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, 2012

Date of reporting period: January 31, 2013

ITEM  1. REPORT TO SHAREHOLDERS

Wells Fargo Advantage Capital Growth Fund

Semi-Annual Report

January 31, 2013

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Contents

Letter to shareholders	2
Performance highlights	4
Fund expenses	6
Portfolio of investments	7
Financial statements
Statement of assets and liabilities	11
Statement of operations	12
Statement of changes in net assets	13
Financial highlights	14
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, 2013, 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 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 the 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 the investment objectives, risks, charges, and expenses before investing. For a current prospectus and, if available, a summary prospectus, for Wells Fargo Advantage Funds, 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, 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 $226 billion in assets under management, as of January 31, 2013.

Equity funds
Asia Pacific Fund	Enterprise Fund†	Opportunity Fund†
C&B Large Cap Value Fund	Global Opportunities Fund	Precious Metals Fund
C&B Mid Cap Value Fund	Growth Fund	Premier Large Company Growth Fund
Capital Growth Fund	Index Fund	Small Cap Opportunities Fund
Common Stock Fund	International Equity Fund	Small Cap Value Fund
Disciplined U.S. Core Fund	International Value Fund	Small Company Growth Fund
Discovery Fund†	Intrinsic Small Cap Value Fund	Small Company Value Fund
Diversified Equity Fund	Intrinsic Value Fund	Small/Mid Cap Value Fund
Diversified International Fund	Intrinsic World Equity Fund	Special Mid Cap Value Fund
Emerging Growth Fund	Large Cap Core Fund	Special Small Cap Value Fund
Emerging Markets Equity Fund	Large Cap Growth Fund	Specialized Technology Fund
Emerging Markets Equity Income Fund	Large Company Value Fund	Traditional Small Cap Growth Fund
Endeavor Select Fund†	Omega Growth Fund	Utility and Telecommunications Fund
Bond funds
Adjustable Rate Government Fund	High Yield Municipal Bond Fund	Short Duration Government Bond Fund
California Limited-Term Tax-Free Fund	Income Plus Fund	Short-Term Bond Fund
California Tax-Free Fund	Inflation-Protected Bond Fund	Short-Term High Yield Bond Fund
Colorado Tax-Free Fund	Intermediate Tax/AMT-Free Fund	Short-Term Municipal Bond Fund
Core Bond Fund	International Bond Fund	Strategic Income Fund
Emerging Markets Local Bond Fund	Minnesota Tax-Free Fund	Strategic Municipal Bond Fund
Government Securities Fund	Municipal Bond Fund	Ultra Short-Term Income Fund
High Income Fund	North Carolina Tax-Free Fund	Ultra Short-Term Municipal Income Fund
High Yield Bond Fund	Pennsylvania Tax-Free 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	Treasury Plus Money Market Fund
Cash Investment Money Market Fund	Municipal Cash Management 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 (unaudited)

Karla M. Rabusch

President

Wells Fargo Advantage Funds

Entering the period, concerns about the eurozone sovereign debt situation held center stage as investors again focused on economic weakness in southern European economies.

Aggressive central bank actions helped support stock prices, as did relatively solid economic data.

Dear Valued Shareholder:

We are 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, 2013. Much of the period was marked by continued concerns about the possible effects that the ongoing European sovereign debt crisis would have on the global economy. However, relatively solid economic data in the U.S. and efforts by European authorities to address the sovereign debt issue alleviated investor fears and supported global stock markets. Judging by various indexes, U.S. large-cap stocks underperformed small-cap stocks. Within the large-cap universe, value stocks outperformed growth stocks, partly because of strong performance from the financials sector.

The period was dominated by worries that ongoing debt problems in the eurozone would affect global economic growth.

Entering the period, concerns about the eurozone sovereign debt situation held center stage as investors again focused on economic weakness in southern European economies. Because many eurozone banks owned southern European debt and many U.S. banks had financial ties to eurozone banks, investors worried about the effects of a possible southern European debt default on the global financial system and economy. Ongoing weakness in the Greek economy made it difficult for the country to meet previously agreed upon austerity targets. Toward the end of the reporting period, political risk resurfaced in both Italy and Spain. In Italy, Prime Minister Mario Monti, an economist who was appointed to implement austerity measures and labor market reforms, resigned in December 2012. Monti later decided to run for office in the general election scheduled for February 2013.

European leaders took concerted action to calm investor concerns. In September 2012, the European Central Bank (ECB) announced that it would purchase an unlimited amount of one- to three-year sovereign debt from countries that had applied for a formal bailout through either the European Financial Stability Facility or the European Stability Mechanism. In another positive sign, in late November 2012, finance ministers from the 17-country eurozone and the International Monetary Fund struck a deal aimed at reducing Greece’s debt by the year 2020.

Central banks continued to provide stimulus.

Major central banks, including the U.S. Federal Reserve (Fed) and the ECB, continued to inject liquidity into the banks and the markets through various quantitative easing policies. 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 the financial system. The ECB was similarly aggressive, keeping its key rate at a historic low of 0.75%. Just prior to the beginning of the reporting period, the FOMC announced its intention to keep interest rates low until at least mid-2015 in order to support the sluggish economy. The Fed also announced open-ended purchases of $40 billion per month in mortgage-backed securities in an effort to support the housing market.

Stock markets posted solid gains in an eventful period.

Aggressive central bank actions helped support stock prices, as did relatively solid economic data. For much of the reporting period, the U.S. stock market benefited from favorable gross domestic product (GDP) data, with the growth rate improving from 1.3% (annualized) in the second quarter of 2012 to 3.1% (annualized) in the third quarter of 2012. However, the GDP growth rate slowed in the final months of 2012, with GDP growth coming in at 0.1% (annualized) in the fourth quarter of 2012. Because many investors attributed the weak number to the aftereffects of Hurricane Sandy on the eastern seaboard, the stock market remained resilient.

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

The steady improvement in the housing market supported investor sentiment. The National Association of Home Builders/First American Improving Markets Index identifies metro areas that have shown improvement from their respective troughs in housing permits, employment, and house prices for at least six consecutive months. The index rose for a fifth-consecutive month in January 2013, indicating improvements in 242 housing markets across the country. As a result, housing-related stocks strongly outperformed over the period, leading to better-than-index returns for sectors ranging from consumer discretionary (home improvement retailers), to materials (construction material providers), and to financials (mortgage lenders).

Throughout the period, a continued high unemployment rate was the main negative piece of U.S. economic data. Although the unemployment rate improved from 8.1% in August 2012 to 7.9% in January 2013, the labor market remained soft are only counted as unemployed if they are officially looking for work.)

We remain committed to our investment strategies, even as many variables are at work in the market.

The full effect of the European credit crisis remains unknown. Elevated unemployment and debt defaults continue to pressure consumers and businesses alike. 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, we believe it helps manage 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

Notice to shareholders

At its November 6-7, 2012 meeting, the Board of Trustees unanimously approved the following modifications to certain Class A sales load waiver privileges, with each change becoming effective on July 1, 2013:

n Annuity payments received under an annuity option or from death proceeds will no longer qualify for net asset value (NAV) repurchase privileges.

n The ability to reinvest redemption proceeds at NAV will be reduced from 120 days to 90 days.

n NAV purchase privileges for certain types of “grandfathered” shareholders will be modified to remove the ability to purchase Class A shares at NAV, unless those shares are held directly with the Fund.

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

4 Wells Fargo Advantage Capital Growth Fund Performance highlights (unaudited)

Investment objective

The Fund seeks long-term capital appreciation.

Adviser

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Thomas J. Pence, CFA

Michael T. Smith, CFA

Average annual total returns¹ (%) as of January 31, 2013

		Including sales charge			Excluding sales charge						Expense ratios2 (%)
	Inception date	1 year	5 year	10 year	1 year		5 year		10 year		Gross	Net3
Class A (WFCGX)	7-31-2007	6.40	0.66	6.48		12.88		1.85		7.11	1.21	1.11
Class C (WFCCX)	7-31-2007	11.09	1.10	6.40		12.09		1.10		6.40	1.96	1.86
Class R4 (WCGRX)	11-30-2012	–	–	–		13.40		2.35		7.64	0.88	0.75
Class R6 (WFCRX)	11-30-2012	–	–	–		13.48		2.37		7.65	0.73	0.60
Administrator Class (WFCDX)	6-30-2003	–	–	–		13.14		2.13		7.48	1.05	0.90
Institutional Class (WWCIX)	4-8-2005	–	–	–		13.50		2.37		7.65	0.78	0.65
Investor Class (SLGIX)	11-3-1997	–	–	–		12.82		1.77		7.05	1.27	1.17
Russell 1000® Growth Index4	–	–	–	–		13.43		5.70		8.24	–	–

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 website, wellsfargoadvantagefunds.com.

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

For Class A shares, the maximum front-end sales charge is 5.75%. For Class C shares, the maximum contingent deferred sales charge is 1.00%. Performance including sales charge assumes the sales charge for the corresponding time period. Class R4, Class R6, Administrator Class, Institutional Class, and Investor Class shares are sold without a front-end sales charge or contingent deferred sales charge.

Stock 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.

Please see footnotes on page 5.

Performance highlights (unaudited) Wells Fargo Advantage Capital Growth Fund 5

Ten largest equity holdings5 (%) as of January 31, 2013
Apple Incorporated	6.02
Google Incorporated Class A	3.74
eBay Incorporated	2.77
Visa Incorporated Class A	2.66
Union Pacific Corporation	2.33
Amazon.com Incorporated	2.23
Home Depot Incorporated	2.18
Monsanto Company	2.18
Gilead Sciences Incorporated	2.11
Dollar General Corporation	2.10

Sector distribution⁶ as of January 31, 2013

1. Historical performance shown for Class R4 shares prior to their inception reflects the performance of the Institutional Class shares, adjusted to reflect the higher expenses applicable to Class R4 shares. Historical performance shown for the Class R6 shares prior to their inception reflects the performance of the Institutional Class shares, and includes the higher expenses applicable to the Institutional Class shares. If these expenses had not been included, returns would be higher. 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.

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

3. The Adviser has committed through November 30, 2014, 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. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses, and extraordinary expenses are excluded from the cap. Without this cap, the Fund’s returns would have been lower.

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

5. 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.

6. 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 Fund expenses (unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from August 1, 2012 to January 31, 2013.

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 8-1-2012		Ending account value 1-31-2013		Expenses paid during the period1		Net annual expense ratio
Class A
Actual	$	1,000.00	$	1,072.86	$	6.11		1.17	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.31	$	5.96		1.17	%
Class C
Actual	$	1,000.00	$	1,069.45	$	10.02		1.92	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.53	$	9.75		1.92	%
Class R4
Actual	$	1,000.00	$	1,075.20	$	3.92		0.75	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.42	$	3.82		0.75	%
Class R6
Actual	$	1,000.00	$	1,075.95	$	3.14		0.60	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.18	$	3.06		0.60	%
Administrator Class
Actual	$	1,000.00	$	1,074.51	$	4.86		0.93	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.52	$	4.74		0.93	%
Institutional Class
Actual	$	1,000.00	$	1,076.11	$	3.61		0.69	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.73	$	3.52		0.69	%
Investor Class
Actual	$	1,000.00	$	1,072.66	$	6.48		1.24	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.95	$	6.31		1.24	%

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

Portfolio of investments—January 31, 2013 (unaudited) Wells Fargo Advantage Capital Growth Fund 7

Security name	Shares		Value
Common Stocks: 98.21%
Consumer Discretionary: 23.34%
Auto Components: 1.54%
Delphi Automotive plc †		221,450	$	8,561,257
Hotels, Restaurants & Leisure: 2.07%
Starbucks Corporation		204,924		11,500,335
Internet & Catalog Retail: 3.35%
Amazon.com Incorporated †		46,790		12,422,745
priceline.com Incorporated †		9,110		6,244,632
				18,667,377
Media: 4.04%
CBS Corporation Class B		201,920		8,424,102
Liberty Media Corporation †		57,600		6,422,976
Virgin Media Incorporated «		193,200		7,610,148
				22,457,226
Multiline Retail: 4.00%
Dollar General Corporation †		252,365		11,664,310
Nordstrom Incorporated		141,350		7,806,761
Target Corporation «		45,750		2,763,758
				22,234,829
Specialty Retail: 5.92%
Home Depot Incorporated		181,050		12,115,866
Limited Brands Incorporated «		195,350		9,380,707
TJX Companies Incorporated		252,900		11,426,022
				32,922,595
Textiles, Apparel & Luxury Goods: 2.42%
Coach Incorporated		21,450		1,093,950
lululemon athletica incorporated Ǡ		87,850		6,061,650
Under Armour Incorporated Class A «†		123,750		6,295,163
				13,450,763
Consumer Staples: 5.12%
Beverages: 2.25%
Anheuser-Busch Companies Incorporated ADR «		113,100		10,020,660
Constellation Brands Incorporated Class A †		77,300		2,501,428
				12,522,088
Food & Staples Retailing: 1.84%
Whole Foods Market Incorporated		106,400		10,241,000
Food Products: 1.03%
The Hershey Company		72,050		5,724,373

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

8 Wells Fargo Advantage Capital Growth Fund Portfolio of investments—January 31, 2013 (unaudited)

Security name	Shares		Value
Energy: 3.71%
Energy Equipment & Services: 0.85%
Schlumberger Limited		60,800	$	4,745,440
Oil, Gas & Consumable Fuels: 2.86%
Pioneer Natural Resources Company		75,780		8,907,181
The Williams Companies Incorporated		199,700		6,999,485
				15,906,666
Financials: 6.72%
Capital Markets: 2.65%
Affiliated Managers Group Incorporated Ǡ		50,622		7,286,024
Ameriprise Financial Incorporated		112,100		7,434,472
				14,720,496
Commercial Banks: 0.96%
Branch Banking & Trust Corporation		176,050		5,330,794
Consumer Finance: 1.76%
Capital One Financial Corporation		111,200		6,262,784
Discover Financial Services		91,800		3,524,202
				9,786,986
Diversified Financial Services: 1.35%
Intercontinental Exchange Incorporated †		54,150		7,513,313
Health Care: 15.11%
Biotechnology: 4.24%
Alexion Pharmaceuticals Incorporated †		62,632		5,886,782
Celgene Corporation †		60,150		5,952,444
Gilead Sciences Incorporated Ǡ		297,900		11,752,155
				23,591,381
Health Care Equipment & Supplies: 1.39%
Intuitive Surgical Incorporated Ǡ		13,450		7,725,411
Health Care Providers & Services: 4.24%
Cardinal Health Incorporated		106,300		4,657,003
Catamaran Corporation †		134,150		6,961,044
HCA Holdings Incorporated		121,000		4,555,650
UnitedHealth Group Incorporated		133,950		7,395,380
				23,569,077
Health Care Technology: 0.70%
Cerner Corporation Ǡ		47,000		3,879,850
Life Sciences Tools & Services: 1.46%
Agilent Technologies Incorporated		181,100		8,109,658

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

Portfolio of investments—January 31, 2013 (unaudited) Wells Fargo Advantage Capital Growth Fund 9

Security name	Shares		Value
Pharmaceuticals: 3.08%
AbbVie Incorporation		20,550	$	753,980
Allergan Incorporated		75,940		7,974,459
Sanofi ADR		165,992		8,080,491
Zoetis Incorporated †		11,673		303,498
				17,112,428
Industrials: 11.07%
Aerospace & Defense: 1.35%
Precision Castparts Corporation		40,831		7,488,405
Electrical Equipment: 1.06%
Eaton Corporation		103,850		5,914,258
Industrial Conglomerates: 0.96%
Danaher Corporation		89,450		5,360,739
Machinery: 1.32%
Cummins Incorporated «		64,061		7,356,125
Road & Rail:5.44%
Hertz Global Holdings Incorporated †		417,900		7,639,212
Kansas City Southern Railway Company «		103,600		9,646,196
Union Pacific Corporation		98,589		12,960,510
				30,245,918
Trading Companies & Distributors: 0.94%
W.W. Grainger Incorporated		23,889		5,203,502
Information Technology: 27.21%
Computers & Peripherals: 6.01%
Apple Incorporated		73,475		33,453,896
Internet Software & Services: 8.69%
eBay Incorporated †		275,700		15,419,901
Facebook Incorporated Class A †		186,450		5,774,357
Google Incorporated Class A †		27,550		20,819,260
LinkedIn Corporation Class A †		51,000		6,313,290
				48,326,808
IT Services: 8.21%
Accenture plc «		146,593		10,538,571
Alliance Data Systems Corporation Ǡ		62,500		9,850,000
MasterCard Incorporated Class A		20,210		10,476,864
Visa Incorporated Class A «		93,550		14,772,481
				45,637,916
Semiconductors & Semiconductor Equipment: 0.50%
Broadcom Corporation Class A		85,400		2,771,230

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

10 Wells Fargo Advantage Capital Growth Fund Portfolio of investments—January 31, 2013 (unaudited)

Security name				Shares		Value
Software: 3.80%
Red Hat Incorporated †					128,950	$	7,164,462
Salesforce.com Incorporated Ǡ					42,550		7,324,132
VMware Incorporated Ǡ					86,600		6,623,168
							21,111,762
Materials: 2.18%
Chemicals: 2.18%
Monsanto Company					119,400		12,101,190
Telecommunication Services: 3.75%
Wireless Telecommunication Services : 3.75%
Crown Castle International Corporation †					152,200		10,733,144
QUALCOMM Incorporated					153,500		10,135,605
							20,868,749
Total Common Stocks (Cost $476,186,819)							546,113,841
				Principal
Other: 0.24%
Gryphon Funding Limited, Pass-Through Entity (v)(i)(a)				$	3,862,731		1,313,328
Total Other (Cost $314,786)							1,313,328
	Yield			Shares
Short-Term Investments: 18.33%
Investment Companies: 18.33%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)		0.14	%		8,808,573		8,808,573
Wells Fargo Securities Lending Cash Investments, LLC (l)(u)(r)(v)		0.19			93,095,489		93,095,489
Total Short-Term Investments (Cost $101,904,062)							101,904,062

Total investments in securities
(Cost $578,405,667) *	116.78	%		649,331,231
Other assets and liabilities, net	(16.78	)		(93,280,134	)
Total net assets	100.00	%	$	556,051,097

† 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.

(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.

(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 Investment Company Act of 1940, as amended.

* Cost for federal income tax purposes is $582,573,949 and unrealized appreciation (depreciation) consists of:

Gross unrealized appreciation	$	69,890,830
Gross unrealized depreciation		(3,133,548	)
Net unrealized appreciation	$	66,757,282

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

Statement of assets and liabilities—January 31, 2013 (unaudited) Wells Fargo Advantage Capital Growth Fund 11

Assets
Investments
In unaffiliated securities (including securities on loan), at value (see cost below)	$	547,427,169
In affiliated securities, at value (see cost below)		101,904,062
Total investments, at value (see cost below)		649,331,231
Receivable for investments sold		2,592,760
Receivable for Fund shares sold		279,465
Receivable for dividends		47,294
Receivable for securities lending income		8,562
Prepaid expenses and other assets		76,636
Total assets		652,335,948
Liabilities
Payable for investments purchased		1,859,656
Payable for Fund shares redeemed		571,639
Payable upon receipt of securities loaned		93,410,275
Advisory fee payable		225,923
Distribution fees payable		3,318
Due to other related parties		82,337
Accrued expenses and other liabilities		131,703
Total liabilities		96,284,851
Total net assets	$	556,051,097
NET ASSETS CONSIST OF
Paid-in capital	$	492,823,154
Undistributed net investment income		785,095
Accumulated net realized losses on investments		(8,482,716	)
Net unrealized gains on investments		70,925,564
Total net assets	$	556,051,097
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE1
Net assets – Class A	$	17,624,135
Shares outstanding – Class A		998,893
Net asset value per share – Class A		$17.64
Maximum offering price per share – Class A2		$18.72
Net assets – Class C	$	5,189,380
Shares outstanding – Class C		306,761
Net asset value per share – Class C		$16.92
Net assets – Class R4	$	10,360
Share outstanding – Class R4		561
Net asset value per share – Class R4		$18.47
Net assets – Class R6	$	51,810
Share outstanding – Class R6		2,805
Net asset value per share – Class R6		$18.47
Net assets – Administrator Class	$	69,589,028
Shares outstanding – Administrator Class		3,806,347
Net asset value per share – Administrator Class		$18.28
Net assets – Institutional Class	$	383,055,673
Shares outstanding – Institutional Class		20,742,360
Net asset value per share – Institutional Class		$18.47
Net assets – Investor Class	$	80,530,711
Shares outstanding – Investor Class		4,590,367
Net asset value per share – Investor Class		$17.54
Investment in unaffiliated securities (including securities on loan), at cost	$	476,501,605
Investments in affiliated securities, at cost	$	101,904,062
Total investments, at cost	$	578,405,667
Securities on loan, at value	$	91,400,321

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 Capital Growth Fund Statement of operations—six months ended January 31, 2013 (unaudited)

Investment income
Dividends	$	3,889,457
Securities lending income, net		70,253
Income from affiliated securities		10,547
Total investment income		3,970,257
Expenses
Advisory fee		2,077,600
Administration fees
Fund level		161,167
Class A		23,528
Class C		7,352
Class R4		1	1
Class R6		2	1
Administrator Class		36,520
Institutional Class		186,550
Investor Class		130,365
Shareholder servicing fees
Class A		22,623
Class C		7,069
Class R4		2	1
Administrator Class		90,689
Investor Class		101,848
Distribution fees
Class C		21,208
Custody and accounting fees		24,666
Professional fees		18,895
Registration fees		24,189
Shareholder report expenses		31,810
Trustees’ fees and expenses		5,936
Other fees and expenses		17,618
Total expenses		2,989,638
Less: Fee waivers and/or expense reimbursements		(384,770	)
Net expenses		2,604,868
Net investment income		1,365,389
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on investments		40,628,130
Net change in unrealized gains (losses) on investments		261,185
Net realized and unrealized gains (losses) on investments		40,889,315
Net increase in net assets resulting from operations	$	42,254,704

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

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

Statement of changes in net assets Wells Fargo Advantage Capital Growth Fund 13

			Six months ended January 31, 2013 (unaudited)					Year ended July 31, 2012
Operations
Net investment income			$	1,365,389				$	1,155,744
Net realized gains on investments				40,628,130					182,157,178
Net change in unrealized gains (losses) on investments				261,185					(126,756,740	)
Net increase in net assets resulting from operations				42,254,704					56,556,182
Distributions to shareholders from
Net investment income
Class R4				(48	)1				N/A
Class R6				(246	)1				N/A
Institutional Class				(1,895,530	)				0
Net realized gains
Class A				(314,970	)				0
Class C				(99,514	)				0
Class R4				(167	)1				N/A
Class R6				(837	)1				N/A
Administrator Class				(1,194,743	)				0
Institutional Class				(6,263,868	)				0
Investor Class				(1,405,932	)				0
Total distributions to shareholders				(11,175,855	)				0
	Shares					Shares
Capital share transactions
Proceeds from shares sold
Class A	66,588			1,144,198		122,287			1,936,369
Class C	14,837			243,496		43,857			666,184
Class R4	549	1		10,000	1	N/A			N/A
Class R6	2,744	1		50,000	1	N/A			N/A
Administrator Class	236,390			4,220,676		3,928,533			61,599,365
Institutional Class	1,373,636			24,858,624		6,758,122			107,414,515
Investor Class	133,158			2,277,827		387,393			6,068,141
				32,804,821					177,684,574
Reinvestment of distributions
Class A	18,353			308,705		0			0
Class C	4,727			76,288		0			0
Class R4	12	1		215	1	N/A			N/A
Class R6	61	I		1,083	1	N/A			N/A
Administrator Class	64,170			1,117,846		0			0
Institutional Class	433,529			7,652,649		0			0
Investor Class	81,385			1,360,759		0			0
				10,517,545					0
Payment for shares redeemed
Class A	(148,355	)		(2,550,543	)	(333,193	)		(5,281,014	)
Class C	(87,487	)		(1,448,603	)	(193,662	)		(3,011,786	)
Administrator Class	(798,401	)		(14,251,903	)	(21,814,212	)		(379,002,167	)
Institutional Class	(12,048,525	)		(214,999,208	)	(34,071,744	)		(586,752,715	)
Investor Class	(499,964	)		(8,587,077	)	(1,503,509	)		(23,422,338	)
				(241,837,334	)				(997,470,020	)
Net decrease in net assets resulting from capital share transactions				(198,514,968	)				(819,785,446	)
Total decrease in net assets				(167,436,119	)				(763,229,264	)
Net assets
Beginning of period				723,487,216					1,486,716,480
End of period			$	556,051,097				$	723,487,216
Undistributed net investment income			$	785,095				$	1,315,530

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

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

14 Wells Fargo Advantage Capital Growth Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended January 31, 2013 (unaudited)			Year ended July 31
CLASS A				2012			2011			2010			2009			2008
Net asset value, beginning of period		$16.74			$16.25			$13.07			$11.83			$17.60			$18.64
Net investment income (loss)		0.01	1		(0.05	) 1		(0.07	)1		(0.06	)1		(0.00	)1		(0.08	)1
Net realized and unrealized gains (losses) on investments		1.19			0.54			3.25			1.30			(5.26	)		0.08
Total from investment operations		1.20			0.49			3.18			1.24			(5.26	)		0.00
Distributions to shareholders from
Net realized gains		(0.30	)		0.00			0.00			0.00			(0.51	)		(1.04	)
Net asset value, end of period		$17.64			$16.74			$16.25			$13.07			$11.83			$17.60
Total return2		7.29	%		3.02	%		24.43	%		10.40	%		(29.23	)%		(0.46	)%
Ratios to average net assets (annualized)
Gross expenses		1.25	%		1.21	%		1.21	%		1.27	%		1.31	%		1.22	%
Net expenses		1.17	%		1.20	%		1.20	%		1.25	%		1.25	%		1.22	%
Net investment income (loss)		0.10	%		(0.30	)%		(0.48	)%		(0.55	)%		(0.01	)%		(0.45	)%
Supplemental data
Portfolio turnover rate		53	%		116	%		116	%		128	%		172	%		151	%
Net assets, end of period (000s omitted)	$	17,624		$	17,784		$	20,693		$	24,222		$	21,064		$	33,756

1. Calculated based upon average shares outstanding

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

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

Financial highlights Wells Fargo Advantage Capital Growth Fund 15

(For a share outstanding throughout each period)

	Six months ended January 31, 2013 (unaudited)			Year ended July 31
CLASS C				2012			2011			2010			2009			2008
Net asset value, beginning of period	$	16.12		$	15.77		$	12.77		$	11.65		$	17.47		$	18.64
Net investment loss		(0.05	)1		(0.16	)1		(0.19	)1		(0.17	)		(0.08	)1		(0.22	)1
Net realized and unrealized gains (losses) on investments		1.15			0.51			3.19			1.29			(5.23	)		0.09
Total from investment operations		1.10			0.35			3.00			1.12			(5.31	)		(0.13	)
Distributions to shareholders from
Net realized gains		(0.30	)		0.00			0.00			0.00			(0.51	)		(1.04	)
Net asset value, end of period	$	16.92		$	16.12		$	15.77		$	12.77		$	11.65		$	17.47
Total return2		6.94	%		2.22	%		23.49	%		9.61	%		(29.75	)%		(1.18	)%
Ratios to average net assets (annualized)
Gross expenses		2.00	%		1.96	%		1.96	%		2.02	%		2.02	%		2.14	%
Net expenses		1.92	%		1.95	%		1.95	%		2.00	%		1.96	%		2.00	%
Net investment loss		(0.65	)%		(1.05	)%		(1.23	)%		(1.31	)%		(0.70	)%		(1.21	)%
Supplemental data
Portfolio turnover rate		53	%		116	%		116	%		128	%		172	%		151	%
Net assets, end of period (000s omitted)	$	5,189		$	6,042		$	8,272		$	7,127		$	6,772		$	7,835

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.

16 Wells Fargo Advantage Capital Growth Fund Financial highlights

(For a share outstanding throughout the period)

	Period ended January 31, 20131
CLASS R4	(unaudited)
Net asset value, beginning of period	$	18.22
Net investment income		0.02
Net realized and unrealized gains on investments		0.62
Total from investment operations		0.64
Distributions to shareholders from
Net investment income		(0.09	)
Net realized gains		(0.30	)
Total distributions to shareholders		(0.39	)
Net asset value, end of period	$	18.47
Total return2		3.57	%
Ratios to average net assets (annualized)
Gross expenses		0.88	%
Net expenses		0.75	%
Net investment income		0.73	%
Supplemental data
Portfolio turnover rate		53	%
Net assets, end of period (000s omitted)		$10

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

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

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

Financial highlights Wells Fargo Advantage Capital Growth Fund 17

(For a share outstanding throughout period)

CLASS R6	Period ended January 31, 20131 (unaudited)
Net asset value, beginning of period	$	18.22
Net investment income		0.03
Net realized and unrealized gains on investments		0.61
Total from investment operations		0.64
Distributions to shareholders from
Net investment income		(0.09	)
Net realized gains		(0.30	)
Total distributions to shareholders		(0.39	)
Net asset value, end of period	$	18.47
Total return2		3.64	%
Ratios to average net assets (annualized)
Gross expenses		0.77	%
Net expenses		0.60	%
Net investment income		0.89	%
Supplemental data
Portfolio turnover rate		53	%
Net assets, end of period (000s omitted)		$52

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

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

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

18 Wells Fargo Advantage Capital Growth Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended January 31, 2013 (unaudited)			Year ended July 31
ADMINISTRATOR CLASS				2012			2011			2010			2009			2008
Net asset value, beginning of period	$	17.32		$	16.77		$	13.45		$	12.17		$	18.03		$	19.03
Net investment income (loss)		0.03	1		(0.00	)1		(0.03	)1		(0.03	)1		0.04	1		(0.02	) 1
Net realized and unrealized gains (losses) on investments		1.23			0.55			3.35			1.35			(5.39	)		0.06
Total from investment operations		1.26			0.55			3.32			1.32	��		(5.35	)		0.04
Distributions to shareholders from
Net investment income		0.00			0.00			0.00			(0.04	)		0.00			0.00
Net realized gains		(0.30	)		0.00			0.00			0.00			(0.51	)		(1.04	)
Total distributions to shareholders		(0.30	)		0.00			0.00			(0.04	)		(0.51	)		(1.04	)
Net asset value, end of period	$	18.28		$	17.32		$	16.77		$	13.45		$	12.17		$	18.03
Total return2		7.45	%		3.22	%		24.68	%		10.81	%		(29.02	)%		(0.24	)%
Ratios to average net assets (annualized)
Gross expenses		1.09	%		1.05	%		1.05	%		1.09	%		1.13	%		1.12	%
Net expenses		0.93	%		0.94	%		0.94	%		0.94	%		0.94	%		0.94	%
Net investment income (loss)		0.35	%		(0.01	)%		(0.21	)%		(0.25	)%		0.33	%		(0.11	)%
Supplemental data
Portfolio turnover rate		53	%		116	%		116	%		128	%		172	%		151	%
Net assets, end of period (000s omitted)		$69,589			$74,529			$372,178			$684,207			$680,869			$678,414

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 Capital Growth Fund 19

(For a share outstanding throughout each period)

	Six months ended January 31, 2013 (unaudited)			Year ended July 31
INSTITUTIONAL CLASS				2012			2011			2010			2009			2008
Net asset value, beginning of period	$	17.56		$	16.96		$	13.57		$	12.27		$	18.14		$	19.10
Net Investment income (loss)		0.05	1		0.03	1		0.00	1,2		(0.00	)1		0.06	1		0.01	1
Net realized and unrealized gains (losses) on investments		1.25			0.57			3.39			1.36			(5.42	)		0.07
Total from investment operations		1.30			0.60			3.39			1.36			(5.36	)		0.08
Distributions to shareholders from
Net investment income		(0.09	)		0.00			0.00			(0.06	)		0.00			0.00
Net realized gains		(0.30	)		0.00			0.00			0.00			(0.51	)		(1.04	)
Total distributions to shareholders		(0.39	)		0.00			0.00			(0.06	)		(0.51	)		(1.04	)
Net asset value, end of period	$	18.47		$	17.56		$	16.96		$	13.57		$	12.27		$	18.14
Total return3		7.61	%		3.48	%		25.07	%		10.97	%		(28.90	)%		(0.02	)%
Ratios to average net assets (annualized)
Gross expenses		0.81	%		0.78	%		0.78	%		0.82	%		0.86	%		0.85	%
Net expenses		0.69	%		0.70	%		0.70	%		0.75	%		0.75	%		0.75	%
Net investment income (loss)		0.53	%		0.21	%		0.00	%		(0.06	)%		0.51	%		0.07	%
Supplemental data
Portfolio turnover rate		53	%		116	%		116	%		128	%		172	%		151	%
Net assets, end of period (000s omitted)		$383,056			$543,933			$988,633			$473,777			$443,931			$539,373

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.

20 Wells Fargo Advantage Capital Growth Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended January 31, 2013 (unaudited)			Year ended July 31
INVESTOR CLASS				2012			2011			2010			2009			2008
Net asset value, beginning of period	$	16.65		$	16.18		$	13.02		$	11.79		$	17.56		$	18.64
Net investment income (loss)		0.00	1 ,2		(0.06	)1		(0.08	)1		(0.08	)1		(0.01	)1		(0.10	)1
Net realized and unrealized gains (losses) on investments		1.19			0.53			3.24			1.31			(5.25	)		0.06
Total from investment operations		1.19			0.47			3.16			1.23			(5.26	)		(0.04	)
Distributions to shareholders from
Net realized gains		(0.30	)		0.00			0.00			0.00			(0.51	)		(1.04	)
Net asset value, end of period	$	17.54		$	16.65		$	16.18		$	13.02		$	11.79		$	17.56
Total return3		7.27	%		2.90	%		24.37	%		10.35	%		(29.30	)%		(0.68	)%
Ratios to average net assets (annualized)
Gross expenses		1.31	%		1.28	%		1.28	%		1.36	%		1.41	%		1.42	%
Net expenses		1.24	%		1.27	%		1.27	%		1.35	%		1.36	%		1.39	%
Net investment income (loss)		0.03	%		(0.37	)%		(0.55	)%		(0.64	)%		(0.12	)%		(0.54	)%
Supplemental data
Portfolio turnover rate		53	%		116	%		116	%		128	%		172	%		151	%
Net assets, end of period (000s omitted)		$80,531			$81,199			$96,941			$104,200			$220,008			$379,966

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 Capital 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 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

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

Equity securities that are listed on a foreign or domestic exchange, except for The Nasdaq Stock Market, Inc. (“Nasdaq”), are valued at the official closing price or, if none, the last sales price. Securities listed on Nasdaq are valued at the Nasdaq Official Closing Price (“NOCP”). If no NOCP is available, securities are valued at the last sales price. If no sales price is shown on the Nasdaq, the bid price will be used. If no sale occurs on the primary exchange or market for the security that day or if no sale occurs and no bid price is shown on Nasdaq, the prior day’s price will be deemed “stale” and fair values will be determined in accordance with the Fund’s Valuation Procedures.

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

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

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

Security loans

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

22 Wells Fargo Advantage Capital Growth Fund Notes to financial statements (unaudited)

The Fund lends its securities through an unaffiliated securities lending agent. Cash collateral received in connection with its securities lending transactions is invested in 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 Funds Management and is subadvised by Wells Capital Management Incorporated (“WellsCap”). Funds Management receives an advisory fee starting at 0.05% and declining to 0.01% as the average daily net assets of the Cash Collateral Fund increase. All of the fees received by Funds Management are paid to WellsCap for its services as subadviser. 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.

Security transactions and income recognition

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

Dividend income is recognized on the ex-dividend date.

Distributions to shareholders

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

Federal and other taxes

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

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

As of July 31, 2012, the Fund had pre-enactment capital loss carryforwards incurred in taxable years beginning before December 22, 2010, which are available to offset future net realized capital gains, in the amount of $35,603,034 with $3,347,360 expiring in 2015; $5,625,700 expiring in 2016; and $26,629,974 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 any 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, use of amortized cost, etc.)

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

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

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

As of January 31, 2013, the inputs used in valuing investments in securities, 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	$	546,113,841	$	0	$	0	$	546,113,841
Other		0		0		1,313,328		1,313,328
Short-term investments
Investment companies		8,808,573		93,095,489		0		101,904,062
	$	554,922,414	$	93,095,489	$	1,313,328	$	649,331,231

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, 2013, the Fund did not have any transfers into/out of Level 1 or 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 subadviser, who is responsible for day-to-day portfolio management of the Fund.

Pursuant to the contract, Funds Management is entitled to receive an annual advisory fee starting at 0.65% and declining to 0.55% as the average daily net assets of the Fund increase. For the six months ended January 31, 2013, the advisory fee was equivalent to an annual rate of 0.64% of the Fund’s average daily net assets.

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Funds Management. WellsCap, an affiliate of Funds Management, is the subadviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.35% and declining to 0.15% 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		0.26	%
Class R4, Institutional Class		0.08
Class R6		0.03
Administrator Class		0.10
Investor Class		0.32

Funds Management has contractually waived and/or reimbursed advisory and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. Waiver of fees and/or reimbursement of expenses by Funds Management were made first from fund level expenses on a proportionate basis and then from class specific expenses. Funds Management has committed through November 30, 2014 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.11% for Class A shares, 1.86% for Class C shares, 0.75% for Class R4 shares, 0.60% for Class R6 shares, 0.90% for Administrator Class shares, 0.65% for Institutional Class shares, and 1.17% for Investor Class shares.

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

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, 2013, Wells Fargo Funds Distributor, LLC received $1,019 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. Class R4 shares are charged a fee at an annual rate of 0.10% of its average daily net assets.

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended January 31, 2013 were $322,033,812 and $513,136,158, respectively.

6. CAPITAL SHARES

As a result of the transfer of assets from Funds Management, former program manager of the 529 college savings plans for the State of Wisconsin, to a new program manager, the Fund redeemed assets from its Institutional Class on October 26, 2012 with a value of $167,017,167, representing 23.6% of the Fund. This amount is reflected in the Statement of Changes in Net Assets for the six months ended January 31, 2013.

7. BANK BORROWINGS

The Trust (excluding the money market funds and certain other funds in the Trust) and Wells Fargo Variable Trust are parties to a $150,000,000 revolving credit agreement 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. For the six months ended January 31, 2013, the Fund paid $318 in commitment fees.

For the six months ended January 31, 2013, 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 PRONOUNCEMENT

In December 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) No. 2011-11, Disclosures about Offsetting Assets and Liabilities. ASU 2011-11, which amends FASB ASC Topic 210, Balance Sheet, creates new disclosure requirements which require entities to disclose both gross and net information for derivatives and other financial instruments that are either offset in the Statement of Assets and Liabilities or subject to an enforceable master netting arrangement or similar agreement. The disclosure requirements are effective for interim and annual reporting periods beginning on or after January 1, 2013. Management is currently assessing the potential impact, in addition to expanded financial statement disclosure, that may result from adopting this ASU.

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 website at wellsfargoadvantagefunds.com, or visiting the SEC website at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available without charge on the Fund’s website at wellsfargoadvantagefunds.com or by visiting the SEC website at sec.gov.

PORTFOLIO HOLDINGS INFORMATION

The complete portfolio holdings for the Fund are publicly available on the Fund’s website (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 website on a monthly, seven-day or more delayed basis. The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q, which is available without charge by visiting the SEC website at sec.gov. In addition, the Fund’s Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC, and at regional offices in New York City,at 233 Broadway, and in Chicago, at 175 West Jackson Boulevard, Suite 900. Information about the Public Reference Room may be obtained by calling 1-800-SEC-0330.

