chief Compliance Officer of Parnassus Investments from 2005 to 2007. Chief Financial Officer of Parnassus Investments from 2004 to 2007 and Senior Audit Manager of PricewaterhouseCoopers LLP from 1998 to 2004.

1. 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 Web site at wellsfargoadvantagefunds.com.

List of Abbreviations Wells Fargo Advantage Endeavor Select Fund 27

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

ACB —  Agricultural Credit Bank

ADR —  American Depository Receipt

ADS —  American Depository Shares

AGC-ICC —  Assured Guaranty Corporation - Insured Custody Certificates

AGM —  Assured Guaranty Municipal

AMBAC —  American Municipal Bond Assurance Corporation

AMT —  Alternative Minimum Tax

AUD —  Australian Dollar

BAN —  Bond Anticipation Notes

BHAC —  Berkshire Hathaway Assurance Corporation

BRL —  Brazil 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 —  Certificate of Participation

CR —  Custody Receipts

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

FFCB —  Federal Farm Credit Bank

FGIC —  Financial Guaranty Insurance Corporation

FHA —  Federal Housing Authority

FHLB —  Federal Home Loan Bank

FHLMC —  Federal Home Loan Mortgage Corporation

FNMA —  Federal National Mortgage Association

FSA —  Farm Service Agency

GBP —  Great British Pound

GDR —  Global Depository 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

HUF —  Hungarian Forint

IBC —  Insured Bond Certificate

IDA —  Industrial Development Authority

IDAG —  Industrial Development Agency

IDR —  Industrial Development Revenue

IEP —  Irish Pound

JPY —  Japanese Yen

KRW —  Republic of Korea Won

LIBOR —  London Interbank Offered Rate

LLC —  Limited Liability Company

LLP —  Limited Liability Partnership

LOC —  Letter of Credit

LP —  Limited Partnership

MBIA —  Municipal Bond Insurance Association

MFHR —  Multi-Family Housing Revenue

MSTR —  Municipal Securities Trust Receipts

MTN —  Medium Term Note

MUD —  Municipal Utility District

MXN —  Mexican Peso

MYR —  Malaysian Ringgit

NATL-RE —  National Public Finance Guarantee Corporation

NOK —  Norwegian Krone

NZD —  New Zealand Dollar

PCFA —  Pollution Control Finance Authority

PCR —  Pollution Control Revenue

PFA —  Public Finance Authority

PFFA —  Public Facilities Financing Authority

PFOTER —  Puttable Floating Option Tax-Exempt Receipts

plc —  Public Limited Company

PLN —  Polish Zloty

PUTTER —  Puttable Tax-Exempt Receipts

R&D —  Research & Development

RDA —  Redevelopment Authority

RDFA —  Redevelopment Finance Authority

REIT —  Real Estate Investment Trust

ROC —  Reset Option Certificates

SAVRS —  Select Auction Variable Rate Securities

SBA —  Small Business Authority

SEK —  Swedish Krona

SFHR —  Single Family Housing Revenue

SFMR —  Single Family Mortgage Revenue

SGD —  Singapore Dollar

SKK —  Slovakian Koruna

SPDR —  Standard & Poor’s Depositary Receipts

TAN —  Tax Anticipation Notes

TBA —  To Be Announced

TIPS —  Treasury Inflation-Protected Securities

TRAN —  Tax Revenue Anticipation Notes

TCR —  Transferable Custody Receipts

TRY —  Turkish Lira

TTFA —  Transportation Trust Fund Authority

TVA —  Tennessee Valley Authority

XLCA —  XL Capital Assurance

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, e-mail, visit the Fund’s Web site, or call:

Wells Fargo Advantage Funds

P.O. Box 8266

Boston, MA 02266-8266

E-mail: wfaf@wellsfargo.com

Web site: 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. For a prospectus containing more complete information, including charges and expenses, call 1-800-222-8222 or visit the Fund’s Web site at wellsfargoadvantagefunds.com. Please consider the investment objectives, risks, charges, and expenses of the investment carefully before investing. This and other information about Wells Fargo Advantage Funds can be found in the current prospectus. 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

© 2012 Wells Fargo Funds Management, LLC. All rights reserved.

207945 03-12 SA205/SAR205 1-12

Wells Fargo Advantage Growth Fund

Semi-Annual Report

January 31, 2012

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	5
Fund Expenses	7
Portfolio of Investments	8
Financial Statements
Statement of Assets and Liabilities	13
Statement of Operations	14
Statements of Changes in Net Assets	15
Financial Highlights	16
Notes to Financial Statements	21
Other Information	26
List of Abbreviations	29

The views expressed and any forward-looking statements are as of January 31, 2012, 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, disclaims any obligation to publicly update or revise any views expressed or forward-looking statements.

NOT FDIC INSURED  ¡  NO BANK GUARANTEE  ¡   MAY LOSE VALUE

WELLS FARGO INVESTMENT HISTORY

1932	Keystone creates one of the first mutual fund families.
1971	Wells Fargo & Company introduces one of the first institutional index funds.
1978	Wells Fargo applies Markowitz and Sharpe’s research on Modern Portfolio Theory to introduce one of the industry’s first Tactical Asset Allocation (TAA) models in institutional separately managed accounts.
1984	Wells Fargo Stagecoach Funds launches its first asset allocation fund.
1989	The Tactical Asset Allocation (TAA) Model is first applied to Wells Fargo’s asset allocation mutual funds.
1994	Wells Fargo introduces the LifePath Funds, one of the first suites of target date funds (now the Wells Fargo Advantage Dow Jones Target Date FundsSM).
1996	Evergreen Investments and Keystone Funds merge.
1997	Wells Fargo launches Wells Fargo Advantage WealthBuilder PortfoliosSM, a fund-of-funds suite of products that includes the use of quantitative models to shift assets among investment styles.
1999	Norwest Advantage Funds and Stagecoach Funds are reorganized into Wells Fargo Funds after the merger of Norwest and Wells Fargo.
2002	Evergreen Retail and Evergreen Institutional companies form the umbrella asset management company, Evergreen Investments.
2005	The integration of Strong Funds with Wells Fargo Funds creates Wells Fargo Advantage Funds, resulting in one of the top 20 mutual fund companies in the United States.
2006	Wells Fargo Advantage Funds relaunches the target date product line as Wells Fargo Advantage Dow Jones Target Date Funds.
2010	The mergers and reorganizations of Evergreen and Wells Fargo Advantage mutual funds are completed, unifying the families under the brand of Wells Fargo Advantage Funds.

Wells Fargo Advantage Funds^®

Wells Fargo Advantage Funds skillfully guides institutions, financial advisors, and individuals through the investment terrain to help them reach their financial objectives. Everything we do on behalf of investors is backed by our unique combination of qualifications.

Strength

Our organization is built on the standards of integrity and service established by our parent company—Wells Fargo & Company—more than 150 years ago. And, because we’re part of a highly diversified financial enterprise, we offer the depth of resources to help investors succeed.

Expertise

Our multi-boutique model offers investors access to the independent thinking of premier investment managers that have been chosen for their time-tested strategies. While each team specializes in a specific investment strategy, collectively they provide investors a wide choice of distinct investment styles. Our dedication to investment excellence doesn’t end with our expertise in manager selection—risk management, analysis, and rigorous ongoing review seek to ensure each manager’s investment process remains consistent.

Partnership

Our collaborative approach is built around understanding the needs and goals of our clients. By adhering to core principles of sound judgment and steady guidance, we support you through every stage of the investment decision process.

Carefully consider a fund’s investment objectives, risks, charges, and expenses before investing. For a current prospectus and, if available, a summary prospectus, containing this and other information, visit wellsfargoadvantagefunds.com. Read it carefully before investing.

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.

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

NOT FDIC INSURED  ¡  NO BANK GUARANTEE  ¡   MAY LOSE VALUE

Not part of the semi-annual report.

Wells Fargo Advantage Funds offers more than 110 mutual funds across a wide range of asset classes, representing over $217 billion in assets under management, as of January 31, 2012.

Equity Funds
Asia Pacific Fund	Equity Value Fund	Precious Metals Fund
C&B Large Cap Value Fund	Global Opportunities Fund	Premier Large Company Growth Fund
C&B Mid Cap Value Fund	Growth Fund	Small Cap Opportunities Fund
Capital Growth Fund	Index Fund	Small Cap Value Fund
Common Stock Fund	International Equity Fund	Small Company Growth Fund
Disciplined U.S. Core Fund	International Value Fund	Small Company Value Fund
Discovery Fund†	Intrinsic Small Cap Value Fund	Small/Mid Cap Core Fund
Diversified Equity Fund	Intrinsic Value Fund	Small/Mid Cap Value Fund
Diversified International Fund	Intrinsic World Equity Fund	Special Mid Cap Value Fund
Diversified Small Cap Fund	Large Cap Core Fund	Special Small Cap Value Fund
Emerging Growth Fund	Large Cap Growth Fund	Specialized Technology Fund
Emerging Markets Equity Fund	Large Company Value Fund	Strategic Large Cap Growth Fund
Endeavor Select Fund†	Omega Growth Fund	Traditional Small Cap Growth Fund
Enterprise Fund†	Opportunity Fund†	Utility and Telecommunications Fund
Bond Funds
Adjustable Rate Government Fund	Inflation-Protected Bond Fund	Short-Term Bond Fund
California Limited-Term Tax-Free Fund	Intermediate Tax/AMT-Free Fund	Short-Term High Yield Bond Fund
California Tax-Free Fund	International Bond Fund	Short-Term Municipal Bond Fund
Colorado Tax-Free Fund	Minnesota Tax-Free Fund	Strategic Municipal Bond Fund
Government Securities Fund	Municipal Bond Fund	Total Return Bond Fund
High Income Fund	North Carolina Tax-Free Fund	Ultra Short-Term Income Fund
High Yield Bond Fund	Pennsylvania Tax-Free Fund	Ultra Short-Term Municipal Income Fund
Income Plus Fund	Short Duration Government Bond Fund	Wisconsin Tax-Free Fund
Asset Allocation Funds
Absolute Return Fund	WealthBuilder Equity Portfolio†	Target 2020 Fund†
Asset Allocation Fund	WealthBuilder Growth Allocation Portfolio†	Target 2025 Fund†
Conservative Allocation Fund	WealthBuilder Growth Balanced Portfolio†	Target 2030 Fund†
Diversified Capital Builder Fund	WealthBuilder Moderate Balanced Portfolio†	Target 2035 Fund†
Diversified Income Builder Fund	WealthBuilder Tactical Equity Portfolio†	Target 2040 Fund†
Growth Balanced Fund	Target Today Fund†	Target 2045 Fund†
Index Asset Allocation Fund	Target 2010 Fund†	Target 2050 Fund†
Moderate Balanced Fund	Target 2015 Fund†	Target 2055 Fund†
WealthBuilder Conservative Allocation Portfolio†
Money Market Funds
100% Treasury Money Market Fund	Heritage Money Market Fund†	National Tax-Free Money Market Fund
California Municipal Money Market Fund	Money Market Fund	Prime Investment Money Market Fund
Cash Investment Money Market Fund	Municipal Cash Management Money Market Fund	Treasury Plus Money Market Fund
Government Money Market Fund	Municipal Money Market Fund
Variable Trust Funds1
VT Discovery Fund†	VT Intrinsic Value Fund	VT Small Cap Growth Fund
VT Index Asset Allocation Fund	VT Omega Growth Fund	VT Small Cap Value Fund
VT International Equity Fund	VT Opportunity Fund†	VT Total Return Bond Fund

An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Wells Fargo Advantage Money Market Funds seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in a money market fund.

1. The Variable Trust Funds are generally available only through insurance company variable contracts.

† In this report, the Wells Fargo Advantage Discovery Fund^SM, Wells Fargo Advantage Endeavor Select Fund^SM, Wells Fargo Advantage Enterprise Fund^SM, Wells Fargo Advantage Opportunity Fund^SM, Wells Fargo Advantage WealthBuilder Conservative Allocation Portfolio^SM, Wells Fargo Advantage WealthBuilder Equity Portfolio^SM, Wells Fargo Advantage WealthBuilder Growth Allocation Portfolio^SM, Wells Fargo Advantage WealthBuilder Growth Balanced Portfolio^SM, Wells Fargo Advantage WealthBuilder Moderate Balanced Portfolio^SM, Wells Fargo Advantage WealthBuilder Tactical Equity Portfolio^SM, Wells Fargo Advantage Dow Jones Target Today Fund^SM, Wells Fargo Advantage Dow Jones Target 2010 Fund^SM, Wells Fargo Advantage Dow Jones Target 2015 Fund^SM, Wells Fargo Advantage Dow Jones Target 2020 Fund^SM, Wells Fargo Advantage Dow Jones Target 2025 Fund^SM, Wells Fargo Advantage Dow Jones Target 2030 Fund^SM, Wells Fargo Advantage Dow Jones Target 2035 Fund^SM, Wells Fargo Advantage Dow Jones Target 2040 Fund^SM, Wells Fargo Advantage Dow Jones Target 2045 Fund^SM, Wells Fargo Advantage Dow Jones Target 2050 Fund^SM, Wells Fargo Advantage Dow Jones Target 2055 Fund^SM, Wells Fargo Advantage Heritage Money Market Fund^SM, Wells Fargo Advantage VT Discovery Fund^SM, and Wells Fargo Advantage VT Opportunity Fund^SM are referred to as the Discovery Fund, Endeavor Select Fund, Enterprise Fund, Opportunity Fund, WealthBuilder Conservative Allocation Portfolio, WealthBuilder Equity Portfolio, WealthBuilder Growth Allocation Portfolio, WealthBuilder Growth Balanced Portfolio, WealthBuilder Moderate Balanced Portfolio, WealthBuilder Tactical Equity Portfolio, Target Today Fund, Target 2010 Fund, Target 2015 Fund, Target 2020 Fund, Target 2025 Fund, Target 2030 Fund, Target 2035 Fund, Target 2040 Fund, Target 2045 Fund, Target 2050 Fund, Target 2055 Fund, Heritage Money Market Fund, VT Discovery Fund, and VT Opportunity Fund, respectively.

Not part of the semi-annual report.

2 Wells Fargo Advantage Growth Fund Letter to Shareholders

Karla M. Rabusch,

President

Wells Fargo Advantage Funds

The period was marked by increased confidence that the U.S. economy was staging a fragile recovery, offset by continued concerns about the possible effect on the global economy of the ongoing European sovereign debt crisis—which began in Greece and later spread to the larger economies of Italy and Spain.

The slow-motion debt crisis in the eurozone was a major headwind to both domestic and global stock market indexes.

Dear Valued Shareholder:

We’re pleased to offer you this semi-annual report for the Wells Fargo Advantage Growth Fund for the six-month period that ended January 31, 2012. The period was marked by increased confidence that the U.S. economy was staging a fragile recovery, offset by continued concerns about the possible effect on the global economy of the ongoing European sovereign debt crisis—which began in Greece and later spread to the larger economies of Italy and Spain. Most U.S. stock indexes posted gains for the period, even if only modest ones.

Worries gave way to guarded optimism for the U.S. economy.

The period began with worries that the U.S. economy was returning to recession. Revised figures for gross domestic product (GDP) indicated that the U.S. economy grew by an annualized rate of only 0.8% in the first half of 2011. Moreover, although the July 2011 Institute for Supply Management (ISM) manufacturing survey suggested that factories continued to expand, the rate of expansion was lower than in previous months. The prolonged debate over whether and how to raise the U.S. debt ceiling—which only ended on July 31, 2011—also depressed market sentiment by highlighting the country’s political divisions.

The stock market remained volatile throughout September. By late October, however, stronger economic data led to greater optimism and higher stock prices. Revised real GDP growth came in at 1.8% in the third quarter of 2011 and 2.8% in the fourth quarter, suggesting that the recovery was on firmer footing. Economic growth was not evenly distributed, though, as December 2011 retail same-store sales generally showed stronger growth for retailers targeting affluent customers than for those targeting the broad middle class. The reported unemployment rate also showed some signs of improvement, falling from 9.1% in August 2011 to 8.3% in January 2012. However, this decline in the unemployment rate was accompanied by an increase in the number of Americans not in the labor force, raising concerns about the economy’s ability to generate jobs.

The eurozone had continued trouble.

The slow-motion debt crisis in the eurozone was a major headwind to both domestic and global stock market indexes. The worsening debt and deficit numbers for Greece in late 2011 and early 2012 cast doubt on the country’s ability to service its debt under the plan put in place by the European Union and the International Monetary Fund and put the ongoing drama of the European sovereign debt crisis back on center stage. Investors became increasingly concerned that Greece would default on its debt, a scenario that only seemed more likely as many Greeks rioted in response to greater budgetary austerity and the discussion moved from whether private investors would take a loss on their Greek debt to how big the loss would be. Because many eurozone banks owned Greek debt and many U.S. banks had financial ties to eurozone banks, investors worried about the effect of such an event on the financial system and the global economy.

Even as the situation in Greece deteriorated, eurozone GDP numbers supported the case for a modest recovery in the global economy. Reported GDP growth for the 17 countries that comprise the eurozone was modest, rising 0.2% in the third quarter compared to the second quarter, and by 0.2% in the fourth quarter

Letter to Shareholders Wells Fargo Advantage Growth Fund 3

compared to the third quarter. However, the eurozone average concealed a wide variation between economies, with Germany’s growing by 0.5% in the third quarter of 2011 even as Greece’s GDP contracted.

Central banks continued to provide stimulus.

Throughout the reporting period, the Federal Open Market Committee (FOMC) kept its key interest rates effectively at zero in order to support the economy and financial system. Moreover, in response to extreme market volatility and signs of a weakening economy, in its August 2011 policy statement, the Federal Reserve (Fed) announced it would keep interest rates “exceptionally low” until at least mid-2013 as a way to support the economy. Market participants interpreted the Fed’s statement to mean that the central bankers believed the economy would remain weak over the next two years. However, the Fed also said that it was considering a “range of policy tools available to promote a stronger economic recovery” and “is prepared to employ these tools as appropriate.”

At the beginning of the period, the European Central Bank (ECB) had a key rate of 1.50% but lowered it to 1.25% in November 2011 and then to 1.00% in December 2011 in an attempt to support the sluggish eurozone recovery. To support the banking system, in late 2011, the ECB initiated a long-term refinancing operation (LTRO) in which it supplied three-year loans to banks against a wide range of collateral. The operation basically provided a near-unlimited amount of liquidity to banks, easing some investor concerns about the effect of an increasingly probable Greek default.

We use time-tested investment strategies, even as many variables are at work in the market.

Experience tells us that strict adherence to time-tested investment strategies has its rewards. As a whole, Wells Fargo Advantage Funds represents investments across a range of asset classes and investment styles, giving you an opportunity to create a diversified investment portfolio. While diversification may not prevent losses in a downturn, it does provide you with one way of managing risk.

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

Sincerely,

Karla M. Rabusch

President

Wells Fargo Advantage Funds

4 Wells Fargo Advantage Growth Fund Letter to Shareholders

Notice to Shareholders

The Board of Trustees for Wells Fargo Advantage Funds has unanimously approved the following modifications to certain net asset value (NAV) waiver privileges and commission schedules:

n Effective May 1, 2012, automatic investment plan (AIP) purchases and proceeds received from systematic withdrawals will no longer qualify for NAV repurchase privileges.

n Effective May 1, 2012, discretionary rights to waive the upfront commission for Class C and “jumbo” Class A share purchases will no longer be granted to broker/dealers. However, we will continue to waive the Class C shares contingent deferred sales charge for redemptions by employer-sponsored retirement plans where the dealer of record waived its commission at the time of purchase.

n Effective July 31, 2012, NAV purchase privileges for former Evergreen Class IS and Class R shareholders are being modified to remove the ability to purchase Class A shares at NAV unless those shares are held directly with the Fund on or after July 31, 2012.

Please contact your investment professional or call us directly at 1-800-222-8222 if you have any questions on this Notice to Shareholders.

Performance Highlights (Unaudited) Wells Fargo Advantage Growth Fund 5

The Fund is closed to new investors¹

INVESTMENT OBJECTIVE

The Fund seeks long-term capital appreciation.

ADVISER

Wells Fargo Funds Management, LLC

SUB-ADVISER

Wells Capital Management Incorporated

PORTFOLIO MANAGERS

Joseph M. Eberhardy, CFA, CPA

Thomas C. Ognar, CFA

Bruce C. Olson, CFA

FUND INCEPTION

December 31, 1993

TEN LARGEST EQUITY HOLDINGS2 (AS OF JANUARY 31, 2012)
Apple Incorporated	7.13%
Pioneer Natural Resources Company	2.81%
Cognizant Technology Solutions Corporation Class A	2.77%
Alexion Pharmaceuticals Incorporated	2.53%
EMC Corporation	2.49%
Whole Foods Market Incorporated	2.49%
Google Incorporated Class A	2.32%
Kansas City Southern	2.31%
Rackspace Hosting Incorporated	2.13%
priceline.com Incorporated	2.02%

SECTOR DISTRIBUTION³

(AS OF JANUARY 31, 2012)

1. Please see the Statement of Additonal Information for further details.

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

3. Sector distribution is subject to change and is calculated based on the total long-term investments of the Fund.

6 Wells Fargo Advantage Growth Fund Performance Highlights (Unaudited)

AVERAGE ANNUAL TOTAL RETURN⁴ (%) (AS OF JANUARY 31, 2012)

			Including Sales Charge									Excluding Sales Charge								Expense Ratios5
	Inception Date		6 Months*			1 Year		5 Year		10 Year		6 Months*		1 Year		5 Year		10 Year		Gross		Net6
Class A (SGRAX)		02/24/2000		(2.85	)		5.77		8.17		7.33		3.08		12.22		9.46		7.97		1.24%		1.22%
Class C (WGFCX)		12/26/2002		1.71			10.43		8.65		7.16		2.71		11.43		8.65		7.16		1.99%		1.97%
Administrator Class (SGRKX)		08/30/2002											3.21		12.54		9.81		8.42		1.08%		0.96%
Institutional Class (SGRNX)		02/24/2000											3.32		12.75		9.99		8.55		0.81%		0.75%
Investor Class (SGROX)		12/31/1993											3.06		12.17		9.34		7.89		1.31%		1.29%
Russell 3000® Growth Index7													2.61		5.98		3.17		3.55

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

Figures quoted represent past performance, which is no guarantee of future results and do not reflect the deduction of taxes that a shareholder may pay on fund distributions or the redemption of fund shares. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance shown without sales charges would be lower if sales charges were reflected. Current performance may be lower or higher than the performance data quoted and assumes the reinvestment of dividends and capital gains. Current month-end performance is available on the Fund’s Web site – 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 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 fund values fluctuate in response to the activities of individual companies and general market and economic conditions. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). This Fund is exposed to foreign investment risk. Consult the Fund’s prospectus for additional information on these and other risks.

4. Historical performance shown for the Administrator Class shares prior to their inception reflects the performance of the Investor Class shares, and includes the higher expenses applicable to the Investor Class shares. If these expenses had not been included, returns would be higher. Historical performance shown for the Class C shares prior to their inception reflects the performance of the Investor Class shares, adjusted to reflect the higher expenses applicable to Class C shares. Historical performance shown for Class A shares through June 19, 2008 includes expenses of the Fund’s former Advisor Class.

5. Reflects the expense ratios as stated in the most recent prospectuses.

6. The Adviser has committed through November 30, 2012 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 above. Without this cap, the Fund’s returns would have been lower.

7. The Russell 3000^® Growth Index measures the performance of those Russell 3000^® Index companies with higher price-to-book ratios and higher forecasted growth values. The stocks in this index are also members of either the Russell 1000^® Growth Index or the Russell 2000^® Growth Index. You cannot invest directly in an index.

Fund Expenses (Unaudited) Wells Fargo Advantage Growth Fund 7

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 August 1, 2011 to January 31, 2012.

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 08-01-2011		Ending Account Value 01-31-2012		Expenses Paid During the Period1		Net Annual Expense Ratio
Class A
Actual	$	1,000.00	$	1,030.84	$	6.18		1.21	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.05	$	6.14		1.21	%
Class C
Actual	$	1,000.00	$	1,027.06	$	9.99		1.96	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.28	$	9.93		1.96	%
Administrator Class
Actual	$	1,000.00	$	1,032.14	$	4.90		0.96	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.31	$	4.88		0.96	%
Institutional Class
Actual	$	1,000.00	$	1,033.17	$	3.94		0.77	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.27	$	3.91		0.77	%
Investor Class
Actual	$	1,000.00	$	1,030.61	$	6.48		1.27	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.75	$	6.44		1.27	%

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).

8 Wells Fargo Advantage Growth Fund Portfolio of Investments—January 31, 2012 (Unaudited)

Security Name	Shares		Value
Common Stocks: 93.43%
Consumer Discretionary: 20.49%
Auto Components: 1.22%
Gentex Corporation«		1,500,000	$	40,305,000
Johnson Controls Incorporated«		2,209,000		70,179,930
				110,484,930
Distributors: 0.08%
LKQ Corporation†		220,000		7,172,000
Hotels, Restaurants & Leisure: 2.32%
Buffalo Wild Wings Incorporated†		175,000		11,648,000
Las Vegas Sands Corporation		733,000		35,997,630
Life Time Fitness Incorporated†«		2,700,000		132,678,000
Starbucks Corporation«		613,000		29,381,090
				209,704,720
Household Durables: 0.72%
Tempur-Pedic International Incorporated†«		980,000		65,375,800
Internet & Catalog Retail: 5.17%
Amazon.com Incorporated†		590,000		114,719,600
Homeaway Incorporated†«		2,748,178		74,310,733
priceline.com Incorporated†«		345,000		182,670,600
Shutterfly Incorporated†«		2,565,000		60,841,800
TripAdvisor Incorporated		1,039,000		34,193,490
				466,736,223
Multiline Retail: 1.01%
Dollar Tree Incorporated†		1,080,000		91,594,800
Specialty Retail: 8.21%
CarMax Incorporated†«		5,356,000		162,983,080
Dick’s Sporting Goods Incorporated«		3,775,000		155,567,750
Hibbett Sports Incorporated†«		1,125,000		53,921,250
O’Reilly Automotive Incorporated†		290,000		23,637,900
Tractor Supply Company		2,050,000		165,578,500
Ulta Salon Cosmetics & Fragrance Incorporated†		1,765,000		134,528,300
Vitamin Shoppe Incorporated†«		1,055,000		45,090,700
				741,307,480
Textiles, Apparel & Luxury Goods: 1.76%
Coach Incorporated		590,000		41,329,500
Crocs Incorporated†		1,380,000		26,247,600
Fossil Incorporated†		115,000		10,930,750
lululemon athletica incorporated†«		426,000		26,893,380
Vera Bradley Incorporated†«		1,490,000		53,371,800
				158,773,030
Consumer Staples: 4.01%
Food & Staples Retailing: 3.44%
Fresh Market Incorporated†«		2,010,000		86,550,600

Portfolio of Investments—January 31, 2012 (Unaudited) Wells Fargo Advantage Growth Fund 9

Security Name	Shares		Value
Food & Staples Retailing (continued)
Whole Foods Market Incorporated		3,035,000	$	224,681,050
				311,231,650
Food Products: 0.24%
Green Mountain Coffee Roasters Incorporated†		404,000		21,549,360
Personal Products: 0.33%
Estee Lauder Companies Incorporated Class A		515,000		29,833,950
Energy: 6.23%
Energy Equipment & Services: 1.13%
Schlumberger Limited		1,360,000		102,231,200
Oil, Gas & Consumable Fuels: 5.10%
Concho Resources Incorporated†«		985,000		105,060,100
Continental Resources Incorporated†«		850,000		68,578,000
Energy XXI Bermuda Limited†		70,000		2,329,096
Oasis Petroleum Incorporated†«		430,000		14,508,200
Pioneer Natural Resources Company		2,559,000		254,108,700
Southwestern Energy Company†		533,000		16,597,620
				461,181,716
Financials: 5.16%
Capital Markets: 2.63%
Financial Engines Incorporated†«		2,337,000		55,971,150
LPL Investment Holdings Incorporated†		1,760,000		57,816,000
TD Ameritrade Holding Corporation		7,700,000		124,047,000
				237,834,150
Consumer Finance: 2.53%
American Express Company		1,420,000		71,198,800
MasterCard Incorporated«		441,000		156,806,370
				228,005,170
Health Care: 12.24%
Biotechnology: 2.95%
Alexion Pharmaceuticals Incorporated†		2,976,000		228,437,760
Biogen Idec Incorporated†		152,000		17,923,840
BioMarin Pharmaceutical Incorporated†«		559,000		19,939,530
				266,301,130
Health Care Equipment & Supplies: 4.11%
Covidien plc		616,000		31,724,000
DexCom Incorporated†«		1,140,300		12,509,091
Edwards Lifesciences Corporation†		56,000		4,608,800
Intuitive Surgical Incorporated†«		265,000		121,876,150
NxStage Medical Incorporated†«		2,905,000		52,115,700
St. Jude Medical Incorporated		2,300,000		95,933,000
Volcano Corporation†«		1,880,000		52,734,000
				371,500,741

10 Wells Fargo Advantage Growth Fund Portfolio of Investments—January 31, 2012 (Unaudited)

Security Name	Shares		Value
Health Care Providers & Services: 0.44%
AmerisourceBergen Corporation«		1,025,000	$	39,944,250
Health Care Technology: 0.31%
Cerner Corporation†		463,000		28,192,070
Life Sciences Tools & Services: 2.01%
Covance Incorporated†		440,000		19,276,400
Mettler-Toledo International Incorporated†«		925,000		162,337,500
				181,613,900
Pharmaceuticals: 2.42%
Allergan Incorporated«		850,000		74,723,500
Shire plc ADR		1,440,000		143,308,800
				218,032,300
Industrials: 7.86%
Aerospace & Defense: 0.56%
United Technologies Corporation		647,400		50,723,790
Air Freight & Logistics: 0.40%
C.H. Robinson Worldwide Incorporated«		530,000		36,485,200
Electrical Equipment: 0.60%
Polypore International Incorporated†«		1,425,000		54,264,000
Machinery: 2.58%
Caterpillar Incorporated		111,000		12,112,320
Danaher Corporation		1,289,100		67,690,641
Gardner Denver Incorporated		507,000		37,822,200
Joy Global Incorporated«		1,270,000		115,176,300
				232,801,461
Road & Rail: 3.72%
Kansas City Southern†«		3,044,000		208,940,160
Norfolk Southern Corporation«		935,000		67,507,000
Union Pacific Corporation		524,000		59,898,440
				336,345,600
Information Technology: 34.75%
Communications Equipment: 2.84%
Acme Packet Incorporated†«		1,137,000		33,234,510
Aruba Networks Incorporated†«		600,000		13,308,000
F5 Networks Incorporated†		475,000		56,876,500
QUALCOMM Incorporated		1,616,000		95,053,120
Riverbed Technology Incorporated†		1,460,000		34,952,400
Ubiquiti Networks Incorporated†«		954,681		23,179,655
				256,604,185
Computers & Peripherals: 9.62%
Apple Incorporated†		1,412,000		644,549,760
EMC Corporation†		8,735,000		225,013,600
				869,563,360

Portfolio of Investments—January 31, 2012 (Unaudited) Wells Fargo Advantage Growth Fund 11

Security Name	Shares		Value
Internet Software & Services: 7.70%
eBay Incorporated†		4,605,000	$	145,518,000
Google Incorporated Class A†		361,000		209,419,710
LogMeIn Incorporated†«		2,000,000		79,660,000
Mercadolibre Incorporated«		785,000		68,609,000
Rackspace Hosting Incorporated†«		4,440,000		192,740,400
				695,947,110
IT Services: 5.44%
Accenture plc		610,000		34,977,400
Alliance Data Systems Corporation†«		1,280,000		141,824,000
Cognizant Technology Solutions Corporation Class A†		3,489,000		250,335,750
VeriFone Holdings Incorporated†		1,500,000		64,050,000
				491,187,150
Semiconductors & Semiconductor Equipment: 2.50%
Altera Corporation		594,000		23,635,260
Analog Devices Incorporated		171,000		6,691,230
Avago Technologies Limited		1,376,000		46,701,440
Cavium Incorporated†«		900,000		28,926,000
Maxim Integrated Products Incorporated		1,200,000		32,208,000
Microchip Technology Incorporated«		2,370,000		87,476,700
				225,638,630
Software: 6.65%
Broadsoft Incorporated†«		1,560,000		43,492,800
Check Point Software Technologies Limited†«		800,000		45,032,000
Citrix Systems Incorporated†		1,225,000		79,882,250
Fortinet Incorporated†«		3,400,000		77,554,000
Qlik Technologies Incorporated†		1,000,000		28,200,000
Red Hat Incorporated†«		2,327,000		107,902,990
Salesforce.com Incorporated†«		245,000		28,616,000
SuccessFactors Incorporated†«		205,088		8,162,501
Synchronoss Technologies Incorporated†«		700,000		23,394,000
Taleo Corporation Class A†«		1,836,000		66,114,360
Ultimate Software Group Incorporated†«		1,395,000		93,032,550
				601,383,451
Materials: 2.69%
Chemicals: 2.69%
Air Products & Chemicals Incorporated		430,000		37,852,901
Monsanto Company		425,000		34,871,250
Praxair Incorporated«		1,600,000		169,920,000
				242,644,151
Total Common Stocks (Cost $6,918,795,346)				8,442,188,658
Investment Companies: 1.69%
Ishares Russell 1000 Growth		2,494,924		152,888,943
Total Investment Companies (Cost $145,640,702)				152,888,943

12 Wells Fargo Advantage Growth Fund Portfolio of Investments—January 31, 2012 (Unaudited)

Security Name				Principal		Value
Other: 0.05%
Gryphon Funding Limited, Pass-Through Entity(v)(a)(i)					$    5,341,546	$	1,442,217
VFNC Corporation, Pass-Through Entity, 0.27%±144A(v)(a)(i)					6,086,695		2,617,279
Total Other (Cost $1,897,404)							4,059,496
	Yield			Shares
Short-Term Investments: 15.77%
Investment Companies: 15.77%
Wells Fargo Advantage Cash Investment Money Market Fund, Institutional Class(l)(u)		0.02	%		288,966,966		288,966,966
Wells Fargo Securities Lending Cash Investments, LLC(r)(l)(u)(v)		0.15			1,136,035,898		1,136,035,898
Total Short-Term Investments (Cost $1,425,002,864)							1,425,002,864

Total Investments in Securities
(Cost $8,491,336,316)*	110.94	%		10,024,139,961
Other Assets and Liabilities, Net	(10.94	)		(988,453,067	)
Total Net Assets	100.00	%	$	9,035,686,894

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

† Non-income earning security.

± Variable rate investment.

144A Security that may be resold to “qualified institutional buyers” under Rule 144A or security offered pursuant to Section 4(2) of the Securities Act of 1933, as amended.

(v) Security represents investment of cash collateral received from securities on loan.

(a) Security is fair valued by the Management Valuation Team, and in certain instances by the Board of Trustees, in accordance with procedures approved by the Board of Trustees.

(l) Investment in an affiliate.

(u) Rate shown is the 7-day annualized yield at period end.

(r) The investment company is exempt from registration under Section 3(c)(7) of the 1940 Act.

(i) Illiquid security.

* Cost for federal income tax purposes is $8,639,503,655 and net unrealized appreciation (depreciation) consists of:

Gross unrealized appreciation	$	1,470,090,605
Gross unrealized depreciation		(85,454,299	)
Net unrealized appreciation	$	1,384,636,306

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

Statement of Assets and Liabilities—January 31, 2012 (Unaudited) Wells Fargo Advantage Growth Fund 13

Assets
Investments
In unaffiliated securities (including securities on loan), at value (see cost below)	$	8,599,137,097
In affiliated securities, at value (see cost below)		1,425,002,864
Total investments, at value (see cost below)		10,024,139,961
Receivable for investments sold		45,544,322
Receivable for Fund shares sold		225,716,199
Receivable for dividends		1,151,272
Receivable for securities lending income		519,948
Prepaid expenses and other assets		247,342
Total assets		10,297,319,044
Liabilities
Payable for investments purchased		105,323,340
Payable for Fund shares redeemed		10,636,571
Payable upon receipt of securities loaned		1,137,933,301
Advisory fee payable		4,227,861
Distribution fees payable		260,255
Due to other related parties		1,711,439
Accrued expenses and other liabilities		1,539,383
Total liabilities		1,261,632,150
Total net assets	$	9,035,686,894
NET ASSETS CONSIST OF
Paid-in capital	$	7,725,299,500
Undistributed net investment loss		(18,604,276	)
Accumulated net realized losses on investments		(203,811,975	)
Net unrealized gains on investments		1,532,803,645
Total net assets	$	9,035,686,894
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE1
Net assets – Class A	$	2,138,749,666
Shares outstanding – Class A		58,605,187
Net asset value per share – Class A		$36.49
Maximum offering price per share – Class A2		$38.72
Net assets – Class C	$	486,699,872
Shares outstanding – Class C		14,197,095
Net asset value per share – Class C		$34.28
Net assets – Administrator Class	$	2,440,427,606
Shares outstanding – Administrator Class		63,788,833
Net asset value per share – Administrator Class		$38.26
Net assets – Institutional Class	$	1,804,770,255
Shares outstanding – Institutional Class		45,949,208
Net asset value per share – Institutional Class		$39.28
Net assets – Investor Class	$	2,165,039,495
Shares outstanding – Investor Class		59,429,057
Net asset value per share – Investor Class		$36.43
Investments in unaffiliated securities, at cost	$	7,066,333,452
Investments in affiliated securities, at cost	$	1,425,002,864
Total investments, at cost	$	8,491,336,316
Securities on loan, at value	$	1,112,264,855

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.

14 Wells Fargo Advantage Growth Fund Statement of Operations—Six Months Ended January 31, 2012 (Unaudited)

Investment income
Dividends	$	16,345,019
Securities lending income, net		1,373,440
Income from affiliated securities		169,858
Total investment income		17,888,317
Expenses
Advisory fee		20,871,377
Administration fees
Fund level		1,566,992
Class A		1,958,573
Class C		398,877
Administrator Class		860,403
Institutional Class		511,548
Investor Class		2,915,511
Shareholder servicing fees
Class A		1,883,243
Class C		383,536
Administrator Class		2,118,765
Investor Class		2,174,935
Distribution fees
Class C		1,150,607
Custody and accounting fees		156,029
Professional fees		20,648
Registration fees		87,636
Shareholder report expenses		153,936
Trustees’ fees and expenses		5,332
Other fees and expenses		36,262
Total expenses		37,254,210
Less: Fee waivers and/or expense reimbursements		(761,617	)
Net expenses		36,492,593
Net investment loss		(18,604,276	)
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized losses on investments		(183,534,595	)
Net change in unrealized gains (losses) on investments		573,275,915
Net realized and unrealized gains (losses) on investments		389,741,320
Net increase in net assets resulting from operations	$	371,137,044

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

Statements of Changes in Net Assets Wells Fargo Advantage Growth Fund 15

	Six Months Ended January 31, 2012 (Unaudited)						Year Ended July 31, 2011
Operations
Net investment loss				$	(18,604,276	)				$	(23,841,563	)
Net realized gains (losses) on investments					(183,534,595	)					100,634,865
Net change in unrealized gains (losses) on investments					573,275,915						773,966,368
Net increase in net assets resulting from operations					371,137,044						850,759,670
Distributions to shareholders from
Net realized gains
Class A					(22,821,310	)					0
Class C					(4,924,745	)					0
Administrator Class					(24,894,020	)					0
Institutional Class					(18,155,513	)					0
Investor Class					(25,630,810	)					0
Total distributions to shareholders					(96,426,398	)					0
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		32,469,940			1,118,610,791			31,618,568			1,080,012,208
Class C		7,839,716			256,346,184			6,581,626			214,820,537
Administrator Class		33,647,584			1,210,217,292			32,395,353			1,154,516,727
Institutional Class		23,327,746			862,086,023			17,002,296			633,070,434
Investor Class		19,982,836			695,086,223			20,341,888			687,118,438
					4,142,346,513						3,769,538,344
Reinvestment of distributions
Class A		605,503			21,283,444			0			0
Class C		94,859			3,135,086			0			0
Administrator Class		619,843			22,828,833			0			0
Institutional Class		464,164			17,550,046			0			0
Investor Class		701,497			24,615,520			0			0
					89,412,929						0
Payment for shares redeemed
Class A		(8,047,522	)		(274,066,239	)		(4,304,058	)		(146,726,940	)
Class C		(622,926	)		(19,817,514	)		(290,159	)		(9,588,300	)
Administrator Class		(6,152,029	)		(219,555,982	)		(11,938,560	)		(435,375,226	)
Institutional Class		(3,634,621	)		(132,933,593	)		(4,385,240	)		(158,832,388	)
Investor Class		(8,908,429	)		(301,476,690	)		(8,785,871	)		(294,439,261	)
					(947,850,018	)					(1,044,962,115	)
Net increase in net assets resulting from capital share transactions					3,283,909,424						2,724,576,229
Total increase in net assets					3,558,620,070						3,575,335,899
Net assets
Beginning of period					5,477,066,824						1,901,730,925
End of period				$	9,035,686,894					$	5,477,066,824
Undistributed net investment income (loss)				$	(18,604,276	)				$	0

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

16 Wells Fargo Advantage Growth Fund Financial Highlights

(For a share outstanding throughout each period)

	Six Months Ended January 31, 2012 (Unaudited)			Year Ended July 31,
Class A				2011			2010			2009			20081			20071
Net asset value, beginning of period	$	35.88		$	26.10		$	21.13		$	25.20		$	26.36		$	20.45
Net investment loss		(0.15	)2		(0.27	)2		(0.16	)2		(0.08	)2		(0.16	)2		(0.15	)2
Net realized and unrealized gains (losses) on investments		1.23			10.05			5.13			(3.99	)		(1.00	)		6.06
Total from investment operations		1.08			9.78			4.97			(4.07	)		(1.16	)		5.91
Distributions to shareholders from
Net realized gains		(0.47	)		0.00			0.00			0.00			0.00			0.00
Net asset value, end of period	$	36.49		$	35.88		$	26.10		$	21.13		$	25.20		$	26.36
Total return3		3.08	%		37.43	%		23.52	%		(16.15	)%		(4.40	)%		28.85	%
Ratios to average net assets (annualized)
Gross expenses		1.21	%		1.24	%		1.31	%		1.35	%		1.35	%		1.34	%
Net expenses		1.21	%		1.24	%		1.30	%		1.29	%		1.30	%		1.30	%
Net investment loss		(0.66	)%		(0.81	)%		(0.64	)%		(0.44	)%		(0.60	)%		(0.63	)%
Supplemental data
Portfolio turnover rate		23	%		54	%		72	%		88	%		122	%		117	%
Net assets, end of period (000’s omitted)		$2,138,750			$1,204,675			$163,485			$46,250			$34,992			$23,142

1. Effective June 20, 2008, Advisor Class was renamed Class A.

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 Growth Fund 17

(For a share outstanding throughout each period)

	Six Months Ended January 31, 2012 (Unaudited)			Year Ended July 31,
Class C				2011			2010				2009			2008			2007
Net asset value, beginning of period	$	33.86		$	24.81		$	20.24			$	24.30		$	25.62		$	20.03
Net investment loss		(0.31	)1		(0.51	)1		(0.34	)1	��		(0.21	)1		(0.35	)1		(0.31	)1
Net realized and unrealized gains (losses) on investments		1.20			9.56			4.91				(3.85	)		(0.97	)		5.90
Total from investment operations		0.89			9.05			4.57				(4.06	)		(1.32	)		5.59
Distributions to shareholders from
Net realized gains		(0.47	)		0.00			0.00				0.00			0.00			0.00
Net asset value, end of period	$	34.28		$	33.86		$	24.81			$	20.24		$	24.30		$	25.62
Total return2		2.71	%		36.44	%		22.58	%			(16.71	)%		(5.15	)%		27.86	%
Ratios to average net assets (annualized)
Gross expenses		1.96	%		1.99	%		2.06	%			2.07	%		2.11	%		2.09	%
Net expenses		1.96	%		1.99	%		2.05	%			2.02	%		2.05	%		2.05	%
Net investment loss		(1.42	)%		(1.57	)%		(1.40	)%			(1.17	)%		(1.36	)%		(1.35	)%
Supplemental data
Portfolio turnover rate		23	%		54	%		72	%			88	%		122	%		117	%
Net assets, end of period (000’s omitted)		$486,700			$233,114			$14,737				$2,387			$1,307			$325

1. Calculated based upon average shares outstanding.

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

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

18 Wells Fargo Advantage Growth Fund Financial Highlights

(For a share outstanding throughout each period)

	Six Months Ended January 31, 2012 (Unaudited)			Year Ended July 31,
Administrator Class				2011			2010			2009			2008			2007
Net asset value, beginning of period	$	37.54		$	27.24		$	21.98		$	26.12		$	27.23		$	21.06
Net investment loss		(0.09	)1		(0.18	)1		(0.08	)1		(0.01	)1		(0.07	)1		(0.07	)1
Net realized and unrealized gains (losses) on investments		1.28			10.48			5.34			(4.13	)		(1.04	)		6.24
Total from investment operations		1.19			10.30			5.26			(4.14	)		(1.11	)		6.17
Distributions to shareholders from
Net realized gains		(0.47	)		0.00			0.00			0.00			0.00			0.00
Net asset value, end of period	$	38.26		$	37.54		$	27.24		$	21.98		$	26.12		$	27.23
Total return2		3.21	%		37.81	%		23.93	%		(15.85	)%		(4.08	)%		29.25	%
Ratios to average net assets (annualized)
Gross expenses		1.04	%		1.08	%		1.13	%		1.18	%		1.17	%		1.16	%
Net expenses		0.96	%		0.96	%		0.96	%		0.96	%		0.96	%		0.96	%
Net investment loss		(0.42	)%		(0.51	)%		(0.29	)%		(0.07	)%		(0.25	)%		(0.29	)%
Supplemental data
Portfolio turnover rate		23	%		54	%		72	%		88	%		122	%		117	%
Net assets, end of period (000’s omitted)		$2,440,428			$1,339,245			$414,489			$196,301			$109,958			$128,523

1. Calculated based upon average shares outstanding.

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 Growth Fund 19

(For a share outstanding throughout each period)

	Six Months Ended January 31, 2012 (Unaudited)			Year Ended July 31,
Institutional Class				2011			2010			2009			2008			2007
Net asset value, beginning of period	$	38.49		$	27.88		$	22.46		$	26.65		$	27.74		$	21.42
Net investment income (loss)		(0.05	)1		(0.12	)1		(0.03	)1		0.01	1		(0.03	)1		(0.04	)1
Net realized and unrealized gains (losses) on investments		1.31			10.73			5.45			(4.20	)		(1.06	)		6.36
Total from investment operations		1.26			10.61			5.42			(4.19	)		(1.09	)		6.32
Distributions to shareholders from
Net realized gains		(0.47	)		0.00			0.00			0.00			0.00			0.00
Net asset value, end of period	$	39.28		$	38.49		$	27.88		$	22.46		$	26.65		$	27.74
Total return2		3.32	%		38.06	%		24.13	%		(15.72	)%		(3.93	)%		29.46	%
Ratios to average net assets (annualized)
Gross expenses		0.78	%		0.81	%		0.86	%		0.91	%		0.90	%		0.89	%
Net expenses		0.77	%		0.80	%		0.80	%		0.80	%		0.80	%		0.82	%
Net investment income (loss)		(0.23	)%		(0.35	)%		(0.12	)%		0.07	%		(0.10	)%		(0.14	)%
Supplemental data
Portfolio turnover rate		23	%		0.54	%		72	%		88	%		122	%		117	%
Net assets, end of period (000’s omitted)		$1,804,770			$992,748			$367,360			$255,282			$260,671			$264,648

1. Calculated based upon average shares outstanding.

2. 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 Growth Fund Financial Highlights

(For a share outstanding throughout each period)

	Six Months Ended January 31, 2012 (Unaudited)			Year Ended July 31,
Investor Class				2011			2010			2009			2008			2007
Net asset value, beginning of period	$	35.83		$	26.09		$	21.14		$	25.23		$	26.43		$	20.55
Net investment loss		(0.13	)1		(0.28	)1		(0.17	)1		(0.10	)1		(0.20	)1		(0.19	)1
Net realized and unrealized gains (losses) on investments		1.20			10.02			5.12			(3.99	)		(1.00	)		6.07
Total from investment operations		1.07			9.74			4.95			(4.09	)		(1.20	)		5.88
Distributions to shareholders from
Net realized gains		(0.47	)		0.00			0.00			0.00			0.00			0.00
Net asset value, end of period	$	36.43		$	35.83		$	26.09		$	21.14		$	25.23		$	26.43
Total return2		3.06	%		37.29	%		23.42	%		(16.21	)%		(4.54	)%		28.61	%
Ratios to average net assets (annualized)
Gross expenses		1.27	%		1.31	%		1.41	%		1.46	%		1.49	%		1.51	%
Net expenses		1.27	%		1.31	%		1.40	%		1.40	%		1.44	%		1.47	%
Net investment loss		(0.72	)%		(0.85	)%		(0.71	)%		(0.54	)%		(0.73	)%		(0.80	)%
Supplemental data
Portfolio turnover rate		23	%		54	%		72	%		88	%		122	%		117	%
Net assets, end of period (000’s omitted)		$2,165,039			$1,707,285			$941,660			$748,218			$958,160			$1,063,168

1. Calculated based upon average shares outstanding.

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 Growth 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”). These financial statements report on Wells Fargo Advantage Growth 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

Investments in equity securities are valued each business day as of the close of regular trading on the New York Stock Exchange, which is usually 4:00 p.m. (Eastern Time). Securities which are traded on a national or foreign securities exchange are valued at the last reported sales price, except that securities listed on The Nasdaq Stock Market, Inc. (“Nasdaq”) are valued at the Nasdaq Official Closing Price (“NOCP”), and if no NOCP is available, then at the last reported sales price. If no sales price is shown on the Nasdaq, the bid price will be used. In the absence of any sale of securities listed on the Nasdaq, and in the case of other securities (including U.S. Government obligations, but excluding debt securities maturing in 60 days or less), the price will be deemed “stale” and the valuations will be determined in accordance with the Fund’s Fair Value Procedures.

Investments in open-end mutual funds and non-registered investment companies are generally 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 by procedures established in good faith and approved by the Board of Trustees.

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 Wells Fargo Securities Lending Cash Investments, LLC (the “Cash Collateral Fund”). The Cash Collateral Fund is exempt from registration under Section 3(c)(7) of the 1940 Act and is managed by Wells Fargo Funds Management LLC (“Funds Management”) and is sub-advised by Wells Capital Management Incorporated (“Wells Capital Management”). Funds Management receives an advisory fee starting at 0.05% and declining to 0.01% as the average daily net assets of the Cash Collateral Fund increase. All of the fees received by Funds Management are paid to Wells Capital Management for its services as sub-adviser. The Cash Collateral 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. Cash Collateral Fund investments are fair valued based upon the amortized cost valuation technique. Income earned from investment in the Cash Collateral Fund is included in securities lending income on the Statement of Operations.

For Wells Fargo Advantage Funds that participated in securities lending activity prior to February 13, 2009, certain structured investment vehicles purchased in a joint account by the former securities lending agent defaulted or were impaired. Certain of the Wells Fargo Advantage Funds still hold ownership interest in these structured investment

22 Wells Fargo Advantage Growth Fund Notes to Financial Statements (Unaudited)

vehicles, which have since been restructured as pass-through securities. If the Fund holds an ownership interest in such pass-through securities, information regarding this ownership interest can be found in the Portfolio of Investments under the category “Other”.

Security transactions and income recognition

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

Dividend income is recognized on the ex-dividend date.

Distributions to shareholders

Distributions to shareholders from net investment income and net realized gains, if any, are recorded on the ex-dividend date. Such distributions are determined in conformity with income tax regulations, which may differ from 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.

Under the recently enacted Regulated Investment Company Modernization Act of 2010, the Fund is permitted to carry forward capital losses incurred in taxable years which began after December 22, 2010 for an unlimited period. However, any losses incurred are required to be utilized prior to the losses incurred in pre-enactment taxable years. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law.

Class allocations

The separate classes of shares offered by the Fund differ principally in applicable sales charges, distribution, shareholder servicing and administration fees. Shareholders of each class bear certain expenses that pertain to that particular class. All shareholders bear the common expenses of the Fund, earn income from the portfolio, and are allocated unrealized gains and losses pro rata based on the average daily net assets of each class, without distinction between share classes. Dividends are determined separately for each class based on income and expenses allocable to each class. Realized gains and losses are allocated to each class pro rata based upon the net assets of each class on the date realized. Differences in per share dividend rates generally result from the relative weightings of pro rata income and realized gain allocations and from differences in separate class expenses, including distribution, shareholder servicing and administration fees.

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, 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 Growth Fund 23

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

As of January 31, 2012, the inputs used in valuing the Fund’s assets, which are carried at fair value, were as follows:

Investments in Securities	Quoted Prices (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Equity securities
Common stocks	$	8,442,188,658	$	0	$	0	$	8,442,188,658
Investment companies		152,888,943		0		0		152,888,943
Other		0		0		4,059,496		4,059,496
Short-term investments
Investment companies		288,966,966		1,136,035,898		0		1,425,002,864
	$	8,884,044,567	$	1,136,035,898	$	4,059,496	$	10,024,139,961

Transfers in and transfers out are recognized at the end of the reporting period. For the six months ended January 31, 2012, the Fund did not have any significant transfers into/out of Level 1 and Level 2.

Further details on the major security types listed above can be found in the Portfolio of Investments.

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

	Other
Balance as of July 31, 2011	$	5,757,741
Accrued discounts (premiums)		0
Realized gains (losses)		0
Change in unrealized gains (losses)		(1,000,858	)
Purchases		0
Sales		(697,387	)
Transfers into Level 3		0
Transfers out of Level 3		0
Balance as of January 31, 2012	$	4,059,496
Change in unrealized gains (losses) relating to securities still held at January 31, 2012	$	(1,353,788	)

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 sub-adviser, 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 0.75% and declining to 0.60% as the average daily net assets of the Fund increase. For the six months ended January 31, 2012, the advisory fee was equivalent to an annual rate of 0.63% of the Fund’s average daily net assets.

Funds Management may retain the services of certain sub-advisers to provide daily portfolio management to the Fund. The fees related to sub-advisory services are borne directly by Funds Management and do not increase the overall fees paid by the Fund. Wells Capital Management, an affiliate of Funds Management, is the sub-adviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.35% and declining to 0.15% as the average daily net assets of the Fund increase.

Administration and transfer agent 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 Growth 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		0.33

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 November 30, 2012 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.22% for Class A, 1.97% for Class C, 0.96% for Administrator Class, 0.75% for Institutional Class and 1.29% for Investor Class.

Distribution fees

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

For the six months ended January 31, 2012, Wells Fargo Funds Distributor, LLC received $576,685 from the sale of Class A shares, $25,129 and $32,114 in contingent deferred sales charges from redemptions of Class A and Class C shares, respectively.

Shareholder servicing fees

The Trust has entered into contracts with one or more shareholder servicing agents, whereby Class A, Class 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 (securities with maturities of one year or less at purchase date), for the six months ended January 31, 2012 were $4,501,528,385 and $1,463,590,731, respectively.

6. BANK BORROWINGS

The Trust (excluding the money market funds) and Wells Fargo Variable Trust are parties to a $150,000,000 revolving credit agreement with State Street Bank and Trust Company, 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. Prior to September 6, 2011, the revolving credit agreement was for $125,000,000 and the annual commitment fee was equal 0.125% of the unused balance. For the six months ended January 31, 2012, the Fund paid $2,753 in commitment fees.

For the six months ended January 31, 2012, there were no borrowings by the Fund under the agreement.

7. INDEMNIFICATION

Under the Trust’s organizational documents, the officers and directors are indemnified against certain liabilities that may arise out of performance of their duties to the Trust. Additionally, in the normal course of business, the Trust may enter 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.

Notes to Financial Statements (Unaudited) Wells Fargo Advantage Growth Fund 25

8. NEW ACCOUNTING PRONOUNCEMENTS

In May 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2011-04 “Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs”. ASU No. 2011-04 amends FASB ASC Topic 820, Fair Value Measurements and Disclosures, to establish common requirements for measuring fair value and for disclosing information about fair value measurements in accordance with GAAP. The ASU is effective prospectively for interim and annual periods beginning after December 15, 2011. Management expects that adoption of the ASU will result in additional disclosures in the financial statements, as applicable.

In April 2011, FASB issued ASU No. 2011-03 “Reconsideration of Effective Control for Repurchase Agreements”. ASU No. 2011-03 amends FASB ASC Topic 860, Transfers and Servicing, specifically the criteria required to determine whether a repurchase agreement (repo) and similar agreements should be accounted for as sales of financial assets or secured borrowings with commitments. ASU No. 2011-03 changes the assessment of effective control by focusing on the transferor’s contractual rights and obligations and removing the criterion to assess its ability to exercise those rights or honor those obligations. This could result in changes to the way entities account for certain transactions including repurchase agreements, mortgage dollar rolls and reverse repurchase agreements. The ASU will become effective on a prospective basis for new transfers and modifications to existing transactions as of the beginning of the first interim or annual period beginning on or after December 15, 2011. Management has evaluated the impact of adopting the ASU and expects no significant changes.

26 Wells Fargo Advantage Growth 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 without charge, upon request, by calling 1-800-222-8222, visiting our Web site at wellsfargoadvantagefunds.com, or visiting the SEC Web site 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 without charge on the Fund’s Web site at wellsfargoadvantagefunds.com or by visiting the SEC Web site at sec.gov.

PORTFOLIO HOLDINGS INFORMATION

The complete portfolio holdings for the Fund are publicly available on the Fund’s Web site (wellsfargoadvantagefunds.com) on a monthly, 30-day or more delayed basis. In addition, top ten holdings information for the Fund is publicly available on the Fund’s Web site 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 without charge by visiting the SEC Web site 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 Growth Fund 27

BOARD OF TRUSTEES

The following table provides basic information about the Board of Trustees (the “Trustees”) of the Trust and Officers of the Trust. This table should be read in conjunction with the Prospectus and the Statement of Additional Information¹ of the Fund. Each of the Trustees and Officers listed below acts in identical capacities for the Wells Fargo Advantage family of funds, which consists of 137 funds comprising the Wells Fargo Funds Trust, Wells Fargo Variable Trust, Wells Fargo Master Trust and four closed-end funds (collectively the “Fund Complex”). All of the Trustees are also Members of the Audit and Governance Committees of each Trust in the Fund Complex. 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	Other Directorships During Past Five Years
Peter G. Gordon (Born 1942)	Trustee, since 1998; Chairman, since 2005 (Lead Trustee since 2001)	Co-Founder, Retired Chairman, President and CEO of Crystal Geyser Water Company. Trustee Emeritus, Colby College	Asset Allocation Trust
Isaiah Harris, Jr. (Born 1952)	Trustee, since 2009	Retired. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Mr. Harris is a certified public accountant.	CIGNA Corporation; Deluxe Corporation; Asset Allocation Trust
Judith M. Johnson (Born 1949)	Trustee, since 2008	Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant.	Asset Allocation Trust
Leroy Keith, Jr. (Born 1939)	Trustee, since 2010	Chairman, Bloc Global Services (development and construction). Trustee of the Evergreen Funds from 1983 to 2010. Former Managing Director, Almanac Capital Management (commodities firm), former Partner, Stonington Partners, Inc. (private equity fund), former Director, Obagi Medical Products Co. and former Director, Lincoln Educational Services.	Trustee, Virtus Fund Complex (consisting of 40 portfolios as of 12/31/11); 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, Director of Corporate Governance Research Program 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 Growth Fund Other Information (Unaudited)

Name and Year of Birth	Position Held and Length of Service	Principal Occupations During Past Five Years	Other Directorships During Past Five Years
Timothy J. Penny (Born 1951)	Trustee, since 1996	President and CEO of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007 and Senior Fellow at the Humphrey Institute Policy Forum at the University of Minnesota since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	Asset Allocation Trust
Michael S. Scofield (Born 1943)	Trustee, since 2010	Served on the Investment Company Institute’s Board of Governors and Executive Committee from 2008-2011 as well the Governing Council of the Independent Directors Council from 2006-2011 and the Independent Directors Council Executive Committee from 2008-2011. Chairman of the IDC from 2008-2010. Institutional Investor (Fund Directions) Trustee of Year in 2007. Trustee of the Evergreen Funds (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 and former Director and Chairman, Branded Media Corporation (multi-media branding company).	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 Free Trust (non-profit corporation). Director of the American Chestnut Foundation (non-profit corporation).	Asset Allocation Trust

Officers

Name and Year of Birth	Position Held and Length of Service	Principal Occupations During Past Five Years
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. Senior Vice President and Chief Administrative Officer of Wells Fargo Funds Management, LLC from 2001 to 2003.
C. David Messman (Born 1960)	Secretary, since 2000; Chief Legal Counsel, since 2003	Senior Vice President and Secretary of Wells Fargo Funds Management, LLC since 2001. Vice President and Managing Senior Counsel of Wells Fargo Bank, N.A. since 1996.
Kasey Phillips (Born 1970)	Treasurer, since 2009	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2006 to 2010. Treasurer of the Evergreen Funds from 2005 to 2010.
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 DePalma (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.
Debra Ann Early (Born 1964)	Chief Compliance Officer, since 2007	Chief Compliance Officer of Wells Fargo Funds Management, LLC since 2007. Chief Compliance Officer of Parnassus Investments from 2005 to 2007. Chief Financial Officer of Parnassus Investments from 2004 to 2007 and Senior Audit Manager of PricewaterhouseCoopers LLP from 1998 to 2004.

1. 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 Web site at wellsfargoadvantagefunds.com.

List of Abbreviations Wells Fargo Advantage Growth Fund 29

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

ACB —  Agricultural Credit Bank

ADR —  American Depository Receipt

ADS —  American Depository Shares

AGC-ICC —  Assured Guaranty Corporation - Insured Custody Certificates

AGM —  Assured Guaranty Municipal

AMBAC —  American Municipal Bond Assurance Corporation

AMT —  Alternative Minimum Tax

AUD —  Australian Dollar

BAN —  Bond Anticipation Notes

BHAC —  Berkshire Hathaway Assurance Corporation

BRL —  Brazil 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 —  Certificate of Participation

CR —  Custody Receipts

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

FFCB —  Federal Farm Credit Bank

FGIC —  Financial Guaranty Insurance Corporation

FHA —  Federal Housing Authority

FHLB —  Federal Home Loan Bank

FHLMC —  Federal Home Loan Mortgage Corporation

FNMA —  Federal National Mortgage Association

FSA —  Farm Service Agency

GBP —  Great British Pound

GDR —  Global Depository 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

HUF —  Hungarian Forint

IBC —  Insured Bond Certificate

IDA —  Industrial Development Authority

IDAG —  Industrial Development Agency

IDR —  Industrial Development Revenue

IEP —  Irish Pound

JPY —  Japanese Yen

KRW —  Republic of Korea Won

LIBOR —  London Interbank Offered Rate

LLC —  Limited Liability Company

LLP —  Limited Liability Partnership

LOC —  Letter of Credit

LP —  Limited Partnership

MBIA —  Municipal Bond Insurance Association

MFHR —  Multi-Family Housing Revenue

MSTR —  Municipal Securities Trust Receipts

MTN —  Medium Term Note

MUD —  Municipal Utility District

MXN —  Mexican Peso

MYR —  Malaysian Ringgit

NATL-RE —  National Public Finance Guarantee Corporation

NOK —  Norwegian Krone

NZD —  New Zealand Dollar

PCFA —  Pollution Control Finance Authority

PCR —  Pollution Control Revenue

PFA —  Public Finance Authority

PFFA —  Public Facilities Financing Authority

PFOTER —  Puttable Floating Option Tax-Exempt Receipts

plc —  Public Limited Company

PLN —  Polish Zloty

PUTTER —  Puttable Tax-Exempt Receipts

R&D —  Research & Development

RDA —  Redevelopment Authority

RDFA —  Redevelopment Finance Authority

REIT —  Real Estate Investment Trust

ROC —  Reset Option Certificates

SAVRS —  Select Auction Variable Rate Securities

SBA —  Small Business Authority

SEK —  Swedish Krona

SFHR —  Single Family Housing Revenue

SFMR —  Single Family Mortgage Revenue

SGD —  Singapore Dollar

SKK —  Slovakian Koruna

SPDR —  Standard & Poor’s Depositary Receipts

TAN —  Tax Anticipation Notes

TBA —  To Be Announced

TIPS —  Treasury Inflation-Protected Securities

TRAN —  Tax Revenue Anticipation Notes

TCR —  Transferable Custody Receipts

TRY —  Turkish Lira

TTFA —  Transportation Trust Fund Authority

TVA —  Tennessee Valley Authority

XLCA —  XL Capital Assurance

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, e-mail, visit the Fund’s Web site, or call:

Wells Fargo Advantage Funds

P.O. Box 8266

Boston, MA 02266-8266

E-mail: wfaf@wellsfargo.com

Web site: 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. For a prospectus containing more complete information, including charges and expenses, call 1-800-222-8222 or visit the Fund’s Web site at wellsfargoadvantagefunds.com. Please consider the investment objectives, risks, charges, and expenses of the investment carefully before investing. This and other information about Wells Fargo Advantage Funds can be found in the current prospectus. 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

© 2012 Wells Fargo Funds Management, LLC. All rights reserved.

207946 03-12 SA206/SAR206 1-12

Wells Fargo Advantage Intrinsic Value Fund

Semi-Annual Report

January 31, 2012

Reduce clutter. Save trees.

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Contents

Letter to Shareholders	2
Performance Highlights	5
Fund Expenses	7
Portfolio of Investments	8
Financial Statements
Statement of Assets and Liabilities	11
Statement of Operations	12
Statements of Changes in Net Assets	13
Financial Highlights	14
Notes to Financial Statements	19
Other Information	24
List of Abbreviations	27

The views expressed and any forward-looking statements are as of January 31, 2012, 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, disclaims any obligation to publicly update or revise any views expressed or forward-looking statements.

NOT FDIC INSURED  ¡  NO BANK GUARANTEE  ¡   MAY LOSE VALUE

WELLS FARGO INVESTMENT HISTORY

1932	Keystone creates one of the first mutual fund families.
1971	Wells Fargo & Company introduces one of the first institutional index funds.
1978	Wells Fargo applies Markowitz and Sharpe’s research on Modern Portfolio Theory to introduce one of the industry’s first Tactical Asset Allocation (TAA) models in institutional separately managed accounts.
1984	Wells Fargo Stagecoach Funds launches its first asset allocation fund.
1989	The Tactical Asset Allocation (TAA) Model is first applied to Wells Fargo’s asset allocation mutual funds.
1994	Wells Fargo introduces the LifePath Funds, one of the first suites of target date funds (now the Wells Fargo Advantage Dow Jones Target Date FundsSM).
1996	Evergreen Investments and Keystone Funds merge.
1997	Wells Fargo launches Wells Fargo Advantage WealthBuilder PortfoliosSM, a fund-of-funds suite of products that includes the use of quantitative models to shift assets among investment styles.
1999	Norwest Advantage Funds and Stagecoach Funds are reorganized into Wells Fargo Funds after the merger of Norwest and Wells Fargo.
2002	Evergreen Retail and Evergreen Institutional companies form the umbrella asset management company, Evergreen Investments.
2005	The integration of Strong Funds with Wells Fargo Funds creates Wells Fargo Advantage Funds, resulting in one of the top 20 mutual fund companies in the United States.
2006	Wells Fargo Advantage Funds relaunches the target date product line as Wells Fargo Advantage Dow Jones Target Date Funds.
2010	The mergers and reorganizations of Evergreen and Wells Fargo Advantage mutual funds are completed, unifying the families under the brand of Wells Fargo Advantage Funds.

Wells Fargo Advantage Funds^®

Wells Fargo Advantage Funds skillfully guides institutions, financial advisors, and individuals through the investment terrain to help them reach their financial objectives. Everything we do on behalf of investors is backed by our unique combination of qualifications.

Strength

Our organization is built on the standards of integrity and service established by our parent company—Wells Fargo & Company—more than 150 years ago. And, because we’re part of a highly diversified financial enterprise, we offer the depth of resources to help investors succeed.

Expertise

Our multi-boutique model offers investors access to the independent thinking of premier investment managers that have been chosen for their time-tested strategies. While each team specializes in a specific investment strategy, collectively they provide investors a wide choice of distinct investment styles. Our dedication to investment excellence doesn’t end with our expertise in manager selection—risk management, analysis, and rigorous ongoing review seek to ensure each manager’s investment process remains consistent.

Partnership

Our collaborative approach is built around understanding the needs and goals of our clients. By adhering to core principles of sound judgment and steady guidance, we support you through every stage of the investment decision process.

Carefully consider a fund’s investment objectives, risks, charges, and expenses before investing. For a current prospectus and, if available, a summary prospectus, containing this and other information, visit wellsfargoadvantagefunds.com. Read it carefully before investing.

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.

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

NOT FDIC INSURED  ¡  NO BANK GUARANTEE  ¡   MAY LOSE VALUE

Not part of the semi-annual report.

Wells Fargo Advantage Funds offers more than 110 mutual funds across a wide range of asset classes, representing over $217 billion in assets under management, as of January 31, 2012.

Equity Funds
Asia Pacific Fund	Equity Value Fund	Precious Metals Fund
C&B Large Cap Value Fund	Global Opportunities Fund	Premier Large Company Growth Fund
C&B Mid Cap Value Fund	Growth Fund	Small Cap Opportunities Fund
Capital Growth Fund	Index Fund	Small Cap Value Fund
Common Stock Fund	International Equity Fund	Small Company Growth Fund
Disciplined U.S. Core Fund	International Value Fund	Small Company Value Fund
Discovery Fund†	Intrinsic Small Cap Value Fund	Small/Mid Cap Core Fund
Diversified Equity Fund	Intrinsic Value Fund	Small/Mid Cap Value Fund
Diversified International Fund	Intrinsic World Equity Fund	Special Mid Cap Value Fund
Diversified Small Cap Fund	Large Cap Core Fund	Special Small Cap Value Fund
Emerging Growth Fund	Large Cap Growth Fund	Specialized Technology Fund
Emerging Markets Equity Fund	Large Company Value Fund	Strategic Large Cap Growth Fund
Endeavor Select Fund†	Omega Growth Fund	Traditional Small Cap Growth Fund
Enterprise Fund†	Opportunity Fund†	Utility and Telecommunications Fund
Bond Funds
Adjustable Rate Government Fund	Inflation-Protected Bond Fund	Short-Term Bond Fund
California Limited-Term Tax-Free Fund	Intermediate Tax/AMT-Free Fund	Short-Term High Yield Bond Fund
California Tax-Free Fund	International Bond Fund	Short-Term Municipal Bond Fund
Colorado Tax-Free Fund	Minnesota Tax-Free Fund	Strategic Municipal Bond Fund
Government Securities Fund	Municipal Bond Fund	Total Return Bond Fund
High Income Fund	North Carolina Tax-Free Fund	Ultra Short-Term Income Fund
High Yield Bond Fund	Pennsylvania Tax-Free Fund	Ultra Short-Term Municipal Income Fund
Income Plus Fund	Short Duration Government Bond Fund	Wisconsin Tax-Free Fund
Asset Allocation Funds
Absolute Return Fund	WealthBuilder Equity Portfolio†	Target 2020 Fund†
Asset Allocation Fund	WealthBuilder Growth Allocation Portfolio†	Target 2025 Fund†
Conservative Allocation Fund	WealthBuilder Growth Balanced Portfolio†	Target 2030 Fund†
Diversified Capital Builder Fund	WealthBuilder Moderate Balanced Portfolio†	Target 2035 Fund†
Diversified Income Builder Fund	WealthBuilder Tactical Equity Portfolio†	Target 2040 Fund†
Growth Balanced Fund	Target Today Fund†	Target 2045 Fund†
Index Asset Allocation Fund	Target 2010 Fund†	Target 2050 Fund†
Moderate Balanced Fund	Target 2015 Fund†	Target 2055 Fund†
WealthBuilder Conservative Allocation Portfolio†
Money Market Funds
100% Treasury Money Market Fund	Heritage Money Market Fund†	National Tax-Free Money Market Fund
California Municipal Money Market Fund	Money Market Fund	Prime Investment Money Market Fund
Cash Investment Money Market Fund	Municipal Cash Management Money Market Fund	Treasury Plus Money Market Fund
Government Money Market Fund	Municipal Money Market Fund
Variable Trust Funds1
VT Discovery Fund†	VT Intrinsic Value Fund	VT Small Cap Growth Fund
VT Index Asset Allocation Fund	VT Omega Growth Fund	VT Small Cap Value Fund
VT International Equity Fund	VT Opportunity Fund†	VT Total Return Bond Fund

An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Wells Fargo Advantage Money Market Funds seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in a money market fund.

1. The Variable Trust Funds are generally available only through insurance company variable contracts.

† In this report, the Wells Fargo Advantage Discovery Fund^SM, Wells Fargo Advantage Endeavor Select Fund^SM, Wells Fargo Advantage Enterprise Fund^SM, Wells Fargo Advantage Opportunity Fund^SM, Wells Fargo Advantage WealthBuilder Conservative Allocation Portfolio^SM, Wells Fargo Advantage WealthBuilder Equity Portfolio^SM, Wells Fargo Advantage WealthBuilder Growth Allocation Portfolio^SM, Wells Fargo Advantage WealthBuilder Growth Balanced Portfolio^SM, Wells Fargo Advantage WealthBuilder Moderate Balanced Portfolio^SM, Wells Fargo Advantage WealthBuilder Tactical Equity Portfolio^SM, Wells Fargo Advantage Dow Jones Target Today Fund^SM, Wells Fargo Advantage Dow Jones Target 2010 Fund^SM, Wells Fargo Advantage Dow Jones Target 2015 Fund^SM, Wells Fargo Advantage Dow Jones Target 2020 Fund^SM, Wells Fargo Advantage Dow Jones Target 2025 Fund^SM, Wells Fargo Advantage Dow Jones Target 2030 Fund^SM, Wells Fargo Advantage Dow Jones Target 2035 Fund^SM, Wells Fargo Advantage Dow Jones Target 2040 Fund^SM, Wells Fargo Advantage Dow Jones Target 2045 Fund^SM, Wells Fargo Advantage Dow Jones Target 2050 Fund^SM, Wells Fargo Advantage Dow Jones Target 2055 Fund^SM, Wells Fargo Advantage Heritage Money Market Fund^SM, Wells Fargo Advantage VT Discovery Fund^SM, and Wells Fargo Advantage VT Opportunity Fund^SM are referred to as the Discovery Fund, Endeavor Select Fund, Enterprise Fund, Opportunity Fund, WealthBuilder Conservative Allocation Portfolio, WealthBuilder Equity Portfolio, WealthBuilder Growth Allocation Portfolio, WealthBuilder Growth Balanced Portfolio, WealthBuilder Moderate Balanced Portfolio, WealthBuilder Tactical Equity Portfolio, Target Today Fund, Target 2010 Fund, Target 2015 Fund, Target 2020 Fund, Target 2025 Fund, Target 2030 Fund, Target 2035 Fund, Target 2040 Fund, Target 2045 Fund, Target 2050 Fund, Target 2055 Fund, Heritage Money Market Fund, VT Discovery Fund, and VT Opportunity Fund, respectively.

Not part of the semi-annual report.

2 Wells Fargo Advantage Intrinsic Value Fund Letter to Shareholders

Karla M. Rabusch,

President

Wells Fargo Advantage Funds

The period was marked by increased confidence that the U.S. economy was staging a fragile recovery, offset by continued concerns about the possible effect on the global economy of the ongoing European sovereign debt crisis—which began in Greece and later spread to the larger economies of Italy and Spain.

The slow-motion debt crisis in the eurozone was a major headwind to both domestic and global stock market indexes.

Dear Valued Shareholder:

We’re pleased to offer you this semi-annual report for the Wells Fargo Advantage Intrinsic Value Fund for the six-month period that ended January 31, 2012. The period was marked by increased confidence that the U.S. economy was staging a fragile recovery, offset by continued concerns about the possible effect on the global economy of the ongoing European sovereign debt crisis—which began in Greece and later spread to the larger economies of Italy and Spain. Most U.S. stock indexes posted gains for the period, even if only modest ones.

Worries gave way to guarded optimism for the U.S. economy.

The period began with worries that the U.S. economy was returning to recession. Revised figures for gross domestic product (GDP) indicated that the U.S. economy grew by an annualized rate of only 0.8% in the first half of 2011. Moreover, although the July 2011 Institute for Supply Management (ISM) manufacturing survey suggested that factories continued to expand, the rate of expansion was lower than in previous months. The prolonged debate over whether and how to raise the U.S. debt ceiling—which only ended on July 31, 2011—also depressed market sentiment by highlighting the country’s political divisions.

The stock market remained volatile throughout September. By late October, however, stronger economic data led to greater optimism and higher stock prices. Revised real GDP growth came in at 1.8% in the third quarter of 2011 and 2.8% in the fourth quarter, suggesting that the recovery was on firmer footing. Economic growth was not evenly distributed, though, as December 2011 retail same-store sales generally showed stronger growth for retailers targeting affluent customers than for those targeting the broad middle class. The reported unemployment rate also showed some signs of improvement, falling from 9.1% in August 2011 to 8.3% in January 2012. However, this decline in the unemployment rate was accompanied by an increase in the number of Americans not in the labor force, raising concerns about the economy’s ability to generate jobs.

The eurozone had continued trouble.

The slow-motion debt crisis in the eurozone was a major headwind to both domestic and global stock market indexes. The worsening debt and deficit numbers for Greece in late 2011 and early 2012 cast doubt on the country’s ability to service its debt under the plan put in place by the European Union and the International Monetary Fund and put the ongoing drama of the European sovereign debt crisis back on center stage. Investors became increasingly concerned that Greece would default on its debt, a scenario that only seemed more likely as many Greeks rioted in response to greater budgetary austerity and the discussion moved from whether private investors would take a loss on their Greek debt to how big the loss would be. Because many eurozone banks owned Greek debt and many U.S. banks had financial ties to eurozone banks, investors worried about the effect of such an event on the financial system and the global economy.

Even as the situation in Greece deteriorated, eurozone GDP numbers supported the case for a modest recovery in the global economy. Reported GDP growth for the 17 countries that comprise the eurozone was modest, rising 0.2% in the third

Letter to Shareholders Wells Fargo Advantage Intrinsic Value Fund 3

quarter compared to the second quarter, and by 0.2% in the fourth quarter compared to the third quarter. However, the eurozone average concealed a wide variation between economies, with Germany’s growing by 0.5% in the third quarter of 2011 even as Greece’s GDP contracted.

Central banks continued to provide stimulus.

Throughout the reporting period, the Federal Open Market Committee (FOMC) kept its key interest rates effectively at zero in order to support the economy and financial system. Moreover, in response to extreme market volatility and signs of a weakening economy, in its August 2011 policy statement, the Federal Reserve (Fed) announced it would keep interest rates “exceptionally low” until at least mid-2013 as a way to support the economy. Market participants interpreted the Fed’s statement to mean that the central bankers believed the economy would remain weak over the next two years. However, the Fed also said that it was considering a “range of policy tools available to promote a stronger economic recovery” and “is prepared to employ these tools as appropriate.”

At the beginning of the period, the European Central Bank (ECB) had a key rate of 1.50% but lowered it to 1.25% in November 2011 and then to 1.00% in December 2011 in an attempt to support the sluggish eurozone recovery. To support the banking system, in late 2011, the ECB initiated a long-term refinancing operation (LTRO) in which it supplied three-year loans to banks against a wide range of collateral. The operation basically provided a near-unlimited amount of liquidity to banks, easing some investor concerns about the effect of an increasingly probable Greek default.

We use time-tested investment strategies, even as many variables are at work in the market.

Experience tells us that strict adherence to time-tested investment strategies has its rewards. As a whole, Wells Fargo Advantage Funds represents investments across a range of asset classes and investment styles, giving you an opportunity to create a diversified investment portfolio. While diversification may not prevent losses in a downturn, it does provide you with one way of managing risk.

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

Sincerely,

Karla M. Rabusch

President

Wells Fargo Advantage Funds

4 Wells Fargo Advantage Intrinsic Value Fund Letter to Shareholders

Notice to Shareholders

The Board of Trustees for Wells Fargo Advantage Funds has unanimously approved the following modifications to certain net asset value (NAV) waiver privileges and commission schedules:

n Effective May 1, 2012, automatic investment plan (AIP) purchases and proceeds received from systematic withdrawals will no longer qualify for NAV repurchase privileges.

n Effective May 1, 2012, discretionary rights to waive the upfront commission for Class C and “jumbo” Class A share purchases will no longer be granted to broker/dealers. However, we will continue to waive the Class C shares contingent deferred sales charge for redemptions by employer-sponsored retirement plans where the dealer of record waived its commission at the time of purchase.

n Effective July 31, 2012, NAV purchase privileges for former Evergreen Class IS and Class R shareholders are being modified to remove the ability to purchase Class A shares at NAV unless those shares are held directly with the Fund on or after July 31, 2012.

Please contact your investment professional or call us directly at 1-800-222-8222 if you have any questions on this Notice to Shareholders.

Performance Highlights (Unaudited) Wells Fargo Advantage Intrinsic Value Fund 5

INVESTMENT OBJECTIVE

The Fund seeks long-term capital appreciation.

ADVISER

Wells Fargo Funds Management, LLC

SUB-ADVISER

Metropolitan West Capital Management, LLC

PORTFOLIO MANAGERS

Gary Lisenbee

Jeffrey Peck

David Graham¹

FUND INCEPTION

August 1, 2006

TEN LARGEST EQUITY HOLDINGS2 (AS OF JANUARY 31, 2012)
Apple Incorporated	3.25%
Home Depot Incorporated	3.10%
International Business Machines Corporation	2.93%
Hess Corporation	2.91%
EMC Corporation	2.90%
Diageo plc	2.85%
The Hershey Company	2.83%
Nordstrom Incorporated	2.82%
Intuit Incorporated	2.81%
Abbot Laboratories	2.73%

SECTOR DISTRIBUTION³
(AS OF JANUARY 31, 2012)

1. Effective March 30, 2012, David Graham retired as a Portfolio Manager of the Fund. Gary Lisenbee and Jeffrey Peck will continue to manage the Fund.

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

3. Sector distribution is subject to change and is calculated based on the total long-term investments of the Fund.

6 Wells Fargo Advantage Intrinsic Value Fund Performance Highlights (Unaudited)

AVERAGE ANNUAL TOTAL RETURN⁴ (%) (AS OF JANUARY 31, 2012)

			Including Sales Charge										Excluding Sales Charge											Expense Ratios5
	Inception Date		6 Months*			1 Year			5 Year		Life of Fund		6 Months*			1 Year			5 Year			Life of Fund		Gross		Net6
Class A (EIVAX)		08/01/2006		(7.46	)		(5.99	)		0.47		2.46		(1.82	)		(0.26	)		1.67			3.57		1.24%		1.18%
Class B (EIVBX)**		08/01/2006		(6.44	)		(5.36	)		0.56		2.67		(2.15	)		(1.01	)		0.90			2.83		1.99%		1.93%
Class C (EIVCX)		08/01/2006		(3.11	)		(1.98	)		0.90		2.83		(2.11	)		(0.98	)		0.90			2.83		1.99%		1.93%
Administrator Class (EIVDX)		07/30/2010												(1.73	)		(0.09	)		1.83			3.74		1.08%		0.96%
Institutional Class (EIVIX)		08/01/2006												(1.69	)		0.04			1.93			3.84		0.81%		0.81%
Russell 1000® Value Index7														1.74			1.88			(2.16	)		0.35

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

** 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 the deduction of taxes that a shareholder may pay on fund distributions or the redemption of fund shares. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance shown without sales charges would be lower if sales charges were reflected. Current performance may be lower or higher than the performance data quoted and assumes the reinvestment of dividends and capital gains. Current month-end performance is available on the Fund’s Web site – 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 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 fund values fluctuate in response to the activities of individual companies and general market and economic conditions. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). This Fund is exposed to foreign investment risk. Consult the Fund’s prospectus for additional information on these and other risks.

4. Historical performance shown for the Administrator Class shares prior to their inception reflects the performance of the Institutional Class shares, adjusted to reflect the higher expenses applicable to the 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 Intrinsic Value Fund.

5. Reflects the expense ratios as stated in the most recent prospectuses.

6. The Adviser has committed through July 18, 2013 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 1.17% for Class A, 1.92% for Class B, 1.92% for Class C, 0.95% for Administrator Class and 0.85% for Institutional Class shares. Without this cap, the Fund’s returns would have been lower.

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

Fund Expenses (Unaudited) Wells Fargo Advantage Intrinsic Value Fund 7

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 August 1, 2011 to January 31, 2012.

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 08-01-2011		Ending Account Value 01-31-2012		Expenses Paid During the Period1		Net Annual Expense Ratio
Class A
Actual	$	1,000.00	$	981.83	$	5.83		1.17	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.25	$	5.94		1.17	%
Class B
Actual	$	1,000.00	$	978.54	$	9.55		1.92	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.48	$	9.73		1.92	%
Class C
Actual	$	1,000.00	$	978.90	$	9.55		1.92	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.48	$	9.73		1.92	%
Administrator Class
Actual	$	1,000.00	$	982.69	$	4.73		0.95	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.36	$	4.82		0.95	%
Institutional Class
Actual	$	1,000.00	$	983.12	$	4.24		0.85	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.86	$	4.32		0.85	%

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

8 Wells Fargo Advantage Intrinsic Value Fund Portfolio of Investments—January 31, 2012 (Unaudited)

Security Name	Shares		Value
Common Stocks: 96.71%
Consumer Discretionary: 11.25%
Media: 2.70%
Time Warner Incorporated«		261,000	$	9,672,660
Multiline Retail: 2.82%
Nordstrom Incorporated«		205,000		10,122,900
Specialty Retail: 3.10%
Home Depot Incorporated		250,000		11,097,500
Textiles, Apparel & Luxury Goods: 2.63%
Ralph Lauren Corporation		62,000		9,424,000
Consumer Staples: 13.07%
Beverages: 4.03%
Diageo plc		115,500		10,232,145
PepsiCo Incorporated		64,000		4,202,880
				14,435,025
Food & Staples Retailing: 1.80%
Safeway Incorporated«		293,000		6,440,140
Food Products: 7.24%
H.J. Heinz Company		154,000		7,984,900
The Hershey Company		166,000		10,139,280
Unilever NV«		235,000		7,837,250
				25,961,430
Energy: 6.12%
Energy Equipment & Services: 1.67%
Schlumberger Limited		80,000		6,013,600
Oil, Gas & Consumable Fuels: 4.45%
Hess Corporation		185,000		10,415,500
QEP Resources Incorporated		193,000		5,527,520
				15,943,020
Financials: 12.65%
Capital Markets: 6.45%
Charles Schwab Corporation		614,000		7,153,100
Franklin Resources Incorporated		72,000		7,639,200
Northern Trust Corporation		109,200		4,500,132
State Street Corporation		97,900		3,835,722
				23,128,154
Commercial Banks: 4.08%
M&T Bank Corporation«		98,000		7,814,520
Zions Bancorporation«		403,000		6,786,520
				14,601,040

Portfolio of Investments—January 31, 2012 (Unaudited) Wells Fargo Advantage Intrinsic Value Fund 9

Security Name	Shares		Value
Diversified Financial Services: 2.12%
JPMorgan Chase & Company		203,800	$	7,601,740
Health Care: 10.66%
Health Care Equipment & Supplies: 4.06%
Baxter International Incorporated		160,000		8,876,800
Hospira Incorporated†		165,000		5,685,900
				14,562,700
Health Care Providers & Services: 1.84%
CIGNA Corporation		147,000		6,590,010
Pharmaceuticals: 4.76%
Abbott Laboratories«		181,000		9,801,150
Eli Lilly & Company		183,000		7,272,420
				17,073,570
Industrials: 12.71%
Aerospace & Defense: 6.07%
Boeing Company		122,000		9,049,960
Huntington Ingalls Industries Incorporated†		108,000		4,069,440
Northrop Grumman Corporation«		149,000		8,649,450
				21,768,850
Air Freight & Logistics: 2.05%
United Parcel Service Incorporated Class B		97,000		7,338,050
Machinery: 4.59%
Deere & Company		106,000		9,131,900
SPX Corporation		105,000		7,311,150
				16,443,050
Information Technology: 21.62%
Communications Equipment: 2.38%
QUALCOMM Incorporated		145,000		8,528,900
Computers & Peripherals: 6.15%
Apple Incorporated†		25,500		11,640,240
EMC Corporation†		404,000		10,407,040
				22,047,280
Internet Software & Services: 2.50%
eBay Incorporated†		283,300		8,952,280
IT Services: 2.93%
International Business Machines Corporation		54,500		10,496,700
Semiconductors & Semiconductor Equipment: 2.15%
Texas Instruments Incorporated		238,000		7,706,440

10 Wells Fargo Advantage Intrinsic Value Fund Portfolio of Investments—January 31, 2012 (Unaudited)

Security Name				Shares		Value
Software: 5.51%
Intuit Incorporated					178,500	$	10,074,540
Oracle Corporation					343,000		9,672,600
							19,747,140
Materials: 2.27%
Chemicals: 2.27%
Dow Chemical Company					243,000		8,142,930
Telecommunication Services: 2.08%
Wireless Telecommunication Services: 2.08%
Vodafone Group plc ADR«					275,000		7,449,750
Utilities: 4.28%
Electric Utilities: 2.67%
Nextera Energy Incorporated					160,000		9,576,000
Gas Utilities: 1.61%
Questar Corporation					299,600		5,776,288
Total Common Stocks (Cost $277,613,226)							346,641,147
	Yield
Short-Term Investments: 12.60%
Investment Companies: 12.60%
Wells Fargo Advantage Cash Investment Money Market Fund, Institutional Class(l)(u)		0.02	%		9,623,613		9,623,613
Wells Fargo Securities Lending Cash Investments, LLC(l)(u)(v)(r)		0.15			35,522,278		35,522,278
Total Short-Term Investments (Cost $45,145,891)							45,145,891

Total Investments in Securities
(Cost $322,759,117)*	109.31	%		391,787,038
Other Assets and Liabilities, Net	(9.31	)		(33,364,454	)
Total Net Assets	100.00	%	$	358,422,584

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

† Non-income earning security.

(l) Investment in an affiliate.

(u) Rate shown is the 7-day annualized yield at period end.

(v) Security represents investment of cash collateral received from securities on loan.

(r) The investment company is exempt from registration under Section 3(c)(7) of the 1940 Act.

* Cost for federal income tax purposes is $323,268,700 and net unrealized appreciation (depreciation) consists of:

Gross unrealized appreciation	$	73,982,669
Gross unrealized depreciation		(5,464,331	)
Net unrealized appreciation	$	68,518,338

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

Statement of Assets and Liabilities—January 31, 2012 (Unaudited) Wells Fargo Advantage Intrinsic Value Fund 11

Assets
Investments
In unaffiliated securities (including securities on loan), at value (see cost below)	$	346,641,147
In affiliated securities, at value (see cost below)		45,145,891
Total investments, at value (see cost below)		391,787,038
Receivable for investments sold		1,677,627
Receivable for Fund shares sold		2,651,081
Receivable for dividends		589,835
Receivable for securities lending income		4,109
Prepaid expenses and other assets		40,132
Total assets		396,749,822
Liabilities
Payable for investments purchased		1,724,442
Payable for Fund shares redeemed		434,394
Payable upon receipt of securities loaned		35,522,278
Advisory fee payable		197,857
Distribution fees payable		19,443
Due to other related parties		63,687
Accrued expenses and other liabilities		365,137
Total liabilities		38,327,238
Total net assets	$	358,422,584
NET ASSETS CONSIST OF
Paid-in capital	$	272,593,046
Undistributed net investment income		80,981
Accumulated net realized gains on investments		16,720,636
Net unrealized gains on investments		69,027,921
Total net assets	$	358,422,584
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE1
Net assets – Class A	$	98,605,436
Shares outstanding – Class A		10,039,642
Net asset value per share – Class A		$9.82
Maximum offering price per share – Class A2		$10.42
Net assets – Class B	$	5,631,005
Shares outstanding – Class B		576,566
Net asset value per share – Class B		$9.77
Net assets – Class C	$	23,677,408
Shares outstanding – Class C		2,434,574
Net asset value per share – Class C		$9.73
Net assets – Administrator Class	$	15,588,275
Shares outstanding – Administrator Class		1,538,467
Net asset value per share – Administrator Class		$10.13
Net assets – Institutional Class	$	214,920,460
Shares outstanding – Institutional Class		21,835,929
Net asset value per share – Institutional Class		$9.84
Investments in unaffiliated securities, at cost	$	277,613,226
Investments in affiliated securities, at cost	$	45,145,891
Total investments, at cost	$	322,759,117
Securities on loan, at value	$	34,702,229

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 Intrinsic Value Fund Statement of Operations—Six Months Ended January 31, 2012 (Unaudited)

Investment income
Dividends*	$	4,468,151
Securities lending income, net		46,221
Income from affiliated securities		5,694
Total investment income		4,520,066
Expenses
Advisory fee		1,267,636
Administration fees
Fund level		97,511
Class A		159,435
Class B		7,889
Class C		31,620
Administrator Class		5,724
Institutional Class		90,224
Shareholder servicing fees
Class A		139,518
Class B		7,586
Class C		30,100
Administrator Class		14,309
Distribution fees
Class B		22,756
Class C		91,213
Custody and accounting fees		26,317
Professional fees		9,968
Registration fees		20,890
Shareholder report expenses		67,928
Trustees’ fees and expenses		6,066
Other fees and expenses		22,664
Total expenses		2,119,354
Less: Fee waivers and/or expense reimbursements		(99,920	)
Net expenses		2,019,434
Net investment income		2,500,632
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized losses on investments		(1,332,527	)
Net change in unrealized gains (losses) on investments		(19,086,356	)
Net realized and unrealized gains (losses) on investments		(20,418,883	)
Net decrease in net assets resulting from operations	$	(17,918,251	)
* Net of foreign dividend withholding taxes of		$26,612

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

Statements of Changes in Net Assets Wells Fargo Advantage Intrinsic Value Fund 13

	Six Months Ended January 31, 2012 (Unaudited)						Year Ended July 31, 2011
Operations
Net investment income				$	2,500,632					$	11,612,277
Net realized gains (losses) on investments					(1,332,527	)					234,614,091
Net change in unrealized gains (losses) on investments					(19,086,356	)					18,798,707
Net increase (decrease) in net assets resulting from operations					(17,918,251	)					265,025,075
Distributions to shareholders from
Net investment income
Class A					(3,158,452	)					(1,412,791	)
Class B					(102,030	)					(4,240	)
Class C					(486,427	)					(57,276	)
Administrator Class					(53,362	)					(4,447,278	)
Institutional Class					(6,661,737	)					(9,157,759	)
Net realized gains
Class A					(11,786,758	)					0
Class B					(603,944	)					0
Class C					(2,557,958	)					0
Administrator Class					(1,707,718	)					0
Institutional Class					(20,996,038	)					0
Total distributions to shareholders					(48,114,424	)					(15,079,344	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		986,390			10,217,972			4,196,329			45,841,771
Class B		13,838			138,457			34,726			374,026
Class C		150,294			1,530,033			650,652			7,003,299
Administrator Class		1,712,844			17,557,443			47,209,092			462,799,715
Institutional Class		2,870,572			28,759,862			23,272,496			247,394,935
					58,203,767						763,413,746
Reinvestment of distributions
Class A		1,315,618			12,628,143			110,602			1,208,879
Class B		68,307			649,452			362			3,926
Class C		283,110			2,683,755			4,483			48,590
Administrator Class		82,852			810,567			402,094			4,406,952
Institutional Class		2,479,308			23,891,924			700,649			7,679,116
					40,663,841						13,347,463
Payment for shares redeemed
Class A		(6,108,069	)		(61,031,256	)		(5,498,609	)		(61,172,846	)
Class B		(179,989	)		(1,831,506	)		(307,645	)		(3,443,351	)
Class C		(486,078	)		(4,855,523	)		(938,856	)		(10,500,544	)
Administrator Class		(1,096,592	)		(10,774,334	)		(46,772,836	)		(540,610,675	)
Institutional Class		(7,514,429	)		(78,015,480	)		(112,371,263	)		(1,222,497,717	)
					(156,508,099	)					(1,838,225,133	)
Net decrease in net assets resulting from capital share transactions					(57,640,491	)					(1,061,463,924	)
Total decrease in net assets					(123,673,166	)					(811,518,193	)
Net assets
Beginning of period					482,095,750						1,293,613,943
End of period				$	358,422,584					$	482,095,750
Undistributed net investment income				$	80,981					$	8,042,357

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

14 Wells Fargo Advantage Intrinsic Value Fund Financial Highlights

(For a share outstanding throughout each period)

	Six Months Ended January 31, 2012 (Unaudited)			Year Ended July 31,
Class A				2011			20101			20091			20081			20071,2
Net asset value, beginning of period	$	11.50		$	9.84		$	8.48		$	10.19		$	11.53		$	10.00
Net investment income		0.06	3		0.10			0.10	3		0.10			0.09			0.07
Net realized and unrealized gains (losses) on investments		(0.33	)		1.65			1.31			(1.71	)		(0.96	)		1.49
Total from investment operations		(0.27	)		1.75			1.41			(1.61	)		(0.87	)		1.56
Distributions to shareholders from
Net investment income		(0.28	)		(0.09	)		(0.05	)		(0.04	)		(0.05	)		(0.03	)
Net realized gains		(1.13	)		0.00			0.00			(0.06	)		(0.42	)		0.00
Total distributions to shareholders		(1.41	)		(0.09	)		(0.05	)		(0.10	)		(0.47	)		(0.03	)
Net asset value, end of period	$	9.82		$	11.50		$	9.84		$	8.48		$	10.19		$	11.53
Total return4		(1.82	)%		17.88	%		16.67	%		(15.62	)%		(7.89	)%		15.58	%
Ratios to average net assets (annualized)
Gross expenses		1.27	%		1.24	%		1.17	%		1.15	%		1.12	%		1.33	%
Net expenses		1.17	%		1.17	%		1.11	%		1.14	%		1.11	%		1.21	%
Net investment income		1.17	%		0.81	%		1.05	%		1.62	%		0.96	%		1.14	%
Supplemental data
Portfolio turnover rate		24	%		25	%		23	%		23	%		26	%		91	%
Net assets, end of period (000’s omitted)		$98,605			$159,178			$147,957			$90,382			$88,456			$81,087

1. After the close of business on July 16, 2010, the Fund acquired the net assets of Evergreen Intrinsic Value 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 Intrinsic Value Fund.

2. For the period from August 1, 2006 (commencement of class operations) to July 31, 2007.

3. Calculated based upon average shares outstanding.

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

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

Financial Highlights Wells Fargo Advantage Intrinsic Value Fund 15

(For a share outstanding throughout each period)

	Six Months Ended January 31, 2012 (Unaudited)			Year Ended July 31,
Class B				2011			20101			20091			20081			20071,2
Net asset value, beginning of period	$	11.37		$	9.72		$	8.40		$	10.11		$	11.48		$	10.00
Net investment income		0.02	3		0.01	3		0.03	3		0.07	3		0.02			0.02
Net realized and unrealized gains (losses) on investments		(0.32	)		1.64			1.29			(1.72	)		(0.97	)		1.47
Total from investment operations		(0.30	)		1.65			1.32			(1.65	)		(0.95	)		1.49
Distributions to shareholders from
Net investment income		(0.17	)		(0.00	)4		0.00			0.00			0.00			(0.01	)
Net realized gains		(1.13	)		0.00			0.00			(0.06	)		(0.42	)		0.00
Total distributions to shareholders		(1.30	)		(0.00	)4		0.00			(0.06	)		(0.42	)		(0.01	)
Net asset value, end of period	$	9.77		$	11.37		$	9.72		$	8.40		$	10.11		$	11.48
Total return5		(2.15	)%		17.03	%		15.71	%		(16.22	)%		(8.58	)%		14.89	%
Ratios to average net assets (annualized)
Gross expenses		2.04	%		1.99	%		1.93	%		1.91	%		1.91	%		2.09	%
Net expenses		1.92	%		1.91	%		1.88	%		1.90	%		1.90	%		1.97	%
Net investment income		0.38	%		0.07	%		0.30	%		0.84	%		0.15	%		0.44	%
Supplemental data
Portfolio turnover rate		24	%		25	%		23	%		23	%		26	%		91	%
Net assets, end of period (000’s omitted)		$5,631			$7,666			$9,206			$10,014			$18,248			$24,084

1. After the close of business on July 16, 2010, the Fund acquired the net assets of Evergreen Intrinsic Value 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 Intrinsic Value Fund.

2. For the period from August 1, 2006 (commencement of class operations) to July 31, 2007.

3. Calculated based upon average shares outstanding.

4. Amount is less than $0.005.

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

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

16 Wells Fargo Advantage Intrinsic Value Fund Financial Highlights

(For a share outstanding throughout each period)

	Six Months Ended January 31, 2012 (Unaudited)			Year Ended July 31,
Class C				2011			20101			20091			20081			20071,2
Net asset value, beginning of period	$	11.35		$	9.72		$	8.40		$	10.11		$	11.48		$	10.00
Net investment income		0.01			0.02			0.03	3		0.06	3		0.01			0.02
Net realized and unrealized gains (losses) on investments		(0.31	)		1.63			1.29			(1.71	)		(0.96	)		1.47
Total from investment operations		(0.30	)		1.65			1.32			(1.65	)		(0.95	)		1.49
Distributions to shareholders from
Net investment income		(0.19	)		(0.02	)		0.00			0.00			0.00			(0.01	)
Net realized gains		(1.13	)		0.00			0.00			(0.06	)		(0.42	)		0.00
Total distributions to shareholders		(1.32	)		(0.02	)		0.00			(0.06	)		(0.42	)		(0.01	)
Net asset value, end of period	$	9.73		$	11.35		$	9.72		$	8.40		$	10.11		$	11.48
Total return4		(2.11	)%		16.98	%		15.71	%		(16.22	)%		(8.58	)%		14.90	%
Ratios to average net assets (annualized)
Gross expenses		2.03	%		1.97	%		1.94	%		1.92	%		1.91	%		2.10	%
Net expenses		1.92	%		1.92	%		1.88	%		1.91	%		1.90	%		1.98	%
Net investment income		0.37	%		0.07	%		0.29	%		0.84	%		0.18	%		0.31	%
Supplemental data
Portfolio turnover rate		24	%		25	%		23	%		23	%		26	%		91	%
Net assets, end of period (000’s omitted)		$23,677			$28,230			$26,934			$20,396			$22,369			$19,640

1. After the close of business on July 16, 2010, the Fund acquired the net assets of Evergreen Intrinsic Value 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 Intrinsic Value Fund.

2. For the period from August 1, 2006 (commencement of class operations) to July 31, 2007.

3. Calculated based upon average shares outstanding.

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

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

Financial Highlights Wells Fargo Advantage Intrinsic Value Fund 17

(For a share outstanding throughout each period)

	Six Months Ended January 31, 2012 (Unaudited)			Year Ended July 31,
Administrator Class				2011			20101
Net asset value, beginning of period	$	11.55		$	9.87		$	9.87
Net investment income		0.07	2		0.11	2		0.00
Net realized and unrealized gains (losses) on investments		(0.32	)		1.68			0.00
Total from investment operations		(0.25	)		1.79			0.00
Distributions to shareholders from
Net investment income		(0.04	)		(0.11	)		0.00
Net realized gains		(1.13	)		0.00			0.00
Total distributions to shareholders		(1.17	)		(0.11	)		0.00
Net asset value, end of period	$	10.13		$	11.55		$	9.87
Total return3		(1.73	)%		18.23	%		0.00	%
Ratios to average net assets (annualized)
Gross expenses		1.13	%		1.06	%		0.00	%
Net expenses		0.95	%		0.95	%		0.00	%
Net investment income		1.34	%		1.04	%		0.00	%
Supplemental data
Portfolio turnover rate		24	%		25	%		23	%
Net assets, end of period (000’s omitted)		$15,588			$9,693			$10

1. For the period from July 30, 2010 (commencement of class operations) to July 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 Intrinsic Value Fund Financial Highlights

(For a share outstanding throughout each period)

	Six Months Ended January 31, 2012 (Unaudited)			Year Ended July 31,
Institutional Class				2011			20101			20091			20081			20071,2
Net asset value, beginning of period	$	11.56		$	9.87		$	8.51		$	10.22		$	11.55		$	10.00
Net investment income		0.08	3		0.13	3		0.12	3		0.12			0.14	3		0.10
Net realized and unrealized gains (losses) on investments		(0.34	)		1.67			1.32			(1.72	)		(0.98	)		1.48
Total from investment operations		(0.26	)		1.80			1.44			(1.60	)		(0.84	)		1.58
Distributions to shareholders from
Net investment income		(0.33	)		(0.11	)		(0.08	)		(0.05	)		(0.07	)		(0.03	)
Net realized gains		(1.13	)		0.00			0.00			(0.06	)		(0.42	)		0.00
Total distributions to shareholders		(1.46	)		(0.11	)		(0.08	)		(0.11	)		(0.49	)		(0.03	)
Net asset value, end of period	$	9.84		$	11.56		$	9.87		$	8.51		$	10.22		$	11.55
Total return4		(1.69	)%		18.32	%		16.93	%		(15.44	)%		(7.66	)%		15.84	%
Ratios to average net assets (annualized)
Gross expenses		0.86	%		0.79	%		0.94	%		0.92	%		0.89	%		1.11	%
Net expenses		0.85	%		0.79	%		0.88	%		0.91	%		0.88	%		0.99	%
Net investment income		1.46	%		1.16	%		1.27	%		1.86	%		1.25	%		1.18	%
Supplemental data
Portfolio turnover rate		24	%		25	%		23	%		23	%		26	%		91	%
Net assets, end of period (000’s omitted)		$214,920			$277,329			$1,109,507			$348,093			$299,456			$61,469

1. After the close of business on July 16, 2010, the Fund acquired the net assets of Evergreen Intrinsic Value 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 Intrinsic Value Fund.

2. For the period from August 1, 2006 (commencement of class operations) to July 31, 2007.

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.

Notes to Financial Statements (Unaudited) Wells Fargo Advantage Intrinsic Value Fund 19

1. ORGANIZATION

Wells Fargo Funds Trust (the “Trust”), a Delaware statutory trust organized on March 10, 1999, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). These financial statements report on Wells Fargo Advantage Intrinsic Value 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

Investments in equity securities are valued each business day as of the close of regular trading on the New York Stock Exchange, which is usually 4:00 p.m. (Eastern Time). Securities which are traded on a national or foreign securities exchange are valued at the last reported sales price, except that securities listed on The Nasdaq Stock Market, Inc. (“Nasdaq”) are valued at the Nasdaq Official Closing Price (“NOCP”), and if no NOCP is available, then at the last reported sales price. If no sales price is shown on the Nasdaq, the bid price will be used. In the absence of any sale of securities listed on the Nasdaq, and in the case of other securities (including U.S. Government obligations, but excluding debt securities maturing in 60 days or less), the price will be deemed “stale” and the valuations will be determined in accordance with the Fund’s Fair Value Procedures.

Investments in open-end mutual funds and non-registered investment companies are generally 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 by procedures established in good faith and approved by the Board of Trustees.

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 Wells Fargo Securities Lending Cash Investments, LLC (the “Cash Collateral Fund”). The Cash Collateral Fund is exempt from registration under Section 3(c)(7) of the 1940 Act and is managed by Wells Fargo Funds Management LLC (“Funds Management”) and is sub-advised by Wells Capital Management Incorporated (“Wells Capital Management”). Funds Management receives an advisory fee starting at 0.05% and declining to 0.01% as the average daily net assets of the Cash Collateral Fund increase. All of the fees received by Funds Management are paid to Wells Capital Management for its services as sub-adviser. The Cash Collateral 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. Cash Collateral Fund investments are fair valued based upon the amortized cost valuation technique. Income earned from investment in the Cash Collateral Fund is included in securities lending income on the Statement of Operations.

20 Wells Fargo Advantage Intrinsic Value Fund Notes to Financial Statements (Unaudited)

Security transactions and income recognition

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

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

Distributions to shareholders

Distributions to shareholders from net investment income and net realized gains, if any, are recorded on the ex-dividend date. Such distributions are determined in conformity with income tax regulations, which may differ from 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.

Under the recently enacted Regulated Investment Company Modernization Act of 2010, the Fund is permitted to carry forward capital losses incurred in taxable years which began after December 22, 2010 for an unlimited period. However, any losses incurred are required to be utilized prior to the losses incurred in pre-enactment taxable years. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law.

Class allocations

The separate classes of shares offered by the Fund differ principally in applicable sales charges, distribution, shareholder servicing and administration fees. Shareholders of each class bear certain expenses that pertain to that particular class. All shareholders bear the common expenses of the Fund, earn income from the portfolio, and are allocated unrealized gains and losses pro rata based on the average daily net assets of each class, without distinction between share classes. Dividends are determined separately for each class based on income and expenses allocable to each class. Realized gains and losses are allocated to each class pro rata based upon the net assets of each class on the date realized. Differences in per share dividend rates generally result from the relative weightings of pro rata income and realized gain allocations and from differences in separate class expenses, including distribution, shareholder servicing and administration fees.

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, 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 securities are not necessarily an indication of the risk associated with investing in those securities.

Notes to Financial Statements (Unaudited) Wells Fargo Advantage Intrinsic Value Fund 21

As of January 31, 2012, the inputs used in valuing the Fund’s assets, which are carried at fair value, were as follows:

Investments in Securities	Quoted Prices (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Equity securities
Common stocks	$	346,641,147	$	0	$	0	$	346,641,147
Short-term investments
Investment companies		9,623,613		35,522,278		0		45,145,891
	$	356,264,760	$	35,522,278	$	0	$	391,787,038

Further details on the major security types listed above can be found in the Portfolio of Investments.

Transfers in and transfers out are recognized at the end of the reporting period. For the six months ended January 31, 2012, the Fund did not have any significant transfers into/out of Level 1 and Level 2.

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 sub-adviser 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 January 31, 2012, the advisory fee was equivalent to an annual rate of 0.65% of the Fund’s average daily net assets.

Funds Management may retain the services of certain sub-advisers to provide daily portfolio management to the Fund. The fees related to sub-advisory services are borne directly by Funds Management and do not increase the overall fees paid by the Fund. Metropolitan West Capital Management, LLC, an affiliate of Funds Management, is the sub-adviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.35% and declining to 0.25% as the average daily net assets of the Fund increase.

Administration and transfer agent 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 July 18, 2013 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.17% for Class A, 1.92% for Class B, 1.92% for Class C, 0.95% for Administrator Class and 0.85% for Institutional Class.

22 Wells Fargo Advantage Intrinsic Value Fund Notes to Financial Statements (Unaudited)

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, the principal underwriter, at an annual rate of 0.75% of the average daily net assets of Class B and Class C shares.

For the six months ended January 31, 2012, Wells Fargo Funds Distributor, LLC received $2,363 from the sale of Class A shares and $3,305 and $1,797 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 (securities with maturities of one year or less at purchase date), for the six months ended January 31, 2012 were $90,062,253 and $186,757,707, respectively.

6. BANK BORROWINGS

The Trust (excluding the money market funds) and Wells Fargo Variable Trust are parties to a $150,000,000 revolving credit agreement with State Street Bank and Trust Company, 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. Prior to September 6, 2011, the revolving credit agreement was for $125,000,000 and the annual commitment fee paid by the Fund was 0.125% of the unused balance. For the six months ended January 31, 2012, the Fund paid $242 in commitment fees.

For the six months ended January 31, 2012, there were no borrowings by the Fund under the agreement.

7. REDEMPTION IN-KIND

After the close of business on March 28, 2011, the Fund redeemed assets through an in-kind redemption. In the redemption transaction, the Fund issued securities with a value of $427,928,397 and cash in the amount of $23,965,784. The Fund recognized gains in the amount of $127,937,466 which are reflected on the Statement of Changes in Net Assets for the year ended July 31, 2011. The redemption in-kind represented 44.44% of the Fund.

8. INDEMNIFICATION

Under the Trust’s organizational documents, the officers and directors are indemnified against certain liabilities that may arise out of performance of their duties to the Trust. Additionally, in the normal course of business, the Trust may enter 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. NEW ACCOUNTING PRONOUNCEMENTS

In May 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2011-04 “Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs”. ASU No. 2011-04 amends FASB ASC Topic 820, Fair Value Measurements and Disclosures, to establish common requirements for measuring fair value and for disclosing information about fair value measurements in accordance with GAAP. The ASU is effective prospectively for interim and annual periods beginning after December 15, 2011. Management expects that adoption of the ASU will result in additional disclosures in the financial statements, as applicable.

Notes to Financial Statements (Unaudited) Wells Fargo Advantage Intrinsic Value Fund 23

In April 2011, FASB issued ASU No. 2011-03 “Reconsideration of Effective Control for Repurchase Agreements”. ASU No. 2011-03 amends FASB ASC Topic 860, Transfers and Servicing, specifically the criteria required to determine whether a repurchase agreement (repo) and similar agreements should be accounted for as sales of financial assets or secured borrowings with commitments. ASU No. 2011-03 changes the assessment of effective control by focusing on the transferor’s contractual rights and obligations and removing the criterion to assess its ability to exercise those rights or honor those obligations. This could result in changes to the way entities account for certain transactions including repurchase agreements, mortgage dollar rolls and reverse repurchase agreements. The ASU will become effective on a prospective basis for new transfers and modifications to existing transactions as of the beginning of the first interim or annual period beginning on or after December 15, 2011. Management has evaluated the impact of adopting the ASU and expects no significant changes.

24 Wells Fargo Advantage Intrinsic Value 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 without charge, upon request, by calling 1-800-222-8222, visiting our Web site at wellsfargoadvantagefunds.com, or visiting the SEC Web site 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 without charge on the Fund’s Web site at wellsfargoadvantagefunds.com or by visiting the SEC Web site at sec.gov.

PORTFOLIO HOLDINGS INFORMATION

The complete portfolio holdings for the Fund are publicly available on the Fund’s Web site (wellsfargoadvantagefunds.com) on a monthly, 30-day or more delayed basis. In addition, top ten holdings information for the Fund is publicly available on the Fund’s Web site 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 without charge by visiting the SEC Web site 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 Value Fund 25

BOARD OF TRUSTEES

The following table provides basic information about the Board of Trustees (the “Trustees”) of the Trust and Officers of the Trust. This table should be read in conjunction with the Prospectus and the Statement of Additional Information¹ of the Fund. Each of the Trustees and Officers listed below acts in identical capacities for the Wells Fargo Advantage family of funds, which consists of 137 funds comprising the Wells Fargo Funds Trust, Wells Fargo Variable Trust, Wells Fargo Master Trust and four closed-end funds (collectively the “Fund Complex”). All of the Trustees are also Members of the Audit and Governance Committees of each Trust in the Fund Complex. 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	Other Directorships During Past Five Years
Peter G. Gordon (Born 1942)	Trustee, since 1998; Chairman, since 2005 (Lead Trustee since 2001)	Co-Founder, Retired Chairman, President and CEO of Crystal Geyser Water Company. Trustee Emeritus, Colby College	Asset Allocation Trust
Isaiah Harris, Jr. (Born 1952)	Trustee, since 2009	Retired. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Mr. Harris is a certified public accountant.	CIGNA Corporation; Deluxe Corporation; Asset Allocation Trust
Judith M. Johnson (Born 1949)	Trustee, since 2008	Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant.	Asset Allocation Trust
Leroy Keith, Jr. (Born 1939)	Trustee, since 2010	Chairman, Bloc Global Services (development and construction). Trustee of the Evergreen Funds from 1983 to 2010. Former Managing Director, Almanac Capital Management (commodities firm), former Partner, Stonington Partners, Inc. (private equity fund), former Director, Obagi Medical Products Co. and former Director, Lincoln Educational Services.	Trustee, Virtus Fund Complex (consisting of 40 portfolios as of 12/31/11); 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, Director of Corporate Governance Research Program 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 Intrinsic Value Fund Other Information (Unaudited)

Name and Year of Birth	Position Held and Length of Service	Principal Occupations During Past Five Years	Other Directorships During Past Five Years
Timothy J. Penny (Born 1951)	Trustee, since 1996	President and CEO of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007 and Senior Fellow at the Humphrey Institute Policy Forum at the University of Minnesota since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	Asset Allocation Trust
Michael S. Scofield (Born 1943)	Trustee, since 2010	Served on the Investment Company Institute’s Board of Governors and Executive Committee from 2008-2011 as well the Governing Council of the Independent Directors Council from 2006-2011 and the Independent Directors Council Executive Committee from 2008-2011. Chairman of the IDC from 2008-2010. Institutional Investor (Fund Directions) Trustee of Year in 2007. Trustee of the Evergreen Funds (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 and former Director and Chairman, Branded Media Corporation (multi-media branding company).	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 Free Trust (non-profit corporation). Director of the American Chestnut Foundation (non-profit corporation).	Asset Allocation Trust

Officers

Name and Year of Birth	Position Held and Length of Service	Principal Occupations During Past Five Years
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. Senior Vice President and Chief Administrative Officer of Wells Fargo Funds Management, LLC from 2001 to 2003.
C. David Messman (Born 1960)	Secretary, since 2000; Chief Legal Counsel, since 2003	Senior Vice President and Secretary of Wells Fargo Funds Management, LLC since 2001. Vice President and Managing Senior Counsel of Wells Fargo Bank, N.A. since 1996.
Kasey Phillips (Born 1970)	Treasurer, since 2009	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2006 to 2010. Treasurer of the Evergreen Funds from 2005 to 2010.
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 DePalma (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.
Debra Ann Early (Born 1964)	Chief Compliance Officer, since 2007	Chief Compliance Officer of Wells Fargo Funds Management, LLC since 2007. Chief Compliance Officer of Parnassus Investments from 2005 to 2007. Chief Financial Officer of Parnassus Investments from 2004 to 2007 and Senior Audit Manager of PricewaterhouseCoopers LLP from 1998 to 2004.

1. 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 Web site at wellsfargoadvantagefunds.com.

List of Abbreviations Wells Fargo Advantage Intrinsic Value Fund 27

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

ACB —  Agricultural Credit Bank

ADR —  American Depository Receipt

ADS —  American Depository Shares

AGC-ICC —  Assured Guaranty Corporation - Insured Custody Certificates

AGM —  Assured Guaranty Municipal

AMBAC —  American Municipal Bond Assurance Corporation

AMT —  Alternative Minimum Tax

AUD —  Australian Dollar

BAN —  Bond Anticipation Notes

BHAC —  Berkshire Hathaway Assurance Corporation

BRL —  Brazil 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 —  Certificate of Participation

CR —  Custody Receipts

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

FFCB —  Federal Farm Credit Bank

FGIC —  Financial Guaranty Insurance Corporation

FHA —  Federal Housing Authority

FHLB —  Federal Home Loan Bank

FHLMC —  Federal Home Loan Mortgage Corporation

FNMA —  Federal National Mortgage Association

FSA —  Farm Service Agency

GBP —  Great British Pound

GDR —  Global Depository 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

HUF —  Hungarian Forint

IBC —  Insured Bond Certificate

IDA —  Industrial Development Authority

IDAG —  Industrial Development Agency

IDR —  Industrial Development Revenue

IEP —  Irish Pound

JPY —  Japanese Yen

KRW —  Republic of Korea Won

LIBOR —  London Interbank Offered Rate

LLC —  Limited Liability Company

LLP —  Limited Liability Partnership

LOC —  Letter of Credit

LP —  Limited Partnership

MBIA —  Municipal Bond Insurance Association

MFHR —  Multi-Family Housing Revenue

MSTR —  Municipal Securities Trust Receipts

MTN —  Medium Term Note

MUD —  Municipal Utility District

MXN —  Mexican Peso

MYR —  Malaysian Ringgit

NATL-RE —  National Public Finance Guarantee Corporation

NOK —  Norwegian Krone

NZD —  New Zealand Dollar

PCFA —  Pollution Control Finance Authority

PCR —  Pollution Control Revenue

PFA —  Public Finance Authority

PFFA —  Public Facilities Financing Authority

PFOTER —  Puttable Floating Option Tax-Exempt Receipts

plc —  Public Limited Company

PLN —  Polish Zloty

PUTTER —  Puttable Tax-Exempt Receipts

R&D —  Research & Development

RDA —  Redevelopment Authority

RDFA —  Redevelopment Finance Authority

REIT —  Real Estate Investment Trust

ROC —  Reset Option Certificates

SAVRS —  Select Auction Variable Rate Securities

SBA —  Small Business Authority

SEK —  Swedish Krona

SFHR —  Single Family Housing Revenue

SFMR —  Single Family Mortgage Revenue

SGD —  Singapore Dollar

SKK —  Slovakian Koruna

SPDR —  Standard & Poor’s Depositary Receipts

TAN —  Tax Anticipation Notes

TBA —  To Be Announced

TIPS —  Treasury Inflation-Protected Securities

TRAN —  Tax Revenue Anticipation Notes

TCR —  Transferable Custody Receipts

TRY —  Turkish Lira

TTFA —  Transportation Trust Fund Authority

TVA —  Tennessee Valley Authority

XLCA —  XL Capital Assurance

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, e-mail, visit the Fund’s Web site, or call:

Wells Fargo Advantage Funds

P.O. Box 8266

Boston, MA 02266-8266

E-mail: wfaf@wellsfargo.com

Web site: 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. For a prospectus containing more complete information, including charges and expenses, call 1-800-222-8222 or visit the Fund’s Web site at wellsfargoadvantagefunds.com. Please consider the investment objectives, risks, charges, and expenses of the investment carefully before investing. This and other information about Wells Fargo Advantage Funds can be found in the current prospectus. 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

© 2012 Wells Fargo Funds Management, LLC. All rights reserved.

207947 03-12 SA207/SAR207 1-12

Wells Fargo Advantage

Large Cap Core Fund

Semi-Annual Report

January 31, 2012

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	5
Fund Expenses	7
Portfolio of Investments	8
Financial Statements
Statement of Assets and Liabilities	12
Statement of Operations	13
Statements of Changes in Net Assets	14
Financial Highlights	15
Notes to Financial Statements	20
Other Information	25
List of Abbreviations	28

The views expressed and any forward-looking statements are as of January 31, 2012, 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, disclaims any obligation to publicly update or revise any views expressed or forward-looking statements.

NOT FDIC INSURED  ¡  NO BANK GUARANTEE  ¡   MAY LOSE VALUE

WELLS FARGO INVESTMENT HISTORY

1932	Keystone creates one of the first mutual fund families.
1971	Wells Fargo & Company introduces one of the first institutional index funds.
1978	Wells Fargo applies Markowitz and Sharpe’s research on Modern Portfolio Theory to introduce one of the industry’s first Tactical Asset Allocation (TAA) models in institutional separately managed accounts.
1984	Wells Fargo Stagecoach Funds launches its first asset allocation fund.
1989	The Tactical Asset Allocation (TAA) Model is first applied to Wells Fargo’s asset allocation mutual funds.
1994	Wells Fargo introduces the LifePath Funds, one of the first suites of target date funds (now the Wells Fargo Advantage Dow Jones Target Date FundsSM ).
1996	Evergreen Investments and Keystone Funds merge.
1997	Wells Fargo launches Wells Fargo Advantage WealthBuilder PortfoliosSM, a fund-of-funds suite of products that includes the use of quantitative models to shift assets among investment styles.
1999	Norwest Advantage Funds and Stagecoach Funds are reorganized into Wells Fargo Funds after the merger of Norwest and Wells Fargo.
2002	Evergreen Retail and Evergreen Institutional companies form the umbrella asset management company, Evergreen Investments.
2005	The integration of Strong Funds with Wells Fargo Funds creates Wells Fargo Advantage Funds, resulting in one of the top 20 mutual fund companies in the United States.
2006	Wells Fargo Advantage Funds relaunches the target date product line as Wells Fargo Advantage Dow Jones Target Date Funds.
2010	The mergers and reorganizations of Evergreen and Wells Fargo Advantage mutual funds are completed, unifying the families under the brand of Wells Fargo Advantage Funds.

Wells Fargo Advantage Funds^®

Wells Fargo Advantage Funds skillfully guides institutions, financial advisors, and individuals through the investment terrain to help them reach their financial objectives. Everything we do on behalf of investors is backed by our unique combination of qualifications.

Strength

Our organization is built on the standards of integrity and service established by our parent company—Wells Fargo & Company—more than 150 years ago. And, because we’re part of a highly diversified financial enterprise, we offer the depth of resources to help investors succeed.

Expertise

Our multi-boutique model offers investors access to the independent thinking of premier investment managers that have been chosen for their time-tested strategies. While each team specializes in a specific investment strategy, collectively they provide investors a wide choice of distinct investment styles. Our dedication to investment excellence doesn’t end with our expertise in manager selection—risk management, analysis, and rigorous ongoing review seek to ensure each manager’s investment process remains consistent.

Partnership

Our collaborative approach is built around understanding the needs and goals of our clients. By adhering to core principles of sound judgment and steady guidance, we support you through every stage of the investment decision process.

Carefully consider a fund’s investment objectives, risks, charges, and expenses before investing. For a current prospectus and, if available, a summary prospectus, containing this and other information, visit wellsfargoadvantagefunds.com. Read it carefully before investing.

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.

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

NOT FDIC INSURED  ¡  NO BANK GUARANTEE  ¡   MAY LOSE VALUE

Not part of the semi-annual report.

Wells Fargo Advantage Funds offers more than 110 mutual funds across a wide range of asset classes, representing over $217 billion in assets under management, as of January 31, 2012.

Equity Funds
Asia Pacific Fund	Equity Value Fund	Precious Metals Fund
C&B Large Cap Value Fund	Global Opportunities Fund	Premier Large Company Growth Fund
C&B Mid Cap Value Fund	Growth Fund	Small Cap Opportunities Fund
Capital Growth Fund	Index Fund	Small Cap Value Fund
Common Stock Fund	International Equity Fund	Small Company Growth Fund
Disciplined U.S. Core Fund	International Value Fund	Small Company Value Fund
Discovery Fund†	Intrinsic Small Cap Value Fund	Small/Mid Cap Core Fund
Diversified Equity Fund	Intrinsic Value Fund	Small/Mid Cap Value Fund
Diversified International Fund	Intrinsic World Equity Fund	Special Mid Cap Value Fund
Diversified Small Cap Fund	Large Cap Core Fund	Special Small Cap Value Fund
Emerging Growth Fund	Large Cap Growth Fund	Specialized Technology Fund
Emerging Markets Equity Fund	Large Company Value Fund	Strategic Large Cap Growth Fund
Endeavor Select Fund†	Omega Growth Fund	Traditional Small Cap Growth Fund
Enterprise Fund†	Opportunity Fund†	Utility and Telecommunications Fund
Bond Funds
Adjustable Rate Government Fund	Inflation-Protected Bond Fund	Short-Term Bond Fund
California Limited-Term Tax-Free Fund	Intermediate Tax/AMT-Free Fund	Short-Term High Yield Bond Fund
California Tax-Free Fund	International Bond Fund	Short-Term Municipal Bond Fund
Colorado Tax-Free Fund	Minnesota Tax-Free Fund	Strategic Municipal Bond Fund
Government Securities Fund	Municipal Bond Fund	Total Return Bond Fund
High Income Fund	North Carolina Tax-Free Fund	Ultra Short-Term Income Fund
High Yield Bond Fund	Pennsylvania Tax-Free Fund	Ultra Short-Term Municipal Income Fund
Income Plus Fund	Short Duration Government Bond Fund	Wisconsin Tax-Free Fund
Asset Allocation Funds
Absolute Return Fund	WealthBuilder Equity Portfolio†	Target 2020 Fund†
Asset Allocation Fund	WealthBuilder Growth Allocation Portfolio†	Target 2025 Fund†
Conservative Allocation Fund	WealthBuilder Growth Balanced Portfolio†	Target 2030 Fund†
Diversified Capital Builder Fund	WealthBuilder Moderate Balanced Portfolio†	Target 2035 Fund†
Diversified Income Builder Fund	WealthBuilder Tactical Equity Portfolio†	Target 2040 Fund†
Growth Balanced Fund	Target Today Fund†	Target 2045 Fund†
Index Asset Allocation Fund	Target 2010 Fund†	Target 2050 Fund†
Moderate Balanced Fund	Target 2015 Fund†	Target 2055 Fund†
WealthBuilder Conservative Allocation Portfolio†
Money Market Funds
100% Treasury Money Market Fund	Heritage Money Market Fund†	National Tax-Free Money Market Fund
California Municipal Money Market Fund	Money Market Fund	Prime Investment Money Market Fund
Cash Investment Money Market Fund	Municipal Cash Management Money Market Fund	Treasury Plus Money Market Fund
Government Money Market Fund	Municipal Money Market Fund
Variable Trust Funds1
VT Discovery Fund†	VT Intrinsic Value Fund	VT Small Cap Growth Fund
VT Index Asset Allocation Fund	VT Omega Growth Fund	VT Small Cap Value Fund
VT International Equity Fund	VT Opportunity Fund†	VT Total Return Bond Fund

An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Wells Fargo Advantage Money Market Funds seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in a money market fund.

1. The Variable Trust Funds are generally available only through insurance company variable contracts.

† In this report, the Wells Fargo Advantage Discovery Fund^SM, Wells Fargo Advantage Endeavor Select Fund^SM, Wells Fargo Advantage Enterprise Fund^SM, Wells Fargo Advantage Opportunity Fund^SM, Wells Fargo Advantage WealthBuilder Conservative Allocation Portfolio^SM, Wells Fargo Advantage WealthBuilder Equity Portfolio^SM, Wells Fargo Advantage WealthBuilder Growth Allocation Portfolio^SM, Wells Fargo Advantage WealthBuilder Growth Balanced Portfolio^SM, Wells Fargo Advantage WealthBuilder Moderate Balanced Portfolio^SM, Wells Fargo Advantage WealthBuilder Tactical Equity Portfolio^SM, Wells Fargo Advantage Dow Jones Target Today Fund^SM, Wells Fargo Advantage Dow Jones Target 2010 Fund^SM, Wells Fargo Advantage Dow Jones Target 2015 Fund^SM, Wells Fargo Advantage Dow Jones Target 2020 Fund^SM, Wells Fargo Advantage Dow Jones Target 2025 Fund^SM, Wells Fargo Advantage Dow Jones Target 2030 Fund^SM, Wells Fargo Advantage Dow Jones Target 2035 Fund^SM, Wells Fargo Advantage Dow Jones Target 2040 Fund^SM, Wells Fargo Advantage Dow Jones Target 2045 Fund^SM, Wells Fargo Advantage Dow Jones Target 2050 Fund^SM, Wells Fargo Advantage Dow Jones Target 2055 Fund^SM, Wells Fargo Advantage Heritage Money Market Fund^SM, Wells Fargo Advantage VT Discovery Fund^SM, and Wells Fargo Advantage VT Opportunity Fund^SM are referred to as the Discovery Fund, Endeavor Select Fund, Enterprise Fund, Opportunity Fund, WealthBuilder Conservative Allocation Portfolio, WealthBuilder Equity Portfolio, WealthBuilder Growth Allocation Portfolio, WealthBuilder Growth Balanced Portfolio, WealthBuilder Moderate Balanced Portfolio, WealthBuilder Tactical Equity Portfolio, Target Today Fund, Target 2010 Fund, Target 2015 Fund, Target 2020 Fund, Target 2025 Fund, Target 2030 Fund, Target 2035 Fund, Target 2040 Fund, Target 2045 Fund, Target 2050 Fund, Target 2055 Fund, Heritage Money Market Fund, VT Discovery Fund, and VT Opportunity Fund, respectively.