26 Wells Fargo Advantage Capital Growth Fund Other information (unaudited)

BOARD OF TRUSTEES AND OFFICERS

Each of the Trustees and Officers listed in the table below acts in identical capacities for the Wells Fargo Advantage family of funds, which consists of 136 funds¹ comprising the Wells Fargo Funds Trust, Wells Fargo Variable Trust, Wells Fargo Master Trust and four closed-end funds (collectively the “Fund Complex”). This table should be read in conjunction with the Prospectus and the Statement of Additional Information². 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	Co-Founder, Retired Chairman, President and CEO of Crystal Geyser Water Company. Trustee Emeritus, Colby College.	Asset Allocation Trust
Isaiah Harris, Jr. (Born 1952)	Trustee, since 2009	Retired. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Coast Academy (charter school). Mr. Harris is a certified public accountant.	CIGNA Corporation; Deluxe Corporation; Asset Allocation Trust
Judith M. Johnson (Born 1949)	Trustee, since 2008; Audit Committee Chairman, since 2008	Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant.	Asset Allocation Trust
Leroy Keith, Jr. (Born 1939)	Trustee, since 2010	Chairman, Bloc Global Services (development and construction). Trustee of the Evergreen Funds 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 48 portfolios as of 1/31/13); Asset Allocation Trust
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business, Stanford University, Morgan Stanley Director of the Center for Leadership Development and Research and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	Asset Allocation Trust
Olivia S. Mitchell (Born 1953)	Trustee, since 2006	International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993.	Asset Allocation Trust
Timothy J. Penny (Born 1951)	Trustee, since 1996	President and CEO of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007 and Senior Fellow at the Humphrey Institute Policy Forum at the University of Minnesota since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	Asset Allocation Trust

Other information (unaudited) Wells Fargo Advantage 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
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.	Asset Allocation Trust
Donald C. Willeke (Born 1940)	Trustee, since 1996	Principal of the law firm of Willeke & Daniels. General Counsel of the Minneapolis Employees Retirement Fund from 1984 until its consolidation into the Minnesota Public Employees Retirement Association on June 30, 2010. Director and Vice Chair of The Tree Trust (non-profit corporation). Director of the American Chestnut Foundation (non-profit corporation).	Asset Allocation Trust

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

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.
Jeremy DePalma1 (Born 1974)	Treasurer, since 2012	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Vice President, Evergreen Investment Services, Inc. from 2004 to 2007. Head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.
C. David Messman (Born 1960)	Secretary, since 2000; Chief Legal Officer, since 2003	Senior Vice President and Secretary of Wells Fargo Funds Management, LLC since 2001. Vice President and Managing Counsel of Wells Fargo Bank, N.A. since 1996.
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.
David Berardi (Born 1975)	Assistant Treasurer, since 2009	Vice President of Wells Fargo Funds Management, LLC since 2009. Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Assistant Vice President of Evergreen Investment Services, Inc. from 2004 to 2008. Manager of Fund Reporting and Control for Evergreen Investment Management Company, LLC from 2004 to 2010.

1. Jeremy DePalma acts as Treasurer of 61 funds and Assistant Treasurer of 75 funds in the Fund Complex.

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

28 Wells Fargo Advantage Pennsylvania Tax-Free Fund List of abbreviations

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

ACA —  ACA Financial Guaranty Corporation

ADR —  American depositary receipt

ADS —  American depositary shares

AGC —  Assured Guaranty Corporation

AGM —  Assured Guaranty Municipal

Ambac —   Ambac Financial Group Incorporated

AMT —  Alternative minimum tax

AUD —  Australian dollar

BAN —  Bond anticipation notes

BHAC —  Berkshire Hathaway Assurance Corporation

BRL —  Brazilian real

CAB —  Capital appreciation bond

CAD —  Canadian dollar

CCAB —  Convertible capital appreciation bond

CDA —  Community Development Authority

CDO —  Collateralized debt obligation

CHF —  Swiss franc

COP —  Certificate of participation

DKK —  Danish krone

DRIVER —  Derivative inverse tax-exempt receipts

DW&P —  Department of Water & Power

DWR —  Department of Water Resources

ECFA —  Educational & Cultural Facilities Authority

EDA —  Economic Development Authority

EDFA —  Economic Development Finance Authority

ETF —  Exchange-traded fund

EUR —  Euro

FDIC —  Federal Deposit Insurance Corporation

FFCB —  Federal Farm Credit Banks

FGIC —  Financial Guaranty Insurance Corporation

FHA —  Federal Housing Administration

FHLB —  Federal Home Loan Bank

FICO —  The Financing Corporation

FNMA —  Federal National Mortgage Association

FSA —  Farm Service Agency

GBP —  Great British pound

GDR —  Global depositary receipt

GNMA —  Government National Mortgage Association

GO —  General obligation

HCFR —  Healthcare facilities revenue

HEFA —  Health & Educational Facilities Authority

HEFAR —  Higher education facilities authority revenue

HFA —  Housing Finance Authority

HFFA —  Health Facilities Financing Authority

HKD —  Hong Kong dollar

HUD —  Department of Housing and Urban Development

HUF —  Hungarian forint

IDA —  Industrial Development Authority

IDAG —  Industrial Development Agency

IDR —  Industrial development revenue

IEP —  Irish pound

JPY —  Japanese yen

KRW —  Republic of Korea won

LIBOR —  London Interbank Offered Rate

LIQ —  Liquidity agreement

LLC —  Limited liability company

LLP —  Limited liability partnership

LOC —  Letter of credit

LP —  Limited partnership

MBIA —  Municipal Bond Insurance Association

MFHR —  Multifamily housing revenue

MSTR —  Municipal securities trust receipts

MTN —  Medium-term note

MUD —  Municipal Utility District

MXN —  Mexican peso

MYR —  Malaysian ringgit

National —  National Public Finance Guarantee Corporation

NOK —  Norwegian krone

NZD —  New Zealand dollar

PCFA —  Pollution Control Financing Authority

PCL —  Public Company Limited

PCR —  Pollution control revenue

PFA —  Public Finance Authority

PFFA —  Public Facilities Financing Authority

PFOTER —  Puttable floating option tax-exempt receipts

plc —  Public limited company

PLN —  Polish zloty

PUTTER —  Puttable tax-exempt receipts

R&D —  Research & development

Radian —  Radian Asset Assurance

RAN —  Revenue anticipation notes

RDA —  Redevelopment Authority

RDFA —  Redevelopment Finance Authority

REIT —  Real estate investment trust

ROC —  Reset option certificates

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

SPA —  Standby purchase agreement

SPDR —  Standard & Poor’s Depositary Receipts

STRIPS —  Separate trading of registered interest and       principal securities

TAN —  Tax anticipation notes

TBA —  To be announced

TIPS —  Treasury inflation-protected securities

TRAN —  Tax revenue anticipation notes

TRY —  Turkish lira

TTFA —  Transportation Trust Fund Authority

TVA —  Tennessee Valley Authority

ZAR —  South African rand

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For more information

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

Wells Fargo Advantage Funds

P.O. Box 8266

Boston, MA 02266-8266

Email: wfaf@wellsfargo.com

Website: wellsfargoadvantagefunds.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

This report and the financial statements contained herein are submitted for the general information of the shareholders of Wells Fargo Advantage Funds. If this report is used for promotional purposes, distribution of the report must be accompanied or preceded by a current prospectus. For a current prospectus and, if available, a summary prospectus containing more complete information, including charges and expenses, call 1-800-222-8222 or visit the Fund’s website 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

© 2013 Wells Fargo Funds Management, LLC. All rights reserved.

215101 03-13 SA200/SAR200 1-13

Wells Fargo Advantage

Disciplined U.S. Core Fund

Semi-Annual Report

January 31, 2013

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Contents

Letter to shareholders	2
Performance highlights	4
Fund expenses	6
Portfolio of investments	7
Financial statements
Statement of assets and liabilities	15
Statement of operations	16
Statement 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, 2013, 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 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 the 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 the investment objectives, risks, charges, and expenses before investing. For a current prospectus and, if available, a summary prospectus, for Wells Fargo Advantage Funds, 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, 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 $226 billion in assets under management, as of January 31, 2013.

Equity funds
Asia Pacific Fund	Enterprise Fund†	Opportunity Fund†
C&B Large Cap Value Fund	Global Opportunities Fund	Precious Metals Fund
C&B Mid Cap Value Fund	Growth Fund	Premier Large Company Growth Fund
Capital Growth Fund	Index Fund	Small Cap Opportunities Fund
Common Stock Fund	International Equity Fund	Small Cap Value Fund
Disciplined U.S. Core Fund	International Value Fund	Small Company Growth Fund
Discovery Fund†	Intrinsic Small Cap Value Fund	Small Company Value Fund
Diversified Equity Fund	Intrinsic Value Fund	Small/Mid Cap Value Fund
Diversified International Fund	Intrinsic World Equity Fund	Special Mid Cap Value Fund
Emerging Growth Fund	Large Cap Core Fund	Special Small Cap Value Fund
Emerging Markets Equity Fund	Large Cap Growth Fund	Specialized Technology Fund
Emerging Markets Equity Income Fund	Large Company Value Fund	Traditional Small Cap Growth Fund
Endeavor Select Fund†	Omega Growth Fund	Utility and Telecommunications Fund
Bond funds
Adjustable Rate Government Fund	High Yield Municipal Bond Fund	Short Duration Government Bond Fund
California Limited-Term Tax-Free Fund	Income Plus Fund	Short-Term Bond Fund
California Tax-Free Fund	Inflation-Protected Bond Fund	Short-Term High Yield Bond Fund
Colorado Tax-Free Fund	Intermediate Tax/AMT-Free Fund	Short-Term Municipal Bond Fund
Core Bond Fund	International Bond Fund	Strategic Income Fund
Emerging Markets Local Bond Fund	Minnesota Tax-Free Fund	Strategic Municipal Bond Fund
Government Securities Fund	Municipal Bond Fund	Ultra Short-Term Income Fund
High Income Fund	North Carolina Tax-Free Fund	Ultra Short-Term Municipal Income Fund
High Yield Bond Fund	Pennsylvania Tax-Free 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	Treasury Plus Money Market Fund
Cash Investment Money Market Fund	Municipal Cash Management 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 (unaudited)

Karla M. Rabusch

President

Wells Fargo Advantage Funds

Entering the period, concerns about the eurozone sovereign debt situation held center stage as investors again focused on economic weakness in southern European economies.

Aggressive central bank actions helped support stock prices, as did relatively solid economic data.

Dear Valued Shareholder:

We are 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, 2013. Much of the period was marked by continued concerns about the possible effects that the ongoing European sovereign debt crisis would have on the global economy. However, relatively solid economic data in the U.S. and efforts by European authorities to address the sovereign debt issue alleviated investor fears and supported global stock markets. Judging by various indexes, U.S. large-cap stocks underperformed small-cap stocks. Within the large-cap universe, value stocks outperformed growth stocks, partly because of strong performance from the financials sector.

The period was dominated by worries that ongoing debt problems in the eurozone would affect global economic growth.

Entering the period, concerns about the eurozone sovereign debt situation held center stage as investors again focused on economic weakness in southern European economies. Because many eurozone banks owned southern European debt and many U.S. banks had financial ties to eurozone banks, investors worried about the effects of a possible southern European debt default on the global financial system and economy. Ongoing weakness in the Greek economy made it difficult for the country to meet previously agreed upon austerity targets. Toward the end of the reporting period, political risk resurfaced in both Italy and Spain. In Italy, Prime Minister Mario Monti, an economist who was appointed to implement austerity measures and labor market reforms, resigned in December 2012. Monti later decided to run for office in the general election scheduled for February 2013.

European leaders took concerted action to calm investor concerns. In September 2012, the European Central Bank (ECB) announced that it would purchase an unlimited amount of one- to three-year sovereign debt from countries that had applied for a formal bailout through either the European Financial Stability Facility or the European Stability Mechanism. In another positive sign, in late November 2012, finance ministers from the 17-country eurozone and the International Monetary Fund struck a deal aimed at reducing Greece’s debt by the year 2020.

Central banks continued to provide stimulus.

Major central banks, including the U.S. Federal Reserve (Fed) and the ECB, continued to inject liquidity into the banks and the markets through various quantitative easing policies. 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 the financial system. The ECB was similarly aggressive, keeping its key rate at a historic low of 0.75%. Just prior to the beginning of the reporting period, the FOMC announced its intention to keep interest rates low until at least mid-2015 in order to support the sluggish economy. The Fed also announced open-ended purchases of $40 billion per month in mortgage-backed securities in an effort to support the housing market.

Stock markets posted solid gains in an eventful period.

Aggressive central bank actions helped support stock prices, as did relatively solid economic data. For much of the reporting period, the U.S. stock market benefited from favorable gross domestic product (GDP) data, with the growth rate improving from 1.3% (annualized) in the second quarter of 2012 to 3.1% (annualized) in the third quarter of 2012. However, the GDP growth rate slowed in the final months of 2012, with GDP growth coming in at 0.1% (annualized) in the fourth quarter of 2012. Because many investors attributed the weak number to the aftereffects of Hurricane Sandy on the eastern seaboard, the stock market remained resilient.

Letter to shareholders (unaudited) Wells Fargo Advantage Disciplined U.S. Core Fund 3

The steady improvement in the housing market supported investor sentiment. The National Association of Home Builders/First American Improving Markets Index identifies metro areas that have shown improvement from their respective troughs in housing permits, employment, and house prices for at least six consecutive months. The index rose for a fifth-consecutive month in January 2013, indicating improvements in 242 housing markets across the country. As a result, housing-related stocks strongly outperformed over the period, leading to better-than-index returns for sectors ranging from consumer discretionary (home improvement retailers), to materials (construction material providers), and to financials (mortgage lenders).

Throughout the period, a continued high unemployment rate was the main negative piece of U.S. economic data. Although the unemployment rate improved from 8.1% in August 2012 to 7.9% in January 2013, the labor market remained soft.

We remain committed to our investment strategies, even as many variables are at work in the market.

The full effect of the European credit crisis remains unknown. Elevated unemployment and debt defaults continue to pressure consumers and businesses alike. 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, we believe it helps manage 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

Notice to shareholders

At its November 6-7, 2012 meeting, the Board of Trustees unanimously approved the following modifications to certain Class A sales load waiver privileges, with each change becoming effective on July 1, 2013:

n Annuity payments received under an annuity option or from death proceeds will no longer qualify for net asset value (NAV) repurchase privileges.

n The ability to reinvest redemption proceeds at NAV will be reduced from 120 days to 90 days.

n NAV purchase privileges for certain types of “grandfathered” shareholders will be modified to remove the ability to purchase Class A shares at NAV, unless those shares are held directly with the Fund.

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

4 Wells Fargo Advantage Disciplined U.S. Core Fund Performance highlights (unaudited)

Investment objective

The Fund seeks long-term capital appreciation.

Adviser

Wells Fargo Funds Management, LLC

Subadviser

Golden Capital Management, LLC

Portfolio manager

Greg Golden, CFA

Average annual total returns¹ (%) as of January 31, 2013

		Including sales charge			Excluding sales charge						Expense ratios2 (%)
	Inception date	1 year	5 year	10 year	1 year		5 year		10 year		Gross	Net3
Class A (EVSAX)	2-28-1990	8.83	2.33	7.55		15.48		3.55		8.19	0.92	0.92
Class C (EVSTX)	6-30-1999	13.56	2.79	7.40		14.56		2.79		7.40	1.67	1.67
Administrator Class (EVSYX)	2-21-1995	–	–	–		15.67		3.78		8.46	0.76	0.74
Institutional Class (EVSIX)	7-30-2010	–	–	–		16.02		3.91		8.53	0.49	0.48
S&P 500 Index4	–	–	–	–		16.78		3.97		7.93	–	–

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 website, wellsfargoadvantagefunds.com.

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

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

Stock values fluctuate in response to the activities of individual companies and general market and economic conditions. The use of derivatives may reduce returns and/or increase volatility. Consult the Fund’s prospectus for additional information on these and other risks.

Please see footnotes on page 5.

Performance highlights (unaudited) Wells Fargo Advantage Disciplined U.S. Core Fund 5

Ten largest equity holdings5 (%) as of January 31, 2013
Exxon Mobil Corporation	3.65
Apple Incorporated	3.18
Chevron Corporation	2.08
Johnson & Johnson Services Incorporated	1.85
Oracle Corporation	1.79
Microsoft Corporation	1.77
AT&T Incorporated	1.76
General Electric Company	1.75
Pfizer Incorporated	1.72
Citigroup Incorporated	1.54

Sector distribution⁶ as of January 31, 2013

1. 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.

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

3. The Adviser has committed through November 30, 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. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses, and extraordinary expenses are excluded from the cap. Without this cap, the Fund’s returns would have been lower.

4. The S&P 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.

5. 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.

6. 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 Fund expenses (unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from August 1, 2012 to January 31, 2013.

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 8-1-2012		Ending account value 1-31-2013		Expenses paid during the period1		Net annual expense ratio
Class A
Actual	$	1,000.00	$	1,095.73	$	4.86		0.92	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.57	$	4.69		0.92	%
Class C
Actual	$	1,000.00	$	1,091.20	$	8.80		1.67	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,016.79	$	8.49		1.67	%
Administrator Class
Actual	$	1,000.00	$	1,096.48	$	3.91		0.74	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.48	$	3.77		0.74	%
Institutional Class
Actual	$	1,000.00	$	1,098.23	$	2.54		0.48	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.79	$	2.45		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).

Portfolio of investments—January 31, 2013 (unaudited) Wells Fargo Advantage Disciplined U.S. Core Fund 7

Security name	Shares		Value
Common Stocks: 99.40%
Consumer Discretionary: 10.93%
Auto Components: 0.65%
Dana Holding Corporation		85,856	$	1,380,560
The Goodyear Tire & Rubber Company †		83,745		1,152,331
				2,532,891
Automobiles: 0.95%
Ford Motor Company «		287,105		3,718,010
Diversified Consumer Services: 0.13%
Apollo Group Incorporated Class A «†		24,980		505,096
Hotels, Restaurants & Leisure: 0.87%
Marriott International Incorporated Class A		62,970		2,517,541
Starwood Hotels & Resorts Worldwide Incorporated		13,900		853,599
				3,371,140
Internet & Catalog Retail: 0.39%
Expedia Incorporated		23,305		1,520,651
Media: 4.05%
Comcast Corporation Class A		115,906		4,413,700
DIRECTV Group Incorporated †		33,361		1,706,082
Gannett Company Incorporated «		26,360		517,447
News Corporation Class A		140,835		3,906,763
Time Warner Incorporated		37,874		1,913,394
Walt Disney Company		62,037		3,342,554
				15,799,940
Multiline Retail: 0.26%
Target Corporation «		16,830		1,016,700
Specialty Retail: 3.63%
Best Buy Company Incorporated «		36,810		598,531
Gap Incorporated		36,715		1,199,846
Home Depot Incorporated		67,741		4,533,228
Lowe’s Companies Incorporated		83,911		3,204,561
PetSmart Incorporated		30,965		2,025,421
Staples Incorporated «		82,785		1,115,942
TJX Companies Incorporated		32,415		1,464,510
				14,142,039
Consumer Staples: 10.18%
Beverages: 1.39%
Coca-Cola Enterprises Incorporated		19,655		685,370
Molson Coors Brewing Company		30,740		1,388,833
The Coca-Cola Company		89,390		3,328,884
				5,403,087

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

8 Wells Fargo Advantage Disciplined U.S. Core Fund Portfolio of investments—January 31, 2013 (unaudited)

Security name	Shares		Value
Food & Staples Retailing: 3.69%
Costco Wholesale Corporation		36,066	$	3,690,994
CVS Caremark Corporation		76,494		3,916,493
Kroger Company		72,172		1,999,164
Safeway Incorporated «		66,865		1,287,151
Wal-Mart Stores Incorporated		38,377		2,684,471
Walgreen Company		19,725		788,211
				14,366,484
Food Products: 2.35%
Archer Daniels Midland Company		46,294		1,320,768
Dean Foods Company Ǡ		62,463		1,143,698
Hormel Foods Corporation		26,335		911,454
Kraft Foods Group Incorporated		23,680		1,094,490
McCormick & Company Incorporated		21,385		1,333,355
The Hershey Company		14,260		1,132,957
Tyson Foods Incorporated Class A		99,970		2,211,336
				9,148,058
Household Products: 1.65%
Colgate-Palmolive Company		2,085		223,866
Kimberly-Clark Corporation «		24,585		2,200,603
Procter & Gamble Company		53,397		4,013,319
				6,437,788
Personal Products: 0.19%
Herbalife Limited «		20,601		748,228
Tobacco: 0.91%
Altria Group Incorporated		76,855		2,588,476
Philip Morris International		11,114		979,810
				3,568,286
Energy: 11.51%
Energy Equipment & Services: 1.15%
Diamond Offshore Drilling Incorporated		7,580		569,182
Ensco plc Class A		14,350		912,230
Schlumberger Limited		38,456		3,001,491
				4,482,903
Oil, Gas & Consumable Fuels: 10.36%
Chevron Corporation		70,562		8,125,214
ConocoPhillips Company		73,094		4,239,452
Exxon Mobil Corporation		158,040		14,218,859
Marathon Oil Corporation		1,132		38,047
Marathon Petroleum Corporation		46,587		3,457,221
Murphy Oil Corporation		36,966		2,200,216
Phillips 66 Incorporated		36,180		2,191,423
Tesoro Corporation		45,746		2,227,373
Valero Energy Corporation		84,375		3,689,719
				40,387,524

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

Portfolio of investments—January 31, 2013 (unaudited) Wells Fargo Advantage Disciplined U.S. Core Fund 9

Security name	Shares		Value
Financials: 16.21%
Capital Markets: 1.70%
Bank of New York Mellon Corporation		118,338	$	3,214,060
Goldman Sachs Group Incorporated		13,285		1,964,320
Northern Trust Corporation		11,895		612,236
State Street Corporation		15,290		850,889
				6,641,505
Commercial Banks: 1.93%
Fifth Third Bancorp		164,298		2,676,414
Huntington Bancshares Incorporated		79,365		552,380
KeyCorp		68,170		640,798
Regions Financial Corporation		118,975		925,626
SunTrust Banks Incorporated		31,640		897,627
US Bancorp		55,557		1,838,937
				7,531,782
Consumer Finance: 0.75%
American Express Company		28,475		1,674,615
Discover Financial Services		32,816		1,259,806
				2,934,421
Diversified Financial Services: 5.28%
Bank of America Corporation		230,160		2,605,411
Berkshire Hathaway Incorporated Class B †		61,719		5,982,423
Citigroup Incorporated		142,685		6,015,600
JPMorgan Chase & Company		114,971		5,409,386
NASDAQ OMX Group Incorporated «		19,905		563,710
				20,576,530
Insurance: 3.71%
ACE Limited		8,982		766,434
AFLAC Incorporated		49,186		2,609,809
Allstate Corporation		22,510		988,189
American Financial Group Incorporated		60,262		2,564,751
American International Group Incorporated †		22,080		835,286
Lincoln National Corporation		14,080		408,038
MetLife Incorporated		58,794		2,195,368
The Travelers Companies Incorporated		51,910		4,072,859
				14,440,734
REITs: 2.84%
Equity Residential		25,139		1,392,449
HCP Incorporated		54,158		2,512,390
Host Hotels & Resorts Incorporated «		170,164		2,857,054
Simon Property Group Incorporated		21,728		3,480,391
Ventas Incorporated		12,630		837,243
				11,079,527

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

10 Wells Fargo Advantage Disciplined U.S. Core Fund Portfolio of investments—January 31, 2013 (unaudited)

Security name	Shares		Value
Health Care: 13.35%
Biotechnology: 0.89%
Amgen Incorporated		29,866	$	2,552,348
Celgene Corporation †		9,445		934,677
				3,487,025
Health Care Equipment & Supplies: 2.20%
Abbott Laboratories		48,306		1,636,607
Boston Scientific Corporation †		290,204		2,167,824
Covidien plc		18,980		1,183,213
Medtronic Incorporated		77,297		3,602,040
				8,589,684
Health Care Providers & Services: 3.21%
Aetna Incorporated		47,920		2,311,182
AmerisourceBergen Corporation «		53,830		2,442,267
CIGNA Corporation		10,954		639,056
Humana Incorporated		19,927		1,481,772
McKesson Corporation		26,321		2,769,759
UnitedHealth Group Incorporated		39,788		2,196,695
WellPoint Incorporated		10,343		670,433
				12,511,164
Life Sciences Tools & Services: 0.10%
Thermo Fisher Scientific Incorporated		5,270		380,178
Pharmaceuticals: 6.95%
AbbVie Incorporation		48,711		1,787,207
Bristol-Myers Squibb Company		114,679		4,144,499
Eli Lilly & Company		54,092		2,904,199
Johnson & Johnson Services Incorporated		97,434		7,202,321
Merck & Company Incorporated		100,715		4,355,924
Pfizer Incorporated		245,528		6,698,004
				27,092,154
Industrials: 9.36%
Aerospace & Defense: 3.37%
Boeing Company		20,320		1,501,038
General Dynamics Corporation		31,147		2,065,046
L-3 Communications Holdings Incorporated		26,716		2,028,279
Lockheed Martin Corporation		29,550		2,567,009
Northrop Grumman Corporation		34,666		2,254,677
Raytheon Company «		24,723		1,302,408
Textron Incorporated		48,695		1,400,468
				13,118,925
Air Freight & Logistics: 0.46%
FedEx Corporation		16,176		1,641,055
United Parcel Service Incorporated Class B		1,975		156,598
				1,797,653

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

Portfolio of investments—January 31, 2013 (unaudited) Wells Fargo Advantage Disciplined U.S. Core Fund 11

Security name	Shares		Value
Airlines: 0.28%
Southwest Airlines Company		96,181	$	1,078,189
Commercial Services & Supplies: 1.09%
Pitney Bowes Incorporated «		53,930		777,131
RR Donnelley & Sons Company «		100,807		927,424
Tyco International Limited ADR		84,835		2,564,562
				4,269,117
Construction & Engineering: 0.76%
Fluor Corporation		45,960		2,979,587
Electrical Equipment: 0.21%
Rockwell Automation Incorporated		9,000		802,710
Industrial Conglomerates: 1.75%
General Electric Company		306,036		6,818,482
Machinery: 0.56%
Caterpillar Incorporated		5,270		518,515
Cummins Incorporated		1,669		191,651
Timken Company		27,527		1,475,722
				2,185,888
Professional Services: 0.42%
Equifax Incorporated		19,685		1,155,510
Robert Half International Incorporated		13,275		467,811
				1,623,321
Road & Rail: 0.46%
CSX Corporation		57,704		1,271,219
Ryder System Incorporated «		9,260		525,783
				1,797,002
Information Technology: 18.05%
Communications Equipment: 2.14%
Cisco Systems Incorporated		208,191		4,282,489
Motorola Solutions Incorporated		15,220		888,696
QUALCOMM Incorporated		48,094		3,175,647
				8,346,832
Computers & Peripherals: 5.39%
Apple Incorporated		27,243		12,404,010
Dell Incorporated		82,964		1,098,443
EMC Corporation †		80,845		1,989,595
Hewlett-Packard Company		77,910		1,286,294
Seagate Technology plc «		58,843		1,999,485
Western Digital Corporation		47,689		2,241,383
				21,019,210

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

12 Wells Fargo Advantage Disciplined U.S. Core Fund Portfolio of investments—January 31, 2013 (unaudited)

Security name	Shares		Value
Electronic Equipment, Instruments & Components: 0.22%
Corning Incorporated		70,096	$	841,152
Internet Software & Services: 1.44%
eBay Incorporated †		26,045		1,456,697
Google Incorporated Class A †		3,030		2,289,741
IAC/InterActive Corporation		23,355		963,394
Yahoo! Incorporated †		45,630		895,717
				5,605,549
IT Services: 3.16%
Accenture plc		24,365		1,751,600
Computer Sciences Corporation		23,264		972,435
International Business Machines Corporation		24,540		4,983,338
SAIC Incorporated «		41,190		498,399
Total System Services Incorporated		96,284		2,238,603
Visa Incorporated Class A		11,760		1,857,022
				12,301,397
Office Electronics: 0.42%
Xerox Corporation		203,515		1,630,155
Semiconductors & Semiconductor Equipment: 1.73%
Amkor Technology Incorporated Ǡ		70,908		328,304
Applied Materials Incorporated		62,198		802,976
Intel Corporation		189,793		3,993,245
LSI Corporation †		229,134		1,613,103
				6,737,628
Software: 3.55%
Microsoft Corporation		250,789		6,889,174
Oracle Corporation		196,326		6,971,536
				13,860,710
Materials: 2.80%
Chemicals: 1.90%
CF Industries Holdings Incorporated		11,960		2,740,873
Dow Chemical Company		45,755		1,473,311
E.I. du Pont de Nemours & Company		8,220		390,039
LyondellBasell Industries Class A ADR		31,480		1,996,462
Sherwin-Williams Company		4,915		796,918
				7,397,603
Containers & Packaging: 0.31%
Ball Corporation		14,060		625,951
Owens-Illinois Incorporated †		25,030		595,714
				1,221,665
Metals & Mining: 0.24%
Nucor Corporation		12,729		585,661
United States Steel Corporation «		15,465		345,643
				931,304

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

Portfolio of investments—January 31, 2013 (unaudited) Wells Fargo Advantage Disciplined U.S. Core Fund 13

Security name				Shares		Value
Paper & Forest Products: 0.35%
International Paper Company «					32,679	$	1,353,564
Telecommunication Services: 3.27%
Diversified Telecommunication Services: 2.88%
AT&T Incorporated					197,173		6,859,649
Verizon Communications Incorporated					100,365		4,376,918
							11,236,567
Wireless Telecommunication Services: 0.39%
Sprint Nextel Corporation †					267,180		1,504,223
Utilities: 3.74%
Electric Utilities: 1.57%
Edison International					32,461		1,564,296
Entergy Corporation					16,143		1,042,838
Exelon Corporation					57,336		1,802,644
Pinnacle West Capital Corporation					9,950		531,131
PPL Corporation					38,950		1,179,796
							6,120,705
Independent Power Producers & Energy Traders: 0.44%
AES Corporation					103,306		1,119,837
NRG Energy Incorporated					24,045		577,080
							1,696,917
Multi-Utilities: 1.73%
Ameren Corporation					58,391		1,894,204
CenterPoint Energy Incorporated «					57,990		1,185,316
Consolidated Edison Incorporated					10,175		578,754
DTE Energy Company					18,615		1,178,516
Public Service Enterprise Group Incorporated					61,791		1,926,643
							6,763,433
Total Common Stocks (Cost $260,846,995)							387,453,017
	Yield
Short-Term Investments: 5.48%
Investment Companies: 5.48%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)		0.14	%		2,630,904		2,630,904
Wells Fargo Securities Lending Cash Investments, LLC (l)(r)(u)(v)		0.19			18,743,839		18,743,839
Total Short-Term Investments (Cost $21,374,743)							21,374,743

Total investments in securities
(Cost $282,221,738) *	104.88	%		408,827,760
Other assets and liabilities, net	(4.88	)		(19,026,941	)
Total net assets	100.00	%	$	389,800,819

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

14 Wells Fargo Advantage Disciplined U.S. Core Fund Portfolio of investments—January 31, 2013 (unaudited)

† 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 Investment Company Act of 1940, as amended.

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

* Cost for federal income tax purposes is $283,419,143 and unrealized appreciation (depreciation) consists of:

Gross unrealized appreciation	$	127,374,894
Gross unrealized depreciation		(1,966,277	)
Net unrealized appreciation	$	125,408,617

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

Statement of assets and liabilities—January 31, 2013 (unaudited) Wells Fargo Advantage Disciplined U.S. Core Fund 15

Assets
Investments
In unaffiliated securities (including securities on loan), at value (see cost below)	$	387,453,017
In affiliated securities, at value (see cost below)		21,374,743
Total investments, at value (see cost below)		408,827,760
Receivable for Fund shares sold		115,592
Receivable for dividends		511,210
Receivable for securities lending income		10,773
Prepaid expenses and other assets		27,861
Total assets		409,493,196
Liabilities
Payable for Fund shares redeemed		474,109
Payable upon receipt of securities loaned		18,743,839
Advisory fee payable		90,297
Distribution fees payable		3,386
Due to other related parties		85,444
Accrued expenses and other liabilities		295,302
Total liabilities		19,692,377
Total net assets	$	389,800,819
NET ASSETS CONSIST OF
Paid-in capital	$	225,639,943
Undistributed net investment income		3,685,797
Accumulated net realized gains on investments		33,869,057
Net unrealized gains on investments		126,606,022
Total net assets	$	389,800,819
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE1
Net assets – Class A	$	259,632,996
Shares outstanding – Class A		18,436,369
Net asset value per share – Class A		$14.08
Maximum offering price per share – Class A2		$14.94
Net assets – Class C	$	8,221,143
Shares outstanding – Class C		607,411
Net asset value per share – Class C		$13.53
Net assets – Administrator Class	$	120,777,205
Shares outstanding – Administrator Class		8,481,250
Net asset value per share – Administrator Class		$14.24
Net assets – Institutional Class	$	1,169,475
Shares outstanding – Institutional Class		82,401
Net asset value per share – Institutional Class		$14.19
Investment in unaffiliated securities (including securities on loan), at cost	$	260,846,995
Investments in affiliated securities, at cost	$	21,374,743
Total investments, at cost	$	282,221,738
Securities on loan, at value	$	18,283,933

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, 2013 (unaudited)

Investment income
Dividends*	$	5,430,725
Securities lending income, net		98,259
Income from affiliated securities		3,200
Total investment income		5,532,184
Expenses
Advisory fee		610,213
Administration fees
Fund level		101,702
Class A		335,266
Class C		11,057
Administrator Class		69,599
Institutional Class		483
Shareholder servicing fees
Class A		322,371
Class C		10,632
Administrator Class		173,477
Distribution fees
Class C		31,896
Custody and accounting fees		22,191
Professional fees		22,523
Registration fees		23,245
Shareholder report expenses		32,958
Trustees’ fees and expenses		7,529
Other fees and expenses		48,104
Total expenses		1,823,246
Less: Fee waivers and/or expense reimbursements		(47,967	)
Net expenses		1,775,279
Net investment income		3,756,905
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on investments		35,232,198
Net change in unrealized gains (losses) on investments		(2,618,380	)
Net realized and unrealized gains (losses) on investments		32,613,818
Net increase in net assets resulting from operations	$	36,370,723
* Net of foreign dividend withholding taxes in the amount of		$13,842

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

Statement of changes in net assets Wells Fargo Advantage Disciplined U.S. Core Fund 17

	Six months ended January 31, 2013 (unaudited)						Year ended July 31, 2012
Operations
Net investment income				$	3,756,905					$	6,716,533
Net realized gains on investments					35,232,198						43,016,382
Net change in unrealized gains (losses) on investments					(2,618,380	)					(17,059,470	)
Net increase in net assets resulting from operations					36,370,723						32,673,445
Distributions to shareholders from
Net investment income
Class A					(4,355,787	)					(4,231,155	)
Class C					(82,326	)					(53,972	)
Administrator Class					(2,153,996	)					(3,244,083	)
Institutional Class					(24,206	)					(25,062	)
Net realized gains
Class A					(27,133,857	)					(9,085,986	)
Class C					(948,466	)					(310,411	)
Administrator Class					(14,145,664	)					(7,012,529	)
Institutional Class					(117,107	)					(40,036	)
Total distributions to shareholders					(48,961,409	)					(24,003,234	)
		Shares						Shares
Capital share transactions
Proceeds from shares sold
Class A		264,618			3,879,337			345,571			4,810,621
Class C		42,952			590,241			63,246			843,293
Administrator Class		295,286			4,356,274			436,966			6,049,718
Institutional Class		4,774			71,357			93,631			1,191,311
					8,897,209						12,894,943
Reinvestment of distributions
Class A		2,203,332			29,720,911			931,488			12,377,000
Class C		53,713			692,961			17,202			220,814
Administrator Class		433,941			5,920,813			203,569			2,733,877
Institutional Class		10,367			141,313			4,870			65,098
					36,475,998						15,396,789
Payment for shares redeemed
Class A		(1,384,438	)		(20,114,418	)		(2,760,530	)		(38,418,435	)
Class C		(98,500	)		(1,348,483	)		(111,568	)		(1,504,813	)
Administrator Class		(2,419,139	)		(35,785,216	)		(7,514,960	)		(104,269,188	)
Institutional Class		(14,897	)		(217,710	)		(17,179	)		(241,407	)
					(57,465,827	)					(144,433,843	)
Net decrease in net assets resulting from capital share transactions					(12,092,620	)					(116,142,111	)
Total decrease in net assets					(24,683,306	)					(107,471,900	)
Net assets
Beginning of period					414,484,125						521,956,025
End of period				$	389,800,819					$	414,484,125
Undistributed net investment income				$	3,685,797					$	6,545,207

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, 2013 (unaudited)			Year ended July 31															Year ended September 30, 20071
CLASS A				2012			2011			20101			20091			20081,2
Net asset value, beginning of period	$	14.65		$	14.25		$	11.93		$	10.85		$	14.40		$	18.97		$	17.09
Net investment income		0.12			0.20			0.16			0.15			0.18			0.14			0.18
Net realized and unrealized gains (losses) on investments		1.18			0.93			2.17			1.09			(3.15	)		(2.58	)		2.48
Total from investment operations		1.30			1.13			2.33			1.24			(2.97	)		(2.44	)		2.66
Distributions to shareholders from
Net investment income		(0.24	)		(0.23	)		(0.01	)		(0.16	)		(0.17	)		(0.14	)		(0.18	)
Net realized gains		(1.63	)		(0.50	)		0.00			0.00			(0.41	)		(1.99	)		(0.60	)
Total distributions to shareholders		(1.87	)		(0.73	)		(0.01	)		(0.16	)		(0.58	)		(2.13	)		(0.78	)
Net asset value, end of period	$	14.08		$	14.65		$	14.25		$	11.93		$	10.85		$	14.40		$	18.97
Total return3		9.57	%		8.54	%		19.50	%		11.39	%		(20.07	)%		(14.06	)%		15.98	%
Ratios to average net assets (annualized)
Gross expenses		0.94	%		0.92	%		0.93	%		0.76	%		1.00	%		0.94	%		0.89	%
Net expenses		0.92	%		0.92	%		0.92	%		0.76	%		1.00	%		0.94	%		0.89	%
Net investment income		1.79	%		1.43	%		1.18	%		1.27	%		1.71	%		1.12	%		0.92	%
Supplemental data
Portfolio turnover rate		37	%		82	%		64	%		63	%		30	%		29	%		71	%
Net assets, end of period (000s omitted)		$259,633			$254,272			$268,460			$265,835			$243,049			$348,350			$513,074

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 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 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, 2013 (unaudited)			Year ended July 31															Year ended September 30, 20071
CLASS C				2012			2011			20101			20091			20081,2
Net asset value, beginning of period	$	14.10		$	13.69		$	11.54		$	10.50		$	13.95		$	18.45		$	16.64
Net investment income		0.07			0.09			0.05			0.06			0.11			0.05			0.04	3
Net realized and unrealized gains (losses) on investments		1.12			0.90			2.10			1.04			(3.06	)		(2.51	)		2.42
Total from investment operations		1.19			0.99			2.15			1.10			(2.95	)		(2.46	)		2.46
Distributions to shareholders from
Net investment income		(0.13	)		(0.08	)		0.00			(0.06	)		(0.09	)		(0.05	)		(0.05	)
Net realized gains		(1.63	)		(0.50	)		0.00			0.00			(0.41	)		(1.99	)		(0.60	)
Total distributions to shareholders		(1.76	)		(0.58	)		0.00			(0.06	)		(0.50	)		(2.04	)		(0.65	)
Net asset value, end of period	$	13.53		$	14.10		$	13.69		$	11.54		$	10.50		$	13.95		$	18.45
Total return4		9.12	%		7.75	%		18.63	%		10.51	%		(20.65	)%		(14.58	)%		15.10	%
Ratios to average net assets (annualized)
Gross expenses		1.69	%		1.67	%		1.68	%		1.51	%		1.76	%		1.69	%		1.63	%
Net expenses		1.67	%		1.67	%		1.67	%		1.51	%		1.76	%		1.69	%		1.63	%
Net investment income		1.06	%		0.68	%		0.44	%		0.52	%		0.95	%		0.36	%		0.24	%
Supplemental data
Portfolio turnover rate		37	%		82	%		64	%		63	%		30	%		29	%		71	%
Net assets, end of period (000s omitted)		$8,221			$8,590			$8,768			$11,613			$11,462			$10,409			$12,331

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 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 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, 2013 (unaudited)			Year ended July 31															Year ended September 30, 20071
ADMINISTRATOR CLASS				2012			2011			20101			20091			20081,2
Net asset value, beginning of period	$	14.79		$	14.36		$	11.99		$	10.92		$	14.48		$	19.06		$	17.16
Net investment income		0.15	3		0.23	3		0.19	3		0.20			0.22			0.19			0.23
Net realized and unrealized gains (losses) on investments		1.17			0.93			2.19			1.06			(3.17	)		(2.61	)		2.49
Total from investment operations		1.32			1.16			2.38			1.26			(2.95	)		(2.42	)		2.72
Distributions to shareholders from
Net investment income		(0.24	)		(0.23	)		(0.01	)		(0.19	)		(0.20	)		(0.17	)		(0.22	)
Net realized gains		(1.63	)		(0.50	)		0.00			0.00			(0.41	)		(1.99	)		(0.60	)
Total distributions to shareholders		(1.87	)		(0.73	)		(0.01	)		(0.19	)		(0.61	)		(2.16	)		(0.82	)
Net asset value, end of period	$	14.24		$	14.79		$	14.36		$	11.99		$	10.92		$	14.48		$	19.06
Total return4		9.65	%		8.72	%		19.84	%		11.51	%		(19.81	)%		(13.89	)%		16.28	%
Ratios to average net assets (annualized)
Gross expenses		0.78	%		0.75	%		0.77	%		0.52	%		0.75	%		0.69	%		0.62	%
Net expenses		0.74	%		0.74	%		0.74	%		0.52	%		0.75	%		0.69	%		0.62	%
Net investment income		2.00	%		1.63	%		1.37	%		1.53	%		1.99	%		1.36	%		1.25	%
Supplemental data
Portfolio turnover rate		37	%		82	%		64	%		63	%		30	%		29	%		71	%
Net assets, end of period (000s omitted)		$120,777			$150,408			$244,716			$371,389			$484,594			$942,112			$1,592,166

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 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 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, 2013 (unaudited)			Year ended July 31
INSTITUTIONAL CLASS				2012			2011			20101
Net asset value, beginning of period	$	14.78		$	14.39		$	11.99		$	11.99
Net investment income		0.17			0.26	2		0.22			0.00
Net realized and unrealized gains (losses) on investments		1.17			0.93			2.19			0.00
Total from investment operations		1.34			1.19			2.41			0.00
Distributions to shareholders from
Net investment income		(0.30	)		(0.30	)		(0.01	)		0.00
Net realized gains		(1.63	)		(0.50	)		0.00			0.00
Total distributions to shareholders		(1.93	)		(0.80	)		(0.01	)		0.00
Net asset value, end of period	$	14.19		$	14.78		$	14.39		$	11.99
Total return3		9.82	%		9.02	%		20.10	%		0.00	%
Ratios to average net assets (annualized)
Gross expenses		0.51	%		0.49	%		0.51	%		0.00	%
Net expenses		0.48	%		0.48	%		0.47	%		0.00	%
Net investment income		2.25	%		1.80	%		1.62	%		0.00	%
Supplemental data
Portfolio turnover rate		37	%		82	%		64	%		63	%
Net assets, end of period (000s omitted)		$1,169			$1,215			$12			$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.