Not part of the semi-annual report.

2 Wells Fargo Advantage Large Cap Core Fund Letter to Shareholders

Karla M. Rabusch,

President

Wells Fargo Advantage Funds

The period was marked by increased confidence that the U.S. economy was staging a fragile recovery, offset by continued concerns about the possible effect on the global economy of the ongoing European sovereign debt crisis—which began in Greece and later spread to the larger economies of Italy and Spain.

The slow-motion debt crisis in the eurozone was a major headwind to both domestic and global stock market indexes.

Dear Valued Shareholder,

We’re pleased to offer you this semi-annual report for the Wells Fargo Advantage Large Cap Core Fund for the six-month period that ended January 31, 2012. The period was marked by increased confidence that the U.S. economy was staging a fragile recovery, offset by continued concerns about the possible effect on the global economy of the ongoing European sovereign debt crisis—which began in Greece and later spread to the larger economies of Italy and Spain. Most U.S. stock indexes posted gains for the period, even if only modest ones.

Worries gave way to guarded optimism for the U.S. economy.

The period began with worries that the U.S. economy was returning to recession. Revised figures for gross domestic product (GDP) indicated that the U.S. economy grew by an annualized rate of only 0.8% in the first half of 2011. Moreover, although the July 2011 Institute for Supply Management (ISM) manufacturing survey suggested that factories continued to expand, the rate of expansion was lower than in previous months. The prolonged debate over whether and how to raise the U.S. debt ceiling—which only ended on July 31, 2011—also depressed market sentiment by highlighting the country’s political divisions.

The stock market remained volatile throughout September. By late October, however, stronger economic data led to greater optimism and higher stock prices. Revised real GDP growth came in at 1.8% in the third quarter of 2011 and 2.8% in the fourth quarter, suggesting that the recovery was on firmer footing. Economic growth was not evenly distributed, though, as December 2011 retail same-store sales generally showed stronger growth for retailers targeting affluent customers than for those targeting the broad middle class. The reported unemployment rate also showed some signs of improvement, falling from 9.1% in August 2011 to 8.3% in January 2012. However, this decline in the unemployment rate was accompanied by an increase in the number of Americans not in the labor force, raising concerns about the economy’s ability to generate jobs.

The eurozone had continued trouble.

The slow-motion debt crisis in the eurozone was a major headwind to both domestic and global stock market indexes. The worsening debt and deficit numbers for Greece in late 2011 and early 2012 cast doubt on the country’s ability to service its debt under the plan put in place by the European Union and the International Monetary Fund and put the ongoing drama of the European sovereign debt crisis back on center stage. Investors became increasingly concerned that Greece would default on its debt, a scenario that only seemed more likely as many Greeks rioted in response to greater budgetary austerity and the discussion moved from whether private investors would take a loss on their Greek debt to how big the loss would be. Because many eurozone banks owned Greek debt and many U.S. banks had financial ties to eurozone banks, investors worried about the effect of such an event on the financial system and the global economy.

Even as the situation in Greece deteriorated, eurozone GDP numbers supported the case for a modest recovery in the global economy. Reported GDP growth for the 17 countries that comprise the eurozone was modest, rising 0.2% in the third quarter compared to the second quarter, and by 0.2% in the fourth quarter

Letter to Shareholders Wells Fargo Advantage Large Cap Core Fund 3

compared to the third quarter. However, the eurozone average concealed a wide variation between economies, with Germany’s growing by 0.5% in the third quarter of 2011 even as Greece’s GDP contracted.

Central banks continued to provide stimulus.

Throughout the reporting period, the Federal Open Market Committee (FOMC) kept its key interest rates effectively at zero in order to support the economy and financial system. Moreover, in response to extreme market volatility and signs of a weakening economy, in its August 2011 policy statement, the Federal Reserve (Fed) announced it would keep interest rates “exceptionally low” until at least mid-2013 as a way to support the economy. Market participants interpreted the Fed’s statement to mean that the central bankers believed the economy would remain weak over the next two years. However, the Fed also said that it was considering a “range of policy tools available to promote a stronger economic recovery” and “is prepared to employ these tools as appropriate.”

At the beginning of the period, the European Central Bank (ECB) had a key rate of 1.50% but lowered it to 1.25% in November 2011 and then to 1.00% in December 2011 in an attempt to support the sluggish eurozone recovery. To support the banking system, in late 2011, the ECB initiated a long-term refinancing operation (LTRO) in which it supplied three-year loans to banks against a wide range of collateral. The operation basically provided a near-unlimited amount of liquidity to banks, easing some investor concerns about the effect of an increasingly probable Greek default.

We use time-tested investment strategies, even as many variables are at work in the market.

Experience tells us that strict adherence to time-tested investment strategies has its rewards. As a whole, Wells Fargo Advantage Funds represents investments across a range of asset classes and investment styles, giving you an opportunity to create a diversified investment portfolio. While diversification may not prevent losses in a downturn, it does provide you with one way of managing risk.

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

Sincerely,

Karla M. Rabusch

President

Wells Fargo Advantage Funds

4 Wells Fargo Advantage Large Cap Core Fund Letter to Shareholders

Notice to Shareholders

The Board of Trustees for Wells Fargo Advantage Funds has unanimously approved the following modifications to certain net asset value (NAV) waiver privileges and commission schedules:

n Effective May 1, 2012, automatic investment plan (AIP) purchases and proceeds received from systematic withdrawals will no longer qualify for NAV repurchase privileges.

n Effective May 1, 2012, discretionary rights to waive the upfront commission for Class C and “jumbo” Class A share purchases will no longer be granted to broker/dealers. However, we will continue to waive the Class C shares contingent deferred sales charge for redemptions by employer-sponsored retirement plans where the dealer of record waived its commission at the time of purchase.

n Effective July 31, 2012, NAV purchase privileges for former Evergreen Class IS and Class R shareholders are being modified to remove the ability to purchase Class A shares at NAV unless those shares are held directly with the Fund on or after July 31, 2012.

Please contact your investment professional or call us directly at 1-800-222-8222 if you have any questions on this Notice to Shareholders.

Performance Highlights (Unaudited) Wells Fargo Advantage Large Cap Core Fund 5

INVESTMENT OBJECTIVE

The Fund seeks long-term capital appreciation.

ADVISER

Wells Fargo Funds Management, LLC

SUB-ADVISER

Golden Capital Management, LLC

PORTFOLIO MANAGER

Jeff C. Moser, CFA

FUND INCEPTION

December 17, 2007

TEN LARGEST EQUITY HOLDINGS1 (AS OF JANUARY 31, 2012)
Home Depot Incorporated	2.50%
International Business Machines Corporation	2.41%
Apple Incorporated	2.39%
Chevron Corporation	2.34%
CVS Caremark Corporation	2.29%
CBS Corporation Class B	2.28%
Exxon Mobil Corporation	2.23%
Union Pacific Corporation	2.23%
Tyco International Limited	2.21%
Comcast Corporation Class A	2.20%

SECTOR DISTRIBUTION²
(AS OF JANUARY 31, 2012)

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

2. Sector distribution is subject to change and is calculated based on the total long-term investments of the Fund.

6 Wells Fargo Advantage Large Cap Core Fund Performance Highlights (Unaudited)

AVERAGE ANNUAL TOTAL RETURN³ (%) (AS OF JANUARY 31, 2012)

			Including Sales Charge									Excluding Sales Charge							Expense Ratios4
	Inception Date		6 Months*			1 Year			Life of Fund			6 Months*		1 Year		Life of Fund			Gross		Net5
Class A (EGOAX)		12/17/2007		(3.26	)		(2.63	)		(3.30	)		2.60		3.31		(1.90	)		1.30%		1.14%
Class C (EGOCX)		12/17/2007		1.18			1.42			(2.61	)		2.18		2.42		(2.61	)		2.05%		1.89%
Administrator Class (WFLLX)		07/16/2010											2.70		3.53		(1.78	)		1.14%		0.90%
Institutional Class (EGOIX)		12/17/2007											2.84		3.67		(1.56	)		0.87%		0.66%
Investor Class (WFLNX)		07/16/2010											2.54		3.25		(2.10	)		1.37%		1.21%
S&P 500 Index6													2.71		4.22		(0.15	)

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

Figures quoted represent past performance, which is no guarantee of future results and do not reflect the deduction of taxes that a shareholder may pay on fund distributions or the redemption of fund shares. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance shown without sales charges would be lower if sales charges were reflected. Current performance may be lower or higher than the performance data quoted and assumes the reinvestment of dividends and capital gains. Current month-end performance is available on the Fund’s Web site – 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 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 fund values fluctuate in response to the activities of individual companies and general market and economic conditions. The use of derivatives may reduce returns and/or increase volatility. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). This Fund is exposed to foreign investment risk. Consult the Fund’s prospectus for additional information on these and other risks.

3. Historical performance shown for the Administrator Class and Investor Class shares prior to their inception reflects the performance of the Institutional Class shares, adjusted to reflect higher expenses applicable to the Administrator Class and Investor Class shares. Historical performance shown for all classes of the Fund prior to July 19, 2010 is based on the performance of the Fund’s predecessor, Evergreen Golden Large Cap Core Fund.

4. Reflects the expense ratios as stated in the most recent prospectuses.

5. The Adviser has committed through July 18, 2013 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 above. Without this cap, the Fund’s returns would have been lower.

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

Fund Expenses (Unaudited) Wells Fargo Advantage Large Cap Core Fund 7

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 August 1, 2011 to January 31, 2012.

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 08-01-2011		Ending Account Value 01-31-2012		Expenses Paid During the Period1		Net Annual Expense Ratio
Class A
Actual	$	1,000.00	$	1,026.03	$	5.81		1.14	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.41	$	5.79		1.14	%
Class C
Actual	$	1,000.00	$	1,021.81	$	9.61		1.89	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.63	$	9.58		1.89	%
Administrator Class
Actual	$	1,000.00	$	1,027.04	$	4.59		0.90	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.61	$	4.57		0.90	%
Institutional Class
Actual	$	1,000.00	$	1,028.40	$	3.37		0.66	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.82	$	3.35		0.66	%
Investor Class
Actual	$	1,000.00	$	1,025.45	$	6.16		1.21	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.05	$	6.14		1.21	%

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).

8 Wells Fargo Advantage Large Cap Core Fund Portfolio of Investments—January 31, 2012 (Unaudited)

Security Name	Shares		Value
Common Stocks: 98.86%
Consumer Discretionary: 11.36%
Media: 4.48%
CBS Corporation Class B		132,405	$	3,770,894
Comcast Corporation Class A		137,377		3,652,854
				7,423,748
Specialty Retail: 6.88%
Foot Locker Incorporated«		138,408		3,631,826
Home Depot Incorporated		93,333		4,143,052
Ross Stores Incorporated«		71,470		3,632,105
				11,406,983
Consumer Staples: 6.05%
Food & Staples Retailing: 4.24%
CVS Caremark Corporation		90,846		3,792,821
Wal-Mart Stores Incorporated«		52,652		3,230,727
				7,023,548
Personal Products: 1.81%
Herbalife Limited		51,783		2,997,200
Energy: 12.02%
Energy Equipment & Services: 3.33%
Halliburton Company		68,750		2,528,625
National Oilwell Varco Incorporated«		40,500		2,996,190
				5,524,815
Oil, Gas & Consumable Fuels: 8.69%
Chevron Corporation		37,619		3,877,767
ConocoPhillips		51,665		3,524,070
Exxon Mobil Corporation		44,141		3,696,367
Occidental Petroleum Corporation		33,065		3,298,895
				14,397,099
Financials: 12.83%
Capital Markets: 3.68%
Ameriprise Financial Incorporated		60,014		3,213,750
Raymond James Financial Incorporated		82,566		2,889,810
				6,103,560
Commercial Banks: 3.84%
Fifth Third Bancorp		243,358		3,166,088
US Bancorp		113,090		3,191,400
				6,357,488
Diversified Financial Services: 1.58%
JPMorgan Chase & Company		70,296		2,622,041

Portfolio of Investments—January 31, 2012 (Unaudited) Wells Fargo Advantage Large Cap Core Fund 9

Security Name	Shares		Value
Insurance: 3.73%
ACE Limited		50,414	$	3,508,814
MetLife Incorporated		75,361		2,662,504
				6,171,318
Health Care: 14.62%
Biotechnology: 4.07%
Amgen Incorporated		49,418		3,355,976
Celgene Corporation†		46,634		3,390,292
				6,746,268
Health Care Providers & Services: 5.42%
Cardinal Health Incorporated		66,092		2,843,939
McKesson Corporation		35,063		2,865,348
UnitedHealth Group Incorporated		62,968		3,261,113
				8,970,400
Pharmaceuticals: 5.13%
Bristol-Myers Squibb Company		91,836		2,960,793
Johnson & Johnson		43,184		2,846,257
Questcor Pharmaceuticals Incorporated†		76,175		2,698,880
				8,505,930
Industrials: 12.07%
Aerospace & Defense: 1.86%
United Technologies Corporation		39,400		3,086,990
Industrial Conglomerates: 4.27%
General Electric Company		182,476		3,414,126
Tyco International Limited		71,812		3,658,821
				7,072,947
Machinery: 3.71%
Danaher Corporation		66,463		3,489,972
Wabco Holdings IncorporatedǠ		51,141		2,651,661
				6,141,633
Road & Rail: 2.23%
Union Pacific Corporation		32,284		3,690,384
Information Technology: 23.88%
Communications Equipment: 1.41%
Cisco Systems Incorporated		118,987		2,335,715
Computers & Peripherals: 4.41%
Apple Incorporated†		8,674		3,959,508
EMC CorporationǠ		129,868		3,345,400
				7,304,908
Electronic Equipment, Instruments & Components: 1.71%
Agilent Technologies Incorporated		66,728		2,833,938

10 Wells Fargo Advantage Large Cap Core Fund Portfolio of Investments—January 31, 2012 (Unaudited)

Security Name				Shares		Value
Internet Software & Services: 2.05%
IAC/InterActive Corporation					78,890	$	3,397,792
IT Services: 4.38%
Alliance Data Systems CorporationǠ					29,425		3,260,290
International Business Machines Corporation					20,746		3,995,680
							7,255,970
Semiconductors & Semiconductor Equipment: 2.09%
Intel Corporation					131,213		3,466,647
Software: 7.83%
Microsoft Corporation					107,253		3,167,181
Oracle Corporation					114,344		3,224,501
Symantec Corporation†					172,778		2,970,054
TIBCO Software Incorporated†					138,245		3,604,047
							12,965,783
Materials: 2.10%
Chemicals: 2.10%
Rockwood Holdings Incorporated†					68,789		3,473,845
Telecommunication Services: 2.01%
Diversified Telecommunication Services: 2.01%
Verizon Communications Incorporated					88,519		3,333,626
Utilities: 1.92%
Electric Utilities: 1.92%
Duke Energy Corporation«					149,642		3,188,870
Total Common Stocks (Cost $134,152,035)							163,799,446
				Principal
Other: 0.51%
Gryphon Funding Limited, Pass-Through Entity(v)(a)(i)				$	1,111,579		300,126
VFNC Corporation, Pass-Through Entity, 0.27%(v)(a)(i)±144A					1,266,645		544,657
Total Other (Cost $394,851)							844,783
	Yield			Shares
Short-Term Investments: 8.45%
Investment Companies: 8.45%
Wells Fargo Advantage Cash Investment Money Market Fund, Institutional Class(l)(u)		0.02	%		1,473,893		1,473,893
Wells Fargo Securities Lending Cash Investments, LLC(v)(l)(u)(r)		0.15			12,529,649		12,529,649
Total Short-Term Investments (Cost $14,003,542)							14,003,542

Total Investments in Securities
(Cost $148,550,428)*	107.82	%		178,647,771
Other Assets and Liabilities, Net	(7.82	)		(12,963,042	)
Total Net Assets	100.00	%	$	165,684,729

Portfolio of Investments—January 31, 2012 (Unaudited) Wells Fargo Advantage Large Cap Core Fund 11

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

† Non-income earning security.

(v) Security represents investment of cash collateral received from securities on loan.

(a) Security is fair valued by the Management Valuation Team, and in certain instances by the Board of Trustees, in accordance with procedures approved by the Board of Trustees.

(i) Illiquid security.

± Variable rate investment.

144A Security that may be resold to “qualified institutional buyers” under Rule 144A or security offered pursuant to Section 4(2) of the Securities Act of 1933, as amended.

(l) Investment in an affiliate.

(u) Rate shown is the 7-day annualized yield at period end.

(r) The investment company is exempt from registration under Section 3(c)(7) of the 1940 Act.

* Cost for federal income tax purposes is $148,985,445 and net unrealized appreciation (depreciation) consists of:

Gross unrealized appreciation	$	32,442,183
Gross unrealized depreciation		(2,779,857	)
Net unrealized appreciation	$	29,662,326

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

12 Wells Fargo Advantage Large Cap Core Fund Statement of Assets and Liabilities—January 31, 2012 (Unaudited)

Assets
Investments
In unaffiliated securities (including securities on loan), at value (see cost below)	$	164,644,229
In affiliated securities, at value (see cost below)		14,003,542
Total investments, at value (see cost below)		178,647,771
Receivable for Fund shares sold		111,858
Receivable for dividends		116,117
Receivable for securities lending income		1,263
Prepaid expenses and other assets		40,883
Total assets		178,917,892
Liabilities
Payable for Fund shares redeemed		191,558
Payable upon receipt of securities loaned		12,924,500
Advisory fee payable		49,648
Distribution fees payable		1,109
Due to other related parties		31,793
Accrued expenses and other liabilities		34,555
Total liabilities		13,233,163
Total net assets	$	165,684,729
NET ASSETS CONSIST OF
Paid-in capital	$	215,206,957
Undistributed net investment income		38,330
Accumulated net realized losses on investments		(79,657,901	)
Net unrealized gains on investments		30,097,343
Total net assets	$	165,684,729
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE1
Net assets – Class A	$	7,138,518
Shares outstanding – Class A		800,667
Net asset value per share – Class A		$8.92
Maximum offering price per share – Class A2		$9.46
Net assets – Class C	$	1,777,295
Shares outstanding – Class C		199,638
Net asset value per share – Class C		$8.90
Net assets – Administrator Class	$	471,292
Shares outstanding – Administrator Class		52,819
Net asset value per share – Administrator Class		$8.92
Net assets – Institutional Class	$	456,080
Shares outstanding – Institutional Class		51,172
Net asset value per share – Institutional Class		$8.91
Net assets – Investor Class	$	155,841,544
Shares outstanding – Investor Class		17,477,103
Net asset value per share – Investor Class		$8.92
Investments in unaffiliated securities, at cost	$	134,546,886
Investments in affiliated securities, at cost	$	14,003,542
Total investments, at cost	$	148,550,428
Securities on loan, at value	$	12,614,577

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 January 31, 2012 (Unaudited) Wells Fargo Advantage Large Cap Core Fund 13

Investment income
Dividends	$	1,437,377
Securities lending income, net		7,154
Income from affiliated securities		914
Total investment income		1,445,445
Expenses
Advisory fee		506,193
Administration fees
Fund level		38,938
Class A		8,806
Class C		2,100
Administrator Class		221
Institutional Class		175
Investor Class		241,698
Shareholder servicing fees
Class A		8,467
Class C		2,020
Administrator Class		553
Investor Class		179,850
Distribution fees
Class C		6,059
Custody and accounting fees		8,639
Professional fees		20,584
Registration fees		35,006
Shareholder report expenses		23,285
Trustees’ fees and expenses		6,066
Other fees and expenses		5,192
Total expenses		1,093,852
Less: Fee waivers and/or expense reimbursements		(150,318	)
Net expenses		943,534
Net investment income		501,911
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized losses on investments		(1,315,306	)
Net change in unrealized gains (losses) on investments		4,529,128
Net realized and unrealized gains (losses) on investments		3,213,822
Net increase in net assets resulting from operations	$	3,715,733

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

14 Wells Fargo Advantage Large Cap Core Fund Statements of Changes in Net Assets

	Six Months Ended January 31, 2012 (Unaudited)						Year Ended July 31, 2011
Operations
Net investment income				$	501,911					$	922,353
Net realized gains (losses) on investments					(1,315,306	)					14,284,176
Net change in unrealized gains (losses) on investments					4,529,128						14,508,213
Net increase in net assets resulting from operations					3,715,733						29,714,742
Distributions to shareholders from
Net investment income
Class A					(42,583	)					(30,356	)
Administrator Class					(4,224	)					(2,374	)
Institutional Class					(5,032	)					(4,157	)
Investor Class					(842,065	)					(555,179	)
Total distributions to shareholders					(893,904	)					(592,066	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		102,517			847,523			120,209			1,004,920
Class C		18,922			159,636			26,271			233,035
Administrator Class		2,794			21,867			68,492			571,173
Institutional Class		4			31			5,841			45,793
Investor Class		230,958			1,880,077			741,068			6,300,740
					2,909,134						8,155,661
Reinvestment of distributions
Class A		5,037			40,746			3,553			29,813
Administrator Class		311			2,512			118			994
Institutional Class		607			4,903			487			4,082
Investor Class		100,884			816,154			63,752			534,879
					864,315						569,768
Payment for shares redeemed
Class A		(163,809	)		(1,352,049	)		(419,887	)		(3,475,235	)
Class C		(20,163	)		(169,783	)		(89,604	)		(714,295	)
Administrator Class		(4,702	)		(38,272	)		(19,881	)		(171,931	)
Institutional Class		(3,876	)		(33,036	)		(376,395	)		(2,908,594	)
Investor Class		(1,029,369	)		(8,483,728	)		(2,988,793	)		(25,190,566	)
					(10,076,868	)					(32,460,621	)
Net decrease in net assets resulting from capital share transactions					(6,303,419	)					(23,735,192	)
Total increase (decrease) in net assets					(3,481,590	)					5,387,484
Net assets
Beginning of period					169,166,319						163,778,835
End of period				$	165,684,729					$	169,166,319
Undistributed net investment income				$	38,330					$	430,323

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

Financial Highlights Wells Fargo Advantage Large Cap Core Fund 15

(For a share outstanding throughout each period)

	Six Months Ended January 31, 2012 (Unaudited)			Year Ended July 31,
Class A				2011			20101			20091			20081,2
Net asset value, beginning of period	$	8.75		$	7.37		$	6.96		$	8.77		$	10.00
Net investment income		0.03			0.05			0.06			0.08			0.03
Net realized and unrealized gains (losses) on investments		0.19			1.36			0.46			(1.82	)		(1.26	)
Total from investment operations		0.22			1.41			0.52			(1.74	)		(1.23	)
Distributions to shareholders from
Net investment income		(0.05	)		(0.03	)		(0.11	)		(0.07	)		0.00
Net asset value, end of period		$8.92			$8.75			$7.37			$6.96			$8.77
Total return3		2.60	%		19.16	%		7.43	%		(19.78	)%		(12.30	)%
Ratios to average net assets (annualized)
Gross expenses		1.34	%		1.30	%		2.55	%		4.10	%		5.03	%
Net expenses		1.14	%		1.14	%		1.15	%		1.15	%		1.15	%
Net investment income		0.72	%		0.61	%		0.91	%		1.22	%		0.69	%
Supplemental data
Portfolio turnover rate		24	%		43	%		18	%		45	%		23	%
Net assets, end of period (000’s omitted)		$7,139			$7,495			$8,501			$533			$604

1. After the close of business on July 16, 2010, the Fund acquired the net assets of Evergreen Golden Large Cap Core Fund and Wells Fargo Advantage Large Company Core Fund. Evergreen Golden Large Cap Core Fund was 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 Golden Large Cap Core Fund.

2. For the period from December 17, 2007 (commencement of class operations) to July 31, 2008.

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 Large Cap Core Fund Financial Highlights

(For a share outstanding throughout each period)

	Six Months Ended January 31, 2012 (Unaudited)			Year Ended July 31,
Class C				2011			20101			20091			20081,2
Net asset value, beginning of period	$	8.71		$	7.37		$	6.94		$	8.75		$	10.00
Net investment income (loss)		(0.00	)		(0.01	)		0.01			0.03			0.00
Net realized and unrealized gains (losses) on investments		0.19			1.35			0.44			(1.81	)		(1.25	)
Total from investment operations		0.19			1.34			0.45			(1.78	)		(1.25	)
Distributions to shareholders from
Net investment income		0.00			0.00			(0.02	)		(0.03	)		0.00
Net asset value, end of period		$8.90			$8.71			$7.37			$6.94			$8.75
Total return3		2.18	%		18.18	%		6.54	%		(20.33	)%		(12.50	)%
Ratios to average net assets (annualized)
Gross expenses		2.09	%		2.05	%		3.75	%		4.85	%		5.78	%
Net expenses		1.89	%		1.89	%		1.90	%		1.90	%		1.90	%
Net investment income (loss)		(0.04	)%		(0.13	)%		0.09	%		0.48	%		(0.06	)%
Supplemental data
Portfolio turnover rate		24	%		43	%		18	%		45	%		23	%
Net assets, end of period (000’s omitted)		$1,777			$1,750			$1,947			$1,043			$942

1. After the close of business on July 16, 2010, the Fund acquired the net assets of Evergreen Golden Large Cap Core Fund and Wells Fargo Advantage Large Company Core Fund. Evergreen Golden Large Cap Core Fund was 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 Golden Large Cap Core Fund.

2. For the period from December 17, 2007 (commencement of class operations) to July 31, 2008.

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 Large Cap Core Fund 17

(For a share outstanding throughout each period)

	Six Months Ended January 31, 2012 (Unaudited)			Year Ended July 31,
Administrator Class				2011			20101
Net asset value, beginning of period	$	8.77		$	7.38		$	7.22
Net investment income		0.04			0.07	2		0.00
Net realized and unrealized gains (losses) on investments		0.19			1.36			0.16
Total from investment operations		0.23			1.43			0.16
Distributions to shareholders from
Net investment income		(0.08	)		(0.04	)		0.00
Net asset value, end of period	$	8.92		$	8.77		$	7.38
Total return3		2.70	%		19.44	%		2.22	%
Ratios to average net assets (annualized)
Gross expenses		1.18	%		1.08	%		1.12	%
Net expenses		0.90	%		0.86	%		0.89	%
Net investment income		0.96	%		0.76	%		1.12	%
Supplemental data
Portfolio turnover rate		24	%		43	%		18	%
Net assets, end of period (000’s omitted)		$471			$477			$42

1. For the period from July 16, 2010 (commencement of class operations) to July 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 Large Cap Core Fund Financial Highlights

(For a share outstanding throughout each period)

	Six Months Ended January 31, 2012 (Unaudited)			Year Ended July 31,
Institutional Class				2011			20101			20091			20081,2
Net asset value, beginning of period	$	8.77		$	7.38		$	6.97		$	8.79		$	10.00
Net investment income		0.05			0.10	3		0.08			0.09			0.05
Net realized and unrealized gains (losses) on investments		0.19			1.35			0.46			(1.82	)		(1.26	)
Total from investment operations		0.24			1.45			0.54			(1.73	)		(1.21	)
Distributions to shareholders from
Net investment income		(0.10	)		(0.06	)		(0.13	)		(0.09	)		0.00
Net asset value, end of period		$8.91			$8.77			$7.38			$6.97			$8.79
Total return4		2.84	%		19.65	%		7.79	%		(19.61	)%		(12.10	)%
Ratios to average net assets (annualized)
Gross expenses		0.91	%		0.86	%		2.80	%		3.85	%		4.78	%
Net expenses		0.66	%		0.66	%		0.89	%		0.90	%		0.90	%
Net investment income		1.20	%		1.32	%		1.09	%		1.47	%		0.93	%
Supplemental data
Portfolio turnover rate		24	%		43	%		18	%		45	%		23	%
Net assets, end of period (000’s omitted)		$456			$478			$3,132			$2,809			$3,149

1. After the close of business on July 16, 2010, the Fund acquired the net assets of Evergreen Golden Large Cap Core Fund and Wells Fargo Advantage Large Company Core Fund. Evergreen Golden Large Cap Core Fund was 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 Golden Large Cap Core Fund.

2. For the period from December 17, 2007 (commencement of class operations) to July 31, 2008.

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 Large Cap Core Fund 19

(For a share outstanding throughout each period)

	Six Months Ended January 31, 2012 (Unaudited)			Year Ended July 31,
Investor Class				2011			20101
Net asset value, beginning of period	$	8.75		$	7.38		$	7.22
Net investment income		0.03			0.05			0.00
Net realized and unrealized gains (losses) on investments		0.19			1.35			0.16
Total from investment operations		0.22			1.40			0.16
Distributions to shareholders from
Net investment income		(0.05	)		(0.03	)		0.00
Net asset value, end of period	$	8.92		$	8.75		$	7.38
Total return2		2.54	%		18.97	%		2.22	%
Ratios to average net assets (annualized)
Gross expenses		1.40	%		1.37	%		1.37	%
Net expenses		1.21	%		1.21	%		1.21	%
Net investment income		0.65	%		0.53	%		1.03	%
Supplemental data
Portfolio turnover rate		24	%		43	%		18	%
Net assets, end of period (000’s omitted)		$155,842			$158,966			$150,157

1. For the period from July 16, 2010 (commencement of class operations) to July 31, 2010.

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

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

20 Wells Fargo Advantage Large Cap Core 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”). These financial statements report on Wells Fargo Advantage Large Cap Core 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

Investments in equity securities are valued each business day as of the close of regular trading on the New York Stock Exchange, which is usually 4:00 p.m. (Eastern Time). Securities which are traded on a national or foreign securities exchange are valued at the last reported sales price, except that securities listed on The Nasdaq Stock Market, Inc. (“Nasdaq”) are valued at the Nasdaq Official Closing Price (“NOCP”), and if no NOCP is available, then at the last reported sales price. If no sales price is shown on the Nasdaq, the bid price will be used. In the absence of any sale of securities listed on the Nasdaq, and in the case of other securities (including U.S. Government obligations, but excluding debt securities maturing in 60 days or less), the price will be deemed “stale” and the valuations will be determined in accordance with the Fund’s Fair Value Procedures.

Investments in open-end mutual funds and non-registered investment companies are generally 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 by procedures established in good faith and approved by the Board of Trustees.

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 Wells Fargo Securities Lending Cash Investments, LLC (the “Cash Collateral Fund”). The Cash Collateral Fund is exempt from registration under Section 3(c)(7) of the 1940 Act and is managed by Wells Fargo Funds Management LLC (“Funds Management”) and is sub-advised by Wells Capital Management Incorporated (“Wells Capital Management”). Funds Management receives an advisory fee starting at 0.05% and declining to 0.01% as the average daily net assets of the Cash Collateral Fund increase. All of the fees received by Funds Management are paid to Wells Capital Management for its services as sub-adviser. The Cash Collateral 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. Cash Collateral Fund investments are fair valued based upon the amortized cost valuation technique. Income earned from investment in the Cash Collateral Fund is included in securities lending income on the Statement of Operations.

For Wells Fargo Advantage Funds that participated in securities lending activity prior to February 13, 2009, certain structured investment vehicles purchased in a joint account by the former securities lending agent defaulted or were

Notes to Financial Statements (Unaudited) Wells Fargo Advantage Large Cap Core Fund 21

impaired. Certain of the Wells Fargo Advantage Funds still hold ownership interest in these structured investment vehicles, which have since been restructured as pass-through securities. If the Fund holds an ownership interest in such pass-through securities, information regarding this ownership interest can be found in the Portfolio of Investments under the category “Other”.

Security transactions and income recognition

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

Dividend income is recognized on the ex-dividend date.

Distributions to shareholders

Distributions to shareholders from net investment income and net realized gains, if any, are recorded on the ex-dividend date. Such distributions are determined in conformity with income tax regulations, which may differ from 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.

Under the recently enacted Regulated Investment Company Modernization Act of 2010, the Fund is permitted to carry forward capital losses incurred in taxable years which began after December 22, 2010 for an unlimited period. However, any losses incurred are required to be utilized prior to the losses incurred in pre-enactment taxable years. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law.

As of July 31, 2011, the Fund had net capital loss carryforwards, which were available to offset future net realized capital gains, in the amount of $77,872,569 with $1,336,271 expiring in 2016, $2,447,332 expiring in 2017 and $74,088,966 expiring in 2018.

Class allocations

The separate classes of shares offered by the Fund differ principally in applicable sales charges, distribution, shareholder servicing and administration fees. Shareholders of each class bear certain expenses that pertain to that particular class. All shareholders bear the common expenses of the Fund, earn income from the portfolio, and are allocated unrealized gains and losses pro rata based on the average daily net assets of each class, without distinction between share classes. Dividends are determined separately for each class based on income and expenses allocable to each class. Realized gains and losses are allocated to each class pro rata based upon the net assets of each class on the date realized. Differences in per share dividend rates generally result from the relative weightings of pro rata income and realized gain allocations and from differences in separate class expenses, including distribution, shareholder servicing and administration fees.

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, etc.)

22 Wells Fargo Advantage Large Cap Core Fund Notes to Financial Statements (Unaudited)

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 securities are not necessarily an indication of the risk associated with investing in those securities.

As of January 31, 2012, the inputs used in valuing the Fund’s assets, which are carried at fair value, were as follows:

Investments in Securities	Quoted Prices (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Equity securities
Common stocks	$	163,799,446	$	0	$	0	$	163,799,446
Other		0		0		844,783		844,783
Short-term investments
Investment companies		1,473,893		12,529,649		0		14.003,542
	$	165,273,339	$	12,529,649	$	844,783	$	178,647,771

Further details on the major security types listed above can be found in the Portfolio of Investments.

Transfers in and transfers out are recognized at the end of the reporting period. For the six months ended January 31, 2012, the Fund did not have any significant transfers into/out of Level 1 and Level 2.

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

	Other
Balance as of July 31, 2011	$	1,198,189
Accrued discounts (premiums)		0
Realized gains (losses)		0
Change in unrealized gains (losses)		(208,279	)
Purchases		0
Sales		(145,127	)
Transfers into Level 3		0
Transfers out of Level 3		0
Balance as of January 31, 2012	$	844,783
Change in unrealized gains (losses) relating to securities still held at January 31, 2012	$	(281,724	)

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 sub-adviser, 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 January 31, 2012, the advisory fee was equivalent to an annual rate of 0.65% of the Fund’s average daily net assets.

Funds Management may retain the services of certain sub-advisers to provide daily portfolio management to the Fund. The fees related to sub-advisory services are borne directly by Funds Management and do not increase the overall fees paid by the Fund. Golden Capital Management, LLC, an affiliate of Funds Management, is the sub-adviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.35% and declining to 0.30% as the average daily net assets of the Fund increase. Wells Fargo Bank, N.A., and affiliate of Funds Management, owns a 65% majority stake interest in Golden Capital Management, LLC.

Notes to Financial Statements (Unaudited) Wells Fargo Advantage Large Cap Core Fund 23

Administration and transfer agent 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
Investor Class		0.33

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 July 18, 2013 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.14% for Class A, 1.89% for Class C, 0.90% for Administrator Class, 0.66% for Institutional Class and 1.21% for Investor Class.

Distribution fees

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

For the six months ended January 31, 2012, Wells Fargo Funds Distributor, LLC received $49 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 (securities with maturities of one year or less at purchase date), for the six months ended January 31, 2012 were $36,558,588 and $42,378,013, respectively.

6. BANK BORROWINGS

The Trust (excluding the money market funds) and Wells Fargo Variable Trust are parties to a $150,000,000 revolving credit agreement with State Street Bank and Trust Company, 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. Prior to September 6, 2011, the revolving credit agreement was for $125,000,000 and the annual commitment fee paid by the Fund was 0.125% of the unused balance. For the six months ended January 31, 2012, the Fund paid $85 in commitment fees.

For the six months ended January 31, 2012, there were no borrowings by the Fund under the agreement.

24 Wells Fargo Advantage Large Cap Core Fund Notes to Financial Statements (Unaudited)

7. INDEMNIFICATION

Under the Trust’s organizational documents, the officers and directors are indemnified against certain liabilities that may arise out of performance of their duties to the Trust. Additionally, in the normal course of business, the Trust may enter 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.

8. NEW ACCOUNTING PRONOUNCEMENTS

In May 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2011-04 “Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs”. ASU No. 2011-04 amends FASB ASC Topic 820, Fair Value Measurements and Disclosures, to establish common requirements for measuring fair value and for disclosing information about fair value measurements in accordance with GAAP. The ASU is effective prospectively for interim and annual periods beginning after December 15, 2011. Management expects that adoption of the ASU will result in additional disclosures in the financial statements, as applicable.

In April 2011, FASB issued ASU No. 2011-03 “Reconsideration of Effective Control for Repurchase Agreements”. ASU No. 2011-03 amends FASB ASC Topic 860, Transfers and Servicing, specifically the criteria required to determine whether a repurchase agreement (repo) and similar agreements should be accounted for as sales of financial assets or secured borrowings with commitments. ASU No. 2011-03 changes the assessment of effective control by focusing on the transferor’s contractual rights and obligations and removing the criterion to assess its ability to exercise those rights or honor those obligations. This could result in changes to the way entities account for certain transactions including repurchase agreements, mortgage dollar rolls and reverse repurchase agreements. The ASU will become effective on a prospective basis for new transfers and modifications to existing transactions as of the beginning of the first interim or annual period beginning on or after December 15, 2011. Management has evaluated the impact of adopting the ASU and expects no significant changes.

Other Information (Unaudited) Wells Fargo Advantage Large Cap Core Fund 25

PROXY VOTING INFORMATION

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by calling 1-800-222-8222, visiting our Web site at wellsfargoadvantagefunds.com, or visiting the SEC Web site 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 without charge on the Fund’s Web site at wellsfargoadvantagefunds.com or by visiting the SEC Web site at sec.gov.

PORTFOLIO HOLDINGS INFORMATION

The complete portfolio holdings for the Fund are publicly available on the Fund’s Web site (wellsfargoadvantagefunds.com) on a monthly, 30-day or more delayed basis. In addition, top ten holdings information for the Fund is publicly available on the Fund’s Web site 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 without charge by visiting the SEC Web site 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 Large Cap Core Fund Other Information (Unaudited)

BOARD OF TRUSTEES

The following table provides basic information about the Board of Trustees (the “Trustees”) of the Trust and Officers of the Trust. This table should be read in conjunction with the Prospectus and the Statement of Additional Information¹ of the Fund. Each of the Trustees and Officers listed below acts in identical capacities for the Wells Fargo Advantage family of funds, which consists of 137 funds comprising the Wells Fargo Funds Trust, Wells Fargo Variable Trust, Wells Fargo Master Trust and four closed-end funds (collectively the “Fund Complex”). All of the Trustees are also Members of the Audit and Governance Committees of each Trust in the Fund Complex. 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	Other Directorships During Past Five Years
Peter G. Gordon (Born 1942)	Trustee, since 1998; Chairman, since 2005 (Lead Trustee since 2001)	Co-Founder, Retired Chairman, President and CEO of Crystal Geyser Water Company. Trustee Emeritus, Colby College	Asset Allocation Trust
Isaiah Harris, Jr. (Born 1952)	Trustee, since 2009	Retired. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Mr. Harris is a certified public accountant.	CIGNA Corporation; Deluxe Corporation; Asset Allocation Trust
Judith M. Johnson (Born 1949)	Trustee, since 2008	Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant.	Asset Allocation Trust
Leroy Keith, Jr. (Born 1939)	Trustee, since 2010	Chairman, Bloc Global Services (development and construction). Trustee of the Evergreen Funds from 1983 to 2010. Former Managing Director, Almanac Capital Management (commodities firm), former Partner, Stonington Partners, Inc. (private equity fund), former Director, Obagi Medical Products Co. and former Director, Lincoln Educational Services.	Trustee, Virtus Fund Complex (consisting of 40 portfolios as of 12/31/11); 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, Director of Corporate Governance Research Program 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 Large Cap Core Fund 27

Name and Year of Birth	Position Held and Length of Service	Principal Occupations During Past Five Years	Other Directorships During Past Five Years
Timothy J. Penny (Born 1951)	Trustee, since 1996	President and CEO of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007 and Senior Fellow at the Humphrey Institute Policy Forum at the University of Minnesota since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	Asset Allocation Trust
Michael S. Scofield (Born 1943)	Trustee, since 2010	Served on the Investment Company Institute’s Board of Governors and Executive Committee from 2008-2011 as well the Governing Council of the Independent Directors Council from 2006-2011 and the Independent Directors Council Executive Committee from 2008-2011. Chairman of the IDC from 2008-2010. Institutional Investor (Fund Directions) Trustee of Year in 2007. Trustee of the Evergreen Funds (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 and former Director and Chairman, Branded Media Corporation (multi-media branding company).	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 Free Trust (non-profit corporation). Director of the American Chestnut Foundation (non-profit corporation).	Asset Allocation Trust

Officers

Name and Year of Birth	Position Held and Length of Service	Principal Occupations During Past Five Years
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. Senior Vice President and Chief Administrative Officer of Wells Fargo Funds Management, LLC from 2001 to 2003.
C. David Messman (Born 1960)	Secretary, since 2000; Chief Legal Counsel, since 2003	Senior Vice President and Secretary of Wells Fargo Funds Management, LLC since 2001. Vice President and Managing Senior Counsel of Wells Fargo Bank, N.A. since 1996.
Kasey Phillips (Born 1970)	Treasurer, since 2009	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2006 to 2010. Treasurer of the Evergreen Funds from 2005 to 2010.
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 DePalma (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.
Debra Ann Early (Born 1964)	Chief Compliance Officer, since 2007	Chief Compliance Officer of Wells Fargo Funds Management, LLC since 2007. Chief Compliance Officer of Parnassus Investments from 2005 to 2007. Chief Financial Officer of Parnassus Investments from 2004 to 2007 and Senior Audit Manager of PricewaterhouseCoopers LLP from 1998 to 2004.

1. 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 Web site at wellsfargoadvantagefunds.com.

28 Wells Fargo Advantage Large Cap Core Fund List of Abbreviations

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

ACB —  Agricultural Credit Bank

ADR —  American Depository Receipt

ADS —  American Depository Shares

AGC-ICC —  Assured Guaranty Corporation - Insured Custody Certificates

AGM —  Assured Guaranty Municipal

AMBAC —  American Municipal Bond Assurance Corporation

AMT —  Alternative Minimum Tax

AUD —  Australian Dollar

BAN —  Bond Anticipation Notes

BHAC —  Berkshire Hathaway Assurance Corporation

BRL —  Brazil 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 —  Certificate of Participation

CR —  Custody Receipts

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

FFCB —  Federal Farm Credit Bank

FGIC —  Financial Guaranty Insurance Corporation

FHA —  Federal Housing Authority

FHLB —  Federal Home Loan Bank

FHLMC —  Federal Home Loan Mortgage Corporation

FNMA —  Federal National Mortgage Association

FSA —  Farm Service Agency

GBP —  Great British Pound

GDR —  Global Depository 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

HUF —  Hungarian Forint

IBC —  Insured Bond Certificate

IDA —  Industrial Development Authority

IDAG —  Industrial Development Agency

IDR —  Industrial Development Revenue

IEP —  Irish Pound

JPY —  Japanese Yen

KRW —  Republic of Korea Won

LIBOR —  London Interbank Offered Rate

LLC —  Limited Liability Company

LLP —  Limited Liability Partnership

LOC —  Letter of Credit

LP —  Limited Partnership

MBIA —  Municipal Bond Insurance Association

MFHR —  Multi-Family Housing Revenue

MSTR —  Municipal Securities Trust Receipts

MTN —  Medium Term Note

MUD —  Municipal Utility District

MXN —  Mexican Peso

MYR —  Malaysian Ringgit

NATL-RE —  National Public Finance Guarantee Corporation

NOK —  Norwegian Krone

NZD —  New Zealand Dollar

PCFA —  Pollution Control Finance Authority

PCR —  Pollution Control Revenue

PFA —  Public Finance Authority

PFFA —  Public Facilities Financing Authority

PFOTER —  Puttable Floating Option Tax-Exempt Receipts

plc —  Public Limited Company

PLN —  Polish Zloty

PUTTER —  Puttable Tax-Exempt Receipts

R&D —  Research & Development

RDA —  Redevelopment Authority

RDFA —  Redevelopment Finance Authority

REIT —  Real Estate Investment Trust

ROC —  Reset Option Certificates

SAVRS —  Select Auction Variable Rate Securities

SBA —  Small Business Authority

SEK —  Swedish Krona

SFHR —  Single Family Housing Revenue

SFMR —  Single Family Mortgage Revenue

SGD —  Singapore Dollar

SKK —  Slovakian Koruna

SPDR —  Standard & Poor’s Depositary Receipts

TAN —  Tax Anticipation Notes

TBA —  To Be Announced

TIPS —  Treasury Inflation-Protected Securities

TRAN —  Tax Revenue Anticipation Notes

TCR —  Transferable Custody Receipts

TRY —  Turkish Lira

TTFA —  Transportation Trust Fund Authority

TVA —  Tennessee Valley Authority

XLCA —  XL Capital Assurance

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, e-mail, visit the Fund’s Web site, or call:

Wells Fargo Advantage Funds

P.O. Box 8266

Boston, MA 02266-8266

E-mail: wfaf@wellsfargo.com

Web site: 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. For a prospectus containing more complete information, including charges and expenses, call 1-800-222-8222 or visit the Fund’s Web site at wellsfargoadvantagefunds.com. Please consider the investment objectives, risks, charges, and expenses of the investment carefully before investing. This and other information about Wells Fargo Advantage Funds can be found in the current prospectus. 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

© 2012 Wells Fargo Funds Management, LLC. All rights reserved.

207948 03-12 SA208/SAR208 1-12

Wells Fargo Advantage

Large Cap Growth Fund

Semi-Annual Report

January 31, 2012

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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	5
Fund Expenses	7
Portfolio of Investments	8
Financial Statements
Statement of Assets and Liabilities	12
Statement of Operations	13
Statements of Changes in Net Assets	14
Financial Highlights	15
Notes to Financial Statements	20
Other Information	25
List of Abbreviations	28

The views expressed and any forward-looking statements are as of January 31, 2012, 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, disclaims any obligation to publicly update or revise any views expressed or forward-looking statements.

NOT FDIC INSURED  ¡  NO BANK GUARANTEE  ¡   MAY LOSE VALUE

WELLS FARGO INVESTMENT HISTORY

1932	Keystone creates one of the first mutual fund families.
1971	Wells Fargo & Company introduces one of the first institutional index funds.
1978	Wells Fargo applies Markowitz and Sharpe’s research on Modern Portfolio Theory to introduce one of the industry’s first Tactical Asset Allocation (TAA) models in institutional separately managed accounts.
1984	Wells Fargo Stagecoach Funds launches its first asset allocation fund.
1989	The Tactical Asset Allocation (TAA) Model is first applied to Wells Fargo’s asset allocation mutual funds.
1994	Wells Fargo introduces the LifePath Funds, one of the first suites of target date funds (now the Wells Fargo Advantage Dow Jones Target Date FundsSM ).
1996	Evergreen Investments and Keystone Funds merge.
1997	Wells Fargo launches Wells Fargo Advantage WealthBuilder PortfoliosSM, a fund-of-funds suite of products that includes the use of quantitative models to shift assets among investment styles.
1999	Norwest Advantage Funds and Stagecoach Funds are reorganized into Wells Fargo Funds after the merger of Norwest and Wells Fargo.
2002	Evergreen Retail and Evergreen Institutional companies form the umbrella asset management company, Evergreen Investments.
2005	The integration of Strong Funds with Wells Fargo Funds creates Wells Fargo Advantage Funds, resulting in one of the top 20 mutual fund companies in the United States.
2006	Wells Fargo Advantage Funds relaunches the target date product line as Wells Fargo Advantage Dow Jones Target Date Funds.
2010	The mergers and reorganizations of Evergreen and Wells Fargo Advantage mutual funds are completed, unifying the families under the brand of Wells Fargo Advantage Funds.

Wells Fargo Advantage Funds^®

Wells Fargo Advantage Funds skillfully guides institutions, financial advisors, and individuals through the investment terrain to help them reach their financial objectives. Everything we do on behalf of investors is backed by our unique combination of qualifications.

Strength

Our organization is built on the standards of integrity and service established by our parent company—Wells Fargo & Company—more than 150 years ago. And, because we’re part of a highly diversified financial enterprise, we offer the depth of resources to help investors succeed.

Expertise

Our multi-boutique model offers investors access to the independent thinking of premier investment managers that have been chosen for their time-tested strategies. While each team specializes in a specific investment strategy, collectively they provide investors a wide choice of distinct investment styles. Our dedication to investment excellence doesn’t end with our expertise in manager selection—risk management, analysis, and rigorous ongoing review seek to ensure each manager’s investment process remains consistent.

Partnership

Our collaborative approach is built around understanding the needs and goals of our clients. By adhering to core principles of sound judgment and steady guidance, we support you through every stage of the investment decision process.

Carefully consider a fund’s investment objectives, risks, charges, and expenses before investing. For a current prospectus and, if available, a summary prospectus, containing this and other information, visit wellsfargoadvantagefunds.com. Read it carefully before investing.

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.

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

NOT FDIC INSURED  ¡  NO BANK GUARANTEE  ¡   MAY LOSE VALUE

Not part of the semi-annual report.

Wells Fargo Advantage Funds offers more than 110 mutual funds across a wide range of asset classes, representing over $217 billion in assets under management, as of January 31, 2012.

Equity Funds
Asia Pacific Fund	Equity Value Fund	Precious Metals Fund
C&B Large Cap Value Fund	Global Opportunities Fund	Premier Large Company Growth Fund
C&B Mid Cap Value Fund	Growth Fund	Small Cap Opportunities Fund
Capital Growth Fund	Index Fund	Small Cap Value Fund
Common Stock Fund	International Equity Fund	Small Company Growth Fund
Disciplined U.S. Core Fund	International Value Fund	Small Company Value Fund
Discovery Fund†	Intrinsic Small Cap Value Fund	Small/Mid Cap Core Fund
Diversified Equity Fund	Intrinsic Value Fund	Small/Mid Cap Value Fund
Diversified International Fund	Intrinsic World Equity Fund	Special Mid Cap Value Fund
Diversified Small Cap Fund	Large Cap Core Fund	Special Small Cap Value Fund
Emerging Growth Fund	Large Cap Growth Fund	Specialized Technology Fund
Emerging Markets Equity Fund	Large Company Value Fund	Strategic Large Cap Growth Fund
Endeavor Select Fund†	Omega Growth Fund	Traditional Small Cap Growth Fund
Enterprise Fund†	Opportunity Fund†	Utility and Telecommunications Fund
Bond Funds
Adjustable Rate Government Fund	Inflation-Protected Bond Fund	Short-Term Bond Fund
California Limited-Term Tax-Free Fund	Intermediate Tax/AMT-Free Fund	Short-Term High Yield Bond Fund
California Tax-Free Fund	International Bond Fund	Short-Term Municipal Bond Fund
Colorado Tax-Free Fund	Minnesota Tax-Free Fund	Strategic Municipal Bond Fund
Government Securities Fund	Municipal Bond Fund	Total Return Bond Fund
High Income Fund	North Carolina Tax-Free Fund	Ultra Short-Term Income Fund
High Yield Bond Fund	Pennsylvania Tax-Free Fund	Ultra Short-Term Municipal Income Fund
Income Plus Fund	Short Duration Government Bond Fund	Wisconsin Tax-Free Fund
Asset Allocation Funds
Absolute Return Fund	WealthBuilder Equity Portfolio†	Target 2020 Fund†
Asset Allocation Fund	WealthBuilder Growth Allocation Portfolio†	Target 2025 Fund†
Conservative Allocation Fund	WealthBuilder Growth Balanced Portfolio†	Target 2030 Fund†
Diversified Capital Builder Fund	WealthBuilder Moderate Balanced Portfolio†	Target 2035 Fund†
Diversified Income Builder Fund	WealthBuilder Tactical Equity Portfolio†	Target 2040 Fund†
Growth Balanced Fund	Target Today Fund†	Target 2045 Fund†
Index Asset Allocation Fund	Target 2010 Fund†	Target 2050 Fund†
Moderate Balanced Fund	Target 2015 Fund†	Target 2055 Fund†
WealthBuilder Conservative Allocation Portfolio†
Money Market Funds
100% Treasury Money Market Fund	Heritage Money Market Fund†	National Tax-Free Money Market Fund
California Municipal Money Market Fund	Money Market Fund	Prime Investment Money Market Fund
Cash Investment Money Market Fund	Municipal Cash Management Money Market Fund	Treasury Plus Money Market Fund
Government Money Market Fund	Municipal Money Market Fund
Variable Trust Funds1
VT Discovery Fund†	VT Intrinsic Value Fund	VT Small Cap Growth Fund
VT Index Asset Allocation Fund	VT Omega Growth Fund	VT Small Cap Value Fund
VT International Equity Fund	VT Opportunity Fund†	VT Total Return Bond Fund

An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Wells Fargo Advantage Money Market Funds seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in a money market fund.

1. The Variable Trust Funds are generally available only through insurance company variable contracts.

† In this report, the Wells Fargo Advantage Discovery Fund^SM, Wells Fargo Advantage Endeavor Select Fund^SM, Wells Fargo Advantage Enterprise Fund^SM, Wells Fargo Advantage Opportunity Fund^SM, Wells Fargo Advantage WealthBuilder Conservative Allocation Portfolio^SM, Wells Fargo Advantage WealthBuilder Equity Portfolio^SM, Wells Fargo Advantage WealthBuilder Growth Allocation Portfolio^SM, Wells Fargo Advantage WealthBuilder Growth Balanced Portfolio^SM, Wells Fargo Advantage WealthBuilder Moderate Balanced Portfolio^SM, Wells Fargo Advantage WealthBuilder Tactical Equity Portfolio^SM, Wells Fargo Advantage Dow Jones Target Today Fund^SM, Wells Fargo Advantage Dow Jones Target 2010 Fund^SM, Wells Fargo Advantage Dow Jones Target 2015 Fund^SM, Wells Fargo Advantage Dow Jones Target 2020 Fund^SM, Wells Fargo Advantage Dow Jones Target 2025 Fund^SM, Wells Fargo Advantage Dow Jones Target 2030 Fund^SM, Wells Fargo Advantage Dow Jones Target 2035 Fund^SM, Wells Fargo Advantage Dow Jones Target 2040 Fund^SM, Wells Fargo Advantage Dow Jones Target 2045 Fund^SM, Wells Fargo Advantage Dow Jones Target 2050 Fund^SM, Wells Fargo Advantage Dow Jones Target 2055 Fund^SM, Wells Fargo Advantage Heritage Money Market Fund^SM, Wells Fargo Advantage VT Discovery Fund^SM, and Wells Fargo Advantage VT Opportunity Fund^SM are referred to as the Discovery Fund, Endeavor Select Fund, Enterprise Fund, Opportunity Fund, WealthBuilder Conservative Allocation Portfolio, WealthBuilder Equity Portfolio, WealthBuilder Growth Allocation Portfolio, WealthBuilder Growth Balanced Portfolio, WealthBuilder Moderate Balanced Portfolio, WealthBuilder Tactical Equity Portfolio, Target Today Fund, Target 2010 Fund, Target 2015 Fund, Target 2020 Fund, Target 2025 Fund, Target 2030 Fund, Target 2035 Fund, Target 2040 Fund, Target 2045 Fund, Target 2050 Fund, Target 2055 Fund, Heritage Money Market Fund, VT Discovery Fund, and VT Opportunity Fund, respectively.

Not part of the semi-annual report.

2 Wells Fargo Advantage Large Cap Growth Fund Letter to Shareholders

Karla M. Rabusch,

President

Wells Fargo Advantage Funds

The period was marked by increased confidence that the U.S. economy was staging a fragile recovery, offset by continued concerns about the possible effect on the global economy of the ongoing European sovereign debt crisis—which began in Greece and later spread to the larger economies of Italy and Spain.

The slow-motion debt crisis in the eurozone was a major headwind to both domestic and global stock market indexes.

Dear Valued Shareholder:

We’re pleased to offer you this semi-annual report for the Wells Fargo Advantage Large Cap Growth Fund for the six-month period that ended January 31, 2012. The period was marked by increased confidence that the U.S. economy was staging a fragile recovery, offset by continued concerns about the possible effect on the global economy of the ongoing European sovereign debt crisis—which began in Greece and later spread to the larger economies of Italy and Spain. Most U.S. stock indexes posted gains for the period, even if only modest ones.

Worries gave way to guarded optimism for the U.S. economy.

The period began with worries that the U.S. economy was returning to recession. Revised figures for gross domestic product (GDP) indicated that the U.S. economy grew by an annualized rate of only 0.8% in the first half of 2011. Moreover, although the July 2011 Institute for Supply Management (ISM) manufacturing survey suggested that factories continued to expand, the rate of expansion was lower than in previous months. The prolonged debate over whether and how to raise the U.S. debt ceiling—which only ended on July 31, 2011—also depressed market sentiment by highlighting the country’s political divisions.

The stock market remained volatile throughout September. By late October, however, stronger economic data led to greater optimism and higher stock prices. Revised real GDP growth came in at 1.8% in the third quarter of 2011 and 2.8% in the fourth quarter, suggesting that the recovery was on firmer footing. Economic growth was not evenly distributed, though, as December 2011 retail same-store sales generally showed stronger growth for retailers targeting affluent customers than for those targeting the broad middle class. The reported unemployment rate also showed some signs of improvement, falling from 9.1% in August 2011 to 8.3% in January 2012. However, this decline in the unemployment rate was accompanied by an increase in the number of Americans not in the labor force, raising concerns about the economy’s ability to generate jobs.

The eurozone had continued trouble.

The slow-motion debt crisis in the eurozone was a major headwind to both domestic and global stock market indexes. The worsening debt and deficit numbers for Greece in late 2011 and early 2012 cast doubt on the country’s ability to service its debt under the plan put in place by the European Union and the International Monetary Fund and put the ongoing drama of the European sovereign debt crisis back on center stage. Investors became increasingly concerned that Greece would default on its debt, a scenario that only seemed more likely as many Greeks rioted in response to greater budgetary austerity and the discussion moved from whether private investors would take a loss on their Greek debt to how big the loss would be. Because many eurozone banks owned Greek debt and many U.S. banks had financial ties to eurozone banks, investors worried about the effect of such an event on the financial system and the global economy.

Even as the situation in Greece deteriorated, eurozone GDP numbers supported the case for a modest recovery in the global economy. Reported GDP growth for the 17 countries that comprise the eurozone was modest, rising 0.2% in the third quarter compared to the second quarter, and by 0.2% in the fourth quarter

Letter to Shareholders Wells Fargo Advantage Large Cap Growth Fund 3

compared to the third quarter. However, the eurozone average concealed a wide variation between economies, with Germany’s growing by 0.5% in the third quarter of 2011 even as Greece’s GDP contracted.

Central banks continued to provide stimulus.

Throughout the reporting period, the Federal Open Market Committee (FOMC) kept its key interest rates effectively at zero in order to support the economy and financial system. Moreover, in response to extreme market volatility and signs of a weakening economy, in its August 2011 policy statement, the Federal Reserve (Fed) announced it would keep interest rates “exceptionally low” until at least mid-2013 as a way to support the economy. Market participants interpreted the Fed’s statement to mean that the central bankers believed the economy would remain weak over the next two years. However, the Fed also said that it was considering a “range of policy tools available to promote a stronger economic recovery” and “is prepared to employ these tools as appropriate.”

At the beginning of the period, the European Central Bank (ECB) had a key rate of 1.50% but lowered it to 1.25% in November 2011 and then to 1.00% in December 2011 in an attempt to support the sluggish eurozone recovery. To support the banking system, in late 2011, the ECB initiated a long-term refinancing operation (LTRO) in which it supplied three-year loans to banks against a wide range of collateral. The operation basically provided a near-unlimited amount of liquidity to banks, easing some investor concerns about the effect of an increasingly probable Greek default.

We use time-tested investment strategies, even as many variables are at work in the market.

Experience tells us that strict adherence to time-tested investment strategies has its rewards. As a whole, Wells Fargo Advantage Funds represents investments across a range of asset classes and investment styles, giving you an opportunity to create a diversified investment portfolio. While diversification may not prevent losses in a downturn, it does provide you with one way of managing risk.

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

Sincerely,

Karla M. Rabusch

President

Wells Fargo Advantage Funds

4 Wells Fargo Advantage Large Cap Growth Fund Letter to Shareholders

Notice to Shareholders

The Board of Trustees for Wells Fargo Advantage Funds has unanimously approved the following modifications to certain net asset value (NAV) waiver privileges and commission schedules:

n Effective May 1, 2012, automatic investment plan (AIP) purchases and proceeds received from systematic withdrawals will no longer qualify for NAV repurchase privileges.

n Effective May 1, 2012, discretionary rights to waive the upfront commission for Class C and “jumbo” Class A share purchases will no longer be granted to broker/dealers. However, we will continue to waive the Class C shares contingent deferred sales charge for redemptions by employer-sponsored retirement plans where the dealer of record waived its commission at the time of purchase.

n Effective July 31, 2012, NAV purchase privileges for former Evergreen Class IS and Class R shareholders are being modified to remove the ability to purchase Class A shares at NAV unless those shares are held directly with the Fund on or after July 31, 2012.

Please contact your investment professional or call us directly at 1-800-222-8222 if you have any questions on this Notice to Shareholders.

Performance Highlights (Unaudited) Wells Fargo Advantage Large Cap Growth Fund 5

INVESTMENT OBJECTIVE

The Fund seeks long-term capital appreciation.

ADVISER

Wells Fargo Funds Management, LLC

SUB-ADVISER

Wells Capital Management Incorporated

PORTFOLIO MANAGERS

Joseph M. Eberhardy, CFA, CPA

Thomas C. Ognar, CFA

Bruce C. Olson, CFA

FUND INCEPTION

December 30, 1981

TEN LARGEST EQUITY HOLDINGS1 (AS OF JANUARY 31, 2012)
Apple Incorporated	7.53%
Google Incorporated Class A	3.19%
QUALCOMM Incorporated	2.94%
Cognizant Technology Solutions Corporation Class A	2.57%
MasterCard Incorporated	2.49%
Praxair Incorporated	2.40%
Alexion Pharmaceuticals Incorporated	2.36%
priceline.com Incorporated	2.33%
EMC Corporation	2.30%
Whole Foods Market Incorporated	2.20%

SECTOR DISTRIBUTION²

(AS OF JANUARY 31, 2012)

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

2. Sector distribution is subject to change and is calculated based on the total long-term investments of the Fund.

6 Wells Fargo Advantage Large Cap Growth Fund Performance Highlights (Unaudited)

AVERAGE ANNUAL TOTAL RETURN³ (%) (AS OF JANUARY 31, 2012)

			Including Sales Charge									Excluding Sales Charge								Expense Ratios4
	Inception Date		6 Months*			1 Year		5 Year		10 Year		6 Months*		1 Year		5 Year		10 Year		Gross		Net5
Class A (STAFX)		07/30/2010		(4.26	)		1.82		2.92		2.71		1.58		8.04		4.15		3.32		1.25%		1.12%
Class C (STOFX)		07/30/2010		0.21			6.26		3.42		2.61		1.21		7.26		3.42		2.61		2.00%		1.87%
Administrator Class (STDFX)		07/30/2010											1.71		8.23		4.20		3.35		1.09%		0.95%
Institutional Class (STNFX)		07/30/2010											1.80		8.46		4.26		3.38		0.82%		0.75%
Investor Class (STRFX)		12/30/1981											1.58		7.97		4.12		3.31		1.32%		1.19%
Russell 1000® Growth Index6													2.84		6.07		3.17		3.38

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

Figures quoted represent past performance, which is no guarantee of future results and do not reflect the deduction of taxes that a shareholder may pay on fund distributions or the redemption of fund shares. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance shown without sales charges would be lower if sales charges were reflected. Current performance may be lower or higher than the performance data quoted and assumes the reinvestment of dividends and capital gains. Current month-end performance is available on the Fund’s Web site – 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 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 fund values fluctuate in response to the activities of individual companies and general market and economic conditions. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). This Fund is exposed to foreign investment risk. Consult the Fund’s prospectus for additional information on these and other risks.

3. Historical performance shown for the Class A, Administrator Class and Institutional Class shares prior to their inception reflects the performance of the 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 the Investor Class shares, adjusted to reflect the higher expenses applicable to Class C shares.

4. Reflects the expense ratios as stated in the most recent prospectuses.

5. The Adviser has committed through November 30, 2012 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 above. Without this cap, the Fund’s returns would have been lower.

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

Fund Expenses (Unaudited) Wells Fargo Advantage Large Cap Growth Fund 7

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 August 1, 2011 to January 31, 2012.

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 08-01-2011		Ending Account Value 01-31-2012		Expenses Paid During the Period1		Net Annual Expense Ratio
Class A
Actual	$	1,000.00	$	1,015.81	$	5.68		1.12	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.51	$	5.69		1.12	%
Class C
Actual	$	1,000.00	$	1,012.11	$	9.46		1.87	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.74	$	9.48		1.87	%
Administrator Class
Actual	$	1,000.00	$	1,017.05	$	4.82		0.95	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.36	$	4.82		0.95	%
Institutional Class
Actual	$	1,000.00	$	1,017.96	$	3.80		0.75	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.37	$	3.81		0.75	%
Investor Class
Actual	$	1,000.00	$	1,015.83	$	6.03		1.19	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.15	$	6.04		1.19	%

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).