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

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

Equity securities that are listed on a foreign or domestic exchange, except for The Nasdaq Stock Market, Inc. (“Nasdaq”), are valued at the official closing price or, if none, the last sales price. Securities listed on Nasdaq are valued at the Nasdaq Official Closing Price (“NOCP”). If no NOCP is available, securities are valued at the last sales price. If no sales price is shown on the Nasdaq, the bid price will be used. If no sale occurs on the primary exchange or market for the security that day or if no sale occurs and no bid price is shown on Nasdaq, the prior day’s price will be deemed “stale” and fair values will be determined in accordance with the Fund’s Valuation Procedures.

Fixed income securities acquired with maturities exceeding 60 days are valued based on evaluated bid prices received from an independent pricing service which may utilize both transaction data and market information such as yield, prices of securities of comparable quality, coupon rate, maturity, type of issue, trading characteristics and other market data. If valuations are not available from the independent pricing service or values received are deemed not representative of market value, values will be obtained from a broker-dealer or otherwise determined based on the Fund’s Valuation Procedures.

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

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

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

Security loans

The Fund may lend its securities from time to time in order to earn additional income in the form of fees or interest on securities received as collateral or the investment of any cash received as collateral. The Fund continues to receive interest or dividends on the securities loaned. The Fund receives collateral in the form of cash or securities with a value at least equal to the value of the securities on loan. The value of the loaned securities is determined at the close of each business day and any additional required collateral is delivered to the Fund on the next business day. In a securities lending transaction, the net asset value of the Fund will be affected by an increase or decrease in the value of the

Notes to financial statements (unaudited) Wells Fargo Advantage Disciplined U.S. Core Fund 23

securities loaned and by an increase or decrease in the value of the instrument in which collateral is invested. The amount of securities lending activity undertaken by the Fund fluctuates from time to time. In the event of default or bankruptcy by the borrower, the Fund may be prevented from recovering the loaned securities or gaining access to the collateral or may experience delays or costs in doing so. In addition, the investment of any cash collateral received may lose all or part of its value. The Fund has the right under the lending agreement to recover the securities from the borrower on demand.

The Fund lends its securities through an unaffiliated securities lending agent. Cash collateral received in connection with its securities lending transactions is invested in 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 Funds Management and is subadvised by Wells Capital Management Incorporated (“WellsCap”). Funds Management receives an advisory fee starting at 0.05% and declining to 0.01% as the average daily net assets of the Cash Collateral Fund increase. All of the fees received by Funds Management are paid to WellsCap for its services as subadviser. 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.

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 recorded on the basis of identified cost.

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

Distributions to shareholders

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

Federal and other taxes

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

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

Class allocations

The separate classes of shares offered by the Fund differ principally in applicable sales charges, distribution, shareholder servicing, and administration fees. 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 any 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.

24 Wells Fargo Advantage Disciplined U.S. Core Fund Notes to financial statements (unaudited)

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, use of amortized cost, etc.)

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

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

As of January 31, 2013, the inputs used in valuing investments in securities, 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	$	387,453,017	$	0	$	0	$	387,453,017
Short-term investments
Investment companies		2,630,904		18,743,839		0		21,374,743
	$	390,083,921	$	18,743,839	$	0	$	408,827,760

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, 2013, the Fund did not have any transfers into/out of Level 1 or 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 subadviser, who is responsible for day-to-day portfolio management of the Fund.

Pursuant to the contract, Funds Management is entitled to receive an annual advisory fee starting at 0.30% and declining to 0.25% as the average daily net assets of the Fund increase. For the six months ended January 31, 2013, the advisory fee was equivalent to an annual rate of 0.30% of the Fund’s average daily net assets.

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Funds Management. Golden Capital Management, LLC, an affiliate of Funds Management, is the subadviser 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.

Notes to financial statements (unaudited) Wells Fargo Advantage Disciplined U.S. Core 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 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, 2013 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 0.92% for Class A shares, 1.67% for Class C shares, 0.74% for Administrator Class shares, and 0.48% for Institutional Class shares.

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, 2013, Wells Fargo Funds Distributor, LLC received $3,330 from the sale of Class A shares.

Shareholder servicing fees

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

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended January 31, 2013 were $146,690,652 and $201,659,237, respectively.

6. BANK BORROWINGS

The Trust (excluding the money market funds and certain other funds in the Trust) and Wells Fargo Variable Trust are parties to a $150,000,000 revolving credit agreement 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. For the six months ended January 31, 2013, the Fund paid $183 in commitment fees.

For the six months ended January 31, 2013, 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.

26 Wells Fargo Advantage Disciplined U.S. Core Fund Notes to financial statements (unaudited)

8. NEW ACCOUNTING PRONOUNCEMENT

In December 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) No. 2011-11, Disclosures about Offsetting Assets and Liabilities. ASU 2011-11, which amends FASB ASC Topic 210, Balance Sheet, creates new disclosure requirements which require entities to disclose both gross and net information for derivatives and other financial instruments that are either offset in the Statement of Assets and Liabilities or subject to an enforceable master netting arrangement or similar agreement. The disclosure requirements are effective for interim and annual reporting periods beginning on or after January 1, 2013. Management is currently assessing the potential impact, in addition to expanded financial statement disclosure, that may result from adopting this ASU.

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 website at wellsfargoadvantagefunds.com, or visiting the SEC website at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available without charge on the Fund’s website at wellsfargoadvantagefunds.com or by visiting the SEC website at sec.gov.

PORTFOLIO HOLDINGS INFORMATION

The complete portfolio holdings for the Fund are publicly available on the Fund’s website (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 website on a monthly, seven-day or more delayed basis. The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q, which is available without charge by visiting the SEC website at sec.gov. In addition, the Fund’s Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC, and at regional offices in New York City, at 233 Broadway, and in Chicago, at 175 West Jackson Boulevard, Suite 900. Information about the Public Reference Room may be obtained by calling 1-800-SEC-0330.

28 Wells Fargo Advantage Disciplined U.S. Core Fund Other information (unaudited)

BOARD OF TRUSTEES AND OFFICERS

Each of the Trustees and Officers listed in the table below acts in identical capacities for the Wells Fargo Advantage family of funds, which consists of 136 funds¹ comprising the Wells Fargo Funds Trust, Wells Fargo Variable Trust, Wells Fargo Master Trust and four closed-end funds (collectively the “Fund Complex”). This table should be read in conjunction with the Prospectus and the Statement of Additional Information². 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	Co-Founder, Retired Chairman, President and CEO of Crystal Geyser Water Company. Trustee Emeritus, Colby College.	Asset Allocation Trust
Isaiah Harris, Jr. (Born 1952)	Trustee, since 2009	Retired. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Coast Academy (charter school). Mr. Harris is a certified public accountant.	CIGNA Corporation; Deluxe Corporation; Asset Allocation Trust
Judith M. Johnson (Born 1949)	Trustee, since 2008; Audit Committee Chairman, since 2008	Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant.	Asset Allocation Trust
Leroy Keith, Jr. (Born 1939)	Trustee, since 2010	Chairman, Bloc Global Services (development and construction). Trustee of the Evergreen Funds 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 48 portfolios as of 1/31/2013); Asset Allocation Trust
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business, Stanford University, Morgan Stanley Director of the Center for Leadership Development and Research and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	Asset Allocation Trust
Olivia S. Mitchell (Born 1953)	Trustee, since 2006	International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993.	Asset Allocation Trust
Timothy J. Penny (Born 1951)	Trustee, since 1996	President and CEO of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007 and Senior Fellow at the Humphrey Institute Policy Forum at the University of Minnesota since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	Asset Allocation Trust

Other information (unaudited) Wells Fargo Advantage 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
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.	Asset Allocation Trust
Donald C. Willeke (Born 1940)	Trustee, since 1996	Principal of the law firm of Willeke & Daniels. General Counsel of the Minneapolis Employees Retirement Fund from 1984 until its consolidation into the Minnesota Public Employees Retirement Association on June 30, 2010. Director and Vice Chair of The Tree Trust (non-profit corporation). Director of the American Chestnut Foundation (non-profit corporation).	Asset Allocation Trust

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

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.
Jeremy DePalma1 (Born 1974)	Treasurer, since 2012	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Vice President, Evergreen Investment Services, Inc. from 2004 to 2007. Head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.
C. David Messman (Born 1960)	Secretary, since 2000; Chief Legal Officer, since 2003	Senior Vice President and Secretary of Wells Fargo Funds Management, LLC since 2001. Vice President and Managing Counsel of Wells Fargo Bank, N.A. since 1996.
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.
David Berardi (Born 1975)	Assistant Treasurer, since 2009	Vice President of Wells Fargo Funds Management, LLC since 2009. Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Assistant Vice President of Evergreen Investment Services, Inc. from 2004 to 2008. Manager of Fund Reporting and Control for Evergreen Investment Management Company, LLC from 2004 to 2010.

1. Jeremy DePalma acts as Treasurer of 61 funds and Assistant Treasurer of 75 funds in the Fund Complex.

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

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

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

ACA —  ACA Financial Guaranty Corporation

ADR —  American depositary receipt

ADS —  American depositary shares

AGC —  Assured Guaranty Corporation

AGM —  Assured Guaranty Municipal

Ambac —  Ambac Financial Group Incorporated

AMT —  Alternative minimum tax

AUD —  Australian dollar

BAN —  Bond anticipation notes

BHAC —  Berkshire Hathaway Assurance Corporation

BRL —  Brazilian real

CAB —  Capital appreciation bond

CAD —  Canadian dollar

CCAB —  Convertible capital appreciation bond

CDA —  Community Development Authority

CDO —  Collateralized debt obligation

CHF —  Swiss franc

COP —  Certificate of participation

DKK —  Danish krone

DRIVER —  Derivative inverse tax-exempt receipts

DW&P —  Department of Water & Power

DWR —  Department of Water Resources

ECFA —  Educational & Cultural Facilities Authority

EDA —  Economic Development Authority

EDFA —  Economic Development Finance Authority

ETF —  Exchange-traded fund

EUR —  Euro

FDIC —  Federal Deposit Insurance Corporation

FFCB —  Federal Farm Credit Banks

FGIC —  Financial Guaranty Insurance Corporation

FHA —  Federal Housing Administration

FHLB —  Federal Home Loan Bank

FHLMC —  Federal Home Loan Mortgage Corporation

FICO —  The Financing Corporation

FNMA —  Federal National Mortgage Association

FSA —  Farm Service Agency

GBP —  Great British pound

GDR —  Global depositary receipt

GNMA —  Government National Mortgage Association

GO —  General obligation

HCFR —  Healthcare facilities revenue

HEFA —  Health & Educational Facilities Authority

HEFAR —  Higher education facilities authority revenue

HFA —  Housing Finance Authority

HFFA —  Health Facilities Financing Authority

HKD —  Hong Kong dollar

HUD —  Department of Housing and Urban Development

HUF —  Hungarian forint

IDA —  Industrial Development Authority

IDAG —  Industrial Development Agency

IDR —  Industrial development revenue

IEP —  Irish pound

JPY —  Japanese yen

KRW —  Republic of Korea won

LIBOR —  London Interbank Offered Rate

LIQ —  Liquidity agreement

LLC —  Limited liability company

LLP —  Limited liability partnership

LOC —  Letter of credit

LP —  Limited partnership

MBIA —  Municipal Bond Insurance Association

MFHR —  Multifamily housing revenue

MSTR —  Municipal securities trust receipts

MTN —  Medium-term note

MUD —  Municipal Utility District

MXN —  Mexican peso

MYR —  Malaysian ringgit

National —  National Public Finance Guarantee Corporation

NOK —  Norwegian krone

NZD —  New Zealand dollar

PCFA —  Pollution Control Financing Authority

PCL —  Public Company Limited

PCR —  Pollution control revenue

PFA —  Public Finance Authority

PFFA —  Public Facilities Financing Authority

PFOTER —  Puttable floating option tax-exempt receipts

plc —  Public limited company

PLN —  Polish zloty

PUTTER —  Puttable tax-exempt receipts

R&D —  Research & development

Radian —  Radian Asset Assurance

RAN —  Revenue anticipation notes

RDA —  Redevelopment Authority

RDFA —  Redevelopment Finance Authority

REIT —  Real estate investment trust

ROC —  Reset option certificates

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

SPA —  Standby purchase agreement

SPDR —  Standard & Poor’s Depositary Receipts

STRIPS —  Separate trading of registered interest and       principal securities

TAN —  Tax anticipation notes

TBA —  To be announced

TIPS —  Treasury inflation-protected securities

TRAN —  Tax revenue anticipation notes

TRY —  Turkish lira

TTFA —  Transportation Trust Fund Authority

TVA —  Tennessee Valley Authority

ZAR —  South African rand

For more information

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

Wells Fargo Advantage Funds

P.O. Box 8266

Boston, MA 02266-8266

Email: wfaf@wellsfargo.com

Website: wellsfargoadvantagefunds.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

This report and the financial statements contained herein are submitted for the general information of the shareholders of Wells Fargo Advantage Funds. If this report is used for promotional purposes, distribution of the report must be accompanied or preceded by a current prospectus. For a current prospectus and, if available, a summary prospectus containing more complete information, including charges and expenses, call 1-800-222-8222 or visit the Fund’s website 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

© 2013 Wells Fargo Funds Management, LLC. All rights reserved.

215102 03-13 SA203/SAR203 1-13

Wells Fargo Advantage Endeavor Select Fund^SM

Semi-Annual Report

January 31, 2013

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Contents

Letter to shareholders	2
Performance highlights	4
Fund expenses	6
Portfolio of investments	7
Financial statements
Statement of assets and liabilities	10
Statement of operations	11
Statement of changes in net assets	12
Financial highlights	13
Notes to financial statements	18
Other information	22
List of abbreviations	25

The views expressed and any forward-looking statements are as of January 31, 2013, 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 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 the 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 the investment objectives, risks, charges, and expenses before investing. For a current prospectus and, if available, a summary prospectus, for Wells Fargo Advantage Funds, 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, 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 $226 billion in assets under management, as of January 31, 2013.

Equity funds
Asia Pacific Fund	Enterprise Fund†	Opportunity Fund†
C&B Large Cap Value Fund	Global Opportunities Fund	Precious Metals Fund
C&B Mid Cap Value Fund	Growth Fund	Premier Large Company Growth Fund
Capital Growth Fund	Index Fund	Small Cap Opportunities Fund
Common Stock Fund	International Equity Fund	Small Cap Value Fund
Disciplined U.S. Core Fund	International Value Fund	Small Company Growth Fund
Discovery Fund†	Intrinsic Small Cap Value Fund	Small Company Value Fund
Diversified Equity Fund	Intrinsic Value Fund	Small/Mid Cap Value Fund
Diversified International Fund	Intrinsic World Equity Fund	Special Mid Cap Value Fund
Emerging Growth Fund	Large Cap Core Fund	Special Small Cap Value Fund
Emerging Markets Equity Fund	Large Cap Growth Fund	Specialized Technology Fund
Emerging Markets Equity Income Fund	Large Company Value Fund	Traditional Small Cap Growth Fund
Endeavor Select Fund†	Omega Growth Fund	Utility and Telecommunications Fund
Bond funds
Adjustable Rate Government Fund	High Yield Municipal Bond Fund	Short Duration Government Bond Fund
California Limited-Term Tax-Free Fund	Income Plus Fund	Short-Term Bond Fund
California Tax-Free Fund	Inflation-Protected Bond Fund	Short-Term High Yield Bond Fund
Colorado Tax-Free Fund	Intermediate Tax/AMT-Free Fund	Short-Term Municipal Bond Fund
Core Bond Fund	International Bond Fund	Strategic Income Fund
Emerging Markets Local Bond Fund	Minnesota Tax-Free Fund	Strategic Municipal Bond Fund
Government Securities Fund	Municipal Bond Fund	Ultra Short-Term Income Fund
High Income Fund	North Carolina Tax-Free Fund	Ultra Short-Term Municipal Income Fund
High Yield Bond Fund	Pennsylvania Tax-Free 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	Treasury Plus Money Market Fund
Cash Investment Money Market Fund	Municipal Cash Management 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 (unaudited)

Karla M. Rabusch

President

Wells Fargo Advantage Funds

Entering the period, concerns about the eurozone sovereign debt situation held center stage as investors again focused on economic weakness in southern European economies.

Aggressive central bank actions helped support stock prices, as did relatively solid economic data.

Dear Valued Shareholder:

We are 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, 2013. Much of the period was marked by continued concerns about the possible effects that the ongoing European sovereign debt crisis would have on the global economy. However, relatively solid economic data in the U.S. and efforts by European authorities to address the sovereign debt issue alleviated investor fears and supported global stock markets. Judging by various indexes, U.S. large-cap stocks underperformed small-cap stocks. Within the large-cap universe, value stocks outperformed growth stocks, partly because of strong performance from the financials sector.

The period was dominated by worries that ongoing debt problems in the eurozone would affect global economic growth.

Entering the period, concerns about the eurozone sovereign debt situation held center stage as investors again focused on economic weakness in southern European economies. Because many eurozone banks owned southern European debt and many U.S. banks had financial ties to eurozone banks, investors worried about the effects of a possible southern European debt default on the global financial system and economy. Ongoing weakness in the Greek economy made it difficult for the country to meet previously agreed upon austerity targets. Toward the end of the reporting period, political risk resurfaced in both Italy and Spain. In Italy, Prime Minister Mario Monti, an economist who was appointed to implement austerity measures and labor market reforms, resigned in December 2012. Monti later decided to run for office in the general election scheduled for February 2013.

European leaders took concerted action to calm investor concerns. In September 2012, the European Central Bank (ECB) announced that it would purchase an unlimited amount of one- to three-year sovereign debt from countries that had applied for a formal bailout through either the European Financial Stability Facility or the European Stability Mechanism. In another positive sign, in late November 2012, finance ministers from the 17-country eurozone and the International Monetary Fund struck a deal aimed at reducing Greece’s debt by the year 2020.

Central banks continued to provide stimulus.

Major central banks, including the U.S. Federal Reserve (Fed) and the ECB, continued to inject liquidity into the banks and the markets through various quantitative easing policies. 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 the financial system. The ECB was similarly aggressive, keeping its key rate at a historic low of 0.75%. Just prior to the beginning of the reporting period, the FOMC announced its intention to keep interest rates low until at least mid-2015 in order to support the sluggish economy. The Fed also announced open-ended purchases of $40 billion per month in mortgage-backed securities in an effort to support the housing market.

Stock markets posted solid gains in an eventful period.

Aggressive central bank actions helped support stock prices, as did relatively solid economic data. For much of the reporting period, the U.S. stock market benefited from favorable gross domestic product (GDP) data, with the growth rate improving from 1.3% (annualized) in the second quarter of 2012 to 3.1% (annualized) in the third quarter of 2012. However, the GDP growth rate slowed in the final months of 2012, with GDP growth coming in at 0.1% (annualized) in the fourth quarter of 2012. Because many investors attributed the weak number to the aftereffects of Hurricane Sandy on the eastern seaboard, the stock market remained resilient.

Letter to shareholders (unaudited) Wells Fargo Advantage Endeavor Select Fund 3

The steady improvement in the housing market supported investor sentiment. The National Association of Home Builders/First American Improving Markets Index identifies metro areas that have shown improvement from their respective troughs in housing permits, employment, and house prices for at least six consecutive months. The index rose for a fifth-consecutive month in January 2013, indicating improvements in 242 housing markets across the country. As a result, housing-related stocks strongly outperformed over the period, leading to better-than-index returns for sectors ranging from consumer discretionary (home improvement retailers), to materials (construction material providers), and to financials (mortgage lenders).

Throughout the period, a continued high unemployment rate was the main negative piece of U.S. economic data. Although the unemployment rate improved from 8.1% in August 2012 to 7.9% in January 2013, the labor market remained soft.

We remain committed to our investment strategies, even as many variables are at work in the market.

The full effect of the European credit crisis remains unknown. Elevated unemployment and debt defaults continue to pressure consumers and businesses alike. 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, we believe it helps manage 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

Notice to shareholders

At its November 6-7, 2012 meeting, the Board of Trustees unanimously approved the following modifications to certain Class A sales load waiver privileges, with each change becoming effective on July 1, 2013:

n Annuity payments received under an annuity option or from death proceeds will no longer qualify for net asset value (NAV) repurchase privileges.

n The ability to reinvest redemption proceeds at NAV will be reduced from 120 days to 90 days.

n NAV purchase privileges for certain types of “grandfathered” shareholders will be modified to remove the ability to purchase Class A shares at NAV, unless those shares are held directly with the Fund.

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

4 Wells Fargo Advantage Endeavor Select Fund Performance highlights (unaudited)

Investment objective

The Fund seeks long-term capital appreciation.

Adviser

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Thomas J. Pence, CFA

Michael T. Smith, CFA

Average annual total returns¹ (%) as of January 31, 2013

		Including sales charge						Excluding sales charge						Expense ratios2 (%)
	Inception date	1 year		5 year		10 year		1 year		5 year		10 year		Gross		Net3
Class A (STAEX)	12-29-2000		7.74		1.23		7.59		14.29		2.44		8.23		1.23		1.23
Class B (WECBX)*	12-29-2000		8.30		1.25		7.63		13.30		1.63		7.63		1.98		1.98
Class C (WECCX)	12-29-2000		12.30		1.65		7.38		13.30		1.65		7.38		1.98		1.98
Administrator Class (WECDX)	4-8-2005		–		–		–		14.44		2.71		8.44		1.07		1.00
Institutional Class (WFCIX)	4-8-2005		–		–		–		14.69		2.89		8.60		0.80		0.80
Russell 1000® Growth Index4	–		–		–		–		13.43		5.70		8.24		–		–

* 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 website, wellsfargoadvantagefunds.com.

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

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

Stock values fluctuate in response to the activities of individual companies and general market and economic conditions. 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.

Please see footnotes on page 5.

Performance highlights (unaudited) Wells Fargo Advantage Endeavor Select Fund 5

Ten largest equity holdings5 (%) as of January 31, 2013
Apple Incorporated	6.32
Google Incorporated Class A	4.08
eBay Incorporated	3.82
Visa Incorporated Class A	3.55
Monsanto Company	3.22
Union Pacific Corporation	3.08
Gilead Sciences Incorporated	2.92
Crown Castle International Corporation	2.78
Danaher Corporation	2.76
TJX Companies Incorporated	2.76

Sector distribution⁶ as of January 31, 2013

1. 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.

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

3. The Adviser has committed through November 30, 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 1.25% for Class A, 2.00% for Class B, 2.00% for Class C, 1.00% for Administrator Class, and 0.80% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses, and extraordinary expenses are excluded from the cap. Without this cap, the Fund’s returns would have been lower.

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

5. 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.

6. 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 Fund expenses (unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from August 1, 2012 to January 31, 2013.

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 8-1-2012		Ending account value 1-31-2013		Expenses paid during the period1		Net annual expense ratio
Class A
Actual	$	1,000.00	$	1,079.43	$	6.55		1.25	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.90	$	6.36		1.25	%
Class B
Actual	$	1,000.00	$	1,074.66	$	10.46		2.00	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.12	$	10.16		2.00	%
Class C
Actual	$	1,000.00	$	1,074.66	$	10.46		2.00	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.12	$	10.16		2.00	%
Administrator Class
Actual	$	1,000.00	$	1,080.90	$	5.25		1.00	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.16	$	5.09		1.00	%
Institutional Class
Actual	$	1,000.00	$	1,081.86	$	4.20		0.80	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.17	$	4.08		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).

Portfolio of investments—January 31, 2013 (unaudited) Wells Fargo Advantage Endeavor Select Fund 7

Security name	Shares		Value
Common Stocks: 97.30%
Consumer Discretionary: 20.45%
Hotels, Restaurants & Leisure: 2.38%
Starbucks Corporation		255,947	$	14,363,746
Internet & Catalog Retail: 4.04%
Amazon.com Incorporated †		45,000		11,947,500
priceline.com Incorporated †		18,200		12,475,554
				24,423,054
Media: 2.06%
CBS Corporation Class B		298,600		12,457,592
Multiline Retail: 2.70%
Dollar General Corporation †		353,484		16,338,030
Specialty Retail: 7.77%
Home Depot Incorporated		231,500		15,491,980
Limited Brands Incorporated «		308,900		14,833,378
TJX Companies Incorporated		368,700		16,657,866
				46,983,224
Textiles, Apparel & Luxury Goods: 1.50%
lululemon athletica incorporated Ǡ		130,940		9,034,860
Consumer Staples: 4.99%
Beverages: 2.34%
Anheuser-Busch Companies Incorporated ADR «		160,000		14,176,000
Food & Staples Retailing: 2.65%
Whole Foods Market Incorporated		166,300		16,006,375
Energy: 4.16%
Oil, Gas & Consumable Fuels: 4.16%
Pioneer Natural Resources Company «		119,700		14,069,538
The Williams Companies Incorporated		315,900		11,072,295
				25,141,833
Financials: 4.33%
Capital Markets: 2.34%
Ameriprise Financial Incorporated		213,400		14,152,688
Diversified Financial Services: 1.99%
Intercontinental Exchange Incorporated †		86,400		11,988,000
Health Care: 16.34%
Biotechnology: 4.58%
Alexion Pharmaceuticals Incorporated †		106,054		9,968,015
Gilead Sciences Incorporated Ǡ		448,000		17,673,600
				27,641,615

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

8 Wells Fargo Advantage Endeavor Select Fund Portfolio of investments—January 31, 2013 (unaudited)

Security name	Shares		Value
Health Care Equipment & Supplies: 1.84%
Intuitive Surgical Incorporated Ǡ		19,400	$	11,142,972
Health Care Providers & Services: 3.32%
HCA Holdings Incorporated		234,600		8,832,690
UnitedHealth Group Incorporated		202,800		11,196,588
				20,029,278
Life Sciences Tools & Services: 1.87%
Agilent Technologies Incorporated		252,400		11,302,472
Pharmaceuticals: 4.73%
Allergan Incorporated «		137,900		14,480,879
Sanofi ADR		290,184		14,126,157
				28,607,036
Industrials: 14.44%
Aerospace & Defense: 2.28%
Precision Castparts Corporation		75,242		13,799,383
Electrical Equipment: 1.75%
Eaton Corporation plc		186,000		10,592,700
Industrial Conglomerates: 2.76%
Danaher Corporation «		277,800		16,648,554
Machinery: 2.26%
Cummins Incorporated «		118,994		13,664,081
Road & Rail: 5.39%
Hertz Global Holdings Incorporated †		760,700		13,905,596
Union Pacific Corporation		141,714		18,629,722
				32,535,318
Information Technology: 26.60%
Communications Equipment: 2.17%
QUALCOMM Incorporated		198,800		13,126,764
Computers & Peripherals: 6.32%
Apple Incorporated		83,849		38,177,288
Internet Software & Services: 9.58%
eBay Incorporated †		412,200		23,054,346
Google Incorporated Class A †		32,600		24,635,494
LinkedIn Corporation Class A †		82,400		10,200,296
				57,890,136
IT Services: 4.66%
Accenture plc		93,269		6,705,108
Visa Incorporated Class A «		135,800		21,444,178
				28,149,286

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

Portfolio of investments—January 31, 2013 (unaudited) Wells Fargo Advantage Endeavor Select Fund 9

Security name				Shares		Value
Software: 3.87%
Salesforce.com Incorporated Ǡ					69,300	$	11,928,609
VMware Incorporated Ǡ					150,300		11,494,944
							23,423,553
Materials: 3.22%
Chemicals: 3.22%
Monsanto Company					191,900		19,449,065
Telecommunication Services: 2.77%
Wireless Telecommunication Services: 2.77%
Crown Castle International Corporation †					237,800		16,769,657
Total Common Stocks (Cost $440,536,795)							588,014,560
				Principal
Other: 0.29%
Gryphon Funding Limited, Pass-Through Entity (i)(a)(v)				$	5,164,628		1,755,974
Total Other (Cost $420,882)							1,755,974
	Yield			Shares
Short-Term Investments: 15.94%
Investment Companies: 15.94%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (u)(l)		0.14	%		8,993,585		8,993,585
Wells Fargo Securities Lending Cash Investments, LLC (v)(r)(u)(l)		0.19			87,302,568		87,302,568
Total Short-Term Investments (Cost $96,296,153)							96,296,153

Total investments in securities
(Cost $537,253,830) *	113.53	%		686,066,687
Other assets and liabilities, net	(13.53	)		(81,765,606	)
Total net assets	100.00	%	$	604,301,081

† Non-income-earning security

« All or a portion of this security is 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.

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

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

(l) Investment in an affiliate

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

* Cost for federal income tax purposes is $543,315,377 and unrealized appreciation (depreciation) consists of:

Gross unrealized appreciation	$	145,488,121
Gross unrealized depreciation		(2,736,811	)
Net unrealized appreciation	$	142,751,310

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

10 Wells Fargo Advantage Endeavor Select Fund Statement of assets and liabilities—January 31, 2013 (unaudited)

Assets
Investments
In unaffiliated securities (including securities on loan), at value (see cost below)	$	589,770,534
In affiliated securities, at value (see cost below)		96,296,153
Total investments, at value (see cost below)		686,066,687
Receivable for investments sold		12,332,789
Receivable for Fund shares sold		1,354,337
Receivable for dividends		66,511
Receivable for securities lending income		9,968
Prepaid expenses and other assets		35,243
Total assets		699,865,535
Liabilities
Payable for investments purchased		6,742,859
Payable for Fund shares redeemed		581,224
Payable upon receipt of securities loaned		87,723,450
Advisory fee payable		312,884
Distribution fees payable		4,285
Due to other related parties		75,506
Accrued expenses and other liabilities		124,246
Total liabilities		95,564,454
Total net assets	$	604,301,081
NET ASSETS CONSIST OF
Paid-in capital	$	526,282,742
Undistributed net investment income		1,361,219
Accumulated net realized losses on investments		(72,155,737	)
Net unrealized gains on investments		148,812,857
Total net assets	$	604,301,081
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE1
Net assets – Class A	$	44,726,079
Shares outstanding – Class A		3,965,969
Net asset value per share – Class A		$11.28
Maximum offering price per share – Class A2		$11.97
Net assets – Class B	$	709,034
Shares outstanding – Class B		69,331
Net asset value per share – Class B		$10.23
Net assets – Class C	$	6,017,424
Shares outstanding – Class C		588,416
Net asset value per share – Class C		$10.23
Net assets – Administrator Class	$	52,900,037
Shares outstanding – Administrator Class		4,604,109
Net asset value per share – Administrator Class		$11.49
Net assets – Institutional Class	$	499,948,507
Shares outstanding – Institutional Class		42,978,629
Net asset value per share – Institutional Class		$11.63
Investment in unaffiliated securities (including securities on loan), at cost	$	440,957,677
Investments in affiliated securities, at cost	$	96,296,153
Total investments, at cost	$	537,253,830
Securities on loan, at value	$	85,830,295

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, 2013 (unaudited) Wells Fargo Advantage Endeavor Select Fund 11

Investment income
Dividends	$	4,940,815
Securities lending income, net		54,550
Income from affiliated securities		14,969
Total investment income		5,010,334
Expenses
Advisory fee		2,161,555
Administration fees
Fund level		167,883
Class A		60,289
Class B		1,155
Class C		8,136
Administrator Class		28,025
Institutional Class		224,784
Shareholder servicing fees
Class A		57,970
Class B		1,110
Class C		7,823
Administrator Class		68,978
Distribution fees
Class B		3,331
Class C		23,468
Custody and accounting fees		25,379
Professional fees		12,700
Registration fees		50,287
Shareholder report expenses		65,421
Trustees’ fees and expenses		6,020
Other fees and expenses		17,814
Total expenses		2,992,128
Less: Fee waivers and/or expense reimbursements		(103,019	)
Net expenses		2,889,109
Net investment income		2,121,225
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on investments		68,444,739
Net change in unrealized gains (losses) on investments		(13,595,523	)
Net realized and unrealized gains (losses) on investments		54,849,216
Net increase in net assets resulting from operations	$	56,970,441

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

12 Wells Fargo Advantage Endeavor Select Fund Statement of changes in net assets

	Six months ended January 31, 2013 (unaudited)						Year ended July 31, 2012
Operations
Net investment income (loss)				$	2,121,225					$	(1,190,478	)
Net realized gains on investments					68,444,739						101,870,198
Net change in unrealized gains (losses) on investments					(13,595,523	)					(82,933,288	)
Net increase in net assets resulting from operations					56,970,441						17,746,432
		Shares						Shares
Capital share transactions
Proceeds from shares sold
Class A		205,834			2,251,370			388,389			3,762,167
Class B		0			0			7,261			64,392
Class C		29,721			296,104			34,534			315,722
Administrator Class		345,825			3,829,815			7,438,773			73,650,990
Institutional Class		4,090,054			46,056,664			11,875,785			119,799,281
					52,433,953						197,592,552
Payment for shares redeemed
Class A		(760,864	)		(8,301,862	)		(5,224,849	)		(50,768,514	)
Class B		(45,787	)		(451,421	)		(68,098	)		(603,465	)
Class C		(93,220	)		(927,530	)		(185,451	)		(1,692,754	)
Administrator Class		(1,153,213	)		(12,688,215	)		(24,725,319	)		(247,613,713	)
Institutional Class		(29,523,804	)		(330,427,761	)		(25,795,402	)		(257,200,679	)
					(352,796,789	)					(557,879,125	)
Net decrease in net assets resulting from capital share transactions					(300,362,836	)					(360,286,573	)
Total decrease in net assets					(243,392,395	)					(342,540,141	)
Net assets
Beginning of period					847,693,476						1,190,233,617
End of period				$	604,301,081					$	847,693,476
Undistributed net investment income (loss)				$	1,361,219					$	(760,006	)

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

Financial highlights Wells Fargo Advantage Endeavor Select Fund 13

(For a share outstanding throughout each period)

	Six months ended January 31, 2013 (unaudited)			Year ended July 31
CLASS A				2012			2011			2010			2009			2008
Net asset value, beginning of period		$10.45			$10.12			$8.12			$7.25			$10.81			$10.85
Net investment income (loss)		0.01	1		(0.05	)1		(0.05	)1		(0.04	)1		(0.01	)1		(0.04	)1
Net realized and unrealized gains (losses) on investments		0.82			0.38			2.05			0.91			(3.29	)		0.10
Total from investment operations		0.83			0.33			2.00			0.87			(3.30	)		0.06
Distributions to shareholders from
Net realized gains		0.00			0.00			0.00			0.00			(0.26	)		(0.10	)
Net asset value, end of period		$11.28			$10.45			$10.12			$8.12			$7.25			$10.81
Total return2		7.94	%		3.26	%		24.63	%		12.00	%		(30.10	)%		0.50	%
Ratios to average net assets (annualized)
Gross expenses		1.26	%		1.23	%		1.23	%		1.28	%		1.32	%		1.31	%
Net expenses		1.25	%		1.23	%		1.23	%		1.25	%		1.25	%		1.25	%
Net investment income (loss)		0.22	%		(0.49	)%		(0.52	)%		(0.51	)%		(0.08	)%		(0.38	)%
Supplemental data
Portfolio turnover rate		42	%		94	%		100	%		139	%		173	%		154	%
Net assets, end of period (000s omitted)	$	44,726		$	47,233		$	94,704		$	125,266		$	155,666		$	237,689

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.

14 Wells Fargo Advantage Endeavor Select Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended January 31, 2013 (unaudited)			Year ended July 31
CLASS B				2012			2011			2010			2009			2008
Net asset value, beginning of period		$9.51			$9.28			$7.50			$6.75			$10.18			$10.29
Net investment loss		(0.03	)1		(0.11	)1		(0.11	)1		(0.09	)1		(0.06	)1		(0.12	)1
Net realized and unrealized gains (losses) on investments		0.75			0.34			1.89			0.84			(3.11	)		0.11
Total from investment operations		0.72			0.23			1.78			0.75			(3.17	)		(0.01	)
Distributions to shareholders from
Net realized gains		0.00			0.00			0.00			0.00			(0.26	)		(0.10	)
Net asset value, end of period	$	10.23			$9.51			$9.28			$7.50			$6.75			$10.18
Total return2		7.47	%		2.48	%		23.73	%		11.11	%		(30.71	)%		(0.15	)%
Ratios to average net assets (annualized)
Gross expenses		2.01	%		1.98	%		1.98	%		2.02	%		2.07	%		2.06	%
Net expenses		2.00	%		1.98	%		1.98	%		2.00	%		2.00	%		2.00	%
Net investment loss		(0.53	)%		(1.24	)%		(1.26	)%		(1.25	)%		(0.85	)%		(1.12	)%
Supplemental data
Portfolio turnover rate		42	%		94	%		100	%		139	%		173	%		154	%
Net assets, end of period (000s omitted)		$709		$	1,095		$	1,633		$	2,622		$	3,976		$	9,097

1. Calculated based upon average shares outstanding

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

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

Financial highlights Wells Fargo Advantage Endeavor Select Fund 15

(For a share outstanding throughout each period)

	Six months ended January 31, 2013 (unaudited)			Year ended July 31
CLASS C				2012			2011			2010			2009			2008
Net asset value, beginning of period		$9.51			$9.28			$7.50			$6.75		$	10.18			$10.28
Net investment loss		(0.03	)1		(0.11	)1		(0.11	)1		(0.09	)1		(0.05	)1		(0.12	)1
Net realized and unrealized gains (losses) on investments		0.75			0.34			1.89			0.84			(3.12	)		0.12
Total from investment operations		0.72			0.23			1.78			0.75			(3.17	)		0.00
Distributions to shareholders from
Net realized gains		0.00			0.00			0.00			0.00			(0.26	)		(0.10	)
Net asset value, end of period	$	10.23			$9.51			$9.28			$7.50			$6.75			$10.18
Total return2		7.47	%		2.48	%		23.73	%		11.11	%		(30.70	)%		(0.06	)%
Ratios to average net assets (annualized)
Gross expenses		2.01	%		1.98	%		1.98	%		2.03	%		2.07	%		2.06	%
Net expenses		2.00	%		1.98	%		1.98	%		2.00	%		2.00	%		2.00	%
Net investment loss		(0.53	)%		(1.25	)%		(1.27	)%		(1.26	)%		(0.82	)%		(1.13	)%
Supplemental data
Portfolio turnover rate		42	%		94	%		100	%		139	%		173	%		154	%
Net assets, end of period (000s omitted)	$	6,017		$	6,199		$	7,448		$	7,825		$	9,139		$	12,297

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.

16 Wells Fargo Advantage Endeavor Select Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended January 31, 2013 (unaudited)			Year ended July 31
ADMINISTRATOR CLASS				2012			2011			2010			2009			2008
Net asset value, beginning of period		$10.63			$10.26			$8.22			$7.34			$10.91			$10.91
Net investment income (loss)		0.02	1		(0.03	)1		(0.03	)1		(0.02	)1		0.01	1		(0.01	)1
Net realized and unrealized gains (losses) on investments		0.84			0.40			2.07			0.91			(3.32	)		0.11
Total from investment operations		0.86			0.37			2.04			0.89			(3.31	)		0.10
Distributions to shareholders from
Net investment income		0.00			0.00			0.00			(0.01	)		0.00			0.00
Net realized gains		0.00			0.00			0.00			0.00			(0.26	)		(0.10	)
Total distributions to shareholders		0.00			0.00			0.00			(0.01	)		(0.26	)		(0.10	)
Net asset value, end of period		$11.49			$10.63			$10.26			$8.22			$7.34			$10.91
Total return2		8.09	%		3.51	%		24.94	%		12.16	%		(29.91	)%		0.87	%
Ratios to average net assets (annualized)
Gross expenses		1.09	%		1.07	%		1.07	%		1.10	%		1.14	%		1.12	%
Net expenses		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%
Net investment income (loss)		0.45	%		(0.27	)%		(0.29	)%		(0.26	)%		0.20	%		(0.12	)%
Supplemental data
Portfolio turnover rate		42	%		94	%		100	%		139	%		173	%		154	%
Net assets, end of period (000s omitted)	$	52,900		$	57,533		$	232,954		$	223,320		$	247,298		$	276,388

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 Endeavor Select Fund 17

(For a share outstanding throughout each period)

	Six months ended January 31, 2013 (unaudited)			Year ended July 31
INSTITUTIONAL CLASS				2012			2011			2010			2009			2008
Net asset value, beginning of period		$10.75			$10.37			$8.28			$7.39			$10.97			$10.96
Net Investment income (loss)		0.04	1		(0.01	)1		(0.01	)1		(0.01	)1		0.03	1		0.01	1
Net realized and unrealized gains (losses) on investments		0.84			0.39			2.10			0.93			(3.35	)		0.11
Total from investment operations		0.88			0.38			2.09			0.92			(3.32	)		0.12
Distributions to shareholders from
Net investment income		0.00			0.00			0.00			(0.03	)		0.00			(0.01	)
Net realized gains		0.00			0.00			0.00			0.00			(0.26	)		(0.10	)
Total distributions to shareholders		0.00			0.00			0.00			(0.03	)		(0.26	)		(0.11	)
Net asset value, end of period		$11.63			$10.75			$10.37			$8.28			$7.39			$10.97
Total return2		8.19	%		3.66	%		25.24	%		12.41	%		(29.84	)%		1.06	%
Ratios to average net assets (annualized)
Gross expenses		0.83	%		0.80	%		0.80	%		0.83	%		0.88	%		0.86	%
Net expenses		0.80	%		0.79	%		0.80	%		0.80	%		0.80	%		0.80	%
Net investment income (loss)		0.70	%		(0.06	)%		(0.08	)%		(0.07	)%		0.38	%		0.07	%
Supplemental data
Portfolio turnover rate		42	%		94	%		100	%		139	%		173	%		154	%
Net assets, end of period (000s omitted)	$	499,949		$	735,633		$	853,494		$	933,587		$	867,167		$	1,158,997

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 Endeavor Select 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 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

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

Equity securities that are listed on a foreign or domestic exchange, except for The Nasdaq Stock Market, Inc. (“Nasdaq”), are valued at the official closing price or, if none, the last sales price. Securities listed on Nasdaq are valued at the Nasdaq Official Closing Price (“NOCP”). If no NOCP is available, securities are valued at the last sales price. If no sales price is shown on the Nasdaq, the bid price will be used. If no sale occurs on the primary exchange or market for the security that day or if no sale occurs and no bid price is shown on Nasdaq, the prior day’s price will be deemed “stale” and fair values will be determined in accordance with the Fund’s Valuation Procedures.

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

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

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

Security loans

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

Notes to financial statements (unaudited) Wells Fargo Advantage Endeavor Select Fund 19

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 Funds Management and is subadvised by Wells Capital Management Incorporated (“WellsCap”). Funds Management receives an advisory fee starting at 0.05% and declining to 0.01% as the average daily net assets of the Cash Collateral Fund increase. All of the fees received by Funds Management are paid to WellsCap for its services as subadviser. 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.

Security transactions and income recognition

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

Dividend income is recognized on the ex-dividend date.

Distributions to shareholders

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

Federal and other taxes

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

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

As of July 31, 2012, the Fund had pre-enactment capital loss carryforwards incurred in taxable years beginning before December 22, 2010, which are available to offset future net realized capital gains, in the amount of $134,473,436 expiring in 2018.

As of July 31, 2012, the Fund had a qualified late-year ordinary loss of $760,006 which was recognized on the first day of the current fiscal year. A late-year ordinary loss is the net loss comprised of (a) net gain or loss from the sale or other disposition of certain capital assets for the portion of the taxable year after October 31 and (b) other ordinary income or loss for the portion of the taxable year after December 31.

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 any 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

20 Wells Fargo Advantage Endeavor Select 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, use of amortized cost, etc.)

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

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

As of January 31, 2013, the inputs used in valuing investments in securities, 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	$	588,014,560	$	0	$	0	$	588,014,560
Other		0		0		1,755,974		1,755,974
Short-term investments
Investment companies		8,993,585		87,302,568		0		96,296,153
	$	597,008,145	$	87,302,568	$	1,755,974	$	686,066,687

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, 2013, the Fund did not have any transfers into/out of Level 1 or 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 subadviser, who is responsible for day-to-day portfolio management of the Fund.

Pursuant to the contract, Funds Management is entitled to receive an annual advisory fee starting at 0.65% and declining to 0.55% as the average daily net assets of the Fund increase. For the six months ended January 31, 2013, the advisory fee was equivalent to an annual rate of 0.64% of the Fund’s average daily net assets.

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Funds Management. WellsCap, an affiliate of Funds Management, is the subadviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.35% and declining to 0.15% 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		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, 2013 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.25% for Class A shares, 2.00% for Class B shares, 2.00% for Class C shares, 1.00% for Administrator Class shares, and 0.80% for Institutional Class shares.

Notes to financial statements (unaudited) Wells Fargo Advantage Endeavor Select Fund 21

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, 2013, Wells Fargo Funds Distributor, LLC received $3,869 from the sale of Class A shares.

Shareholder servicing fees

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

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended January 31, 2013 were $272,861,853 and $536,379,494, respectively.

6. BANK BORROWINGS

The Trust (excluding the money market funds and certain other funds in the Trust) and Wells Fargo Variable Trust are parties to a $150,000,000 revolving credit agreement 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. For the six months ended January 31, 2013, the Fund paid $354 in commitment fees.

For the six months ended January 31, 2013, 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 PRONOUNCEMENT

In December 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) No. 2011-11, Disclosures about Offsetting Assets and Liabilities. ASU 2011-11, which amends FASB ASC Topic 210, Balance Sheet, creates new disclosure requirements which require entities to disclose both gross and net information for derivatives and other financial instruments that are either offset in the Statement of Assets and Liabilities or subject to an enforceable master netting arrangement or similar agreement. The disclosure requirements are effective for interim and annual reporting periods beginning on or after January 1, 2013. Management is currently assessing the potential impact, in addition to expanded financial statement disclosure, that may result from adopting this ASU.

22 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 website at wellsfargoadvantagefunds.com, or visiting the SEC website at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available without charge on the Fund’s website at wellsfargoadvantagefunds.com or by visiting the SEC website at sec.gov.

PORTFOLIO HOLDINGS INFORMATION

The complete portfolio holdings for the Fund are publicly available on the Fund’s website (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 website on a monthly, seven-day or more delayed basis. The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q, which is available without charge by visiting the SEC website at sec.gov. In addition, the Fund’s Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC, and at regional offices in New York City, at 233 Broadway, and in Chicago, at 175 West Jackson Boulevard, Suite 900. Information about the Public Reference Room may be obtained by calling 1-800-SEC-0330.

Other information (unaudited) Wells Fargo Advantage Endeavor Select Fund 23

BOARD OF TRUSTEES AND OFFICERS

Each of the Trustees and Officers listed in the table below acts in identical capacities for the Wells Fargo Advantage family of funds, which consists of 136 funds¹ comprising the Wells Fargo Funds Trust, Wells Fargo Variable Trust, Wells Fargo Master Trust and four closed-end funds (collectively the “Fund Complex”). This table should be read in conjunction with the Prospectus and the Statement of Additional Information². 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	Co-Founder, Retired Chairman, President and CEO of Crystal Geyser Water Company. Trustee Emeritus, Colby College.	Asset Allocation Trust
Isaiah Harris, Jr. (Born 1952)	Trustee, since 2009	Retired. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Coast Academy (charter school). Mr. Harris is a certified public accountant.	CIGNA Corporation; Deluxe Corporation; Asset Allocation Trust
Judith M. Johnson (Born 1949)	Trustee, since 2008; Audit Committee Chairman, since 2008	Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant.	Asset Allocation Trust
Leroy Keith, Jr. (Born 1939)	Trustee, since 2010	Chairman, Bloc Global Services (development and construction). Trustee of the Evergreen Funds 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 48 portfolios as of 1/31/13); Asset Allocation Trust
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business, Stanford University, Morgan Stanley Director of the Center for Leadership Development and Research and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	Asset Allocation Trust
Olivia S. Mitchell (Born 1953)	Trustee, since 2006	International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993.	Asset Allocation Trust
Timothy J. Penny (Born 1951)	Trustee, since 1996	President and CEO of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007 and Senior Fellow at the Humphrey Institute Policy Forum at the University of Minnesota since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	Asset Allocation Trust

24 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
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.	Asset Allocation Trust
Donald C. Willeke (Born 1940)	Trustee, since 1996	Principal of the law firm of Willeke & Daniels. General Counsel of the Minneapolis Employees Retirement Fund from 1984 until its consolidation into the Minnesota Public Employees Retirement Association on June 30, 2010. Director and Vice Chair of The Tree Trust (non-profit corporation). Director of the American Chestnut Foundation (non-profit corporation).	Asset Allocation Trust

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

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.
Jeremy DePalma1 (Born 1974)	Treasurer, since 2012	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Vice President, Evergreen Investment Services, Inc. from 2004 to 2007. Head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.
C. David Messman (Born 1960)	Secretary, since 2000; Chief Legal Officer, since 2003	Senior Vice President and Secretary of Wells Fargo Funds Management, LLC since 2001. Vice President and Managing Counsel of Wells Fargo Bank, N.A. since 1996.
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.
David Berardi (Born 1975)	Assistant Treasurer, since 2009	Vice President of Wells Fargo Funds Management, LLC since 2009. Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Assistant Vice President of Evergreen Investment Services, Inc. from 2004 to 2008. Manager of Fund Reporting and Control for Evergreen Investment Management Company, LLC from 2004 to 2010.

1. Jeremy DePalma acts as Treasurer of 61 funds and Assistant Treasurer of 75 funds in the Fund Complex.

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

List of abbreviations Wells Fargo Advantage Endeavor Select Fund 25

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

ACA —  ACA Financial Guaranty Corporation

ADR —  American depositary receipt

ADS —  American depositary shares

AGC —  Assured Guaranty Corporation

AGM —  Assured Guaranty Municipal

Ambac —  Ambac Financial Group Incorporated

AMT —  Alternative minimum tax

AUD —  Australian dollar

BAN —  Bond anticipation notes

BHAC —  Berkshire Hathaway Assurance Corporation

BRL —  Brazilian real

CAB —  Capital appreciation bond

CAD —  Canadian dollar

CCAB —  Convertible capital appreciation bond

CDA —  Community Development Authority

CDO —  Collateralized debt obligation

CHF —  Swiss franc

COP —  Certificate of participation

DKK —  Danish krone

DRIVER —  Derivative inverse tax-exempt receipts

DW&P —  Department of Water & Power

DWR —  Department of Water Resources

ECFA —  Educational & Cultural Facilities Authority

EDA —  Economic Development Authority

EDFA —  Economic Development Finance Authority

ETF —  Exchange-traded fund

EUR —  Euro

FDIC —  Federal Deposit Insurance Corporation

FFCB —  Federal Farm Credit Banks

FGIC —  Financial Guaranty Insurance Corporation

FHA —  Federal Housing Administration

FHLB —  Federal Home Loan Bank

FHLMC —  Federal Home Loan Mortgage Corporation

FICO —  The Financing Corporation

FNMA —  Federal National Mortgage Association

FSA —�� Farm Service Agency

GBP —  Great British pound

GDR —  Global depositary receipt

GNMA —  Government National Mortgage Association

GO —  General obligation

HCFR —  Healthcare facilities revenue

HEFA —  Health & Educational Facilities Authority

HEFAR —  Higher education facilities authority revenue

HFA —  Housing Finance Authority

HFFA —  Health Facilities Financing Authority

HKD —  Hong Kong dollar

HUD —  Department of Housing and Urban Development

HUF —  Hungarian forint

IDA —  Industrial Development Authority

IDAG —  Industrial Development Agency

IDR —  Industrial development revenue

IEP —  Irish pound

JPY —  Japanese yen

KRW —  Republic of Korea won

LIBOR —  London Interbank Offered Rate

LIQ —  Liquidity agreement

LLC —  Limited liability company

LLP —  Limited liability partnership

LOC —  Letter of credit

LP —  Limited partnership

MBIA —  Municipal Bond Insurance Association

MFHR —  Multifamily housing revenue

MSTR —  Municipal securities trust receipts

MTN —  Medium-term note

MUD —  Municipal Utility District

MXN —  Mexican peso

MYR —  Malaysian ringgit

National —  National Public Finance Guarantee Corporation

NOK —  Norwegian krone

NZD —  New Zealand dollar

PCFA —  Pollution Control Financing Authority

PCL —  Public Company Limited

PCR —  Pollution control revenue

PFA —  Public Finance Authority

PFFA —  Public Facilities Financing Authority

PFOTER —  Puttable floating option tax-exempt receipts

plc —  Public limited company

PLN —  Polish zloty

PUTTER —  Puttable tax-exempt receipts

R&D —  Research & development

Radian —  Radian Asset Assurance

RAN —  Revenue anticipation notes

RDA —  Redevelopment Authority

RDFA —  Redevelopment Finance Authority

REIT —  Real estate investment trust

ROC —  Reset option certificates

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

SPA —  Standby purchase agreement

SPDR —  Standard & Poor’s Depositary Receipts

STRIPS —  Separate trading of registered interest and       principal securities

TAN —  Tax anticipation notes

TBA —  To be announced

TIPS —  Treasury inflation-protected securities

TRAN —  Tax revenue anticipation notes

TRY —  Turkish lira

TTFA —  Transportation Trust Fund Authority

TVA —  Tennessee Valley Authority

ZAR —  South African rand

This page is intentionally left blank.

For more information

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

Wells Fargo Advantage Funds

P.O. Box 8266

Boston, MA 02266-8266

Email: wfaf@wellsfargo.com

Website: wellsfargoadvantagefunds.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

This report and the financial statements contained herein are submitted for the general information of the shareholders of Wells Fargo Advantage Funds. If this report is used for promotional purposes, distribution of the report must be accompanied or preceded by a current prospectus. For a current prospectus and, if available, a summary prospectus containing more complete information, including charges and expenses, call 1-800-222-8222 or visit the Fund’s website 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

© 2013 Wells Fargo Funds Management, LLC. All rights reserved.

215103 03-13 SA205/SAR205 1-13

Wells Fargo Advantage Growth Fund

Semi-Annual Report

January 31, 2013

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

Contents

Letter to shareholders	2
Performance highlights	4
Fund expenses	6
Portfolio of investments	7
Financial statements
Statement of assets and liabilities	12
Statement of operations	13
Statement of changes in net assets	14
Financial highlights	15
Notes to financial statements	20
Other information	24
List of abbreviations	27

The views expressed and any forward-looking statements are as of January 31, 2013, 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 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 the 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 the investment objectives, risks, charges, and expenses before investing. For a current prospectus and, if available, a summary prospectus, for Wells Fargo Advantage Funds, 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, 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 $226 billion in assets under management, as of January 31, 2013.

Equity funds
Asia Pacific Fund	Enterprise Fund†	Opportunity Fund†
C&B Large Cap Value Fund	Global Opportunities Fund	Precious Metals Fund
C&B Mid Cap Value Fund	Growth Fund	Premier Large Company Growth Fund
Capital Growth Fund	Index Fund	Small Cap Opportunities Fund
Common Stock Fund	International Equity Fund	Small Cap Value Fund
Disciplined U.S. Core Fund	International Value Fund	Small Company Growth Fund
Discovery Fund†	Intrinsic Small Cap Value Fund	Small Company Value Fund
Diversified Equity Fund	Intrinsic Value Fund	Small/Mid Cap Value Fund
Diversified International Fund	Intrinsic World Equity Fund	Special Mid Cap Value Fund
Emerging Growth Fund	Large Cap Core Fund	Special Small Cap Value Fund
Emerging Markets Equity Fund	Large Cap Growth Fund	Specialized Technology Fund
Emerging Markets Equity Income Fund	Large Company Value Fund	Traditional Small Cap Growth Fund
Endeavor Select Fund†	Omega Growth Fund	Utility and Telecommunications Fund
Bond funds
Adjustable Rate Government Fund	High Yield Municipal Bond Fund	Short Duration Government Bond Fund
California Limited-Term Tax-Free Fund	Income Plus Fund	Short-Term Bond Fund
California Tax-Free Fund	Inflation-Protected Bond Fund	Short-Term High Yield Bond Fund
Colorado Tax-Free Fund	Intermediate Tax/AMT-Free Fund	Short-Term Municipal Bond Fund
Core Bond Fund	International Bond Fund	Strategic Income Fund
Emerging Markets Local Bond Fund	Minnesota Tax-Free Fund	Strategic Municipal Bond Fund
Government Securities Fund	Municipal Bond Fund	Ultra Short-Term Income Fund
High Income Fund	North Carolina Tax-Free Fund	Ultra Short-Term Municipal Income Fund
High Yield Bond Fund	Pennsylvania Tax-Free 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	Treasury Plus Money Market Fund
Cash Investment Money Market Fund	Municipal Cash Management 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 (unaudited)

Karla M. Rabusch

President

Wells Fargo Advantage Funds

Entering the period, concerns about the eurozone sovereign debt situation held center stage as investors again focused on economic weakness in southern European economies.

Aggressive central bank actions helped support stock prices, as did relatively solid economic data.

Dear Valued Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Advantage Growth Fund for the six-month period that ended January 31, 2013. Much of the period was marked by continued concerns about the possible effects that the ongoing European sovereign debt crisis would have on the global economy. However, relatively solid economic data in the U.S. and efforts by European authorities to address the sovereign debt issue alleviated investor fears and supported global stock markets. Judging by various indexes, U.S. large-cap stocks underperformed small-cap stocks. Within the large-cap universe, value stocks outperformed growth stocks, partly because of strong performance from the financials sector.

The period was dominated by worries that ongoing debt problems in the eurozone would affect global economic growth.

Entering the period, concerns about the eurozone sovereign debt situation held center stage as investors again focused on economic weakness in southern European economies. Because many eurozone banks owned southern European debt and many U.S. banks had financial ties to eurozone banks, investors worried about the effects of a possible southern European debt default on the global financial system and economy. Ongoing weakness in the Greek economy made it difficult for the country to meet previously agreed upon austerity targets. Toward the end of the reporting period, political risk resurfaced in both Italy and Spain. In Italy, Prime Minister Mario Monti, an economist who was appointed to implement austerity measures and labor market reforms, resigned in December 2012. Monti later decided to run for office in the general election scheduled for February 2013.

European leaders took concerted action to calm investor concerns. In September 2012, the European Central Bank (ECB) announced that it would purchase an unlimited amount of one-to three-year sovereign debt from countries that had applied for a formal bailout through either the European Financial Stability Facility or the European Stability Mechanism. In another positive sign, in late November 2012, finance ministers from the 17-country eurozone and the International Monetary Fund struck a deal aimed at reducing Greece’s debt by the year 2020.

Central banks continued to provide stimulus.

Major central banks, including the U.S. Federal Reserve (Fed) and the ECB, continued to inject liquidity into the banks and the markets through various quantitative easing policies. 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 the financial system. The ECB was similarly aggressive, keeping its key rate at a historic low of 0.75%. Just prior to the beginning of the reporting period, the FOMC announced its intention to keep interest rates low until at least mid-2015 in order to support the sluggish economy. The Fed also announced open-ended purchases of $40 billion per month in mortgage-backed securities in an effort to support the housing market.

Stock markets posted solid gains in an eventful period.

Aggressive central bank actions helped support stock prices, as did relatively solid economic data. For much of the reporting period, the U.S. stock market benefited from favorable gross domestic product (GDP) data, with the growth rate improving from 1.3% (annualized) in the second quarter of 2012 to 3.1% (annualized) in the third quarter of 2012. However, the GDP growth rate slowed in the final months of 2012, with GDP growth coming in at 0.1% (annualized) in the fourth quarter of 2012. Because many investors attributed the weak number to the aftereffects of Hurricane Sandy on the eastern seaboard, the stock market remained resilient.

Letter to shareholders (unaudited) Wells Fargo Advantage Growth Fund 3

The steady improvement in the housing market supported investor sentiment. The National Association of Home Builders/First American Improving Markets Index identifies metro areas that have shown improvement from their respective troughs in housing permits, employment, and house prices for at least six consecutive months. The index rose for a fifth-consecutive month in January 2013, indicating improvements in 242 housing markets across the country. As a result, housing-related stocks strongly outperformed over the period, leading to better-than-index returns for sectors ranging from consumer discretionary (home improvement retailers), to materials (construction material providers), and to financials (mortgage lenders).

Throughout the period, a continued high unemployment rate was the main negative piece of U.S. economic data. Although the unemployment rate improved from 8.1% in August 2012 to 7.9% in January 2013, the labor market remained soft.

We remain committed to our investment strategies, even as many variables are at work in the market.

The full effect of the European credit crisis remains unknown. Elevated unemployment and debt defaults continue to pressure consumers and businesses alike. 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, we believe it helps manage 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

Notice to shareholders

At its November 6-7, 2012 meeting, the Board of Trustees unanimously approved the following modifications to certain Class A sales load waiver privileges, with each change becoming effective on July 1, 2013:

n Annuity payments received under an annuity option or from death proceeds will no longer qualify for net asset value (NAV) repurchase privileges.

n The ability to reinvest redemption proceeds at NAV will be reduced from 120 days to 90 days.

n NAV purchase privileges for certain types of “grandfathered” shareholders will be modified to remove the ability to purchase Class A shares at NAV, unless those shares are held directly with the Fund.

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

4 Wells Fargo Advantage Growth Fund Performance highlights (unaudited)

The Fund is closed to new investors¹

Investment objective

The Fund seeks long-term capital appreciation.

Adviser

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Joseph M. Eberhardy, CFA, CPA

Thomas C. Ognar, CFA

Bruce C. Olson, CFA

Average annual total returns² (%) as of January 31, 2013

		Including sales charge						Excluding sales charge						Expense ratios3 (%)
	Inception date	1 year		5 year		10 year		1 year		5 year		10 year		Gross		Net4
Class A (SGRAX)	2-24-2000		8.06		9.06		12.01		14.66		10.36		12.67		1.21		1.21
Class C (WGFCX)	12-26-2002		12.80		9.54		11.84		13.80		9.54		11.84		1.96		1.96
Administrator Class (SGRKX)	8-30-2002		–		–		–		14.90		10.68		13.08		1.05		0.97
Institutional Class (SGRNX)	2-24-2000		–		–		–		15.15		10.87		13.24		0.78		0.76
Investor Class (SGROX)	12-31-1993		–		–		–		14.58		10.26		12.57		1.28		1.28
Russell 3000® Growth Index5	–		–		–		–		13.44		5.79		8.43		–		–

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 website, wellsfargoadvantagefunds.com.

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

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

Stock values fluctuate in response to the activities of individual companies and general market and economic conditions. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). The Fund is exposed to foreign investment risk. Consult the Fund’s prospectus for additional information on these and other risks.

Please see footnotes on page 5.

Performance highlights (unaudited) Wells Fargo Advantage Growth Fund 5

Ten largest equity  holdings5 (%) as of January 31, 2013
Apple Incorporated	4.45
eBay Incorporated	3.67
Google Incorporated Class A	3.49
Cognizant Technology Solutions Corporation Class A	3.12
Whole Foods Market Incorporated	2.84
Alexion Pharmaceuticals Incorporated	2.63
Kansas City Southern Railway Company	2.57
Rackspace Hosting Incorporated	2.55
Dollar Tree Incorporated	2.47
Tractor Supply Company	2.19

Sector distribution⁶ as of January 31, 2013

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

2. 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. Effective June 20, 2008, the Advisor Class was renamed Class A and modified to assume the features and attributes of Class A. Historical performance shown for the Class A shares through June 20, 2008, includes Advisor Class expenses.

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

4. The Adviser has committed through November 30, 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 1.21% for Class A, 1.96% for Class C, 0.96% for Administrator Class, 0.75% for Institutional Class, and 1.27% for Investor Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses, and extraordinary expenses are excluded from the cap. Without this cap, the Fund’s returns would have been lower.

5. The Russell 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.

6. 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.

7. 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 Fund expenses (unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from August 1, 2012 to January 31, 2013.

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 8-1-2012		Ending account value 1-31-2013		Expenses paid during the period1		Net annual expense ratio
Class A
Actual	$	1,000.00	$	1,105.42	$	6.32		1.19	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.21	$	6.06		1.19	%
Class C
Actual	$	1,000.00	$	1,101.35	$	10.28		1.94	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.43	$	9.86		1.94	%
Administrator Class
Actual	$	1,000.00	$	1,106.75	$	5.10		0.96	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.37	$	4.89		0.96	%
Institutional Class
Actual	$	1,000.00	$	1,108.04	$	3.99		0.75	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.42	$	3.82		0.75	%
Investor Class
Actual	$	1,000.00	$	1,105.11	$	6.63		1.25	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.90	$	6.36		1.25	%

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

Portfolio of investments—January 31, 2013 (unaudited) Wells Fargo Advantage Growth Fund 7

Security name	Shares		Value
Common Stocks: 99.66%
Consumer Discretionary: 25.22%
Auto Components: 0.19%
BorgWarner Incorporated Ǡ		277,300	$	20,570,114
Distributors: 0.54%
LKQ Corporation †		2,575,000		57,654,250
Hotels, Restaurants & Leisure: 3.56%
Chipotle Mexican Grill Incorporated Ǡ		512,000		157,189,120
Life Time Fitness Incorporated Ǡ**(l)		2,635,000		133,673,550
McDonald’s Corporation		375,000		35,733,750
Starbucks Corporation		984,000		55,222,080
				381,818,500
Internet & Catalog Retail: 4.70%
Amazon.com Incorporated †		684,000		181,602,000
HomeAway Incorporated Ǡ**(l)		4,290,000		102,831,300
priceline.com Incorporated †		180,000		123,384,600
Shutterfly Incorporated Ǡ**(l)		2,925,000		96,759,000
				504,576,900
Multiline Retail: 3.42%
Dollar General Corporation †		2,225,000		102,839,500
Dollar Tree Incorporated †		6,625,000		264,933,750
				367,773,250
Specialty Retail: 10.25%
CarMax Incorporated †		4,676,000		184,327,920
Dick’s Sporting Goods Incorporated		2,260,000		107,553,400
DSW Incorporated Class A «		836,600		55,993,638
GNC Holdings Incorporated Class A		4,165,000		149,690,100
Hibbett Sports Incorporated Ǡ		500,000		26,330,000
Tractor Supply Company		2,265,000		234,812,550
Ulta Salon Cosmetics & Fragrance Incorporated		1,950,000		190,749,000
Vitamin Shoppe Incorporated Ǡ**(l)		2,475,000		151,173,000
				1,100,629,608
Textiles, Apparel & Luxury Goods: 2.56%
lululemon athletica incorporated Ǡ		2,150,000		148,350,000
Michael Kors Holdings Limited †		1,172,000		65,784,360
Under Armour Incorporated Class A «†		1,186,000		60,331,820
				274,466,180
Consumer Staples: 5.16%
Beverages: 0.42%
Monster Beverage Corporation †		950,000		45,505,000

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

8 Wells Fargo Advantage Growth Fund Portfolio of investments—January 31, 2013 (unaudited)

Security name	Shares		Value
Food & Staples Retailing: 4.44%
The Fresh Market Incorporated Ǡ**(l)		3,515,000	$	171,848,350
Whole Foods Market Incorporated		3,170,000		305,112,500
				476,960,850
Personal Products: 0.30%
Estee Lauder Companies Incorporated Class A		525,000		31,988,250
Energy: 5.32%
Energy Equipment & Services: 0.52%
Schlumberger Limited		714,700		55,782,335
Oil, Gas & Consumable Fuels: 4.80%
Concho Resources Incorporated †		2,250,000		205,245,000
Continental Resources Incorporated †		35,000		2,909,200
Energy XXI (Bermuda) Limited «		2,960,000		92,707,200
Oasis Petroleum Incorporated †		648,000		23,250,240
Pioneer Natural Resources Company		1,625,000		191,002,500
				515,114,140
Financials: 3.27%
Capital Markets: 1.90%
Financial Engines Incorporated Ǡ		2,090,000		69,513,400
TD Ameritrade Holding Corporation «		6,900,000		133,791,000
				203,304,400
Consumer Finance: 1.37%
American Express Company		2,505,000		147,319,050
Health Care: 16.07%
Biotechnology: 6.33%
Alexion Pharmaceuticals Incorporated †		3,000,000		281,970,000
Biogen Idec Incorporated †		345,000		53,847,600
BioMarin Pharmaceutical Incorporated Ǡ		647,000		35,513,830
Celgene Corporation †		2,000,000		197,920,000
Gilead Sciences Incorporated †		470,000		18,541,500
Medivation Incorporated †		411,000		22,341,960
Onyx Pharmaceuticals Incorporated Ǡ		890,000		68,992,800
				679,127,690
Health Care Equipment & Supplies: 2.86%
Covidien plc		1,435,300		89,476,602
Intuitive Surgical Incorporated †		254,100		145,949,958
NxStage Medical Incorporated Ǡ		2,425,000		28,372,500
Volcano Corporation Ǡ		1,713,600		42,908,544
				306,707,604
Health Care Providers & Services: 1.92%
AmerisourceBergen Corporation «		2,382,000		108,071,340

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

Portfolio of investments—January 31, 2013 (unaudited) Wells Fargo Advantage Growth Fund 9

Security name	Shares		Value
Health Care Providers & Services (continued)
Catamaran Corporation †		1,582,000	$	82,089,980
Express Scripts Holding Corporation †		300,000		16,026,000
				206,187,320
Health Care Technology: 1.85%
Cerner Corporation Ǡ		2,400,000		198,120,000
Life Sciences Tools & Services: 1.20%
Mettler-Toledo International Incorporated Ǡ		607,000		129,005,710
Pharmaceuticals: 1.91%
Actavis Incorporated †		105,000		9,070,950
Allergan Incorporated		550,000		57,755,500
Shire plc ADR		1,325,000		132,685,500
Zoetis Incorporated †		225,357		5,859,282
				205,371,232
Industrials: 6.35%
Aerospace & Defense: 1.17%
Precision Castparts Corporation		362,000		66,390,800
United Technologies Corporation		678,600		59,425,002
				125,815,802
Air Freight & Logistics: 0.37%
United Parcel Service Incorporated Class B		500,000		39,645,000
Industrial Conglomerates: 0.50%
Danaher Corporation		900,000		53,937,000
Machinery: 0.92%
Flowserve Corporation		352,000		55,183,040
Joy Global Incorporated		685,000		43,271,450
				98,454,490
Road & Rail: 3.39%
J.B. Hunt Transport Services Incorporated		290,000		19,508,300
Kansas City Southern Railway Company		2,960,000		275,605,600
Norfolk Southern Corporation «		135,000		9,297,450
Union Pacific Corporation		449,000		59,025,540
				363,436,890
Information Technology: 35.05%
Communications Equipment: 2.34%
Aruba Networks Incorporated †		266,000		6,128,640
Cisco Systems Incorporated		1,750,000		35,997,500
Palo Alto Networks Incorporated Ǡ		600,000		33,216,000
QUALCOMM Incorporated		2,665,100		175,976,553
				251,318,693

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

10 Wells Fargo Advantage Growth Fund Portfolio of investments—January 31, 2013 (unaudited)

Security name	Shares		Value
Computers & Peripherals: 5.00%
Apple Incorporated		1,048,000	$	477,164,880
EMC Corporation †		2,410,000		59,310,100
				536,474,980
Internet Software & Services: 11.03%
eBay Incorporated †		7,050,000		394,306,500
Facebook Incorporated Class A †		555,000		17,188,350
Google Incorporated Class A †		495,000		374,066,550
Mercadolibre Incorporated «		1,410,000		124,644,000
Rackspace Hosting Incorporated Ǡ		3,633,000		273,746,550
				1,183,951,950
IT Services: 7.40%
Alliance Data Systems Corporation Ǡ		864,000		136,166,400
Cognizant Technology Solutions Corporation Class A †		4,290,000		335,392,200
MarketAxess Holdings Incorporated		1,108,000		41,893,480
MasterCard Incorporated Class A		376,000		194,918,400
Visa Incorporated Class A «		540,000		85,271,400
				793,641,880
Semiconductors & Semiconductor Equipment: 2.54%
Avago Technologies Limited		915,000		32,729,550
Linear Technology Corporation		394,500		14,446,590
Maxim Integrated Products Incorporated		1,725,000		54,251,250
Microchip Technology Incorporated «		4,960,000		165,912,000
Silicon Laboratories Incorporated †		128,000		5,585,920
				272,925,310
Software: 6.74%
BroadSoft Incorporated †**(l)		1,750,000		59,447,500
Citrix Systems Incorporated †		335,000		24,508,600
Fleetmatics Group plc Ǡ		652,074		16,347,495
Fortinet Incorporated †		7,278,000		171,688,020
Red Hat Incorporated †		1,505,000		83,617,800
Salesforce.com Incorporated Ǡ		281,000		48,368,530
Solarwinds Incorporated †		1,551,000		84,405,420
Sourcefire Incorporated †		575,100		24,499,260
Splunk Incorporated Ǡ		1,070,000		35,267,200
Synchronoss Technologies Incorporated Ǡ		1,900,000		45,239,000
Ultimate Software Group Incorporated †		1,050,000		106,617,000
VMware Incorporated Ǡ		310,000		23,708,800
				723,714,625
Materials: 3.22%
Chemicals: 3.22%
Airgas Incorporated		551,000		52,477,240
Monsanto Company		1,237,600		125,430,760
Praxair Incorporated		1,523,000		168,093,510
				346,001,510
Total Common Stocks (Cost $7,918,951,071)				10,697,300,513

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

Portfolio of investments—January 31, 2013 (unaudited) Wells Fargo Advantage Growth Fund 11

Security name				Principal		Value
Other: 0.02%
Gryphon Funding Limited, Pass-Through Entity (a)(i)(v)				$	4,929,792	$	1,676,129
Total Other (Cost $401,744)							1,676,129
	Yield			Shares
Short-Term Investments: 9.70%
Investment Companies: 9.70%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)		0.14	%		47,459,711		47,459,711
Wells Fargo Securities Lending Cash Investments, LLC (l)(r)(u)(v)		0.19			993,866,578		993,866,578
Total Short-Term Investments (Cost $1,041,326,289)							1,041,326,289

Total investments in securities (Cost $8,960,679,104) *	109.38	%		11,740,302,931
Other assets and liabilities, net	(9.38	)		(1,006,689,433	)
Total net assets	100.00	%	$	10,733,613,498

† Non-income-earning security

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

** Represents an affiliate of the Fund under Section 2(a)(2) and 2(a)(3) of the Investment Company Act of 1940, as amended, as the Fund holds 5% or more of the issuer’s outstanding voting shares.

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

(l) Investment in an affiliate

(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 Investment Company Act of 1940, as amended.