8 Wells Fargo Advantage Large Cap Growth Fund Portfolio of Investments—January 31, 2012 (Unaudited)

Security Name	Shares		Value
Common Stocks: 98.02%
Consumer Discretionary: 20.83%
Auto Components: 0.60%
Johnson Controls Incorporated		69,000	$	2,192,130
Hotels, Restaurants & Leisure: 5.25%
McDonald’s Corporation		76,000		7,527,800
Starbucks Corporation		133,000		6,374,690
Wynn Resorts Limited		45,000		5,185,350
				19,087,840
Internet & Catalog Retail: 3.93%
Amazon.com Incorporated†		30,000		5,833,200
priceline.com Incorporated†		16,000		8,471,680
				14,304,880
Multiline Retail: 1.52%
Dollar Tree Incorporated†		65,000		5,512,650
Specialty Retail: 4.20%
CarMax Incorporated†«		185,000		5,629,550
Dick’s Sporting Goods Incorporated		70,000		2,884,700
O’Reilly Automotive Incorporated†		61,000		4,972,110
Ross Stores Incorporated		35,000		1,778,700
				15,265,060
Textiles, Apparel & Luxury Goods: 5.33%
Coach Incorporated		98,000		6,864,900
Fossil Incorporated†		40,000		3,802,000
Nike Incorporated Class B		52,000		5,407,480
VF Corporation		25,000		3,287,250
				19,361,630
Consumer Staples: 4.68%
Beverages: 0.69%
The Coca-Cola Company		37,000		2,498,610
Food & Staples Retailing: 2.85%
Costco Wholesale Corporation		29,000		2,385,830
Whole Foods Market Incorporated		108,000		7,995,240
				10,381,070
Food Products: 0.95%
Green Mountain Coffee Roasters Incorporated†		7,500		400,050
Mead Johnson & Company		41,000		3,037,690
				3,437,740
Personal Products: 0.19%
Estee Lauder Companies Incorporated Class A		12,000		695,160

Portfolio of Investments—January 31, 2012 (Unaudited) Wells Fargo Advantage Large Cap Growth Fund 9

Security Name	Shares		Value
Energy: 8.56%
Energy Equipment & Services: 3.47%
National Oilwell Varco Incorporated		77,000	$	5,696,460
Schlumberger Limited		92,000		6,915,640
				12,612,100
Oil, Gas & Consumable Fuels: 5.09%
Apache Corporation		25,000		2,472,000
Continental Resources Incorporated†«		42,000		3,388,560
Occidental Petroleum Corporation		50,000		4,988,500
Pioneer Natural Resources Company		68,000		6,752,400
Southwestern Energy Company†		30,000		934,200
				18,535,660
Financials: 4.10%
Capital Markets: 0.78%
TD Ameritrade Holding Corporation		176,000		2,835,360
Consumer Finance: 3.32%
American Express Company		60,000		3,008,400
MasterCard Incorporated		25,500		9,067,035
				12,075,435
Health Care: 10.40%
Biotechnology: 2.82%
Alexion Pharmaceuticals Incorporated†		112,000		8,597,120
Biogen Idec Incorporated†		14,000		1,650,880
				10,248,000
Health Care Equipment & Supplies: 2.68%
Intuitive Surgical Incorporated†		12,000		5,518,920
St. Jude Medical Incorporated		101,000		4,212,710
				9,731,630
Health Care Providers & Services: 1.28%
AmerisourceBergen Corporation		120,000		4,676,400
Pharmaceuticals: 3.62%
Allergan Incorporated		67,000		5,889,970
Shire plc ADR		73,000		7,264,960
				13,154,930
Industrials: 10.36%
Aerospace & Defense: 1.51%
United Technologies Corporation		70,000		5,484,500
Air Freight & Logistics: 1.63%
C.H. Robinson Worldwide Incorporated		86,000		5,920,240

10 Wells Fargo Advantage Large Cap Growth Fund Portfolio of Investments—January 31, 2012 (Unaudited)

Security Name	Shares		Value
Electrical Equipment: 0.78%
Emerson Electric Company		55,000	$	2,825,900
Machinery: 3.49%
Caterpillar Incorporated		26,000		2,837,120
Danaher Corporation		110,000		5,776,100
Joy Global Incorporated		45,000		4,081,050
				12,694,270
Road & Rail: 2.95%
Norfolk Southern Corporation		57,000		4,115,400
Union Pacific Corporation		58,000		6,629,980
				10,745,380
Information Technology: 33.81%
Communications Equipment: 3.83%
F5 Networks Incorporated†		27,000		3,232,980
QUALCOMM Incorporated		182,000		10,705,240
				13,938,220
Computers & Peripherals: 9.83%
Apple Incorporated†		60,000		27,388,800
EMC Corporation†		324,000		8,346,240
				35,735,040
Internet Software & Services: 4.58%
eBay Incorporated†		160,000		5,056,000
Google Incorporated Class A†		20,000		11,602,200
				16,658,200
IT Services: 4.38%
Accenture plc		115,000		6,594,100
Cognizant Technology Solutions Corporation Class A†		130,000		9,327,500
				15,921,600
Semiconductors & Semiconductor Equipment: 4.63%
Altera Corporation		40,000		1,591,600
Analog Devices Incorporated		86,000		3,365,180
ARM Holdings plc ADR		64,000		1,848,320
Avago Technologies Limited		89,000		3,020,660
Maxim Integrated Products Incorporated		60,000		1,610,400
Microchip Technology Incorporated«		146,000		5,388,860
				16,825,020
Software: 6.56%
Check Point Software Technologies Limited†«		120,000		6,754,800
Citrix Systems Incorporated†		60,000		3,912,600
Red Hat Incorporated†		135,000		6,259,950
Salesforce.com Incorporated†«		42,000		4,905,600
VMware Incorporated†«		22,000		2,007,940
				23,840,890

Portfolio of Investments—January 31, 2012 (Unaudited) Wells Fargo Advantage Large Cap Growth Fund 11

Security Name				Shares		Value
Materials: 5.28%
Chemicals: 5.28%
Air Products & Chemicals Incorporated					28,000	$	2,464,840
Ecolab Incorporated					35,000		2,115,400
Monsanto Company					72,000		5,907,600
Praxair Incorporated					82,000		8,708,400
							19,196,240
Total Common Stocks (Cost $276,011,362)							356,391,785
				Principal
Other: 0.26%
Gryphon Funding Limited, Pass-Through Entity(v)(a)(i)				$	1,215,091		328,074
VFNC Corporation, Pass-Through Entity, 0.27%(v)(a)(i)144A±					1,384,597		595,377
Total Other (Cost $431,620)							923,451
	Yield			Shares
Short-Term Investments: 6.75%
Investment Companies: 6.75%
Wells Fargo Advantage Cash Investment Money Market Fund, Institutional Class(l)(u)		0.02	%		7,146,931		7,146,931
Wells Fargo Securities Lending Cash Investments, LLC(v)(l)(u)(r)		0.15			17,402,580		17,402,580
Total Short-Term Investments (Cost $24,549,511)							24,549,511

Total Investments in Securities
(Cost $300,992,493)*	105.03	%		381,864,747
Other Assets and Liabilities, Net	(5.03	)		(18,280,967	)
Total Net Assets	100.00	%	$	363,583,780

† Non-income earning security.

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

(v) Security represents investment of cash collateral received from securities on loan.

(a) Security is fair valued by the Management Valuation Team, and in certain instances by the Board of Trustees, in accordance with procedures approved by the Board of Trustees.

(i) Illiquid security.

144A Security that may be resold to “qualified institutional buyers” under Rule 144A or security offered pursuant to Section 4(2) of the Securities Act of 1933, as amended.

± Variable rate investment.

(l) Investment in an affiliate.

(u) Rate shown is the 7-day annualized yield at period end.

(r) The investment company is exempt from registration under Section 3(c)(7) of the 1940 Act.

* Cost for federal income tax purposes is $301,738,761 and net unrealized appreciation (depreciation) consists of:

Gross unrealized appreciation	$	83,999,665
Gross unrealized depreciation		(3,873,679	)
Net unrealized appreciation	$	80,125,986

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

12 Wells Fargo Advantage Large Cap Growth Fund Statement of Assets and Liabilities—January 31, 2012 (Unaudited)

Assets
Investments
In unaffiliated securities (including securities on loan), at value (see cost below)	$	357,315,236
In affiliated securities, at value (see cost below)		24,549,511
Total investments, at value (see cost below)		381,864,747
Receivable for investments sold		1,781,382
Receivable for Fund shares sold		553,957
Receivable for dividends		58,943
Receivable for securities lending income		2,551
Prepaid expenses and other assets		6,226
Total assets		384,267,806
Liabilities
Payable for investments purchased		2,403,612
Payable for Fund shares redeemed		111,381
Payable upon receipt of securities loaned		17,834,200
Advisory fee payable		161,030
Distribution fees payable		522
Due to other related parties		71,478
Accrued expenses and other liabilities		101,803
Total liabilities		20,684,026
Total net assets	$	363,583,780
NET ASSETS CONSIST OF
Paid-in capital	$	330,424,571
Undistributed net investment loss		(186,575	)
Accumulated net realized losses on investments		(47,526,470	)
Net unrealized gains on investments		80,872,254
Total net assets	$	363,583,780
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE1
Net assets – Class A	$	12,079,297
Shares outstanding – Class A		375,958
Net asset value per share – Class A		$32.13
Maximum offering price per share – Class A2		$34.09
Net assets – Class C	$	904,825
Shares outstanding – Class C		28,482
Net asset value per share – Class C		$31.77
Net assets – Administrator Class	$	5,537,514
Shares outstanding – Administrator Class		171,931
Net asset value per share – Administrator Class		$32.21
Net assets – Institutional Class	$	4,184,591
Shares outstanding – Institutional Class		129,517
Net asset value per share – Institutional Class		$32.31
Net assets – Investor Class	$	340,877,553
Shares outstanding – Investor Class		10,622,954
Net asset value per share – Investor Class		$32.09
Investments in unaffiliated securities, at cost	$	276,442,982
Investments in affiliated securities, at cost	$	24,549,511
Total investments, at cost	$	300,992,493
Securities on loan, at value	$	17,446,148

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 January 31, 2012 (Unaudited) Wells Fargo Advantage Large Cap Growth Fund 13

Investment income
Dividends	$	1,736,623
Securities lending income, net		37,304
Income from affiliated securities		3,374
Total investment income		1,777,301
Expenses
Advisory fee		1,078,904
Administration fees
Fund level		82,993
Class A		6,936
Class C		616
Administrator Class		1,552
Institutional Class		1,333
Investor Class		527,546
Shareholder servicing fees
Class A		6,669
Class C		593
Administrator Class		3,767
Investor Class		399,350
Distribution fees
Class C		1,778
Custody and accounting fees		13,163
Professional fees		16,376
Registration fees		13,901
Shareholder report expenses		24,402
Trustees’ fees and expenses		5,332
Other fees and expenses		4,972
Total expenses		2,190,183
Less: Fee waivers and/or expense reimbursements		(226,307	)
Net expenses		1,963,876
Net investment loss		(186,575	)
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on investments		1,892,627
Net change in unrealized gains (losses) on investments		4,449,001
Net realized and unrealized gains (losses) on investments		6,341,628
Net increase in net assets resulting from operations	$	6,155,053

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

14 Wells Fargo Advantage Large Cap Growth Fund Statements of Changes in Net Assets

	Six Months Ended January 31, 2012 (Unaudited)						Year Ended July 31, 2011
Operations
Net investment loss				$	(186,575	)				$	(610,361	)
Net realized gains on investments					1,892,627						12,397,367
Net change in unrealized gains (losses) on investments					4,449,001						66,385,325
Net increase in net assets resulting from operations					6,155,053						78,172,331
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		332,232			10,084,103			79,152			2,432,063
Class C		22,626			680,969			9,687			296,419
Administrator Class		156,562			4,665,443			44,795			1,375,046
Institutional Class		120,041			3,584,808			26,255			821,357
Investor Class		626,219			19,073,820			551,943			16,503,447
					38,089,143						21,428,332
Payment for shares redeemed
Class A		(31,169	)		(940,305	)		(4,664	)		(144,197	)
Class C		(2,825	)		(85,632	)		(1,413	)		(43,080	)
Administrator Class		(28,188	)		(851,589	)		(1,645	)		(50,115	)
Institutional Class		(17,186	)		(521,244	)		0			0
Investor Class		(643,068	)		(19,255,809	)		(1,264,960	)		(36,993,708	)
					(21,654,579	)					(37,231,100	)
Net increase (decrease) in net assets resulting from capital share transactions					16,434,564						(15,802,768	)
Total increase in net assets					22,589,617						62,369,563
Net assets
Beginning of period					340,994,163						278,624,600
End of period				$	363,583,780					$	340,994,163
Undistributed net investment income (loss)				$	(186,575	)				$	0

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

Financial Highlights Wells Fargo Advantage Large Cap Growth Fund 15

(For a share outstanding throughout each period)

	Six Months Ended January 31, 2012 (Unaudited)			Year Ended July 31,
Class A				2011			20101
Net asset value, beginning of period	$	31.62		$	24.54		$	24.54
Net investment income (loss)		(0.00	)		(0.10	)2		0.00
Net realized and unrealized gains (losses) on investments		0.51			7.18			0.00
Total from investment operations		0.51			7.08			0.00
Net asset value, end of period	$	32.13		$	31.62		$	24.54
Total return3		1.58	%		28.89	%		0.00	%
Ratios to average net assets (annualized)
Gross expenses		1.26	%		1.25	%		0.00	%
Net expenses		1.12	%		1.12	%		0.00	%
Net investment income (loss)		(0.16	)%		(0.33	)%		0.00	%
Supplemental data
Portfolio turnover rate		20	%		47	%		60	%
Net assets, end of period (000’s omitted)		$12,079			$2,368			$10

1. For the period from July 30, 2010 (commencement of class operations) to July 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 Large Cap Growth Fund Financial Highlights

(For a share outstanding throughout each period)

	Six Months Ended January 31, 2012 (Unaudited)			Year Ended July 31,
Class C				2011			20101
Net asset value, beginning of period	$	31.38		$	24.54		$	24.54
Net investment income (loss)		(0.13	)2		(0.32	)2		0.00
Net realized and unrealized gains (losses) on investments		0.52			7.16			0.00
Total from investment operations		0.39			6.84			0.00
Net asset value, end of period	$	31.77		$	31.38		$	24.54
Total return3		1.21	%		27.91	%		0.00	%
Ratios to average net assets (annualized)
Gross expenses		2.01	%		2.00	%		0.00	%
Net expenses		1.87	%		1.87	%		0.00	%
Net investment income (loss)		(0.88	)%		(1.04	)%		0.00	%
Supplemental data
Portfolio turnover rate		20	%		47	%		60	%
Net assets, end of period (000’s omitted)		$905			$272			$10

1. For the period from July 30, 2010 (commencement of class operations) to July 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 Large Cap Growth Fund 17

(For a share outstanding throughout each period)

	Six Months Ended January 31, 2012 (Unaudited)			Year Ended July 31,
Administrator Class				2011			20101
Net asset value, beginning of period	$	31.67		$	24.54		$	24.54
Net investment income (loss)		0.01			(0.06	)2		0.00
Net realized and unrealized gains (losses) on investments		0.53			7.19			0.00
Total from investment operations		0.54			7.13			0.00
Net asset value, end of period	$	32.21		$	31.67		$	24.54
Total return3		1.71	%		29.05	%		0.00	%
Ratios to average net assets (annualized)
Gross expenses		1.09	%		1.07	%		0.00	%
Net expenses		0.95	%		0.94	%		0.00	%
Net investment income (loss)		0.11	%		(0.19	)%		0.00	%
Supplemental data
Portfolio turnover rate		20	%		47	%		60	%
Net assets, end of period (000’s omitted)		$5,538			$1,379			$10

1. For the period from July 30, 2010 (commencement of class operations) to July 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 Large Cap Growth Fund Financial Highlights

(For a share outstanding throughout each period)

	Six Months Ended January 31, 2012 (Unaudited)			Year Ended July 31,
Institutional Class				2011			20101
Net asset value, beginning of period	$	31.73		$	24.54		$	24.54
Net Investment income (loss)		0.03			(0.00	)2		0.00
Net realized and unrealized gains (losses) on investments		0.55			7.19			0.00
Total from investment operations		0.58			7.19			0.00
Net asset value, end of period	$	32.31		$	31.73		$	24.54
Total return3		1.80	%		29.34	%		0.00	%
Ratios to average net assets (annualized)
Gross expenses		0.83	%		0.81	%		0.00	%
Net expenses		0.75	%		0.75	%		0.00	%
Net investment income (loss)		0.35	%		(0.01	)%		0.00	%
Supplemental data
Portfolio turnover rate		20	%		47	%		60	%
Net assets, end of period (000’s omitted)		$4,185			$846			$10

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

2. Amount is less than $0.005.

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

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

Financial Highlights Wells Fargo Advantage Large Cap Growth Fund 19

(For a share outstanding throughout each period)

	Six Months Ended January 31, 2012 (Unaudited)			Year Ended July 31,
Investor Class				2011			2010			2009			2008			2007
Net asset value, beginning of period	$	31.59		$	24.54		$	21.77		$	26.62		$	27.18		$	23.18
Net investment income (loss)		(0.02	)		(0.06	)		(0.02	)1		0.02	1		(0.04	)1		(0.07	)1
Net realized and unrealized gains (losses) on investments		0.52			7.11			2.81			(4.87	)		(0.52	)		4.07
Total from investment operations		0.50			7.05			2.79			(4.85	)		(0.56	)		4.00
Distributions to shareholders from
Net investment income		0.00			0.00			(0.02	)		0.00			0.00			0.00
Net asset value, end of period	$	32.09		$	31.59		$	24.54		$	21.77		$	26.62		$	27.18
Total return2		1.58	%		28.73	%		12.80	%		(18.22	)%		(2.06	)%		17.26	%
Ratios to average net assets (annualized)
Gross expenses		1.33	%		1.32	%		1.43	%		1.46	%		1.47	%		1.53	%
Net expenses		1.19	%		1.19	%		1.19	%		1.19	%		1.19	%		1.19	%
Net investment income (loss)		(0.12	)%		(0.19	)%		(0.07	)%		0.07	%		(0.13	)%		(0.26	)%
Supplemental data
Portfolio turnover rate		20	%		47	%		60	%		81	%		131	%		113	%
Net assets, end of period (000’s omitted)		$340,878			$336,128			$278,585			$264,776			$350,352			$388,700

1. Calculated based upon average shares outstanding.

2. 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 Large Cap Growth 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”). These financial statements report on Wells Fargo Advantage Large Cap Growth 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

Investments in equity securities are valued each business day as of the close of regular trading on the New York Stock Exchange, which is usually 4:00 p.m. (Eastern Time). Securities which are traded on a national or foreign securities exchange are valued at the last reported sales price, except that securities listed on The Nasdaq Stock Market, Inc. (“Nasdaq”) are valued at the Nasdaq Official Closing Price (“NOCP”), and if no NOCP is available, then at the last reported sales price. If no sales price is shown on the Nasdaq, the bid price will be used. In the absence of any sale of securities listed on the Nasdaq, and in the case of other securities (including U.S. Government obligations, but excluding debt securities maturing in 60 days or less), the price will be deemed “stale” and the valuations will be determined in accordance with the Fund’s Fair Value Procedures.

Investments in open-end mutual funds and non-registered investment companies are generally 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 by procedures established in good faith and approved by the Board of Trustees.

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 Wells Fargo Securities Lending Cash Investments, LLC (the “Cash Collateral Fund”). The Cash Collateral Fund is exempt from registration under Section 3(c)(7) of the 1940 Act and is managed by

Wells Fargo Funds Management LLC (“Funds Management”) and is sub-advised by Wells Capital Management Incorporated (“Wells Capital Management”). Funds Management receives an advisory fee starting at 0.05% and declining to 0.01% as the average daily net assets of the Cash Collateral Fund increase. All of the fees received by Funds Management are paid to Wells Capital Management for its services as sub-adviser. The Cash Collateral 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. Cash Collateral Fund investments are fair valued based upon the amortized cost valuation technique. Income earned from investment in the Cash Collateral Fund is included in securities lending income on the Statement of Operations.

For Wells Fargo Advantage Funds that participated in securities lending activity prior to February 13, 2009, certain structured investment vehicles purchased in a joint account by the former securities lending agent defaulted or were

Notes to Financial Statements (Unaudited) Wells Fargo Advantage Large Cap Growth Fund 21

impaired. Certain of the Wells Fargo Advantage Funds still hold ownership interest in these structured investment vehicles, which have since been restructured as pass-through securities. If the Fund holds an ownership interest in such pass-through securities, information regarding this ownership interest can be found in the Portfolio of Investments under the category “Other”.

Security transactions and income recognition

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

Dividend income is recognized on the ex-dividend.

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 income tax regulations, which may differ from 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.

Under the recently enacted Regulated Investment Company Modernization Act of 2010, the Fund is permitted to carry forward capital losses incurred in taxable years which began after December 22, 2010 for an unlimited period. However, any losses incurred are required to be utilized prior to the losses incurred in pre-enactment taxable years. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law.

As of July 31, 2011, the Fund had net capital loss carryforwards, which were available to offset future net realized capital gains, in the amount of $48,943,894 with $17,697,584 expiring in 2017 and $31,246,310 expiring in 2018.

Class allocations

The separate classes of shares offered by the Fund differ principally in applicable sales charges, distribution, shareholder servicing and administration fees. Shareholders of each class bear certain expenses that pertain to that particular class. All shareholders bear the common expenses of the Fund, earn income from the portfolio, and are allocated unrealized gains and losses pro rata based on the average daily net assets of each class, without distinction between share classes. Dividends are determined separately for each class based on income and expenses allocable to each class. Realized gains and losses are allocated to each class pro rata based upon the net assets of each class on the date realized. Differences in per share dividend rates generally result from the relative weightings of pro rata income and realized gain allocations and from differences in separate class expenses, including distribution, shareholder servicing and administration fees.

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, etc.)

22 Wells Fargo Advantage Large Cap Growth Fund Notes to Financial Statements (Unaudited)

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 securities are not necessarily an indication of the risk associated with investing in those securities.

As of January 31, 2012, the inputs used in valuing the Fund’s assets, which are carried at fair value, were as follows:

Investments in Securities	Quoted Prices (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Equity securities
Common stocks	$	356,391,785	$	0	$	0	$	356,391,785
Other		0		0		923,451		923,451
Short-term investments
Investment companies		7,146,931		17,402,580		0		24,549,511
	$	363,538,716	$	17,402,580	$	923,451	$	381,864,747

Further details on the major security types listed above can be found in the Portfolio of Investments.

Transfers in and transfers out are recognized at the end of the reporting period. For the six months ended January 31, 2012, the Fund did not have any significant transfers into/out of Level 1 and Level 2.

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

	Other
Balance as of July 31, 2011		$1,309,767
Accrued discounts (premiums)		0
Realized gains (losses)		0
Change in unrealized gains (losses)		(227,675	)
Purchases		0
Sales		(158,641	)
Transfers into Level 3		0
Transfers out of Level 3		0
Balance as of January 31, 2012		$923,451
Change in unrealized gains (losses) relating to securities still held at January 31, 2012		$(307,959	)

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 sub-adviser, 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 January 31, 2012, the advisory fee was equivalent to an annual rate of 0.65% of the Fund’s average daily net assets.

Funds Management may retain the services of certain sub-advisers to provide daily portfolio management to the Fund. The fees related to sub-advisory services are borne directly by Funds Management and do not increase the overall fees paid by the Fund. Wells Capital Management, an affiliate of Funds Management, is the sub-adviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.35% and declining to 0.15% as the average daily net assets of the Fund increase.

Administration and transfer agent 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

Notes to Financial Statements (Unaudited) Wells Fargo Advantage Large Cap Growth Fund 23

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
Investor Class		0.33

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 November 30, 2012 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.12% for Class A, 1.87% for Class C, 0.95% for Administrator Class, 0.75% for Institutional Class and 1.19% for Investor Class.

Distribution fees

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

For the six months ended January 31, 2012, Wells Fargo Funds Distributor, LLC received $2,708 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 (securities with maturities of one year or less at purchase date), for the six months ended January 31, 2012 were $83,573,713 and $66,372,302, respectively.

6. BANK BORROWINGS

The Trust (excluding the money market funds) and Wells Fargo Variable Trust are parties to a $150,000,000 revolving credit agreement with State Street Bank and Trust Company, 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. Prior to September 6, 2011, the revolving credit agreement was for $125,000,000 and the annual commitment fee was equal 0.125% of the unused balance. For the six months ended January 31, 2012, the Fund paid $171 in commitment fees.

For the six months ended January 31, 2012, there were no borrowings by the Fund under the agreement.

7. INDEMNIFICATION

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

24 Wells Fargo Advantage Large Cap Growth Fund Notes to Financial Statements (Unaudited)

8. NEW ACCOUNTING PRONOUNCEMENTS

In May 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2011-04 “Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs”. ASU No. 2011-04 amends FASB ASC Topic 820, Fair Value Measurements and Disclosures, to establish common requirements for measuring fair value and for disclosing information about fair value measurements in accordance with GAAP. The ASU is effective prospectively for interim and annual periods beginning after December 15, 2011. Management expects that adoption of the ASU will result in additional disclosures in the financial statements, as applicable.

In April 2011, FASB issued ASU No. 2011-03 “Reconsideration of Effective Control for Repurchase Agreements”. ASU No. 2011-03 amends FASB ASC Topic 860, Transfers and Servicing, specifically the criteria required to determine whether a repurchase agreement (repo) and similar agreements should be accounted for as sales of financial assets or secured borrowings with commitments. ASU No. 2011-03 changes the assessment of effective control by focusing on the transferor’s contractual rights and obligations and removing the criterion to assess its ability to exercise those rights or honor those obligations. This could result in changes to the way entities account for certain transactions including repurchase agreements, mortgage dollar rolls and reverse repurchase agreements. The ASU will become effective on a prospective basis for new transfers and modifications to existing transactions as of the beginning of the first interim or annual period beginning on or after December 15, 2011. Management has evaluated the impact of adopting the ASU and expects no significant changes.

Other Information (Unaudited) Wells Fargo Advantage Large Cap Growth Fund 25

PROXY VOTING INFORMATION

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by calling 1-800-222-8222, visiting our Web site at wellsfargoadvantagefunds.com, or visiting the SEC Web site 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 without charge on the Fund’s Web site at wellsfargoadvantagefunds.com or by visiting the SEC Web site at sec.gov.

PORTFOLIO HOLDINGS INFORMATION

The complete portfolio holdings for the Fund are publicly available on the Fund’s Web site (wellsfargoadvantagefunds.com) on a monthly, 30-day or more delayed basis. In addition, top ten holdings information for the Fund is publicly available on the Fund’s Web site 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 without charge by visiting the SEC Web site 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 Large Cap Growth Fund Other Information (Unaudited)

BOARD OF TRUSTEES

The following table provides basic information about the Board of Trustees (the “Trustees”) of the Trust and Officers of the Trust. This table should be read in conjunction with the Prospectus and the Statement of Additional Information¹ of the Fund. Each of the Trustees and Officers listed below acts in identical capacities for the Wells Fargo Advantage family of funds, which consists of 137 funds comprising the Wells Fargo Funds Trust, Wells Fargo Variable Trust, Wells Fargo Master Trust and four closed-end funds (collectively the “Fund Complex”). All of the Trustees are also Members of the Audit and Governance Committees of each Trust in the Fund Complex. 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	Other Directorships During Past Five Years
Peter G. Gordon (Born 1942)	Trustee, since 1998; Chairman, since 2005 (Lead Trustee since 2001)	Co-Founder, Retired Chairman, President and CEO of Crystal Geyser Water Company. Trustee Emeritus, Colby College	Asset Allocation Trust
Isaiah Harris, Jr. (Born 1952)	Trustee, since 2009	Retired. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Mr. Harris is a certified public accountant.	CIGNA Corporation; Deluxe Corporation; Asset Allocation Trust
Judith M. Johnson (Born 1949)	Trustee, since 2008	Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant.	Asset Allocation Trust
Leroy Keith, Jr. (Born 1939)	Trustee, since 2010	Chairman, Bloc Global Services (development and construction). Trustee of the Evergreen Funds from 1983 to 2010. Former Managing Director, Almanac Capital Management (commodities firm), former Partner, Stonington Partners, Inc. (private equity fund), former Director, Obagi Medical Products Co. and former Director, Lincoln Educational Services.	Trustee, Virtus Fund Complex (consisting of 40 portfolios as of 12/31/11); 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, Director of Corporate Governance Research Program 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 Large Cap Growth Fund 27

Name and Year of Birth	Position Held and Length of Service	Principal Occupations During Past Five Years	Other Directorships During Past Five Years
Timothy J. Penny (Born 1951)	Trustee, since 1996	President and CEO of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007 and Senior Fellow at the Humphrey Institute Policy Forum at the University of Minnesota since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	Asset Allocation Trust
Michael S. Scofield (Born 1943)	Trustee, since 2010	Served on the Investment Company Institute’s Board of Governors and Executive Committee from 2008-2011 as well the Governing Council of the Independent Directors Council from 2006-2011 and the Independent Directors Council Executive Committee from 2008-2011. Chairman of the IDC from 2008-2010. Institutional Investor (Fund Directions) Trustee of Year in 2007. Trustee of the Evergreen Funds (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 and former Director and Chairman, Branded Media Corporation (multi-media branding company).	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 Free Trust (non-profit corporation). Director of the American Chestnut Foundation (non-profit corporation).	Asset Allocation Trust

Officers

Name and Year of Birth	Position Held and Length of Service	Principal Occupations During Past Five Years
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. Senior Vice President and Chief Administrative Officer of Wells Fargo Funds Management, LLC from 2001 to 2003.
C. David Messman (Born 1960)	Secretary, since 2000; Chief Legal Counsel, since 2003	Senior Vice President and Secretary of Wells Fargo Funds Management, LLC since 2001. Vice President and Managing Senior Counsel of Wells Fargo Bank, N.A. since 1996.
Kasey Phillips (Born 1970)	Treasurer, since 2009	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2006 to 2010. Treasurer of the Evergreen Funds from 2005 to 2010.
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 DePalma (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.
Debra Ann Early (Born 1964)	Chief Compliance Officer, since 2007	Chief Compliance Officer of Wells Fargo Funds Management, LLC since 2007. Chief Compliance Officer of Parnassus Investments from 2005 to 2007. Chief Financial Officer of Parnassus Investments from 2004 to 2007 and Senior Audit Manager of PricewaterhouseCoopers LLP from 1998 to 2004.

1. 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 Web site at wellsfargoadvantagefunds.com.

28 Wells Fargo Advantage Large Cap Growth Fund List of Abbreviations

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

ACB —  Agricultural Credit Bank

ADR —  American Depository Receipt

ADS —  American Depository Shares

AGC-ICC —  Assured Guaranty Corporation - Insured Custody Certificates

AGM —  Assured Guaranty Municipal

AMBAC —  American Municipal Bond Assurance Corporation

AMT —  Alternative Minimum Tax

AUD —  Australian Dollar

BAN —  Bond Anticipation Notes

BHAC —  Berkshire Hathaway Assurance Corporation

BRL —  Brazil 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 —  Certificate of Participation

CR —  Custody Receipts

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

FFCB —  Federal Farm Credit Bank

FGIC —  Financial Guaranty Insurance Corporation

FHA —  Federal Housing Authority

FHLB —  Federal Home Loan Bank

FHLMC —  Federal Home Loan Mortgage Corporation

FNMA —  Federal National Mortgage Association

FSA —  Farm Service Agency

GBP —  Great British Pound

GDR —  Global Depository 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

HUF —  Hungarian Forint

IBC —  Insured Bond Certificate

IDA —  Industrial Development Authority

IDAG —  Industrial Development Agency

IDR —  Industrial Development Revenue

IEP —  Irish Pound

JPY —  Japanese Yen

KRW —  Republic of Korea Won

LIBOR —  London Interbank Offered Rate

LLC —  Limited Liability Company

LLP —  Limited Liability Partnership

LOC —  Letter of Credit

LP —  Limited Partnership

MBIA —  Municipal Bond Insurance Association

MFHR —  Multi-Family Housing Revenue

MSTR —  Municipal Securities Trust Receipts

MTN —  Medium Term Note

MUD —  Municipal Utility District

MXN —  Mexican Peso

MYR —  Malaysian Ringgit

NATL-RE —  National Public Finance Guarantee Corporation

NOK —  Norwegian Krone

NZD —  New Zealand Dollar

PCFA —  Pollution Control Finance Authority

PCR —  Pollution Control Revenue

PFA —  Public Finance Authority

PFFA —  Public Facilities Financing Authority

PFOTER —  Puttable Floating Option Tax-Exempt Receipts

plc —  Public Limited Company

PLN —  Polish Zloty

PUTTER —  Puttable Tax-Exempt Receipts

R&D —  Research & Development

RDA —  Redevelopment Authority

RDFA —  Redevelopment Finance Authority

REIT —  Real Estate Investment Trust

ROC —  Reset Option Certificates

SAVRS —  Select Auction Variable Rate Securities

SBA —  Small Business Authority

SEK —  Swedish Krona

SFHR —  Single Family Housing Revenue

SFMR —  Single Family Mortgage Revenue

SGD —  Singapore Dollar

SKK —  Slovakian Koruna

SPDR —  Standard & Poor’s Depositary Receipts

TAN —  Tax Anticipation Notes

TBA —  To Be Announced

TIPS —  Treasury Inflation-Protected Securities

TRAN —  Tax Revenue Anticipation Notes

TCR —  Transferable Custody Receipts

TRY —  Turkish Lira

TTFA —  Transportation Trust Fund Authority

TVA —  Tennessee Valley Authority

XLCA —  XL Capital Assurance

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, e-mail, visit the Fund’s Web site, or call:

Wells Fargo Advantage Funds

P.O. Box 8266

Boston, MA 02266-8266

E-mail: wfaf@wellsfargo.com

Web site: 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. For a prospectus containing more complete information, including charges and expenses, call 1-800-222-8222 or visit the Fund’s Web site at wellsfargoadvantagefunds.com. Please consider the investment objectives, risks, charges, and expenses of the investment carefully before investing. This and other information about Wells Fargo Advantage Funds can be found in the current prospectus. 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

© 2012 Wells Fargo Funds Management, LLC. All rights reserved.

207949 03-12 SA209/SAR209 1-12

Wells Fargo Advantage

Large Company Value Fund

Semi-Annual Report

January 31, 2012

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Contents

Letter to Shareholders	2
Performance Highlights	5
Fund Expenses	7
Portfolio of Investments	8
Financial Statements
Statement of Assets and Liabilities	12
Statement of Operations	13
Statements 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 January 31, 2012, 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, disclaims any obligation to publicly update or revise any views expressed or forward-looking statements.

NOT FDIC INSURED  ¡  NO BANK GUARANTEE  ¡   MAY LOSE VALUE

WELLS FARGO INVESTMENT HISTORY

1932	Keystone creates one of the first mutual fund families.
1971	Wells Fargo & Company introduces one of the first institutional index funds.
1978	Wells Fargo applies Markowitz and Sharpe’s research on Modern Portfolio Theory to introduce one of the industry’s first Tactical Asset Allocation (TAA) models in institutional separately managed accounts.
1984	Wells Fargo Stagecoach Funds launches its first asset allocation fund.
1989	The Tactical Asset Allocation (TAA) Model is first applied to Wells Fargo’s asset allocation mutual funds.
1994	Wells Fargo introduces the LifePath Funds, one of the first suites of target date funds (now the Wells Fargo Advantage Dow Jones Target Date FundsSM).
1996	Evergreen Investments and Keystone Funds merge.
1997	Wells Fargo launches Wells Fargo Advantage WealthBuilder PortfoliosSM, a fund-of-funds suite of products that includes the use of quantitative models to shift assets among investment styles.
1999	Norwest Advantage Funds and Stagecoach Funds are reorganized into Wells Fargo Funds after the merger of Norwest and Wells Fargo.
2002	Evergreen Retail and Evergreen Institutional companies form the umbrella asset management company, Evergreen Investments.
2005	The integration of Strong Funds with Wells Fargo Funds creates Wells Fargo Advantage Funds, resulting in one of the top 20 mutual fund companies in the United States.
2006	Wells Fargo Advantage Funds relaunches the target date product line as Wells Fargo Advantage Dow Jones Target Date Funds.
2010	The mergers and reorganizations of Evergreen and Wells Fargo Advantage mutual funds are completed, unifying the families under the brand of Wells Fargo Advantage Funds.

Wells Fargo Advantage Funds^®

Wells Fargo Advantage Funds skillfully guides institutions, financial advisors, and individuals through the investment terrain to help them reach their financial objectives. Everything we do on behalf of investors is backed by our unique combination of qualifications.

Strength

Our organization is built on the standards of integrity and service established by our parent company—Wells Fargo & Company—more than 150 years ago. And, because we’re part of a highly diversified financial enterprise, we offer the depth of resources to help investors succeed.

Expertise

Our multi-boutique model offers investors access to the independent thinking of premier investment managers that have been chosen for their time-tested strategies. While each team specializes in a specific investment strategy, collectively they provide investors a wide choice of distinct investment styles. Our dedication to investment excellence doesn’t end with our expertise in manager selection—risk management, analysis, and rigorous ongoing review seek to ensure each manager’s investment process remains consistent.

Partnership

Our collaborative approach is built around understanding the needs and goals of our clients. By adhering to core principles of sound judgment and steady guidance, we support you through every stage of the investment decision process.

Carefully consider a fund’s investment objectives, risks, charges, and expenses before investing. For a current prospectus and, if available, a summary prospectus, containing this and other information, visit wellsfargoadvantagefunds.com. Read it carefully before investing.

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.

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

NOT FDIC INSURED  ¡  NO BANK GUARANTEE  ¡   MAY LOSE VALUE

Not part of the semi-annual report.

Wells Fargo Advantage Funds offers more than 110 mutual funds across a wide range of asset classes, representing over $217 billion in assets under management, as of January 31, 2012.

Equity Funds
Asia Pacific Fund	Equity Value Fund	Precious Metals Fund
C&B Large Cap Value Fund	Global Opportunities Fund	Premier Large Company Growth Fund
C&B Mid Cap Value Fund	Growth Fund	Small Cap Opportunities Fund
Capital Growth Fund	Index Fund	Small Cap Value Fund
Common Stock Fund	International Equity Fund	Small Company Growth Fund
Disciplined U.S. Core Fund	International Value Fund	Small Company Value Fund
Discovery Fund†	Intrinsic Small Cap Value Fund	Small/Mid Cap Core Fund
Diversified Equity Fund	Intrinsic Value Fund	Small/Mid Cap Value Fund
Diversified International Fund	Intrinsic World Equity Fund	Special Mid Cap Value Fund
Diversified Small Cap Fund	Large Cap Core Fund	Special Small Cap Value Fund
Emerging Growth Fund	Large Cap Growth Fund	Specialized Technology Fund
Emerging Markets Equity Fund	Large Company Value Fund	Strategic Large Cap Growth Fund
Endeavor Select Fund†	Omega Growth Fund	Traditional Small Cap Growth Fund
Enterprise Fund†	Opportunity Fund†	Utility and Telecommunications Fund
Bond Funds
Adjustable Rate Government Fund	Inflation-Protected Bond Fund	Short-Term Bond Fund
California Limited-Term Tax-Free Fund	Intermediate Tax/AMT-Free Fund	Short-Term High Yield Bond Fund
California Tax-Free Fund	International Bond Fund	Short-Term Municipal Bond Fund
Colorado Tax-Free Fund	Minnesota Tax-Free Fund	Strategic Municipal Bond Fund
Government Securities Fund	Municipal Bond Fund	Total Return Bond Fund
High Income Fund	North Carolina Tax-Free Fund	Ultra Short-Term Income Fund
High Yield Bond Fund	Pennsylvania Tax-Free Fund	Ultra Short-Term Municipal Income Fund
Income Plus Fund	Short Duration Government Bond Fund	Wisconsin Tax-Free Fund
Asset Allocation Funds
Absolute Return Fund	WealthBuilder Equity Portfolio†	Target 2020 Fund†
Asset Allocation Fund	WealthBuilder Growth Allocation Portfolio†	Target 2025 Fund†
Conservative Allocation Fund	WealthBuilder Growth Balanced Portfolio†	Target 2030 Fund†
Diversified Capital Builder Fund	WealthBuilder Moderate Balanced Portfolio†	Target 2035 Fund†
Diversified Income Builder Fund	WealthBuilder Tactical Equity Portfolio†	Target 2040 Fund†
Growth Balanced Fund	Target Today Fund†	Target 2045 Fund†
Index Asset Allocation Fund	Target 2010 Fund†	Target 2050 Fund†
Moderate Balanced Fund	Target 2015 Fund†	Target 2055 Fund†
WealthBuilder Conservative Allocation Portfolio†
Money Market Funds
100% Treasury Money Market Fund	Heritage Money Market Fund†	National Tax-Free Money Market Fund
California Municipal Money Market Fund	Money Market Fund	Prime Investment Money Market Fund
Cash Investment Money Market Fund	Municipal Cash Management Money Market Fund	Treasury Plus Money Market Fund
Government Money Market Fund	Municipal Money Market Fund
Variable Trust Funds1
VT Discovery Fund†	VT Intrinsic Value Fund	VT Small Cap Growth Fund
VT Index Asset Allocation Fund	VT Omega Growth Fund	VT Small Cap Value Fund
VT International Equity Fund	VT Opportunity Fund†	VT Total Return Bond Fund

An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Wells Fargo Advantage Money Market Funds seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in a money market fund.

1. The Variable Trust Funds are generally available only through insurance company variable contracts.

† In this report, the Wells Fargo Advantage Discovery Fund^SM, Wells Fargo Advantage Endeavor Select Fund^SM, Wells Fargo Advantage Enterprise Fund^SM, Wells Fargo Advantage Opportunity Fund^SM, Wells Fargo Advantage WealthBuilder Conservative Allocation Portfolio^SM, Wells Fargo Advantage WealthBuilder Equity Portfolio^SM, Wells Fargo Advantage WealthBuilder Growth Allocation Portfolio^SM, Wells Fargo Advantage WealthBuilder Growth Balanced Portfolio^SM, Wells Fargo Advantage WealthBuilder Moderate Balanced Portfolio^SM, Wells Fargo Advantage WealthBuilder Tactical Equity Portfolio^SM, Wells Fargo Advantage Dow Jones Target Today Fund^SM, Wells Fargo Advantage Dow Jones Target 2010 Fund^SM, Wells Fargo Advantage Dow Jones Target 2015 Fund^SM, Wells Fargo Advantage Dow Jones Target 2020 Fund^SM, Wells Fargo Advantage Dow Jones Target 2025 Fund^SM, Wells Fargo Advantage Dow Jones Target 2030 Fund^SM, Wells Fargo Advantage Dow Jones Target 2035 Fund^SM, Wells Fargo Advantage Dow Jones Target 2040 Fund^SM, Wells Fargo Advantage Dow Jones Target 2045 Fund^SM, Wells Fargo Advantage Dow Jones Target 2050 Fund^SM, Wells Fargo Advantage Dow Jones Target 2055 Fund^SM, Wells Fargo Advantage Heritage Money Market Fund^SM, Wells Fargo Advantage VT Discovery Fund^SM, and Wells Fargo Advantage VT Opportunity Fund^SM are referred to as the Discovery Fund, Endeavor Select Fund, Enterprise Fund, Opportunity Fund, WealthBuilder Conservative Allocation Portfolio, WealthBuilder Equity Portfolio, WealthBuilder Growth Allocation Portfolio, WealthBuilder Growth Balanced Portfolio, WealthBuilder Moderate Balanced Portfolio, WealthBuilder Tactical Equity Portfolio, Target Today Fund, Target 2010 Fund, Target 2015 Fund, Target 2020 Fund, Target 2025 Fund, Target 2030 Fund, Target 2035 Fund, Target 2040 Fund, Target 2045 Fund, Target 2050 Fund, Target 2055 Fund, Heritage Money Market Fund, VT Discovery Fund, and VT Opportunity Fund, respectively.

Not part of the semi-annual report.

2 Wells Fargo Advantage Large Company Value Fund Letter to Shareholders

Karla M. Rabusch,

President

Wells Fargo Advantage Funds

The period was marked by increased confidence that the U.S. economy was staging a fragile recovery, offset by continued concerns about the possible effect on the global economy of the ongoing European sovereign debt crisis—which began in Greece and later spread to the larger economies of Italy and Spain.

The slow-motion debt crisis in the eurozone was a major headwind to both domestic and global stock market indexes.

Dear Valued Shareholder:

We’re pleased to offer you this semi-annual report for the Wells Fargo Advantage Large Company Value Fund for the six-month period that ended January 31, 2012. The period was marked by increased confidence that the U.S. economy was staging a fragile recovery, offset by continued concerns about the possible effect on the global economy of the ongoing European sovereign debt crisis—which began in Greece and later spread to the larger economies of Italy and Spain. Most U.S. stock indexes posted gains for the period, even if only modest ones.

Worries gave way to guarded optimism for the U.S. economy.

The period began with worries that the U.S. economy was returning to recession. Revised figures for gross domestic product (GDP) indicated that the U.S. economy grew by an annualized rate of only 0.8% in the first half of 2011. Moreover, although the July 2011 Institute for Supply Management (ISM) manufacturing survey suggested that factories continued to expand, the rate of expansion was lower than in previous months. The prolonged debate over whether and how to raise the U.S. debt ceiling—which only ended on July 31, 2011—also depressed market sentiment by highlighting the country’s political divisions.

The stock market remained volatile throughout September. By late October, however, stronger economic data led to greater optimism and higher stock prices. Revised real GDP growth came in at 1.8% in the third quarter of 2011 and 2.8% in the fourth quarter, suggesting that the recovery was on firmer footing. Economic growth was not evenly distributed, though, as December 2011 retail same-store sales generally showed stronger growth for retailers targeting affluent customers than for those targeting the broad middle class. The reported unemployment rate also showed some signs of improvement, falling from 9.1% in August 2011 to 8.3% in January 2012. However, this decline in the unemployment rate was accompanied by an increase in the number of Americans not in the labor force, raising concerns about the economy’s ability to generate jobs.

The eurozone had continued trouble.

The slow-motion debt crisis in the eurozone was a major headwind to both domestic and global stock market indexes. The worsening debt and deficit numbers for Greece in late 2011 and early 2012 cast doubt on the country’s ability to service its debt under the plan put in place by the European Union and the International Monetary Fund and put the ongoing drama of the European sovereign debt crisis back on center stage. Investors became increasingly concerned that Greece would default on its debt, a scenario that only seemed more likely as many Greeks rioted in response to greater budgetary austerity and the discussion moved from whether private investors would take a loss on their Greek debt to how big the loss would be. Because many eurozone banks owned Greek debt and many U.S. banks had financial ties to eurozone banks, investors worried about the effect of such an event on the financial system and the global economy.

Even as the situation in Greece deteriorated, eurozone GDP numbers supported the case for a modest recovery in the global economy. Reported GDP growth for the 17 countries that comprise the eurozone was modest, rising 0.2% in the third quarter compared to the second quarter, and by 0.2% in the fourth quarter

Letter to Shareholders Wells Fargo Advantage Large Company Value Fund 3

compared to the third quarter. However, the eurozone average concealed a wide variation between economies, with Germany’s growing by 0.5% in the third quarter of 2011 even as Greece’s GDP contracted.

Central banks continued to provide stimulus.

Throughout the reporting period, the Federal Open Market Committee (FOMC) kept its key interest rates effectively at zero in order to support the economy and financial system. Moreover, in response to extreme market volatility and signs of a weakening economy, in its August 2011 policy statement, the Federal Reserve (Fed) announced it would keep interest rates “exceptionally low” until at least mid-2013 as a way to support the economy. Market participants interpreted the Fed’s statement to mean that the central bankers believed the economy would remain weak over the next two years. However, the Fed also said that it was considering a “range of policy tools available to promote a stronger economic recovery” and “is prepared to employ these tools as appropriate.”

At the beginning of the period, the European Central Bank (ECB) had a key rate of 1.50% but lowered it to 1.25% in November 2011 and then to 1.00% in December 2011 in an attempt to support the sluggish eurozone recovery. To support the banking system, in late 2011, the ECB initiated a long-term refinancing operation (LTRO) in which it supplied three-year loans to banks against a wide range of collateral. The operation basically provided a near-unlimited amount of liquidity to banks, easing some investor concerns about the effect of an increasingly probable Greek default.

We use time-tested investment strategies, even as many variables are at work in the market.

Experience tells us that strict adherence to time-tested investment strategies has its rewards. As a whole, Wells Fargo Advantage Funds represents investments across a range of asset classes and investment styles, giving you an opportunity to create a diversified investment portfolio. While diversification may not prevent losses in a downturn, it does provide you with one way of managing risk.

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

Sincerely,

Karla M. Rabusch

President

Wells Fargo Advantage Funds

4 Wells Fargo Advantage Large Company Value Fund Letter to Shareholders

Notice to Shareholders

The Board of Trustees for Wells Fargo Advantage Funds has unanimously approved the following modifications to certain net asset value (NAV) waiver privileges and commission schedules:

n Effective May 1, 2012, automatic investment plan (AIP) purchases and proceeds received from systematic withdrawals will no longer qualify for NAV repurchase privileges.

n Effective May 1, 2012, discretionary rights to waive the upfront commission for Class C and “jumbo” Class A share purchases will no longer be granted to broker/dealers. However, we will continue to waive the Class C shares contingent deferred sales charge for redemptions by employer-sponsored retirement plans where the dealer of record waived its commission at the time of purchase.

n Effective July 31, 2012, NAV purchase privileges for former Evergreen Class IS and Class R shareholders are being modified to remove the ability to purchase Class A shares at NAV unless those shares are held directly with the Fund on or after July 31, 2012.

Please contact your investment professional or call us directly at 1-800-222-8222 if you have any questions on this Notice to Shareholders.

Performance Highlights (Unaudited) Wells Fargo Advantage Large Company Value Fund 5

INVESTMENT OBJECTIVE

The Fund seeks long-term capital appreciation.

ADVISER

Wells Fargo Funds Management, LLC

SUB-ADVISER

Phocas Financial Corporation

PORTFOLIO MANAGERS

Stephen L. Block, CFA

William F.K. Schaff, CFA

FUND INCEPTION

July 1, 1993

TEN LARGEST EQUITY HOLDINGS1 (AS OF JANUARY 31, 2012)
General Electric Company	3.49%
Chevron Corporation	2.91%
Simon Property Group Incorporated	2.65%
JPMorgan Chase & Company	2.63%
Pfizer Incorporated	2.37%
Home Depot Incorporated	2.10%
CVS Caremark Corporation	2.09%
CIGNA Corporation	2.00%
The Travelers Companies Incorporated	1.98%
Cisco Systems Incorporated	1.97%

SECTOR DISTRIBUTION²

(AS OF JANUARY 31, 2012)

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

2. Sector distribution is subject to change and is calculated based on the total long-term investments of the Fund.

6 Wells Fargo Advantage Large Company Value Fund Performance Highlights (Unaudited)

AVERAGE ANNUAL TOTAL RETURN³ (%) (AS OF JANUARY 31, 2012)

			Including Sales Charge											Excluding Sales Charge											Expense Ratios4
	Inception Date		6 Months*			1 Year			5 Year			10 Year		6 Months*			1 Year			5 Year			10 Year		Gross		Net5
Class A (WLCAX)		03/31/2008		(5.84	)		(6.46	)		(2.44	)		2.70		(0.09	)		(0.79	)		(1.28	)		3.31		1.34%		1.11%
Class C (WFLVX)		03/31/2008		(1.50	)		(2.58	)		(1.98	)		2.63		(0.50	)		(1.58	)		(1.98	)		2.63		2.09%		1.86%
Administrator Class (WWIDX)		12/31/2001													(0.02	)		(0.57	)		(0.96	)		3.69		1.18%		0.86%
Institutional Class (WLCIX)		03/31/2008													0.08			(0.40	)		(0.82	)		3.76		0.91%		0.66%
Investor Class (SDVIX)		07/01/1993													(0.23	)		(0.92	)		(1.35	)		3.27		1.41%		1.18%
Russell 1000® Value Index6															1.74			1.88			(2.16	)		4.36

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

Figures quoted represent past performance, which is no guarantee of future results and do not reflect the deduction of taxes that a shareholder may pay on fund distributions or the redemption of fund shares. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance shown without sales charges would be lower if sales charges were reflected. Current performance may be lower or higher than the performance data quoted and assumes the reinvestment of dividends and capital gains. Current month-end performance is available on the Fund’s Web site – 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 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 fund values fluctuate in response to the activities of individual companies and general market and economic conditions. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). This Fund is exposed to foreign investment risk. Consult the Fund’s prospectus for additional information on these and other risks.

3. Historical performance shown for Class A shares prior to their inception reflects the performance of the Investor Class shares, and includes the higher expenses applicable to the Investor Class shares (except during those periods in which the expenses of Class A shares would have been higher than those of the Investor Class shares.) If these expenses had not been included, returns would be higher. Historical performance shown for Class C shares prior to their inception reflects the performance of the Investor Class shares, adjusted to reflect the higher expenses applicable to Class C shares. Historical performance shown for the Administrator Class and Institutional Class shares prior to their inception reflects the performance of the Investor Class shares and includes the higher expenses applicable to the Investor Class shares. If these expenses had not been included, returns would be higher.

4. Reflects the expense ratios as stated in the most recent prospectuses.

5. The Adviser has committed through July 18, 2013 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 1.10% for Class A, 1.85% for Class C, 0.85% for Administrator Class, 0.65% for Institutional Class and 1.17% for Investor Class shares. Without this cap, the Fund’s returns would have been lower.

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

Fund Expenses (Unaudited) Wells Fargo Advantage Large Company Value Fund 7

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 August 1, 2011 to January 31, 2012.

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 08-01-2011		Ending Account Value 01-31-2012		Expenses Paid During the Period1		Net Annual Expense Ratio
Class A
Actual	$	1,000.00	$	999.14	$	5.53		1.10	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.61	$	5.58		1.10	%
Class C
Actual	$	1,000.00	$	994.97	$	9.28		1.85	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.84	$	9.37		1.85	%
Administrator Class
Actual	$	1,000.00	$	999.82	$	4.27		0.85	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.86	$	4.32		0.85	%
Institutional Class
Actual	$	1,000.00	$	1,000.76	$	3.32		0.66	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.82	$	3.35		0.66	%
Investor Class
Actual	$	1,000.00	$	997.72	$	5.98		1.19	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.15	$	6.04		1.19	%

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).

8 Wells Fargo Advantage Large Company Value Fund Portfolio of Investments—January 31, 2012 (Unaudited)

Security Name	Shares		Value
Common Stocks: 96.85%
Consumer Discretionary: 9.43%
Hotels, Restaurants & Leisure: 1.09%
Starwood Hotels & Resorts Worldwide Incorporated		88,997	$	4,827,197
Household Durables: 1.41%
Newell Rubbermaid Incorporated		337,029		6,224,926
Media: 2.98%
DIRECTV Group IncorporatedǠ		104,001		4,681,090
Omnicom Group Incorporated		92,259		4,207,933
Walt Disney Company«		110,504		4,298,606
				13,187,629
Multiline Retail: 0.87%
Target Corporation		75,990		3,861,052
Specialty Retail: 2.10%
Home Depot Incorporated		208,633		9,261,219
Textiles, Apparel & Luxury Goods: 0.98%
VF Corporation		32,858		4,320,498
Consumer Staples: 5.48%
Beverages: 0.96%
PepsiCo Incorporated		64,472		4,233,876
Food & Staples Retailing: 2.08%
CVS Caremark Corporation		220,728		9,215,394
Food Products: 1.08%
Sara Lee Corporation		249,400		4,776,010
Household Products: 1.36%
Procter & Gamble Company		95,243		6,004,119
Energy: 11.36%
Energy Equipment & Services: 2.77%
Nabors Industries Limited†		337,287		6,280,284
Noble Corporation«		171,468		5,973,945
				12,254,229
Oil, Gas & Consumable Fuels: 8.59%
Apache Corporation		46,701		4,617,795
Chevron Corporation		124,617		12,845,520
ConocoPhillips Company		113,682		7,754,249
Devon Energy Corporation		72,639		4,635,095
Pioneer Natural Resources Company		47,293		4,696,195
Whiting Petroleum Corporation†		67,482		3,380,173
				37,929,027

Portfolio of Investments—January 31, 2012 (Unaudited) Wells Fargo Advantage Large Company Value Fund 9

Security Name	Shares		Value
Financials: 26.12%
Capital Markets: 1.99%
Goldman Sachs Group Incorporated		39,360	$	4,387,459
State Street Corporation		112,949		4,425,342
				8,812,801
Commercial Banks: 4.59%
Comerica Incorporated		247,114		6,837,644
First Republic Bank Corporation†		212,808		6,379,984
KeyCorp Incorporated		909,178		7,064,313
				20,281,941
Consumer Finance: 2.38%
Capital One Financial Corporation«		131,287		6,006,380
SLM Corporation		300,719		4,495,749
				10,502,129
Diversified Financial Services: 7.67%
Bank of America Corporation		800,064		5,704,456
Berkshire Hathaway Incorporated Class B†		108,957		8,538,960
Citigroup Incorporated		262,185		8,054,323
JPMorgan Chase & Company		311,490		11,618,577
				33,916,316
Insurance: 5.49%
ACE Limited		118,572		8,252,611
MetLife Incorporated		205,421		7,257,524
The Travelers Companies Incorporated		149,821		8,734,564
				24,244,699
REITs: 4.00%
Alexandria Real Estate Equities Incorporated«		82,226		5,953,985
Simon Property Group Incorporated		86,126		11,701,078
				17,655,063
Health Care: 11.86%
Health Care Equipment & Supplies: 1.02%
Stryker Corporation		81,312		4,507,124
Health Care Providers & Services: 2.00%
CIGNA Corporation		196,806		8,822,813
Pharmaceuticals: 8.84%
Abbott Laboratories		74,695		4,044,734
Hospira Incorporated†		140,644		4,846,592
Johnson & Johnson Services Incorporated		122,133		8,049,786
Merck & Company Incorporated		187,829		7,186,338
Pfizer Incorporated		490,157		10,489,360
Teva Pharmaceutical Industries Limited ADR		98,533		4,446,794
				39,063,604

10 Wells Fargo Advantage Large Company Value Fund Portfolio of Investments—January 31, 2012 (Unaudited)

Security Name	Shares		Value
Industrials: 9.16%
Airlines: 1.02%
Southwest Airlines Company		472,219	$	4,523,858
Construction & Engineering: 0.91%
URS Corporation†		97,270		4,002,661
Industrial Conglomerates: 3.49%
General Electric Company		825,169		15,438,912
Machinery: 2.31%
Dover Corporation«		106,836		6,774,471
Eaton Corporation		69,833		3,423,912
				10,198,383
Road & Rail: 1.43%
Norfolk Southern Corporation		87,578		6,323,132
Information Technology: 9.54%
Communications Equipment: 1.98%
Cisco Systems Incorporated		444,497		8,725,476
Computers & Peripherals: 1.55%
EMC Corporation†		266,088		6,854,427
Internet Software & Services: 0.96%
Google Incorporated Class A†		7,290		4,229,002
IT Services: 1.79%
Accenture plc		138,272		7,928,516
Semiconductors & Semiconductor Equipment: 1.27%
Maxim Integrated Products Incorporated		209,503		5,623,061
Software: 1.99%
Compuware Corporation†		555,010		4,351,278
Microsoft Corporation		150,989		4,458,705
				8,809,983
Materials: 2.62%
Chemicals: 2.02%
Ashland Incorporated«		73,608		4,641,720
Huntsman Corporation		337,767		4,299,774
				8,941,494
Metals & Mining: 0.60%
Alcoa Incorporated		261,009		2,651,851
Telecommunication Services: 4.07%
Diversified Telecommunication Services: 3.43%
AT&T Incorporated		291,778		8,581,191
Verizon Communications Incorporated«		174,531		6,572,837
				15,154,028

Portfolio of Investments—January 31, 2012 (Unaudited) Wells Fargo Advantage Large Company Value Fund 11

Security Name				Shares		Value
Wireless Telecommunication Services: 0.64%
NII Holdings Incorporated†					141,148	$	2,838,486
Utilities: 7.21%
Electric Utilities: 3.30%
Duke Energy Corporation«					361,659		7,706,953
Entergy Corporation					98,630		6,842,949
							14,549,902
Multi-Utilities: 2.82%
Dominion Resources Incorporated					121,470		6,078,359
NiSource Incorporated«					281,243		6,392,653
							12,471,012
Water Utilities: 1.09%
American Water Works Company Incorporated					143,105		4,826,930
Total Common Stocks (Cost $374,541,024)							427,992,780
				Principal
Other: 0.11%
Gryphon Funding Limited, Pass-Through Entity(a)(i)(v)				$	639,367		172,629
VFNC Corporation, Pass-Through Entity, 0.27%(a)(i)(v)± 144A					728,559		313,280
Total Other (Cost $227,113)							485,909
	Yield			Shares
Short-Term Investments: 10.07%
Investment Companies: 10.07%
Wells Fargo Advantage Cash Investment Money Market Fund, Institutional Class(l)(u)		0.02	%		6,210,669		6,210,669
Wells Fargo Securities Lending Cash Investments, LLC(v)(l)(u)(r)		0.15			38,272,387		38,272,387
Total Short-Term Investments (Cost $44,483,056)							44,483,056

Total Investments in Securities
(Cost $419,251,193)*	107.03	%		472,961,745
Other Assets and Liabilities, Net	(7.03	)		(31,055,386	)
Total Net Assets	100.00	%	$	441,906,359

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

† Non-income earning security.

(a) Security is fair valued by the Management Valuation Team, and in certain instances by the Board of Trustees, in accordance with procedures approved by the Board of Trustees.

(i) Illiquid security.

(v) Security represents investment of cash collateral received from securities on loan.

± Variable rate investment.

144A Security that may be resold to “qualified institutional buyers” under Rule 144A or security offered pursuant to Section 4(2) of the Securities Act of 1933, as amended.

(l) Investment in an affiliate.

(u) Rate shown is the 7-day annualized yield at period end.

(r) The investment company is exempt from registration under Section 3(c)(7) of the 1940 Act.