(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

* Cost for federal income tax purposes is $8,989,963,557 and unrealized appreciation (depreciation) consists of:

Gross unrealized appreciation	$	2,850,049,449
Gross unrealized depreciation		(99,710,075	)
Net unrealized appreciation		$2,750,339,374

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

12 Wells Fargo Advantage Growth Fund Statement of assets and liabilities—January 31, 2013 (unaudited)

Assets
Investments
In unaffiliated securities (including securities on loan), at value (see cost below)	$	9,983,243,942
In affiliated securities, at value (see cost below)		1,757,058,989
Total investments, at value (see cost below)		11,740,302,931
Receivable for investments sold		14,709,808
Receivable for Fund shares sold		33,512,224
Receivable for dividends		1,324,355
Receivable for securities lending income		168,825
Prepaid expenses and other assets		388,378
Total assets		11,790,406,521
Liabilities
Payable for investments purchased		31,329,209
Payable for Fund shares redeemed		21,664,755
Payable upon receipt of securities loaned		994,268,322
Advisory fee payable		5,373,356
Distribution fees payable		352,688
Due to other related parties		2,066,337
Accrued expenses and other liabilities		1,738,356
Total liabilities		1,056,793,023
Total net assets	$	10,733,613,498
NET ASSETS CONSIST OF
Paid-in capital	$	8,048,725,189
Undistributed net investment loss		(7,265,093	)
Accumulated net realized losses on investments		(87,470,425	)
Net unrealized gains on investments		2,779,623,827
Total net assets	$	10,733,613,498
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE1
Net assets – Class A	$	2,387,461,389
Shares outstanding – Class A		57,063,241
Net asset value per share – Class A		$41.84
Maximum offering price per share – Class A2		$44.39
Net assets – Class C	$	563,165,875
Shares outstanding – Class C		14,436,713
Net asset value per share – Class C		$39.01
Net assets – Administrator Class	$	3,147,003,553
Shares outstanding – Administrator Class		71,583,885
Net asset value per share – Administrator Class		$43.96
Net assets – Institutional Class	$	2,385,505,083
Shares outstanding – Institutional Class		52,742,358
Net asset value per share – Institutional Class		$45.23
Net assets – Investor Class	$	2,250,477,598
Shares outstanding – Investor Class		53,916,254
Net asset value per share – Investor Class		$41.74
Investment in unaffiliated securities (including securities on loan), at cost	$	7,316,541,956
Investments in affiliated securities, at cost	$	1,644,137,148
Total investments, at cost	$	8,960,679,104
Securities on loan, at value	$	972,448,919

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, 2013 (unaudited) Wells Fargo Advantage Growth Fund 13

Investment income
Dividends	$	49,303,873
Securities lending income, net		942,525
Income from affiliated securities		109,708
Total investment income		50,356,106
Expenses
Advisory fee		33,280,320
Administration fees
Fund level		2,363,232
Class A		3,086,575
Class C		717,162
Administrator Class		1,563,068
Institutional Class		957,449
Investor Class		3,631,437
Shareholder servicing fees
Class A		2,967,861
Class C		689,579
Administrator Class		3,826,179
Investor Class		2,831,974
Distribution fees
Class C		2,068,735
Custody and accounting fees		279,494
Professional fees		16,494
Registration fees		149,828
Shareholder report expenses		255,438
Trustees’ fees and expenses		6,486
Other fees and expenses		51,874
Total expenses		58,743,185
Less: Fee waivers and/or expense reimbursements		(1,121,986	)
Net expenses		57,621,199
Net investment loss		(7,265,093	)
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains (losses) on:
Unaffiliated securities		172,954,881
Affiliated securities		1,146,448
Net realized gains on investments		174,101,329
Net change in unrealized gains (losses) on:
Unaffiliated securities		850,358,008
Affiliated securities		30,106,038
Net change in unrealized gains (losses) on investments		880,464,046
Net realized and unrealized gains (losses) on investments		1,054,565,375
Net increase in net assets resulting from operations	$	1,047,300,282

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

14 Wells Fargo Advantage Growth Fund Statement of changes in net assets

	Six months ended January 31, 2013 (unaudited)						Year ended July 31, 2012
Operations
Net investment loss				$	(7,265,093	)				$	(39,036,591	)
Net realized gains (losses) on investments					174,101,329						(225,338,804	)
Net change in unrealized gains (losses) on investments					880,464,046						939,632,051
Net increase in net assets resulting from operations					1,047,300,282						675,256,656
Distributions to shareholders from
Net realized gains
Class A					0						(22,822,266	)
Class C					0						(4,924,744	)
Administrator Class					0						(24,893,217	)
Institutional Class					0						(18,155,514	)
Investor Class					0						(25,630,798	)
Total distributions to shareholders					0						(96,426,539	)
		Shares						Shares
Capital share transactions
Proceeds from shares sold
Class A		5,928,165			236,828,737			45,084,569			1,609,802,564
Class C		700,529			26,309,883			9,260,855			308,259,538
Administrator Class		12,279,778			519,448,866			54,655,303			2,072,257,753
Institutional Class		9,797,550			425,190,324			40,423,928			1,577,726,976
Investor Class		3,046,857			122,055,833			27,864,565			1,001,221,628
					1,329,833,643						6,569,268,459
Reinvestment of distributions
Class A		0			0			605,550			21,285,084
Class C		0			0			94,859			3,135,087
Administrator Class		0			0			619,824			22,828,128
Institutional Class		0			0			464,162			17,549,951
Investor Class		0			0			701,493			24,615,404
					0						89,413,654
Payment for shares redeemed
Class A		(8,730,255	)		(348,506,406	)		(19,402,054	)		(717,639,483	)
Class C		(1,092,766	)		(40,528,582	)		(1,412,210	)		(48,291,704	)
Administrator Class		(15,833,057	)		(661,267,538	)		(15,811,398	)		(612,739,866	)
Institutional Class		(13,687,431	)		(587,720,879	)		(10,047,770	)		(399,055,588	)
Investor Class		(7,586,908	)		(301,440,047	)		(17,762,906	)		(640,909,388	)
					(1,939,463,452	)					(2,418,636,029	)
Net increase (decrease) in net assets resulting from capital share transactions					(609,629,809	)					4,240,046,084
Total increase in net assets					437,670,473						4,818,876,201
Net assets
Beginning of period					10,295,943,025						5,477,066,824
End of period				$	10,733,613,498					$	10,295,943,025
Undistributed net investment income (loss)				$	(7,265,093	)				$	0

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

Financial highlights Wells Fargo Advantage Growth Fund 15

(For a share outstanding throughout each period)

	Six months ended January 31, 2013 (unaudited)			Year ended July 31
CLASS A				2012			2011			2010			2009			20081
Net asset value, beginning of period	$	37.85		$	35.88		$	26.10		$	21.13		$	25.20		$	26.36
Net investment loss		(0.05	)		(0.21	)2		(0.27	)2		(0.16	)2		(0.08	)2		(0.16	)2
Net realized and unrealized gains (losses) on investments		4.04			2.65			10.05			5.13			(3.99	)		(1.00	)
Total from investment operations		3.99			2.44			9.78			4.97			(4.07	)		(1.16	)
Distributions to shareholders from
Net realized gains		0.00			(0.47	)		0.00			0.00			0.00			0.00
Net asset value, end of period	$	41.84		$	37.85		$	35.88		$	26.10		$	21.13		$	25.20
Total return3		10.54	%		6.93	%		37.43	%		23.52	%		(16.15	)%		(4.40	)%
Ratios to average net assets (annualized)
Gross expenses		1.19	%		1.20	%		1.24	%		1.31	%		1.35	%		1.35	%
Net expenses		1.19	%		1.20	%		1.24	%		1.30	%		1.29	%		1.30	%
Net investment loss		(0.25	)%		(0.56	)%		(0.81	)%		(0.64	)%		(0.44	)%		(0.60	)%
Supplemental data
Portfolio turnover rate		20	%		47	%		54	%		72	%		88	%		122	%
Net assets, end of period (000s omitted)		$2,387,461			$2,265,845			$1,204,675			$163,485			$46,250			$34,992

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.

16 Wells Fargo Advantage Growth Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended January 31, 2013 (unaudited)			Year ended July 31
CLASS C				2012			2011			2010			2009			2008
Net asset value, beginning of period	$	35.42		$	33.86		$	24.81		$	20.24		$	24.30		$	25.62
Net investment loss		(0.20	)		(0.46	)1		(0.51	)1		(0.34	)1		(0.21	)1		(0.35	)1
Net realized and unrealized gains (losses) on investments		3.79			2.49			9.56			4.91			(3.85	)		(0.97	)
Total from investment operations		3.59			2.03			9.05			4.57			(4.06	)		(1.32	)
Distributions to shareholders from
Net realized gains		0.00			(0.47	)		0.00			0.00			0.00			0.00
Net asset value, end of period	$	39.01		$	35.42		$	33.86		$	24.81		$	20.24		$	24.30
Total return2		10.14	%		6.12	%		36.44	%		22.58	%		(16.71	)%		(5.15	)%
Ratios to average net assets (annualized)
Gross expenses		1.94	%		1.95	%		1.99	%		2.06	%		2.07	%		2.11	%
Net expenses		1.94	%		1.95	%		1.99	%		2.05	%		2.02	%		2.05	%
Net investment loss		(1.00	)%		(1.32	)%		(1.57	)%		(1.40	)%		(1.17	)%		(1.36	)%
Supplemental data
Portfolio turnover rate		20	%		47	%		54	%		72	%		88	%		122	%
Net assets, end of period (000s omitted)		$563,166			$525,285			$233,114			$14,737			$2,387			$1,307

1. Calculated based upon average shares outstanding

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

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

Financial highlights Wells Fargo Advantage Growth Fund 17

(For a share outstanding throughout each period)

	Six months ended January 31, 2013 (unaudited)			Year ended July 31
ADMINISTRATOR CLASS				2012			2011			2010			2009			2008
Net asset value, beginning of period	$	39.72		$	37.54		$	27.24		$	21.98		$	26.12		$	27.23
Net investment income (loss)		(0.00	)		(0.13	)1		(0.18	)1		(0.08	)1		(0.01	)1		(0.07	)1
Net realized and unrealized gains (losses) on investments		4.24			2.78			10.48			5.34			(4.13	)		(1.04	)
Total from investment operations		4.24			2.65			10.30			5.26			(4.14	)		(1.11	)
Distributions to shareholders from
Net realized gains		0.00			(0.47	)		0.00			0.00			0.00			0.00
Net asset value, end of period	$	43.96		$	39.72		$	37.54		$	27.24		$	21.98		$	26.12
Total return2		10.67	%		7.15	%		37.81	%		23.93	%		(15.85	)%		(4.08	)%
Ratios to average net assets (annualized)
Gross expenses		1.02	%		1.03	%		1.08	%		1.13	%		1.18	%		1.17	%
Net expenses		0.96	%		0.96	%		0.96	%		0.96	%		0.96	%		0.96	%
Net investment loss		(0.02	)%		(0.33	)%		(0.51	)%		(0.29	)%		(0.07	)%		(0.25	)%
Supplemental data
Portfolio turnover rate		20	%		47	%		54	%		72	%		88	%		122	%
Net assets, end of period (000s omitted)		$3,147,004			$2,984,775			$1,339,245			$414,489			$196,301			$109,958

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 Growth Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended January 31, 2013 (unaudited)			Year ended July 31
INSTITUTIONAL CLASS				2012			2011			2010			2009			2008
Net asset value, beginning of period	$	40.83		$	38.49		$	27.88		$	22.46		$	26.65		$	27.74
Net Investment income (loss)		0.04	1		(0.05	)1		(0.12	)1		(0.03	)1		0.01	1		(0.03	)1
Net realized and unrealized gains (losses) on investments		4.36			2.86			10.73			5.45			(4.20	)		(1.06	)
Total from investment operations		4.40			2.81			10.61			5.42			(4.19	)		(1.09	)
Distributions to shareholders from
Net realized gains		0.00			(0.47	)		0.00			0.00			0.00			0.00
Net asset value, end of period	$	45.23		$	40.83		$	38.49		$	27.88		$	22.46		$	26.65
Total return2		10.80	%		7.37	%		38.06	%		24.13	%		(15.72	)%		(3.93	)%
Ratios to average net assets (annualized)
Gross expenses		0.76	%		0.77	%		0.81	%		0.86	%		0.91	%		0.90	%
Net expenses		0.75	%		0.76	%		0.80	%		0.80	%		0.80	%		0.80	%
Net investment income (loss)		0.18	%		(0.13	)%		(0.35	)%		(0.12	)%		0.07	%		(0.10	)%
Supplemental data
Portfolio turnover rate		20	%		47	%		54	%		72	%		88	%		122	%
Net assets, end of period (000s omitted)		$2,385,505			$2,312,074			$992,748			$367,360			$255,282			$260,671

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, 2013 (unaudited)			Year ended July 31
INVESTOR CLASS				2012			2011			2010			2009			2008
Net asset value, beginning of period	$	37.77		$	35.83		$	26.09		$	21.14		$	25.23		$	26.43
Net investment loss		(0.06	)1		(0.23	)1		(0.28	)1		(0.17	)1		(0.10	)1		(0.20	)1
Net realized and unrealized gains (losses) on investments		4.03			2.64			10.02			5.12			(3.99	)		(1.00	)
Total from investment operations		3.97			2.41			9.74			4.95			(4.09	)		(1.20	)
Distributions to shareholders from
Net realized gains		0.00			(0.47	)		0.00			0.00			0.00			0.00
Net asset value, end of period	$	41.74		$	37.77		$	35.83		$	26.09		$	21.14		$	25.23
Total return2		10.51	%		6.85	%		37.29	%		23.42	%		(16.21	)%		(4.54	)%
Ratios to average net assets (annualized)
Gross expenses		1.25	%		1.26	%		1.31	%		1.41	%		1.46	%		1.49	%
Net expenses		1.25	%		1.26	%		1.31	%		1.40	%		1.40	%		1.44	%
Net investment loss		(0.30	)%		(0.64	)%		(0.85	)%		(0.71	)%		(0.54	)%		(0.73	)%
Supplemental data
Portfolio turnover rate		20	%		47	%		54	%		72	%		88	%		122	%
Net assets, end of period (000s omitted)		$2,250,478			$2,207,964			$1,707,285			$941,660			$748,218			$958,160

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 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 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

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

Equity securities that are listed on a foreign or domestic exchange, except for The Nasdaq Stock Market, Inc. (“Nasdaq”), are valued at the official closing price or, if none, the last sales price. Securities listed on Nasdaq are valued at the Nasdaq Official Closing Price (“NOCP”). If no NOCP is available, securities are valued at the last sales price. If no sales price is shown on the Nasdaq, the bid price will be used. If no sale occurs on the primary exchange or market for the security that day or if no sale occurs and no bid price is shown on Nasdaq, the prior day’s price will be deemed “stale” and fair values will be determined in accordance with the Fund’s Valuation Procedures.

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

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

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

Security loans

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

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

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 Funds Management and is subadvised by Wells Capital Management Incorporated (“WellsCap”). Funds Management receives an advisory fee starting at 0.05% and declining to 0.01% as the average daily net assets of the Cash Collateral Fund increase. All of the fees received by Funds Management are paid to WellsCap for its services as subadviser. 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.

Security transactions and income recognition

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

Dividend income is recognized on the ex-dividend date.

Distributions to shareholders

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

Federal and other taxes

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

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

As of July 31, 2012, the Fund had post-enactment capital loss carryforwards (losses incurred in taxable years which began after December 22, 2010) which consist of $219,708,344 in short-term capital losses and $938,115 in long-term capital losses.

Class allocations

The separate classes of shares offered by the Fund differ principally in applicable sales charges, distribution, shareholder servicing, and administration fees. 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 any 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, use of amortized cost, etc.)

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

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

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

As of January 31, 2013, the inputs used in valuing investments in securities, 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	$	10,697,300,513	$	0	$	0	$	10,697,300,513
Other		0		0		1,676,129		1,676,129
Short-term investments
Investment companies		47,459,711		993,866,578		0		1,041,326,289
	$	10,744,760,224	$	993,866,578	$	1,676,129	$	11,740,302,931

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, 2013, the Fund did not have any transfers into/out of Level 1 or 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 subadviser, who is responsible for day-to-day portfolio management of the Fund.

Pursuant to the contract, Funds Management is entitled to receive an annual advisory fee starting at 0.75% and declining to 0.60% as the average daily net assets of the Fund increase. For the six months ended January 31, 2013, the advisory fee was equivalent to an annual rate of 0.62% of the Fund’s average daily net assets.

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Funds Management. WellsCap, an affiliate of Funds Management, is the subadviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.45% and declining to 0.20% as the average daily net assets of the Fund increase. Prior to October 1, 2012, WellsCap received a fee at an annual rate which started at 0.35% and declined to 0.15% as the average daily net assets of the Fund increased.

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		0.32

Funds Management has contractually waived and/or reimbursed advisory and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. Waiver of fees and/or reimbursement of expenses by Funds Management were made first from fund level expenses on a proportionate basis and then from class specific expenses. Funds Management has committed through November 30, 2013 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.21% for Class A shares, 1.96% for Class C shares, 0.96% for Administrator Class shares, 0.75% for Institutional Class shares, and 1.27% for Investor Class shares.

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

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, 2013, Wells Fargo Funds Distributor, LLC received $66,220 from the sale of Class A shares and $10,000 and $10,322 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, for the six months ended January 31, 2013 were $2,062,473,892 and $2,411,340,381, respectively.

6. INVESTMENTS IN AFFILIATES

An affiliated investment is a company in which the Fund has ownership of at least 5% of the outstanding voting shares. The following is a summary of transactions in issuers that were either affiliates of the Fund at the beginning of the period or the end of the period.

	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period		Value, end of period		Income from affiliated securities		Realized gains (losses)
BroadSoft Incorporated		1,574,300		175,700		0		1,750,000	$	59,447,500	$	0	$	0
HomeAway Incorporated		3,089,470		1,200,530		0		4,290,000		102,831,300		0		0
Life Time Fitness Incorporated		3,049,000		35,000		449,000		2,635,000		133,673,550		0		1,914,155
Shutterfly Incorporated		2,466,100		575,000		116,100		2,925,000		96,759,000		0		(1,291,159	)
The Fresh Market Incorporated		2,197,000		1,367,000		49,000		3,515,000		171,848,350		0		405,339
Vitamin Shoppe Incorporated		1,423,800		1,066,200		15,000		2,475,000		151,173,000		0		118,113
									$	715,732,700	$	0	$	1,146,448

7. BANK BORROWINGS

The Trust (excluding the money market funds and certain other funds in the Trust) and Wells Fargo Variable Trust are parties to a $150,000,000 revolving credit agreement 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. For the six months ended January 31, 2013, the Fund paid $4,570 in commitment fees.

For the six months ended January 31, 2013, 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 PRONOUNCEMENT

In December 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) No. 2011-11, Disclosures about Offsetting Assets and Liabilities. ASU 2011-11, which amends FASB ASC Topic 210, Balance Sheet, creates new disclosure requirements which require entities to disclose both gross and net information for derivatives and other financial instruments that are either offset in the Statement of Assets and Liabilities or subject to an enforceable master netting arrangement or similar agreement. The disclosure requirements are effective for interim and annual reporting periods beginning on or after January 1, 2013. Management is currently assessing the potential impact, in addition to expanded financial statement disclosure, that may result from adopting this ASU.

24 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 website at wellsfargoadvantagefunds.com, or visiting the SEC website at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available without charge on the Fund’s website at wellsfargoadvantagefunds.com or by visiting the SEC website at sec.gov.

PORTFOLIO HOLDINGS INFORMATION

The complete portfolio holdings for the Fund are publicly available on the Fund’s website (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 website on a monthly, seven-day or more delayed basis. The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q, which is available without charge by visiting the SEC website at sec.gov. In addition, the Fund’s Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC, and at regional offices in New York City, at 233 Broadway, and in Chicago, at 175 West Jackson Boulevard, Suite 900. Information about the Public Reference Room may be obtained by calling 1-800-SEC-0330.

Other information (unaudited) Wells Fargo Advantage Growth Fund 25

BOARD OF TRUSTEES AND OFFICERS

Each of the Trustees and Officers listed in the table below acts in identical capacities for the Wells Fargo Advantage family of funds, which consists of 136 funds¹ comprising the Wells Fargo Funds Trust, Wells Fargo Variable Trust, Wells Fargo Master Trust and four closed-end funds (collectively the “Fund Complex”). This table should be read in conjunction with the Prospectus and the Statement of Additional Information². 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	Co-Founder, Retired Chairman, President and CEO of Crystal Geyser Water Company. Trustee Emeritus, Colby College.	Asset Allocation Trust
Isaiah Harris, Jr. (Born 1952)	Trustee, since 2009	Retired. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Coast Academy (charter school). Mr. Harris is a certified public accountant.	CIGNA Corporation; Deluxe Corporation; Asset Allocation Trust
Judith M. Johnson (Born 1949)	Trustee, since 2008; Audit Committee Chairman, since 2008	Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant.	Asset Allocation Trust
Leroy Keith, Jr. (Born 1939)	Trustee, since 2010	Chairman, Bloc Global Services (development and construction). Trustee of the Evergreen Funds 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 48 portfolios as of 1/31/2013); Asset Allocation Trust
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business, Stanford University, Morgan Stanley Director of the Center for Leadership Development and Research and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	Asset Allocation Trust
Olivia S. Mitchell (Born 1953)	Trustee, since 2006	International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993.	Asset Allocation Trust
Timothy J. Penny (Born 1951)	Trustee, since 1996	President and CEO of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007 and Senior Fellow at the Humphrey Institute Policy Forum at the University of Minnesota since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	Asset Allocation Trust

26 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
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.	Asset Allocation Trust
Donald C. Willeke (Born 1940)	Trustee, since 1996	Principal of the law firm of Willeke & Daniels. General Counsel of the Minneapolis Employees Retirement Fund from 1984 until its consolidation into the Minnesota Public Employees Retirement Association on June 30, 2010. Director and Vice Chair of The Tree Trust (non-profit corporation). Director of the American Chestnut Foundation (non-profit corporation).	Asset Allocation Trust

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

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.
Jeremy DePalma1 (Born 1974)	Treasurer, since 2012	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Vice President, Evergreen Investment Services, Inc. from 2004 to 2007. Head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.
C. David Messman (Born 1960)	Secretary, since 2000; Chief Legal Officer, since 2003	Senior Vice President and Secretary of Wells Fargo Funds Management, LLC since 2001. Vice President and Managing Counsel of Wells Fargo Bank, N.A. since 1996.
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.
David Berardi (Born 1975)	Assistant Treasurer, since 2009	Vice President of Wells Fargo Funds Management, LLC since 2009. Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Assistant Vice President of Evergreen Investment Services, Inc. from 2004 to 2008. Manager of Fund Reporting and Control for Evergreen Investment Management Company, LLC from 2004 to 2010.

1. Jeremy DePalma acts as Treasurer of 61 funds and Assistant Treasurer of 75 funds in the Fund Complex.

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

List of abbreviations Wells Fargo Advantage Growth Fund 27

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

ACA —  ACA Financial Guaranty Corporation

ADR —  American depositary receipt

ADS —  American depositary shares

AGC —  Assured Guaranty Corporation

AGM —  Assured Guaranty Municipal

Ambac —  Ambac Financial Group Incorporated

AMT —  Alternative minimum tax

AUD —  Australian dollar

BAN —  Bond anticipation notes

BHAC —  Berkshire Hathaway Assurance Corporation

BRL —  Brazilian real

CAB —  Capital appreciation bond

CAD —  Canadian dollar

CCAB —  Convertible capital appreciation bond

CDA —  Community Development Authority

CDO —  Collateralized debt obligation

CHF —  Swiss franc

COP —  Certificate of participation

DKK —  Danish krone

DRIVER —  Derivative inverse tax-exempt receipts

DW&P —  Department of Water & Power

DWR —  Department of Water Resources

ECFA —  Educational & Cultural Facilities Authority

EDA —  Economic Development Authority

EDFA —  Economic Development Finance Authority

ETF —  Exchange-traded fund

EUR —  Euro

FDIC —  Federal Deposit Insurance Corporation

FFCB —  Federal Farm Credit Banks

FGIC —  Financial Guaranty Insurance Corporation

FHA —  Federal Housing Administration

FHLB —  Federal Home Loan Bank

FHLMC —  Federal Home Loan Mortgage Corporation

FICO —  The Financing Corporation

FNMA —  Federal National Mortgage Association

FSA —  Farm Service Agency

GBP —  Great British pound

GDR —  Global depositary receipt

GNMA —  Government National Mortgage Association

GO —  General obligation

HCFR —  Healthcare facilities revenue

HEFA —  Health & Educational Facilities Authority

HEFAR —  Higher education facilities authority revenue

HFA —  Housing Finance Authority

HFFA —  Health Facilities Financing Authority

HKD —  Hong Kong dollar

HUD —  Department of Housing and Urban Development

HUF —  Hungarian forint

IDA —  Industrial Development Authority

IDAG —  Industrial Development Agency

IDR —  Industrial development revenue

IEP —  Irish pound

JPY —  Japanese yen

KRW —  Republic of Korea won

LIBOR —  London Interbank Offered Rate

LIQ —  Liquidity agreement

LLC —  Limited liability company

LLP —  Limited liability partnership

LOC —  Letter of credit

LP —  Limited partnership

MBIA —  Municipal Bond Insurance Association

MFHR —  Multifamily housing revenue

MSTR —  Municipal securities trust receipts

MTN —  Medium-term note

MUD —  Municipal Utility District

MXN —  Mexican peso

MYR —  Malaysian ringgit

National —  National Public Finance Guarantee Corporation

NOK —  Norwegian krone

NZD —  New Zealand dollar

PCFA —  Pollution Control Financing Authority

PCL —  Public Company Limited

PCR —  Pollution control revenue

PFA —  Public Finance Authority

PFFA —  Public Facilities Financing Authority

PFOTER —  Puttable floating option tax-exempt receipts

plc —  Public limited company

PLN —  Polish zloty

PUTTER —  Puttable tax-exempt receipts

R&D —  Research & development

Radian —  Radian Asset Assurance

RAN —  Revenue anticipation notes

RDA —  Redevelopment Authority

RDFA —  Redevelopment Finance Authority

REIT —  Real estate investment trust

ROC —  Reset option certificates

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

SPA —  Standby purchase agreement

SPDR —  Standard & Poor’s Depositary Receipts

STRIPS —  Separate trading of registered interest and       principal securities

TAN —  Tax anticipation notes

TBA —  To be announced

TIPS —  Treasury inflation-protected securities

TRAN —  Tax revenue anticipation notes

TRY —  Turkish lira

TTFA —  Transportation Trust Fund Authority

TVA —  Tennessee Valley Authority

ZAR —  South African rand

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For more information

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

Wells Fargo Advantage Funds

P.O. Box 8266

Boston, MA 02266-8266

Email: wfaf@wellsfargo.com

Website: wellsfargoadvantagefunds.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

This report and the financial statements contained herein are submitted for the general information of the shareholders of Wells Fargo Advantage Funds. If this report is used for promotional purposes, distribution of the report must be accompanied or preceded by a current prospectus. For a current prospectus and, if available, a summary prospectus containing more complete information, including charges and expenses, call 1-800-222-8222 or visit the Fund’s website 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

© 2013 Wells Fargo Funds Management, LLC. All rights reserved.

215104 03-13 SA206/SAR206 1-13

Wells Fargo Advantage Intrinsic Value Fund

Semi-Annual Report

January 31, 2013

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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	6
Fund expenses	8
Portfolio of investments	9
Financial statements
Statement of assets and liabilities	12
Statement of operations	13
Statement of changes in net assets	14
Financial highlights	15
Notes to financial statements	22
Other information	26
List of abbreviations	29

The views expressed and any forward-looking statements are as of January 31, 2013, 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 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 the 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 the investment objectives, risks, charges, and expenses before investing. For a current prospectus and, if available, a summary prospectus, for Wells Fargo Advantage Funds, 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, 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 $226 billion in assets under management, as of January 31, 2013.

Equity funds
Asia Pacific Fund	Enterprise Fund†	Opportunity Fund†
C&B Large Cap Value Fund	Global Opportunities Fund	Precious Metals Fund
C&B Mid Cap Value Fund	Growth Fund	Premier Large Company Growth Fund
Capital Growth Fund	Index Fund	Small Cap Opportunities Fund
Common Stock Fund	International Equity Fund	Small Cap Value Fund
Disciplined U.S. Core Fund	International Value Fund	Small Company Growth Fund
Discovery Fund†	Intrinsic Small Cap Value Fund	Small Company Value Fund
Diversified Equity Fund	Intrinsic Value Fund	Small/Mid Cap Value Fund
Diversified International Fund	Intrinsic World Equity Fund	Special Mid Cap Value Fund
Emerging Growth Fund	Large Cap Core Fund	Special Small Cap Value Fund
Emerging Markets Equity Fund	Large Cap Growth Fund	Specialized Technology Fund
Emerging Markets Equity Income Fund	Large Company Value Fund	Traditional Small Cap Growth Fund
Endeavor Select Fund†	Omega Growth Fund	Utility and Telecommunications Fund
Bond funds
Adjustable Rate Government Fund	High Yield Municipal Bond Fund	Short Duration Government Bond Fund
California Limited-Term Tax-Free Fund	Income Plus Fund	Short-Term Bond Fund
California Tax-Free Fund	Inflation-Protected Bond Fund	Short-Term High Yield Bond Fund
Colorado Tax-Free Fund	Intermediate Tax/AMT-Free Fund	Short-Term Municipal Bond Fund
Core Bond Fund	International Bond Fund	Strategic Income Fund
Emerging Markets Local Bond Fund	Minnesota Tax-Free Fund	Strategic Municipal Bond Fund
Government Securities Fund	Municipal Bond Fund	Ultra Short-Term Income Fund
High Income Fund	North Carolina Tax-Free Fund	Ultra Short-Term Municipal Income Fund
High Yield Bond Fund	Pennsylvania Tax-Free 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	Treasury Plus Money Market Fund
Cash Investment Money Market Fund	Municipal Cash Management 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 (unaudited)

Karla M. Rabusch

President

Wells Fargo Advantage Funds

Entering the period, concerns about the eurozone sovereign debt situation held center stage as investors again focused on economic weakness in southern European economies.

Aggressive central bank actions helped support stock prices, as did relatively solid economic data.

Dear Valued Shareholder:

We are 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, 2013. Much of the period was marked by continued concerns about the possible effects that the ongoing European sovereign debt crisis would have on the global economy. However, relatively solid economic data in the U.S. and efforts by European authorities to address the sovereign debt issue alleviated investor fears and supported global stock markets. Judging by various indexes, U.S. large-cap stocks underperformed small-cap stocks. Within the large-cap universe, value stocks outperformed growth stocks, partly because of strong performance from the financials sector.

The period was dominated by worries that ongoing debt problems in the eurozone would affect global economic growth.

Entering the period, concerns about the eurozone sovereign debt situation held center stage as investors again focused on economic weakness in southern European economies. Because many eurozone banks owned southern European debt and many U.S. banks had financial ties to eurozone banks, investors worried about the effects of a possible southern European debt default on the global financial system and economy. Ongoing weakness in the Greek economy made it difficult for the country to meet previously agreed upon austerity targets. Toward the end of the reporting period, political risk resurfaced in both Italy and Spain. In Italy, Prime Minister Mario Monti, an economist who was appointed to implement austerity measures and labor market reforms, resigned in December 2012. Monti later decided to run for office in the general election scheduled for February 2013.

European leaders took concerted action to calm investor concerns. In September 2012, the European Central Bank (ECB) announced that it would purchase an unlimited amount of one- to three-year sovereign debt from countries that had applied for a formal bailout through either the European Financial Stability Facility or the European Stability Mechanism. In another positive sign, in late November 2012, finance ministers from the 17-country eurozone and the International Monetary Fund struck a deal aimed at reducing Greece’s debt by the year 2020.

Central banks continued to provide stimulus.

Major central banks, including the U.S. Federal Reserve (Fed) and the ECB, continued to inject liquidity into the banks and the markets through various quantitative easing policies. 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 the financial system. The ECB was similarly aggressive, keeping its key rate at a historic low of 0.75%. Just prior to the beginning of the reporting period, the FOMC announced its intention to keep interest rates low until at least mid-2015 in order to support the sluggish economy. The Fed also announced open-ended purchases of $40 billion per month in mortgage-backed securities in an effort to support the housing market.

Stock markets posted solid gains in an eventful period.

Aggressive central bank actions helped support stock prices, as did relatively solid economic data. For much of the reporting period, the U.S. stock market benefited from favorable gross domestic product (GDP) data, with the growth rate improving from 1.3% (annualized) in the second quarter of 2012 to 3.1% (annualized) in the third quarter of 2012. However, the GDP growth rate slowed in the final months of 2012, with GDP growth coming in at 0.1% (annualized) in

Letter to shareholders (unaudited) Wells Fargo Advantage Intrinsic Value Fund 3

the fourth quarter of 2012. Because many investors attributed the weak number to the aftereffects of Hurricane Sandy on the eastern seaboard, the stock market remained resilient.

The steady improvement in the housing market supported investor sentiment. The National Association of Home Builders/First American Improving Markets Index identifies metro areas that have shown improvement from their respective troughs in housing permits, employment, and house prices for at least six consecutive months. The index rose for a fifth-consecutive month in January 2013, indicating improvements in 242 housing markets across the country. As a result, housing-related stocks strongly outperformed over the period, leading to better-than-index returns for sectors ranging from consumer discretionary (home improvement retailers), to materials (construction material providers), and to financials (mortgage lenders).

Throughout the period, a continued high unemployment rate was the main negative piece of U.S. economic data. Although the unemployment rate improved from 8.1% in August 2012 to 7.9% in January 2013, the labor market remained soft.

We remain committed to our investment strategies, even as many variables are at work in the market.

The full effect of the European credit crisis remains unknown. Elevated unemployment and debt defaults continue to pressure consumers and businesses alike. 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, we believe it helps manage 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 (unaudited)

Notice to shareholders

At its November 6-7, 2012 meeting, the Board of Trustees unanimously approved the following modifications to certain Class A sales load waiver privileges, with each change becoming effective on July 1, 2013:

n Annuity payments received under an annuity option or from death proceeds will no longer qualify for net asset value (NAV) repurchase privileges.

n The ability to reinvest redemption proceeds at NAV will be reduced from 120 days to 90 days.

n NAV purchase privileges for certain types of “grandfathered” shareholders will be modified to remove the ability to purchase Class A shares at NAV, unless those shares are held directly with the Fund.

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

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6 Wells Fargo Advantage Intrinsic Value Fund Performance highlights (unaudited)

Investment objective

The Fund seeks long-term capital appreciation.

Adviser

Wells Fargo Funds Management, LLC

Subadviser

Metropolitan West Capital Management, LLC

Portfolio managers

Gary Lisenbee

Jeffrey Peck

Average annual total returns¹ (%) as of January 31, 2013

		Including sales charge						Excluding sales charge						Expense ratios2 (%)
	Inception date	1 year		5 year		Life of the Fund		1 year		5 year		Life of the Fund		Gross		Net3
Class A (EIVAX)	8-1-2006		13.46		3.45		5.04		20.38		4.68		6.00		1.27		1.17
Class B (EIVBX)*	8-1-2006		14.46		3.54		5.23		19.46		3.89		5.23		2.02		1.92
Class C (EIVCX)	8-1-2006		18.44		3.88		5.23		19.44		3.88		5.23		2.02		1.92
Class R4 (EIVRX)	11-30-2012		–		–		–		20.79		4.97		6.28		0.94		0.81
Class R6 (EIVFX)	11-30-2012		–		–		–		20.81		4.98		6.29		0.79		0.66
Administrator Class (EIVDX)	7-30-2010		–		–		–		20.62		4.86		6.18		1.11		0.96
Institutional Class (EIVIX)	8-1-2006		–		–		–		20.81		4.98		6.29		0.84		0.71
Russell 1000® Value Index4	–		–		–		–		20.58		2.70		3.22		–		–

* 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 website, wellsfargoadvantagefunds.com.

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

For Class A shares, the maximum front-end sales charge is 5.75%. For Class B shares, the maximum contingent deferred sales charge is 5.00%. For Class C shares, the maximum contingent deferred sales charge is 1.00%. Performance including sales charge assumes the sales charge for the corresponding time period. Class R4, Class R6, Administrator Class, and Institutional Class shares are sold without a front-end sales charge or contingent deferred sales charge.

Stock values fluctuate in response to the activities of individual companies and general market and economic conditions. 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.

Please see footnotes on page 7.

Performance highlights (unaudited) Wells Fargo Advantage Intrinsic Value Fund 7

Ten largest equity holdings5 (%) as of January 31, 2013
Home Depot Incorporated	3.18
Time Warner Incorporated	3.08
CIGNA Corporation	3.03
Zions Bancorporation	2.96
Nextera Energy Incorporated	2.93
Occidental Petroleum Corporation	2.78
Oracle Corporation	2.77
Boeing Company	2.77
PepsiCo Incorporated	2.75
Charles Schwab Corporation	2.72

Sector distribution⁶ as of January 31, 2013

1. Historical performance shown for Class R4 shares prior to their inception reflects the performance of the Institutional Class shares, adjusted to reflect the higher expenses applicable to Class R4 shares. Historical performance shown for the Class R6 shares prior to their inception reflects the performance of the Institutional Class shares, and includes the higher expenses applicable to the Institutional Class shares. If these expenses had not been included, returns would be higher. 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.

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

3. The Adviser has committed through November 30, 2014, 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 1.16% for Class A, 1.91% for Class B, 1.91% for Class C, 0.80% for Class R4, 0.65% for Class R6, 0.95% for Administrator Class, and 0.70% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses, and extraordinary expenses are excluded from the cap. Without this cap, the Fund’s returns would have been lower.

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

5. 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.

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

8 Wells Fargo Advantage Intrinsic Value Fund Fund expenses (unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from August 1, 2012 to January 31, 2013.

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 8-1-2012		Ending account value 1-31-2013		Expenses paid during the period¹		Net annual expense ratio
Class A
Actual	$	1,000.00	$	1,132.35	$	6.29		1.17	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.31	$	5.96		1.17	%
Class B
Actual	$	1,000.00	$	1,128.78	$	10.30		1.92	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.53	$	9.75		1.92	%
Class C
Actual	$	1,000.00	$	1,128.26	$	10.30		1.92	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.53	$	9.75		1.92	%
Class R4
Actual	$	1,000.00	$	1,134.16	$	4.30		0.80	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.17	$	4.08		0.80	%
Class R6
Actual	$	1,000.00	$	1,134.31	$	3.50		0.65	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.93	$	3.31		0.65	%
Administrator Class
Actual	$	1,000.00	$	1,133.45	$	5.11		0.95	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.42	$	4.84		0.95	%
Institutional Class
Actual	$	1,000.00	$	1,134.35	$	4.09		0.76	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.37	$	3.87		0.76	%

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

Portfolio of investments—January 31, 2013 (unaudited) Wells Fargo Advantage Intrinsic Value Fund 9

Security name	Shares		Value
Common Stocks: 96.34%
Consumer Discretionary: 12.27%
Auto Components: 2.58%
TRW Automotive Holdings Corporation †		170,000	$	9,797,100
Media: 5.57%
Time Warner Incorporated		231,000		11,670,120
Walt Disney Company		175,000		9,429,000
				21,099,120
Specialty Retail: 4.12%
Home Depot Incorporated		180,000		12,045,600
Tiffany & Company «		54,000		3,550,500
				15,596,100
Consumer Staples: 11.85%
Beverages: 4.83%
Diageo plc ADR		66,000		7,873,800
PepsiCo Incorporated		143,000		10,417,550
				18,291,350
Food Products: 7.02%
H.J. Heinz Company «		131,000		7,942,530
The Hershey Company		107,000		8,501,150
Unilever NV ADR «		251,000		10,160,480
				26,604,160
Energy: 8.36%
Energy Equipment & Services: 2.06%
Schlumberger Limited		100,100		7,812,805
Oil, Gas & Consumable Fuels: 6.30%
Hess Corporation		124,000		8,327,840
Occidental Petroleum Corporation		119,100		10,512,957
QEP Resources Incorporated		171,000		5,018,850
				23,859,647
Financials: 17.42%
Capital Markets: 7.36%
Charles Schwab Corporation		623,000		10,298,190
Franklin Resources Incorporated		59,300		8,116,984
Northern Trust Corporation «		184,000		9,470,480
				27,885,654
Commercial Banks: 7.48%
M&T Bank Corporation «		82,500		8,471,925
SunTrust Banks Incorporated		305,000		8,652,850
Zions Bancorporation «		480,470		11,204,560
				28,329,335

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

10 Wells Fargo Advantage Intrinsic Value Fund Portfolio of investments—January 31, 2013 (unaudited)

Security name	Shares		Value
Diversified Financial Services: 2.58%
JPMorgan Chase & Company		208,000	$	9,786,400
Health Care: 9.21%
Health Care Equipment & Supplies: 4.44%
Abbott Laboratories		227,600		7,711,088
Baxter International Incorporated		134,000		9,090,560
				16,801,648
Health Care Providers & Services: 3.03%
CIGNA Corporation		197,000		11,492,980
Pharmaceuticals: 1.74%
AbbVie Incorporation		104,000		3,815,760
Hospira Incorporated †		81,000		2,763,720
				6,579,480
Industrials: 12.32%
Aerospace & Defense: 5.95%
Boeing Company		142,000		10,489,540
Huntington Ingalls Industries Incorporated		83,000		3,676,900
Northrop Grumman Corporation		128,500		8,357,640
				22,524,080
Air Freight & Logistics: 2.29%
United Parcel Service Incorporated Class B		109,300		8,666,397
Machinery: 4.08%
Deere & Company «		88,900		8,361,934
SPX Corporation		95,200		7,104,776
				15,466,710
Information Technology: 18.30%
Communications Equipment: 2.32%
QUALCOMM Incorporated		133,000		8,781,990
Computers & Peripherals: 4.48%
Apple Incorporated		16,300		7,421,553
EMC Corporation †		388,840		9,569,352
				16,990,905
Internet Software & Services: 1.82%
eBay Incorporated †		123,000		6,879,390
IT Services: 2.54%
International Business Machines Corporation		47,400		9,625,518
Semiconductors & Semiconductor Equipment: 1.87%
Texas Instruments Incorporated		214,000		7,079,120

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

Portfolio of investments—January 31, 2013 (unaudited) Wells Fargo Advantage Intrinsic Value Fund 11

Security name				Shares		Value
Software: 5.27%
Intuit Incorporated					151,500	$	9,450,570
Oracle Corporation					296,000		10,510,960
							19,961,530
Materials: 1.73%
Chemicals: 1.73%
Air Products & Chemicals Incorporated					74,940		6,552,005
Utilities: 4.88%
Electric Utilities: 4.88%
Nextera Energy Incorporated					154,000		11,095,700
Northeast Utilities					181,000		7,372,130
							18,467,830
Total Common Stocks (Cost $265,933,382)							364,931,254
	Yield
Short-Term Investments: 14.81%
Investment Companies: 14.81%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)		0.14	%		11,711,547		11,711,547
Wells Fargo Securities Lending Cash Investments, LLC (l)(r)(u)(v)		0.19			44,399,450		44,399,450
Total Short-Term Investments (Cost $56,110,997)							56,110,997

Total investments in securities
(Cost $322,044,379) *	111.15	%		421,042,251
Other assets and liabilities, net	(11.15	)		(42,252,663	)
Total net assets	100.00	%	$	378,789,588

† 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.

(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 Investment Company Act of 1940, as amended.

* Cost for federal income tax purposes is $322,574,064 and unrealized appreciation (depreciation) consists of:

Gross unrealized appreciation	$	98,970,440
Gross unrealized depreciation		(502,253	)
Net unrealized appreciation	$	98,468,187

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

12 Wells Fargo Advantage Intrinsic Value Fund Statement of assets and liabilities—January 31, 2013 (unaudited)

Assets
Investments
In unaffiliated securities (including securities on loan), at value (see cost below)	$	364,931,254
In affiliated securities, at value (see cost below)		56,110,997
Total investments, at value (see cost below)		421,042,251
Receivable for investments sold		2,237,287
Receivable for Fund shares sold		444,570
Receivable for dividends		404,466
Receivable for securities lending income		5,321
Prepaid expenses and other assets		108,371
Total assets		424,242,266
Liabilities
Payable for investments purchased		354,978
Payable for Fund shares redeemed		226,077
Payable upon receipt of securities loaned		44,399,450
Advisory fee payable		180,709
Distribution fees payable		15,752
Due to other related parties		58,514
Accrued expenses and other liabilities		217,198
Total liabilities		45,452,678
Total net assets	$	378,789,588
NET ASSETS CONSIST OF
Paid-in capital	$	268,867,987
Overdistributed net investment income		(99,864	)
Accumulated net realized gains on investments		11,023,593
Net unrealized gains on investments		98,997,872
Total net assets	$	378,789,588
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE1
Net assets – Class A	$	91,861,150
Shares outstanding – Class A		8,328,843
Net asset value per share – Class A		$11.03
Maximum offering price per share – Class A2		$11.70
Net assets – Class B	$	3,636,842
Shares outstanding – Class B		331,070
Net asset value per share – Class B		$10.99
Net assets – Class C	$	21,714,354
Shares outstanding – Class C		1,989,111
Net asset value per share – Class C		$10.92
Net assets – Class R4	$	10,709
Share outstanding – Class R4		970
Net asset value per share – Class R4		$11.04
Net assets – Class R6	$	53,559
Share outstanding – Class R6		4,850
Net asset value per share – Class R6		$11.04
Net assets – Administrator Class	$	35,728,707
Shares outstanding – Administrator Class		3,135,871
Net asset value per share – Administrator Class		$11.39
Net assets – Institutional Class	$	225,784,267
Shares outstanding – Institutional Class		20,426,769
Net asset value per share – Institutional Class		$11.05
Investment in unaffiliated securities (including securities on loan), at cost	$	265,933,382
Investments in affiliated securities, at cost	$	56,110,997
Total investments, at cost	$	322,044,379
Securities on loan, at value	$	43,359,772

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, 2013 (unaudited) Wells Fargo Advantage Intrinsic Value Fund 13

Investment income
Dividends*	$	3,784,023
Securities lending income, net		34,787
Income from affiliated securities		15,487
Total investment income		3,834,297
Expenses
Advisory fee		1,196,727
Administration fees
Fund level		92,056
Class A		113,575
Class B		5,184
Class C		26,729
Class R4		1	1
Class R6		2	1
Administrator Class		14,726
Institutional Class		90,735
Shareholder servicing fees
Class A		93,280
Class B		4,985
Class C		25,701
Class R4		2	1
Administrator Class		36,601
Distribution fees
Class B		14,954
Class C		77,104
Custody and accounting fees		7,824
Professional fees		1,656
Registration fees		1,840
Shareholder report expenses		1,840
Trustees’ fees and expenses		552
Other fees and expenses		1,656
Total expenses		1,807,730
Less: Fee waivers and/or expense reimbursements		(60,287	)
Net expenses		1,747,443
Net investment income		2,086,854
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on investments		15,904,105
Net change in unrealized gains (losses) on investments		27,793,990
Net realized and unrealized gains (losses) on investments		43,698,095
Net increase in net assets resulting from operations	$	45,784,949
* Net of foreign dividend withholding taxes in the amount of		$28,771

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

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

14 Wells Fargo Advantage Intrinsic Value Fund Statement of changes in net assets

	Six months ended January 31, 2013 (unaudited)						Year ended July 31, 2012
Operations
Net investment income				$	2,086,854					$	4,415,696
Net realized gains on investments					15,904,105						17,185,013
Net change in unrealized gains (losses) on investments					27,793,990						(16,910,395	)
Net increase in net assets resulting from operations					45,784,949						4,690,314
Distributions to shareholders from
Net investment income
Class A					(826,684	)					(3,158,452	)
Class B					0						(102,030	)
Class C					(35,977	)					(486,427	)
Class R4					(147	)1					N/A
Class R6					(740	)1					N/A
Administrator Class					(376,820	)					(53,362	)
Institutional Class					(2,942,395	)					(6,661,737	)
Net realized gains
Class A					(4,870,427	)					(11,786,758	)
Class B					(216,860	)					(603,944	)
Class C					(1,166,530	)					(2,557,958	)
Class R4					(575	)1					N/A
Class R6					(2,875	)1					N/A
Administrator Class					(1,660,496	)					(1,707,718	)
Institutional Class					(12,200,925	)					(20,996,038	)
Total distributions to shareholders					(24,301,451	)					(48,114,424	)
		Shares									Shares
Capital share transactions
Proceeds from shares sold
Class A		1,083,287			11,693,596			1,647,052			16,994,714
Class B		4,147			44,261			18,971			190,176
Class C		215,077			2,281,070			254,471			2,585,635
Class R4		901	1		10,000	1		N/A			N/A
Class R6		4,504	1		50,000	1		N/A			N/A
Administrator Class		839,046			9,320,288			2,764,809			28,764,230
Institutional Class		2,144,097			23,343,863			4,712,518			47,964,906
					46,743,078						96,499,661
Reinvestment of distributions
Class A		494,065			5,145,848			1,315,618			12,628,143
Class B		20,171			207,552			68,307			649,452
Class C		105,346			1,079,735			283,110			2,683,755
Class R4		69	1		722	1		N/A			N/A
Class R6		346	1		3,615	1		N/A			N/A
Administrator Class		162,840			1,754,702			82,852			810,567
Institutional Class		1,242,972			13,004,365			2,479,308			23,891,924
					21,196,539						40,663,841
Payment for shares redeemed
Class A		(1,658,324	)		(18,135,727	)		(8,398,558	)		(84,847,840	)
Class B		(111,253	)		(1,189,398	)		(343,683	)		(3,499,264	)
Class C		(291,752	)		(3,114,312	)		(1,064,389	)		(10,746,413	)
Administrator Class		(341,344	)		(3,828,603	)		(1,211,695	)		(11,999,406	)
Institutional Class		(4,234,690	)		(46,295,495	)		(9,917,914	)		(102,812,211	)
					(72,563,535	)					(213,905,134	)
Net decrease in net assets resulting from capital share transactions					(4,623,918	)					(76,741,632	)
Total increase (decrease) in net assets					16,859,580						(120,165,742	)
Net assets
Beginning of period					361,930,008						482,095,750
End of period				$	378,789,588					$	361,930,008
Undistributed (overdistributed) net investment income				$	(99,864	)				$	1,996,045

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

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, 2013 (unaudited)			Year ended July 31
CLASS A				2012			2011			20101			20091			20081
Net asset value, beginning of period	$	10.44		$	11.50			$9.84		$	8.48		$	10.19		$	11.53
Net investment income		0.05			0.11	2		0.10			0.10	2		0.10			0.09
Net realized and unrealized gains (losses) on investments		1.28			0.24			1.65			1.31			(1.71	)		(0.96	)
Total from investment operations		1.33			0.35			1.75			1.41			(1.61	)		(0.87	)
Distributions to shareholders from
Net investment income		(0.10	)		(0.28	)		(0.09	)		(0.05	)		(0.04	)		(0.05	)
Net realized gains		(0.64	)		(1.13	)		0.00			0.00			(0.06	)		(0.42	)
Total distributions to shareholders		(0.74	)		(1.41	)		(0.09	)		(0.05	)		(0.10	)		(0.47	)
Net asset value, end of period	$	11.03		$	10.44		$	11.50		$	9.84			$8.48		$	10.19
Total return3		13.24	%		4.38	%		17.88	%		16.67	%		(15.62	)%		(7.89	)%
Ratios to average net assets (annualized)
Gross expenses		1.18	%		1.24	%		1.24	%		1.17	%		1.15	%		1.12	%
Net expenses		1.17	%		1.17	%		1.17	%		1.11	%		1.14	%		1.11	%
Net investment income		0.91	%		1.05	%		0.81	%		1.05	%		1.62	%		0.96	%
Supplemental data
Portfolio turnover rate		16	%		34	%		25	%		23	%		23	%		26	%
Net assets, end of period (000s omitted)		$91,861			$87,784			$159,178			$147,957			$90,382			$88,456

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. 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 Intrinsic Value Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended January 31, 2013 (unaudited)			Year ended July 31
CLASS B				2012			2011			20101			20091			20081
Net asset value, beginning of period	$	10.34		$	11.37		$	9.72		$	8.40		$	10.11		$	11.48
Net investment income		0.01	2		0.03	2		0.01	2		0.03	2		0.07	2		0.02
Net realized and unrealized gains (losses) on investments		1.28			0.24			1.64			1.29			(1.72	)		(0.97	)
Total from investment operations		1.29			0.27			1.65			1.32			(1.65	)		(0.95	)
Distributions to shareholders from
Net investment income		0.00			(0.17	)		(0.00	)3		0.00			0.00			0.00
Net realized gains		(0.64	)		(1.13	)		0.00			0.00			(0.06	)		(0.42	)
Total distributions to shareholders		(0.64	)		(1.30	)		(0.00	)3		0.00			(0.06	)		(0.42	)
Net asset value, end of period		$10.99			$10.34			$11.37			$9.72			$8.40			$10.11
Total return4		12.88	%		3.56	%		17.03	%		15.71	%		(16.22	)%		(8.58	)%
Ratios to average net assets (annualized)
Gross expenses		1.97	%		2.01	%		1.99	%		1.93	%		1.91	%		1.91	%
Net expenses		1.92	%		1.92	%		1.91	%		1.88	%		1.90	%		1.90	%
Net investment income		0.19	%		0.27	%		0.07	%		0.30	%		0.84	%		0.15	%
Supplemental data
Portfolio turnover rate		16	%		34	%		25	%		23	%		23	%		26	%
Net assets, end of period (000s omitted)		$3,637			$4,323			$7,666			$9,206			$10,014			$18,248

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. Calculated based upon average shares outstanding.

3. Amount is less than $0.005.

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

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

Financial highlights Wells Fargo Advantage Intrinsic Value Fund 17

(For a share outstanding throughout each period)

	Six months ended January 31, 2013 (unaudited)			Year ended July 31
CLASS C				2012			2011			20101			20091			20081
Net asset value, beginning of period	$	10.30		$	11.35		$	9.72		$	8.40		$	10.11		$	11.48
Net investment income		0.01			0.03	2		0.02			0.03	2		0.06	2		0.01
Net realized and unrealized gains (losses) on investments		1.27			0.24			1.63			1.29			(1.71	)		(0.96	)
Total from investment operations		1.28			0.27			1.65			1.32			(1.65	)		(0.95	)
Distributions to shareholders from
Net investment income		(0.02	)		(0.19	)		(0.02	)		0.00			0.00			0.00
Net realized gains		(0.64	)		(1.13	)		0.00			0.00			(0.06	)		(0.42	)
Total distributions to shareholders		(0.66	)		(1.32	)		(0.02	)		0.00			(0.06	)		(0.42	)
Net asset value, end of period		$10.92			$10.30			$11.35			$9.72			$8.40			$10.11
Total return3		12.83	%		3.62	%		16.98	%		15.71	%		(16.22	)%		(8.58	)%
Ratios to average net assets (annualized)
Gross expenses		1.97	%		2.01	%		1.97	%		1.94	%		1.92	%		1.91	%
Net expenses		1.92	%		1.92	%		1.92	%		1.88	%		1.91	%		1.90	%
Net investment income		0.16	%		0.26	%		0.07	%		0.29	%		0.84	%		0.18	%
Supplemental data
Portfolio turnover rate		16	%		34	%		25	%		23	%		23	%		26	%
Net assets, end of period (000s omitted)		$21,714			$20,187			$28,230			$26,934			$20,396			$22,369

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. Calculated based upon average shares outstanding.

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

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

18 Wells Fargo Advantage Intrinsic Value Fund Financial highlights

(For a share outstanding throughout each period)

CLASS R4	Period ended January 31, 20131 (unaudited)
Net asset value, beginning of period	$	11.10
Net investment income		0.02
Net realized and unrealized gains (losses) on investments		0.71
Total from investment operations		0.73
Distributions to shareholders from
Net investment income		(0.15	)
Net realized gains		(0.64	)
Total distributions to shareholders		(0.79	)
Net asset value, end of period	$	11.04
Total return2		7.08	%
Ratios to average net assets (annualized)
Gross expenses		0.87	%
Net expenses		0.80	%
Net investment income		1.07	%
Supplemental data
Portfolio turnover rate		16	%
Net assets, end of period (000s omitted)		$11

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

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

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

Financial highlights Wells Fargo Advantage Intrinsic Value Fund 19

(For a share outstanding throughout each period)

CLASS R6	Period ended January 31, 20131 (unaudited)
Net asset value, beginning of period		$11.10
Net investment income		0.02
Net realized and unrealized gains (losses) on investments		0.71
Total from investment operations		0.73
Distributions to shareholders from
Net investment income		(0.15	)
Net realized gains		(0.64	)
Total distributions to shareholders		(0.79	)
Net asset value, end of period	$	11.04
Total return2		7.10	%
Ratios to average net assets (annualized)
Gross expenses		0.73	%
Net expenses		0.65	%
Net investment income		1.23	%
Supplemental data
Portfolio turnover rate		16	%
Net assets, end of period (000s omitted)		$54

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

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

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

20 Wells Fargo Advantage Intrinsic Value Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended January 31, 2013 (unaudited)			Year ended July 31
ADMINISTRATOR CLASS				2012			2011			20101
Net asset value, beginning of period	$	10.78		$	11.55			$9.87		$	9.87
Net investment income		0.06	2		0.12	2		0.11	2		0.00
Net realized and unrealized gains (losses) on investments		1.33			0.28			1.68			0.00
Total from investment operations		1.39			0.40			1.79			0.00
Distributions to shareholders from
Net investment income		(0.14	)		(0.04	)		(0.11	)		0.00
Net realized gains		(0.64	)		(1.13	)		0.00			0.00
Total distributions to shareholders		(0.78	)		(1.17	)		(0.11	)		0.00
Net asset value, end of period	$	11.39		$	10.78		$	11.55		$	9.87
Total return3		13.34	%		4.57	%		18.23	%		0.00	%
Ratios to average net assets (annualized)
Gross expenses		1.06	%		1.09	%		1.06	%		0.00	%
Net expenses		0.95	%		0.95	%		0.95	%		0.00	%
Net investment income		1.11	%		1.13	%		1.04	%		0.00	%
Supplemental data
Portfolio turnover rate		16	%		34	%		25	%		23	%
Net assets, end of period (000s omitted)		$35,729			$26,687			$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.

Financial highlights Wells Fargo Advantage Intrinsic Value Fund 21

(For a share outstanding throughout each period)

	Six months ended January 31, 2013 (unaudited)			Year ended July 31
INSTITUTIONAL CLASS				2012			2011			20101			20091			20081
Net asset value, beginning of period	$	10.48		$	11.56		$	9.87		$	8.51		$	10.22		$	11.55
Net investment income		0.08			0.14	2		0.13	2		0.12	2		0.12			0.14	2
Net realized and unrealized gains (losses) on investments		1.28			0.24			1.67			1.32			(1.72	)		(0.98	)
Total from investment operations		1.36			0.38			1.80			1.44			(1.60	)		(0.84	)
Distributions to shareholders from
Net investment income		(0.15	)		(0.33	)		(0.11	)		(0.08	)		(0.05	)		(0.07	)
Net realized gains		(0.64	)		(1.13	)		0.00			0.00			(0.06	)		(0.42	)
Total distributions to shareholders		(0.79	)		(1.46	)		(0.11	)		(0.08	)		(0.11	)		(0.49	)
Net asset value, end of period		$11.05			$10.48			$11.56			$9.87			$8.51			$10.22
Total return3		13.43	%		4.71	%		18.32	%		16.93	%		(15.44	)%		(7.66	)%
Ratios to average net assets (annualized)
Gross expenses		0.79	%		0.83	%		0.79	%		0.94	%		0.92	%		0.89	%
Net expenses		0.76	%		0.82	%		0.79	%		0.88	%		0.91	%		0.88	%
Net investment income		1.33	%		1.35	%		1.16	%		1.27	%		1.86	%		1.25	%
Supplemental data
Portfolio turnover rate		16	%		34	%		25	%		23	%		23	%		26	%
Net assets, end of period (000s omitted)		$225,784			$222,949			$277,329			$1,109,507			$348,093			$299,456

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. 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 Intrinsic 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 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

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

Equity securities that are listed on a foreign or domestic exchange, except for The Nasdaq Stock Market, Inc. (“Nasdaq”), are valued at the official closing price or, if none, the last sales price. Securities listed on Nasdaq are valued at the Nasdaq Official Closing Price (“NOCP”). If no NOCP is available, securities are valued at the last sales price. If no sales price is shown on the Nasdaq, the bid price will be used. If no sale occurs on the primary exchange or market for the security that day or if no sale occurs and no bid price is shown on Nasdaq, the prior day’s price will be deemed “stale” and fair values will be determined in accordance with the Fund’s Valuation Procedures.

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

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

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

Security loans

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

Notes to financial statements (unaudited) Wells Fargo Advantage Intrinsic Value Fund 23

The Fund lends its securities through an unaffiliated securities lending agent. Cash collateral received in connection with its securities lending transactions is invested in 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 Funds Management and is subadvised by Wells Capital Management Incorporated (“WellsCap”). Funds Management receives an advisory fee starting at 0.05% and declining to 0.01% as the average daily net assets of the Cash Collateral Fund increase. All of the fees received by Funds Management are paid to WellsCap for its services as subadviser. 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.

Security transactions and income recognition

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

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

Distributions to shareholders

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

Federal and other taxes

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

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

Class allocations

The separate classes of shares offered by the Fund differ principally in applicable sales charges, distribution, shareholder servicing, and administration fees. 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 any 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, use of amortized cost, etc.)

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

24 Wells Fargo Advantage Intrinsic Value Fund Notes to financial statements (unaudited)

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

As of January 31, 2013, the inputs used in valuing investments in securities, 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	$	364,931,254	$	0	$	0	$	364,931,254
Short-term investments
Investment companies		11,711,547		44,399,450		0		56,110,997
	$	376,642,801	$	44,399,450	$	0	$	421,042,251

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, 2013, the Fund did not have any transfers into/out of Level 1 or 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 subadviser, who is responsible for day-to-day portfolio management of the Fund.

Pursuant to the contract, Funds Management is entitled to receive an annual advisory fee starting at 0.65% and declining to 0.55% as the average daily net assets of the Fund increase. For the six months ended January 31, 2013, the advisory fee was equivalent to an annual rate of 0.65% of the Fund’s average daily net assets.

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Funds Management. Metropolitan West Capital Management, LLC, an affiliate of Funds Management, is the subadviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.35% and declining to 0.25% 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	%
Class R4, Institutional Class		0.08
Class R6		0.03
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, 2014 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.16% for Class A shares, 1.91% for Class B shares, 1.91% for Class C shares, 0.80% for Class R4 shares, 0.65% for Class R6 shares, 0.95% for Administrator Class shares, and 0.70% for Institutional Class shares.

Notes to financial statements (unaudited) Wells Fargo Advantage Intrinsic Value Fund 25

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, 2013, Wells Fargo Funds Distributor, LLC received $6,885 from the sale of Class A shares and $100, $378, and $34 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, 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. Class R4 shares are charged a fee at an annual rate of 0.10% of its average daily net assets.

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended January 31, 2013 were $53,892,236 and $82,095,876, respectively.

6. BANK BORROWINGS

The Trust (excluding the money market funds and certain other funds in the Trust) and Wells Fargo Variable Trust are parties to a $150,000,000 revolving credit agreement 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. For the six months ended January 31, 2013, the Fund paid $159 in commitment fees.

For the six months ended January 31, 2013, 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 PRONOUNCEMENT

In December 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) No. 2011-11, Disclosures about Offsetting Assets and Liabilities. ASU 2011-11, which amends FASB ASC Topic 210, Balance Sheet, creates new disclosure requirements which require entities to disclose both gross and net information for derivatives and other financial instruments that are either offset in the Statement of Assets and Liabilities or subject to an enforceable master netting arrangement or similar agreement. The disclosure requirements are effective for interim and annual reporting periods beginning on or after January 1, 2013. Management is currently assessing the potential impact, in addition to expanded financial statement disclosure, that may result from adopting this ASU.

26 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 website at wellsfargoadvantagefunds.com, or visiting the SEC website at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available without charge on the Fund’s website at wellsfargoadvantagefunds.com or by visiting the SEC website at sec.gov.

PORTFOLIO HOLDINGS INFORMATION

The complete portfolio holdings for the Fund are publicly available on the Fund’s website (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 website on a monthly, seven-day or more delayed basis. The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q, which is available without charge by visiting the SEC website at sec.gov. In addition, the Fund’s Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC, and at regional offices in New York City, at 233 Broadway, and in Chicago, at 175 West Jackson Boulevard, Suite 900. Information about the Public Reference Room may be obtained by calling 1-800-SEC-0330.

Other information (unaudited) Wells Fargo Advantage Intrinsic Value Fund 27

BOARD OF TRUSTEES AND OFFICERS

Each of the Trustees and Officers listed in the table below acts in identical capacities for the Wells Fargo Advantage family of funds, which consists of 136 funds¹ comprising the Wells Fargo Funds Trust, Wells Fargo Variable Trust, Wells Fargo Master Trust and four closed-end funds (collectively the “Fund Complex”). This table should be read in conjunction with the Prospectus and the Statement of Additional Information². 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	Co-Founder, Retired Chairman, President and CEO of Crystal Geyser Water Company. Trustee Emeritus, Colby College.	Asset Allocation Trust
Isaiah Harris, Jr. (Born 1952)	Trustee, since 2009	Retired. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Coast Academy (charter school). Mr. Harris is a certified public accountant.	CIGNA Corporation; Deluxe Corporation; Asset Allocation Trust
Judith M. Johnson (Born 1949)	Trustee, since 2008; Audit Committee Chairman, since 2008	Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant.	Asset Allocation Trust
Leroy Keith, Jr. (Born 1939)	Trustee, since 2010	Chairman, Bloc Global Services (development and construction). Trustee of the Evergreen Funds 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 48 portfolios as of 1/31/2013); Asset Allocation Trust
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business, Stanford University, Morgan Stanley Director of the Center for Leadership Development and Research and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	Asset Allocation Trust
Olivia S. Mitchell (Born 1953)	Trustee, since 2006	International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993.	Asset Allocation Trust
Timothy J. Penny (Born 1951)	Trustee, since 1996	President and CEO of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007 and Senior Fellow at the Humphrey Institute Policy Forum at the University of Minnesota since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	Asset Allocation Trust

28 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
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.	Asset Allocation Trust
Donald C. Willeke (Born 1940)	Trustee, since 1996	Principal of the law firm of Willeke & Daniels. General Counsel of the Minneapolis Employees Retirement Fund from 1984 until its consolidation into the Minnesota Public Employees Retirement Association on June 30, 2010. Director and Vice Chair of The Tree Trust (non-profit corporation). Director of the American Chestnut Foundation (non-profit corporation).	Asset Allocation Trust

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

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.
Jeremy DePalma1 (Born 1974)	Treasurer, since 2012	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Vice President, Evergreen Investment Services, Inc. from 2004 to 2007. Head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.
C. David Messman (Born 1960)	Secretary, since 2000; Chief Legal Officer, since 2003	Senior Vice President and Secretary of Wells Fargo Funds Management, LLC since 2001. Vice President and Managing Counsel of Wells Fargo Bank, N.A. since 1996.
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.
David Berardi (Born 1975)	Assistant Treasurer, since 2009	Vice President of Wells Fargo Funds Management, LLC since 2009. Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Assistant Vice President of Evergreen Investment Services, Inc. from 2004 to 2008. Manager of Fund Reporting and Control for Evergreen Investment Management Company, LLC from 2004 to 2010.

1. Jeremy DePalma acts as Treasurer of 61 funds and Assistant Treasurer of 75 funds in the Fund Complex.

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

List of abbreviations Wells Fargo Advantage Intrinsic Value Fund 29

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

ACA —  ACA Financial Guaranty Corporation

ADR —  American depositary receipt

ADS —  American depositary shares

AGC —  Assured Guaranty Corporation

AGM —  Assured Guaranty Municipal

Ambac —   Ambac Financial Group Incorporated

AMT —  Alternative minimum tax

AUD —  Australian dollar

BAN —  Bond anticipation notes

BHAC —  Berkshire Hathaway Assurance Corporation

BRL —  Brazilian real

CAB —  Capital appreciation bond

CAD —  Canadian dollar

CCAB —  Convertible capital appreciation bond

CDA —  Community Development Authority

CDO —  Collateralized debt obligation

CHF —  Swiss franc

COP —  Certificate of participation

DKK —  Danish krone

DRIVER —  Derivative inverse tax-exempt receipts

DW&P —  Department of Water & Power

DWR —  Department of Water Resources

ECFA —  Educational & Cultural Facilities Authority

EDA —  Economic Development Authority

EDFA —  Economic Development Finance Authority

ETF —  Exchange-traded fund

EUR —  Euro

FDIC —  Federal Deposit Insurance Corporation

FFCB —  Federal Farm Credit Banks

FGIC —  Financial Guaranty Insurance Corporation

FHA —  Federal Housing Administration

FHLB —  Federal Home Loan Bank

FHLMC —  Federal Home Loan Mortgage Corporation

FICO —  The Financing Corporation

FNMA —  Federal National Mortgage Association

FSA —  Farm Service Agency

GBP —  Great British pound

GDR —  Global depositary receipt

GNMA —�� Government National Mortgage Association

GO —  General obligation

HCFR —  Healthcare facilities revenue

HEFA —  Health & Educational Facilities Authority

HEFAR —  Higher education facilities authority revenue

HFA —  Housing Finance Authority

HFFA —  Health Facilities Financing Authority

HKD —  Hong Kong dollar

HUD —  Department of Housing and Urban Development

HUF —  Hungarian forint

IDA —  Industrial Development Authority

IDAG —  Industrial Development Agency

IDR —  Industrial development revenue

IEP —  Irish pound

JPY —  Japanese yen

KRW —  Republic of Korea won

LIBOR —  London Interbank Offered Rate

LIQ —  Liquidity agreement

LLC —  Limited liability company

LLP —  Limited liability partnership

LOC —  Letter of credit

LP —  Limited partnership

MBIA —  Municipal Bond Insurance Association

MFHR —  Multifamily housing revenue

MSTR —  Municipal securities trust receipts

MTN —  Medium-term note

MUD —  Municipal Utility District

MXN —  Mexican peso

MYR —  Malaysian ringgit

National —  National Public Finance Guarantee Corporation

NOK —  Norwegian krone

NZD —  New Zealand dollar

PCFA —  Pollution Control Financing Authority

PCL —  Public Company Limited

PCR —  Pollution control revenue

PFA —  Public Finance Authority

PFFA —  Public Facilities Financing Authority

PFOTER —  Puttable floating option tax-exempt receipts

plc —  Public limited company

PLN —  Polish zloty

PUTTER —  Puttable tax-exempt receipts

R&D —  Research & development

Radian —  Radian Asset Assurance

RAN —  Revenue anticipation notes

RDA —  Redevelopment Authority

RDFA —  Redevelopment Finance Authority

REIT —  Real estate investment trust

ROC —  Reset option certificates

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

SPA —  Standby purchase agreement

SPDR —  Standard & Poor’s Depositary Receipts

STRIPS —  Separate trading of registered interest and       principal securities

TAN —  Tax anticipation notes

TBA —  To be announced

TIPS —  Treasury inflation-protected securities

TRAN —  Tax revenue anticipation notes

TRY —  Turkish lira

TTFA —  Transportation Trust Fund Authority

TVA —  Tennessee Valley Authority

ZAR —  South African rand

This page is intentionally left blank.

For more information

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

Wells Fargo Advantage Funds

P.O. Box 8266

Boston, MA 02266-8266

Email: wfaf@wellsfargo.com

Website: wellsfargoadvantagefunds.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

This report and the financial statements contained herein are submitted for the general information of the shareholders of Wells Fargo Advantage Funds. If this report is used for promotional purposes, distribution of the report must be accompanied or preceded by a current prospectus. For a current prospectus and, if available, a summary prospectus containing more complete information, including charges and expenses, call 1-800-222-8222 or visit the Fund’s website 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

© 2013 Wells Fargo Funds Management, LLC. All rights reserved.

215105 03-13 SA207/SAR207 1-13

Wells Fargo Advantage Large Cap Core Fund

Semi-Annual Report

January 31, 2013

Reduce clutter. Save trees.

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

Contents

Letter to shareholders	2
Performance highlights	4
Fund expenses	6
Portfolio of investments	7
Financial statements
Statement of assets and liabilities	11
Statement of operations	12
Statement of changes in net assets	13
Financial highlights	14
Notes to financial statements	19
Other information	23
List of abbreviations	26

The views expressed and any forward-looking statements are as of January 31, 2013, 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 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 the 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 the investment objectives, risks, charges, and expenses before investing. For a current prospectus and, if available, a summary prospectus, for Wells Fargo Advantage Funds, 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, 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 $226 billion in assets under management, as of January 31, 2013.

Equity funds
Asia Pacific Fund	Global Opportunities Fund	Premier Large Company Growth Fund
C&B Large Cap Value Fund	Growth Fund	Small Cap Opportunities Fund
C&B Mid Cap Value Fund	Index Fund	Small Cap Value Fund
Capital Growth Fund	International Equity Fund	Small Company Growth Fund
Common Stock Fund	International Value Fund	Small Company Value Fund
Disciplined U.S. Core Fund	Intrinsic Small Cap Value Fund	Small/Mid Cap Value Fund
Discovery Fund†	Intrinsic Value Fund	Special Mid Cap Value Fund
Diversified Equity Fund	Intrinsic World Equity Fund	Special Small Cap Value Fund
Diversified International Fund	Large Cap Core Fund	Specialized Technology Fund
Emerging Growth Fund	Large Cap Growth Fund	Traditional Small Cap Growth Fund
Emerging Markets Equity Fund	Large Company Value Fund	Utility and Telecommunications Fund
Emerging Markets Equity Income Fund	Omega Growth Fund
Endeavor Select Fund†	Opportunity Fund†
Enterprise Fund†	Precious Metals Fund
Bond funds
Adjustable Rate Government Fund	High Yield Municipal Bond Fund	Short Duration Government Bond Fund
California Limited-Term Tax-Free Fund	Income Plus Fund	Short-Term Bond Fund
California Tax-Free Fund	Inflation-Protected Bond Fund	Short-Term High Yield Bond Fund
Colorado Tax-Free Fund	Intermediate Tax/AMT-Free Fund	Short-Term Municipal Bond Fund
Core Bond Fund	International Bond Fund	Strategic Income Fund
Emerging Markets Local Bond Fund	Minnesota Tax-Free Fund	Strategic Municipal Bond Fund
Government Securities Fund	Municipal Bond Fund	Ultra Short-Term Income Fund
High Income Fund	North Carolina Tax-Free Fund	Ultra Short-Term Municipal Income Fund
High Yield Bond Fund	Pennsylvania Tax-Free 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	Treasury Plus Money Market Fund
Cash Investment Money Market Fund	Municipal Cash Management 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 (unaudited)

Karla M. Rabusch

President

Wells Fargo Advantage Funds

Entering the period, concerns about the eurozone sovereign debt situation held center stage as investors again focused on economic weakness in southern European economies.

Aggressive central bank actions helped support stock prices, as did relatively solid economic data.

Dear Valued Shareholder:

We are 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, 2013. Much of the period was marked by continued concerns about the possible effects that the ongoing European sovereign debt crisis would have on the global economy. However, relatively solid economic data in the U.S. and efforts by European authorities to address the sovereign debt issue alleviated investor fears and supported global stock markets. Judging by various indexes, U.S. large-cap stocks underperformed small-cap stocks. Within the large-cap universe, value stocks outperformed growth stocks, partly because of strong performance from the financials sector.

The period was dominated by worries that ongoing debt problems in the eurozone would affect global economic growth.

Entering the period, concerns about the eurozone sovereign debt situation held center stage as investors again focused on economic weakness in southern European economies. Because many eurozone banks owned southern European debt and many U.S. banks had financial ties to eurozone banks, investors worried about the effects of a possible southern European debt default on the global financial system and economy. Ongoing weakness in the Greek economy made it difficult for the country to meet previously agreed upon austerity targets. Toward the end of the reporting period, political risk resurfaced in both Italy and Spain. In Italy, Prime Minister Mario Monti, an economist who was appointed to implement austerity measures and labor market reforms, resigned in December 2012. Monti later decided to run for office in the general election scheduled for February 2013.

European leaders took concerted action to calm investor concerns. In September 2012, the European Central Bank (ECB) announced that it would purchase an unlimited amount of one-to three-year sovereign debt from countries that had applied for a formal bailout through either the European Financial Stability Facility or the European Stability Mechanism. In another positive sign, in late November 2012, finance ministers from the 17-country eurozone and the International Monetary Fund struck a deal aimed at reducing Greece’s debt by the year 2020.

Central banks continued to provide stimulus.

Major central banks, including the U.S. Federal Reserve (Fed) and the ECB, continued to inject liquidity into the banks and the markets through various quantitative easing policies. 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 the financial system. The ECB was similarly aggressive, keeping its key rate at a historic low of 0.75%. Just prior to the beginning of the reporting period, the FOMC announced its intention to keep interest rates low until at least mid-2015 in order to support the sluggish economy. The Fed also announced open-ended purchases of $40 billion per month in mortgage-backed securities in an effort to support the housing market.

Stock markets posted solid gains in an eventful period.

Aggressive central bank actions helped support stock prices, as did relatively solid economic data. For much of the reporting period, the U.S. stock market benefited from favorable gross domestic product (GDP) data, with the growth rate improving from 1.3% (annualized) in the second quarter of 2012 to 3.1% (annualized) in the third quarter of 2012. However, the GDP growth rate slowed in the final months of 2012, with GDP growth coming in at 0.1% (annualized) in the fourth quarter of 2012. Because many investors attributed the weak number to the aftereffects of Hurricane Sandy on the eastern seaboard, the stock market remained resilient.

Letter to shareholders (unaudited) Wells Fargo Advantage Large Cap Core Fund 3

The steady improvement in the housing market supported investor sentiment. The National Association of Home Builders/First American Improving Markets Index identifies metro areas that have shown improvement from their respective troughs in housing permits, employment, and house prices for at least six consecutive months. The index rose for a fifth-consecutive month in January 2013, indicating improvements in 242 housing markets across the country. As a result, housing-related stocks strongly outperformed over the period, leading to better-than-index returns for sectors ranging from consumer discretionary (home improvement retailers), to materials (construction material providers), and to financials (mortgage lenders).

Throughout the period, a continued high unemployment rate was the main negative piece of U.S. economic data. Although the unemployment rate improved from 8.1% in August 2012 to 7.9% in January 2013, the labor market remained soft.

We remain committed to our investment strategies, even as many variables are at work in the market.

The full effect of the European credit crisis remains unknown. Elevated unemployment and debt defaults continue to pressure consumers and businesses alike. 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, we believe it helps manage 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

Notice to shareholders

At its November 6-7, 2012 meeting, the Board of Trustees unanimously approved the following modifications to certain Class A sales load waiver privileges, with each change becoming effective on July 1, 2013:

n Annuity payments received under an annuity option or from death proceeds will no longer qualify for net asset value (NAV) repurchase privileges.

n The ability to reinvest redemption proceeds at NAV will be reduced from 120 days to 90 days.

n NAV purchase privileges for certain types of “grandfathered” shareholders will be modified to remove the ability to purchase Class A shares at NAV, unless those shares are held directly with the Fund.

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

4 Wells Fargo Advantage Large Cap Core Fund Performance highlights (unaudited)

Investment objective

The Fund seeks long-term capital appreciation.

Adviser

Wells Fargo Funds Management, LLC

Subadviser

Golden Capital Management, LLC

Portfolio manager

Jeff C. Moser, CFA

Average annual total returns¹ (%) as of January 31, 2013

		Including sales charge						Excluding sales charge						Expense ratios2 (%)
	Inception date	1 year		5 year		Life of Fund		1 year		5 year		Life of Fund		Gross		Net3
Class A (EGOAX)	12-17-2007		10.12		1.57		0.33		16.79		2.78		1.50		1.37		1.14
Class C (EGOCX)	12-17-2007		15.01		2.01		0.78		16.01		2.01		0.78		2.12		1.89
Administrator Class (WFLLX)	7-16-2010		–		–		–		17.18		2.93		1.66		1.21		0.90
Institutional Class (EGOIX)	12-17-2007		–		–		–		17.44		3.16		1.89		0.94		0.66
Investor Class (WFLNX)	7-16-2010		–		–		–		16.78		2.59		1.33		1.43		1.20
S&P 500 Index4	–		–		–		–		16.78		3.97		2.95		–		–

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 website, wellsfargoadvantagefunds.com .

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

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

Stock values fluctuate in response to the activities of individual companies and general market and economic conditions. The use of derivatives may reduce returns and/or increase volatility. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). The Fund is exposed to foreign investment risk. Consult the Fund’s prospectus for additional information on these and other risks.

Please see footnotes on page 5.

Performance highlights (unaudited) Wells Fargo Advantage Large Cap Core Fund 5

Ten largest equity holdings5 (%) as of January 31, 2013
Chicago Bridge & Iron Company NV		2.51
Terex Corporation		2.40
Celgene Corporation		2.39
JPMorgan Chase & Company	��	2.29
Goldman Sachs Group Incorporated		2.29
CVS Caremark Corporation		2.24
W.R. Grace & Company		2.24
Cadence Design Systems Incorporated		2.23
ACE Limited		2.23
HollyFrontier Corporation		2.22

Sector distribution⁶ as of January 31, 2013

1. 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.

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

3. The Adviser has committed through November 30, 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. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses, and extraordinary expenses are excluded from the cap. Without this cap, the Fund’s returns would have been lower.

4. The S&P 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.

5. 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.

6. 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 Fund expenses (unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from August 1, 2012 to January 31, 2013.

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 you 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 cost 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 8-1-2012		Ending account value 1-31-2013		Expenses paid during the period1		Net annual expense ratio
Class A
Actual	$	1,000.00	$	1,096.57	$	6.02		1.14	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.46	$	5.80		1.14	%
Class C
Actual	$	1,000.00	$	1,092.58	$	9.97		1.89	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.68	$	9.60		1.89	%
Administrator Class
Actual	$	1,000.00	$	1,097.92	$	4.76		0.90	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.67	$	4.58		0.90	%
Institutional Class
Actual	$	1,000.00	$	1,099.11	$	3.49		0.66	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.88	$	3.36		0.66	%
Investor Class
Actual	$	1,000.00	$	1,096.48	$	6.39		1.21	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.11	$	6.16		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).