* Cost for federal income tax purposes is $426,188,235 and net unrealized appreciation (depreciation) consists of:

Gross unrealized appreciation	$	55,646,259
Gross unrealized depreciation		(8,872,749	)
Net unrealized appreciation	$	46,773,510

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

12 Wells Fargo Advantage Large Company Value Fund Statement of Assets and Liabilities—January 31, 2012 (Unaudited)

Assets
Investments
In unaffiliated securities (including securities on loan), at value (see cost below)	$	428,478,689
In affiliated securities, at value (see cost below)		44,483,056
Total investments, at value (see cost below)		472,961,745
Receivable for investments sold		12,111,996
Receivable for Fund shares sold		223,654
Receivable for dividends		353,963
Receivable for securities lending income		4,298
Prepaid expenses and other assets		34,772
Total assets		485,690,428
Liabilities
Payable for investments purchased		4,442,752
Payable for Fund shares redeemed		473,421
Payable upon receipt of securities loaned		38,499,500
Advisory fee payable		167,511
Distribution fees payable		2,822
Due to other related parties		41,374
Accrued expenses and other liabilities		156,689
Total liabilities		43,784,069
Total net assets	$	441,906,359
NET ASSETS CONSIST OF
Paid-in capital	$	409,206,451
Undistributed net investment income		863,721
Accumulated net realized losses on investments		(21,874,365	)
Net unrealized gains on investments		53,710,552
Total net assets	$	441,906,359
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE1
Net assets – Class A	$	107,042,579
Shares outstanding – Class A		8,560,419
Net asset value per share – Class A		$12.50
Maximum offering price per share – Class A2		$13.26
Net assets – Class C	$	4,159,747
Shares outstanding – Class C		326,402
Net asset value per share – Class C		$12.74
Net assets – Administrator Class	$	190,332,855
Shares outstanding – Administrator Class		15,151,571
Net asset value per share – Administrator Class		$12.56
Net assets – Institutional Class	$	16,178,049
Shares outstanding – Institutional Class		1,289,825
Net asset value per share – Institutional Class		$12.54
Net assets – Investor Class	$	124,193,129
Shares outstanding – Investor Class		9,707,021
Net asset value per share – Investor Class		$12.79
Investments in unaffiliated securities, at cost	$	374,768,137
Investments in affiliated securities, at cost	$	44,483,056
Total investments, at cost	$	419,251,193
Securities on loan, at value	$	37,591,238

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 January 31, 2012 (Unaudited) Wells Fargo Advantage Large Company Value Fund 13

Investment income
Dividends*	$	4,213,054
Securities lending income, net		48,640
Income from affiliated securities		4,154
Total investment income		4,265,848
Expenses
Advisory fee		1,246,515
Administration fees
Fund level		95,886
Class A		116,062
Class C		4,595
Administrator Class		79,258
Institutional Class		5,987
Investor Class		193,456
Shareholder servicing fees
Class A		111,598
Class C		4,418
Administrator Class		196,635
Investor Class		146,299
Distribution fees
Class C		13,255
Custody and accounting fees		20,414
Professional fees		17,320
Registration fees		36,781
Shareholder report expenses		34,103
Trustees’ fees and expenses		6,295
Other fees and expenses		2,378
Total expenses		2,331,255
Less: Fee waivers and/or expense reimbursements		(386,638	)
Net expenses		1,944,617
Net investment income		2,321,231
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized losses on investments		(782,097	)
Net change in unrealized gains (losses) on investments		30,927,252
Net realized and unrealized gains (losses) on investments		30,145,155
Net increase in net assets resulting from operations	$	32,466,386
* Net of foreign dividend withholding taxes of		$5,856

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

14 Wells Fargo Advantage Large Company Value Fund Statements of Changes in Net Assets

	Six Months Ended January 31, 2012 (Unaudited)						Year Ended July 31, 2011
Operations
Net investment income				$	2,321,231					$	977,881
Net realized gains (losses) on investments					(782,097	)					4,434,553
Net change in unrealized gains (losses) on investments					30,927,252						11,459,595
Net increase in net assets resulting from operations					32,466,386						16,872,029
Distributions to shareholders from
Net investment income
Class A					(334,035	)					(1,998	)
Class C					(1,710	)					(323	)
Administrator Class					(750,728	)					(5,162	)
Institutional Class					(162,729	)					(47,434	)
Investor Class					(585,686	)					(468,824	)
Total distributions to shareholders					(1,834,888	)					(523,741	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		94,047			1,089,898			46,394			583,401
Class C		7,282			85,667			8,302			105,538
Administrator Class		385,001			4,611,487			1,020,192			11,899,540
Institutional Class		46,631			538,473			1,178,928			14,101,121
Investor Class		186,651			2,225,706			528,969			6,737,077
					8,551,231						33,426,677
Reinvestment of distributions
Class A		27,638			315,692			169			1,998
Class C		125			1,406			21			261
Administrator Class		55,889			642,615			310			3,721
Institutional Class		14,100			159,578			3,911			47,434
Investor Class		47,642			551,836			36,075			436,265
					1,671,127						489,679
Payment for shares redeemed
Class A		(719,583	)		(8,516,019	)		(28,394	)		(357,049	)
Class C		(57,968	)		(689,078	)		(7,171	)		(85,115	)
Administrator Class		(1,965,696	)		(23,061,545	)		(993,961	)		(11,762,472	)
Institutional Class		(29,551	)		(345,253	)		(47,746	)		(616,491	)
Investor Class		(713,849	)		(8,589,322	)		(1,618,749	)		(20,465,218	)
					(41,201,217	)					(33,286,345	)
Net asset value of shares issued in acquisition
Class A		9,107,380			102,927,298			0			0
Class C		336,931			3,882,390			0			0
Administrator Class		16,623,780			188,701,818			0			0
Institutional Class		122,764			1,391,319			0			0
Investor Class		1,606,770			18,572,940			0			0
					315,475,765						0
Net increase in net assets resulting from capital share transactions					284,496,906						630,011
Total increase in net assets					315,128,404						16,978,299
Net assets
Beginning of period					126,777,955						109,799,656
End of period				$	441,906,359					$	126,777,955
Undistributed net investment income				$	863,721					$	377,378

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

Financial Highlights Wells Fargo Advantage Large Company Value Fund 15

(For a share outstanding throughout each period)

	Six Months Ended January 31, 2012 (Unaudited)			Year Ended July 31,
Class A				2011			2010			2009			20081
Net asset value, beginning of period	$	12.61		$	11.04		$	9.84		$	14.43		$	14.92
Net investment income		0.06	2		0.12			0.09			0.17	2		0.08	2
Net realized and unrealized gains (losses) on investments		(0.09	)		1.51			1.21			(3.39	)		(0.51	)
Total from investment operations		(0.03	)		1.63			1.30			(3.22	)		(0.43	)
Distributions to shareholders from
Net investment income		(0.08	)		(0.06	)		(0.10	)		(0.24	)		(0.06	)
Net realized gains		0.00			0.00			0.00			(1.13	)		0.00
Total distributions to shareholders		(0.08	)		(0.06	)		(0.10	)		(1.37	)		(0.06	)
Net asset value, end of period		$12.50			$12.61			$11.04			$  9.84			$14.43
Total return3		(0.09	)%		14.77	%		13.22	%		(21.52	)%		(2.92	)%
Ratios to average net assets (annualized)
Gross expenses		1.27	%		1.32	%		1.42	%		1.52	%		1.37	%
Net expenses		1.10	%		1.25	%		1.25	%		1.23	%		1.25	%
Net investment income		1.07	%		0.74	%		0.74	%		1.85	%		1.55	%
Supplemental data
Portfolio turnover rate		18	%		35	%		42	%		61	%		71	%
Net assets, end of period (000’s omitted)		$107,043			$642			$362			$165			$14

1. For the period from March 31, 2008 (commencement of class operations) to July 31, 2008.

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 Large Company Value Fund Financial Highlights

(For a share outstanding throughout each period)

	Six Months Ended January 31, 2012 (Unaudited)			Year Ended July 31,
Class C				2011			2010			2009			20081
Net asset value, beginning of period	$	12.81		$	11.26		$	10.03		$	14.66		$	15.17
Net investment income		0.04			0.01			0.03			0.06	2		0.04	2
Net realized and unrealized gains (losses) on investments		(0.11	)		1.55			1.22			(3.40	)		(0.52	)
Total from investment operations		(0.07	)		1.56			1.25			(3.34	)		(0.48	)
Distributions to shareholders from
Net investment income		(0.00	)2		(0.01	)		(0.02	)		(0.16	)		(0.03	)
Net realized gains		0.00			0.00			0.00			(1.13	)		0.00
Total distributions to shareholders		(0.00	)2		(0.01	)		(0.02	)		(1.29	)		(0.03	)
Net asset value, end of period	$	12.74		$	12.81		$	11.26		$	10.03		$	14.66
Total return3		(0.50	)%		13.85	%		12.47	%		(22.07	)%		(3.17	)%
Ratios to average net assets (annualized)
Gross expenses		2.02	%		2.08	%		2.17	%		2.23	%		2.12	%
Net expenses		1.85	%		2.00	%		2.00	%		1.97	%		2.00	%
Net investment income		0.34	%		0.04	%		0.02	%		0.69	%		0.78	%
Supplemental data
Portfolio turnover rate		18	%		35	%		42	%		61	%		71	%
Net assets, end of period (000’s omitted)		$4,160			$513			$438			$274			$10

1. For the period from March 31, 2008 (commencement of class operations) to July 31, 2008.

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 Large Company Value Fund 17

(For a share outstanding throughout each period)

	Six Months Ended January 31, 2012 (Unaudited)			Year Ended July 31,
Administrator Class				2011			2010			2009			2008			2007
Net asset value, beginning of period	$	12.68		$	11.08		$	9.87		$	14.43		$	17.09		$	16.76
Net investment income		0.08	1		0.11			0.12	1		0.31	1		0.33	1		0.38	1
Net realized and unrealized gains (losses) on investments		(0.09	)		1.56			1.22			(3.49	)		(1.46	)		1.51
Total from investment operations		(0.01	)		1.67			1.34			(3.18	)		(1.13	)		1.89
Distributions to shareholders from
Net investment income		(0.11	)		(0.07	)		(0.13	)		(0.25	)		(0.34	)		(0.38	)
Net realized gains		0.00			0.00			0.00			(1.13	)		(1.19	)		(1.18	)
Total distributions to shareholders		(0.11	)		(0.07	)		(0.13	)		(1.38	)		(1.53	)		(1.56	)
Net asset value, end of period		$12.56			$12.68			$11.08			$  9.87			$14.43			$17.09
Total return2		(0.02	)%		15.12	%		13.53	%		(21.20	)%		(7.48	)%		11.45	%
Ratios to average net assets (annualized)
Gross expenses		1.11	%		1.17	%		1.24	%		1.30	%		1.21	%		1.24	%
Net expenses		0.85	%		0.96	%		0.96	%		0.95	%		0.96	%		0.96	%
Net investment income		1.32	%		1.93	%		1.12	%		2.56	%		2.05	%		2.16	%
Supplemental data
Portfolio turnover rate		18	%		35	%		42	%		61	%		71	%		18	%
Net assets, end of period (000’s omitted)		$190,333			$667			$289			$185			$2,405			$3,489

1. Calculated based upon average shares outstanding.

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 Large Company Value Fund Financial Highlights

(For a share outstanding throughout each period)

	Six Months Ended January 31, 2012 (Unaudited)			Year Ended July 31,
Institutional Class				2011			2010			2009			20081
Net asset value, beginning of period	$	12.68		$	11.08		$	9.86		$	14.43		$	14.92
Net investment income		0.10			0.14			0.14			0.26	2		0.10	2
Net realized and unrealized gains (losses) on investments		(0.11	)		1.54			1.23			(3.42	)		(0.52	)
Total from investment operations		(0.01	)		1.68			1.37			(3.16	)		(0.42	)
Distributions to shareholders from
Net investment income		(0.13	)		(0.08	)		(0.15	)		(0.28	)		(0.07	)
Net realized gains		0.00			0.00			0.00			(1.13	)		0.00
Total distributions to shareholders		(0.13	)		(0.08	)		(0.15	)		(1.41	)		(0.07	)
Net asset value, end of period	$	12.54		$	12.68		$	11.08		$	9.86		$	14.43
Total return3		0.08	%		15.36	%		13.76	%		(21.07	)%		(2.82	)%
Ratios to average net assets (annualized)
Gross expenses		0.85	%		0.89	%		0.96	%		1.06	%		0.91	%
Net expenses		0.66	%		0.75	%		0.75	%		0.75	%		0.75	%
Net investment income		1.67	%		1.12	%		1.28	%		2.64	%		2.02	%
Supplemental data
Portfolio turnover rate		18	%		35	%		42	%		61	%		71	%
Net assets, end of period (000’s omitted)		$16,178			$14,401			$9			$8			$10

1. For the period from March 31, 2008 (commencement of class operations) to July 31, 2008.

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 Large Company Value Fund 19

(For a share outstanding throughout each period)

	Six Months Ended January 31, 2012 (Unaudited)			Year Ended July 31,
Investor Class				2011			2010			2009			2008			2007
Net asset value, beginning of period	$	12.89		$	11.28		$	10.05		$	14.67		$	17.35		$	16.99
Net investment income		0.07			0.09			0.08			0.21	1		0.28	1		0.29	1
Net realized and unrealized gains (losses) on investments		(0.11	)		1.57			1.23			(3.48	)		(1.50	)		1.56
Total from investment operations		(0.04	)		1.66			1.31			(3.27	)		(1.22	)		1.85
Distributions to shareholders from
Net investment income		(0.06	)		(0.05	)		(0.08	)		(0.22	)		(0.27	)		(0.31	)
Net realized gains		0.00			0.00			0.00			(1.13	)		(1.19	)		(1.18	)
Total distributions to shareholders		(0.06	)		(0.05	)		(0.08	)		(1.35	)		(1.46	)		(1.49	)
Net asset value, end of period		$12.79			$12.89			$11.28			$10.05			$14.67			$17.35
Total return2		(0.23	)%		14.75	%		13.06	%		(21.53	)%		(7.84	)%		11.04	%
Ratios to average net assets (annualized)
Gross expenses		1.35	%		1.40	%		1.52	%		1.63	%		1.52	%		1.51	%
Net expenses		1.19	%		1.32	%		1.35	%		1.35	%		1.37	%		1.37	%
Net investment income		1.14	%		0.74	%		0.70	%		2.05	%		1.71	%		1.62	%
Supplemental data
Portfolio turnover rate		18	%		35	%		42	%		61	%		71	%		18	%
Net assets, end of period (000’s omitted)		$124,193			$110,554			$108,703			$106,931			$151,546			$196,291

1. Calculated based upon average shares outstanding.

2. 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 Large Company Value Fund Notes to Financial Statements (Unaudited)

1. ORGANIZATION

Wells Fargo Funds Trust (the “Trust”), a Delaware statutory trust organized on March 10, 1999, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). These financial statements report on Wells Fargo Advantage Large Company Value 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

Investments in equity securities are valued each business day as of the close of regular trading on the New York Stock Exchange, which is usually 4:00 p.m. (Eastern Time). Securities which are traded on a national or foreign securities exchange are valued at the last reported sales price, except that securities listed on The Nasdaq Stock Market, Inc. (“Nasdaq”) are valued at the Nasdaq Official Closing Price (“NOCP”), and if no NOCP is available, then at the last reported sales price. If no sales price is shown on the Nasdaq, the bid price will be used. In the absence of any sale of securities listed on the Nasdaq, and in the case of other securities (including U.S. Government obligations, but excluding debt securities maturing in 60 days or less), the price will be deemed “stale” and the valuations will be determined in accordance with the Fund’s Fair Value Procedures.

Investments in open-end mutual funds and non-registered investment companies are generally 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 by procedures established in good faith and approved by the Board of Trustees.

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 Wells Fargo Securities Lending Cash Investments, LLC (the “Cash Collateral Fund”). The Cash Collateral Fund is exempt from registration under Section 3(c)(7) of the 1940 Act and is managed by Wells Fargo Funds Management LLC (“Funds Management”) and is sub-advised by Wells Capital Management Incorporated (“Wells Capital Management”). Funds Management receives an advisory fee starting at 0.05% and declining to 0.01% as the average daily net assets of the Cash Collateral Fund increase. All of the fees received by Funds Management are paid to Wells Capital Management for its services as sub-adviser. The Cash Collateral 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. Cash Collateral Fund investments are fair valued based upon the amortized cost valuation technique. Income earned from investment in the Cash Collateral Fund is included in securities lending income on the Statement of Operations.

For Wells Fargo Advantage Funds that participated in securities lending activity prior to February 13, 2009, certain structured investment vehicles purchased in a joint account by the former securities lending agent defaulted or were

Notes to Financial Statements (Unaudited) Wells Fargo Advantage Large Company Value Fund 21

impaired. Certain of the Wells Fargo Advantage Funds still hold ownership interest in these structured investment vehicles, which have since been restructured as pass-through securities. If the Fund holds an ownership interest in such pass-through securities, information regarding this ownership interest can be found in the Portfolio of Investments under the category “Other”.

Security transactions and income recognition

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

Dividend income is recognized on the ex-dividend date, except for certain dividends from foreign securities, which are recorded as soon as the Fund is informed of 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 income tax regulations, which may differ from 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.

Under the recently enacted Regulated Investment Company Modernization Act of 2010, the Fund is permitted to carry forward capital losses incurred in taxable years which began after December 22, 2010 for an unlimited period. However, any losses incurred are required to be utilized prior to the losses incurred in pre-enactment taxable years. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law.

As of July 31, 2011, the Fund had net capital loss carryforwards, which were available to offset future net realized capital gains, in the amount of $17,119,743 with $7,073,671 expiring in 2017 and $10,046,072 expiring in 2018.

Class allocations

The separate classes of shares offered by the Fund differ principally in applicable sales charges, distribution, shareholder servicing and administration fees. Shareholders of each class bear certain expenses that pertain to that particular class. All shareholders bear the common expenses of the Fund, earn income from the portfolio, and are allocated unrealized gains and losses pro rata based on the average daily net assets of each class, without distinction between share classes. Dividends are determined separately for each class based on income and expenses allocable to each class. Realized gains and losses are allocated to each class pro rata based upon the net assets of each class on the date realized. Differences in per share dividend rates generally result from the relative weightings of pro rata income and realized gain allocations and from differences in separate class expenses, including distribution, shareholder servicing and administration fees.

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

22 Wells Fargo Advantage Large Company Value Fund Notes to Financial Statements (Unaudited)

n Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, 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 securities are not necessarily an indication of the risk associated with investing in those securities.

As of January 31, 2012, the inputs used in valuing the Fund’s assets, which are carried at fair value, were as follows:

Investments in Securities	Quoted Prices (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Equity securities
Common stocks	$	427,992,780	$	0	$	0	$	427,992,780
Other		0		0		485,909		485,909
Short-term investments
Investment companies		6,210,669		38,272,387		0		44,483,056
	$	434,203,449	$	38,272,387	$	485,909	$	472,961,745

Further details on the major security types listed above can be found in the Portfolio of Investments.

Transfers in and transfers out are recognized at the end of the reporting period. For the six months ended January 31, 2012, the Fund did not have any significant transfers into/out of Level 1 and Level 2.

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

	Other
Balance as of July 31, 2011	$	258,422
Accrued discounts (premiums)		0
Realized gains (losses)		0
Change in unrealized gains (losses)		(120,502	)
Purchases		0
Sales		(67,911	)
Transfers into Level 3		0
Transfers out of Level 3		0
Transfers in from acquisition		415,900
Balance as of January 31, 2012	$	485,909
Change in unrealized gains (losses) relating to securities still held at January 31, 2012	$	(162,044	)

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 sub-adviser, 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 January 31, 2012, the advisory fee was equivalent to an annual rate of 0.65% of the Fund’s average daily net assets.

Funds Management may retain the services of certain sub-advisers to provide daily portfolio management to the Fund. The fees related to sub-advisory services are borne directly by Funds Management and do not increase the overall fees paid by the Fund. Phocas Financial Corporation is the sub-adviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.29% and declining to 0.20% as the average daily net assets of the Fund increase.

Notes to Financial Statements (Unaudited) Wells Fargo Advantage Large Company Value Fund 23

Administration and transfer agent 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
Investor Class		0.33

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 July 18, 2013, to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.10% for Class A, 1.85% for Class C, 0.85% for Administrator Class, 0.65 for Institutional Class and 1.17% for Investor Class.

Distribution fees

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

For the six months ended January 31, 2012, Wells Fargo Funds Distributor, LLC received $1,533 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 (securities with maturities of one year or less at purchase date), for the six months ended January 31, 2012, were $68,649,481 and $104,187,548, respectively.

6. ACQUISITION

After the close of business on August 26, 2011, the Fund acquired the net assets of Wells Fargo Advantage Disciplined Value Fund. The purpose of the transaction was to combine two funds with similar investment objectives and strategies. Shareholders holding Class A, Class C Administrator Class, Institutional Class and Investor Class shares of Wells Fargo Advantage Disciplined Value Fund received Class A, Class C, Administrator Class, Institutional Class and Investor Class shares, respectively, of the Fund in the reorganization. The acquisition was accomplished by a tax-free exchange of all the shares of Wells Fargo Advantage Disciplined Value fund for 27,797,625 shares of the Fund valued at $315,475,765 at an exchange ratio of 1.00, 0.97, 0.99, 0.99 and 0.97 for Class A, Class C, Administrator Class, Institutional Class and Investor Class, respectively. The investment portfolio of Wells Fargo Advantage Disciplined Value Fund with a fair value of $310,613,015, identified cost of $304,030,365 and unrealized appreciation of $6,582,650 at August 26, 2011 were the principal assets acquired by the Fund. The aggregated net assets of Wells Fargo Advantage Disciplined Value Fund and the Fund immediately prior to the acquisition were $315,475,765 and $113,518,809, respectively. The aggregate net assets of the Fund immediately after the acquisition were $428,994,574. For financial reporting purposes, assets received and shares issued by the Fund were recorded at fair value; however, the cost basis of the investments received from Wells

24 Wells Fargo Advantage Large Company Value Fund Notes to Financial Statements (Unaudited)

Fargo Advantage Disciplined Value Fund was carried forward to align ongoing reporting of the Fund’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

Assuming the acquisition had been completed August 1, 2011 the beginning of the reporting period for the Fund, the pro forma results of operations for the six months ended January 31, 2012 would have been:

Net investment income	$	3,070,755
Net realized and unrealized losses on investments	$	(9,290,220	)
Net decrease in net assets resulting from operations	$	(6,219,465	)

Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of Wells Fargo Advantage Disciplined Value Fund that have been included in the Fund’s Statement of Operations since August 29, 2011.

7. BANK BORROWINGS

The Trust (excluding the money market funds) and Wells Fargo Variable Trust are parties to a $150,000,000 revolving credit agreement with State Street Bank and Trust Company, 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. Prior to September 6, 2011, the revolving credit agreement was for $125,000,000 and the annual commitment fee was equal 0.125% of the unused balance. For the six months ended January 31, 2012, the Fund paid $119 in commitment fees.

For the six months ended January 31, 2012, there were no borrowings by the Fund under the agreement.

8. INDEMNIFICATION

Under the Trust’s organizational documents, the officers and directors are indemnified against certain liabilities that may arise out of performance of their duties to the Trust. Additionally, in the normal course of business, the Trust may enter 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. NEW ACCOUNTING PRONOUNCEMENTS

In May 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2011-04 “Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs”. ASU No. 2011-04 amends FASB ASC Topic 820, Fair Value Measurements and Disclosures, to establish common requirements for measuring fair value and for disclosing information about fair value measurements in accordance with GAAP. The ASU is effective prospectively for interim and annual periods beginning after December 15, 2011. Management expects that adoption of the ASU will result in additional disclosures in the financial statements, as applicable.

In April 2011, FASB issued ASU No. 2011-03 “Reconsideration of Effective Control for Repurchase Agreements”. ASU No. 2011-03 amends FASB ASC Topic 860, Transfers and Servicing, specifically the criteria required to determine whether a repurchase agreement (repo) and similar agreements should be accounted for as sales of financial assets or secured borrowings with commitments. ASU No. 2011-03 changes the assessment of effective control by focusing on the transferor’s contractual rights and obligations and removing the criterion to assess its ability to exercise those rights or honor those obligations. This could result in changes to the way entities account for certain transactions including repurchase agreements, mortgage dollar rolls and reverse repurchase agreements. The ASU will become effective on a prospective basis for new transfers and modifications to existing transactions as of the beginning of the first interim or annual period beginning on or after December 15, 2011. Management has evaluated the impact of adopting the ASU and expects no significant changes.

Notes to Financial Statements (Unaudited) Wells Fargo Advantage Large Company Value Fund 25

10. SUBSEQUENT DISTRIBUTIONS

On March 26, 2012, the Fund declared distributions from net investment income to shareholders of record on March 23, 2012. The per share amounts payable on March 27, 2012 were as follows:

	Net Investment Income
Class A	$	0.05641
Class C		0.03492
Administrator Class		0.06324
Institutional Class		0.06888
Investor Class		0.05414

These distributions are not reflected in the accompanying financial statements.

26 Wells Fargo Advantage Large Company Value 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 without charge, upon request, by calling 1-800-222-8222, visiting our Web site at wellsfargoadvantagefunds.com, or visiting the SEC Web site 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 without charge on the Fund’s Web site at wellsfargoadvantagefunds.com or by visiting the SEC Web site at sec.gov.

PORTFOLIO HOLDINGS INFORMATION

The complete portfolio holdings for the Fund are publicly available on the Fund’s Web site (wellsfargoadvantagefunds.com) on a monthly, 30-day or more delayed basis. In addition, top ten holdings information for the Fund is publicly available on the Fund’s Web site 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 without charge by visiting the SEC Web site 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 Large Company Value Fund 27

BOARD OF TRUSTEES

The following table provides basic information about the Board of Trustees (the “Trustees”) of the Trust and Officers of the Trust. This table should be read in conjunction with the Prospectus and the Statement of Additional Information¹ of the Fund. Each of the Trustees and Officers listed below acts in identical capacities for the Wells Fargo Advantage family of funds, which consists of 137 funds comprising the Wells Fargo Funds Trust, Wells Fargo Variable Trust, Wells Fargo Master Trust and four closed-end funds (collectively the “Fund Complex”). All of the Trustees are also Members of the Audit and Governance Committees of each Trust in the Fund Complex. 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	Other Directorships During Past Five Years
Peter G. Gordon (Born 1942)	Trustee, since 1998; Chairman, since 2005 (Lead Trustee since 2001)	Co-Founder, Retired Chairman, President and CEO of Crystal Geyser Water Company. Trustee Emeritus, Colby College	Asset Allocation Trust
Isaiah Harris, Jr. (Born 1952)	Trustee, since 2009	Retired. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Mr. Harris is a certified public accountant.	CIGNA Corporation; Deluxe Corporation; Asset Allocation Trust
Judith M. Johnson (Born 1949)	Trustee, since 2008	Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant.	Asset Allocation Trust
Leroy Keith, Jr. (Born 1939)	Trustee, since 2010	Chairman, Bloc Global Services (development and construction). Trustee of the Evergreen Funds from 1983 to 2010. Former Managing Director, Almanac Capital Management (commodities firm), former Partner, Stonington Partners, Inc. (private equity fund), former Director, Obagi Medical Products Co. and former Director, Lincoln Educational Services.	Trustee, Virtus Fund Complex (consisting of 40 portfolios as of 12/31/11); 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, Director of Corporate Governance Research Program 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 Large Company Value Fund Other Information (Unaudited)

Name and Year of Birth	Position Held and Length of Service	Principal Occupations During Past Five Years	Other Directorships During Past Five Years
Timothy J. Penny (Born 1951)	Trustee, since 1996	President and CEO of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007 and Senior Fellow at the Humphrey Institute Policy Forum at the University of Minnesota since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	Asset Allocation Trust
Michael S. Scofield (Born 1943)	Trustee, since 2010	Served on the Investment Company Institute’s Board of Governors and Executive Committee from 2008-2011 as well the Governing Council of the Independent Directors Council from 2006-2011 and the Independent Directors Council Executive Committee from 2008-2011. Chairman of the IDC from 2008-2010. Institutional Investor (Fund Directions) Trustee of Year in 2007. Trustee of the Evergreen Funds (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 and former Director and Chairman, Branded Media Corporation (multi-media branding company).	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 Free Trust (non-profit corporation). Director of the American Chestnut Foundation (non-profit corporation).	Asset Allocation Trust

Officers

Name and Year of Birth	Position Held and Length of Service	Principal Occupations During Past Five Years
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. Senior Vice President and Chief Administrative Officer of Wells Fargo Funds Management, LLC from 2001 to 2003.
C. David Messman (Born 1960)	Secretary, since 2000; Chief Legal Counsel, since 2003	Senior Vice President and Secretary of Wells Fargo Funds Management, LLC since 2001. Vice President and Managing Senior Counsel of Wells Fargo Bank, N.A. since 1996.
Kasey Phillips (Born 1970)	Treasurer, since 2009	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2006 to 2010. Treasurer of the Evergreen Funds from 2005 to 2010.
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 DePalma (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.
Debra Ann Early (Born 1964)	Chief Compliance Officer, since 2007	Chief Compliance Officer of Wells Fargo Funds Management, LLC since 2007. Chief Compliance Officer of Parnassus Investments from 2005 to 2007. Chief Financial Officer of Parnassus Investments from 2004 to 2007 and Senior Audit Manager of PricewaterhouseCoopers LLP from 1998 to 2004.

1. 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 Web site at wellsfargoadvantagefunds.com.

List of Abbreviations Wells Fargo Advantage Large Company Value Fund 29

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

ACB —  Agricultural Credit Bank

ADR —  American Depository Receipt

ADS —  American Depository Shares

AGC-ICC —  Assured Guaranty Corporation - Insured Custody Certificates

AGM —  Assured Guaranty Municipal

AMBAC —  American Municipal Bond Assurance Corporation

AMT —  Alternative Minimum Tax

AUD —  Australian Dollar

BAN —  Bond Anticipation Notes

BHAC —  Berkshire Hathaway Assurance Corporation

BRL —  Brazil 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 —  Certificate of Participation

CR —  Custody Receipts

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

FFCB —  Federal Farm Credit Bank

FGIC —  Financial Guaranty Insurance Corporation

FHA —  Federal Housing Authority

FHLB —  Federal Home Loan Bank

FHLMC —  Federal Home Loan Mortgage Corporation

FNMA —  Federal National Mortgage Association

FSA —  Farm Service Agency

GBP —  Great British Pound

GDR —  Global Depository 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

HUF —  Hungarian Forint

IBC —  Insured Bond Certificate

IDA —  Industrial Development Authority

IDAG —  Industrial Development Agency

IDR —  Industrial Development Revenue

IEP —  Irish Pound

JPY —  Japanese Yen

KRW —  Republic of Korea Won

LIBOR —  London Interbank Offered Rate

LLC —  Limited Liability Company

LLP —  Limited Liability Partnership

LOC —  Letter of Credit

LP —  Limited Partnership

MBIA —  Municipal Bond Insurance Association

MFHR —  Multi-Family Housing Revenue

MSTR —  Municipal Securities Trust Receipts

MTN —  Medium Term Note

MUD —  Municipal Utility District

MXN —  Mexican Peso

MYR —  Malaysian Ringgit

NATL-RE —  National Public Finance Guarantee Corporation

NOK —  Norwegian Krone

NZD —  New Zealand Dollar

PCFA —  Pollution Control Finance Authority

PCR —  Pollution Control Revenue

PFA —  Public Finance Authority

PFFA —  Public Facilities Financing Authority

PFOTER —  Puttable Floating Option Tax-Exempt Receipts

plc —  Public Limited Company

PLN —  Polish Zloty

PUTTER —  Puttable Tax-Exempt Receipts

R&D —  Research & Development

RDA —  Redevelopment Authority

RDFA —  Redevelopment Finance Authority

REIT —  Real Estate Investment Trust

ROC —  Reset Option Certificates

SAVRS —  Select Auction Variable Rate Securities

SBA —  Small Business Authority

SEK —  Swedish Krona

SFHR —  Single Family Housing Revenue

SFMR —  Single Family Mortgage Revenue

SGD —  Singapore Dollar

SKK —  Slovakian Koruna

SPDR —  Standard & Poor’s Depositary Receipts

TAN —  Tax Anticipation Notes

TBA —  To Be Announced

TIPS —  Treasury Inflation-Protected Securities

TRAN —  Tax Revenue Anticipation Notes

TCR —  Transferable Custody Receipts

TRY —  Turkish Lira

TTFA —  Transportation Trust Fund Authority

TVA —  Tennessee Valley Authority

XLCA —  XL Capital Assurance

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, e-mail, visit the Fund’s Web site, or call:

Wells Fargo Advantage Funds

P.O. Box 8266

Boston, MA 02266-8266

E-mail: wfaf@wellsfargo.com

Web site: 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. For a prospectus containing more complete information, including charges and expenses, call 1-800-222-8222 or visit the Fund’s Web site at wellsfargoadvantagefunds.com. Please consider the investment objectives, risks, charges, and expenses of the investment carefully before investing. This and other information about Wells Fargo Advantage Funds can be found in the current prospectus. 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

© 2012 Wells Fargo Funds Management, LLC. All rights reserved.

207950 03-12 SA210/SAR210 1-12

Wells Fargo Advantage

Omega Growth Fund

Semi-Annual Report

January 31, 2012

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	5
Fund Expenses	7
Portfolio of Investments	8
Financial Statements
Statement of Assets and Liabilities	12
Statement of Operations	13
Statements of Changes in Net Assets	14
Financial Highlights	15
Notes to Financial Statements	21
Other Information	25
List of Abbreviations	28

The views expressed and any forward-looking statements are as of January 31, 2012, 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, disclaims any obligation to publicly update or revise any views expressed or forward-looking statements.

NOT FDIC INSURED  ¡  NO BANK GUARANTEE  ¡   MAY LOSE VALUE

WELLS FARGO INVESTMENT HISTORY

1932	Keystone creates one of the first mutual fund families.
1971	Wells Fargo & Company introduces one of the first institutional index funds.
1978	Wells Fargo applies Markowitz and Sharpe’s research on Modern Portfolio Theory to introduce one of the industry’s first Tactical Asset Allocation (TAA) models in institutional separately managed accounts.
1984	Wells Fargo Stagecoach Funds launches its first asset allocation fund.
1989	The Tactical Asset Allocation (TAA) Model is first applied to Wells Fargo’s asset allocation mutual funds.
1994	Wells Fargo introduces the LifePath Funds, one of the first suites of target date funds (now the Wells Fargo Advantage Dow Jones Target Date FundsSM).
1996	Evergreen Investments and Keystone Funds merge.
1997	Wells Fargo launches Wells Fargo Advantage WealthBuilder PortfoliosSM, a fund-of-funds suite of products that includes the use of quantitative models to shift assets among investment styles.
1999	Norwest Advantage Funds and Stagecoach Funds are reorganized into Wells Fargo Funds after the merger of Norwest and Wells Fargo.
2002	Evergreen Retail and Evergreen Institutional companies form the umbrella asset management company, Evergreen Investments.
2005	The integration of Strong Funds with Wells Fargo Funds creates Wells Fargo Advantage Funds, resulting in one of the top 20 mutual fund companies in the United States.
2006	Wells Fargo Advantage Funds relaunches the target date product line as Wells Fargo Advantage Dow Jones Target Date Funds.
2010	The mergers and reorganizations of Evergreen and Wells Fargo Advantage mutual funds are completed, unifying the families under the brand of Wells Fargo Advantage Funds.

Wells Fargo Advantage Funds^®

Wells Fargo Advantage Funds skillfully guides institutions, financial advisors, and individuals through the investment terrain to help them reach their financial objectives. Everything we do on behalf of investors is backed by our unique combination of qualifications.

Strength

Our organization is built on the standards of integrity and service established by our parent company—Wells Fargo & Company—more than 150 years ago. And, because we’re part of a highly diversified financial enterprise, we offer the depth of resources to help investors succeed.

Expertise

Our multi-boutique model offers investors access to the independent thinking of premier investment managers that have been chosen for their time-tested strategies. While each team specializes in a specific investment strategy, collectively they provide investors a wide choice of distinct investment styles. Our dedication to investment excellence doesn’t end with our expertise in manager selection—risk management, analysis, and rigorous ongoing review seek to ensure each manager’s investment process remains consistent.

Partnership

Our collaborative approach is built around understanding the needs and goals of our clients. By adhering to core principles of sound judgment and steady guidance, we support you through every stage of the investment decision process.

Carefully consider a fund’s investment objectives, risks, charges, and expenses before investing. For a current prospectus and, if available, a summary prospectus, containing this and other information, visit wellsfargoadvantagefunds.com. Read it carefully before investing.

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.

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

NOT FDIC INSURED  ¡  NO BANK GUARANTEE  ¡   MAY LOSE VALUE

Not part of the semi-annual report.

Wells Fargo Advantage Funds offers more than 110 mutual funds across a wide range of asset classes, representing over $217 billion in assets under management, as of January 31, 2012.

Equity Funds
Asia Pacific Fund	Equity Value Fund	Precious Metals Fund
C&B Large Cap Value Fund	Global Opportunities Fund	Premier Large Company Growth Fund
C&B Mid Cap Value Fund	Growth Fund	Small Cap Opportunities Fund
Capital Growth Fund	Index Fund	Small Cap Value Fund
Common Stock Fund	International Equity Fund	Small Company Growth Fund
Disciplined U.S. Core Fund	International Value Fund	Small Company Value Fund
Discovery Fund†	Intrinsic Small Cap Value Fund	Small/Mid Cap Core Fund
Diversified Equity Fund	Intrinsic Value Fund	Small/Mid Cap Value Fund
Diversified International Fund	Intrinsic World Equity Fund	Special Mid Cap Value Fund
Diversified Small Cap Fund	Large Cap Core Fund	Special Small Cap Value Fund
Emerging Growth Fund	Large Cap Growth Fund	Specialized Technology Fund
Emerging Markets Equity Fund	Large Company Value Fund	Strategic Large Cap Growth Fund
Endeavor Select Fund†	Omega Growth Fund	Traditional Small Cap Growth Fund
Enterprise Fund†	Opportunity Fund†	Utility and Telecommunications Fund
Bond Funds
Adjustable Rate Government Fund	Inflation-Protected Bond Fund	Short-Term Bond Fund
California Limited-Term Tax-Free Fund	Intermediate Tax/AMT-Free Fund	Short-Term High Yield Bond Fund
California Tax-Free Fund	International Bond Fund	Short-Term Municipal Bond Fund
Colorado Tax-Free Fund	Minnesota Tax-Free Fund	Strategic Municipal Bond Fund
Government Securities Fund	Municipal Bond Fund	Total Return Bond Fund
High Income Fund	North Carolina Tax-Free Fund	Ultra Short-Term Income Fund
High Yield Bond Fund	Pennsylvania Tax-Free Fund	Ultra Short-Term Municipal Income Fund
Income Plus Fund	Short Duration Government Bond Fund	Wisconsin Tax-Free Fund
Asset Allocation Funds
Absolute Return Fund	WealthBuilder Equity Portfolio†	Target 2020 Fund†
Asset Allocation Fund	WealthBuilder Growth Allocation Portfolio†	Target 2025 Fund†
Conservative Allocation Fund	WealthBuilder Growth Balanced Portfolio†	Target 2030 Fund†
Diversified Capital Builder Fund	WealthBuilder Moderate Balanced Portfolio†	Target 2035 Fund†
Diversified Income Builder Fund	WealthBuilder Tactical Equity Portfolio†	Target 2040 Fund†
Growth Balanced Fund	Target Today Fund†	Target 2045 Fund†
Index Asset Allocation Fund	Target 2010 Fund†	Target 2050 Fund†
Moderate Balanced Fund	Target 2015 Fund†	Target 2055 Fund†
WealthBuilder Conservative Allocation Portfolio†
Money Market Funds
100% Treasury Money Market Fund	Heritage Money Market Fund†	National Tax-Free Money Market Fund
California Municipal Money Market Fund	Money Market Fund	Prime Investment Money Market Fund
Cash Investment Money Market Fund	Municipal Cash Management Money Market Fund	Treasury Plus Money Market Fund
Government Money Market Fund	Municipal Money Market Fund
Variable Trust Funds1
VT Discovery Fund†	VT Intrinsic Value Fund	VT Small Cap Growth Fund
VT Index Asset Allocation Fund	VT Omega Growth Fund	VT Small Cap Value Fund
VT International Equity Fund	VT Opportunity Fund†	VT Total Return Bond Fund

An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Wells Fargo Advantage Money Market Funds seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in a money market fund.

1. The Variable Trust Funds are generally available only through insurance company variable contracts.

† In this report, the Wells Fargo Advantage Discovery Fund^SM, Wells Fargo Advantage Endeavor Select Fund^SM, Wells Fargo Advantage Enterprise Fund^SM, Wells Fargo Advantage Opportunity Fund^SM, Wells Fargo Advantage WealthBuilder Conservative Allocation Portfolio^SM, Wells Fargo Advantage WealthBuilder Equity Portfolio^SM, Wells Fargo Advantage WealthBuilder Growth Allocation Portfolio^SM, Wells Fargo Advantage WealthBuilder Growth Balanced Portfolio^SM, Wells Fargo Advantage WealthBuilder Moderate Balanced Portfolio^SM, Wells Fargo Advantage WealthBuilder Tactical Equity Portfolio^SM, Wells Fargo Advantage Dow Jones Target Today Fund^SM, Wells Fargo Advantage Dow Jones Target 2010 Fund^SM, Wells Fargo Advantage Dow Jones Target 2015 Fund^SM, Wells Fargo Advantage Dow Jones Target 2020 Fund^SM, Wells Fargo Advantage Dow Jones Target 2025 Fund^SM, Wells Fargo Advantage Dow Jones Target 2030 Fund^SM, Wells Fargo Advantage Dow Jones Target 2035 Fund^SM, Wells Fargo Advantage Dow Jones Target 2040 Fund^SM, Wells Fargo Advantage Dow Jones Target 2045 Fund^SM, Wells Fargo Advantage Dow Jones Target 2050 Fund^SM, Wells Fargo Advantage Dow Jones Target 2055 Fund^SM, Wells Fargo Advantage Heritage Money Market Fund^SM, Wells Fargo Advantage VT Discovery Fund^SM, and Wells Fargo Advantage VT Opportunity Fund^SM are referred to as the Discovery Fund, Endeavor Select Fund, Enterprise Fund, Opportunity Fund, WealthBuilder Conservative Allocation Portfolio, WealthBuilder Equity Portfolio, WealthBuilder Growth Allocation Portfolio, WealthBuilder Growth Balanced Portfolio, WealthBuilder Moderate Balanced Portfolio, WealthBuilder Tactical Equity Portfolio, Target Today Fund, Target 2010 Fund, Target 2015 Fund, Target 2020 Fund, Target 2025 Fund, Target 2030 Fund, Target 2035 Fund, Target 2040 Fund, Target 2045 Fund, Target 2050 Fund, Target 2055 Fund, Heritage Money Market Fund, VT Discovery Fund, and VT Opportunity Fund, respectively.

Not part of the semi-annual report.

2 Wells Fargo Advantage Omega Growth Fund Letter to Shareholders

Karla M. Rabusch,

President

Wells Fargo Advantage Funds

The period was marked by increased confidence that the U.S. economy was staging a fragile recovery, offset by continued concerns about the possible effect on the global economy of the ongoing European sovereign debt crisis—which began in Greece and later spread to the larger economies of Italy and Spain.

The slow-motion debt crisis in the eurozone was a major headwind to both domestic and global stock market indexes.

Dear Valued Shareholder:

We’re pleased to offer you this semi-annual report for the Wells Fargo Advantage Omega Growth Fund for the six-month period that ended January 31, 2012. The period was marked by increased confidence that the U.S. economy was staging a fragile recovery, offset by continued concerns about the possible effect on the global economy of the ongoing European sovereign debt crisis—which began in Greece and later spread to the larger economies of Italy and Spain. Most U.S. stock indexes posted gains for the period, even if only modest ones.

Worries gave way to guarded optimism for the U.S. economy.

The period began with worries that the U.S. economy was returning to recession. Revised figures for gross domestic product (GDP) indicated that the U.S. economy grew by an annualized rate of only 0.8% in the first half of 2011. Moreover, although the July 2011 Institute for Supply Management (ISM) manufacturing survey suggested that factories continued to expand, the rate of expansion was lower than in previous months. The prolonged debate over whether and how to raise the U.S. debt ceiling—which only ended on July 31, 2011—also depressed market sentiment by highlighting the country’s political divisions.

The stock market remained volatile throughout September. By late October, however, stronger economic data led to greater optimism and higher stock prices. Revised real GDP growth came in at 1.8% in the third quarter of 2011 and 2.8% in the fourth quarter, suggesting that the recovery was on firmer footing. Economic growth was not evenly distributed, though, as December 2011 retail same-store sales generally showed stronger growth for retailers targeting affluent customers than for those targeting the broad middle class. The reported unemployment rate also showed some signs of improvement, falling from 9.1% in August 2011 to 8.3% in January 2012. However, this decline in the unemployment rate was accompanied by an increase in the number of Americans not in the labor force, raising concerns about the economy’s ability to generate jobs.

The eurozone had continued trouble.

The slow-motion debt crisis in the eurozone was a major headwind to both domestic and global stock market indexes. The worsening debt and deficit numbers for Greece in late 2011 and early 2012 cast doubt on the country’s ability to service its debt under the plan put in place by the European Union and the International Monetary Fund and put the ongoing drama of the European sovereign debt crisis back on center stage. Investors became increasingly concerned that Greece would default on its debt, a scenario that only seemed more likely as many Greeks rioted in response to greater budgetary austerity and the discussion moved from whether private investors would take a loss on their Greek debt to how big the loss would be. Because many eurozone banks owned Greek debt and many U.S. banks had financial ties to eurozone banks, investors worried about the effect of such an event on the financial system and the global economy.

Even as the situation in Greece deteriorated, eurozone GDP numbers supported the case for a modest recovery in the global economy. Reported GDP growth for the 17 countries that comprise the eurozone was modest, rising 0.2% in the third quarter compared to the second quarter, and by 0.2% in the fourth quarter

Letter to Shareholders Wells Fargo Advantage Omega Growth Fund 3

compared to the third quarter. However, the eurozone average concealed a wide variation between economies, with Germany’s growing by 0.5% in the third quarter of 2011 even as Greece’s GDP contracted.

Central banks continued to provide stimulus.

Throughout the reporting period, the Federal Open Market Committee (FOMC) kept its key interest rates effectively at zero in order to support the economy and financial system. Moreover, in response to extreme market volatility and signs of a weakening economy, in its August 2011 policy statement, the Federal Reserve (Fed) announced it would keep interest rates “exceptionally low” until at least mid-2013 as a way to support the economy. Market participants interpreted the Fed’s statement to mean that the central bankers believed the economy would remain weak over the next two years. However, the Fed also said that it was considering a “range of policy tools available to promote a stronger economic recovery” and “is prepared to employ these tools as appropriate.”

At the beginning of the period, the European Central Bank (ECB) had a key rate of 1.50% but lowered it to 1.25% in November 2011 and then to 1.00% in December 2011 in an attempt to support the sluggish eurozone recovery. To support the banking system, in late 2011, the ECB initiated a long-term refinancing operation (LTRO) in which it supplied three-year loans to banks against a wide range of collateral. The operation basically provided a near-unlimited amount of liquidity to banks, easing some investor concerns about the effect of an increasingly probable Greek default.

We use time-tested investment strategies, even as many variables are at work in the market.

Experience tells us that strict adherence to time-tested investment strategies has its rewards. As a whole, Wells Fargo Advantage Funds represents investments across a range of asset classes and investment styles, giving you an opportunity to create a diversified investment portfolio. While diversification may not prevent losses in a downturn, it does provide you with one way of managing risk.

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

Sincerely,

Karla M. Rabusch

President

Wells Fargo Advantage Funds

4 Wells Fargo Advantage Omega Growth Fund Letter to Shareholders

Notice to Shareholders

The Board of Trustees for Wells Fargo Advantage Funds has unanimously approved the following modifications to certain net asset value (NAV) waiver privileges and commission schedules:

n Effective May 1, 2012, automatic investment plan (AIP) purchases and proceeds received from systematic withdrawals will no longer qualify for NAV repurchase privileges.

n Effective May 1, 2012, discretionary rights to waive the upfront commission for Class C and “jumbo” Class A share purchases will no longer be granted to broker/dealers. However, we will continue to waive the Class C shares contingent deferred sales charge for redemptions by employer-sponsored retirement plans where the dealer of record waived its commission at the time of purchase.

n Effective July 31, 2012, NAV purchase privileges for former Evergreen Class IS and Class R shareholders are being modified to remove the ability to purchase Class A shares at NAV unless those shares are held directly with the Fund on or after July 31, 2012.

Please contact your investment professional or call us directly at 1-800-222-8222 if you have any questions on this Notice to Shareholders.

Performance Highlights (Unaudited) Wells Fargo Advantage Omega Growth Fund 5

INVESTMENT OBJECTIVE

The Fund seeks long-term capital appreciation.

ADVISER

Wells Fargo Funds Management, LLC

SUB-ADVISER

Wells Capital Management Incorporated

PORTFOLIO MANAGERS

Thomas J. Pence, CFA

Michael T. Smith, CFA

FUND INCEPTION

April 29, 1968

TEN LARGEST EQUITY HOLDINGS1 (AS OF JANUARY 31, 2012)
Apple Incorporated	7.53%
Visa Incorporated Class A	2.20%
Transdigm Group Incorporated	2.02%
Amazon.com Incorporated	2.00%
Monsanto Company	1.97%
Kansas City Southern	1.94%
priceline.com Incorporated	1.91%
Airgas Incorporated	1.88%
Alexion Pharmaceuticals Incorporated	1.86%
Pioneer Natural Resources Company	1.84%

SECTOR DISTRIBUTION²

(AS OF JANUARY 31, 2012)

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

2. Sector distribution is subject to change and is calculated based on the total long-term investments of the Fund.

6 Wells Fargo Advantage Omega Growth Fund Performance Highlights (Unaudited)

AVERAGE ANNUAL TOTAL RETURN³ (%) (AS OF JANUARY 31, 2012)

			Including Sales Charge										Excluding Sales Charge										Expense Ratios4
	Inception Date		6 Months*			1 Year			5 Year		10 Year		6 Months*			1 Year			5 Year		10 Year		Gross		Net5
Class A (EKOAX)		04/29/1968		(7.30	)		(6.10	)		5.12		4.63		(1.65	)		(0.37	)		6.38		5.25		1.37%		1.30%
Class B (EKOBX)**		08/02/1993		(6.92	)		(6.06	)		5.25		4.72		(2.02	)		(1.11	)		5.58		4.72		2.12%		2.05%
Class C (EKOCX)		08/02/1993		(3.05	)		(2.14	)		5.58		4.48		(2.05	)		(1.14	)		5.58		4.48		2.12%		2.05%
Class R (EKORX)		10/10/2003												(1.78	)		(0.62	)		6.11		5.01		1.62%		1.55%
Administrator Class (EOMYX)		01/13/1997												(1.54	)		(0.13	)		6.64		5.53		1.21%		1.05%
Institutional Class (EKONX)		07/30/2010												(1.41	)		0.10			6.72		5.57		0.94%		0.80%
Russell 3000® Growth Index6														2.61			5.98			3.17		3.55

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

** 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 the deduction of taxes that a shareholder may pay on fund distributions or the redemption of fund shares. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance shown without sales charges would be lower if sales charges were reflected. Current performance may be lower or higher than the performance data quoted and assumes the reinvestment of dividends and capital gains. Current month-end performance is available on the Fund’s Web site – 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 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 fund values fluctuate in response to the activities of individual companies and general market and economic conditions. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). This Fund is exposed to foreign investment risk and smaller-company securities risk. Consult the Fund’s prospectus for additional information on these and other risks.

3. Historical performance shown for Class R shares prior to their inception reflects the performance of the Class A shares, adjusted to reflect the higher expenses applicable to Class R shares. Historical performance shown for the Institutional Class shares prior to their inception reflects the performance of the Administrator Class shares, and includes the higher expenses applicable to the 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 Omega Fund.

4. Reflects the expense ratios as stated in the most recent prospectuses.

5. The Adviser has committed through July 18, 2013 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 above. Without this cap, the Fund’s returns would have been lower.

6. The Russell 3000^® Growth Index measures the performance of those Russell 3000 Growth Index companies with higher price-to-book ratios and higher forecasted growth values. The stocks in this index are also members of either the Russell 1000^® Growth Index or the Russell 2000^® Growth Index. You cannot invest directly in an index.

Fund Expenses (Unaudited) Wells Fargo Advantage Omega Growth Fund 7

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 August 1, 2011 to January 31, 2012.

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 08-01-2011		Ending Account Value 01-31-2012		Expenses Paid During the Period1		Net Annual Expense Ratio
Class A
Actual	$	1,000.00	$	983.55	$	6.48		1.30	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.60	$	6.60		1.30	%
Class B
Actual	$	1,000.00	$	979.80	$	10.20		2.05	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,014.83	$	10.38		2.05	%
Class C
Actual	$	1,000.00	$	979.54	$	10.20		2.05	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,014.83	$	10.38		2.05	%
Class R
Actual	$	1,000.00	$	982.21	$	7.72		1.55	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.34	$	7.86		1.55	%
Administrator Class
Actual	$	1,000.00	$	984.62	$	5.24		1.05	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.86	$	5.33		1.05	%
Institutional Class
Actual	$	1,000.00	$	985.92	$	3.99		0.80	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.11	$	4.06		0.80	%

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).

8 Wells Fargo Advantage Omega Growth Fund Portfolio of Investments—January 31, 2012 (Unaudited)

Security Name	Shares		Value
Common Stocks: 98.42%
Consumer Discretionary: 17.18%
Auto Components: 1.61%
BorgWarner IncorporatedǠ		148,400	$	11,075,092
Diversified Consumer Services: 1.33%
Weight Watchers International Incorporated		120,300		9,158,439
Hotels, Restaurants & Leisure: 1.14%
Starbucks Corporation		163,520		7,837,514
Household Durables: 1.03%
Tempur-Pedic International IncorporatedǠ		106,100		7,077,931
Internet & Catalog Retail: 4.36%
Amazon.com Incorporated†		70,700		13,746,908
priceline.com Incorporated†		24,800		13,131,104
Shutterfly Incorporated†		132,900		3,152,388
				30,030,400
Media: 2.95%
CBS Corporation Class B		327,200		9,318,656
Discovery Communications Incorporated†		283,300		11,006,205
				20,324,861
Multiline Retail: 1.69%
Dollar General Corporation†		184,471		7,860,309
JCPenney Company Incorporated		90,000		3,739,500
				11,599,809
Textiles, Apparel & Luxury Goods: 3.07%
Deckers Outdoor CorporationǠ		40,969		3,312,344
lululemon athletica incorporatedǠ		141,400		8,926,582
Ralph Lauren Corporation		58,500		8,892,000
				21,130,926
Consumer Staples: 1.35%
Food & Staples Retailing: 1.35%
Whole Foods Market Incorporated		125,900		9,320,377
Energy: 11.43%
Energy Equipment & Services: 5.43%
Cameron International Corporation†		175,800		9,352,560
Ensco International plc ADR		132,400		6,969,536
Oil States International Incorporated†		124,300		9,905,467
Schlumberger Limited		147,900		11,117,643
				37,345,206
Oil, Gas & Consumable Fuels: 6.00%
Cabot Oil & Gas Corporation		172,800		5,512,320

Portfolio of Investments—January 31, 2012 (Unaudited) Wells Fargo Advantage Omega Growth Fund 9

Security Name	Shares		Value
Oil, Gas & Consumable Fuels (continued)
Concho Resources IncorporatedǠ		108,119	$	11,531,973
Exxon Mobil Corporation		138,700		11,614,738
Pioneer Natural Resources Company		127,600		12,670,680
				41,329,711
Financials: 7.28%
Capital Markets: 0.83%
TD Ameritrade Holding Corporation		353,300		5,691,663
Consumer Finance: 3.73%
MasterCard Incorporated		29,800		10,595,986
Visa Incorporated Class A«		150,300		15,126,192
				25,722,178
Real Estate Management & Development: 1.28%
CBRE Group Incorporated†		457,400		8,827,820
REITs: 1.44%
American Tower Corporation		155,900		9,901,209
Health Care: 14.39%
Biotechnology: 4.31%
Alexion Pharmaceuticals Incorporated†		166,650		12,792,054
BioMarin Pharmaceutical IncorporatedǠ		190,470		6,794,065
Gilead Sciences Incorporated†		206,500		10,085,460
				29,671,579
Health Care Equipment & Supplies: 0.97%
Alere Incorporated†		277,192		6,694,187
Health Care Providers & Services: 3.15%
Cardinal Health Incorporated		176,900		7,612,007
Humana Incorporated		75,400		6,712,108
UnitedHealth Group Incorporated		142,200		7,364,538
				21,688,653
Health Care Technology: 1.38%
Cerner Corporation†		155,700		9,480,573
Life Sciences Tools & Services: 0.76%
Bruker BioSciences CorporationǠ		368,700		5,235,540
Pharmaceuticals: 3.82%
Allergan Incorporated		106,300		9,344,833
Bristol-Myers Squibb Company		212,800		6,860,672
Shire plc ADR		101,500		10,101,280
				26,306,785

10 Wells Fargo Advantage Omega Growth Fund Portfolio of Investments—January 31, 2012 (Unaudited)

Security Name	Shares		Value
Industrials: 14.81%
Aerospace & Defense: 3.73%
Precision Castparts Corporation		71,900	$	11,768,592
Transdigm Group Incorporated†		133,200		13,923,396
				25,691,988
Electrical Equipment: 1.19%
Rockwell Automation Incorporated		105,600		8,223,072
Machinery: 3.55%
Chart Industries IncorporatedǠ		107,900		6,016,504
Cummins Incorporated		83,405		8,674,120
Gardner Denver Incorporated		130,600		9,742,760
				24,433,384
Marine: 1.13%
Kirby Corporation†		116,091		7,751,395
Road & Rail: 2.93%
Hertz Global Holdings IncorporatedǠ		499,900		6,798,640
Kansas City Southern†		194,400		13,343,616
				20,142,256
Trading Companies & Distributors: 2.28%
W.W. Grainger Incorporated		19,542		3,727,441
Wesco International IncorporatedǠ		190,600		11,984,928
				15,712,369
Information Technology: 28.13%
Communications Equipment: 1.74%
Acme Packet IncorporatedǠ		125,700		3,674,211
F5 Networks Incorporated†		69,400		8,309,956
				11,984,167
Computers & Peripherals: 9.22%
Apple Incorporated†		113,600		51,856,128
EMC Corporation†		452,000		11,643,520
				63,499,648
Internet Software & Services: 2.42%
eBay Incorporated†		307,300		9,710,680
Mercadolibre Incorporated		79,800		6,974,520
				16,685,200
IT Services: 3.28%
Cognizant Technology Solutions Corporation Class A†		155,700		11,171,475
Gartner Incorporated†		300,626		11,396,732
				22,568,207

Portfolio of Investments—January 31, 2012 (Unaudited) Wells Fargo Advantage Omega Growth Fund 11

Security Name				Shares		Value
Semiconductors & Semiconductor Equipment: 4.06%
ARM Holdings plc ADR					258,800	$	7,474,144
Atmel Corporation†					396,600		3,850,986
Avago Technologies Limited					279,200		9,476,048
Microchip Technology Incorporated«					193,600		7,145,776
							27,946,954
Software: 7.41%
BroadSoft Incorporated†					83,700		2,333,556
Check Point Software Technologies Limited†					175,349		9,870,395
Citrix Systems Incorporated†					119,200		7,773,032
QLIK Technologies Incorporated†					226,574		6,389,387
Red Hat Incorporated†					199,700		9,260,089
Salesforce.com IncorporatedǠ					56,100		6,552,480
TIBCO Software Incorporated†					337,400		8,796,018
							50,974,957
Materials: 3.85%
Chemicals: 3.85%
Airgas Incorporated					163,700		12,920,841
Monsanto Company					165,400		13,571,070
							26,491,911
Total Common Stocks (Cost $562,154,768)							677,555,961
	Yield
Short-Term Investments: 13.05%
Investment Companies: 13.05%
Wells Fargo Advantage Cash Investment Money Market Fund, Institutional Class(l)(u)		0.02	%		10,034,498		10,034,498
Wells Fargo Securities Lending Cash Investments, LLC(l)(u)(r)(v)		0.15			79,788,360		79,788,360
Total Short-Term Investments (Cost $89,822,858)							89,822,858

Total Investments in Securities
(Cost $651,977,626)*	111.47	%		767,378,819
Other Assets and Liabilities, Net	(11.47	)		(78,988,609	)
Total Net Assets	100.00	%	$	688,390,210

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

† Non-income earning security.

(l) Investment in an affiliate.

(u) Rate shown is the 7-day annualized yield at period end.

(r) The investment company is exempt from registration under Section 3(c)(7) of the 1940 Act.

(v) Security represents investment of cash collateral received from securities on loan.

* Cost for federal income tax purposes is $653,093,595 and net unrealized appreciation (depreciation) consists of:

Gross unrealized appreciation	$	127,676,560
Gross unrealized depreciation		(13,391,336	)
Net unrealized appreciation	$	114,285,224

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

12 Wells Fargo Advantage Omega Growth Fund Statement of Assets and Liabilities—January 31, 2012 (Unaudited)

Assets
Investments
In unaffiliated securities (including securities on loan), at value (see cost below)	$	677,555,961
In affiliated securities, at value (see cost below)		89,822,858
Total investments, at value (see cost below)		767,378,819
Receivable for investments sold		4,854,055
Receivable for Fund shares sold		327,848
Receivable for dividends		74,248
Receivable for securities lending income		7,693
Prepaid expenses and other assets		95,388
Total assets		772,738,051
Liabilities
Payable for investments purchased		2,819,149
Payable for Fund shares redeemed		793,519
Payable upon receipt of securities loaned		79,788,360
Advisory fee payable		395,400
Distribution fees payable		57,284
Due to other related parties		176,392
Accrued expenses and other liabilities		317,737
Total liabilities		84,347,841
Total net assets	$	688,390,210
NET ASSETS CONSIST OF
Paid-in capital	$	601,142,378
Undistributed net investment loss		(3,038,557	)
Accumulated net realized losses on investments		(25,114,804	)
Net unrealized gains on investments		115,401,193
Total net assets	$	688,390,210
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE1
Net assets – Class A	$	546,285,355
Shares outstanding – Class A		14,506,190
Net asset value per share – Class A		$37.66
Maximum offering price per share – Class A2		$39.96
Net assets – Class B	$	29,469,981
Shares outstanding – Class B		920,381
Net asset value per share – Class B		$32.02
Net assets – Class C	$	54,261,536
Shares outstanding – Class C		1,691,294
Net asset value per share – Class C		$32.08
Net assets – Class R	$	14,601,328
Shares outstanding – Class R		394,771
Net asset value per share – Class R		$36.99
Net assets – Administrator Class	$	43,076,523
Shares outstanding – Administrator Class		1,102,796
Net asset value per share – Administrator Class		$39.06
Net assets – Institutional Class	$	695,487
Shares outstanding – Institutional Class		17,736
Net asset value per share – Institutional Class		$39.21
Investments in unaffiliated securities, at cost	$	562,154,768
Investments in affiliated securities, at cost	$	89,822,858
Total investments, at cost	$	651,977,626
Securities on loan, at value	$	77,952,845

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 January 31, 2012 (Unaudited) Wells Fargo Advantage Omega Growth Fund 13

Investment income
Dividends*	$	1,518,064
Securities lending income, net		64,663
Income from affiliated securities		5,398
Total investment income		1,588,125
Expenses
Advisory fee		2,445,176
Administration fees
Fund level		165,678
Class A		684,988
Class B		41,141
Class C		66,853
Class R		16,827
Administrator Class		19,576
Institutional Class		252
Shareholder servicing fees
Class A		658,641
Class B		39,352
Class C		64,282
Class R		16,180
Administrator Class		44,885
Distribution fees
Class B		118,675
Class C		192,846
Class R		16,180
Custody and accounting fees		19,648
Professional fees		19,406
Registration fees		30,645
Shareholder report expenses		76,756
Trustees’ fees and expenses		5,027
Other fees and expenses		34,815
Total expenses		4,777,829
Less: Fee waivers and/or expense reimbursements		(193,027	)
Net expenses		4,584,802
Net investment loss		(2,996,677	)
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized losses on investments		(20,935,472	)
Net change in unrealized gains (losses) on investments		10,042,936
Net realized and unrealized gains (losses) on investments		(10,892,536	)
Net decrease in net assets resulting from operations	$	(13,889,213	)
* Net of foreign dividend withholding taxes of		$33,751

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

14 Wells Fargo Advantage Omega Growth Fund Statements of Changes in Net Assets

	Six Months Ended January 31, 2012 (Unaudited)						Year Ended July 31, 2011
Operations
Net investment loss				$	(2,996,677	)				$	(6,178,369	)
Net realized gains (losses) on investments					(20,935,472	)					88,497,676
Net change in unrealized gains (losses) on investments					10,042,936						68,137,386
Net increase (decrease) in net assets resulting from operations					(13,889,213	)					150,456,693
		Shares						Shares
Capital share transactions
Proceeds from shares sold
Class A		1,149,142			40,008,314			2,838,012			108,395,404
Class B		5,863			174,396			43,803			1,412,533
Class C		133,240			3,964,993			377,592			12,328,185
Class R		350,518			11,466,022			152,504			5,802,537
Administrator Class		221,854			7,972,613			539,113			21,056,806
Institutional Class		1,957			69,255			19,517			801,285
					63,655,593						149,796,750
Payment for shares redeemed
Class A		(1,917,655	)		(66,927,228	)		(2,846,449	)		(104,057,586	)
Class B		(310,076	)		(9,185,679	)		(612,477	)		(19,638,287	)
Class C		(223,142	)		(6,543,516	)		(326,730	)		(10,231,543	)
Class R		(128,762	)		(4,585,475	)		(30,784	)		(1,145,524	)
Administrator Class		(158,660	)		(5,744,403	)		(454,709	)		(16,181,492	)
Institutional Class		(726	)		(25,620	)		(3,333	)		(133,288	)
					(93,011,921	)					(151,387,720	)
Net decrease in net assets resulting from capital share transactions					(29,356,328	)					(1,590,970	)
Total increase (decrease) in net assets					(43,245,541	)					148,865,723
Net assets
Beginning of period					731,635,751						582,770,028
End of period				$	688,390,210					$	731,635,751
Undistributed net investment loss				$	(3,038,557	)				$	(41,880	)

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

Financial Highlights Wells Fargo Advantage Omega Growth Fund 15

(For a share outstanding throughout each period)

	Six Month Ended January 31, 2012 (Unaudited)			Year Ended July 31,						Year Ended September 30,
Class A				2011			20101,2			20091			20081			20071			20061
Net asset value, beginning of period	$	38.29		$	30.11		$	28.44		$	27.26		$	31.44		$	25.60		$	25.54
Net investment income (loss)		(0.14	)3		(0.29	)		(0.10	)3		0.18	3		0.05	3		(0.11	)3		(0.15	)3
Net realized and unrealized gains (losses) on investments		(0.49	)		8.47			1.96			1.00			(4.23	)		5.95			0.21
Total from investment operations		(0.63	)		8.18			1.86			1.18			(4.18	)		5.84			0.06
Distributions to shareholders from
Net investment income		0.00			0.00			(0.19	)		0.00			0.00			0.00			0.00
Net asset value, end of period	$	37.66		$	38.29		$	30.11		$	28.44		$	27.26		$	31.44		$	25.60
Total return4		(1.65	)%		27.17	%		6.53	%		4.33	%		(13.30	)%		22.81	%		0.23	%
Ratios to average net assets (annualized)
Gross expenses		1.35	%		1.36	%		1.35	%		1.48	%		1.44	%		1.46	%		1.51	%
Net expenses		1.30	%		1.30	%		1.34	%		1.39	%		1.37	%		1.40	%		1.42	%
Net investment income (loss)		(0.82	)%		(0.80	)%		(0.40	)%		0.79	%		0.16	%		(0.38	)%		(0.57	)%
Supplemental data
Portfolio turnover rate		49	%		123	%		116	%		26	%		44	%		23	%		128	%
Net assets, end of period (000’s omitted)		$546,285			$584,871			$460,187			$460,082			$465,952			$595,296			$520,421

1. After the close of business on July 16, 2010, the Fund acquired the net assets of Evergreen Omega 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 Omega Fund.