Portfolio of investments—January 31, 2013 (unaudited) Wells Fargo Advantage Large Cap Core Fund 7

Security name	Shares		Value
Common Stocks: 99.15%
Consumer Discretionary: 11.66%
Media: 1.95%
Comcast Corporation Class A		92,342	$	3,516,383
Specialty Retail: 9.71%
Foot Locker Incorporated		105,213		3,614,067
GNC Holdings Incorporated Class A		97,925		3,519,425
Home Depot Incorporated		59,748		3,998,336
Ross Stores Incorporated		47,505		2,836,049
TJX Companies Incorporated		79,000		3,569,220
				17,537,097
Consumer Staples: 7.48%
Food & Staples Retailing: 4.14%
CVS Caremark Corporation		78,916		4,040,499
Wal-Mart Stores Incorporated		49,177		3,439,931
				7,480,430
Household Products: 2.07%
Spectrum Brands Holdings Incorporated		73,905		3,742,549
Personal Products: 1.27%
Herbalife Limited «		62,808		2,281,187
Energy: 9.85%
Oil, Gas & Consumable Fuels: 9.85%
Chevron Corporation		29,294		3,373,204
ConocoPhillips Company		59,805		3,468,690
Exxon Mobil Corporation		34,941		3,143,642
HollyFrontier Corporation		76,630		4,001,619
Phillips 66 Incorporated		62,845		3,806,522
				17,793,677
Financials: 16.86%
Capital Markets: 2.29%
Goldman Sachs Group Incorporated		27,935		4,130,469
Commercial Banks: 5.88%
Fifth Third Bancorp		227,303		3,702,766
SunTrust Banks Incorporated		120,935		3,430,926
US Bancorp		105,630		3,496,353
				10,630,045
Diversified Financial Services: 2.29%
JPMorgan Chase & Company		87,796		4,130,802
Insurance: 6.40%
ACE Limited		47,094		4,018,531

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

8 Wells Fargo Advantage Large Cap Core Fund Portfolio of investments—January 31, 2013 (unaudited)

Security name	Shares		Value
Insurance (continued)
Allstate Corporation		83,195	$	3,652,261
MetLife Incorporated		104,081		3,886,385
				11,557,177
Health Care: 15.80%
Biotechnology: 4.43%
Amgen Incorporated		43,193		3,691,274
Celgene Corporation †		43,554		4,310,104
				8,001,378
Health Care Equipment & Supplies: 1.86%
Abbott Laboratories		98,865		3,349,546
Health Care Providers & Services: 3.71%
McKesson Corporation		32,758		3,447,124
UnitedHealth Group Incorporated		58,813		3,247,066
				6,694,190
Life Sciences Tools & Services: 2.21%
Thermo Fisher Scientific Incorporated		55,435		3,999,081
Pharmaceuticals: 3.59%
AbbVie Incorporation		95,365		3,498,942
Johnson & Johnson Services Incorporated		40,334		2,981,489
				6,480,431
Industrials: 12.90%
Air Freight & Logistics: 2.07%
FedEx Corporation		36,860		3,739,447
Construction & Engineering: 4.67%
Chicago Bridge & Iron Company NV «		89,165		4,530,474
Fluor Corporation		60,150		3,899,525
				8,429,999
Industrial Conglomerates: 2.10%
General Electric Company		170,436		3,797,314
Machinery: 4.06%
Terex Corporation †«		133,560		4,324,673
Wabco Holdings Incorporated †		47,771		2,993,331
				7,318,004
Information Technology: 18.34%
Communications Equipment: 3.82%
Cisco Systems Incorporated		178,512		3,671,992
QUALCOMM Incorporated		48,720		3,216,982
				6,888,974

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

Portfolio of investments—January 31, 2013 (unaudited) Wells Fargo Advantage Large Cap Core Fund 9

Security name				Shares		Value
Computers & Peripherals: 3.21%
Apple Incorporated					6,179	$	2,813,360
EMC Corporation †					121,298		2,985,144
							5,798,504
Internet Software & Services: 1.39%
IAC/InterActive Corporation					60,975		2,515,219
IT Services: 4.06%
Accenture plc «					50,455		3,627,210
Alliance Data Systems Corporation †«					23,525		3,707,540
							7,334,750
Software: 5.86%
Cadence Design Systems Incorporated †«					289,165		4,028,068
Microsoft Corporation					100,183		2,752,027
Oracle Corporation					106,804		3,792,610
							10,572,705
Materials: 2.24%
Chemicals: 2.24%
W.R. Grace & Company †					56,225		4,036,955
Telecommunication Services: 2.00%
Diversified Telecommunication Services: 2.00%
Verizon Communications Incorporated					82,679		3,605,631
Utilities: 2.02%
Independent Power Producers & Energy Traders: 2.02%
NRG Energy Incorporated					152,050		3,649,196
Total Common Stocks (Cost $137,682,974)							179,011,140
				Principal
Other: 0.19%
Gryphon Funding Limited, Pass-Through Entity (v)(i)(a)				$	1,025,892		348,803
Total Other (Cost $83,603)							348,803
	Yield			Shares
Short-Term Investments: 12.24%
Investment Companies: 12.24%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)		0.14	%		1,295,646		1,295,646
Wells Fargo Securities Lending Cash Investments, LLC (v)(r)(l)(u)		0.19			20,808,371		20,808,371
Total Short-Term Investments (Cost $22,104,017)							22,104,017

Total investments in securities
(Cost $159,870,594) *	111.58	%		201,463,960
Other assets and liabilities, net	(11.58	)		(20,914,251	)
Total net assets	100.00	%	$	180,549,709

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

10 Wells Fargo Advantage Large Cap Core Fund Portfolio of investments—January 31, 2013 (unaudited)

« 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 for which the designation as illiquid is unaudited.

(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 Investment Company Act of 1940, as amended.

* Cost for federal income tax purposes is $160,309,791 and unrealized appreciation (depreciation) consists of:

Gross unrealized appreciation	$	42,935,361
Gross unrealized depreciation		(1,781,192	)
Net unrealized appreciation	$	41,154,169

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

Statement of assets and liabilities—January 31, 2013 (unaudited) Wells Fargo Advantage Large Cap Core Fund 11

Assets
Investments
In unaffiliated securities (including securities on loan), at value (see cost below)	$	179,359,943
In affiliated securities, at value (see cost below)		22,104,017
Total investments, at value (see cost below)		201,463,960
Receivable for Fund shares sold		180,711
Receivable for dividends		145,121
Receivable for securities lending income		5,962
Prepaid expenses and other assets		29,262
Total assets		201,825,016
Liabilities
Payable for Fund shares redeemed		178,559
Payable upon receipt of securities loaned		20,891,974
Advisory fee payable		69,212
Distribution fees payable		1,691
Due to other related parties		54,742
Accrued expenses and other liabilities		79,129
Total liabilities		21,275,307
Total net assets	$	180,549,709
NET ASSETS CONSIST OF
Paid-in capital	$	204,569,990
Overdistributed net investment income		(95,883	)
Accumulated net realized losses on investments		(65,517,764	)
Net unrealized gains on investments		41,593,366
Total net assets	$	180,549,709
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE1
Net assets – Class A	$	10,257,836
Shares outstanding – Class A		992,967
Net asset value per share – Class A		$10.33
Maximum offering price per share – Class A2		$10.96
Net assets – Class C	$	2,800,925
Shares outstanding – Class C		271,931
Net asset value per share – Class C		$10.30
Net assets – Administrator Class	$	762,266
Shares outstanding – Administrator Class		73,709
Net asset value per share – Administrator Class		$10.34
Net assets – Institutional Class	$	522,192
Shares outstanding – Institutional Class		50,542
Net asset value per share – Institutional Class		$10.33
Net assets – Investor Class	$	166,206,490
Shares outstanding – Investor Class		16,081,115
Net asset value per share – Investor Class		$10.34
Investment in unaffiliated securities (including securities on loan), at cost	$	137,766,577
Investments in affiliated securities, at cost	$	22,104,017
Total investments, at cost	$	159,870,594
Securities on loan, at value	$	20,430,613

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 Large Cap Core Fund Statement of operations—six months ended January 31, 2013 (unaudited)

Investment income
Dividends*	$	1,551,876
Securities lending income, net		41,887
Income from affiliated securities		1,723
Total investment income		1,595,486
Expenses
Advisory fee		569,474
Administration fees
Fund level		43,806
Class A		11,936
Class C		3,062
Administrator Class		330
Institutional Class		197
Investor Class		260,052
Shareholder servicing fees
Class A		11,477
Class C		2,945
Administrator Class		825
Investor Class		199,586
Distribution fees
Class C		8,834
Custody and accounting fees		7,764
Professional fees		11,430
Registration fees		33,711
Shareholder report expenses		38,910
Trustees’ fees and expenses		5,949
Other fees and expenses		8,416
Total expenses		1,218,704
Less: Fee waivers and/or expense reimbursements		(158,834	)
Net expenses		1,059,870
Net investment income		535,616
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on investments		5,912,430
Net change in unrealized gains (losses) on investments		9,573,176
Net realized and unrealized gains (losses) on investments		15,485,606
Net increase in net assets resulting from operations	$	16,021,222
* Net of foreign dividend withholding taxes in the amount of		$1,353

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

Statement of changes in net assets Wells Fargo Advantage Large Cap Core Fund 13

	Six months ended January 31, 2013 (unaudited)						Year ended July 31, 2012
Operations
Net investment income				$	535,616					$	1,044,282
Net realized gains on investments					5,912,430						6,960,374
Net change in unrealized gains (losses) on investments					9,573,176						6,451,975
Net increase in net assets resulting from operations					16,021,222						14,456,631
Distributions to shareholders from
Net investment income
Class A					(77,248	)					(42,583	)
Class C					(6,053	)					0
Administrator Class					(7,825	)					(4,224	)
Institutional Class					(6,104	)					(5,032	)
Investor Class					(1,162,943	)					(842,065	)
Total distributions to shareholders					(1,260,173	)					(893,904	)
		Shares						Shares
Capital share transactions
Proceeds from shares sold
Class A		238,279			2,351,545			283,551			2,548,078
Class C		62,566			612,792			59,288			541,152
Administrator Class		22,776			222,142			25,448			236,119
Institutional Class		2,268			22,314			5,880			55,211
Investor Class		331,227			3,244,038			509,714			4,487,370
					6,452,831						7,867,930
Reinvestment of distributions
Class A		7,711			74,568			5,037			40,746
Class C		522			5,039			0			0
Administrator Class		531			5,134			311			2,512
Institutional Class		615			5,941			607			4,903
Investor Class		116,833			1,129,780			100,884			816,154
					1,220,462						864,315
Payment for shares redeemed
Class A		(124,116	)		(1,215,647	)		(274,417	)		(2,387,563	)
Class C		(7,012	)		(68,895	)		(44,312	)		(395,218	)
Administrator Class		(4,407	)		(44,103	)		(25,366	)		(231,367	)
Institutional Class		(2,767	)		(26,889	)		(10,498	)		(95,611	)
Investor Class		(1,147,635	)		(11,270,772	)		(2,004,538	)		(17,609,859	)
					(12,626,306	)					(20,719,618	)
Net decrease in net assets resulting from capital share transactions					(4,953,013	)					(11,987,373	)
Total increase in net assets					9,808,036						1,575,354
Net assets
Beginning of period					170,741,673						169,166,319
End of period				$	180,549,709					$	170,741,673
Undistributed (overdistributed) net investment income				$	(95,883	)				$	628,674

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

14 Wells Fargo Advantage Large Cap Core Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended January 31, 2013 (unaudited)			Year ended July 31
CLASS A				2012			2011			20101			20091			20081,2
Net asset value, beginning of period	$	9.50		$	8.75		$	7.37		$	6.96		$	8.77		$	10.00
Net investment income		0.03			0.06			0.05			0.06			0.08			0.03
Net realized and unrealized gains (losses) on investments		0.88			0.74			1.36			0.46			(1.82	)		(1.26	)
Total from investment operations		0.91			0.80			1.41			0.52			(1.74	)		(1.23	)
Distributions to shareholders from
Net investment income		(0.08	)		(0.05	)		(0.03	)		(0.11	)		(0.07	)		0.00
Net asset value, end of period	$	10.33		$	9.50		$	8.75		$	7.37		$	6.96		$	8.77
Total return3		9.66	%		9.27	%		19.16	%		7.43	%		(19.78	)%		(12.30	)%
Ratios to average net assets (annualized)
Gross expenses		1.33	%		1.37	%		1.30	%		2.55	%		4.10	%		5.03	%
Net expenses		1.14	%		1.14	%		1.14	%		1.15	%		1.15	%		1.15	%
Net investment income		0.67	%		0.71	%		0.61	%		0.91	%		1.22	%		0.69	%
Supplemental data
Portfolio turnover rate		32	%		41	%		43	%		18	%		45	%		23	%
Net assets, end of period (000s omitted)		$10,258			$8,277			$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.

Financial highlights Wells Fargo Advantage Large Cap Core Fund 15

(For a share outstanding throughout each period)

	Six months ended January 31, 2013 (unaudited)			Year ended July 31
CLASS C				2012			2011			20101			20091			20081,2
Net asset value, beginning of period	$	9.45		$	8.71		$	7.37		$	6.94		$	8.75		$	10.00
Net investment income (loss)		(0.00	)3		(0.00	)		(0.01	)		0.01			0.03			(0.00	)
Net realized and unrealized gains (losses) on investments		0.87			0.74			1.35			0.44			(1.81	)		(1.25	)
Total from investment operations		0.87			0.74			1.34			0.45			(1.78	)		(1.25	)
Distributions to shareholders from
Net investment income		(0.02	)		0.00			0.00			(0.02	)		(0.03	)		0.00
Net asset value, end of period	$	10.30		$	9.45		$	8.71		$	7.37		$	6.94		$	8.75
Total return4		9.26	%		8.50	%		18.18	%		6.54	%		(20.33	)%		(12.50	)%
Ratios to average net assets (annualized)
Gross expenses		2.08	%		2.12	%		2.05	%		3.75	%		4.85	%		5.78	%
Net expenses		1.89	%		1.89	%		1.89	%		1.90	%		1.90	%		1.90	%
Net investment income (loss)		(0.09	)%		(0.04	)%		(0.13	)%		0.09	%		0.48	%		(0.06	)%
Supplemental data
Portfolio turnover rate		32	%		41	%		43	%		18	%		45	%		23	%
Net assets, end of period (000s omitted)		$2,801			$2,041			$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. 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 Large Cap Core Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended January 31, 2013 (unaudited)			Year ended July 31
ADMINISTRATOR CLASS				2012			2011			20101
Net asset value, beginning of period	$	9.52		$	8.77		$	7.38		$	7.22
Net investment income		0.05			0.09			0.07	2		0.00
Net realized and unrealized gains (losses) on investments		0.87			0.74			1.36			0.16
Total from investment operations		0.92			0.83			1.43			0.16
Distributions to shareholders from
Net investment income		(0.10	)		(0.08	)		(0.04	)		0.00
Net asset value, end of period	$	10.34		$	9.52		$	8.77		$	7.38
Total return3		9.79	%		9.61	%		19.44	%		2.22	%
Ratios to average net assets (annualized)
Gross expenses		1.17	%		1.16	%		1.08	%		1.12	%
Net expenses		0.90	%		0.87	%		0.86	%		0.89	%
Net investment income		0.90	%		0.97	%		0.76	%		1.12	%
Supplemental data
Portfolio turnover rate		32	%		41	%		43	%		18	%
Net assets, end of period (000s omitted)		$762			$522			$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.

Financial highlights Wells Fargo Advantage Large Cap Core Fund 17

(For a share outstanding throughout each period)

	Six months ended January 31, 2013 (unaudited)			Year ended July 31
INSTITUTIONAL CLASS				2012			2011			20101			20091			20081,2
Net asset value, beginning of period	$	9.52		$	8.77		$	7.38		$	6.97		$	8.79		$	10.00
Net investment income		0.06			0.12			0.10	3		0.08			0.09			0.05
Net realized and unrealized gains (losses) on investments		0.87			0.73			1.35			0.46			(1.82	)		(1.26	)
Total from investment operations		0.93			0.85			1.45			0.54			(1.73	)		(1.21	)
Distributions to shareholders from
Net investment income		(0.12	)		(0.10	)		(0.06	)		(0.13	)		(0.09	)		0.00
Net asset value, end of period	$	10.33		$	9.52		$	8.77		$	7.38		$	6.97		$	8.79
Total return4		9.91	%		9.88	%		19.65	%		7.79	%		(19.61	)%		(12.10	)%
Ratios to average net assets (annualized)
Gross expenses		0.90	%		0.94	%		0.86	%		2.80	%		3.85	%		4.78	%
Net expenses		0.66	%		0.66	%		0.66	%		0.89	%		0.90	%		0.90	%
Net investment income		1.16	%		1.19	%		1.32	%		1.09	%		1.47	%		0.93	%
Supplemental data
Portfolio turnover rate		32	%		41	%		43	%		18	%		45	%		23	%
Net assets, end of period (000s omitted)		$522			$480			$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.

18 Wells Fargo Advantage Large Cap Core Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended January 31, 2013 (unaudited)			Year ended July 31
INVESTOR CLASS				2012			2011			20101
Net asset value, beginning of period	$	9.50		$	8.75		$	7.38		$	7.22
Net investment income		0.03			0.06			0.05			0.00
Net realized and unrealized gains (losses) on investments		0.88			0.74			1.35			0.16
Total from investment operations		0.91			0.80			1.40			0.16
Distributions to shareholders from
Net investment income		(0.07	)		(0.05	)		(0.03	)		0.00
Net asset value, end of period	$	10.34		$	9.50		$	8.75		$	7.38
Total return2		9.65	%		9.21	%		18.97	%		2.22	%
Ratios to average net assets (annualized)
Gross expenses		1.39	%		1.43	%		1.37	%		1.37	%
Net expenses		1.21	%		1.21	%		1.21	%		1.21	%
Net investment income		0.62	%		0.64	%		0.53	%		1.03	%
Supplemental data
Portfolio turnover rate		32	%		41	%		43	%		18	%
Net assets, end of period (000s omitted)		$166,206			$159,422			$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.

Notes to financial statements (unaudited) Wells Fargo Advantage Large Cap Core 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 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

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

Equity securities that are listed on a foreign or domestic exchange, except for The Nasdaq Stock Market, Inc. (“Nasdaq”), are valued at the official closing price or, if none, the last sales price. Securities listed on Nasdaq are valued at the Nasdaq Official Closing Price (“NOCP”). If no NOCP is available, securities are valued at the last sales price. If no sales price is shown on the Nasdaq, the bid price will be used. If no sale occurs on the primary exchange or market for the security that day or if no sale occurs and no bid price is shown on Nasdaq, the prior day’s price will be deemed “stale” and fair values will be determined in accordance with the Fund’s Valuation Procedures.

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

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

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

Security loans

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

20 Wells Fargo Advantage Large Cap Core Fund Notes to financial statements (unaudited)

may experience delays or costs in doing so. In addition, the investment of any cash collateral received may lose all or part of its value. The Fund has the right under the lending agreement to recover the securities from the borrower on demand.

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 Funds Management and is subadvised by Wells Capital Management Incorporated (“WellsCap”). Funds Management receives an advisory fee starting at 0.05% and declining to 0.01% as the average daily net assets of the Cash Collateral Fund increase. All of the fees received by Funds Management are paid to WellsCap for its services as subadviser. 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.

Security transactions and income recognition

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

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

Distributions to shareholders

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

Federal and other taxes

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

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

As of July 31, 2012, the Fund had pre-enactment capital loss carryforwards incurred in taxable years beginning before December 22, 2010, which were available to offset future net realized capital gains, in the amount of $70,963,016 with $905,489 expiring in 2017; and $70,057,527 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 any 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

Notes to financial statements (unaudited) Wells Fargo Advantage Large Cap Core Fund 21

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

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

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

As of January 31, 2013, the inputs used in valuing investments in securities, 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	$	179,011,140	$	0	$	0	$	179,011,140
Other		0		0		348,803		348,803
Short-term investments
Investment companies		1,295,646		20,808,371		0		22,104,017
	$	180,306,786	$	20,808,371	$	348,803	$	201,463,960

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, 2013, the Fund did not have any transfers into/out of Level 1 or 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 subadviser, who is responsible for day-to-day portfolio management of the Fund.

Pursuant to the contract, Funds Management is entitled to receive an annual advisory fee starting at 0.65% and declining to 0.55% as the average daily net assets of the Fund increase. For the six months ended January 31, 2013, the advisory fee was equivalent to an annual rate of 0.65% of the Fund’s average daily net assets.

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Funds Management. Golden Capital Management, LLC, an affiliate of Funds Management, is the subadviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.35% and declining to 0.30% as the average daily net assets of the Fund increase. Wells Fargo Bank, N.A., an affiliate of Funds Management, owns a 65% majority stake interest in 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 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		0.32

22 Wells Fargo Advantage Large Cap Core Fund Notes to financial statements (unaudited)

Funds Management has contractually waived and/or reimbursed advisory and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. Waiver of fees and/or reimbursement of expenses by Funds Management were made first from fund level expenses on a proportionate basis and then from class specific expenses. Funds Management has committed through November 30, 2013 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.14% for Class A shares, 1.89% for Class C shares, 0.90% for Administrator Class shares, 0.66% for Institutional Class shares and 1.20% for Investor Class shares.

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, 2013, Wells Fargo Funds Distributor, LLC received $1,136 from the sale of Class A shares.

Shareholder servicing fees

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

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended January 31, 2013 were $55,256,916 and $59,244,796, respectively.

6. BANK BORROWINGS

The Trust (excluding the money market funds and certain other funds in the Trust) and Wells Fargo Variable Trust are parties to a $150,000,000 revolving credit agreement 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. For the six months ended January 31, 2013, the Fund paid $75 in commitment fees.

For the six months ended January 31, 2013, 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 PRONOUNCEMENT

In December 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) No. 2011-11, Disclosures about Offsetting Assets and Liabilities. ASU 2011-11, which amends FASB ASC Topic 210, Balance Sheet, creates new disclosure requirements which require entities to disclose both gross and net information for derivatives and other financial instruments that are either offset in the Statement of Assets and Liabilities or subject to an enforceable master netting arrangement or similar agreement. The disclosure requirements are effective for interim and annual reporting periods beginning on or after January 1, 2013. Management is currently assessing the potential impact, in addition to expanded financial statement disclosure, that may result from adopting this ASU.

Other information (unaudited) Wells Fargo Advantage Large Cap Core Fund 23

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 website at wellsfargoadvantagefunds.com, or visiting the SEC website at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available without charge on the Fund’s website at wellsfargoadvantagefunds.com or by visiting the SEC website at sec.gov.

PORTFOLIO HOLDINGS INFORMATION

The complete portfolio holdings for the Fund are publicly available on the Fund’s website (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 website on a monthly, seven-day or more delayed basis. The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q, which is available without charge by visiting the SEC website at sec.gov. In addition, the Fund’s Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC, and at regional offices in New York City, at 233 Broadway, and in Chicago, at 175 West Jackson Boulevard, Suite 900. Information about the Public Reference Room may be obtained by calling 1-800-SEC-0330.

24 Wells Fargo Advantage Large Cap Core Fund Other information (unaudited)

BOARD OF TRUSTEES AND OFFICERS

Each of the Trustees and Officers listed in the table below acts in identical capacities for the Wells Fargo Advantage family of funds, which consists of 136 funds¹ comprising the Wells Fargo Funds Trust, Wells Fargo Variable Trust, Wells Fargo Master Trust and four closed-end funds (collectively the “Fund Complex”). This table should be read in conjunction with the Prospectus and the Statement of Additional Information². 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	Co-Founder, Retired Chairman, President and CEO of Crystal Geyser Water Company. Trustee Emeritus, Colby College.	Asset Allocation Trust
Isaiah Harris, Jr. (Born 1952)	Trustee, since 2009	Retired. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Coast Academy (charter school). Mr. Harris is a certified public accountant.	CIGNA Corporation; Deluxe Corporation; Asset Allocation Trust
Judith M. Johnson (Born 1949)	Trustee, since 2008; Audit Committee Chairman, since 2008	Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant.	Asset Allocation Trust
Leroy Keith, Jr. (Born 1939)	Trustee, since 2010	Chairman, Bloc Global Services (development and construction). Trustee of the Evergreen Funds 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 48 portfolios as of 1/31/13); Asset Allocation Trust
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business, Stanford University, Morgan Stanley Director of the Center for Leadership Development and Research and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	Asset Allocation Trust
Olivia S. Mitchell (Born 1953)	Trustee, since 2006	International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993.	Asset Allocation Trust
Timothy J. Penny (Born 1951)	Trustee, since 1996	President and CEO of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007 and Senior Fellow at the Humphrey Institute Policy Forum at the University of Minnesota since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	Asset Allocation Trust

Other information (unaudited) Wells Fargo Advantage Large Cap Core Fund 25

Name and year of birth	Position held and length of service*	Principal occupations during past five years	Other directorships during past five years
Michael S. Scofield (Born 1943)	Trustee, since 2010	Served on the Investment Company Institute’s Board of Governors and Executive Committee from 2008-2011 as well the Governing Council of the Independent Directors Council from 2006-2011 and the Independent Directors Council Executive Committee from 2008-2011. Chairman of the IDC from 2008-2010. Institutional Investor (Fund Directions) Trustee of Year in 2007. Trustee of the Evergreen Funds (and its predecessors) from 1984 to 2010. Chairman of the Evergreen Funds from 2000-2010. Former Trustee of the Mentor Funds. Retired Attorney, Law Offices of Michael S. Scofield.	Asset Allocation Trust
Donald C. Willeke (Born 1940)	Trustee, since 1996	Principal of the law firm of Willeke & Daniels. General Counsel of the Minneapolis Employees Retirement Fund from 1984 until its consolidation into the Minnesota Public Employees Retirement Association on June 30, 2010. Director and Vice Chair of The Tree Trust (non-profit corporation). Director of the American Chestnut Foundation (non-profit corporation).	Asset Allocation Trust

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

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.
Jeremy DePalma1 (Born 1974)	Treasurer, since 2012	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Vice President, Evergreen Investment Services, Inc. from 2004 to 2007. Head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.
C. David Messman (Born 1960)	Secretary, since 2000; Chief Legal Officer, since 2003	Senior Vice President and Secretary of Wells Fargo Funds Management, LLC since 2001. Vice President and Managing Counsel of Wells Fargo Bank, N.A. since 1996.
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.
David Berardi (Born 1975)	Assistant Treasurer, since 2009	Vice President of Wells Fargo Funds Management, LLC since 2009. Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Assistant Vice President of Evergreen Investment Services, Inc. from 2004 to 2008. Manager of Fund Reporting and Control for Evergreen Investment Management Company, LLC from 2004 to 2010.

1. Jeremy DePalma acts as Treasurer of 61 funds and Assistant Treasurer of 75 funds in the Fund Complex.

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

26 Wells Fargo Advantage Large Cap Core Fund List of abbreviations

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

ACA —  ACA Financial Guaranty Corporation

ADR —  American depositary receipt

ADS —  American depositary shares

AGC —  Assured Guaranty Corporation

AGM —  Assured Guaranty Municipal

Ambac —   Ambac Financial Group Incorporated

AMT —  Alternative minimum tax

AUD —  Australian dollar

BAN —  Bond anticipation notes

BHAC —  Berkshire Hathaway Assurance Corporation

BRL —  Brazilian real

CAB —  Capital appreciation bond

CAD —  Canadian dollar

CCAB —  Convertible capital appreciation bond

CDA —  Community Development Authority

CDO —  Collateralized debt obligation

CHF —  Swiss franc

COP —  Certificate of participation

DKK —  Danish krone

DRIVER —  Derivative inverse tax-exempt receipts

DW&P —  Department of Water & Power

DWR —  Department of Water Resources

ECFA —  Educational & Cultural Facilities Authority

EDA —  Economic Development Authority

EDFA —  Economic Development Finance Authority

ETF —  Exchange-traded fund

EUR —  Euro

FDIC —  Federal Deposit Insurance Corporation

FFCB —  Federal Farm Credit Banks

FGIC —  Financial Guaranty Insurance Corporation

FHA —  Federal Housing Administration

FHLB —  Federal Home Loan Bank

FHLMC —  Federal Home Loan Mortgage Corporation

FICO —  The Financing Corporation

FNMA —  Federal National Mortgage Association

FSA —  Farm Service Agency

GBP —  Great British pound

GDR —  Global depositary receipt

GNMA —  Government National Mortgage Association

GO —  General obligation

HCFR —  Healthcare facilities revenue

HEFA —  Health & Educational Facilities Authority

HEFAR —  Higher education facilities authority revenue

HFA —  Housing Finance Authority

HFFA —  Health Facilities Financing Authority

HKD —  Hong Kong dollar

HUD —  Department of Housing and Urban Development

HUF —  Hungarian forint

IDA —  Industrial Development Authority

IDAG —  Industrial Development Agency

IDR —  Industrial development revenue

IEP —  Irish pound

JPY —  Japanese yen

KRW —  Republic of Korea won

LIBOR —  London Interbank Offered Rate

LIQ —  Liquidity agreement

LLC —  Limited liability company

LLP —  Limited liability partnership

LOC —  Letter of credit

LP —  Limited partnership

MBIA —  Municipal Bond Insurance Association

MFHR —  Multifamily housing revenue

MSTR —  Municipal securities trust receipts

MTN —  Medium-term note

MUD —  Municipal Utility District

MXN —  Mexican peso

MYR —  Malaysian ringgit

National —  National Public Finance Guarantee Corporation

NOK —  Norwegian krone

NZD —  New Zealand dollar

PCFA —  Pollution Control Financing Authority

PCL —  Public Company Limited

PCR —  Pollution control revenue

PFA —  Public Finance Authority

PFFA —  Public Facilities Financing Authority

PFOTER —  Puttable floating option tax-exempt receipts

plc —  Public limited company

PLN —  Polish zloty

PUTTER —  Puttable tax-exempt receipts

R&D —  Research & development

Radian —   Radian Asset Assurance

RAN —  Revenue anticipation notes

RDA —  Redevelopment Authority

RDFA —  Redevelopment Finance Authority

REIT —  Real estate investment trust

ROC —  Reset option certificates

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

SPA —  Standby purchase agreement

SPDR —  Standard & Poor’s Depositary Receipts

STRIPS —  Separate trading of registered interest and       principal securities

TAN —  Tax anticipation notes

TBA —  To be announced

TIPS —  Treasury inflation-protected securities

TRAN —  Tax revenue anticipation notes

TRY —  Turkish lira

TTFA —  Transportation Trust Fund Authority

TVA —  Tennessee Valley Authority

ZAR —  South African rand

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For more information

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

Wells Fargo Advantage Funds

P.O. Box 8266

Boston, MA 02266-8266

Email: wfaf@wellsfargo.com

Website: wellsfargoadvantagefunds.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

This report and the financial statements contained herein are submitted for the general information of the shareholders of Wells Fargo Advantage Funds. If this report is used for promotional purposes, distribution of the report must be accompanied or preceded by a current prospectus. For a current prospectus and, if available, a summary prospectus containing more complete information, including charges and expenses, call 1-800-222-8222 or visit the Fund’s website 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

© 2013 Wells Fargo Funds Management, LLC. All rights reserved.

215106 03-13 SA208/SAR208 1-13

Wells Fargo Advantage Large Cap Growth Fund

Semi-Annual Report

January 31, 2013

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

Contents

Letter to shareholders	2
Performance highlights	4
Fund expenses	6
Portfolio of investments	7
Financial statements
Statement of assets and liabilities	12
Statement of operations	13
Statement of changes in net assets	14
Financial highlights	16
Notes to financial statements	24
Other information	29
List of abbreviations	32

The views expressed and any forward-looking statements are as of January 31, 2013, 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 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 the 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 the investment objectives, risks, charges, and expenses before investing. For a current prospectus and, if available, a summary prospectus, for Wells Fargo Advantage Funds, 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, 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 $226 billion in assets under management, as of January 31, 2013.

Equity funds
Asia Pacific Fund	Enterprise Fund†	Opportunity Fund†
C&B Large Cap Value Fund	Global Opportunities Fund	Precious Metals Fund
C&B Mid Cap Value Fund	Growth Fund	Premier Large Company Growth Fund
Capital Growth Fund	Index Fund	Small Cap Opportunities Fund
Common Stock Fund	International Equity Fund	Small Cap Value Fund
Disciplined U.S. Core Fund	International Value Fund	Small Company Growth Fund
Discovery Fund†	Intrinsic Small Cap Value Fund	Small Company Value Fund
Diversified Equity Fund	Intrinsic Value Fund	Small/Mid Cap Value Fund
Diversified International Fund	Intrinsic World Equity Fund	Special Mid Cap Value Fund
Emerging Growth Fund	Large Cap Core Fund	Special Small Cap Value Fund
Emerging Markets Equity Fund	Large Cap Growth Fund	Specialized Technology Fund
Emerging Markets Equity Income Fund	Large Company Value Fund	Traditional Small Cap Growth Fund
Endeavor Select Fund†	Omega Growth Fund	Utility and Telecommunications Fund
Bond funds
Adjustable Rate Government Fund	High Yield Municipal Bond Fund	Short Duration Government Bond Fund
California Limited-Term Tax-Free Fund	Income Plus Fund	Short-Term Bond Fund
California Tax-Free Fund	Inflation-Protected Bond Fund	Short-Term High Yield Bond Fund
Colorado Tax-Free Fund	Intermediate Tax/AMT-Free Fund	Short-Term Municipal Bond Fund
Core Bond Fund	International Bond Fund	Strategic Income Fund
Emerging Markets Local Bond Fund	Minnesota Tax-Free Fund	Strategic Municipal Bond Fund
Government Securities Fund	Municipal Bond Fund	Ultra Short-Term Income Fund
High Income Fund	North Carolina Tax-Free Fund	Ultra Short-Term Municipal Income Fund
High Yield Bond Fund	Pennsylvania Tax-Free 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	Treasury Plus Money Market Fund
Cash Investment Money Market Fund	Municipal Cash Management 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 (unaudited)

Karla M. Rabusch

President

Wells Fargo Advantage Funds

Entering the period, concerns about the eurozone sovereign debt situation held center stage as investors again focused on economic weakness in southern European economies.

Aggressive central bank actions helped support stock prices, as did relatively solid economic data.

Dear Valued Shareholder:

We are 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, 2013. Much of the period was marked by continued concerns about the possible effects that the ongoing European sovereign debt crisis would have on the global economy. However, relatively solid economic data in the U.S. and efforts by European authorities to address the sovereign debt issue alleviated investor fears and supported global stock markets. Judging by various indexes, U.S. large-cap stocks underperformed small-cap stocks. Within the large-cap universe, value stocks outperformed growth stocks, partly because of strong performance from the financials sector.

The period was dominated by worries that ongoing debt problems in the eurozone would affect global economic growth.

Entering the period, concerns about the eurozone sovereign debt situation held center stage as investors again focused on economic weakness in southern European economies. Because many eurozone banks owned southern European debt and many U.S. banks had financial ties to eurozone banks, investors worried about the effects of a possible southern European debt default on the global financial system and economy. Ongoing weakness in the Greek economy made it difficult for the country to meet previously agreed upon austerity targets. Toward the end of the reporting period, political risk resurfaced in both Italy and Spain. In Italy, Prime Minister Mario Monti, an economist who was appointed to implement austerity measures and labor market reforms, resigned in December 2012. Monti later decided to run for office in the general election scheduled for February 2013.

European leaders took concerted action to calm investor concerns. In September 2012, the European Central Bank (ECB) announced that it would purchase an unlimited amount of one- to three-year sovereign debt from countries that had applied for a formal bailout through either the European Financial Stability Facility or the European Stability Mechanism. In another positive sign, in late November 2012, finance ministers from the 17-country eurozone and the International Monetary Fund struck a deal aimed at reducing Greece’s debt by the year 2020.

Central banks continued to provide stimulus.

Major central banks, including the U.S. Federal Reserve (Fed) and the ECB, continued to inject liquidity into the banks and the markets through various quantitative easing policies. 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 the financial system. The ECB was similarly aggressive, keeping its key rate at a historic low of 0.75%. Just prior to the beginning of the reporting period, the FOMC announced its intention to keep interest rates low until at least mid-2015 in order to support the sluggish economy. The Fed also announced open-ended purchases of $40 billion per month in mortgage-backed securities in an effort to support the housing market.

Stock markets posted solid gains in an eventful period.

Aggressive central bank actions helped support stock prices, as did relatively solid economic data. For much of the reporting period, the U.S. stock market benefited from favorable gross domestic product (GDP) data, with the growth rate improving from 1.3% (annualized) in the second quarter of 2012 to 3.1% (annualized) in the third quarter of 2012. However, the GDP growth rate slowed in the final months of 2012, with GDP growth coming in at 0.1% (annualized) in the fourth quarter of 2012. Because many investors attributed the weak number to the aftereffects of Hurricane Sandy on the eastern seaboard, the stock market remained resilient.

Letter to shareholders (unaudited) Wells Fargo Advantage Large Cap Growth Fund 3

The steady improvement in the housing market supported investor sentiment. The National Association of Home Builders/First American Improving Markets Index identifies metro areas that have shown improvement from their respective troughs in housing permits, employment, and house prices for at least six consecutive months. The index rose for a fifth-consecutive month in January 2013, indicating improvements in 242 housing markets across the country. As a result, housing-related stocks strongly outperformed over the period, leading to better-than-index returns for sectors ranging from consumer discretionary (home improvement retailers), to materials (construction material providers), and to financials (mortgage lenders).

Throughout the period, a continued high unemployment rate was the main negative piece of U.S. economic data. Although the unemployment rate improved from 8.1% in August 2012 to 7.9% in January 2013, the labor market remained soft.

We remain committed to our investment strategies, even as many variables are at work in the market.

The full effect of the European credit crisis remains unknown. Elevated unemployment and debt defaults continue to pressure consumers and businesses alike. 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, we believe it helps manage 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

Notice to shareholders

At its November 6-7, 2012 meeting, the Board of Trustees unanimously approved the following modifications to certain Class A sales load waiver privileges, with each change becoming effective on July 1, 2013:

n Annuity payments received under an annuity option or from death proceeds will no longer qualify for net asset value (NAV) repurchase privileges.

n The ability to reinvest redemption proceeds at NAV will be reduced from 120 days to 90 days.

n NAV purchase privileges for certain types of “grandfathered” shareholders will be modified to remove the ability to purchase Class A shares at NAV, unless those shares are held directly with the Fund.

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

4 Wells Fargo Advantage Large Cap Growth Fund Performance highlights (unaudited)

Investment objective

The Fund seeks long-term capital appreciation.

Adviser

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Joseph M. Eberhardy CFA, CPA

Thomas C. Ognar, CFA

Bruce C. Olson, CFA

Average annual total returns¹ (%) as of January 31, 2013

		Including sales charge						Excluding sales charge						Expense ratios2 (%)
	Inception date	1 year		5 year		10 year		1 year		5 year		10 year		Gross		Net3
Class A (STAFX)	7-30-2010		3.65		4.14		7.43		9.97		5.38		8.06		1.26		1.08
Class C (STOFX)	7-30-2010		8.16		4.63		7.32		9.16		4.63		7.32		2.01		1.83
Class R (STMFX)	6-15-2012		–		–		–		9.71		5.19		7.90		1.51		1.33
Class R4 (SLGRX)	11-30-2012		–		–		–		10.36		5.57		8.16		0.93		0.76
Class R6 (STFFX)	11-30-2012		–		–		–		10.37		5.57		8.16		0.78		0.61
Administrator Class (STDFX)	7-30-2010		–		–		–		10.10		5.45		8.10		1.10		0.96
Institutional Class (STNFX)	7-30-2010		–		–		–		10.35		5.57		8.16		0.83		0.66
Investor Class (STRFX)	12-31-1981		–		–		–		9.88		5.33		8.04		1.32		1.14
Russell 1000® Growth Index4	–		–		–		–		13.43		5.70		8.24		–		–

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 website, wellsfargoadvantagefunds.com.

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

For Class A shares, the maximum front-end sales charge is 5.75%. For Class C shares, the maximum contingent deferred sales charge is 1.00%. Performance including sales charge assumes the sales charge for the corresponding time period. Class R, Class R4, Class R6, Administrator Class, Institutional Class, and Investor Class shares are sold without a front-end sales charge or contingent deferred sales charge.

Stock 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). The Fund is exposed to foreign investment risk. Consult the Fund’s prospectus for additional information on these and other risks.

Please see footnotes on page 5.

Performance highlights (unaudited) Wells Fargo Advantage Large Cap Growth Fund 5

Ten largest equity  holdings5 (%) as of January 31, 2013
Apple Incorporated	5.16
Google Incorporated Class A	3.91
eBay Incorporated	3.21
Cognizant Technology Solutions Corporation Class A	2.93
QUALCOMM Incorporated	2.72
Alexion Pharmaceuticals Incorporated	2.61
Whole Foods Market Incorporated	2.53
Union Pacific Corporation	2.30
Dollar Tree Incorporated	2.30
MasterCard Incorporated Class A	2.21

Sector distribution⁶ as of January 31, 2013

1. Historical performance shown for Class R4 shares prior to their inception reflects the performance of the Institutional Class shares, adjusted to reflect the higher expenses applicable to Class R4 shares. Historical performance shown for the Class R6 shares prior to their inception reflects the performance of the Institutional Class shares, and includes the higher expenses applicable to the Institutional Class shares. If these expenses had not been included, returns would be higher. Historical performance for the 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. Historical performance shown for Class R shares prior to their inception reflects the performance of the Investor Class shares, adjusted to reflect the higher expenses applicable to Class R shares. 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 Class A and Administrator 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.