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

3. Calculated based upon average shares outstanding.

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

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

16 Wells Fargo Advantage Omega Growth Fund Financial Highlights

(For a share outstanding throughout each period)

	Six Month Ended January 31, 2012 (Unaudited)			Year Ended July 31,						Year Ended September 30,
Class B				2011			20101,2			20091			20081			20071			20061
Net asset value, beginning of period	$	32.68		$	25.89		$	24.46		$	23.62		$	27.45		$	22.51		$	22.62
Net investment income (loss)		(0.20	)3		(0.48	)3		(0.25	)3		0.02	3		(0.15	)3		(0.27	)3		(0.29	)3
Net realized and unrealized gains (losses) on investments		(0.46	)		7.27			1.68			0.82			(3.68	)		5.21			0.18
Total from investment operations		(0.66	)		6.79			1.43			0.84			(3.83	)		4.94			(0.11	)
Net asset value, end of period	$	32.02		$	32.68		$	25.89		$	24.46		$	23.62		$	27.45		$	22.51
Total return4		(2.02	)%		26.23	%		5.85	%		3.56	%		(13.95	)%		21.95	%		(0.49	)%
Ratios to average net assets (annualized)
Gross expenses		2.10	%		2.12	%		2.10	%		2.22	%		2.16	%		2.15	%		2.21	%
Net expenses		2.05	%		2.05	%		2.09	%		2.13	%		2.11	%		2.11	%		2.12	%
Net investment income (loss)		(1.57	)%		(1.55	)%		(1.14	)%		0.10	%		(0.61	)%		(1.08	)%		(1.27	)%
Supplemental data
Portfolio turnover rate		49	%		123	%		116	%		26	%		44	%		23	%		128	%
Net assets, end of period (000’s omitted)		$29,470			$40,023			$46,434			$51,984			$85,008			$183,129			$311,011

1. After the close of business on July 16, 2010, the Fund acquired the net assets of Evergreen Omega 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 Omega Fund.

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

3. Calculated based upon average shares outstanding.

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

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

Financial Highlights Wells Fargo Advantage Omega Growth Fund 17

(For a share outstanding throughout each period)

	Six Month Ended January 31, 2012 (Unaudited)			Year Ended July 31,						Year Ended September 30,
Class C				2011			20101,2			20091			20081			20071			20061
Net asset value, beginning of period	$	32.75		$	25.94		$	24.53		$	23.69		$	27.52		$	22.57		$	22.67
Net investment income (loss)		(0.23	)3		(0.49	)3		(0.25	)3		0.00	3		(0.15	)3		(0.27	)3		(0.29	)3
Net realized and unrealized gains (losses) on investments		(0.44	)		7.30			1.68			0.84			(3.68	)		5.22			0.19
Total from investment operations		(0.67	)		6.81			1.43			0.84			(3.83	)		4.95			(0.10	)
Distributions to shareholders from
Net investment income		0.00			0.00			(0.02	)		0.00			0.00			0.00			0.00
Net asset value, end of period	$	32.08		$	32.75		$	25.94		$	24.53		$	23.69		$	27.52		$	22.57
Total return4		(2.05	)%		26.25	%		5.83	%		3.55	%		(13.92	)%		21.93	%		(0.44	)%
Ratios to average net assets (annualized)
Gross expenses		2.10	%		2.11	%		2.10	%		2.23	%		2.16	%		2.15	%		2.21	%
Net expenses		2.05	%		2.05	%		2.09	%		2.14	%		2.11	%		2.11	%		2.12	%
Net investment income (loss)		(1.57	)%		(1.55	)%		(1.15	)%		0.02	%		(0.58	)%		(1.09	)%		(1.27	)%
Supplemental data
Portfolio turnover rate		49	%		123	%		116	%		26	%		44	%		23	%		128	%
Net assets, end of period (000’s omitted)		$54,262			$58,329			$44,892			$43,806			$40,829			$54,982			$64,042

1. After the close of business on July 16, 2010, the Fund acquired the net assets of Evergreen Omega 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 Omega Fund.

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

3. Calculated based upon average shares outstanding.

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

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

18 Wells Fargo Advantage Omega Growth Fund Financial Highlights

(For a share outstanding throughout each period)

	Six Month Ended January 31, 2012 (Unaudited)			Year Ended July 31,						Year Ended September 30,
Class R				2011			20101,2			20091			20081			20071			20061
Net asset value, beginning of period	$	37.66		$	29.69		$	28.09		$	26.99		$	31.20		$	25.47		$	25.46
Net investment income (loss)		(0.26	)3		(0.13	)		(0.16	)3		0.08	3		(0.02	)3		(0.14	)3		(0.19	)3
Net realized and unrealized gains (losses) on investments		(0.41	)		8.10			1.94			1.02			(4.19	)		5.87			0.20
Total from investment operations		(0.67	)		7.97			1.78			1.10			(4.21	)		5.73			0.01
Distributions to shareholders from
Net investment income		0.00			0.00			(0.18	)		0.00			0.00			0.00			0.00
Net asset value, end of period	$	36.99		$	37.66		$	29.69		$	28.09		$	26.99		$	31.20		$	25.47
Total return4		(1.78	)%		26.89	%		6.29	%		4.08	%		(13.49	)%		22.50	%		0.04	%
Ratios to average net assets (annualized)
Gross expenses		1.61	%		1.59	%		1.60	%		1.76	%		1.66	%		1.65	%		1.71	%
Net expenses		1.55	%		1.55	%		1.59	%		1.67	%		1.61	%		1.61	%		1.62	%
Net investment income (loss)		(1.07	)%		(1.08	)%		(0.65	)%		0.35	%		(0.08	)%		(0.53	)%		(0.75	)%
Supplemental data
Portfolio turnover rate		49	%		123	%		116	%		26	%		44	%		23	%		128	%
Net assets, end of period (000’s omitted)		$14,601			$6,515			$1,523			$838			$84			$63			$445

1. After the close of business on July 16, 2010, the Fund acquired the net assets of Evergreen Omega 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 R of Evergreen Omega Fund.

2. For the ten months ended July 31, 2010. The Fund changed its fiscal year end from September 30 to July 31, effective July 31, 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 Omega Growth Fund 19

(For a share outstanding throughout each period)

	Six Month Ended January 31, 2012 (Unaudited)			Year Ended July 31,						Year Ended September 30,
Administrator Class				2011			20101,2			20091			20081			20071			20061
Net asset value, beginning of period	$	39.67		$	31.12		$	29.39		$	28.10		$	32.32		$	26.25		$	26.10
Net investment income (loss)		(0.11	)3		(0.21	)3		(0.04	)3		0.24	3		0.13	3		(0.03	)3		(0.08	)3
Net realized and unrealized gains (losses) on investments		(0.50	)		8.76			2.02			1.05			(4.35	)		6.10			0.23
Total from investment operations		(0.61	)		8.55			1.98			1.29			(4.22	)		6.07			0.15
Distributions to shareholders from
Net investment income		0.00			0.00			(0.25	)		0.00			0.00			0.00			0.00
Net asset value, end of period	$	39.06		$	39.67		$	31.12		$	29.39		$	28.10		$	32.32		$	26.25
Total return4		(1.54	)%		27.47	%		6.75	%		4.59	%		(13.06	)%		23.12	%		0.57	%
Ratios to average net assets (annualized)
Gross expenses		1.17	%		1.18	%		1.11	%		1.23	%		1.17	%		1.15	%		1.21	%
Net expenses		1.05	%		1.05	%		1.09	%		1.14	%		1.12	%		1.11	%		1.12	%
Net investment income (loss)		(0.57	)%		(0.56	)%		(0.16	)%		1.00	%		0.42	%		(0.09	)%		(0.30	)%
Supplemental data
Portfolio turnover rate		49	%		123	%		116	%		26	%		44	%		23	%		128	%
Net assets, end of period (000’s omitted)		$43,077			$41,242			$29,724			$32,437			$23,910			$16,503			$16,344

1. After the close of business on July 16, 2010, the Fund acquired the net assets of Evergreen Omega 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 Omega Fund.

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

20 Wells Fargo Advantage Omega Growth Fund Financial Highlights

(For a share outstanding throughout each period)

	Six Month Ended January 31, 2012 (Unaudited)			Year Ended July 31,
Institutional Class				2011			20101
Net asset value, beginning of period	$	39.77		$	31.12		$	31.12
Net Investment income (loss)		(0.06	)		(0.03	)		0.00
Net realized and unrealized gains (losses) on investments		(0.50	)		8.68			0.00
Total from investment operations		(0.56	)		8.65			0.00
Net asset value, end of period	$	39.21		$	39.77		$	31.12
Total return2		(1.41	)%		27.80	%		0	%
Ratios to average net assets (annualized)
Gross expenses		0.93	%		0.88	%		0.00	%
Net expenses		0.80	%		0.80	%		0.00	%
Net investment income (loss)		(0.32	)%		(0.34	)%		0.00	%
Supplemental data
Portfolio turnover rate		49	%		123	%		116	%
Net assets, end of period (000’s omitted)		$695			$656			$10

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

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

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

Notes to Financial Statements (Unaudited) Wells Fargo Advantage Omega Growth 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”). These financial statements report on Wells Fargo Advantage Omega Growth 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

Investments in equity securities are valued each business day as of the close of regular trading on the New York Stock Exchange, which is usually 4:00 p.m. (Eastern Time). Securities which are traded on a national or foreign securities exchange are valued at the last reported sales price, except that securities listed on The Nasdaq Stock Market, Inc. (“Nasdaq”) are valued at the Nasdaq Official Closing Price (“NOCP”), and if no NOCP is available, then at the last reported sales price. If no sales price is shown on the Nasdaq, the bid price will be used. In the absence of any sale of securities listed on the Nasdaq, and in the case of other securities (including U.S. Government obligations, but excluding debt securities maturing in 60 days or less), the price will be deemed “stale” and the valuations will be determined in accordance with the Fund’s Fair Value Procedures.

Investments in open-end mutual funds and non-registered investment companies are generally 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 by procedures established in good faith and approved by the Board of Trustees.

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 Wells Fargo Securities Lending Cash Investments, LLC (the “Cash Collateral Fund”). The Cash Collateral Fund is exempt from registration under Section 3(c)(7) of the 1940 Act and is managed by Wells Fargo Funds Management LLC (“Funds Management”) and is sub-advised by Wells Capital Management Incorporated (“Wells Capital Management”). Funds Management receives an advisory fee starting at 0.05% and declining to 0.01% as the average daily net assets of the Cash Collateral Fund increase. All of the fees received by Funds Management are paid to Wells Capital Management for its services as sub-adviser. The Cash Collateral 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. Cash Collateral Fund investments are fair valued based upon the amortized cost valuation technique. Income earned from investment in the Cash Collateral Fund is included in securities lending income on the Statement of Operations.

22 Wells Fargo Advantage Omega Growth Fund Notes to Financial Statements (Unaudited)

Security transactions and income recognition

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

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

Distributions to shareholders

Distributions to shareholders from net investment income and net realized gains, if any, are recorded on the ex-dividend date. Such distributions are determined in conformity with income tax regulations, which may differ from 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.

Under the recently enacted Regulated Investment Company Modernization Act of 2010, the Fund is permitted to carry forward capital losses incurred in taxable years which began after December 22, 2010 for an unlimited period. However, any losses incurred are required to be utilized prior to the losses incurred in pre-enactment taxable years. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law.

As of July 31, 2011, the Fund had net capital loss carryforwards, which were available to offset future net realized capital gains, in the amount of $4,068,979 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. Shareholders of each class bear certain expenses that pertain to that particular class. All shareholders bear the common expenses of the Fund, earn income from the portfolio, and are allocated unrealized gains and losses pro rata based on the average daily net assets of each class, without distinction between share classes. Dividends are determined separately for each class based on income and expenses allocable to each class. Realized gains and losses are allocated to each class pro rata based upon the net assets of each class on the date realized. Differences in per share dividend rates generally result from the relative weightings of pro rata income and realized gain allocations and from differences in separate class expenses, including distribution, shareholder servicing and administration fees.

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, 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 securities are not necessarily an indication of the risk associated with investing in those securities.

Notes to Financial Statements (Unaudited) Wells Fargo Advantage Omega Growth Fund 23

As of January 31, 2012, the inputs used in valuing the Fund’s assets, which are carried at fair value, were as follows:

Investments in Securities	Quoted Prices (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Equity securities
Common stocks	$	677,555,961	$	0	$	0	$	677,555,961
Short-term investments
Investment companies		10,034,498		79,788,360		0		89,822,858
	$	687,590,459	$	79,788,360	$	0	$	767,378,819

Further details on the major security types listed above can be found in the Portfolio of Investments.

Transfers in and transfers out are recognized at the end of the reporting period. For the six months ended January 31, 2012, the Fund did not have any significant transfers into/out of Level 1 and Level 2.

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 sub-adviser, 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 0.75% and declining to 0.60% as the average daily net assets of the Fund increase. For the six months ended January 31, 2012, the advisory fee was equivalent to an annual rate of 0.74% of the Fund’s average daily net assets.

Funds Management may retain the services of certain sub-advisers to provide daily portfolio management to the Fund. The fees related to sub-advisory services are borne directly by Funds Management and do not increase the overall fees paid by the Fund. Wells Capital Management, an affiliate of Funds Management, is the sub-adviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.35% and declining to 0.15% as the average daily net assets of the Fund increase.

Administration and transfer agent 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 July 18, 2013 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.30% for Class A, 2.05% for Class B, 2.05% for Class C, 1.55% for Class R, 1.05% for Administrator Class, and 0.80% for Institutional Class.

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, 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 for Class R shares.

24 Wells Fargo Advantage Omega Growth Fund Notes to Financial Statements (Unaudited)

For the six months ended January 31, 2012, Wells Fargo Funds Distributor, LLC received $13,469 from the sale of Class A shares and $12,279 and $2,278 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, 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 (securities with maturities of one year or less at purchase date), for the six months ended January 31, 2012 were $325,874,221 and $359,775,528, respectively.

6. BANK BORROWINGS

The Trust (excluding the money market funds) and Wells Fargo Variable Trust are parties to a $150,000,000 revolving credit agreement with State Street Bank and Trust Company, 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. Prior to September 6, 2011, the revolving credit agreement was for $125,000,000 and the annual commitment fee was equal 0.125% of the unused balance. For the six months ended January 31, 2012, the Fund paid $361 in commitment fees.

For the six months ended January 31, 2012, there were no borrowings by the Fund under the agreement.

7. INDEMNIFICATION

Under the Trust’s organizational documents, the officers and directors are indemnified against certain liabilities that may arise out of performance of their duties to the Trust. Additionally, in the normal course of business, the Trust may enter 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.

8. NEW ACCOUNTING PRONOUNCEMENTS

In May 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2011-04 “Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs”. ASU No. 2011-04 amends FASB ASC Topic 820, Fair Value Measurements and Disclosures, to establish common requirements for measuring fair value and for disclosing information about fair value measurements in accordance with GAAP. The ASU is effective prospectively for interim and annual periods beginning after December 15, 2011. Management expects that adoption of the ASU will result in additional disclosures in the financial statements, as applicable.

In April 2011, FASB issued ASU No. 2011-03 “Reconsideration of Effective Control for Repurchase Agreements”. ASU No. 2011-03 amends FASB ASC Topic 860, Transfers and Servicing, specifically the criteria required to determine whether a repurchase agreement (repo) and similar agreements should be accounted for as sales of financial assets or secured borrowings with commitments. ASU No. 2011-03 changes the assessment of effective control by focusing on the transferor’s contractual rights and obligations and removing the criterion to assess its ability to exercise those rights or honor those obligations. This could result in changes to the way entities account for certain transactions including repurchase agreements, mortgage dollar rolls and reverse repurchase agreements. The ASU will become effective on a prospective basis for new transfers and modifications to existing transactions as of the beginning of the first interim or annual period beginning on or after December 15, 2011. Management has evaluated the impact of adopting the ASU and expects no significant changes.

Other Information (Unaudited) Wells Fargo Advantage Omega Growth Fund 25

PROXY VOTING INFORMATION

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by calling 1-800-222-8222, visiting our Web site at wellsfargoadvantagefunds.com, or visiting the SEC Web site 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 without charge on the Fund’s Web site at wellsfargoadvantagefunds.com or by visiting the SEC Web site at sec.gov.

PORTFOLIO HOLDINGS INFORMATION

The complete portfolio holdings for the Fund are publicly available on the Fund’s Web site (wellsfargoadvantagefunds.com) on a monthly, 30-day or more delayed basis. In addition, top ten holdings information for the Fund is publicly available on the Fund’s Web site 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 without charge by visiting the SEC Web site 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 Omega Growth Fund Other Information (Unaudited)

BOARD OF TRUSTEES

The following table provides basic information about the Board of Trustees (the “Trustees”) of the Trust and Officers of the Trust. This table should be read in conjunction with the Prospectus and the Statement of Additional Information¹ of the Fund. Each of the Trustees and Officers listed below acts in identical capacities for the Wells Fargo Advantage family of funds, which consists of 137 funds comprising the Wells Fargo Funds Trust, Wells Fargo Variable Trust, Wells Fargo Master Trust and four closed-end funds (collectively the “Fund Complex”). All of the Trustees are also Members of the Audit and Governance Committees of each Trust in the Fund Complex. 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	Other Directorships During Past Five Years
Peter G. Gordon (Born 1942)	Trustee, since 1998; Chairman, since 2005 (Lead Trustee since 2001)	Co-Founder, Retired Chairman, President and CEO of Crystal Geyser Water Company. Trustee Emeritus, Colby College	Asset Allocation Trust
Isaiah Harris, Jr. (Born 1952)	Trustee, since 2009	Retired. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Mr. Harris is a certified public accountant.	CIGNA Corporation; Deluxe Corporation; Asset Allocation Trust
Judith M. Johnson (Born 1949)	Trustee, since 2008	Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant.	Asset Allocation Trust
Leroy Keith, Jr. (Born 1939)	Trustee, since 2010	Chairman, Bloc Global Services (development and construction). Trustee of the Evergreen Funds from 1983 to 2010. Former Managing Director, Almanac Capital Management (commodities firm), former Partner, Stonington Partners, Inc. (private equity fund), former Director, Obagi Medical Products Co. and former Director, Lincoln Educational Services.	Trustee, Virtus Fund Complex (consisting of 40 portfolios as of 12/31/11); 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, Director of Corporate Governance Research Program 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 Omega Growth Fund 27

Name and Year of Birth	Position Held and Length of Service	Principal Occupations During Past Five Years	Other Directorships During Past Five Years
Timothy J. Penny (Born 1951)	Trustee, since 1996	President and CEO of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007 and Senior Fellow at the Humphrey Institute Policy Forum at the University of Minnesota since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	Asset Allocation Trust
Michael S. Scofield (Born 1943)	Trustee, since 2010	Served on the Investment Company Institute’s Board of Governors and Executive Committee from 2008-2011 as well the Governing Council of the Independent Directors Council from 2006-2011 and the Independent Directors Council Executive Committee from 2008-2011. Chairman of the IDC from 2008-2010. Institutional Investor (Fund Directions) Trustee of Year in 2007. Trustee of the Evergreen Funds (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 and former Director and Chairman, Branded Media Corporation (multi-media branding company).	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 Free Trust (non-profit corporation). Director of the American Chestnut Foundation (non-profit corporation).	Asset Allocation Trust

Officers

Name and Year of Birth	Position Held and Length of Service	Principal Occupations During Past Five Years
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. Senior Vice President and Chief Administrative Officer of Wells Fargo Funds Management, LLC from 2001 to 2003.
C. David Messman (Born 1960)	Secretary, since 2000; Chief Legal Counsel, since 2003	Senior Vice President and Secretary of Wells Fargo Funds Management, LLC since 2001. Vice President and Managing Senior Counsel of Wells Fargo Bank, N.A. since 1996.
Kasey Phillips (Born 1970)	Treasurer, since 2009	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2006 to 2010. Treasurer of the Evergreen Funds from 2005 to 2010.
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 DePalma (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.
Debra Ann Early (Born 1964)	Chief Compliance Officer, since 2007	Chief Compliance Officer of Wells Fargo Funds Management, LLC since 2007. Chief Compliance Officer of Parnassus Investments from 2005 to 2007. Chief Financial Officer of Parnassus Investments from 2004 to 2007 and Senior Audit Manager of PricewaterhouseCoopers LLP from 1998 to 2004.

1. 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 Web site at wellsfargoadvantagefunds.com.

28 Wells Fargo Advantage Omega Growth Fund List of Abbreviations

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

ACB —  Agricultural Credit Bank

ADR —  American Depository Receipt

ADS —  American Depository Shares

AGC-ICC —  Assured Guaranty Corporation - Insured Custody Certificates

AGM —  Assured Guaranty Municipal

AMBAC —  American Municipal Bond Assurance Corporation

AMT —  Alternative Minimum Tax

AUD —  Australian Dollar

BAN —  Bond Anticipation Notes

BHAC —  Berkshire Hathaway Assurance Corporation

BRL —  Brazil 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 —  Certificate of Participation

CR —  Custody Receipts

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

FFCB —  Federal Farm Credit Bank

FGIC —  Financial Guaranty Insurance Corporation

FHA —  Federal Housing Authority

FHLB —  Federal Home Loan Bank

FHLMC —  Federal Home Loan Mortgage Corporation

FNMA —  Federal National Mortgage Association

FSA —  Farm Service Agency

GBP —  Great British Pound

GDR —  Global Depository 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

HUF —  Hungarian Forint

IBC —  Insured Bond Certificate

IDA —  Industrial Development Authority

IDAG —  Industrial Development Agency

IDR —  Industrial Development Revenue

IEP —  Irish Pound

JPY —  Japanese Yen

KRW —  Republic of Korea Won

LIBOR —  London Interbank Offered Rate

LLC —  Limited Liability Company

LLP —  Limited Liability Partnership

LOC —  Letter of Credit

LP —  Limited Partnership

MBIA —  Municipal Bond Insurance Association

MFHR —  Multi-Family Housing Revenue

MSTR —  Municipal Securities Trust Receipts

MTN —  Medium Term Note

MUD —  Municipal Utility District

MXN —  Mexican Peso

MYR —  Malaysian Ringgit

NATL-RE —  National Public Finance Guarantee Corporation

NOK —  Norwegian Krone

NZD —  New Zealand Dollar

PCFA —  Pollution Control Finance Authority

PCR —  Pollution Control Revenue

PFA —  Public Finance Authority

PFFA —  Public Facilities Financing Authority

PFOTER —  Puttable Floating Option Tax-Exempt Receipts

plc —  Public Limited Company

PLN —  Polish Zloty

PUTTER —  Puttable Tax-Exempt Receipts

R&D —  Research & Development

RDA —  Redevelopment Authority

RDFA —  Redevelopment Finance Authority

REIT —  Real Estate Investment Trust

ROC —  Reset Option Certificates

SAVRS —  Select Auction Variable Rate Securities

SBA —  Small Business Authority

SEK —  Swedish Krona

SFHR —  Single Family Housing Revenue

SFMR —  Single Family Mortgage Revenue

SGD —  Singapore Dollar

SKK —  Slovakian Koruna

SPDR —  Standard & Poor’s Depositary Receipts

TAN —  Tax Anticipation Notes

TBA —  To Be Announced

TIPS —  Treasury Inflation-Protected Securities

TRAN —  Tax Revenue Anticipation Notes

TCR —  Transferable Custody Receipts

TRY —  Turkish Lira

TTFA —  Transportation Trust Fund Authority

TVA —  Tennessee Valley Authority

XLCA —  XL Capital Assurance

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, e-mail, visit the Fund’s Web site, or call:

Wells Fargo Advantage Funds

P.O. Box 8266

Boston, MA 02266-8266

E-mail: wfaf@wellsfargo.com

Web site: 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. For a prospectus containing more complete information, including charges and expenses, call 1-800-222-8222 or visit the Fund’s Web site at wellsfargoadvantagefunds.com. Please consider the investment objectives, risks, charges, and expenses of the investment carefully before investing. This and other information about Wells Fargo Advantage Funds can be found in the current prospectus. 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

© 2012 Wells Fargo Funds Management, LLC. All rights reserved.

207951 03-12 SA211/SAR211 1-12

Wells Fargo Advantage

Premier Large Company Growth Fund

Semi-Annual Report

January 31, 2012

Reduce clutter. Save trees.

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Contents

Letter to Shareholders	2
Performance Highlights	5
Fund Expenses	7
Portfolio of Investments	8
Financial Statements
Statement of Assets and Liabilities	13
Statement of Operations	14
Statements of Changes in Net Assets	15
Financial Highlights	16
Notes to Financial Statements	22
Other Information	27
List of Abbreviations	30

The views expressed and any forward-looking statements are as of January 31, 2012, 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, disclaims any obligation to publicly update or revise any views expressed or forward-looking statements.

NOT FDIC INSURED  ¡  NO BANK GUARANTEE  ¡   MAY LOSE VALUE

WELLS FARGO INVESTMENT HISTORY

1932	Keystone creates one of the first mutual fund families.
1971	Wells Fargo & Company introduces one of the first institutional index funds.
1978	Wells Fargo applies Markowitz and Sharpe’s research on Modern Portfolio Theory to introduce one of the industry’s first Tactical Asset Allocation (TAA) models in institutional separately managed accounts.
1984	Wells Fargo Stagecoach Funds launches its first asset allocation fund.
1989	The Tactical Asset Allocation (TAA) Model is first applied to Wells Fargo’s asset allocation mutual funds.
1994	Wells Fargo introduces the LifePath Funds, one of the first suites of target date funds (now the Wells Fargo Advantage Dow Jones Target Date FundsSM ).
1996	Evergreen Investments and Keystone Funds merge.
1997	Wells Fargo launches Wells Fargo Advantage WealthBuilder PortfoliosSM, a fund-of-funds suite of products that includes the use of quantitative models to shift assets among investment styles.
1999	Norwest Advantage Funds and Stagecoach Funds are reorganized into Wells Fargo Funds after the merger of Norwest and Wells Fargo.
2002	Evergreen Retail and Evergreen Institutional companies form the umbrella asset management company, Evergreen Investments.
2005	The integration of Strong Funds with Wells Fargo Funds creates Wells Fargo Advantage Funds, resulting in one of the top 20 mutual fund companies in the United States.
2006	Wells Fargo Advantage Funds relaunches the target date product line as Wells Fargo Advantage Dow Jones Target Date Funds.
2010	The mergers and reorganizations of Evergreen and Wells Fargo Advantage mutual funds are completed, unifying the families under the brand of Wells Fargo Advantage Funds.

Wells Fargo Advantage Funds^®

Wells Fargo Advantage Funds skillfully guides institutions, financial advisors, and individuals through the investment terrain to help them reach their financial objectives. Everything we do on behalf of investors is backed by our unique combination of qualifications.

Strength

Our organization is built on the standards of integrity and service established by our parent company—Wells Fargo & Company—more than 150 years ago. And, because we’re part of a highly diversified financial enterprise, we offer the depth of resources to help investors succeed.

Expertise

Our multi-boutique model offers investors access to the independent thinking of premier investment managers that have been chosen for their time-tested strategies. While each team specializes in a specific investment strategy, collectively they provide investors a wide choice of distinct investment styles. Our dedication to investment excellence doesn’t end with our expertise in manager selection—risk management, analysis, and rigorous ongoing review seek to ensure each manager’s investment process remains consistent.

Partnership

Our collaborative approach is built around understanding the needs and goals of our clients. By adhering to core principles of sound judgment and steady guidance, we support you through every stage of the investment decision process.

Carefully consider a fund’s investment objectives, risks, charges, and expenses before investing. For a current prospectus and, if available, a summary prospectus, containing this and other information, visit wellsfargoadvantagefunds.com. Read it carefully before investing.

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.

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

NOT FDIC INSURED  ¡  NO BANK GUARANTEE  ¡   MAY LOSE VALUE

Not part of the semi-annual report.

Wells Fargo Advantage Funds offers more than 110 mutual funds across a wide range of asset classes, representing over $217 billion in assets under management, as of January 31, 2012.

Equity Funds
Asia Pacific Fund	Equity Value Fund	Precious Metals Fund
C&B Large Cap Value Fund	Global Opportunities Fund	Premier Large Company Growth Fund
C&B Mid Cap Value Fund	Growth Fund	Small Cap Opportunities Fund
Capital Growth Fund	Index Fund	Small Cap Value Fund
Common Stock Fund	International Equity Fund	Small Company Growth Fund
Disciplined U.S. Core Fund	International Value Fund	Small Company Value Fund
Discovery Fund†	Intrinsic Small Cap Value Fund	Small/Mid Cap Core Fund
Diversified Equity Fund	Intrinsic Value Fund	Small/Mid Cap Value Fund
Diversified International Fund	Intrinsic World Equity Fund	Special Mid Cap Value Fund
Diversified Small Cap Fund	Large Cap Core Fund	Special Small Cap Value Fund
Emerging Growth Fund	Large Cap Growth Fund	Specialized Technology Fund
Emerging Markets Equity Fund	Large Company Value Fund	Strategic Large Cap Growth Fund
Endeavor Select Fund†	Omega Growth Fund	Traditional Small Cap Growth Fund
Enterprise Fund†	Opportunity Fund†	Utility and Telecommunications Fund
Bond Funds
Adjustable Rate Government Fund	Inflation-Protected Bond Fund	Short-Term Bond Fund
California Limited-Term Tax-Free Fund	Intermediate Tax/AMT-Free Fund	Short-Term High Yield Bond Fund
California Tax-Free Fund	International Bond Fund	Short-Term Municipal Bond Fund
Colorado Tax-Free Fund	Minnesota Tax-Free Fund	Strategic Municipal Bond Fund
Government Securities Fund	Municipal Bond Fund	Total Return Bond Fund
High Income Fund	North Carolina Tax-Free Fund	Ultra Short-Term Income Fund
High Yield Bond Fund	Pennsylvania Tax-Free Fund	Ultra Short-Term Municipal Income Fund
Income Plus Fund	Short Duration Government Bond Fund	Wisconsin Tax-Free Fund
Asset Allocation Funds
Absolute Return Fund	WealthBuilder Equity Portfolio†	Target 2020 Fund†
Asset Allocation Fund	WealthBuilder Growth Allocation Portfolio†	Target 2025 Fund†
Conservative Allocation Fund	WealthBuilder Growth Balanced Portfolio†	Target 2030 Fund†
Diversified Capital Builder Fund	WealthBuilder Moderate Balanced Portfolio†	Target 2035 Fund†
Diversified Income Builder Fund	WealthBuilder Tactical Equity Portfolio†	Target 2040 Fund†
Growth Balanced Fund	Target Today Fund†	Target 2045 Fund†
Index Asset Allocation Fund	Target 2010 Fund†	Target 2050 Fund†
Moderate Balanced Fund	Target 2015 Fund†	Target 2055 Fund†
WealthBuilder Conservative Allocation Portfolio†
Money Market Funds
100% Treasury Money Market Fund	Heritage Money Market Fund†	National Tax-Free Money Market Fund
California Municipal Money Market Fund	Money Market Fund	Prime Investment Money Market Fund
Cash Investment Money Market Fund	Municipal Cash Management Money Market Fund	Treasury Plus Money Market Fund
Government Money Market Fund	Municipal Money Market Fund
Variable Trust Funds1
VT Discovery Fund†	VT Intrinsic Value Fund	VT Small Cap Growth Fund
VT Index Asset Allocation Fund	VT Omega Growth Fund	VT Small Cap Value Fund
VT International Equity Fund	VT Opportunity Fund†	VT Total Return Bond Fund

An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Wells Fargo Advantage Money Market Funds seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in a money market fund.

1. The Variable Trust Funds are generally available only through insurance company variable contracts.

† In this report, the Wells Fargo Advantage Discovery Fund^SM, Wells Fargo Advantage Endeavor Select Fund^SM, Wells Fargo Advantage Enterprise Fund^SM, Wells Fargo Advantage Opportunity Fund^SM, Wells Fargo Advantage WealthBuilder Conservative Allocation Portfolio^SM, Wells Fargo Advantage WealthBuilder Equity Portfolio^SM, Wells Fargo Advantage WealthBuilder Growth Allocation Portfolio^SM, Wells Fargo Advantage WealthBuilder Growth Balanced Portfolio^SM, Wells Fargo Advantage WealthBuilder Moderate Balanced Portfolio^SM, Wells Fargo Advantage WealthBuilder Tactical Equity Portfolio^SM, Wells Fargo Advantage Dow Jones Target Today Fund^SM, Wells Fargo Advantage Dow Jones Target 2010 Fund^SM, Wells Fargo Advantage Dow Jones Target 2015 Fund^SM, Wells Fargo Advantage Dow Jones Target 2020 Fund^SM, Wells Fargo Advantage Dow Jones Target 2025 Fund^SM, Wells Fargo Advantage Dow Jones Target 2030 Fund^SM, Wells Fargo Advantage Dow Jones Target 2035 Fund^SM, Wells Fargo Advantage Dow Jones Target 2040 Fund^SM, Wells Fargo Advantage Dow Jones Target 2045 Fund^SM, Wells Fargo Advantage Dow Jones Target 2050 Fund^SM, Wells Fargo Advantage Dow Jones Target 2055 Fund^SM, Wells Fargo Advantage Heritage Money Market Fund^SM, Wells Fargo Advantage VT Discovery Fund^SM, and Wells Fargo Advantage VT Opportunity Fund^SM are referred to as the Discovery Fund, Endeavor Select Fund, Enterprise Fund, Opportunity Fund, WealthBuilder Conservative Allocation Portfolio, WealthBuilder Equity Portfolio, WealthBuilder Growth Allocation Portfolio, WealthBuilder Growth Balanced Portfolio, WealthBuilder Moderate Balanced Portfolio, WealthBuilder Tactical Equity Portfolio, Target Today Fund, Target 2010 Fund, Target 2015 Fund, Target 2020 Fund, Target 2025 Fund, Target 2030 Fund, Target 2035 Fund, Target 2040 Fund, Target 2045 Fund, Target 2050 Fund, Target 2055 Fund, Heritage Money Market Fund, VT Discovery Fund, and VT Opportunity Fund, respectively.

Not part of the semi-annual report.

2 Wells Fargo Advantage Premier Large Company Growth Fund Letter to Shareholders

Karla M. Rabusch,

President

Wells Fargo Advantage Funds

The period was marked by increased confidence that the U.S. economy was staging a fragile recovery, offset by continued concerns about the possible effect on the global economy of the ongoing European sovereign debt crisis—which began in Greece and later spread to the larger economies of Italy and Spain.

The slow-motion debt crisis in the eurozone was a major headwind to both domestic and global stock market indexes.

Dear Valued Shareholder:

We’re pleased to offer you this semi-annual report for the Wells Fargo Advantage Premier Large Company Growth Fund for the six-month period that ended January 31, 2012. The period was marked by increased confidence that the U.S. economy was staging a fragile recovery, offset by continued concerns about the possible effect on the global economy of the ongoing European sovereign debt crisis—which began in Greece and later spread to the larger economies of Italy and Spain. Most U.S. stock indexes posted gains for the period, even if only modest ones.

Worries gave way to guarded optimism for the U.S. economy.

The period began with worries that the U.S. economy was returning to recession. Revised figures for gross domestic product (GDP) indicated that the U.S. economy grew by an annualized rate of only 0.8% in the first half of 2011. Moreover, although the July 2011 Institute for Supply Management (ISM) manufacturing survey suggested that factories continued to expand, the rate of expansion was lower than in previous months. The prolonged debate over whether and how to raise the U.S. debt ceiling—which only ended on July 31, 2011—also depressed market sentiment by highlighting the country’s political divisions.

The stock market remained volatile throughout September. By late October, however, stronger economic data led to greater optimism and higher stock prices. Revised real GDP growth came in at 1.8% in the third quarter of 2011 and 2.8% in the fourth quarter, suggesting that the recovery was on firmer footing. Economic growth was not evenly distributed, though, as December 2011 retail same-store sales generally showed stronger growth for retailers targeting affluent customers than for those targeting the broad middle class. The reported unemployment rate also showed some signs of improvement, falling from 9.1% in August 2011 to 8.3% in January 2012. However, this decline in the unemployment rate was accompanied by an increase in the number of Americans not in the labor force, raising concerns about the economy’s ability to generate jobs.

The eurozone had continued trouble.

The slow-motion debt crisis in the eurozone was a major headwind to both domestic and global stock market indexes. The worsening debt and deficit numbers for Greece in late 2011 and early 2012 cast doubt on the country’s ability to service its debt under the plan put in place by the European Union and the International Monetary Fund and put the ongoing drama of the European sovereign debt crisis back on center stage. Investors became increasingly concerned that Greece would default on its debt, a scenario that only seemed more likely as many Greeks rioted in response to greater budgetary austerity and the discussion moved from whether private investors would take a loss on their Greek debt to how big the loss would be. Because many eurozone banks owned Greek debt and many U.S. banks had financial ties to eurozone banks, investors worried about the effect of such an event on the financial system and the global economy.

Even as the situation in Greece deteriorated, eurozone GDP numbers supported the case for a modest recovery in the global economy. Reported GDP growth for the 17 countries that comprise the eurozone was modest, rising 0.2% in the third

Letter to Shareholders Wells Fargo Advantage Premier Large Company Growth Fund 3

quarter compared to the second quarter, and by 0.2% in the fourth quarter compared to the third quarter. However, the eurozone average concealed a wide variation between economies, with Germany’s growing by 0.5% in the third quarter of 2011 even as Greece’s GDP contracted.

Central banks continued to provide stimulus.

Throughout the reporting period, the Federal Open Market Committee (FOMC) kept its key interest rates effectively at zero in order to support the economy and financial system. Moreover, in response to extreme market volatility and signs of a weakening economy, in its August 2011 policy statement, the Federal Reserve (Fed) announced it would keep interest rates “exceptionally low” until at least mid-2013 as a way to support the economy. Market participants interpreted the Fed’s statement to mean that the central bankers believed the economy would remain weak over the next two years. However, the Fed also said that it was considering a “range of policy tools available to promote a stronger economic recovery” and “is prepared to employ these tools as appropriate.”

At the beginning of the period, the European Central Bank (ECB) had a key rate of 1.50% but lowered it to 1.25% in November 2011 and then to 1.00% in December 2011 in an attempt to support the sluggish eurozone recovery. To support the banking system, in late 2011, the ECB initiated a long-term refinancing operation (LTRO) in which it supplied three-year loans to banks against a wide range of collateral. The operation basically provided a near-unlimited amount of liquidity to banks, easing some investor concerns about the effect of an increasingly probable Greek default.

We use time-tested investment strategies, even as many variables are at work in the market.

Experience tells us that strict adherence to time-tested investment strategies has its rewards. As a whole, Wells Fargo Advantage Funds represents investments across a range of asset classes and investment styles, giving you an opportunity to create a diversified investment portfolio. While diversification may not prevent losses in a downturn, it does provide you with one way of managing risk.

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

Sincerely,

Karla M. Rabusch

President

Wells Fargo Advantage Funds

4 Wells Fargo Advantage Premier Large Company Growth Fund Letter to Shareholders

Notice to Shareholders

The Board of Trustees for Wells Fargo Advantage Funds has unanimously approved the following modifications to certain net asset value (NAV) waiver privileges and commission schedules:

n Effective May 1, 2012, automatic investment plan (AIP) purchases and proceeds received from systematic withdrawals will no longer qualify for NAV repurchase privileges.

n Effective May 1, 2012, discretionary rights to waive the upfront commission for Class C and “jumbo” Class A share purchases will no longer be granted to broker/dealers. However, we will continue to waive the Class C shares contingent deferred sales charge for redemptions by employer-sponsored retirement plans where the dealer of record waived its commission at the time of purchase.

n Effective July 31, 2012, NAV purchase privileges for former Evergreen Class IS and Class R shareholders are being modified to remove the ability to purchase Class A shares at NAV unless those shares are held directly with the Fund on or after July 31, 2012.

Please contact your investment professional or call us directly at 1-800-222-8222 if you have any questions on this Notice to Shareholders.

Performance Highlights (Unaudited) Wells Fargo Advantage Premier Large Company Growth Fund 5

INVESTMENT OBJECTIVE

The Fund seeks long-term capital appreciation.

ADVISER

Wells Fargo Funds Management, LLC

SUB-ADVISER

Wells Capital Management Incorporated

PORTFOLIO MANAGERS

Joseph M. Eberhardy, CFA, CPA

Thomas C. Ognar, CFA

Bruce C. Olson, CFA

FUND INCEPTION

September 11, 1935

TEN LARGEST EQUITY HOLDINGS1 (AS OF JANUARY 31, 2012)
Apple Incorporated	7.28%
Cognizant Technology Solutions Corporation Class A	2.93%
Alexion Pharmaceuticals Incorporated	2.92%
EMC Corporation	2.72%
Pioneer Natural Resources Company	2.72%
Google Incorporated Class A	2.63%
Kansas City Southern	2.59%
Whole Foods Market Incorporated	2.57%
Praxair Incorporated	2.39%
Mettler-Toledo International Incorporated	2.20%

SECTOR DISTRIBUTION²
(AS OF JANUARY 31, 2012)

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

2. Sector distribution is subject to change and is calculated based on the total long-term investments of the Fund.

6 Wells Fargo Advantage Premier Large Company Growth Fund Performance Highlights (Unaudited)

AVERAGE ANNUAL TOTAL RETURN³ (%) (AS OF JANUARY 31, 2012)

			Including Sales Charge									Excluding Sales Charge								Expense Ratios4
	Inception Date		6 Months*			1 Year		5 Year		10 Year		6 Months*		1 Year		5 Year		10 Year		Gross		Net5
Class A (EKJAX)		01/20/1998		(3.42	)		1.83		5.06		4.52		2.45		8.02		6.31		5.14		1.24%		1.12%
Class B (EKJBX)**		09/11/1935		(2.94	)		2.27		5.20		4.60		2.02		7.27		5.52		4.60		1.99%		1.87%
Class C (EKJCX)		01/22/1998		1.03			6.29		5.52		4.35		2.03		7.29		5.52		4.35		1.99%		1.87%
Administrator Class (WFPDX)		07/16/2010											2.44		8.13		6.39		5.22		1.08%		0.95%
Institutional Class (EKJYX)		06/30/1999											2.54		8.33		6.60		5.43		0.81%		0.75%
Investor Class (WFPNX)		07/16/2010											2.35		7.92		6.23		5.06		1.31%		1.19%
Russell 1000® Growth Index6													2.84		6.07		3.17		3.38

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

** 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 the deduction of taxes that a shareholder may pay on fund distributions or the redemption of fund shares. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance shown without sales charges would be lower if sales charges were reflected. Current performance may be lower or higher than the performance data quoted and assumes the reinvestment of dividends and capital gains. Current month-end performance is available on the Fund’s Web site – 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 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 fund values fluctuate in response to the activities of individual companies and general market and economic conditions. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). This Fund is exposed to foreign investment risk. Consult the Fund’s prospectus for additional information on these and other risks.

3. Historical performance shown for the Administrator Class shares prior to their inception reflects the performance of the Institutional Class shares, adjusted to reflect the higher expenses applicable to the Administrator Class shares. Historical performance shown for the Investor Class shares prior to their inception reflects the performance of the Class A shares, adjusted to reflect the higher expenses applicable to the Investor Class shares. Historical performance shown for all classes of the Fund prior to July 19, 2010 is based on the performance of the Fund’s predecessor, Evergreen Large Company Growth Fund.

4. Reflects the expense ratios as stated in the most recent prospectuses.

5. The Adviser has committed through July 18, 2013 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 above. Without this cap, the Fund’s returns would have been lower.

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

Fund Expenses (Unaudited) Wells Fargo Advantage Premier Large Company Growth Fund 7

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 August 1, 2011 to January 31, 2012.

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 08-01-2011		Ending Account Value 01-31-2012		Expenses Paid During the Period1		Net Annual Expense Ratio
Class A
Actual	$	1,000.00	$	1,024.47	$	5.70		1.12	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.51	$	5.69		1.12	%
Class B
Actual	$	1,000.00	$	1,020.18	$	9.50		1.87	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.74	$	9.48		1.87	%
Class C
Actual	$	1,000.00	$	1,020.26	$	9.50		1.87	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.74	$	9.48		1.87	%
Administrator Class
Actual	$	1,000.00	$	1,024.44	$	4.83		0.95	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.36	$	4.82		0.95	%
Institutional Class
Actual	$	1,000.00	$	1,025.40	$	3.82		0.75	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.37	$	3.81		0.75	%
Investor Class
Actual	$	1,000.00	$	1,023.48	$	6.05		1.19	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.15	$	6.04		1.19	%

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).

8 Wells Fargo Advantage Premier Large Company Growth Fund Portfolio of Investments—January 31, 2012 (Unaudited)

Security Name	Shares		Value
Common Stocks: 95.76%
Consumer Discretionary: 18.05%
Auto Components: 1.39%
Gentex Corporation«		159,500	$	4,285,765
Johnson Controls Incorporated		285,500		9,070,335
				13,356,100
Hotels, Restaurants & Leisure: 3.35%
Las Vegas Sands Corporation		70,000		3,437,700
McDonald’s Corporation		98,000		9,706,900
Starbucks Corporation		244,500		11,718,885
Wynn Resorts Limited		64,500		7,432,335
				32,295,820
Household Durables: 0.53%
Tempur-Pedic International IncorporatedǠ		76,000		5,069,960
Internet & Catalog Retail: 3.30%
Amazon.com Incorporated†		65,000		12,638,600
priceline.com Incorporated†		36,100		19,114,228
				31,752,828
Multiline Retail: 1.46%
Dollar Tree Incorporated†		166,000		14,078,460
Specialty Retail: 6.98%
CarMax IncorporatedǠ		628,500		19,125,255
Dick’s Sporting Goods Incorporated†		407,000		16,772,470
O’Reilly Automotive Incorporated†		187,000		15,242,370
Tractor Supply Company		189,000		15,265,530
				66,405,625
Textiles, Apparel & Luxury Goods: 1.04%
Coach Incorporated		107,000		7,495,350
Fossil Incorporated†		26,000		2,471,300
				9,966,650
Consumer Staples: 3.38%
Food & Staples Retailing: 2.67%
Costco Wholesale Corporation		11,000		899,855
Whole Foods Market Incorporated		334,500		24,763,035
				25,662,890
Food Products: 0.26%
Green Mountain Coffee Roasters Incorporated†		14,500		773,430
Mead Johnson & Company		34,000		2,519,060
				3,292,490
Personal Products: 0.45%
Estee Lauder Companies Incorporated Class A		74,900		4,338,957

Portfolio of Investments—January 31, 2012 (Unaudited) Wells Fargo Advantage Premier Large Company Growth Fund 9

Security Name	Shares		Value
Energy: 7.93%
Energy Equipment & Services: 1.88%
National Oilwell Varco Incorporated		82,500	$	6,103,350
Schlumberger Limited		159,500		11,989,615
				18,092,965
Oil, Gas & Consumable Fuels: 6.05%
Concho Resources IncorporatedǠ		113,000		12,052,580
Continental Resources IncorporatedǠ		100,000		8,068,000
Oasis Petroleum IncorporatedǠ		82,500		2,783,550
Occidental Petroleum Corporation		76,800		7,662,336
Pioneer Natural Resources Company		263,700		26,185,410
Southwestern Energy Company†		48,500		1,510,290
				58,262,166
Financials: 5.57%
Capital Markets: 2.66%
Ameriprise Financial Incorporated		96,000		5,140,800
LPL Investment Holdings Incorporated†		174,500		5,732,325
T. Rowe Price Group Incorporated		17,000		983,280
TD Ameritrade Holding Corporation		852,300		13,730,553
				25,586,958
Consumer Finance: 2.91%
American Express Company		212,000		10,629,680
MasterCard Incorporated		49,000		17,422,930
				28,052,610
Health Care: 13.37%
Biotechnology: 3.71%
Alexion Pharmaceuticals Incorporated†		366,000		28,094,160
Biogen Idec Incorporated†		65,000		7,664,800
				35,758,960
Health Care Equipment & Supplies: 3.42%
Covidien plc		146,500		7,544,750
Intuitive Surgical Incorporated†		29,500		13,567,345
St. Jude Medical Incorporated		282,500		11,783,075
				32,895,170
Health Care Providers & Services: 0.92%
AmerisourceBergen Corporation		226,200		8,815,014
Health Care Technology: 0.38%
Cerner Corporation†		60,500		3,683,845
Life Sciences Tools & Services: 2.20%
Mettler-Toledo International IncorporatedǠ		120,500		21,147,750

10 Wells Fargo Advantage Premier Large Company Growth Fund Portfolio of Investments—January 31, 2012 (Unaudited)

Security Name	Shares		Value
Pharmaceuticals: 2.74%
Allergan Incorporated		108,200	$	9,511,862
Shire plc ADR		170,000		16,918,400
				26,430,262
Industrials: 10.27%
Aerospace & Defense: 1.12%
United Technologies Corporation		137,500		10,773,125
Air Freight & Logistics: 1.00%
C.H. Robinson Worldwide Incorporated		119,500		8,226,380
United Parcel Service Incorporated Class B		19,000		1,457,490
				9,683,870
Electrical Equipment: 0.38%
Polypore International IncorporatedǠ		97,000		3,693,760
Machinery: 2.93%
Caterpillar Incorporated		18,000		1,964,160
Danaher Corporation		168,000		8,821,680
Gardner Denver Incorporated		57,000		4,252,200
Joy Global Incorporated		145,000		13,150,050
				28,188,090
Road & Rail: 4.84%
Kansas City Southern†		363,700		24,964,368
Norfolk Southern Corporation		121,700		8,786,740
Union Pacific Corporation		112,000		12,802,720
				46,553,828
Information Technology: 33.51%
Communications Equipment: 2.99%
Cisco Systems Incorporated		161,000		3,160,430
F5 Networks Incorporated†		55,500		6,645,570
QUALCOMM Incorporated		265,000		15,587,300
Riverbed Technology Incorporated†		143,000		3,423,420
				28,816,720
Computers & Peripherals: 10.00%
Apple Incorporated†		153,500		70,069,680
EMC Corporation†		1,017,500		26,210,800
				96,280,480
Internet Software & Services: 6.17%
eBay Incorporated†		517,500		16,353,000
Google Incorporated Class A†		43,600		25,292,796
Mercadolibre Incorporated		10,500		917,700
Rackspace Hosting Incorporated†		386,500		16,777,965
				59,341,461

Portfolio of Investments—January 31, 2012 (Unaudited) Wells Fargo Advantage Premier Large Company Growth Fund 11

Security Name	Shares		Value
IT Services: 6.93%
Accenture plc		307,500	$	17,632,050
Alliance Data Systems CorporationǠ		128,500		14,237,800
Cognizant Technology Solutions Corporation Class A†		393,000		28,197,750
VeriFone Holdings Incorporated†		156,000		6,661,200
				66,728,800
Semiconductors & Semiconductor Equipment: 3.42%
Altera Corporation		35,000		1,392,650
Analog Devices Incorporated		119,700		4,683,861
Avago Technologies Limited		162,000		5,498,280
Cavium Incorporated†		121,000		3,888,940
Maxim Integrated Products Incorporated		124,500		3,341,580
Microchip Technology Incorporated«		310,000		11,442,100
NetLogic Microsystems Incorporated†		53,000		2,639,400
				32,886,811
Software: 4.00%
Check Point Software Technologies LimitedǠ		135,500		7,627,295
Citrix Systems Incorporated†		146,500		9,553,265
Red Hat Incorporated†		271,000		12,566,270
Salesforce.com IncorporatedǠ		39,500		4,613,600
VMware Incorporated†		45,000		4,107,150
				38,467,580
Materials: 3.68%
Chemicals: 3.68%
Air Products & Chemicals Incorporated		55,500		4,885,665
Monsanto Company		91,300		7,491,165
Praxair Incorporated		216,900		23,034,781
				35,411,611
Total Common Stocks (Cost $695,458,225)				921,771,616
Investment Companies: 1.43%
iShares Russell 1000 Growth		224,500		13,757,360
Total Investment Companies (Cost $13,190,853)				13,757,360
	Principal
Other: 0.10%
Gryphon Funding Limited, Pass-Through Entity(v)(i)(a)	$	1,322,167		356,985
VFNC Corporation, Pass-Through Entity, 0.27%(v)(i)(a)±144A		1,506,610		647,842
Total Other (Cost $469,655)				1,004,827

12 Wells Fargo Advantage Premier Large Company Growth Fund Portfolio of Investments—January 31, 2012 (Unaudited)

Security Name	Yield			Shares		Value
Short-Term Investments: 10.07%
Investment Companies: 10.07%
Wells Fargo Advantage Cash Investment Money Market Fund, Institutional Class(l)(u)		0.02	%		29,623,519	$	29,623,519
Wells Fargo Securities Lending Cash Investments, LLC(v)(l)(u)(r)		0.15			67,324,983		67,324,983
Total Short-Term Investments (Cost $96,948,502)						��	96,948,502

Total Investments in Securities
(Cost $806,067,235)*	107.36	%		1,033,482,305
Other Assets and Liabilities, Net	(7.36	)		(70,871,755	)
Total Net Assets	100.00	%	$	962,610,550

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

† Non-income earning security.

(v) Security represents investment of cash collateral received from securities on loan.

(i) Illiquid security.

(a) Security is fair valued by the Management Valuation Team, and in certain instances by the Board of Trustees, in accordance with procedures approved by the Board of Trustees.

± Variable rate investment.

144A Security that may be resold to “qualified institutional buyers” under Rule 144A or security offered pursuant to Section 4(2) of the Securities Act of 1933, as amended.

(l) Investment in an affiliate.

(u) Rate shown is the 7-day annualized yield at period end.

(r) The investment company is exempt from registration under Section 3(c)(7) of the 1940 Act.

* Cost for federal income tax purposes is $809,183,776 and net unrealized appreciation (depreciation) consists of:

Gross unrealized appreciation	$	228,706,251
Gross unrealized depreciation		(4,407,722	)
Net unrealized appreciation	$	224,298,529

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

Statement of Assets and Liabilities—January 31, 2012 (Unaudited) Wells Fargo Advantage Premier Large Company Growth Fund 13

Assets
Investments
In unaffiliated securities (including securities on loan), at value (see cost below)	$	936,533,803
In affiliated securities, at value (see cost below)		96,948,502
Total investments, at value (see cost below)		1,033,482,305
Receivable for investments sold		6,550,976
Receivable for Fund shares sold		5,287,863
Receivable for dividends		174,465
Receivable for securities lending income		6,721
Prepaid expenses and other assets		123,048
Total assets		1,045,625,378
Liabilities
Payable for investments purchased		12,735,010
Payable for Fund shares redeemed		1,517,080
Payable upon receipt of securities loaned		67,794,638
Advisory fee payable		389,055
Distribution fees payable		38,330
Due to other related parties		200,861
Accrued expenses and other liabilities		339,854
Total liabilities		83,014,828
Total net assets	$	962,610,550
NET ASSETS CONSIST OF
Paid-in capital	$	821,943,729
Undistributed net investment loss		(1,448,606	)
Accumulated net realized losses on investments		(85,299,643	)
Net unrealized gains on investments		227,415,070
Total net assets	$	962,610,550
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE1
Net assets – Class A	$	675,156,936
Shares outstanding – Class A		68,506,367
Net asset value per share – Class A		$9.86
Maximum offering price per share – Class A2		$10.46
Net assets – Class B	$	8,271,455
Shares outstanding – Class B		928,526
Net asset value per share – Class B		$8.91
Net assets – Class C	$	52,162,199
Shares outstanding – Class C		5,871,162
Net asset value per share – Class C		$8.88
Net assets – Administrator Class	$	81,125,006
Shares outstanding – Administrator Class		8,216,049
Net asset value per share – Administrator Class		$9.87
Net assets – Institutional Class	$	63,742,785
Shares outstanding – Institutional Class		6,436,614
Net asset value per share – Institutional Class		$9.90
Net assets – Investor Class	$	82,152,169
Shares outstanding – Investor Class		8,350,271
Net asset value per share – Investor Class		$9.84
Investments in unaffiliated securities, at cost	$	709,118,733
Investments in affiliated securities, at cost	$	96,948,502
Total investments, at cost	$	806,067,235
Securities on loan, at value	$	66,360,234

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.

14 Wells Fargo Advantage Premier Large Company Growth Fund Statement of Operations—Six Months Ended January 31, 2012 (Unaudited)

Investment income
Dividends	$	3,286,592
Securities lending income, net		65,919
Income from affiliated securities		17,497
Total investment income		3,370,008
Expenses
Advisory fee		2,674,823
Administration fees
Fund level		208,959
Class A		789,902
Class B		11,142
Class C		57,094
Administrator Class		28,388
Institutional Class		15,373
Investor Class		132,857
Shareholder servicing fees
Class A		759,521
Class B		10,714
Class C		54,898
Administrator Class		70,970
Investor Class		96,137
Distribution fees
Class B		32,141
Class C		164,695
Custody and accounting fees		24,395
Professional fees		29,300
Registration fees		46,386
Shareholder report expenses		34,385
Trustees’ fees and expenses		2,108
Other fees and expenses		12,836
Total expenses		5,257,024
Less: Fee waivers and/or expense reimbursements		(470,695	)
Net expenses		4,786,329
Net investment loss		(1,416,321	)
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized losses on investments		(10,441,413	)
Net change in unrealized gains (losses) on investments		38,279,543
Net realized and unrealized gains (losses) on investments		27,838,130
Net increase in net assets resulting from operations	$	26,421,809

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

Statements of Changes in Net Assets Wells Fargo Advantage Premier Large Company Growth Fund 15

	Six Months Ended January 31, 2012 (Unaudited)						Year Ended July 31, 2011
Operations
Net investment loss				$	(1,416,321	)				$	(1,217,760	)
Net realized gains (losses) on investments					(10,441,413	)					41,137,232
Net change in unrealized gains (losses) on investments					38,279,543						135,655,888
Net increase in net assets resulting from operations					26,421,809						175,575,360
Distributions to shareholders from
Net investment income
Class A					0						(292,828	)
Administrator Class					0						(47,613	)
Institutional Class					0						(31,262	)
Investor Class					0						(75,138	)
Net realized gains
Class A					(16,290,744	)					0
Class B					(232,403	)					0
Class C					(1,336,936	)					0
Administrator Class					(1,567,504	)					0
Institutional Class					(1,091,657	)					0
Investor Class					(2,041,500	)					0
Total distributions to shareholders					(22,560,744	)					(446,841	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		9,766,193			89,950,614			8,063,099			76,433,132
Class B		70,797			593,864			60,305			522,352
Class C		2,497,662			20,859,782			1,348,270			11,798,975
Administrator Class		3,788,769			36,127,137			2,796,716			26,595,581
Institutional Class		3,771,248			36,149,783			1,754,955			16,280,347
Investor Class		1,548,373			14,365,127			678,085			6,376,951
					198,046,307						138,007,338
Reinvestment of distributions
Class A		1,545,287			14,602,964			28,108			259,156
Class B		23,672			202,400			0			0
Class C		93,610			797,556			0			0
Administrator Class		120,175			1,136,851			2,993			27,596
Institutional Class		101,699			965,124			2,785			25,680
Investor Class		210,673			1,986,646			7,938			73,111
					19,691,541						385,543
Payment for shares redeemed
Class A		(5,547,068	)		(51,977,768	)		(8,759,829	)		(80,572,170	)
Class B		(304,894	)		(2,569,583	)		(887,438	)		(7,456,646	)
Class C		(708,698	)		(5,980,444	)		(502,012	)		(4,180,655	)
Administrator Class		(1,183,528	)		(10,919,079	)		(2,022,104	)		(18,667,990	)
Institutional Class		(511,736	)		(4,810,145	)		(1,114,377	)		(10,454,872	)
Investor Class		(1,456,365	)		(13,311,780	)		(999,907	)		(9,231,530	)
					(89,568,799	)					(130,563,863	)
Net increase in net assets resulting from capital share transactions					128,169,049						7,829,018
Total increase in net assets					132,030,114						182,957,537
Net assets
Beginning of period					830,580,436						647,622,899
End of period				$	962,610,550					$	830,580,436
Undistributed (accumulated) net investment loss				$	(1,448,606	)				$	(32,285	)

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

16 Wells Fargo Advantage Premier Large Company Growth Fund Financial Highlights

(For a share outstanding throughout each period)

	Six Months Ended January 31, 2012 (Unaudited)			Year Ended July 31,						Year Ended September 30,
Class A				2011			20101,2			20091			20081			20071			20061
Net asset value, beginning of period	$	9.89		$	7.75		$	7.23		$	7.20		$	8.50		$	6.96		$	6.66
Net investment income (loss)		(0.02	)		(0.01	)		0.00	3		0.05	3		0.03	3		0.01	3		(0.00	)3
Net realized and unrealized gains (losses) on investments		0.24			2.15			0.57			0.02			(1.33	)		1.53			0.31
Total from investment operations		0.22			2.14			0.57			0.07			(1.30	)		1.54			0.31
Distributions to shareholders from
Net investment income		0.00			(0.00	)4		(0.05	)		(0.04	)		(0.00	)4		0.00			(0.01	)
Net realized gains		(0.25	)		0.00			0.00			0.00			0.00			0.00			0.00
Total distributions to shareholders		(0.25	)		(0.00	)4		(0.05	)		(0.04	)		(0.00	)4		0.00			(0.01	)
Net asset value, end of period	$	9.86		$	9.89		$	7.75		$	7.23		$	7.20		$	8.50		$	6.96
Total return5		2.45	%		27.55	%		7.93	%		1.04	%		(15.25	)%		22.13	%		4.65	%
Ratios to average net assets (annualized)
Gross expenses		1.24	%		1.24	%		1.09	%		1.12	%		1.09	%		1.12	%		1.14	%
Net expenses		1.12	%		1.12	%		1.08	%		1.12	%		1.07	%		1.10	%		1.14	%
Net investment income (loss)		(0.31	)%		(0.13	)%		0.06	%		0.86	%		0.44	%		0.10	%		(0.01	)%
Supplemental data
Portfolio turnover rate		22	%		65	%		89	%		24	%		39	%		21	%		117	%
Net assets, end of period (000’s omitted)		$675,157			$620,262			$491,290			$268,422			$276,771			$361,051			$341,511

1. After the close of business on July 16, 2010, the Fund acquired the net assets of Evergreen Large Company Growth Fund and Wells Fargo Advantage Large Company Growth Fund. Evergreen Large Company Growth Fund 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 Large Company Growth Fund.

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

3. Calculated based upon average shares outstanding.

4. Amount is less than $0.005.

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

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

Financial Highlights Wells Fargo Advantage Premier Large Company Growth Fund 17

(For a share outstanding throughout each period)

	Six Months Ended January 31, 2012 (Unaudited)			Year Ended July 31,						Year Ended September 30,
Class B				2011			20101,2			20091			20081			20071			20061
Net asset value, beginning of period	$	8.99		$	7.10		$	6.62		$	6.60		$	7.85		$	6.47		$	6.23
Net investment income (loss)		(0.04	)3		(0.07	)3		(0.04	)3		0.01	3		(0.02	)3		(0.04	)3		(0.05	)3
Net realized and unrealized gains (losses) on investments		0.21			1.96			0.52			0.01			(1.23	)		1.42			0.29
Total from investment operations		0.17			1.89			0.48			0.02			(1.25	)		1.38			0.24
Distributions to shareholders from
Net realized gains		(0.25	)		0.00			0.00			0.00			0.00			0.00			0.00
Net asset value, end of period	$	8.91		$	8.99		$	7.10		$	6.62		$	6.60		$	7.85		$	6.47
Total return4		2.02	%		26.62	%		7.25	%		0.30	%		(15.92	)%		21.33	%		3.85	%
Ratios to average net assets (annualized)
Gross expenses		1.98	%		2.00	%		1.84	%		1.87	%		1.81	%		1.82	%		1.84	%
Net expenses		1.87	%		1.87	%		1.83	%		1.87	%		1.81	%		1.82	%		1.84	%
Net investment income (loss)		(1.05	)%		(0.85	)%		(0.69	)%		0.11	%		(0.31	)%		(0.61	)%		(0.71	)%
Supplemental data
Portfolio turnover rate		22	%		65	%		89	%		24	%		39	%		21	%		117	%
Net assets, end of period (000’s omitted)		$8,271			$10,244			$13,957			$7,951			$10,489			$16,694			$17,986

1. After the close of business on July 16, 2010, the Fund acquired the net assets of Evergreen Large Company Growth Fund and Wells Fargo Advantage Large Company Growth Fund. Evergreen Large Company Growth Fund 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 Large Company Growth Fund.

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

3. Calculated based upon average shares outstanding.

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

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

18 Wells Fargo Advantage Premier Large Company Growth Fund Financial Highlights

(For a share outstanding throughout each period)

	Six Months Ended January 31, 2012 (Unaudited)			Year Ended July 31,						Year Ended September 30,
Class C				2011			20101,2			20091			20081			20071			20061
Net asset value, beginning of period	$	8.97		$	7.08		$	6.62		$	6.59		$	7.84		$	6.47		$	6.23
Net investment income (loss)		(0.05	)3		(0.08	)3		(0.04	)3		0.00	3		(0.02	)3		(0.04	)3		(0.05	)3
Net realized and unrealized gains (losses) on investments		0.21			1.97			0.52			0.03			(1.23	)		1.41			0.29
Total from investment operations		0.16			1.89			0.48			0.03			(1.25	)		1.37			0.24
Distributions to shareholders from
Net investment income		0.00			0.00			(0.02	)		0.00			0.00			0.00			0.00
Net realized gains		(0.25	)		0.00			0.00			0.00			0.00			0.00			0.00
Total distributions to shareholders		(0.25	)		0.00			(0.02	)		0.00			0.00			0.00			0.00
Net asset value, end of period	$	8.88		$	8.97		$	7.08		$	6.62		$	6.59		$	7.84		$	6.47
Total return4		2.03	%		26.69	%		7.18	%		0.46	%		(15.94	)%		21.17	%		3.85	%
Ratios to average net assets (annualized)
Gross expenses		1.99	%		1.99	%		1.84	%		1.87	%		1.82	%		1.82	%		1.84	%
Net expenses		1.87	%		1.87	%		1.83	%		1.87	%		1.82	%		1.82	%		1.84	%
Net investment income (loss)		(1.07	)%		(0.90	)%		(0.68	)%		0.08	%		(0.30	)%		(0.61	)%		(0.71	)%
Supplemental data
Portfolio turnover rate		22	%		65	%		89	%		24	%		39	%		21	%		117	%
Net assets, end of period (000’s omitted)		$52,162			$35,783			$22,246			$13,717			$10,046			$10,058			$8,397

1. After the close of business on July 16, 2010, the Fund acquired the net assets of Evergreen Large Company Growth Fund and Wells Fargo Advantage Large Company Growth Fund. Evergreen Large Company Growth Fund 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 Large Company Growth Fund.

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

3. Calculated based upon average shares outstanding.

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

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

Financial Highlights Wells Fargo Advantage Premier Large Company Growth Fund 19

(For a share outstanding throughout each period)

	Six Months Ended January 31, 2012 (Unaudited)			Year Ended July 31,
Administrator Class				2011			20101
Net asset value, beginning of period	$	9.90		$	7.75		$	7.53
Net investment income (loss)		(0.01	)		0.00			(0.00	)2
Net realized and unrealized gains (losses) on investments		0.23			2.16			0.22
Total from investment operations		0.22			2.16			0.22
Distributions to shareholders from
Net investment income		0.00			(0.01	)		0.00
Net realized gains		(0.25	)		0.00			0.00
Total distributions to shareholders		(0.25	)		(0.01	)		0.00
Net asset value, end of period	$	9.87		$	9.90		$	7.75
Total return3		2.44	%		27.75	%		2.92	%
Ratios to average net assets (annualized)
Gross expenses		1.08	%		1.08	%		1.13	%
Net expenses		0.95	%		0.95	%		0.95	%
Net investment income (loss)		(0.15	)%		0.01	%		(0.34	)%
Supplemental data
Portfolio turnover rate		22	%		65	%		89	%
Net assets, end of period (000’s omitted)		$81,125			$54,335			$36,508

1. For the period from July 16, 2010 (commencement of class operations) to July 31, 2010.

2. Amount is less than $0.005.

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

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

20 Wells Fargo Advantage Premier Large Company Growth Fund Financial Highlights

(For a share outstanding throughout each period)

	Six Months Ended January 31, 2012 (Unaudited)			Year Ended July 31,						Year Ended September 30,
Institutional Class				2011			20101,2			20091			20081			20071			20061
Net asset value, beginning of period	$	9.91		$	7.75		$	7.24		$	7.22		$	8.53		$	6.96		$	6.67
Net investment income		0.00	3		0.02	3		0.02			0.06	3		0.05	3		0.03	3		0.02	3
Net realized and unrealized gains (losses) on investments		0.24			2.15			0.57			0.02			(1.33	)		1.54			0.30
Total from investment operations		0.24			2.17			0.59			0.08			(1.28	)		1.57			0.32
Distributions to shareholders from
Net investment income		0.00			(0.01	)		(0.08	)		(0.06	)		(0.03	)		0.00			(0.03	)
Net realized gains		(0.25	)		0.00			0.00			0.00			0.00			0.00			0.00
Total distributions to shareholders		(0.25	)		(0.01	)		(0.08	)		(0.06	)		(0.03	)		0.00			(0.03	)
Net asset value, end of period	$	9.90		$	9.91		$	7.75		$	7.24		$	7.22		$	8.53		$	6.96
Total return4		2.54	%		28.03	%		8.20	%		1.28	%		(15.07	)%		22.56	%		4.81	%
Ratios to average net assets (annualized)
Gross expenses		0.81	%		0.81	%		0.83	%		0.87	%		0.81	%		0.82	%		0.84	%
Net expenses		0.75	%		0.75	%		0.82	%		0.87	%		0.81	%		0.82	%		0.84	%
Net investment income		0.04	%		0.22	%		0.34	%		1.04	%		0.68	%		0.39	%		0.29	%
Supplemental data
Portfolio turnover rate		22	%		65	%		89	%		24	%		39	%		21	%		117	%
Net assets, end of period (000’s omitted)		$63,743			$30,493			$18,841			$11,335			$6,321			$11,197			$13,605

1. After the close of business on July 16, 2010, the Fund acquired the net assets of Evergreen Large Company Growth Fund and Wells Fargo Advantage Large Company Growth Fund. Evergreen Large Company Growth Fund 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 Large Company Growth Fund.

2. For the ten months ended July 31, 2010. The Fund changed its fiscal year end from September 30 to July 31, effective July 31, 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 Premier Large Company Growth Fund 21

(For a share outstanding throughout each period)

	Six Months Ended January 31, 2012 (Unaudited)			Year Ended July 31,
Investor Class				2011			20101
Net asset value, beginning of period	$	9.87		$	7.75		$	7.54
Net investment income (loss)		(0.02	)		(0.02	)		(0.00	)2
Net realized and unrealized gains (losses) on investments		0.24			2.15			0.21
Total from investment operations		0.22			2.13			0.21
Distributions to shareholders from
Net investment income		0.00			(0.01	)		0.00
Net realized gains		(0.25	)		0.00			0.00
Total distributions to shareholders		(0.25	)		(0.01	)		0.00
Net asset value, end of period	$	9.84		$	9.87		$	7.75
Total return3		2.35	%		27.48	%		2.79	%
Ratios to average net assets (annualized)
Gross expenses		1.29	%		1.31	%		1.36	%
Net expenses		1.19	%		1.19	%		1.19	%
Net investment loss		(0.38	)%		(0.20	)%		(0.59	)%
Supplemental data
Portfolio turnover rate		22	%		65	%		89	%
Net assets, end of period (000’s omitted)		$82,152			$79,464			$64,781

1. For the period from July 16, 2010 (commencement of class operations) to July 31, 2010.

2. Amount is less than $0.005.

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

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

22 Wells Fargo Advantage Premier Large Company Growth 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”). These financial statements report on Wells Fargo Advantage Premier Large Company Growth 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

Investments in equity securities are valued each business day as of the close of regular trading on the New York Stock Exchange, which is usually 4:00 p.m. (Eastern Time). Securities which are traded on a national or foreign securities exchange are valued at the last reported sales price, except that securities listed on The Nasdaq Stock Market, Inc. (“Nasdaq”) are valued at the Nasdaq Official Closing Price (“NOCP”), and if no NOCP is available, then at the last reported sales price. If no sales price is shown on the Nasdaq, the bid price will be used. In the absence of any sale of securities listed on the Nasdaq, and in the case of other securities (including U.S. Government obligations, but excluding debt securities maturing in 60 days or less), the price will be deemed “stale” and the valuations will be determined in accordance with the Fund’s Fair Value Procedures.

Investments in open-end mutual funds and non-registered investment companies are generally 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 by procedures established in good faith and approved by the Board of Trustees.

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 Wells Fargo Securities Lending Cash Investments, LLC (the “Cash Collateral Fund”). The Cash Collateral Fund is exempt from registration under Section 3(c)(7) of the 1940 Act and is managed by Wells Fargo Funds Management LLC (“Funds Management”) and is sub-advised by Wells Capital Management Incorporated (“Wells Capital Management”). Funds Management receives an advisory fee starting at 0.05% and declining to 0.01% as the average daily net assets of the Cash Collateral Fund increase. All of the fees received by Funds Management are paid to Wells Capital Management for its services as sub-adviser. The Cash Collateral 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. Cash Collateral Fund investments are fair valued based upon the amortized cost valuation technique. Income earned from investment in the Cash Collateral Fund is included in securities lending income on the Statement of Operations.

For Wells Fargo Advantage Funds that participated in securities lending activity prior to February 13, 2009, certain structured investment vehicles purchased in a joint account by the former securities lending agent defaulted or were

Notes to Financial Statements (Unaudited) Wells Fargo Advantage Premier Large Company Growth Fund 23

impaired. Certain of the Wells Fargo Advantage Funds still hold ownership interest in these structured investment vehicles, which have since been restructured as pass-through securities. If the Fund holds an ownership interest in such pass-through securities, information regarding this ownership interest can be found in the Portfolio of Investments under the category “Other”.

Security transactions and income recognition

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

Dividend income is recognized on the ex-dividend date.

Distributions to shareholders

Distributions to shareholders from net investment income and net realized gains, if any, are recorded on the ex-dividend date. Such distributions are determined in conformity with income tax regulations, which may differ from 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.

Under the recently enacted Regulated Investment Company Modernization Act of 2010, the Fund is permitted to carry forward capital losses incurred in taxable years which began after December 22, 2010 for an unlimited period. However, any losses incurred are required to be utilized prior to the losses incurred in pre-enactment taxable years. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law.

As of July 31, 2011, the Fund had net capital loss carryforwards, which were available to offset future net realized capital gains, in the amount of $73,822,428 with $894,918 expiring in 2015, $54,899,363 expiring in 2016 and $18,028,147 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. Shareholders of each class bear certain expenses that pertain to that particular class. All shareholders bear the common expenses of the Fund, earn income from the portfolio, and are allocated unrealized gains and losses pro rata based on the average daily net assets of each class, without distinction between share classes. Dividends are determined separately for each class based on income and expenses allocable to each class. Realized gains and losses are allocated to each class pro rata based upon the net assets of each class on the date realized. Differences in per share dividend rates generally result from the relative weightings of pro rata income and realized gain allocations and from differences in separate class expenses, including distribution, shareholder servicing and administration fees.

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, etc.)

24 Wells Fargo Advantage Premier Large Company Growth Fund Notes to Financial Statements (Unaudited)

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 securities are not necessarily an indication of the risk associated with investing in those securities.

As of January 31, 2012, the inputs used in valuing the Fund’s assets, which are carried at fair value, were as follows:

Investments in Securities	Quoted Prices (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Equity securities
Common stocks	$	921,771,616	$	0	$	0	$	921,771,616
Investment companies		13,757,360		0		0		13,757,360
Other		0		0		1,004,827		1,004,827
Short-term investments
Investment companies		29,623,519		67,324,983		0		96,948,502
	$	965,152,495	$	67,324,983	$	1,004,827	$	1,033,482,305

Further details on the major security types listed above can be found in the Portfolio of Investments.

Transfers in and transfers out are recognized at the end of the reporting period. For the six months ended January 31, 2012, the Fund did not have any significant transfers into/out of Level 1 and Level 2.

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

	Other
Balance as of July 31, 2011	$	1,425,187
Accrued discounts (premiums)		0
Realized gains (losses)		0
Change in unrealized gains (losses)		(247,739	)
Purchases		0
Sales		(172,621	)
Transfers into Level 3		0
Transfers out of Level 3		0
Balance as of January 31, 2012	$	1,004,827
Change in unrealized gains (losses) relating to securities still held at January 31, 2012	$	(335,097	)

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 sub-adviser, 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 January 31, 2012, the advisory fee was equivalent to an annual rate of 0.64% of the Fund’s average daily net assets.

Funds Management may retain the services of certain sub-advisers to provide daily portfolio management to the Fund. The fees related to sub-advisory services are borne directly by Funds Management and do not increase the overall fees paid by the Fund. Wells Capital Management, an affiliate of Funds Management, is the sub-adviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.35% and declining to 0.15% as the average daily net assets of the Fund increase.

Notes to Financial Statements (Unaudited) Wells Fargo Advantage Premier Large Company Growth Fund 25

Administration and transfer agent 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		0.33

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 July 18, 2013 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.12% for Class A, 1.87% for Class B, 1.87% for Class C, 0.95% for Administrator Class, 0.75% for Institutional Class and 1.19% for Investor Class.

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, the principal underwriter, at an annual rate of 0.75% of the average daily net assets of Class B and Class C shares.

For the six months ended January 31, 2012, Wells Fargo Funds Distributor, LLC received $25,277 from the sale of Class A shares and $14, $4,839 and $721 in contingent deferred sales charges from redemptions of Class A, Class B and Class C shares, respectively.

Shareholder servicing fees

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

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 (securities with maturities of one year or less at purchase date), for the six months ended January 31, 2012 were $279,923,660 and $179,324,542, respectively.

6. BANK BORROWINGS

The Trust (excluding the money market funds) and Wells Fargo Variable Trust are parties to a $150,000,000 revolving credit agreement with State Street Bank and Trust Company, 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. Prior to September 6, 2011, the revolving credit agreement was for $125,000,000 and the annual commitment fee paid by the Fund was 0.125% of the unused balance. For the six months ended January 31, 2012, the Fund paid $420 in commitment fees.

For the six months ended January 31, 2012, there were no borrowings by the Fund under the agreement.

26 Wells Fargo Advantage Premier Large Company Growth Fund Notes to Financial Statements (Unaudited)

7. INDEMNIFICATION

Under the Trust’s organizational documents, the officers and directors are indemnified against certain liabilities that may arise out of performance of their duties to the Trust. Additionally, in the normal course of business, the Trust may enter 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.

8. NEW ACCOUNTING PRONOUNCEMENTS

In May 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2011-04 “Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs”. ASU No. 2011-04 amends FASB ASC Topic 820, Fair Value Measurements and Disclosures, to establish common requirements for measuring fair value and for disclosing information about fair value measurements in accordance with GAAP. The ASU is effective prospectively for interim and annual periods beginning after December 15, 2011. Management expects that adoption of the ASU will result in additional disclosures in the financial statements, as applicable.

In April 2011, FASB issued ASU No. 2011-03 “Reconsideration of Effective Control for Repurchase Agreements”. ASU No. 2011-03 amends FASB ASC Topic 860, Transfers and Servicing, specifically the criteria required to determine whether a repurchase agreement (repo) and similar agreements should be accounted for as sales of financial assets or secured borrowings with commitments. ASU No. 2011-03 changes the assessment of effective control by focusing on the transferor’s contractual rights and obligations and removing the criterion to assess its ability to exercise those rights or honor those obligations. This could result in changes to the way entities account for certain transactions including repurchase agreements, mortgage dollar rolls and reverse repurchase agreements. The ASU will become effective on a prospective basis for new transfers and modifications to existing transactions as of the beginning of the first interim or annual period beginning on or after December 15, 2011. Management has evaluated the impact of adopting the ASU and expects no significant changes.

Other Information (Unaudited) Wells Fargo Advantage Premier Large Company Growth Fund 27

PROXY VOTING INFORMATION

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by calling 1-800-222-8222, visiting our Web site at wellsfargoadvantagefunds.com, or visiting the SEC Web site 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 without charge on the Fund’s Web site at wellsfargoadvantagefunds.com or by visiting the SEC Web site at sec.gov.

PORTFOLIO HOLDINGS INFORMATION

The complete portfolio holdings for the Fund are publicly available on the Fund’s Web site (wellsfargoadvantagefunds.com) on a monthly, 30-day or more delayed basis. In addition, top ten holdings information for the Fund is publicly available on the Fund’s Web site 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 without charge by visiting the SEC Web site 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 Premier Large Company Growth Fund Other Information (Unaudited)

BOARD OF TRUSTEES

The following table provides basic information about the Board of Trustees (the “Trustees”) of the Trust and Officers of the Trust. This table should be read in conjunction with the Prospectus and the Statement of Additional Information¹ of the Fund. Each of the Trustees and Officers listed below acts in identical capacities for the Wells Fargo Advantage family of funds, which consists of 137 funds comprising the Wells Fargo Funds Trust, Wells Fargo Variable Trust, Wells Fargo Master Trust and four closed-end funds (collectively the “Fund Complex”). All of the Trustees are also Members of the Audit and Governance Committees of each Trust in the Fund Complex. 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	Other Directorships During Past Five Years
Peter G. Gordon (Born 1942)	Trustee, since 1998; Chairman, since 2005 (Lead Trustee since 2001)	Co-Founder, Retired Chairman, President and CEO of Crystal Geyser Water Company. Trustee Emeritus, Colby College	Asset Allocation Trust
Isaiah Harris, Jr. (Born 1952)	Trustee, since 2009	Retired. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Mr. Harris is a certified public accountant.	CIGNA Corporation; Deluxe Corporation; Asset Allocation Trust
Judith M. Johnson (Born 1949)	Trustee, since 2008	Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant.	Asset Allocation Trust
Leroy Keith, Jr. (Born 1939)	Trustee, since 2010	Chairman, Bloc Global Services (development and construction). Trustee of the Evergreen Funds from 1983 to 2010. Former Managing Director, Almanac Capital Management (commodities firm), former Partner, Stonington Partners, Inc. (private equity fund), former Director, Obagi Medical Products Co. and former Director, Lincoln Educational Services.	Trustee, Virtus Fund Complex (consisting of 40 portfolios as of 12/31/11); 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, Director of Corporate Governance Research Program 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 Premier Large Company Growth Fund 29

Name and Year of Birth	Position Held and Length of Service	Principal Occupations During Past Five Years	Other Directorships During Past Five Years
Timothy J. Penny (Born 1951)	Trustee, since 1996	President and CEO of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007 and Senior Fellow at the Humphrey Institute Policy Forum at the University of Minnesota since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	Asset Allocation Trust
Michael S. Scofield (Born 1943)	Trustee, since 2010	Served on the Investment Company Institute’s Board of Governors and Executive Committee from 2008-2011 as well the Governing Council of the Independent Directors Council from 2006-2011 and the Independent Directors Council Executive Committee from 2008-2011. Chairman of the IDC from 2008-2010. Institutional Investor (Fund Directions) Trustee of Year in 2007. Trustee of the Evergreen Funds (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 and former Director and Chairman, Branded Media Corporation (multi-media branding company).	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 Free Trust (non-profit corporation). Director of the American Chestnut Foundation (non-profit corporation).	Asset Allocation Trust

Officers

Name and Year of Birth	Position Held and Length of Service	Principal Occupations During Past Five Years
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. Senior Vice President and Chief Administrative Officer of Wells Fargo Funds Management, LLC from 2001 to 2003.
C. David Messman (Born 1960)	Secretary, since 2000; Chief Legal Counsel, since 2003	Senior Vice President and Secretary of Wells Fargo Funds Management, LLC since 2001. Vice President and Managing Senior Counsel of Wells Fargo Bank, N.A. since 1996.
Kasey Phillips (Born 1970)	Treasurer, since 2009	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2006 to 2010. Treasurer of the Evergreen Funds from 2005 to 2010.
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 DePalma (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.
Debra Ann Early (Born 1964)	Chief Compliance Officer, since 2007	Chief Compliance Officer of Wells Fargo Funds Management, LLC since 2007. Chief Compliance Officer of Parnassus Investments from 2005 to 2007. Chief Financial Officer of Parnassus Investments from 2004 to 2007 and Senior Audit Manager of PricewaterhouseCoopers LLP from 1998 to 2004.

1. 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 Web site at wellsfargoadvantagefunds.com.

30 Wells Fargo Advantage Premier Large Company Growth Fund List of Abbreviations

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

ACB —  Agricultural Credit Bank

ADR —  American Depository Receipt

ADS —  American Depository Shares

AGC-ICC —  Assured Guaranty Corporation - Insured Custody Certificates

AGM —  Assured Guaranty Municipal

AMBAC —  American Municipal Bond Assurance Corporation

AMT —  Alternative Minimum Tax

AUD —  Australian Dollar

BAN —  Bond Anticipation Notes

BHAC —  Berkshire Hathaway Assurance Corporation

BRL —  Brazil 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 —  Certificate of Participation

CR —  Custody Receipts

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

FFCB —  Federal Farm Credit Bank

FGIC —  Financial Guaranty Insurance Corporation

FHA —  Federal Housing Authority

FHLB —  Federal Home Loan Bank

FHLMC —  Federal Home Loan Mortgage Corporation

FNMA —  Federal National Mortgage Association

FSA —  Farm Service Agency

GBP —  Great British Pound

GDR —  Global Depository 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

HUF —  Hungarian Forint

IBC —  Insured Bond Certificate

IDA —  Industrial Development Authority

IDAG —  Industrial Development Agency

IDR —  Industrial Development Revenue

IEP —  Irish Pound

JPY —  Japanese Yen

KRW —  Republic of Korea Won

LIBOR —  London Interbank Offered Rate

LLC —  Limited Liability Company

LLP —  Limited Liability Partnership

LOC —  Letter of Credit

LP —  Limited Partnership

MBIA —  Municipal Bond Insurance Association

MFHR —  Multi-Family Housing Revenue

MSTR —  Municipal Securities Trust Receipts

MTN —  Medium Term Note

MUD —  Municipal Utility District

MXN —  Mexican Peso

MYR —  Malaysian Ringgit

NATL-RE —  National Public Finance Guarantee Corporation

NOK —  Norwegian Krone

NZD —  New Zealand Dollar

PCFA —  Pollution Control Finance Authority

PCR —  Pollution Control Revenue

PFA —  Public Finance Authority

PFFA —  Public Facilities Financing Authority

PFOTER —  Puttable Floating Option Tax-Exempt Receipts

plc —  Public Limited Company

PLN —  Polish Zloty

PUTTER —  Puttable Tax-Exempt Receipts

R&D —  Research & Development

RDA —  Redevelopment Authority

RDFA —  Redevelopment Finance Authority

REIT —  Real Estate Investment Trust

ROC —  Reset Option Certificates

SAVRS —  Select Auction Variable Rate Securities

SBA —  Small Business Authority

SEK —  Swedish Krona

SFHR —  Single Family Housing Revenue

SFMR —  Single Family Mortgage Revenue

SGD —  Singapore Dollar

SKK —  Slovakian Koruna

SPDR —  Standard & Poor’s Depositary Receipts

TAN —  Tax Anticipation Notes

TBA —  To Be Announced

TIPS —  Treasury Inflation-Protected Securities

TRAN —  Tax Revenue Anticipation Notes

TCR —  Transferable Custody Receipts

TRY —  Turkish Lira

TTFA —  Transportation Trust Fund Authority

TVA —  Tennessee Valley Authority

XLCA —  XL Capital Assurance

ZAR —  South African Rand

FOR MORE INFORMATION

More information about Wells Fargo Advantage Funds is available free upon request. To obtain literature, please write, e-mail, visit the Fund’s Web site, or call:

Wells Fargo Advantage Funds

P.O. Box 8266

Boston, MA 02266-8266

E-mail: wfaf@wellsfargo.com

Web site: 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. For a prospectus containing more complete information, including charges and expenses, call 1-800-222-8222 or visit the Fund’s Web site at wellsfargoadvantagefunds.com. Please consider the investment objectives, risks, charges, and expenses of the investment carefully before investing. This and other information about Wells Fargo Advantage Funds can be found in the current prospectus. 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

© 2012 Wells Fargo Funds Management, LLC. All rights reserved.

207952 03-12 SA212/SAR212 1-12

Wells Fargo Advantage

Social Sustainability Fund^SM*

Semi-Annual Report

January 31, 2012

* At a regular meeting held on February 7-8, 2012, the Board of Trustees approved the liquidation of the Fund. The Fund was closed to shareholders on February 10, 2012 and subsequently liquidated on March 28, 2012.

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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	5
Fund Expenses	7
Portfolio of Investments	8
Financial Statements
Statement of Assets and Liabilities	11
Statement of Operations	12
Statements of Changes in Net Assets	13
Financial Highlights	14
Notes to Financial Statements	17
Other Information	21
List of Abbreviations	24

The views expressed and any forward-looking statements are as of January 31, 2012, 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, disclaims any obligation to publicly update or revise any views expressed or forward-looking statements.

NOT FDIC INSURED  ¡  NO BANK GUARANTEE  ¡   MAY LOSE VALUE

WELLS FARGO INVESTMENT HISTORY

1932	Keystone creates one of the first mutual fund families.
1971	Wells Fargo & Company introduces one of the first institutional index funds.
1978	Wells Fargo applies Markowitz and Sharpe’s research on Modern Portfolio Theory to introduce one of the industry’s first Tactical Asset Allocation (TAA) models in institutional separately managed accounts.
1984	Wells Fargo Stagecoach Funds launches its first asset allocation fund.
1989	The Tactical Asset Allocation (TAA) Model is first applied to Wells Fargo’s asset allocation mutual funds.
1994	Wells Fargo introduces the LifePath Funds, one of the first suites of target date funds (now the Wells Fargo Advantage Dow Jones Target Date FundsSM ).
1996	Evergreen Investments and Keystone Funds merge.
1997	Wells Fargo launches Wells Fargo Advantage WealthBuilder PortfoliosSM, a fund-of-funds suite of products that includes the use of quantitative models to shift assets among investment styles.
1999	Norwest Advantage Funds and Stagecoach Funds are reorganized into Wells Fargo Funds after the merger of Norwest and Wells Fargo.
2002	Evergreen Retail and Evergreen Institutional companies form the umbrella asset management company, Evergreen Investments.
2005	The integration of Strong Funds with Wells Fargo Funds creates Wells Fargo Advantage Funds, resulting in one of the top 20 mutual fund companies in the United States.
2006	Wells Fargo Advantage Funds relaunches the target date product line as Wells Fargo Advantage Dow Jones Target Date Funds.
2010	The mergers and reorganizations of Evergreen and Wells Fargo Advantage mutual funds are completed, unifying the families under the brand of Wells Fargo Advantage Funds.

Wells Fargo Advantage Funds^®

Wells Fargo Advantage Funds skillfully guides institutions, financial advisors, and individuals through the investment terrain to help them reach their financial objectives. Everything we do on behalf of investors is backed by our unique combination of qualifications.

Strength

Our organization is built on the standards of integrity and service established by our parent company—Wells Fargo & Company—more than 150 years ago. And, because we’re part of a highly diversified financial enterprise, we offer the depth of resources to help investors succeed.

Expertise

Our multi-boutique model offers investors access to the independent thinking of premier investment managers that have been chosen for their time-tested strategies. While each team specializes in a specific investment strategy, collectively they provide investors a wide choice of distinct investment styles. Our dedication to investment excellence doesn’t end with our expertise in manager selection—risk management, analysis, and rigorous ongoing review seek to ensure each manager’s investment process remains consistent.

Partnership

Our collaborative approach is built around understanding the needs and goals of our clients. By adhering to core principles of sound judgment and steady guidance, we support you through every stage of the investment decision process.

Carefully consider a fund’s investment objectives, risks, charges, and expenses before investing. For a current prospectus and, if available, a summary prospectus, containing this and other information, visit wellsfargoadvantagefunds.com. Read it carefully before investing.

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.

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

NOT FDIC INSURED  ¡  NO BANK GUARANTEE  ¡   MAY LOSE VALUE

Not part of the semi-annual report.

Wells Fargo Advantage Funds offers more than 110 mutual funds across a wide range of asset classes, representing over $217 billion in assets under management, as of January 31, 2012.

Equity Funds
Asia Pacific Fund	Equity Value Fund	Precious Metals Fund
C&B Large Cap Value Fund	Global Opportunities Fund	Premier Large Company Growth Fund
C&B Mid Cap Value Fund	Growth Fund	Small Cap Opportunities Fund
Capital Growth Fund	Index Fund	Small Cap Value Fund
Common Stock Fund	International Equity Fund	Small Company Growth Fund
Disciplined U.S. Core Fund	International Value Fund	Small Company Value Fund
Discovery Fund†	Intrinsic Small Cap Value Fund	Small/Mid Cap Core Fund
Diversified Equity Fund	Intrinsic Value Fund	Small/Mid Cap Value Fund
Diversified International Fund	Intrinsic World Equity Fund	Special Mid Cap Value Fund
Diversified Small Cap Fund	Large Cap Core Fund	Special Small Cap Value Fund
Emerging Growth Fund	Large Cap Growth Fund	Specialized Technology Fund
Emerging Markets Equity Fund	Large Company Value Fund	Strategic Large Cap Growth Fund
Endeavor Select Fund†	Omega Growth Fund	Traditional Small Cap Growth Fund
Enterprise Fund†	Opportunity Fund†	Utility and Telecommunications Fund
Bond Funds
Adjustable Rate Government Fund	Inflation-Protected Bond Fund	Short-Term Bond Fund
California Limited-Term Tax-Free Fund	Intermediate Tax/AMT-Free Fund	Short-Term High Yield Bond Fund
California Tax-Free Fund	International Bond Fund	Short-Term Municipal Bond Fund
Colorado Tax-Free Fund	Minnesota Tax-Free Fund	Strategic Municipal Bond Fund
Government Securities Fund	Municipal Bond Fund	Total Return Bond Fund
High Income Fund	North Carolina Tax-Free Fund	Ultra Short-Term Income Fund
High Yield Bond Fund	Pennsylvania Tax-Free Fund	Ultra Short-Term Municipal Income Fund
Income Plus Fund	Short Duration Government Bond Fund	Wisconsin Tax-Free Fund
Asset Allocation Funds
Absolute Return Fund	WealthBuilder Equity Portfolio†	Target 2020 Fund†
Asset Allocation Fund	WealthBuilder Growth Allocation Portfolio†	Target 2025 Fund†
Conservative Allocation Fund	WealthBuilder Growth Balanced Portfolio†	Target 2030 Fund†
Diversified Capital Builder Fund	WealthBuilder Moderate Balanced Portfolio†	Target 2035 Fund†
Diversified Income Builder Fund	WealthBuilder Tactical Equity Portfolio†	Target 2040 Fund†
Growth Balanced Fund	Target Today Fund†	Target 2045 Fund†
Index Asset Allocation Fund	Target 2010 Fund†	Target 2050 Fund†
Moderate Balanced Fund	Target 2015 Fund†	Target 2055 Fund†
WealthBuilder Conservative Allocation Portfolio†
Money Market Funds
100% Treasury Money Market Fund	Heritage Money Market Fund†	National Tax-Free Money Market Fund
California Municipal Money Market Fund	Money Market Fund	Prime Investment Money Market Fund
Cash Investment Money Market Fund	Municipal Cash Management Money Market Fund	Treasury Plus Money Market Fund
Government Money Market Fund	Municipal Money Market Fund
Variable Trust Funds1
VT Discovery Fund†	VT Intrinsic Value Fund	VT Small Cap Growth Fund
VT Index Asset Allocation Fund	VT Omega Growth Fund	VT Small Cap Value Fund
VT International Equity Fund	VT Opportunity Fund†	VT Total Return Bond Fund

An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Wells Fargo Advantage Money Market Funds seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in a money market fund.

1. The Variable Trust Funds are generally available only through insurance company variable contracts.

† In this report, the Wells Fargo Advantage Discovery Fund^SM, Wells Fargo Advantage Endeavor Select Fund^SM, Wells Fargo Advantage Enterprise Fund^SM, Wells Fargo Advantage Opportunity Fund^SM, Wells Fargo Advantage WealthBuilder Conservative Allocation Portfolio^SM, Wells Fargo Advantage WealthBuilder Equity Portfolio^SM, Wells Fargo Advantage WealthBuilder Growth Allocation Portfolio^SM, Wells Fargo Advantage WealthBuilder Growth Balanced Portfolio^SM, Wells Fargo Advantage WealthBuilder Moderate Balanced Portfolio^SM, Wells Fargo Advantage WealthBuilder Tactical Equity Portfolio^SM, Wells Fargo Advantage Dow Jones Target Today Fund^SM, Wells Fargo Advantage Dow Jones Target 2010 Fund^SM, Wells Fargo Advantage Dow Jones Target 2015 Fund^SM, Wells Fargo Advantage Dow Jones Target 2020 Fund^SM, Wells Fargo Advantage Dow Jones Target 2025 Fund^SM, Wells Fargo Advantage Dow Jones Target 2030 Fund^SM, Wells Fargo Advantage Dow Jones Target 2035 Fund^SM, Wells Fargo Advantage Dow Jones Target 2040 Fund^SM, Wells Fargo Advantage Dow Jones Target 2045 Fund^SM, Wells Fargo Advantage Dow Jones Target 2050 Fund^SM, Wells Fargo Advantage Dow Jones Target 2055 Fund^SM, Wells Fargo Advantage Heritage Money Market Fund^SM, Wells Fargo Advantage VT Discovery Fund^SM, and Wells Fargo Advantage VT Opportunity Fund^SM are referred to as the Discovery Fund, Endeavor Select Fund, Enterprise Fund, Opportunity Fund, WealthBuilder Conservative Allocation Portfolio, WealthBuilder Equity Portfolio, WealthBuilder Growth Allocation Portfolio, WealthBuilder Growth Balanced Portfolio, WealthBuilder Moderate Balanced Portfolio, WealthBuilder Tactical Equity Portfolio, Target Today Fund, Target 2010 Fund, Target 2015 Fund, Target 2020 Fund, Target 2025 Fund, Target 2030 Fund, Target 2035 Fund, Target 2040 Fund, Target 2045 Fund, Target 2050 Fund, Target 2055 Fund, Heritage Money Market Fund, VT Discovery Fund, and VT Opportunity Fund, respectively.

Not part of the semi-annual report.

2 Wells Fargo Advantage Social Sustainability Fund Letter to Shareholders

Karla M. Rabusch,

President

Wells Fargo Advantage Funds

The period was marked by increased confidence that the U.S. economy was staging a fragile recovery, offset by continued concerns about the possible effect on the global economy of the ongoing European sovereign debt crisis—which began in Greece and later spread to the larger economies of Italy and Spain.

The slow-motion debt crisis in the eurozone was a major headwind to both domestic and global stock market indexes.

Dear Valued Shareholder:

We’re pleased to offer you this semi-annual report for the Wells Fargo Advantage Social Sustainability Fund for the six-month period that ended January 31, 2012. The period was marked by increased confidence that the U.S. economy was staging a fragile recovery, offset by continued concerns about the possible effect on the global economy of the ongoing European sovereign debt crisis—which began in Greece and later spread to the larger economies of Italy and Spain. Most U.S. stock indexes posted gains for the period, even if only modest ones.

Worries gave way to guarded optimism for the U.S. economy.

The period began with worries that the U.S. economy was returning to recession. Revised figures for gross domestic product (GDP) indicated that the U.S. economy grew by an annualized rate of only 0.8% in the first half of 2011. Moreover, although the July 2011 Institute for Supply Management (ISM) manufacturing survey suggested that factories continued to expand, the rate of expansion was lower than in previous months. The prolonged debate over whether and how to raise the U.S. debt ceiling—which only ended on July 31, 2011—also depressed market sentiment by highlighting the country’s political divisions.

The stock market remained volatile throughout September. By late October, however, stronger economic data led to greater optimism and higher stock prices. Revised real GDP growth came in at 1.8% in the third quarter of 2011 and 2.8% in the fourth quarter, suggesting that the recovery was on firmer footing. Economic growth was not evenly distributed, though, as December 2011 retail same-store sales generally showed stronger growth for retailers targeting affluent customers than for those targeting the broad middle class. The reported unemployment rate also showed some signs of improvement, falling from 9.1% in August 2011 to 8.3% in January 2012. However, this decline in the unemployment rate was accompanied by an increase in the number of Americans not in the labor force, raising concerns about the economy’s ability to generate jobs.

The eurozone had continued trouble.

The slow-motion debt crisis in the eurozone was a major headwind to both domestic and global stock market indexes. The worsening debt and deficit numbers for Greece in late 2011 and early 2012 cast doubt on the country’s ability to service its debt under the plan put in place by the European Union and the International Monetary Fund and put the ongoing drama of the European sovereign debt crisis back on center stage. Investors became increasingly concerned that Greece would default on its debt, a scenario that only seemed more likely as many Greeks rioted in response to greater budgetary austerity and the discussion moved from whether private investors would take a loss on their Greek debt to how big the loss would be. Because many eurozone banks owned Greek debt and many U.S. banks had financial ties to eurozone banks, investors worried about the effect of such an event on the financial system and the global economy.

Even as the situation in Greece deteriorated, eurozone GDP numbers supported the case for a modest recovery in the global economy. Reported GDP growth for the 17 countries that comprise the eurozone was modest, rising 0.2% in the third quarter compared to the second quarter, and by 0.2% in the fourth quarter

Letter to Shareholders Wells Fargo Advantage Social Sustainability Fund 3

compared to the third quarter. However, the eurozone average concealed a wide variation between economies, with Germany’s growing by 0.5% in the third quarter of 2011 even as Greece’s GDP contracted.

Central banks continued to provide stimulus.

Throughout the reporting period, the Federal Open Market Committee (FOMC) kept its key interest rates effectively at zero in order to support the economy and financial system. Moreover, in response to extreme market volatility and signs of a weakening economy, in its August 2011 policy statement, the Federal Reserve (Fed) announced it would keep interest rates “exceptionally low” until at least mid-2013 as a way to support the economy. Market participants interpreted the Fed’s statement to mean that the central bankers believed the economy would remain weak over the next two years. However, the Fed also said that it was considering a “range of policy tools available to promote a stronger economic recovery” and “is prepared to employ these tools as appropriate.”

At the beginning of the period, the European Central Bank (ECB) had a key rate of 1.50% but lowered it to 1.25% in November 2011 and then to 1.00% in December 2011 in an attempt to support the sluggish eurozone recovery. To support the banking system, in late 2011, the ECB initiated a long-term refinancing operation (LTRO) in which it supplied three-year loans to banks against a wide range of collateral. The operation basically provided a near-unlimited amount of liquidity to banks, easing some investor concerns about the effect of an increasingly probable Greek default.

We use time-tested investment strategies, even as many variables are at work in the market.

Experience tells us that strict adherence to time-tested investment strategies has its rewards. As a whole, Wells Fargo Advantage Funds represents investments across a range of asset classes and investment styles, giving you an opportunity to create a diversified investment portfolio. While diversification may not prevent losses in a downturn, it does provide you with one way of managing risk.

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

Sincerely,

Karla M. Rabusch

President

Wells Fargo Advantage Funds

4 Wells Fargo Advantage Social Sustainability Fund Letter to Shareholders

Notice to Shareholders

The Board of Trustees for Wells Fargo Advantage Funds has unanimously approved the following modifications to certain net asset value (NAV) waiver privileges and commission schedules:

n Effective May 1, 2012, automatic investment plan (AIP) purchases and proceeds received from systematic withdrawals will no longer qualify for NAV repurchase privileges.

n Effective May 1, 2012, discretionary rights to waive the upfront commission for Class C and “jumbo” Class A share purchases will no longer be granted to broker/dealers. However, we will continue to waive the Class C shares contingent deferred sales charge for redemptions by employer-sponsored retirement plans where the dealer of record waived its commission at the time of purchase.

n Effective July 31, 2012, NAV purchase privileges for former Evergreen Class IS and Class R shareholders are being modified to remove the ability to purchase Class A shares at NAV unless those shares are held directly with the Fund on or after July 31, 2012.

Please contact your investment professional or call us directly at 1-800-222-8222 if you have any questions on this Notice to Shareholders.

Performance Highlights (Unaudited) Wells Fargo Advantage Social Sustainability Fund 5

INVESTMENT OBJECTIVE

The Fund seeks long-term capital appreciation by investing in securities which meet the Fund’s investment and social sustainability criteria.

ADVISER

Wells Fargo Funds Management, LLC

SUB-ADVISER

Nelson Capital Management, LLC

PORTFOLIO MANAGERS

Scott C. Benner, CFA

Lloyd Kurtz, CFA

Jon Manchester, CFA, CFP

Frank Marcoux, CFA

Suanne Ramar, CFA

FUND INCEPTION

September 30, 2008

TEN LARGEST EQUITY HOLDINGS1 (AS OF JANUARY 31, 2012)
Apple Incorporated	3.26%
Microsoft Corporation	3.22%
Google Incorporated Class A	3.21%
Home Depot Incorporated	2.90%
EMC Corporation	2.88%
TJX Companies Incorporated	2.84%
Capital One Financial Corporation	2.81%
Johnson & Johnson Services Incorporated	2.81%
Norfolk Southern Corporation	2.73%
Eaton Corporation	2.69%

SECTOR DISTRIBUTION²
(AS OF JANUARY 31, 2012)

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

2. Sector distribution is subject to change and is calculated based on the total long-term investments of the Fund.

6 Wells Fargo Advantage Social Sustainability Fund Performance Highlights (Unaudited)

AVERAGE ANNUAL TOTAL RETURN (%) (AS OF JANUARY 31, 2012)

			Including Sales Charge								Excluding Sales Charge						Expense Ratios3
	Inception Date		6 Months*			1 Year			Life of Fund		6 Months*		1 Year		Life of Fund		Gross		Net4
Class A (WSSAX)		09/30/2008		(4.15	)		(4.23	)		2.22		1.70		1.61		4.05		3.05%		1.25%
Class C (WSRCX)		09/30/2008		0.32			(0.14	)		3.29		1.32		0.86		3.29		3.80%		2.00%
Administrator Class (WSRAX)		09/30/2008										1.84		1.84		4.31		2.89%		1.00%
S&P 500 Index5												2.71		4.22		5.93

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

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

Stock fund values fluctuate in response to the activities of individual companies and general market and economic conditions. Because the social screens applied to the Fund’s investments may exclude securities of certain issuers, industries, and sectors for nonfinancial reasons, the Fund may forgo some market opportunities available to funds that do not use these screens. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). This Fund is exposed to foreign investment risk and social investment risk. Consult the Fund’s prospectus for additional information on these and other risks.

3. Reflects the expense ratios as stated in the most recent prospectuses.

4. The Adviser has committed through November 30, 2012 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 above. Without this cap, the Fund’s returns would have been lower.

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

Fund Expenses (Unaudited) Wells Fargo Advantage Social Sustainability Fund 7

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 August 1, 2011 to January 31, 2012.

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 08-01-2011		Ending Account Value 01-31-2012		Expenses Paid During the Period¹		Net Annual Expense Ratio
Class A
Actual	$	1,000.00	$	1,016.98	$	6.34		1.25	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.85	$	6.34		1.25	%
Class C
Actual	$	1,000.00	$	1,013.21	$	10.12		2.00	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.08	$	10.13		2.00	%
Administrator Class
Actual	$	1,000.00	$	1,018.45	$	5.07		1.00	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.11	$	5.08		1.00	%

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

8 Wells Fargo Advantage Social Sustainability Fund Portfolio of Investments—January 31, 2012 (Unaudited)

Security Name	Shares		Value
Common Stocks: 98.98%
Consumer Discretionary: 9.16%
Media: 1.71%
Walt Disney Company		3,384	$	131,638
Multiline Retail: 1.71%
Nordstrom Incorporated		2,660		131,351
Specialty Retail: 5.74%
Home Depot Incorporated		5,009		222,350
TJX Companies Incorporated		3,200		218,048
				440,398
Consumer Staples: 8.83%
Food & Staples Retailing: 3.96%
Costco Wholesale Corporation		2,080		171,122
Walgreen Company		3,979		132,739
				303,861
Food Products: 2.69%
General Mills Incorporated		5,194		206,877
Household Products: 2.18%
Procter & Gamble Company		2,657		167,497
Energy: 11.40%
Energy Equipment & Services: 1.63%
Noble Corporation		3,600		125,424
Oil, Gas & Consumable Fuels: 9.77%
Apache Corporation		1,666		164,734
Noble Energy Incorporated		1,976		198,924
Spectra Energy Corporation		6,133		193,128
Statoil ASA ADR		7,663		193,567
				750,353
Financials: 15.79%
Capital Markets: 1.53%
Franklin Resources Incorporated		1,110		117,771
Commercial Banks: 3.76%
PNC Financial Services Group Incorporated		3,136		184,773
Toronto-Dominion Bank ADR		1,351		104,189
				288,962
Consumer Finance: 2.81%
Capital One Financial Corporation		4,709		215,437
Diversified Financial Services: 1.53%
JPMorgan Chase & Company		3,154		117,644

Portfolio of Investments—January 31, 2012 (Unaudited) Wells Fargo Advantage Social Sustainability Fund 9

Security Name	Shares		Value
Insurance: 6.16%
ACE Limited		2,483	$	172,817
MetLife Incorporated		3,690		130,368
Prudential Financial Incorporated		2,967		169,831
				473,016
Health Care: 14.27%
Health Care Equipment & Supplies: 5.92%
Baxter International Incorporated		2,925		162,279
Becton Dickinson & Company		1,797		140,903
Stryker Corporation		2,730		151,324
				454,506
Health Care Providers & Services: 2.44%
Laboratory Corporation of America Holdings†		2,052		187,532
Pharmaceuticals: 5.91%
Johnson & Johnson Services Incorporated		3,272		215,658
Novartis AG ADR		1,784		96,978
Pfizer Incorporated		6,622		141,711
				454,347
Industrials: 11.55%
Air Freight & Logistics: 1.83%
United Parcel Service Incorporated Class B		1,855		140,331
Electrical Equipment: 2.68%
Emerson Electric Company		4,000		205,520
Industrial Conglomerates: 1.62%
3M Company		1,439		124,776
Machinery: 2.69%
Eaton Corporation		4,220		206,907
Road & Rail: 2.73%
Norfolk Southern Corporation		2,900		209,380
Information Technology: 22.55%
Communications Equipment: 2.67%
QUALCOMM Incorporated		3,483		204,870
Computers & Peripherals: 7.46%
Apple Incorporated†		548		250,151
EMC Corporation†		8,575		220,892
SanDisk Corporation†		2,215		101,624
				572,667
Internet Software & Services: 3.21%
Google Incorporated Class A†		425		246,547

10 Wells Fargo Advantage Social Sustainability Fund Portfolio of Investments—January 31, 2012 (Unaudited)

Security Name				Shares		Value
IT Services: 4.53%
Accenture plc					3,380	$	193,809
International Business Machines Corporation					800		154,080
							347,889
Semiconductors & Semiconductor Equipment: 1.46%
Texas Instruments Incorporated					3,473		112,456
Software: 3.22%
Microsoft Corporation					8,379		247,432
Materials: 3.31%
Chemicals: 1.71%
Potash Corporation of Saskatchewan					2,807		131,199
Metals & Mining: 1.60%
Nucor Corporation					2,759		122,746
Telecommunication Services: 2.12%
Wireless Telecommunication Services: 2.12%
Vodafone Group plc ADR					6,000		162,540
Total Common Stocks (Cost $6,772,842)							7,601,874
	Yield
Short-Term Investments: 0.74%
Investment Companies: 0.74%
Wells Fargo Advantage Government Money Market Fund, Institutional Class(l)(u)		0.01	%		57,193		57,193
Total Short-Term Investments (Cost $57,193)							57,193

Total Investments in Securities
(Cost $6,830,035)*	99.72	%		7,659,067
Other Assets and Liabilities, Net	0.28			21,267
Total Net Assets	100.00	%	$	7,680,334

† Non-income earning security.

(l) Investment in an affiliate.

(u) Rate shown is the 7-day annualized yield at period end.

* Cost for federal income tax purposes is $6,836,641 and net unrealized appreciation (depreciation) consists of:

Gross unrealized appreciation	$	937,116
Gross unrealized depreciation		(114,690	)
Net unrealized appreciation	$	822,426

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

Statement of Assets and Liabilities—January 31, 2012 (Unaudited) Wells Fargo Advantage Social Sustainability Fund 11

Assets
Investments
In unaffiliated securities, at value (see cost below)	$	7,601,874
In affiliated securities, at value (see cost below)		57,193
Total investments, at value (see cost below)		7,659,067
Receivable for Fund shares sold		14,185
Receivable for dividends		14,633
Receivable from adviser		6,793
Prepaid expenses and other assets		15,702
Total assets		7,710,380
Liabilities
Payable for Fund shares redeemed		39
Distribution fees payable		150
Due to other related parties		1,199
Shareholder report expenses payable		12,620
Shareholder servicing fees payable		1,595
Professional fees payable		9,936
Custody and accounting fees payable		4,507
Total liabilities		30,046
Total net assets	$	7,680,334
NET ASSETS CONSIST OF
Paid-in capital	$	6,848,155
Undistributed net investment income		3,403
Accumulated net realized losses on investments		(260	)
Net unrealized gains on investments		829,036
Total net assets	$	7,680,334
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE1
Net assets – Class A	$	1,578,703
Shares outstanding – Class A		144,005
Net asset value per share – Class A		$10.96
Maximum offering price per share – Class A2		$11.63
Net assets – Class C	$	229,343
Shares outstanding – Class C		21,373
Net asset value per share – Class C		$10.73
Net assets – Administrator Class	$	5,872,288
Shares outstanding – Administrator Class		540,151
Net asset value per share – Administrator Class		$10.87
Investments in unaffiliated securities, at cost	$	6,772,842
Investments in affiliated securities, at cost	$	57,193
Total investments, at cost	$	6,830,035

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 Social Sustainability Fund Statement of Operations—Six Months Ended January 31, 2012 (Unaudited)

Investment income
Dividends*	$	83,585
Income from affiliated securities		5
Total investment income		83,590
Expenses
Advisory fee		23,346
Administration fees
Fund level		1,796
Class A		1,889
Class C		288
Administrator Class		2,754
Shareholder servicing fees
Class A		1,816
Class C		277
Administrator Class		6,886
Distribution fees
Class C		830
Custody and accounting fees		5,480
Professional fees		16,236
Registration fees		16,972
Shareholder report expenses		18,370
Trustees’ fees and expenses		7,611
Other fees and expenses		3,083
Total expenses		107,634
Less: Fee waivers and/or expense reimbursements		(68,795	)
Net expenses		38,839
Net investment income		44,751
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on investments		158,759
Net change in unrealized gains (losses) on investments		(58,989	)
Net realized and unrealized gains (losses) on investments		99,770
Net increase in net assets resulting from operations	$	144,521
* Net of foreign dividend withholding taxes of		$329

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

Statements of Changes in Net Assets Wells Fargo Advantage Social Sustainability Fund 13

	Six Months Ended January 31, 2012 (Unaudited)						Year Ended July 31, 2011
Operations
Net investment income				$	44,751					$	45,138
Net realized gains on investments					158,759						77,636
Net change in unrealized gains (losses) on investments					(58,989	)					772,121
Net increase in net assets resulting from operations					144,521						894,895
Distributions to shareholders from
Net investment income
Class A					(11,295	)					(2,721	)
Administrator Class					(59,047	)					(30,364	)
Net realized gains
Class A					(39,402	)					(5,842	)
Class C					(5,959	)					(1,433	)
Administrator Class					(147,833	)					(23,847	)
Total distributions to shareholders					(263,536	)					(64,207	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		11,187			115,536			82,648			890,292
Class C		2,047			20,464			2,397			24,292
Administrator Class		50,111			524,000			179,283			1,927,407
					660,000						2,841,991
Net assets value of shares issued in reinvestment of distributions
Class A		4,438			46,560			780			8,412
Class C		574			5,904			135			1,423
Administrator Class		7,026			73,021			1,506			16,176
					125,485						26,011
Payment for shares redeemed
Class A		(4,980	)		(52,724	)		(32,426	)		(362,196	)
Class C		(3,174	)		(32,174	)		(9,196	)		(98,100	)
Administrator Class		(38,872	)		(409,730	)		(111,158	)		(1,163,425	)
					(494,628	)					(1,623,721	)
Net increase in net assets resulting from capital share transactions					290,857						1,244,281
Total increase in net assets					171,842						2,074,969
Net assets
Beginning of period					7,508,492						5,433,523
End of period				$	7,680,334					$	7,508,492
Undistributed net investment income				$	3,403					$	28,994

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

14 Wells Fargo Advantage Social Sustainability Fund Financial Highlights

(For a share outstanding throughout each period)

	Six Months Ended January 31, 2012 (Unaudited)			Year Ended July 31,
Class A				2011			2010			20091
Net asset value, beginning of period	$	11.15		$	9.69		$	8.91		$	10.00
Net investment income		0.05			0.03			0.03			0.02
Net realized and unrealized gains (losses) on investments		0.12			1.50			0.75			(1.11	)
Total from investment operations		0.17			1.53			0.78			(1.09	)
Distributions to shareholders from
Net investment income		(0.08	)		(0.02	)		0.00			0.00
Net realized gains		(0.28	)		(0.05	)		0.00			0.00
Total distributions to shareholders		(0.36	)		(0.07	)		0.00			0.00
Net asset value, end of period	$	10.96		$	11.15		$	9.69		$	8.91
Total return2		1.70	%		15.87	%		8.75	%		(10.90	)%
Ratios to average net assets (annualized)
Gross expenses		3.09	%		3.05	%		5.03	%		17.43	%
Net expenses		1.25	%		1.25	%		1.25	%		1.25	%
Net investment income		1.07	%		0.51	%		0.52	%		0.95	%
Supplemental data
Portfolio turnover rate		13	%		30	%		37	%		12	%
Net assets, end of period (000’s omitted)		$1,579			$1,487			$798			$266

1. For the period from September 30, 2008 (commencement of class operations) to July 31, 2009.

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 Social Sustainability Fund 15

(For a share outstanding throughout each period)

	Six Months Ended January 31, 2012 (Unaudited)			Year Ended July 31,
Class C				2011			2010			20091
Net asset value, beginning of period	$	10.88		$	9.51		$	8.85		$	10.00
Net investment income (loss)		0.01			(0.04	)		(0.00	)2		0.01
Net realized and unrealized gains (losses) on investments		0.12			1.46			0.72			(1.16	)
Total from investment operations		0.13			1.42			0.72			(1.15	)
Distributions to shareholders from
Net investment income		0.00			0.00			(0.06	)		0.00
Net realized gains		(0.28	)		(0.05	)		0.00			0.00
Total distributions to shareholders		(0.28	)		(0.05	)		(0.06	)		0.00
Net asset value, end of period	$	10.73		$	10.88		$	9.51		$	8.85
Total return3		1.32	%		14.96	%		8.08	%		(11.50	)%
Ratios to average net assets (annualized)
Gross expenses		3.84	%		3.89	%		5.93	%		16.14	%
Net expenses		2.00	%		2.00	%		2.00	%		2.00	%
Net investment income (loss)		0.33	%		(0.25	)%		(0.20	)%		0.41	%
Supplemental data
Portfolio turnover rate		13	%		30	%		37	%		12	%
Net assets, end of period (000’s omitted)		$229			$239			$272			$132

1. For the period from September 30, 2008 (commencement of class operations) to July 31, 2009.

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.

16 Wells Fargo Advantage Social Sustainability Fund Financial Highlights

(For a share outstanding throughout each period)

	Six Months Ended January 31, 2012 (Unaudited)			Year Ended July 31,
Administrator Class				2011			2010			20091
Net asset value, beginning of period	$	11.08		$	9.65		$	8.92		$	10.00
Net investment income		0.07			0.08			0.06			0.07
Net realized and unrealized gains (losses) on investments		0.11			1.47			0.76			(1.15	)
Total from investment operations		0.18			1.55			0.82			(1.08	)
Distributions to shareholders from
Net investment income		(0.11	)		(0.07	)		(0.09	)		0.00
Net realized gains		(0.28	)		(0.05	)		0.00			0.00
Total distributions to shareholders		(0.39	)		(0.12	)		(0.09	)		0.00
Net asset value, end of period	$	10.87		$	11.08		$	9.65		$	8.92
Total return2		1.84	%		16.07	%		9.19	%		(10.80	)%
Ratios to average net assets (annualized)
Gross expenses		2.94	%		2.89	%		4.92	%		14.12	%
Net expenses		1.00	%		1.00	%		1.00	%		1.00	%
Net investment income		1.32	%		0.77	%		0.80	%		1.43	%
Supplemental data
Portfolio turnover rate		13	%		30	%		37	%		12	%
Net assets, end of period (000’s omitted)		$5,872			$5,783			$4,363			$1,740

1. For the period from September 30, 2008 (commencement of class operations) to July 31, 2009.

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 Social Sustainability 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”). These financial statements report on Wells Fargo Advantage Social Sustainability 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

Investments in equity securities are valued each business day as of the close of regular trading on the New York Stock Exchange, which is usually 4:00 p.m. (Eastern Time). Securities which are traded on a national or foreign securities exchange are valued at the last reported sales price, except that securities listed on The Nasdaq Stock Market, Inc. (“Nasdaq”) are valued at the Nasdaq Official Closing Price (“NOCP”), and if no NOCP is available, then at the last reported sales price. If no sales price is shown on the Nasdaq, the bid price will be used. In the absence of any sale of securities listed on the Nasdaq, and in the case of other securities (including U.S. Government obligations, but excluding debt securities maturing in 60 days or less), the price will be deemed “stale” and the valuations will be determined in accordance with the Fund’s Fair Value Procedures.

Investments in open-end mutual funds and non-registered investment companies are generally 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 by procedures established in good faith and approved by the Board of Trustees.

Security transactions and income recognition

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

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

Distributions to shareholders

Distributions to shareholders from net investment income and net realized gains, if any, are recorded on the ex-dividend date. Such distributions are determined in conformity with income tax regulations, which may differ from 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.

Under the recently enacted Regulated Investment Company Modernization Act of 2010, the Fund is permitted to carry forward capital losses incurred in taxable years which began after December 22, 2010 for an unlimited period. However, any losses incurred are required to be utilized prior to the losses incurred in pre-enactment taxable years. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law.

18 Wells Fargo Advantage Social Sustainability Fund Notes to Financial Statements (Unaudited)

Class allocations

The separate classes of shares offered by the Fund differ principally in applicable sales charges, distribution, shareholder servicing and administration fees. Shareholders of each class bear certain expenses that pertain to that particular class. All shareholders bear the common expenses of the Fund, earn income from the portfolio, and are allocated unrealized gains and losses pro rata based on the average daily net assets of each class, without distinction between share classes. Dividends are determined separately for each class based on income and expenses allocable to each class. Realized gains and losses are allocated to each class pro rata based upon the net assets of each class on the date realized. Differences in per share dividend rates generally result from the relative weightings of pro rata income and realized gain allocations and from differences in separate class expenses, including distribution, shareholder servicing and administration fees.

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, 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 securities are not necessarily an indication of the risk associated with investing in those securities.

As of January 31, 2012, the inputs used in valuing the Fund’s assets, which are carried at fair value, were as follows:

Investments in Securities	Quoted Prices (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Equity securities
Common stocks	$	7,601,874	$	0	$	0	$	7,601,874
Short-term investments
Investment companies		57,193		0		0		57,193
	$	7,659,067	$	0	$	0	$	7,659,067

Further details on the major security types listed above can be found in the Portfolio of Investments.

Transfers in and transfers out are recognized at the end of the reporting period. For the six months ended January 31, 2012, the Fund did not have any significant transfers into/out of Level 1 and Level 2.

4. TRANSACTIONS WITH AFFILIATES AND OTHER EXPENSES

Advisory fee

The Trust has entered into an advisory contract with Wells Fargo Funds Management, LLC (“Funds Management”), an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”). The adviser is responsible for implementing investment policies and guidelines and for supervising the sub-adviser, 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 January 31, 2012, the advisory fee was equivalent to an annual rate of 0.65% of the Fund’s average daily net assets.

Notes to Financial Statements (Unaudited) Wells Fargo Advantage Social Sustainability Fund 19

Funds Management may retain the services of certain sub-advisers to provide daily portfolio management to the Fund. The fees related to sub-advisory services are borne directly by Funds Management and do not increase the overall fees paid by the Fund. Nelson Capital Management, LLC, an affiliate of Funds Management, is the sub-adviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.45% and declining to 0.25% as the average daily net assets of the Fund increase.

Administration and transfer agent 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

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 November 30, 2012 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.25% for Class A, 2.00% for Class C and 1.00% for Administrator Class.

Distribution fees

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

For the six months ended January 31, 2012, Wells Fargo Funds Distributor, LLC received $117 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 (securities with maturities of one year or less at purchase date), for the six months ended January 31, 2012 were $965,562 and $915,306, respectively.

6. BANK BORROWINGS

The Trust (excluding the money market funds) and Wells Fargo Variable Trust are parties to a $150,000,000 revolving credit agreement with State Street Bank and Trust Company, 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. Prior to September 6, 2011, the revolving credit agreement was for $125,000,000 and the annual commitment fee paid by the Fund was 0.125% of the unused balance. For the six months ended January 31, 2012, the Fund paid $4 in commitment fees.

For the six month ended January 31, 2012, there were no borrowings by the Fund under the agreement.

20 Wells Fargo Advantage Social Sustainability Fund Notes to Financial Statements (Unaudited)

7. INDEMNIFICATION

Under the Trust’s organizational documents, the officers and directors are indemnified against certain liabilities that may arise out of performance of their duties to the Trust. Additionally, in the normal course of business, the Trust may enter 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.

8. NEW ACCOUNTING PRONOUNCEMENTS

In May 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2011-04 “Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs”. ASU No. 2011-04 amends FASB ASC Topic 820, Fair Value Measurements and Disclosures, to establish common requirements for measuring fair value and for disclosing information about fair value measurements in accordance with GAAP. The ASU is effective prospectively for interim and annual periods beginning after December 15, 2011. Management expects that adoption of the ASU will result in additional disclosures in the financial statements, as applicable.

In April 2011, FASB issued ASU No. 2011-03 “Reconsideration of Effective Control for Repurchase Agreements”. ASU No. 2011-03 amends FASB ASC Topic 860, Transfers and Servicing, specifically the criteria required to determine whether a repurchase agreement (repo) and similar agreements should be accounted for as sales of financial assets or secured borrowings with commitments. ASU No. 2011-03 changes the assessment of effective control by focusing on the transferor’s contractual rights and obligations and removing the criterion to assess its ability to exercise those rights or honor those obligations. This could result in changes to the way entities account for certain transactions including repurchase agreements, mortgage dollar rolls and reverse repurchase agreements. The ASU will become effective on a prospective basis for new transfers and modifications to existing transactions as of the beginning of the first interim or annual period beginning on or after December 15, 2011. Management has evaluated the impact of adopting the ASU and expects no significant changes.

9. SUBSEQUENT DISTRIBUTIONS

On March 26, 2012, the Fund declared distributions from net investment income, short-term capital gains and long-term capital gains to shareholders of record on March 23, 2012. The per share amounts payable on March 27, 2012 were as follows:

	Net Investment Income		Short-term Capital Gains		Long-term Capital Gains
Class A	$	0.02808	$	0.42626	$	2.23181
Class C		0.00000		0.42626		2.23181
Administrator Class		0.04207		0.42626		2.23181

These distributions are not reflected in the accompanying financial statements.

10. SUBSEQUENT EVENT

At a regular meeting held February 7-8, 2012, the Fund’s Board of Trustees approved the liquidation of the Fund which took place on March 28, 2012.

Other Information (Unaudited) Wells Fargo Advantage Social Sustainability Fund 21

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 without charge, upon request, by calling 1-800-222-8222, visiting our Web site at wellsfargoadvantagefunds.com, or visiting the SEC Web site 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 without charge on the Fund’s Web site at wellsfargoadvantagefunds.com or by visiting the SEC Web site at sec.gov.

PORTFOLIO HOLDINGS INFORMATION

The complete portfolio holdings for the Fund are publicly available on the Fund’s Web site (wellsfargoadvantagefunds.com) on a monthly, 30-day or more delayed basis. In addition, top ten holdings information for the Fund is publicly available on the Fund’s Web site 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 without charge by visiting the SEC Web site 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.

22 Wells Fargo Advantage Social Sustainability Fund Other Information (Unaudited)

BOARD OF TRUSTEES

The following table provides basic information about the Board of Trustees (the “Trustees”) of the Trust and Officers of the Trust. This table should be read in conjunction with the Prospectus and the Statement of Additional Information¹ of the Fund. Each of the Trustees and Officers listed below acts in identical capacities for the Wells Fargo Advantage family of funds, which consists of 137 funds comprising the Wells Fargo Funds Trust, Wells Fargo Variable Trust, Wells Fargo Master Trust and four closed-end funds (collectively the “Fund Complex”). All of the Trustees are also Members of the Audit and Governance Committees of each Trust in the Fund Complex. 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	Other Directorships During Past Five Years
Peter G. Gordon (Born 1942)	Trustee, since 1998; Chairman, since 2005 (Lead Trustee since 2001)	Co-Founder, Retired Chairman, President and CEO of Crystal Geyser Water Company. Trustee Emeritus, Colby College	Asset Allocation Trust
Isaiah Harris, Jr. (Born 1952)	Trustee, since 2009	Retired. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Mr. Harris is a certified public accountant.	CIGNA Corporation; Deluxe Corporation; Asset Allocation Trust
Judith M. Johnson (Born 1949)	Trustee, since 2008	Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant.	Asset Allocation Trust
Leroy Keith, Jr. (Born 1939)	Trustee, since 2010	Chairman, Bloc Global Services (development and construction). Trustee of the Evergreen Funds from 1983 to 2010. Former Managing Director, Almanac Capital Management (commodities firm), former Partner, Stonington Partners, Inc. (private equity fund), former Director, Obagi Medical Products Co. and former Director, Lincoln Educational Services.	Trustee, Virtus Fund Complex (consisting of 40 portfolios as of 12/31/11); 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, Director of Corporate Governance Research Program 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 Social Sustainability Fund 23

Name and Year of Birth	Position Held and Length of Service	Principal Occupations During Past Five Years	Other Directorships During Past Five Years
Timothy J. Penny (Born 1951)	Trustee, since 1996	President and CEO of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007 and Senior Fellow at the Humphrey Institute Policy Forum at the University of Minnesota since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	Asset Allocation Trust
Michael S. Scofield (Born 1943)	Trustee, since 2010	Served on the Investment Company Institute’s Board of Governors and Executive Committee from 2008-2011 as well the Governing Council of the Independent Directors Council from 2006-2011 and the Independent Directors Council Executive Committee from 2008-2011. Chairman of the IDC from 2008-2010. Institutional Investor (Fund Directions) Trustee of Year in 2007. Trustee of the Evergreen Funds (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 and former Director and Chairman, Branded Media Corporation (multi-media branding company).	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 Free Trust (non-profit corporation). Director of the American Chestnut Foundation (non-profit corporation).	Asset Allocation Trust

Officers

Name and Year of Birth	Position Held and Length of Service	Principal Occupations During Past Five Years
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. Senior Vice President and Chief Administrative Officer of Wells Fargo Funds Management, LLC from 2001 to 2003.
C. David Messman (Born 1960)	Secretary, since 2000; Chief Legal Counsel, since 2003	Senior Vice President and Secretary of Wells Fargo Funds Management, LLC since 2001. Vice President and Managing Senior Counsel of Wells Fargo Bank, N.A. since 1996.
Kasey Phillips (Born 1970)	Treasurer, since 2009	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2006 to 2010. Treasurer of the Evergreen Funds from 2005 to 2010.
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 DePalma (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.
Debra Ann Early (Born 1964)	Chief Compliance Officer, since 2007	Chief Compliance Officer of Wells Fargo Funds Management, LLC since 2007. Chief Compliance Officer of Parnassus Investments from 2005 to 2007. Chief Financial Officer of Parnassus Investments from 2004 to 2007 and Senior Audit Manager of PricewaterhouseCoopers LLP from 1998 to 2004.

1. 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 Web site at wellsfargoadvantagefunds.com.

24 Wells Fargo Advantage Social Sustainability Fund List of Abbreviations

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

ACB —  Agricultural Credit Bank

ADR —  American Depository Receipt

ADS —  American Depository Shares

AGC-ICC —  Assured Guaranty Corporation - Insured Custody Certificates

AGM —  Assured Guaranty Municipal

AMBAC —  American Municipal Bond Assurance Corporation

AMT —  Alternative Minimum Tax

AUD —  Australian Dollar

BAN —  Bond Anticipation Notes

BHAC —  Berkshire Hathaway Assurance Corporation

BRL —  Brazil 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 —  Certificate of Participation

CR —  Custody Receipts

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

FFCB —  Federal Farm Credit Bank

FGIC —  Financial Guaranty Insurance Corporation

FHA —  Federal Housing Authority

FHLB —  Federal Home Loan Bank

FHLMC —  Federal Home Loan Mortgage Corporation

FNMA —  Federal National Mortgage Association

FSA —  Farm Service Agency

GBP —  Great British Pound

GDR —  Global Depository 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

HUF —  Hungarian Forint

IBC —  Insured Bond Certificate

IDA —  Industrial Development Authority

IDAG —  Industrial Development Agency

IDR —  Industrial Development Revenue

IEP —  Irish Pound

JPY —  Japanese Yen

KRW —  Republic of Korea Won

LIBOR —  London Interbank Offered Rate

LLC —  Limited Liability Company

LLP —  Limited Liability Partnership

LOC —  Letter of Credit

LP —  Limited Partnership

MBIA —  Municipal Bond Insurance Association

MFHR —  Multi-Family Housing Revenue

MSTR —  Municipal Securities Trust Receipts

MTN —  Medium Term Note

MUD —  Municipal Utility District

MXN —  Mexican Peso

MYR —  Malaysian Ringgit

NATL-RE —  National Public Finance Guarantee Corporation

NOK —  Norwegian Krone

NZD —  New Zealand Dollar

PCFA —  Pollution Control Finance Authority

PCR —  Pollution Control Revenue

PFA —  Public Finance Authority

PFFA —  Public Facilities Financing Authority

PFOTER —  Puttable Floating Option Tax-Exempt Receipts

plc —  Public Limited Company

PLN —  Polish Zloty

PUTTER —  Puttable Tax-Exempt Receipts

R&D —  Research & Development

RDA —  Redevelopment Authority

RDFA —  Redevelopment Finance Authority

REIT —  Real Estate Investment Trust

ROC —  Reset Option Certificates

SAVRS —  Select Auction Variable Rate Securities

SBA —  Small Business Authority

SEK —  Swedish Krona

SFHR —  Single Family Housing Revenue

SFMR —  Single Family Mortgage Revenue

SGD —  Singapore Dollar

SKK —  Slovakian Koruna

SPDR —  Standard & Poor’s Depositary Receipts

TAN —  Tax Anticipation Notes

TBA —  To Be Announced

TIPS —  Treasury Inflation-Protected Securities

TRAN —  Tax Revenue Anticipation Notes

TCR —  Transferable Custody Receipts

TRY —  Turkish Lira

TTFA —  Transportation Trust Fund Authority

TVA —  Tennessee Valley Authority

XLCA —  XL Capital Assurance

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, e-mail, visit the Fund’s Web site, or call:

Wells Fargo Advantage Funds

P.O. Box 8266

Boston, MA 02266-8266

E-mail: wfaf@wellsfargo.com

Web site: 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. For a prospectus containing more complete information, including charges and expenses, call 1-800-222-8222 or visit the Fund’s Web site at wellsfargoadvantagefunds.com. Please consider the investment objectives, risks, charges, and expenses of the investment carefully before investing. This and other information about Wells Fargo Advantage Funds can be found in the current prospectus. 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

© 2012 Wells Fargo Funds Management, LLC. All rights reserved.

207954 03-12 SA214/SAR214 1-12

Wells Fargo Advantage

Strategic Large Cap Growth Fund

Semi-Annual Report

January 31, 2012

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	5
Fund Expenses	7
Portfolio of Investments	8
Financial Statements
Statement of Assets and Liabilities	12
Statement of Operations	13
Statements of Changes in Net Assets	14
Financial Highlights	15
Notes to Financial Statements	20
Other Information	25
List of Abbreviations	28

The views expressed and any forward-looking statements are as of January 31, 2012, 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, disclaims any obligation to publicly update or revise any views expressed or forward-looking statements.

NOT FDIC INSURED  ¡  NO BANK GUARANTEE  ¡   MAY LOSE VALUE

WELLS FARGO INVESTMENT HISTORY

1932	Keystone creates one of the first mutual fund families.
1971	Wells Fargo & Company introduces one of the first institutional index funds.
1978	Wells Fargo applies Markowitz and Sharpe’s research on Modern Portfolio Theory to introduce one of the industry’s first Tactical Asset Allocation (TAA) models in institutional separately managed accounts.
1984	Wells Fargo Stagecoach Funds launches its first asset allocation fund.
1989	The Tactical Asset Allocation (TAA) Model is first applied to Wells Fargo’s asset allocation mutual funds.
1994	Wells Fargo introduces the LifePath Funds, one of the first suites of target date funds (now the Wells Fargo Advantage Dow Jones Target Date FundsSM).
1996	Evergreen Investments and Keystone Funds merge.
1997	Wells Fargo launches Wells Fargo Advantage WealthBuilder PortfoliosSM, a fund-of-funds suite of products that includes the use of quantitative models to shift assets among investment styles.
1999	Norwest Advantage Funds and Stagecoach Funds are reorganized into Wells Fargo Funds after the merger of Norwest and Wells Fargo.
2002	Evergreen Retail and Evergreen Institutional companies form the umbrella asset management company, Evergreen Investments.
2005	The integration of Strong Funds with Wells Fargo Funds creates Wells Fargo Advantage Funds, resulting in one of the top 20 mutual fund companies in the United States.
2006	Wells Fargo Advantage Funds relaunches the target date product line as Wells Fargo Advantage Dow Jones Target Date Funds.
2010	The mergers and reorganizations of Evergreen and Wells Fargo Advantage mutual funds are completed, unifying the families under the brand of Wells Fargo Advantage Funds.

Wells Fargo Advantage Funds^®

Wells Fargo Advantage Funds skillfully guides institutions, financial advisors, and individuals through the investment terrain to help them reach their financial objectives. Everything we do on behalf of investors is backed by our unique combination of qualifications.

Strength

Our organization is built on the standards of integrity and service established by our parent company—Wells Fargo & Company—more than 150 years ago. And, because we’re part of a highly diversified financial enterprise, we offer the depth of resources to help investors succeed.

Expertise

Our multi-boutique model offers investors access to the independent thinking of premier investment managers that have been chosen for their time-tested strategies. While each team specializes in a specific investment strategy, collectively they provide investors a wide choice of distinct investment styles. Our dedication to investment excellence doesn’t end with our expertise in manager selection—risk management, analysis, and rigorous ongoing review seek to ensure each manager’s investment process remains consistent.

Partnership

Our collaborative approach is built around understanding the needs and goals of our clients. By adhering to core principles of sound judgment and steady guidance, we support you through every stage of the investment decision process.

Carefully consider a fund’s investment objectives, risks, charges, and expenses before investing. For a current prospectus and, if available, a summary prospectus, containing this and other information, visit wellsfargoadvantagefunds.com. Read it carefully before investing.

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.

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

NOT FDIC INSURED  ¡  NO BANK GUARANTEE  ¡   MAY LOSE VALUE

Not part of the semi-annual report.

Wells Fargo Advantage Funds offers more than 110 mutual funds across a wide range of asset classes, representing over $217 billion in assets under management, as of January 31, 2012.

Equity Funds
Asia Pacific Fund	Equity Value Fund	Precious Metals Fund
C&B Large Cap Value Fund	Global Opportunities Fund	Premier Large Company Growth Fund
C&B Mid Cap Value Fund	Growth Fund	Small Cap Opportunities Fund
Capital Growth Fund	Index Fund	Small Cap Value Fund
Common Stock Fund	International Equity Fund	Small Company Growth Fund
Disciplined U.S. Core Fund	International Value Fund	Small Company Value Fund
Discovery Fund†	Intrinsic Small Cap Value Fund	Small/Mid Cap Core Fund
Diversified Equity Fund	Intrinsic Value Fund	Small/Mid Cap Value Fund
Diversified International Fund	Intrinsic World Equity Fund	Special Mid Cap Value Fund
Diversified Small Cap Fund	Large Cap Core Fund	Special Small Cap Value Fund
Emerging Growth Fund	Large Cap Growth Fund	Specialized Technology Fund
Emerging Markets Equity Fund	Large Company Value Fund	Strategic Large Cap Growth Fund
Endeavor Select Fund†	Omega Growth Fund	Traditional Small Cap Growth Fund
Enterprise Fund†	Opportunity Fund†	Utility and Telecommunications Fund
Bond Funds
Adjustable Rate Government Fund	Inflation-Protected Bond Fund	Short-Term Bond Fund
California Limited-Term Tax-Free Fund	Intermediate Tax/AMT-Free Fund	Short-Term High Yield Bond Fund
California Tax-Free Fund	International Bond Fund	Short-Term Municipal Bond Fund
Colorado Tax-Free Fund	Minnesota Tax-Free Fund	Strategic Municipal Bond Fund
Government Securities Fund	Municipal Bond Fund	Total Return Bond Fund
High Income Fund	North Carolina Tax-Free Fund	Ultra Short-Term Income Fund
High Yield Bond Fund	Pennsylvania Tax-Free Fund	Ultra Short-Term Municipal Income Fund
Income Plus Fund	Short Duration Government Bond Fund	Wisconsin Tax-Free Fund
Asset Allocation Funds
Absolute Return Fund	WealthBuilder Equity Portfolio†	Target 2020 Fund†
Asset Allocation Fund	WealthBuilder Growth Allocation Portfolio†	Target 2025 Fund†
Conservative Allocation Fund	WealthBuilder Growth Balanced Portfolio†	Target 2030 Fund†
Diversified Capital Builder Fund	WealthBuilder Moderate Balanced Portfolio†	Target 2035 Fund†
Diversified Income Builder Fund	WealthBuilder Tactical Equity Portfolio†	Target 2040 Fund†
Growth Balanced Fund	Target Today Fund†	Target 2045 Fund†
Index Asset Allocation Fund	Target 2010 Fund†	Target 2050 Fund†
Moderate Balanced Fund	Target 2015 Fund†	Target 2055 Fund†
WealthBuilder Conservative Allocation Portfolio†
Money Market Funds
100% Treasury Money Market Fund	Heritage Money Market Fund†	National Tax-Free Money Market Fund
California Municipal Money Market Fund	Money Market Fund	Prime Investment Money Market Fund
Cash Investment Money Market Fund	Municipal Cash Management Money Market Fund	Treasury Plus Money Market Fund
Government Money Market Fund	Municipal Money Market Fund
Variable Trust Funds1
VT Discovery Fund†	VT Intrinsic Value Fund	VT Small Cap Growth Fund
VT Index Asset Allocation Fund	VT Omega Growth Fund	VT Small Cap Value Fund
VT International Equity Fund	VT Opportunity Fund†	VT Total Return Bond Fund

An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Wells Fargo Advantage Money Market Funds seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in a money market fund.

1. The Variable Trust Funds are generally available only through insurance company variable contracts.

† In this report, the Wells Fargo Advantage Discovery Fund^SM, Wells Fargo Advantage Endeavor Select Fund^SM, Wells Fargo Advantage Enterprise Fund^SM, Wells Fargo Advantage Opportunity Fund^SM, Wells Fargo Advantage WealthBuilder Conservative Allocation Portfolio^SM, Wells Fargo Advantage WealthBuilder Equity Portfolio^SM, Wells Fargo Advantage WealthBuilder Growth Allocation Portfolio^SM, Wells Fargo Advantage WealthBuilder Growth Balanced Portfolio^SM, Wells Fargo Advantage WealthBuilder Moderate Balanced Portfolio^SM, Wells Fargo Advantage WealthBuilder Tactical Equity Portfolio^SM, Wells Fargo Advantage Dow Jones Target Today Fund^SM, Wells Fargo Advantage Dow Jones Target 2010 Fund^SM, Wells Fargo Advantage Dow Jones Target 2015 Fund^SM, Wells Fargo Advantage Dow Jones Target 2020 Fund^SM, Wells Fargo Advantage Dow Jones Target 2025 Fund^SM, Wells Fargo Advantage Dow Jones Target 2030 Fund^SM, Wells Fargo Advantage Dow Jones Target 2035 Fund^SM, Wells Fargo Advantage Dow Jones Target 2040 Fund^SM, Wells Fargo Advantage Dow Jones Target 2045 Fund^SM, Wells Fargo Advantage Dow Jones Target 2050 Fund^SM, Wells Fargo Advantage Dow Jones Target 2055 Fund^SM, Wells Fargo Advantage Heritage Money Market Fund^SM, Wells Fargo Advantage VT Discovery Fund^SM, and Wells Fargo Advantage VT Opportunity Fund^SM are referred to as the Discovery Fund, Endeavor Select Fund, Enterprise Fund, Opportunity Fund, WealthBuilder Conservative Allocation Portfolio, WealthBuilder Equity Portfolio, WealthBuilder Growth Allocation Portfolio, WealthBuilder Growth Balanced Portfolio, WealthBuilder Moderate Balanced Portfolio, WealthBuilder Tactical Equity Portfolio, Target Today Fund, Target 2010 Fund, Target 2015 Fund, Target 2020 Fund, Target 2025 Fund, Target 2030 Fund, Target 2035 Fund, Target 2040 Fund, Target 2045 Fund, Target 2050 Fund, Target 2055 Fund, Heritage Money Market Fund, VT Discovery Fund, and VT Opportunity Fund, respectively.

Not part of the semi-annual report.

2 Wells Fargo Advantage Strategic Large Cap Growth Fund Letter to Shareholders

Karla M. Rabusch,

President

Wells Fargo Advantage Funds

The period was marked by increased confidence that the U.S. economy was staging a fragile recovery, offset by continued concerns about the possible effect on the global economy of the ongoing European sovereign debt crisis—which began in Greece and later spread to the larger economies of Italy and Spain.

The slow-motion debt crisis in the eurozone was a major headwind to both domestic and global stock market indexes.

Dear Valued Shareholder:

We’re pleased to offer you this semi-annual report for the Wells Fargo Advantage Strategic Large Cap Growth Fund for the six-month period that ended January 31, 2012. The period was marked by increased confidence that the U.S. economy was staging a fragile recovery, offset by continued concerns about the possible effect on the global economy of the ongoing European sovereign debt crisis—which began in Greece and later spread to the larger economies of Italy and Spain. Most U.S. stock indexes posted gains for the period, even if only modest ones.

Worries gave way to guarded optimism for the U.S. economy.

The period began with worries that the U.S. economy was returning to recession. Revised figures for gross domestic product (GDP) indicated that the U.S. economy grew by an annualized rate of only 0.8% in the first half of 2011. Moreover, although the July 2011 Institute for Supply Management (ISM) manufacturing survey suggested that factories continued to expand, the rate of expansion was lower than in previous months. The prolonged debate over whether and how to raise the U.S. debt ceiling—which only ended on July 31, 2011—also depressed market sentiment by highlighting the country’s political divisions.

The stock market remained volatile throughout September. By late October, however, stronger economic data led to greater optimism and higher stock prices. Revised real GDP growth came in at 1.8% in the third quarter of 2011 and 2.8% in the fourth quarter, suggesting that the recovery was on firmer footing. Economic growth was not evenly distributed, though, as December 2011 retail same-store sales generally showed stronger growth for retailers targeting affluent customers than for those targeting the broad middle class. The reported unemployment rate also showed some signs of improvement, falling from 9.1% in August 2011 to 8.3% in January 2012. However, this decline in the unemployment rate was accompanied by an increase in the number of Americans not in the labor force, raising concerns about the economy’s ability to generate jobs.

The eurozone had continued trouble.

The slow-motion debt crisis in the eurozone was a major headwind to both domestic and global stock market indexes. The worsening debt and deficit numbers for Greece in late 2011 and early 2012 cast doubt on the country’s ability to service its debt under the plan put in place by the European Union and the International Monetary Fund and put the ongoing drama of the European sovereign debt crisis back on center stage. Investors became increasingly concerned that Greece would default on its debt, a scenario that only seemed more likely as many Greeks rioted in response to greater budgetary austerity and the discussion moved from whether private investors would take a loss on their Greek debt to how big the loss would be. Because many eurozone banks owned Greek debt and many U.S. banks had financial ties to eurozone banks, investors worried about the effect of such an event on the financial system and the global economy.

Even as the situation in Greece deteriorated, eurozone GDP numbers supported the case for a modest recovery in the global economy. Reported GDP growth for the 17 countries that comprise the eurozone was modest, rising 0.2% in the third quarter compared to the second quarter and by 0.2% in the fourth quarter compared to the third quarter. However, the eurozone average concealed a wide

Letter to Shareholders Wells Fargo Advantage Strategic Large Cap Growth Fund 3

variation between economies, with Germany’s growing by 0.5% in the third quarter of 2011 even as Greece’s GDP contracted.

Central banks continued to provide stimulus.

Throughout the reporting period, the Federal Open Market Committee (FOMC) kept its key interest rates effectively at zero in order to support the economy and financial system. Moreover, in response to extreme market volatility and signs of a weakening economy, in its August 2011 policy statement, the Federal Reserve (Fed) announced it would keep interest rates “exceptionally low” until at least mid-2013 as a way to support the economy. Market participants interpreted the Fed’s statement to mean that the central bankers believed the economy would remain weak over the next two years. However, the Fed also said that it was considering a “range of policy tools available to promote a stronger economic recovery” and “is prepared to employ these tools as appropriate.”

At the beginning of the period, the European Central Bank (ECB) had a key rate of 1.50% but lowered it to 1.25% in November 2011 and then to 1.00% in December 2011 in an attempt to support the sluggish eurozone recovery. To support the banking system, in late 2011, the ECB initiated a long-term refinancing operation (LTRO) in which it supplied three-year loans to banks against a wide range of collateral. The operation basically provided a near-unlimited amount of liquidity to banks, easing some investor concerns about the effect of an increasingly probable Greek default.

We use time-tested investment strategies, even as many variables are at work in the market.

Experience tells us that strict adherence to time-tested investment strategies has its rewards. As a whole, Wells Fargo Advantage Funds represents investments across a range of asset classes and investment styles, giving you an opportunity to create a diversified investment portfolio. While diversification may not prevent losses in a downturn, it does provide you with one way of managing risk.

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

Sincerely,

Karla M. Rabusch

President

Wells Fargo Advantage Funds

4 Wells Fargo Advantage Strategic Large Cap Growth Fund Letter to Shareholders

Notice to Shareholders

The Board of Trustees for Wells Fargo Advantage Funds has unanimously approved the following modifications to certain net asset value (NAV) waiver privileges and commission schedules:

n Effective May 1, 2012, automatic investment plan (AIP) purchases and proceeds received from systematic withdrawals will no longer qualify for NAV repurchase privileges.

n Effective May 1, 2012, discretionary rights to waive the upfront commission for Class C and “jumbo” Class A share purchases will no longer be granted to broker/dealers. However, we will continue to waive the Class C shares contingent deferred sales charge for redemptions by employer-sponsored retirement plans where the dealer of record waived its commission at the time of purchase.

n Effective July 31, 2012, NAV purchase privileges for former Evergreen Class IS and Class R shareholders are being modified to remove the ability to purchase Class A shares at NAV unless those shares are held directly with the Fund on or after July 31, 2012.

Please contact your investment professional or call us directly at 1-800-222-8222 if you have any questions on this Notice to Shareholders.

Performance Highlights (Unaudited) Wells Fargo Advantage Strategic Large Cap Growth Fund 5

INVESTMENT OBJECTIVE

The Fund seeks long-term capital appreciation.

ADVISER

Wells Fargo Funds Management, LLC

SUB-ADVISER

Wells Capital Management Incorporated

PORTFOLIO MANAGERS

Joseph M. Eberhardy, CFA, CPA

Thomas C. Ognar, CFA

Bruce C. Olson, CFA

FUND INCEPTION

December 31, 1994

TEN LARGEST EQUITY HOLDINGS1 (AS OF JANUARY 31, 2012)
Apple Incorporated	7.69%
Google Incorporated Class A	3.21%
Qualcomm Incorporated	3.00%
MasterCard Incorporated Class A	2.60%
Cognizant Technology Solutions Corporation Class A	2.58%
Alexion Pharmaceuticals Incorporated	2.49%
Praxair Incorporated	2.43%
Priceline.com Incorporated	2.39%
EMC Corporation	2.31%
Whole Foods Marketing Incorporated	2.22%

SECTOR DISTRIBUTION²

(AS OF JANUARY 31, 2012)

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

2. Sector distribution is subject to change and is calculated based on the total long-term investments of the Fund.

6 Wells Fargo Advantage Strategic Large Cap Growth Fund Performance Highlights (Unaudited)

AVERAGE ANNUAL TOTAL RETURN³ (%) (AS OF JANUARY 31, 2012)

			Including Sales Charge										Excluding Sales Charge								Expense Ratios4
	Inception Date		6 Months*			1 Year			5 Year		10 Year		6 Months*		1 Year		5 Year		10 Year		Gross		Net5
Class A (ESGAX)		05/11/2001		(4.81	)		(2.21	)		2.67		3.10		0.99		3.75		3.89		3.71		1.27%		1.08%
Class C (ESGTX)		05/11/2001		(0.39	)		2.00			3.12		2.95		0.61		3.00		3.12		2.95		2.02%		1.83%
Class R (ESGRX)		10/10/2003												0.87		3.50		3.64		3.48		1.52%		1.33%
Administrator Class (ESGDX)		07/30/2010												1.06		3.86		4.01		3.83		1.11%		0.96%
Institutional Class (ESGIX)		11/24/1997												1.12		4.02		4.16		3.99		0.84%		0.81%
Russell 1000® Growth Index6														2.84		6.07		3.17		3.38

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

Figures quoted represent past performance, which is no guarantee of future results and do not reflect the deduction of taxes that a shareholder may pay on fund distributions or the redemption of fund shares. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance shown without sales charges would be lower if sales charges were reflected. Current performance may be lower or higher than the performance data quoted and assumes the reinvestment of dividends and capital gains. Current month-end performance is available on the Fund’s Web site – 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 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 fund values fluctuate in response to the activities of individual companies and general market and economic conditions. This Fund is exposed to active trading risk. Consult the Fund’s prospectus for additional information on these and other risks.

3. Historical performance shown for Class R and Administrator Class shares prior to their inception reflects the performance of the Institutional Class shares, adjusted to reflect the higher expenses applicable to Class R and 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 Strategic Growth Fund.

4. Reflects the expense ratios as stated in the most recent prospectuses.

5. The Adviser has committed through July 18, 2013 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 1.07% for Class A, 1.82% for Class C, 1.32% for Class R, 0.95% for Administrator Class and 0.80% for Institutional Class. Without this cap, the Fund’s returns would have been lower.

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

Fund Expenses (Unaudited) Wells Fargo Advantage Strategic Large Cap Growth Fund 7

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 August 1, 2011 to January 31, 2012.

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 08-01-2011		Ending Account Value 01-31-2012		Expenses Paid During the Period1		Net Annual Expense Ratio
Class A
Actual	$	1,000.00	$	1,009.94	$	5.41		1.07	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.76	$	5.43		1.07	%
Class C
Actual	$	1,000.00	$	1,006.07	$	9.18		1.82	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.99	$	9.22		1.82	%
Class R
Actual	$	1,000.00	$	1,008.68	$	6.66		1.32	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.50	$	6.70		1.32	%
Administrator Class
Actual	$	1,000.00	$	1,010.60	$	4.80		0.95	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.36	$	4.82		0.95	%
Institutional Class
Actual	$	1,000.00	$	1,011.24	$	4.04		0.80	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.11	$	4.06		0.80	%

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).

8 Wells Fargo Advantage Strategic Large Cap Growth Fund Portfolio of Investments—January 31, 2012 (Unaudited)

Security Name	Shares		Value
Common Stocks: 98.59%
Consumer Discretionary: 21.29%
Auto Components: 0.62%
Johnson Controls Incorporated		113,750	$	3,613,838
Hotels, Restaurants & Leisure: 5.47%
Las Vegas Sands Corporation		60,000		2,946,600
McDonald’s Corporation		127,060		12,585,293
Starbucks Corporation		217,000		10,400,810
Wynn Resorts Limited		54,000		6,222,420
				32,155,123
Internet & Catalog Retail: 4.01%
Amazon.com Incorporated†		48,970		9,521,727
Priceline.com Incorporated†		26,560		14,062,989
				23,584,716
Multiline Retail: 1.56%
Dollar Tree Incorporated†		108,000		9,159,480
Specialty Retail: 4.34%
CarMax Incorporated†«		314,840		9,580,581
Dick’s Sporting Goods Incorporated		120,000		4,945,200
O’Reilly Automotive Incorporated†		100,000		8,151,000
Ross Stores Incorporated		56,000		2,845,920
				25,522,701
Textiles, Apparel & Luxury Goods: 5.29%
Coach Incorporated		160,000		11,208,000
Fossil Incorporated†		65,000		6,178,250
Nike Incorporated Class B		84,000		8,735,160
VF Corporation		38,000		4,996,620
				31,118,030
Consumer Staples: 4.75%
Beverages: 0.70%
The Coca-Cola Company		61,000		4,119,330
Food & Staples Retailing: 2.87%
Costco Wholesale Corporation		47,000		3,866,690
Whole Foods Market Incorporated		176,000		13,029,280
				16,895,970
Food Products: 0.98%
Green Mountain Coffee Roasters Incorporated†«		12,000		640,080
Mead Johnson Nutrition Company		69,000		5,112,210
				5,752,290
Personal Products: 0.20%
Estee Lauder Companies Incorporated Class A		20,000		1,158,600

Portfolio of Investments—January 31, 2012 (Unaudited) Wells Fargo Advantage Strategic Large Cap Growth Fund 9

Security Name		Shares		Value
Energy: 8.29%
Energy Equipment & Services: 3.39%
National Oilwell Varco Incorporated			125,070	$	9,252,679
Schlumberger Limited			142,000		10,674,140
					19,926,819
Oil, Gas & Consumable Fuels: 4.90%
Apache Corporation			42,000		4,152,960
Continental Resources Incorporated†«			51,120		4,124,362
Occidental Petroleum Corporation			80,510		8,032,483
Pioneer Natural Resources Company			110,000		10,923,000
Southwestern Energy Company†			50,400		1,569,456
					28,802,261
Financials: 4.13%
Capital Markets: 0.79%
TD Ameritrade Holding Corporation			287,000		4,623,570
Consumer Finance: 3.34%
American Express Company			87,000		4,362,180
MasterCard Incorporated Class A			43,000		15,289,510
					19,651,690
Health Care: 10.68%
Biotechnology: 2.97%
Alexion Pharmaceuticals Incorporated†			190,640		14,633,526
Biogen Idec Incorporated†			24,000		2,830,080
					17,463,606
Health Care Equipment & Supplies: 2.68%
Intuitive Surgical Incorporated†			19,000		8,738,290
St. Jude Medical Incorporated			168,310		7,020,210
					15,758,500
Health Care Providers & Services: 1.27%
AmerisourceBergen Corporation			191,000		7,443,270
Pharmaceuticals: 3.76%	��
Allergan Incorporated			112,380		9,879,326
Shire plc ADR			123,090		12,249,917
					22,129,243
Industrials: 10.29%
Aerospace & Defense: 1.52%
United Technologies Corporation			114,000		8,931,900
Air Freight & Logistics: 1.67%
C.H. Robinson Worldwide Incorporated			142,630		9,818,649
Electrical Equipment: 0.72%
Emerson Electric Company			82,000		4,213,160

10 Wells Fargo Advantage Strategic Large Cap Growth Fund Portfolio of Investments—January 31, 2012 (Unaudited)

Security Name	Shares		Value
Industrial Conglomerates: 1.53%
Danaher Corporation		171,000	$	8,979,210
Machinery: 1.81%
Caterpillar Incorporated		42,670		4,656,150
Joy Global Incorporated		66,260		6,009,119
				10,665,269
Road & Rail: 3.04%
Norfolk Southern Corporation		92,820		6,701,604
Union Pacific Corporation		97,530		11,148,654
				17,850,258
Information Technology: 34.08%
Communications Equipment: 3.88%
F5 Networks Incorporated†		43,000		5,148,820
QUALCOMM Incorporated		300,000		17,646,000
				22,794,820
Computers & Peripherals: 10.00%
Apple Incorporated†		99,000		45,191,520
EMC Corporation†		528,000		13,601,280
				58,792,800
Internet Software & Services: 4.60%
eBay Incorporated†		260,000		8,216,000
Google Incorporated Class A†		32,500		18,853,575
				27,069,575
IT Services: 4.45%
Accenture plc		191,000		10,951,940
Cognizant Technology Solutions Corporation Class A†		211,770		15,194,498
				26,146,438
Semiconductors & Semiconductor Equipment: 4.56%
Altera Corporation		44,000		1,750,760
Analog Devices Incorporated		141,350		5,531,024
ARM Holdings plc ADR		107,000		3,090,160
Avago Technologies Limited		146,380		4,968,137
Maxim Integrated Products Incorporated		98,000		2,630,320
Microchip Technology Incorporated«		238,740		8,811,893
				26,782,294
Software: 6.59%
Check Point Software Technologies Limited†«		198,930		11,197,770
Citrix Systems Incorporated†		89,000		5,803,690
Red Hat Incorporated†		221,285		10,260,985
Salesforce.com Incorporated†«		70,260		8,206,368
VMware Incorporated†		35,700		3,258,339
				38,727,152

Portfolio of Investments—January 31, 2012 (Unaudited) Wells Fargo Advantage Strategic Large Cap Growth Fund 11

Security Name				Shares		Value
Materials: 5.08%
Chemicals: 5.08%
Air Products & Chemicals Incorporated					46,550	$	4,097,797
Ecolab Incorporated					56,840		3,435,410
Monsanto Company					98,000		8,040,900
Praxair Incorporated					134,500		14,283,900
							29,858,007
Total Common Stocks (Cost $497,856,751)							579,508,569
	Yield
Short-Term Investments: 6.64%
Wells Fargo Advantage Cash Investment Money Market Fund, Institutional Class(l)(u)		0.02	%		8,552,438		8,552,438
Wells Fargo Securities Lending Cash Investments, LLC(l)(r)(u)(v)		0.15			30,507,698		30,507,698
Total Short-Term Investments (Cost $39,060,136)							39,060,136

Total Investments in Securities
(Cost $536,916,887)*	105.23	%		618,568,705
Other Assets and Liabilities, Net	(5.23	)		(30,756,857	)
Total Net Assets	100.00	%	$	587,811,848

† Non-income earning security.

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

(l) Investment in an affiliate.

(r) The investment company is exempt from registration under Section 3(c)(7) of the 1940 Act.

(u) Rate shown is the 7-day annualized yield at period end.

(v) Security represents investment of cash collateral received from securities on loan.

* Cost for federal income tax purposes is $540,455,133 and net unrealized appreciation (depreciation) consists of:

Gross unrealized appreciation	$	85,137,322
Gross unrealized depreciation		(7,023,750	)
Net unrealized appreciation	$	78,113,572

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

12 Wells Fargo Advantage Strategic Large Cap Growth Fund Statement of Assets and Liabilities—January 31, 2012 (Unaudited)

Assets
Investments
In unaffiliated securities (including securities on loan), at value (see cost below)	$	579,508,569
In affiliated securities, at value (see cost below)		39,060,136
Total investments, at value (see cost below)		618,568,705
Receivable for investments sold		3,706,285
Receivable for Fund shares sold		407,073
Receivable for dividends		90,840
Receivable for securities lending income		3,796
Prepaid expenses and other assets		24,775
Total assets		622,801,474
Liabilities
Payable for investments purchased		2,934,686
Payable for Fund shares redeemed		1,098,755
Payable upon receipt of securities loaned		30,507,698
Advisory fee payable		298,014
Distribution fees payable		4,463
Due to other related parties		70,352
Accrued expenses and other liabilities		75,658
Total liabilities		34,989,626
Total net assets	$	587,811,848
NET ASSETS CONSIST OF
Paid-in capital	$	541,140,090
Undistributed net investment income		436,871
Accumulated net realized losses on investments		(35,416,931	)
Net unrealized gains on investments		81,651,818
Total net assets	$	587,811,848
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE1
Net assets – Class A	$	28,619,945
Shares outstanding – Class A		898,312
Net asset value per share – Class A		$31.86
Maximum offering price per share – Class A2		$33.80
Net assets – Class C	$	5,744,052
Shares outstanding – Class C		192,447
Net asset value per share – Class C		$29.85
Net assets – Class R	$	3,648,596
Shares outstanding – Class R		115,472
Net asset value per share – Class R		$31.60
Net assets – Administrator Class	$	2,412,112
Shares outstanding – Administrator Class		75,121
Net asset value per share – Administrator Class		$32.11
Net assets – Institutional Class	$	547,387,143
Shares outstanding – Institutional Class		17,011,043
Net asset value per share – Institutional Class		$32.18
Investments in unaffiliated securities, at cost	$	497,856,751
Investments in affiliated securities, at cost	$	39,060,136
Total investments, at cost	$	536,916,887
Securities on loan, at value	$	29,834,788

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 January 31, 2012 (Unaudited) Wells Fargo Advantage Strategic Large Cap Growth Fund 13

Investment income
Dividends	$	2,633,045
Securities lending income, net		54,627
Income from affiliated securities		5,126
Total investment income		2,692,798
Expenses
Advisory fee		1,734,969
Administration fees
Fund level		133,776
Class A		34,802
Class C		7,071
Class R		2,821
Administrator Class		1,242
Institutional Class		199,295
Shareholder servicing fees
Class A		33,463
Class C		6,799
Class R		2,713
Administrator Class		2,939
Distribution fees
Class C		20,396
Class R		2,713
Custody and accounting fees		19,849
Professional fees		26,460
Registration fees		28,835
Shareholder report expenses		26,367
Trustees’ fees and expenses		4,974
Other fees and expenses		7,790
Total expenses		2,297,274
Less: Fee waivers and/or expense reimbursements		(85,487	)
Net expenses		2,211,787
Net investment income		481,011
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized losses on investments		(1,718,248	)
Net change in unrealized gains (losses) on investments		6,881,096
Net realized and unrealized gains (losses) on investments		5,162,848
Net increase in net assets resulting from operations	$	5,643,859

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

14 Wells Fargo Advantage Strategic Large Cap Growth Fund Statements of Changes in Net Assets

	Six Months Ended January 31, 2012 (Unaudited)						Year Ended July 31, 2011
Operations
Net investment income				$	481,011					$	1,610,220
Net realized gains (losses) on investments					(1,718,248	)					71,882,389
Net change in unrealized gains (losses) on investments					6,881,096						27,547,809
Net increase in net assets resulting from operations					5,643,859						101,040,418
Distributions to shareholders from
Net investment income
Class A					(19,325	)					0
Class R					(8,983	)					0
Administrator Class					(6,605	)					(4,618	)
Institutional Class					(1,559,092	)					(844,105	)
Total distributions to shareholders					(1,594,005	)					(848,723	)
Capital share transactions
Proceeds from shares sold
Class A		111,594			3,370,688			302,920			9,420,716
Class C		22,294			629,116			56,060			1,625,693
Class R		97,196			2,931,854			31,730			994,238
Administrator Class		6,557			198,026			102,752			3,146,016
Institutional Class		2,721,121			82,153,040			7,400,016			232,824,334
					89,282,724						248,010,997
Reinvestment of distributions
Class A		475			13,848			0			0
Class R		161			4,672			0			0
Administrator Class		100			2,948			104			3,154
Institutional Class		34,503			1,016,449			12,025			365,447
					1,037,917						368,601
Payment for shares redeemed
Class A		(102,899	)		(3,085,642	)		(367,241	)		(10,649,100	)
Class C		(27,950	)		(780,599	)		(110,586	)		(3,020,425	)
Class R		(25,412	)		(748,497	)		(5,661	)		(176,078	)
Administrator Class		(21,091	)		(626,216	)		(13,695	)		(429,480	)
Institutional Class		(2,905,378	)		(87,111,621	)		(5,541,807	)		(166,781,047	)
					(92,352,575	)					(181,056,130	)
Net increase (decrease) in net assets resulting from capital share transactions					(2,031,934	)					67,323,468
Total increase in net assets					2,017,920						167,515,163
Net assets
Beginning of period					585,793,928						418,278,765
End of period				$	587,811,848					$	585,793,928
Undistributed net investment income				$	436,871					$	1,549,865

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

Financial Highlights Wells Fargo Advantage Strategic Large Cap Growth Fund 15

(For a share outstanding throughout each period)

	Six Months Ended January 31, 2012 (Unaudited)			Year Ended July 31,						Year Ended September 30,
Class A				2011			20101,2			20091			20081			20071			20061
Net asset value, beginning of period	$	31.55		$	25.10		$	24.30		$	26.61		$	34.16		$	27.57		$	26.70
Net investment income (loss)		(0.01	)		0.03	3		(0.00	)3		0.15			0.11	3		0.02			(0.02	)
Net realized and unrealized gains (losses) on investments		0.34			6.42			0.95			(0.50	)		(6.82	)		6.57			0.89
Total from investment operations		0.33			6.45			0.95			(0.35	)		(6.71	)		6.59			0.87
Distributions to shareholders from
Net investment income		(0.02	)		0.00			(0.15	)		(0.08	)		(0.13	)		0.00			0.00
Net realized gains		0.00			0.00			0.00			(1.88	)		(0.71	)		0.00			0.00
Total distributions to shareholders		(0.02	)		0.00			(0.15	)		(1.96	)		(0.84	)		0.00			0.00
Net asset value, end of period	$	31.86		$	31.55		$	25.10		$	24.30		$	26.61		$	34.16		$	27.57
Total return4		0.99	%		25.78	%		3.90	%		1.02	%		(20.09	)%		23.90	%		3.26	%
Ratios to average net assets (annualized)
Gross expenses		1.25	%		1.25	%		1.09	%		1.07	%		1.06	%		1.10	%		1.07	%
Net expenses		1.07	%		1.07	%		1.08	%		1.07	%		1.04	%		1.08	%		1.07	%
Net investment income (loss)		(0.06	)%		0.09	%		(0.01	)%		0.59	%		0.35	%		0.04	%		(0.06	)%
Supplemental data
Portfolio turnover rate		63	%		165	%		105	%		182	%		139	%		97	%		97	%
Net assets, end of period (000’s omitted)		$28,620			$28,056			$23,932			$15,280			$8,883			$7,379			$5,395

1. After the close of business on July 16, 2010, the Fund acquired the net assets of Evergreen Strategic Growth 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 Strategic Growth Fund.

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

3. Calculated based upon average shares outstanding.

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

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

16 Wells Fargo Advantage Strategic Large Cap Growth Fund Financial Highlights

(For a share outstanding throughout each period)

	Six Months Ended January 31, 2012 (Unaudited)			Year Ended July 31,						Year Ended September 30,
Class C				2011			20101,2			20091			20081			20071			20061
Net asset value, beginning of period	$	29.65		$	23.76		$	23.03		$	25.43		$	32.79		$	26.67		$	26.00
Net investment loss		(0.14	)		(0.18	)3		(0.15	)		(0.03	)3		(0.12	)3		(0.20	)3		(0.20	)3
Net realized and unrealized gains (losses) on investments		0.34			6.07			0.90			(0.49	)		(6.53	)		6.32			0.87
Total from investment operations		0.20			5.89			0.75			(0.52	)		(6.65	)		6.12			0.67
Distributions to shareholders from
Net investment income		0.00			0.00			(0.02	)		0.00			0.00			0.00			0.00
Net realized gains		0.00			0.00			0.00			(1.88	)		(0.71	)		0.00			0.00
Total distributions to shareholders		0.00			0.00			(0.02	)		(1.88	)		(0.71	)		0.00			0.00
Net asset value, end of period	$	29.85		$	29.65		$	23.76		$	23.03		$	25.43		$	32.79		$	26.67
Total return4		0.61	%		24.87	%		3.24	%		0.25	%		(20.70	)%		22.98	%		2.58	%
Ratios to average net assets (annualized)
Gross expenses		2.00	%		2.01	%		1.84	%		1.82	%		1.79	%		1.79	%		1.77	%
Net expenses		1.82	%		1.82	%		1.83	%		1.82	%		1.79	%		1.79	%		1.77	%
Net investment loss		(0.80	)%		(0.66	)%		(0.76	)%		(0.15	)%		(0.39	)%		(0.68	)%		(0.76	)%
Supplemental data
Portfolio turnover rate		63	%		165	%		105	%		182	%		139	%		97	%		97	%
Net assets, end of period (000’s omitted)		$5,744			$5,874			$6,003			$5,672			$4,457			$2,845			$1,742

1. After the close of business on July 16, 2010, the Fund acquired the net assets of Evergreen Strategic Growth 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 Strategic Growth Fund.

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

3. Calculated based upon average shares outstanding.

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

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

Financial Highlights Wells Fargo Advantage Strategic Large Cap Growth Fund 17

(For a share outstanding throughout each period)

	Six Months Ended January 31, 2012 (Unaudited)			Year Ended July 31,						Year Ended September 30,
Class R				2011			20101,2			20091			20081			20071			20061
Net asset value, beginning of period	$	31.39		$	25.03		$	24.30		$	26.61		$	34.13		$	27.61		$	26.79
Net investment income (loss)		(0.07	)3		(0.06	)3		(0.06	)3		0.05	3		0.03	3		(0.06	)3		(0.07	)3
Net realized and unrealized gains (losses) on investments		0.36			6.42			0.95			(0.45	)		(6.82	)		6.58			0.89
Total from investment operations		0.29			6.36			0.89			(0.40	)		(6.79	)		6.52			0.82
Distributions to shareholders from
Net investment income		(0.08	)		0.00			(0.16	)		(0.03	)		(0.02	)		0.00			0.00
Net realized gains		0.00			0.00			0.00			(1.88	)		(0.71	)		0.00	��		0.00
Total distributions to shareholders		(0.08	)		0.00			(0.16	)		(1.91	)		(0.73	)		0.00			0.00
Net asset value, end of period	$	31.60		$	31.39		$	25.03		$	24.30		$	26.61		$	34.13		$	27.61
Total return4		0.87	%		25.49	%		3.65	%		0.81	%		(20.32	)%		23.61	%		3.06	%
Ratios to average net assets (annualized)
Gross expenses		1.50	%		1.50	%		1.33	%		1.34	%		1.29	%		1.31	%		1.28	%
Net expenses		1.32	%		1.32	%		1.32	%		1.34	%		1.29	%		1.31	%		1.28	%
Net investment income (loss)		(0.48	)%		(0.21	)%		(0.27	)%		0.23	%		0.10	%		(0.20	)%		(0.27	)%
Supplemental data
Portfolio turnover rate		63	%		165	%		105	%		182	%		139	%		97	%		97	%
Net assets, end of period (000’s omitted)		$3,649			$1,366			$437			$289			$9			$10			$6

1. After the close of business on July 16, 2010, the Fund acquired the net assets of Evergreen Strategic Growth 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 R of Evergreen Strategic Growth Fund.

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

18 Wells Fargo Advantage Strategic Large Cap Growth Fund Financial Highlights

(For a share outstanding throughout each period)

	Six Months Ended January 31, 2012 (Unaudited)			Year Ended July 31,
Administrator Class				2011			20101
Net asset value, beginning of period	$	31.85		$	25.37		$	25.37
Net investment income		0.00	2		0.05			0.00
Net realized and unrealized gains (losses) on investments		0.34			6.52			0.00
Total from investment operations		0.34			6.57			0.00
Distributions to shareholders from
Net investment income		(0.08	)		(0.09	)		0.00
Net asset value, end of period	$	32.11		$	31.85		$	25.37
Total return3		1.06	%		25.94	%		0.00	%
Ratios to average net assets (annualized)
Gross expenses		1.08	%		1.06	%		0.00	%
Net expenses		0.95	%		0.95	%		0.00	%
Net investment income		0.08	%		0.12	%		0.00	%
Supplemental data
Portfolio turnover rate		63	%		165	%		105	%
Net assets, end of period (000’s omitted)		$2,412			$2,852			$10

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

2. Amount is less than $0.005.

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

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

Financial Highlights Wells Fargo Advantage Strategic Large Cap Growth Fund 19

(For a share outstanding throughout each period)

	Six Months Ended January 31, 2012 (unaudited)			Year Ended July 31,						Year Ended September 30,
Institutional Class				2011			20101,2			20091			20081			20071			20061
Net asset value, beginning of period	$	31.91		$	25.37		$	24.54		$	26.88		$	34.49		$	27.83		$	26.89
Net investment income		0.04			0.10			0.07			0.20			0.22			0.12			0.07
Net realized and unrealized gains (losses) on investments		0.33			6.50			0.94			(0.52	)		(6.91	)		6.62			0.89
Total from investment operations		0.37			6.60			1.01			(0.32	)		(6.69	)		6.74			0.96
Distributions to shareholders from
Net investment income		(0.10	)		(0.06	)		(0.18	)		(0.14	)		(0.21	)		(0.08	)		(0.02	)
Net realized gains		0.00			0.00			0.00			(1.88	)		(0.71	)		0.00			0.00
Total distributions to shareholders		(0.10	)		(0.06	)		(0.18	)		(2.02	)		(0.92	)		(0.08	)		(0.02	)
Net asset value, end of period	$	32.18		$	31.91		$	25.37		$	24.54		$	26.88		$	34.49		$	27.83
Total return3		1.12	%		26.11	%		4.14	%		1.27	%		(19.91	)%		24.28	%		3.56	%
Ratios to average net assets (annualized)
Gross expenses		0.82	%		0.82	%		0.83	%		0.82	%		0.79	%		0.79	%		0.77	%
Net expenses		0.80	%		0.80	%		0.83	%		0.82	%		0.79	%		0.79	%		0.77	%
Net investment income		0.21	%		0.35	%		0.25	%		0.87	%		0.60	%		0.33	%		0.24	%
Supplemental data
Portfolio turnover rate		63	%		165	%		105	%		182	%		139	%		97	%		97	%
Net assets, end of period (000’s omitted)		$547,387			$547,645			$387,896			$442,736			$571,879			$978,930			$1,389,589

1. After the close of business on July 16, 2010, the Fund acquired the net assets of Evergreen Strategic Growth 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 Strategic Growth Fund.

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

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

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

20 Wells Fargo Advantage Strategic Large Cap Growth 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”). These financial statements report on Wells Fargo Advantage Strategic Large Cap Growth 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

Investments in equity securities are valued each business day as of the close of regular trading on the New York Stock Exchange, which is usually 4:00 p.m. (Eastern Time). Securities which are traded on a national or foreign securities exchange are valued at the last reported sales price, except that securities listed on The Nasdaq Stock Market, Inc. (“Nasdaq”) are valued at the Nasdaq Official Closing Price (“NOCP”), and if no NOCP is available, then at the last reported sales price. If no sales price is shown on the Nasdaq, the bid price will be used. In the absence of any sale of securities listed on the Nasdaq, and in the case of other securities (including U.S. Government obligations, but excluding debt securities maturing in 60 days or less), the price will be deemed “stale” and the valuations will be determined in accordance with the Fund’s Fair Value Procedures.

Investments in open-end mutual funds and non-registered investment companies are generally 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 by procedures established in good faith and approved by the Board of Trustees.

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 Wells Fargo Securities Lending Cash Investments, LLC (the “Cash Collateral Fund”). The Cash Collateral Fund is exempt from registration under Section 3(c)(7) of the 1940 Act and is managed by Wells Fargo Funds Management LLC (“Funds Management”) and is sub-advised by Wells Capital Management Incorporated (“Wells Capital Management”). Funds Management receives an advisory fee starting at 0.05% and declining to 0.01% as the average daily net assets of the Cash Collateral Fund increase. All of the fees received by Funds Management are paid to Wells Capital Management for its services as sub-adviser. The Cash Collateral 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. Cash Collateral Fund investments are fair valued based upon the amortized cost valuation technique. Income earned from investment in the Cash Collateral Fund is included in securities lending income on the Statement of Operations.

Notes to Financial Statements (Unaudited) Wells Fargo Advantage Strategic Large Cap Growth Fund 21

Security transactions and income recognition

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

Dividend income is recognized on the ex-dividend date.

Distributions to shareholders

Distributions to shareholders from net investment income and net realized gains, if any, are recorded on the ex-dividend date. Such distributions are determined in conformity with income tax regulations, which may differ from 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.

Under the recently enacted Regulated Investment Company Modernization Act of 2010, the Fund is permitted to carry forward capital losses incurred in taxable years which began after December 22, 2010 for an unlimited period. However, any losses incurred are required to be utilized prior to the losses incurred in pre-enactment taxable years. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law.

As of July 31, 2011, the Fund had net capital loss carryforwards, which were available to offset future net realized capital gains, in the amount of $31,551,482 expiring in 2018.

Class allocations

The separate classes of shares offered by the Fund differ principally in applicable sales charges, distribution, shareholder servicing and administration fees. Shareholders of each class bear certain expenses that pertain to that particular class. All shareholders bear the common expenses of the Fund, earn income from the portfolio, and are allocated unrealized gains and losses pro rata based on the average daily net assets of each class, without distinction between share classes. Dividends are determined separately for each class based on income and expenses allocable to each class. Realized gains and losses are allocated to each class pro rata based upon the net assets of each class on the date realized. Differences in per share dividend rates generally result from the relative weightings of pro rata income and realized gain allocations and from differences in separate class expenses, including distribution, shareholder servicing and administration fees.

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, 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 securities are not necessarily an indication of the risk associated with investing in those securities.

22 Wells Fargo Advantage Strategic Large Cap Growth Fund Notes to Financial Statements (Unaudited)

As of January 31, 2012, the inputs used in valuing the Fund’s assets, which are carried at fair value, were as follows:

Investments in Securities	Quoted Prices (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Equity securities
Common stocks	$	579,508,569	$	0	$	0	$	579,508,569
Short-term investments
Investment companies		8,552,438		30,507,698		0		39,060,136
	$	588,061,007	$	30,507,698	$	0	$	618,568,705

Further details on the major security types listed above can be found in the Portfolio of Investments.

Transfers in and transfers out are recognized at the end of the reporting period. For the six months ended January 31, 2012, the Fund did not have any significant transfers into/out of Level 1 and Level 2.

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 sub-adviser, 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 January 31, 2012, the advisory fee was equivalent to an annual rate of 0.65% of the Fund’s average daily net assets.

Funds Management may retain the services of certain sub-advisers to provide daily portfolio management to the Fund. The fees related to sub-advisory services are borne directly by Funds Management and do not increase the overall fees paid by the Fund. Wells Capital Management, an affiliate of Funds Management, is the sub-adviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.35% and declining to 0.15% as the average daily net assets of the Fund increase.

Administration and transfer agent 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, 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 July 18, 2013 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.07% for Class A, 1.82% for Class C, 1.32% for Class R, 0.95% for Administrator Class and 0.80% for Institutional Class.

Notes to Financial Statements (Unaudited) Wells Fargo Advantage Strategic Large Cap Growth Fund 23

Distribution fees

The Trust has adopted a Distribution Plan for Class C and Class R shares of the Fund pursuant to Rule 12b-1 under the 1940 Act. Distribution fees are charged to Class C and Class R 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 and 0.25% of the average daily net assets of Class R shares.

For the six months ended January 31, 2012, Wells Fargo Funds Distributor, LLC received $435 from the sale of Class A shares and $102 in contingent deferred sales charges from redemptions of Class C shares.

Shareholder servicing fees

The Trust has entered into contracts with one or more shareholder servicing agents, whereby Class A, Class C, 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 (securities with maturities of one year or less at purchase date), for the six months ended January 31, 2012 were $338,717,811 and $335,826,396, respectively.

6. BANK BORROWINGS

The Trust (excluding the money market funds) and Wells Fargo Variable Trust are parties to a $150,000,000 revolving credit agreement with State Street Bank and Trust Company, 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. Prior to September 6, 2011, the revolving credit agreement was for $125,000,000 and the annual commitment fee paid by the Fund was 0.125% of the unused balance. For the six months ended January 31, 2012, the Fund paid $285 in commitment fees.

For the six months ended January 31, 2012, there were no borrowings by the Fund under the agreement.

7. INDEMNIFICATION

Under the Trust’s organizational documents, the officers and directors are indemnified against certain liabilities that may arise out of performance of their duties to the Trust. Additionally, in the normal course of business, the Trust may enter 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.

8. NEW ACCOUNTING PRONOUNCEMENTS

In May 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2011-04 “Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs”. ASU No. 2011-04 amends FASB ASC Topic 820, Fair Value Measurements and Disclosures, to establish common requirements for measuring fair value and for disclosing information about fair value measurements in accordance with GAAP. The ASU is effective prospectively for interim and annual periods beginning after December 15, 2011. Management expects that adoption of the ASU will result in additional disclosures in the financial statements, as applicable.

In April 2011, FASB issued ASU No. 2011-03 “Reconsideration of Effective Control for Repurchase Agreements”. ASU No. 2011-03 amends FASB ASC Topic 860, Transfers and Servicing, specifically the criteria required to determine whether a repurchase agreement (repo) and similar agreements should be accounted for as sales of financial assets or secured borrowings with commitments. ASU No. 2011-03 changes the assessment of effective control by focusing on the transferor’s contractual rights and obligations and removing the criterion to assess its ability to exercise those rights or honor those obligations. This could result in changes to the way entities account for certain transactions including

24 Wells Fargo Advantage Strategic Large Cap Growth Fund Notes to Financial Statements (Unaudited)

repurchase agreements, mortgage dollar rolls and reverse repurchase agreements. The ASU will become effective on a prospective basis for new transfers and modifications to existing transactions as of the beginning of the first interim or annual period beginning on or after December 15, 2011. Management has evaluated the impact of adopting the ASU and expects no significant changes.

9. REORGANIZATION

At a regular meeting of the Board of Trustees held on February 7-8, 2012, the Trustees of the Fund approved a Plan of Reorganization (the “Plan”). Under the Plan, Wells Fargo Advantage Large Cap Growth Fund will acquire the assets and assume the liabilities of the Fund in exchange for shares of Wells Fargo Advantage Large Cap Growth Fund.

A Special Meeting of Shareholders of the Fund will be held on June 8, 2012 to consider and vote on the Plan. On or about March 30, 2012, materials for this meeting will be mailed to shareholders of record on February 29, 2012.

Other Information (Unaudited) Wells Fargo Advantage Strategic Large Cap Growth Fund 25

PROXY VOTING INFORMATION

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by calling 1-800-222-8222, visiting our Web site at wellsfargoadvantagefunds.com, or visiting the SEC Web site 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 without charge on the Fund’s Web site at wellsfargoadvantagefunds.com or by visiting the SEC Web site at sec.gov.

PORTFOLIO HOLDINGS INFORMATION

The complete portfolio holdings for the Fund are publicly available on the Fund’s Web site (wellsfargoadvantagefunds.com) on a monthly, 30-day or more delayed basis. In addition, top ten holdings information for the Fund is publicly available on the Fund’s Web site 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 without charge by visiting the SEC Web site 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 Strategic Large Cap Growth Fund Other Information (Unaudited)

BOARD OF TRUSTEES

The following table provides basic information about the Board of Trustees (the “Trustees”) of the Trust and Officers of the Trust. This table should be read in conjunction with the Prospectus and the Statement of Additional Information¹ of the Fund. Each of the Trustees and Officers listed below acts in identical capacities for the Wells Fargo Advantage family of funds, which consists of 137 funds comprising the Wells Fargo Funds Trust, Wells Fargo Variable Trust, Wells Fargo Master Trust and four closed-end funds (collectively the “Fund Complex”). All of the Trustees are also Members of the Audit and Governance Committees of each Trust in the Fund Complex. 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	Other Directorships During Past Five Years
Peter G. Gordon (Born 1942)	Trustee, since 1998; Chairman, since 2005 (Lead Trustee since 2001)	Co-Founder, Retired Chairman, President and CEO of Crystal Geyser Water Company. Trustee Emeritus, Colby College	Asset Allocation Trust
Isaiah Harris, Jr. (Born 1952)	Trustee, since 2009	Retired. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Mr. Harris is a certified public accountant.	CIGNA Corporation; Deluxe Corporation; Asset Allocation Trust
Judith M. Johnson (Born 1949)	Trustee, since 2008	Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant.	Asset Allocation Trust
Leroy Keith, Jr. (Born 1939)	Trustee, since 2010	Chairman, Bloc Global Services (development and construction). Trustee of the Evergreen Funds from 1983 to 2010. Former Managing Director, Almanac Capital Management (commodities firm), former Partner, Stonington Partners, Inc. (private equity fund), former Director, Obagi Medical Products Co. and former Director, Lincoln Educational Services.	Trustee, Virtus Fund Complex (consisting of 40 portfolios as of 12/31/11); 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, Director of Corporate Governance Research Program 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 Strategic Large Cap Growth Fund 27

Name and Year of Birth	Position Held and Length of Service	Principal Occupations During Past Five Years	Other Directorships During Past Five Years
Timothy J. Penny (Born 1951)	Trustee, since 1996	President and CEO of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007 and Senior Fellow at the Humphrey Institute Policy Forum at the University of Minnesota since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	Asset Allocation Trust
Michael S. Scofield (Born 1943)	Trustee, since 2010	Served on the Investment Company Institute’s Board of Governors and Executive Committee from 2008-2011 as well the Governing Council of the Independent Directors Council from 2006-2011 and the Independent Directors Council Executive Committee from 2008-2011. Chairman of the IDC from 2008-2010. Institutional Investor (Fund Directions) Trustee of Year in 2007. Trustee of the Evergreen Funds (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 and former Director and Chairman, Branded Media Corporation (multi-media branding company).	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 Free Trust (non-profit corporation). Director of the American Chestnut Foundation (non-profit corporation).	Asset Allocation Trust

Officers

Name and Year of Birth	Position Held and Length of Service	Principal Occupations During Past Five Years
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. Senior Vice President and Chief Administrative Officer of Wells Fargo Funds Management, LLC from 2001 to 2003.
C. David Messman (Born 1960)	Secretary, since 2000; Chief Legal Counsel, since 2003	Senior Vice President and Secretary of Wells Fargo Funds Management, LLC since 2001. Vice President and Managing Senior Counsel of Wells Fargo Bank, N.A. since 1996.
Kasey Phillips (Born 1970)	Treasurer, since 2009	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2006 to 2010. Treasurer of the Evergreen Funds from 2005 to 2010.
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 DePalma (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.
Debra Ann Early (Born 1964)	Chief Compliance Officer, since 2007	Chief Compliance Officer of Wells Fargo Funds Management, LLC since 2007. Chief Compliance Officer of Parnassus Investments from 2005 to 2007. Chief Financial Officer of Parnassus Investments from 2004 to 2007 and Senior Audit Manager of PricewaterhouseCoopers LLP from 1998 to 2004.

1. 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 Web site at wellsfargoadvantagefunds.com.

28 Wells Fargo Advantage Strategic Large Cap Growth Fund List of Abbreviations

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

ACB —  Agricultural Credit Bank

ADR —  American Depository Receipt

ADS —  American Depository Shares

AGC-ICC —  Assured Guaranty Corporation - Insured Custody Certificates

AGM —  Assured Guaranty Municipal

AMBAC —  American Municipal Bond Assurance Corporation

AMT —  Alternative Minimum Tax

AUD —  Australian Dollar

BAN —  Bond Anticipation Notes

BHAC —  Berkshire Hathaway Assurance Corporation

BRL —  Brazil 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 —  Certificate of Participation

CR —  Custody Receipts

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

FFCB —  Federal Farm Credit Bank

FGIC —  Financial Guaranty Insurance Corporation

FHA —  Federal Housing Authority

FHLB —  Federal Home Loan Bank

FHLMC —  Federal Home Loan Mortgage Corporation

FNMA —  Federal National Mortgage Association

FSA —  Farm Service Agency

GBP —  Great British Pound

GDR —  Global Depository 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

HUF —  Hungarian Forint

IBC —  Insured Bond Certificate

IDA —  Industrial Development Authority

IDAG —  Industrial Development Agency

IDR —  Industrial Development Revenue

IEP —  Irish Pound

JPY —  Japanese Yen

KRW —  Republic of Korea Won

LIBOR —  London Interbank Offered Rate

LLC —  Limited Liability Company

LLP —  Limited Liability Partnership

LOC —  Letter of Credit

LP —  Limited Partnership

MBIA —  Municipal Bond Insurance Association

MFHR —  Multi-Family Housing Revenue

MSTR —  Municipal Securities Trust Receipts

MTN —  Medium Term Note

MUD —  Municipal Utility District

MXN —  Mexican Peso

MYR —  Malaysian Ringgit

NATL-RE —  National Public Finance Guarantee Corporation

NOK —  Norwegian Krone

NZD —  New Zealand Dollar

PCFA —  Pollution Control Finance Authority

PCR —  Pollution Control Revenue

PFA —  Public Finance Authority

PFFA —  Public Facilities Financing Authority

PFOTER —  Puttable Floating Option Tax-Exempt Receipts

plc —  Public Limited Company

PLN —  Polish Zloty

PUTTER —  Puttable Tax-Exempt Receipts

R&D —  Research & Development

RDA —  Redevelopment Authority

RDFA —  Redevelopment Finance Authority

REIT —  Real Estate Investment Trust

ROC —  Reset Option Certificates

SAVRS —  Select Auction Variable Rate Securities

SBA —  Small Business Authority

SEK —  Swedish Krona

SFHR —  Single Family Housing Revenue

SFMR —  Single Family Mortgage Revenue

SGD —  Singapore Dollar

SKK —  Slovakian Koruna

SPDR —  Standard & Poor’s Depositary Receipts

TAN —  Tax Anticipation Notes

TBA —  To Be Announced

TIPS —  Treasury Inflation-Protected Securities

TRAN —  Tax Revenue Anticipation Notes

TCR —  Transferable Custody Receipts

TRY —  Turkish Lira

TTFA —  Transportation Trust Fund Authority

TVA —  Tennessee Valley Authority

XLCA —  XL Capital Assurance

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, e-mail, visit the Fund’s Web site, or call:

Wells Fargo Advantage Funds

P.O. Box 8266

Boston, MA 02266-8266

E-mail: wfaf@wellsfargo.com

Web site: 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. For a prospectus containing more complete information, including charges and expenses, call 1-800-222-8222 or visit the Fund’s Web site at wellsfargoadvantagefunds.com. Please consider the investment objectives, risks, charges, and expenses of the investment carefully before investing. This and other information about Wells Fargo Advantage Funds can be found in the current prospectus. 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

© 2012 Wells Fargo Funds Management, LLC. All rights reserved.

207953 03-12 SA213/SAR213 1-12

ITEM 2. CODE OF ETHICS

Not required in this filing

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT

Not required in this filing.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES

Not required in this filing.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS

Not required in this filing.

ITEM 6. SCHEDULE OF INVESTMENTS

The Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this Form.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES

Not applicable.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES

Not applicable.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMEENT INVESTMENT COMPANY AND AFFILIATED PURCHASES

Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

The Governance Committee (the “Committee”) of the Board of Trustees of the registrant (the “Trust”) has adopted procedures by which a shareholder of any series of the Trust may submit properly a nominee recommendation for the Committee’s consideration.

The shareholder must submit any such recommendation (a “Shareholder Recommendation”) in writing to the Trust, to the attention of the Trust’s Secretary, at the address of the principal executive offices of the Trust.

The Shareholder Recommendation must be delivered to, or mailed and received at, the principal executive offices of the Trust not less than forty-five (45) calendar days nor more than seventy-five (75) calendar days prior to the date of the Committee meeting at which the nominee would be considered.

The Shareholder Recommendation must include: (i) a statement in writing setting forth (A) the name, age, date of birth, business address, residence address and nationality of the person recommended by the shareholder (the “candidate”); (B) the series (and, if applicable, class) and number of all shares of the Trust owned of record or beneficially by the candidate, as reported to such shareholder by the candidate; (C) any other information regarding the candidate called for with respect to director nominees by paragraphs (a), (d), (e) and (f) of Item 401 of Regulation S-K or paragraph (b) of Item 22 of Rule 14a-101 (Schedule 14A) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), adopted by the Securities and Exchange Commission (or the corresponding provisions of any regulation or rule subsequently adopted by the Securities and Exchange Commission or any successor agency applicable to the Trust); (D) any other information regarding the candidate that would be required to be disclosed if the candidate were a nominee in a proxy statement or other filing required to be made in connection with solicitation of proxies for election of directors pursuant to Section 14 of the Exchange Act and the rules and regulations promulgated thereunder; and (E) whether the recommending shareholder believes that the candidate is or will be an “interested person” of the Trust (as defined in the Investment Company Act of 1940, as amended) and, if not an “interested person,” information regarding the candidate that will be sufficient for the Trust to make such determination; (ii) the written and signed consent of the candidate to be named as a nominee and to serve as a Trustee if elected; (iii) the recommending shareholder’s name as it appears on the Trust’s books; (iv) the series (and, if applicable, class) and number of all shares of the Trust owned beneficially and of record by the recommending shareholder; and (v) a description of all arrangements or understandings between the recommending shareholder and the candidate and any other person or persons (including their names) pursuant to which the recommendation is being made by the recommending shareholder. In addition, the Committee may require the candidate to interview in person and furnish such other information as it may reasonably require or deem necessary to determine the eligibility of such candidate to serve as a Trustee of the Trust.

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 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 required in this filing.

(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: March 26, 2012

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.

By:
	/s/ Karla M. Rabusch
	Karla M. Rabusch
	President
Date: March 26, 2012
By:
	/s/ Kasey L. Phillips
	Kasey L. Phillips
	Treasurer
Date: March 26, 2012