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

3. The Adviser has committed through November 30, 2014, 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, 0.75% for Class R4, 0.60% for Class R6, 0.95% for Administrator Class, 0.65% for Institutional Class, and 1.13% for Investor Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses, and extraordinary expenses are excluded from the cap. Without this cap, the Fund’s returns would have been lower.

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

5. 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.

6. 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 Fund expenses (unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from August 1, 2012 to January 31, 2013.

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 8-1-2012		Ending account value 1-31-2013		Expenses paid during the period1		Net annual expense ratio
Class A
Actual	$	1,000.00	$	1,073.36	$	5.59		1.07	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.81	$	5.45		1.07	%
Class C
Actual	$	1,000.00	$	1,069.38	$	9.49		1.82	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,016.03	$	9.25		1.82	%
Class R
Actual	$	1,000.00	$	1,071.92	$	6.89		1.32	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.55	$	6.72		1.32	%
Class R4
Actual	$	1,000.00	$	1,075.28	$	3.92		0.75	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.42	$	3.82		0.75	%
Class R6
Actual	$	1,000.00	$	1,075.45	$	3.14		0.60	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.18	$	3.06		0.60	%
Administrator Class
Actual	$	1,000.00	$	1,073.96	$	4.97		0.95	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.42	$	4.84		0.95	%
Institutional Class
Actual	$	1,000.00	$	1,075.17	$	3.77		0.72	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.58	$	3.67		0.72	%
Investor Class
Actual	$	1,000.00	$	1,073.04	$	5.96		1.14	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.46	$	5.80		1.14	%

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

Portfolio of investments—January 31, 2013 (unaudited) Wells Fargo Advantage Large Cap Growth Fund 7

Security name	Shares		Value
Common Stocks: 98.30%
Consumer Discretionary: 22.58%
Hotels, Restaurants & Leisure: 6.04%
Chipotle Mexican Grill Incorporated †«		56,000	$	17,192,560
Marriott International Incorporated Class A «		439,000		17,551,220
McDonald’s Corporation		139,000		13,245,310
Starbucks Corporation		415,000		23,289,800
Wynn Resorts Limited		65,000		8,139,300
				79,418,190
Internet & Catalog Retail: 2.82%
Amazon.com Incorporated †		78,000		20,709,000
priceline.com Incorporated †		24,000		16,451,280
				37,160,280
Media: 0.70%
CBS Corporation Class B		222,000		9,261,840
Multiline Retail: 4.34%
Dollar General Corporation †		255,000		11,786,100
Dollar Tree Incorporated †		756,000		30,232,440
Nordstrom Incorporated		273,000		15,077,790
				57,096,330
Specialty Retail: 4.47%
Bed Bath & Beyond Incorporated †		57,000		3,345,900
CarMax Incorporated †		300,000		11,826,000
Dick’s Sporting Goods Incorporated «		235,000		11,183,650
O’Reilly Automotive Incorporated †		179,000		16,584,350
Ross Stores Incorporated		265,000		15,820,500
				58,760,400
Textiles, Apparel & Luxury Goods: 4.21%
lululemon athletica incorporated †«		203,000		14,007,000
Michael Kors Holdings Limited †		208,000		11,675,040
Nike Incorporated Class B		270,000		14,593,500
VF Corporation		102,000		15,053,160
				55,328,700
Consumer Staples: 8.39%
Beverages: 2.56%
Monster Beverage Corporation †		120,000		5,748,000
The Coca-Cola Company		750,000		27,930,000
				33,678,000
Food & Staples Retailing: 5.36%
Costco Wholesale Corporation		235,000		24,049,900
Walgreen Company		330,000		13,186,800

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

8 Wells Fargo Advantage Large Cap Growth Fund Portfolio of investments—January 31, 2013 (unaudited)

Security name	Shares		Value
Food & Staples Retailing (continued)
Whole Foods Market Incorporated		346,000	$	33,302,500
				70,539,200
Personal Products: 0.47%
Estee Lauder Companies Incorporated Class A		102,000		6,214,860
Energy: 6.27%
Energy Equipment & Services: 2.83%
National Oilwell Varco Incorporated		229,000		16,978,060
Schlumberger Limited		260,000		20,293,000
				37,271,060
Oil, Gas & Consumable Fuels: 3.44%
Concho Resources Incorporated †		151,000		13,774,220
Continental Resources Incorporated †«		60,000		4,987,200
Pioneer Natural Resources Company		225,000		26,446,500
				45,207,920
Financials: 2.40%
Capital Markets: 0.90%
Northern Trust Corporation		77,000		3,963,190
TD Ameritrade Holding Corporation		403,000		7,814,170
				11,777,360
Consumer Finance: 1.50%
American Express Company		336,000		19,760,160
Health Care: 13.29%
Biotechnology: 5.58%
Alexion Pharmaceuticals Incorporated †		365,000		34,306,350
Biogen Idec Incorporated †		65,000		10,145,200
Celgene Corporation †		139,000		13,755,440
Gilead Sciences Incorporated †		384,000		15,148,800
				73,355,790
Health Care Equipment & Supplies: 2.09%
Covidien plc		110,000		6,857,400
Intuitive Surgical Incorporated †«		36,000		20,677,680
				27,535,080
Health Care Providers & Services: 1.96%
AmerisourceBergen Corporation «		225,000		10,208,250
Catamaran Corporation †		300,000		15,567,000
				25,775,250
Health Care Technology: 1.79%
Cerner Corporation †«		285,000		23,526,750

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

Portfolio of investments—January 31, 2013 (unaudited) Wells Fargo Advantage Large Cap Growth Fund 9

Security name	Shares		Value
Pharmaceuticals: 1.87%
Allergan Incorporated		76,000	$	7,980,760
Shire plc ADR		159,000		15,922,260
Zoetis Incorporated †		27,597		717,522
				24,620,542
Industrials: 9.10%
Aerospace & Defense: 2.20%
Precision Castparts Corporation		72,000		13,204,800
United Technologies Corporation «		179,000		15,675,030
				28,879,830
Air Freight & Logistics: 0.83%
United Parcel Service Incorporated Class B		137,000		10,862,730
Machinery: 2.02%
Danaher Corporation		229,000		13,723,970
Deere & Company «		63,000		5,925,780
Joy Global Incorporated «		110,000		6,948,700
				26,598,450
Road & Rail: 2.30%
Union Pacific Corporation		230,000		30,235,800
Trading Companies & Distributors: 1.75%
W.W. Grainger Incorporated		106,000		23,088,920
Information Technology: 31.40%
Communications Equipment: 2.72%
QUALCOMM Incorporated		541,000		35,722,230
Computers & Peripherals: 5.75%
Apple Incorporated		149,000		67,841,190
EMC Corporation †		315,000		7,752,150
				75,593,340
Internet Software & Services: 8.25%
eBay Incorporated †		755,000		42,227,150
Google Incorporated Class A †		68,000		51,386,920
Rackspace Hosting Incorporated †«		198,000		14,919,300
				108,533,370
IT Services: 8.70%
Accenture plc		193,000		13,874,770
Cognizant Technology Solutions Corporation Class A †		493,000		38,542,740
MasterCard Incorporated Class A		56,000		29,030,400
Teradata Corporation †		251,000		16,731,660
Visa Incorporated Class A «		103,000		16,264,730
				114,444,300

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

10 Wells Fargo Advantage Large Cap Growth Fund Portfolio of investments—January 31, 2013 (unaudited)

Security name				Shares		Value
Semiconductors & Semiconductor Equipment: 2.13%
Avago Technologies Limited					132,000	$	4,721,640
Maxim Integrated Products Incorporated					243,000		7,642,350
Microchip Technology Incorporated «					470,000		15,721,500
							28,085,490
Software: 3.85%
Citrix Systems Incorporated †					89,000		6,511,240
Red Hat Incorporated †					382,000		21,223,920
Salesforce.com Incorporated †«					101,000		17,385,130
VMware Incorporated †«					72,000		5,506,560
							50,626,850
Materials: 4.87%
Chemicals: 4.87%
Ecolab Incorporated «					224,000		16,217,600
Monsanto Company					205,000		20,776,750
Praxair Incorporated					245,000		27,040,650
							64,035,000
Total Common Stocks (Cost $1,087,528,480)							1,292,994,022
				Principal
Other: 0.03%
Gryphon Funding Limited , Pass-Through Entity (v)(a)(i)				$	1,121,425		381,285
Total Other (Cost $91,389)							381,285
	Yield			Shares
Short-Term Investments: 10.83%
Investment Companies: 10.83%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)		0.14	%		24,694,448		24,694,448
Wells Fargo Securities Lending Cash Investments, LLC (v)(l)(u)(r)		0.19			117,795,790		117,795,790
Total Short-Term Investments (Cost $142,490,238)							142,490,238

Total investments in securities
(Cost $1,230,110,107) *	109.16	%		1,435,865,545
Other assets and liabilities, net	(9.16	)		(120,523,246	)
Total net assets	100.00	%	$	1,315,342,299

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

Portfolio of investments—January 31, 2013 (unaudited) Wells Fargo Advantage Large Cap Growth Fund 11

† 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

(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 Investment Company Act of 1940, as amended.

* Cost for federal income tax purposes is $1,233,027,808 and unrealized appreciation (depreciation) consists of:

Gross unrealized appreciation	$	214,342,605
Gross unrealized depreciation		(11,504,868	)
Net unrealized appreciation	$	202,837,737

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, 2013 (unaudited)

Assets
Investments
In unaffiliated securities (including securities on loan), at value (see cost below)	$	1,293,375,307
In affiliated securities, at value (see cost below)		142,490,238
Total investments, at value (see cost below)		1,435,865,545
Receivable for investments sold		8,949,416
Receivable for Fund shares sold		3,065,634
Receivable for dividends		119,311
Receivable for securities lending income		12,934
Prepaid expenses and other assets		137,311
Total assets		1,448,150,151
Liabilities
Payable for investments purchased		12,857,044
Payable for Fund shares redeemed		1,056,122
Payable upon receipt of securities loaned		117,887,179
Advisory fee payable		544,686
Distribution fees payable		10,951
Due to other related parties		242,663
Accrued expenses and other liabilities		209,207
Total liabilities		132,807,852
Total net assets	$	1,315,342,299
NET ASSETS CONSIST OF
Paid-in capital	$	1,131,891,629
Undistributed net investment income		722,990
Accumulated net realized losses on investments		(23,027,758	)
Net unrealized gains on investments		205,755,438
Total net assets	$	1,315,342,299
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE1
Net assets – Class A	$	114,032,014
Shares outstanding – Class A		3,231,704
Net asset value per share – Class A		$35.29
Maximum offering price per share – Class A2		$37.44
Net assets – Class C	$	15,028,743
Shares outstanding – Class C		433,418
Net asset value per share – Class C		$34.67
Net assets – Class R	$	7,274,110
Shares outstanding – Class R		206,621
Net asset value per share – Class R		$35.21
Net assets – Class R4	$	10,407
Share outstanding – Class R4		293
Net asset value per share – Class R4		$35.52
Net assets – Class R6	$	52,045
Share outstanding – Class R6		1,464
Net asset value per share – Class R6		$35.55
Net assets – Administrator Class	$	188,928,119
Shares outstanding – Administrator Class		5,339,848
Net asset value per share – Administrator Class		$35.38
Net assets – Institutional Class	$	621,250,366
Shares outstanding – Institutional Class		17,479,460
Net asset value per share – Institutional Class		$35.54
Net assets – Investor Class	$	368,766,495
Shares outstanding – Investor Class		10,459,137
Net asset value per share – Investor Class		$35.26
Investment in unaffiliated securities (including securities on loan), at cost	$	1,087,619,869
Investments in affiliated securities, at cost	$	142,490,238
Total investments, at cost	$	1,230,110,107
Securities on loan, at value	$	115,426,314

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, 2013 (unaudited) Wells Fargo Advantage Large Cap Growth Fund 13

Investment income
Dividends	$	8,709,848
Securities lending income, net		70,602
Income from affiliated securities		27,632
Total investment income		8,808,082
Expenses
Advisory fee		3,908,730
Administration fees
Fund level		309,974
Class A		120,080
Class C		17,834
Class R		7,945
Class R4		1	1
Class R6		2	1
Administrator Class		69,918
Institutional Class		248,083
Investor Class		588,216
Shareholder servicing fees
Class A		115,462
Class C		17,148
Class R		7,436
Class R4		2	1
Administrator Class		174,795
Investor Class		459,253
Distribution fees
Class C		51,444
Class R		7,640
Custody and accounting fees		40,838
Professional fees		16,720
Registration fees		50,166
Shareholder report expenses		39,290
Trustees’ fees and expenses		6,988
Other fees and expenses		6,339
Total expenses		6,264,304
Less: Fee waivers and/or expense reimbursements		(625,556	)
Net expenses		5,638,748
Net investment income		3,169,334
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on investments		40,651,078
Net change in unrealized gains (losses) on investments		43,216,340
Net realized and unrealized gains (losses) on investments		83,867,418
Net increase in net assets resulting from operations	$	87,036,752

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

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

14 Wells Fargo Advantage Large Cap Growth Fund Statement of changes in net assets

	Six months ended January 31, 2013 (unaudited)						Year ended July 31, 2012
Operations
Net investment income (loss)				$	3,169,334					$	(1,152,598	)
Net realized gains on investments					40,651,078						14,370,289
Net change in unrealized gains (losses) on investments					43,216,340						(7,417,988	)
Net increase in net assets resulting from operations					87,036,752						5,799,703
Distributions to shareholders from
Net investment income
Class A					(121,892	)					0
Class R					(2,374	)					0
Class R4					(32	)2					N/A
Class R6					(169	)2					N/A
Administrator Class					(406,148	)					0
Institutional Class					(1,878,483	)					0
Total distributions to shareholders					(2,409,098	)					0
		Shares						Shares
Capital share transactions
Proceeds from shares sold
Class A		1,235,120			42,437,697			1,420,676			46,495,652
Class C		130,891			4,414,326			185,565			6,124,502
Class R		71,505			2,440,170			15,968	1		524,876	1
Class R4		292	2		10,000	2		N/A			N/A
Class R6		1,459	2		50,000	2		N/A			N/A
Administrator Class		3,799,042			130,026,601			2,405,184			80,952,701
Institutional Class		2,662,177			91,921,969			3,603,346			124,519,350
Investor Class		630,386			21,501,773			1,775,921			58,272,977
					292,802,536						316,890,058
Reinvestment of distributions
Class A		2,942			98,914			0			0
Class R		33			1,092			0			0
Class R4		1	2		32	2		N/A			N/A
Class R6		5	2		169	2		N/A			N/A
Administrator Class		10,982			370,195			0			0
Institutional Class		45,346			1,534,948			0			0
					2,005,350						0
Payment for shares redeemed
Class A		(289,078	)		(9,856,141	)		(118,356	)		(3,849,936	)
Class C		(62,197	)		(2,082,130	)		(18,339	)		(590,650	)
Class R		(19,060	)		(655,506	)		(7,963	)1		(261,323	)1
Administrator Class		(744,188	)		(25,714,655	)		(245,875	)		(8,254,193	)
Institutional Class		(3,371,159	)		(116,308,467	)		(1,088,143	)		(36,011,333	)
Investor Class		(1,065,079	)		(36,318,890	)		(1,521,894	)		(48,931,218	)
					(190,935,789	)					(97,898,653	)
Net asset value of shares issued in acquisition
Class A		0			0			905,505			29,850,257
Class C		0			0			188,817			6,137,864
Class R		0			0			146,138	1		4,809,816	1
Administrator Class		0			0			71,146			2,352,495
Institutional Class		0			0			15,601,231			517,906,845
					0						561,057,277

Please see footnotes on page 15.

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

Statement of changes in net assets Wells Fargo Advantage Large Cap Growth Fund 15

	Six months ended January 31, 2013 (unaudited)			Year ended July 31, 2012
Capital share transactions (continued)
Net increase in net assets resulting from capital share transactions		$	103,872,097		$	780,048,682
Total increase in net assets			188,499,751			785,848,385
Net assets
Beginning of period			1,126,842,548			340,994,163
End of period		$	1,315,342,299		$	1,126,842,548
Undistributed net investment income (loss)		$	722,990		$	(37,246	)

1. For the period from June 15, 2012 (commencement of class operations) to July 31, 2012

2. For the period from November 30, 2012 (commencement of class operations) to January 31, 2013

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, 2013 (unaudited)			Year ended July 31
CLASS A				2012			2011			20101
Net asset value, beginning of period	$	32.92		$	31.62		$	24.54		$	24.54
Net investment income (loss)		0.06			(0.12	) 2		(0.10	)2		0.00
Net realized and unrealized gains (losses) on investments		2.35			1.42			7.18			0.00
Total from investment operations		2.41			1.30			7.08			0.00
Distributions to shareholders from
Net investment income		(0.04	)		0.00			0.00			0.00
Net asset value, end of period		$35.29			$32.92			$31.62			$24.54
Total return3		7.34	%		4.08	%		28.89	%		0.00	%
Ratios to average net assets (annualized)
Gross expenses		1.22	%		1.24	%		1.25	%		0.00	%
Net expenses		1.07	%		1.10	%		1.12	%		0.00	%
Net investment income (loss)		0.34	%		(0.37	)%		(0.33	)%		0.00	%
Supplemental data
Portfolio turnover rate		26	%		46	%		47	%		60	%
Net assets, end of period (000s omitted)		$114,032			$75,149			$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.

Financial highlights Wells Fargo Advantage Large Cap Growth Fund 17

(For a share outstanding throughout each period)

	Six months  ended January 31, 2013 (unaudited)			Year ended July 31
CLASS C				2012			2011			20101
Net asset value, beginning of period	$	32.43		$	31.38		$	24.54		$	24.54
Net investment income (loss)		(0.07	)2		(0.37	)2		(0.32	)2		0.00
Net realized and unrealized gains (losses) on investments		2.31			1.42			7.16			0.00
Total from investment operations		2.24			1.05			6.84			0.00
Net asset value, end of period	$	34.67		$	32.43		$	31.38		$	24.54
Total return3		6.94	%		3.31	%		27.91	%		0.00	%
Ratios to average net assets (annualized)
Gross expenses		1.97	%		1.99	%		2.00	%		0.00	%
Net expenses		1.82	%		1.84	%		1.87	%		0.00	%
Net investment income (loss)		(0.41	)%		(1.16	)%		(1.04	)%		0.00	%
Supplemental data
Portfolio turnover rate		26	%		46	%		47	%		60	%
Net assets, end of period (000s omitted)		$15,029			$11,829			$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.

18 Wells Fargo Advantage Large Cap Growth Fund Financial highlights

(For a share outstanding throughout each period)

	Six months  ended January 31, 2013 (unaudited)			Year ended July  31, 20121
CLASS R
Net asset value, beginning of period	$	32.86		$	32.91
Net investment income (loss)		0.01	2		(0.05	) 2
Net realized and unrealized gains (losses) on investments		2.35			0.00
Total from investment operations		2.36			(0.05	)
Distributions to shareholders from
Net investment income		(0.01	)		0.00
Net asset value, end of period	$	35.21		$	32.86
Total return3		7.19	%		(0.15	)%
Ratios to average net assets (annualized)
Gross expenses		1.46	%		1.47	%
Net expenses		1.32	%		1.32	%
Net investment income (loss)		0.08	%		(0.95	)%
Supplemental data
Portfolio turnover rate		26	%		46	%
Net assets, end of period (000s omitted)		$7,274			$5,065

1. For the period from June 15, 2012 (commencement of class operations) to July 31, 2012

2. Calculated based upon average shares outstanding

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

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

Financial highlights Wells Fargo Advantage Large Cap Growth Fund 19

(For a share outstanding throughout the period)

CLASS R4	Period ended January 31, 20131 (unaudited)
Net asset value, beginning of period	$	34.26
Net investment income		0.06
Net realized and unrealized gains on investments		1.31
Total from investment operations		1.37
Distributions to shareholders from
Net investment income		(0.11	)
Net asset value, end of period	$	35.52
Total return2		4.08	%
Ratios to average net assets (annualized)
Gross expenses		0.86	%
Net expenses		0.75	%
Net investment income		0.96	%
Supplemental data
Portfolio turnover rate		26	%
Net assets, end of period (000s omitted)		$10

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

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

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

20 Wells Fargo Advantage Large Cap Growth Fund Financial highlights

(For a share outstanding throughout the period)

CLASS R6	Period ended January 31,  20131 (unaudited)
Net asset value, beginning of period	$	34.26
Net investment income		0.06
Net realized and unrealized gains on investments		1.35
Total from investment operations		1.41
Distributions to shareholders from
Net investment income		(0.12	)
Net asset value, end of period	$	35.55
Total return2		4.09	%
Ratios to average net assets (annualized)
Gross expenses		0.74	%
Net expenses		0.60	%
Net investment income		1.12	%
Supplemental data
Portfolio turnover rate		26	%
Net assets, end of period (000s omitted)		$52

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

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

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

Financial highlights Wells Fargo Advantage Large Cap Growth Fund 21

(For a share outstanding throughout each period)

	Six months ended January 31, 2013 (unaudited)			Year ended July 31
ADMINISTRATOR CLASS				2012			2011			20101
Net asset value, beginning of period		$33.02			$31.67			$24.54			$24.54
Net investment income (loss)		0.09	2		(0.06	)2		(0.06	)2		0.00
Net realized and unrealized gains (losses) on investments		2.35			1.41			7.19			0.00
Total from investment operations		2.44			1.35			7.13			0.00
Distributions to shareholders from
Net investment income		(0.08	)		0.00			0.00			0.00
Net asset value, end of period		$35.38			$33.02			$31.67			$24.54
Total return3		7.40	%		4.26	%		29.05	%		0.00	%
Ratios to average net assets (annualized)
Gross expenses		1.06	%		1.08	%		1.07	%		0.00	%
Net expenses		0.95	%		0.95	%		0.94	%		0.00	%
Net investment income (loss)		0.54	%		(0.17	)%		(0.19	)%		0.00	%
Supplemental data
Portfolio turnover rate		26	%		46	%		47	%		60	%
Net assets, end of period (000s omitted)		$188,928			$75,099			$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.

22 Wells Fargo Advantage Large Cap Growth Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended January 31, 2013 (unaudited)			Year ended July 31
INSTITUTIONAL CLASS				2012			2011			20101
Net asset value, beginning of period		$33.16			$31.73		$	24.54		$	24.54
Net investment income (loss)		0.12			(0.08	)2		(0.00	)		0.00
Net realized and unrealized gains (losses) on investments		2.37			1.51			7.19			0.00
Total from investment operations		2.49			1.43			7.19			0.00
Distributions to shareholders from
Net investment income		(0.11	)		0.00			0.00			0.00
Net asset value, end of period		$35.54			$33.16		$	31.73		$	24.54
Total return3		7.52	%		4.47	%		29.34	%		0.00	%
Ratios to average net assets (annualized)
Gross expenses		0.79	%		0.80	%		0.81	%		0.00	%
Net expenses		0.72	%		0.75	%		0.75	%		0.00	%
Net investment income (loss)		0.69	%		(0.25	)%		(0.01	)%		0.00	%
Supplemental data
Portfolio turnover rate		26	%		46	%		47	%		60	%
Net assets, end of period (000s omitted)	$	621,250		$	601,684			$846			$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.

Financial highlights Wells Fargo Advantage Large Cap Growth Fund 23

(For a share outstanding throughout each period)

	Six months  ended January 31, 2013 (unaudited)			Year ended July 31
INVESTOR CLASS				2012			2011			2010			2009			2008
Net asset value, beginning of period	$	32.86		$	31.59		$	24.54		$	21.77		$	26.62		$	27.18
Net investment income (loss)		0.05			(0.07	)		(0.06	)		(0.02	)1		0.02	1		(0.04	)1
Net realized and unrealized gains (losses) on investments		2.35			1.34			7.11			2.81			(4.87	)		(0.52	)
Total from investment operations		2.40			1.27			7.05			2.79			(4.85	)		(0.56	)
Distribution to shareholders from
Net investment income		0.00			0.00			0.00			(0.02	)		0.00			0.00
Net asset value, end of period		$35.26			$32.86			$31.59			$24.54			$21.77			$26.62
Total return2		7.30	%		4.02	%		28.73	%		12.80	%		(18.22	)%		(2.06	)%
Ratios to average net assets (annualized)
Gross expenses		1.28	%		1.32	%		1.32	%		1.43	%		1.46	%		1.47	%
Net expenses		1.14	%		1.18	%		1.19	%		1.19	%		1.19	%		1.19	%
Net investment income (loss)		0.28	%		(0.23	)%		(0.19	)%		(0.07	)%		0.07	%		(0.13	)%
Supplemental data
Portfolio turnover rate		26	%		46	%		47	%		60	%		81	%		131	%
Net assets, end of period (000s omitted)		$368,766			$358,017			$336,128			$278,585			$264,776			$350,352

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.

24 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

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

Equity securities that are listed on a foreign or domestic exchange, except for The Nasdaq Stock Market, Inc. (“Nasdaq”), are valued at the official closing price or, if none, the last sales price. Securities listed on Nasdaq are valued at the Nasdaq Official Closing Price (“NOCP”). If no NOCP is available, securities are valued at the last sales price. If no sales price is shown on the Nasdaq, the bid price will be used. If no sale occurs on the primary exchange or market for the security that day or if no sale occurs and no bid price is shown on Nasdaq, the prior day’s price will be deemed “stale” and fair values will be determined in accordance with the Fund’s Valuation Procedures.

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

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

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

Security loans

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

Notes to financial statements (unaudited) Wells Fargo Advantage Large Cap Growth Fund 25

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 Funds Management and is subadvised by Wells Capital Management Incorporated (“WellsCap”). Funds Management receives an advisory fee starting at 0.05% and declining to 0.01% as the average daily net assets of the Cash Collateral Fund increase. All of the fees received by Funds Management are paid to WellsCap for its services as subadviser. 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.

Security transactions and income recognition

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

Dividend income is recognized on the ex-dividend date.

Distributions to shareholders

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

Federal and other taxes

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

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

As of July 31, 2012, the Fund had pre-enactment capital loss carryforwards incurred in taxable years beginning before December 22, 2010, which were available to offset future net realized capital gains, in the amount of $60,761,603 with $29,515,293 expiring in 2017 and $31,246,310 expiring in 2019.

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 any 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, use of amortized cost, etc.)

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

26 Wells Fargo Advantage Large Cap Growth Fund Notes to financial statements (unaudited)

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

As of January 31, 2013, the inputs used in valuing investments in securities, 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	$	1,292,994,022	$	0	$	0	$	1,292,994,022
Other		0		0		381,285		381,285
Short-term investments
Investment companies		24,694,448		117,795,790		0		142,490,238
	$	1,317,688,470	$	117,795,790	$	381,285	$	1,435,865,545

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, 2013, the Fund did not have any transfers into/out of Level 1 or 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 subadviser, who is responsible for day-to-day portfolio management of the Fund.

Pursuant to the contract, Funds Management is entitled to receive an annual advisory fee starting at 0.65% and declining to 0.55% as the average daily net assets of the Fund increase. For the six months ended January 31, 2013, the advisory fee was equivalent to an annual rate of 0.63% of the Fund’s average daily net assets.

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Funds Management. WellsCap, an affiliate of Funds Management, is the subadviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.35% and declining to 0.15% 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	%
Class R4, Institutional Class		0.08
Class R6		0.03
Administrator Class		0.10
Investor Class		0.32

Funds Management has contractually waived and/or reimbursed advisory and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. Waiver of fees and/or reimbursement of expenses by Funds Management were made first from fund level expenses on a proportionate basis and then from class specific expenses. Funds Management has committed through November 30, 2014 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.07% for Class A shares, 1.82% for Class C shares, 1.32%

Notes to financial statements (unaudited) Wells Fargo Advantage Large Cap Growth Fund 27

for Class R shares, 0.75% for Class R4 shares, 0.60% for Class R6 shares, 0.95% for Administrator Class shares, 0.65% for Institutional Class shares and 1.13% for Investor Class shares.

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 for Class R shares.

For the six months ended January 31, 2013, Wells Fargo Funds Distributor, LLC received $3,867 from the sale of Class A shares and $690 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, 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. Class R4 shares are charged a fee at an annual rate of 0.10% of its average daily net assets.

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended January 31, 2013 were $446,764,647 and $314,251,170, respectively.

6. ACQUISITION

After the close of business on June 15, 2012, the Fund acquired the net assets of Wells Fargo Advantage Strategic Large Cap Growth Fund. The purpose of the transaction was to combine two funds with similar investment objectives and strategies. Shareholders holding Class A, Class C, Class R, Administrator Class and Institutional Class shares of Wells Fargo Advantage Strategic Large Cap Growth Fund received Class A, Class C, Class R, Administrator Class and Institutional Class shares, respectively, of the Fund in the reorganization. The acquisition was accomplished by a tax-free exchange of all of the shares of Wells Fargo Advantage Strategic Large Cap Growth Fund for 16,912,837 shares of the Fund valued at 561,057,277 at an exchange ratio of 1.00, 0.94, 0.99, 1.00 and 1.00 for Class A, Class C, Class R, Administrator Class and Institutional Class shares, respectively. The investment portfolio of Wells Fargo Advantage Strategic Large Cap Growth Fund with a fair value of $560,614,856, identified cost of $467,081,023 and unrealized gains of $93,533,833 at June 15, 2012 were the principal assets acquired by the Fund. The aggregate net assets of Wells Fargo Advantage Strategic Large Cap Fund and the Fund immediately prior to the acquisition were $561,057,277 and $540,954,928, respectively. The aggregate net assets of the Fund immediately after the acquisition were $1,102,012,205. 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 Fargo Advantage Strategic Large Cap Growth 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 annual reporting period for the Fund, the pro forma results of operations for the year ended July 31, 2012 would have been:

Net investment income	$	156,944
Net realized and unrealized gains on investments	$	107,233,423
Net increase in net assets resulting from operations	$	107,390,367

7. BANK BORROWINGS

The Trust (excluding the money market funds and certain other funds in the Trust) and Wells Fargo Variable Trust are parties to a $150,000,000 revolving credit agreement 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. For the six months ended January 31, 2013, the Fund paid $496 in commitment fees.

For the six months ended January 31, 2013, there were no borrowings by the Fund under the agreement.

28 Wells Fargo Advantage Large Cap Growth Fund Notes to financial statements (unaudited)

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 PRONOUNCEMENT

In December 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) No. 2011-11, Disclosures about Offsetting Assets and Liabilities. ASU 2011-11, which amends FASB ASC Topic 210, Balance Sheet, creates new disclosure requirements which require entities to disclose both gross and net information for derivatives and other financial instruments that are either offset in the Statement of Assets and Liabilities or subject to an enforceable master netting arrangement or similar agreement. The disclosure requirements are effective for interim and annual reporting periods beginning on or after January 1, 2013. Management is currently assessing the potential impact, in addition to expanded financial statement disclosure, that may result from adopting this ASU.

Other information (unaudited) Wells Fargo Advantage Large Cap Growth Fund 29

PROXY VOTING INFORMATION

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

PORTFOLIO HOLDINGS INFORMATION

The complete portfolio holdings for the Fund are publicly available on the Fund’s website (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 website on a monthly, seven-day or more delayed basis. The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q, which is available without charge by visiting the SEC website at sec.gov. In addition, the Fund’s Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC, and at regional offices in New York City, at 233 Broadway, and in Chicago, at 175 West Jackson Boulevard, Suite 900. Information about the Public Reference Room may be obtained by calling 1-800-SEC-0330.

30 Wells Fargo Advantage Large Cap Growth Fund Other information (unaudited)

BOARD OF TRUSTEES AND OFFICERS

Each of the Trustees and Officers listed in the table below acts in identical capacities for the Wells Fargo Advantage family of funds, which consists of 136 funds¹ comprising the Wells Fargo Funds Trust, Wells Fargo Variable Trust, Wells Fargo Master Trust and four closed-end funds (collectively the “Fund Complex”). This table should be read in conjunction with the Prospectus and the Statement of Additional Information². 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	Co-Founder, Retired Chairman, President and CEO of Crystal Geyser Water Company. Trustee Emeritus, Colby College.	Asset Allocation Trust
Isaiah Harris, Jr. (Born 1952)	Trustee, since 2009	Retired. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Coast Academy (charter school). Mr. Harris is a certified public accountant.	CIGNA Corporation; Deluxe Corporation; Asset Allocation Trust
Judith M. Johnson (Born 1949)	Trustee, since 2008; Audit Committee Chairman, since 2008	Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant.	Asset Allocation Trust
Leroy Keith, Jr. (Born 1939)	Trustee, since 2010	Chairman, Bloc Global Services (development and construction). Trustee of the Evergreen Funds 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 48 portfolios as of 1/31/13); Asset Allocation Trust
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business, Stanford University, Morgan Stanley Director of the Center for Leadership Development and Research and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	Asset Allocation Trust
Olivia S. Mitchell (Born 1953)	Trustee, since 2006	International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993.	Asset Allocation Trust
Timothy J. Penny (Born 1951)	Trustee, since 1996	President and CEO of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007 and Senior Fellow at the Humphrey Institute Policy Forum at the University of Minnesota since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	Asset Allocation Trust

Other information (unaudited) Wells Fargo Advantage Large Cap Growth Fund 31

Name and year of birth	Position held and length of service*	Principal occupations during past five years	Other directorships during past five years
Michael S. Scofield (Born 1943)	Trustee, since 2010	Served on the Investment Company Institute’s Board of Governors and Executive Committee from 2008-2011 as well the Governing Council of the Independent Directors Council from 2006-2011 and the Independent Directors Council Executive Committee from 2008-2011. Chairman of the IDC from 2008-2010. Institutional Investor (Fund Directions) Trustee of Year in 2007. Trustee of the Evergreen Funds (and its predecessors) from 1984 to 2010. Chairman of the Evergreen Funds from 2000-2010. Former Trustee of the Mentor Funds. Retired Attorney, Law Offices of Michael S. Scofield.	Asset Allocation Trust
Donald C. Willeke (Born 1940)	Trustee, since 1996	Principal of the law firm of Willeke & Daniels. General Counsel of the Minneapolis Employees Retirement Fund from 1984 until its consolidation into the Minnesota Public Employees Retirement Association on June 30, 2010. Director and Vice Chair of The Tree Trust (non-profit corporation). Director of the American Chestnut Foundation (non-profit corporation).	Asset Allocation Trust

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

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.
Jeremy DePalma1 (Born 1974)	Treasurer, since 2012	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Vice President, Evergreen Investment Services, Inc. from 2004 to 2007. Head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.
C. David Messman (Born 1960)	Secretary, since 2000; Chief Legal Officer, since 2003	Senior Vice President and Secretary of Wells Fargo Funds Management, LLC since 2001. Vice President and Managing Counsel of Wells Fargo Bank, N.A. since 1996.
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.
David Berardi (Born 1975)	Assistant Treasurer, since 2009	Vice President of Wells Fargo Funds Management, LLC since 2009. Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Assistant Vice President of Evergreen Investment Services, Inc. from 2004 to 2008. Manager of Fund Reporting and Control for Evergreen Investment Management Company, LLC from 2004 to 2010.

1. Jeremy DePalma acts as Treasurer of 61 funds and Assistant Treasurer of 75 funds in the Fund Complex.

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

32 Wells Fargo Advantage Large Cap Growth Fund List of abbreviations

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

ACA —  ACA Financial Guaranty Corporation

ADR —  American depositary receipt

ADS —  American depositary shares

AGC —  Assured Guaranty Corporation

AGM —  Assured Guaranty Municipal

Ambac —  Ambac Financial Group Incorporated

AMT —  Alternative minimum tax

AUD —  Australian dollar

BAN —  Bond anticipation notes

BHAC —  Berkshire Hathaway Assurance Corporation

BRL —  Brazilian real

CAB —  Capital appreciation bond

CAD —  Canadian dollar

CCAB —  Convertible capital appreciation bond

CDA —  Community Development Authority

CDO —  Collateralized debt obligation

CHF —  Swiss franc

COP —  Certificate of participation

DKK —  Danish krone

DRIVER —  Derivative inverse tax-exempt receipts

DW&P —  Department of Water & Power

DWR —  Department of Water Resources

ECFA —  Educational & Cultural Facilities Authority

EDA —  Economic Development Authority

EDFA —  Economic Development Finance Authority

ETF —  Exchange-traded fund

EUR —  Euro

FDIC —  Federal Deposit Insurance Corporation

FFCB —  Federal Farm Credit Banks

FGIC —  Financial Guaranty Insurance Corporation

FHA —  Federal Housing Administration

FHLB —  Federal Home Loan Bank

FHLMC —  Federal Home Loan Mortgage Corporation

FICO —  The Financing Corporation

FNMA —  Federal National Mortgage Association

FSA —  Farm Service Agency

GBP —  Great British pound

GDR —  Global depositary receipt

GNMA —  Government National Mortgage Association

GO —  General obligation

HCFR —  Healthcare facilities revenue

HEFA —  Health & Educational Facilities Authority

HEFAR —  Higher education facilities authority revenue

HFA —  Housing Finance Authority

HFFA —  Health Facilities Financing Authority

HKD —  Hong Kong dollar

HUF —  Hungarian forint

HUD —  Department of Housing and Urban Development

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

LIQ —  Liquidity agreement

LLC —  Limited liability company

LLP —  Limited liability partnership

LOC —  Letter of credit

LP —  Limited partnership

MBIA —  Municipal Bond Insurance Association

MFHR —  Multifamily housing revenue

MSTR —  Municipal securities trust receipts

MTN —  Medium-term note

MUD —  Municipal Utility District

MXN —  Mexican peso

MYR —  Malaysian ringgit

National —  National Public Finance Guarantee Corporation

NOK —  Norwegian krone

NZD —  New Zealand dollar

PCFA —  Pollution Control Financing Authority

PCL —  Public Company Limited

PCR —  Pollution control revenue

PFA —  Public Finance Authority

PFFA —  Public Facilities Financing Authority

PFOTER —  Puttable floating option tax-exempt receipts

plc —  Public limited company

PLN —  Polish zloty

PUTTER —  Puttable tax-exempt receipts

R&D —  Research & development

Radian —  Radian Asset Assurance

RAN —  Revenue anticipation notes

RDA —  Redevelopment Authority

RDFA —  Redevelopment Finance Authority

REIT —  Real estate investment trust

ROC —  Reset option certificates

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

SPA —  Standby purchase agreement

SPDR —  Standard & Poor’s Depositary Receipts

STRIPS —  Separate trading of registered interest and

      principal securities

TAN —  Tax anticipation notes

TBA —  To be announced

TIPS —  Treasury inflation-protected securities

TRAN —  Tax revenue anticipation notes

TRY —  Turkish lira

TTFA —  Transportation Trust Fund Authority

TVA —  Tennessee Valley Authority

ZAR —  South African rand

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For more information

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

Wells Fargo Advantage Funds

P.O. Box 8266

Boston, MA 02266-8266

Email: wfaf@wellsfargo.com

Website: wellsfargoadvantagefunds.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

This report and the financial statements contained herein are submitted for the general information of the shareholders of Wells Fargo Advantage Funds. If this report is used for promotional purposes, distribution of the report must be accompanied or preceded by a current prospectus. For a current prospectus and, if available, a summary prospectus containing more complete information, including charges and expenses, call 1-800-222-8222 or visit the Fund’s website 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

© 2013 Wells Fargo Funds Management, LLC. All rights reserved.

215107 03-13 SA209/SAR209 1-13

Wells Fargo Advantage

Large Company Value Fund

Semi-Annual Report

January 31, 2013

Reduce clutter. Save trees.

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

Contents

Letter to shareholders	2
Performance highlights	4
Fund expenses	6
Portfolio of investments	7
Financial statements
Statement of assets and liabilities	11
Statement of operations	12
Statement of changes in net assets	13
Financial highlights	14
Notes to financial statements	19
Other information	24
List of abbreviations	27

The views expressed and any forward-looking statements are as of January 31, 2013, 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 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 the 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 the investment objectives, risks, charges, and expenses before investing. For a current prospectus and, if available, a summary prospectus, for Wells Fargo Advantage Funds, 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, 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 $226 billion in assets under management, as of January 31, 2013.

Equity funds
Asia Pacific Fund	Enterprise Fund†	Opportunity Fund†
C&B Large Cap Value Fund	Global Opportunities Fund	Precious Metals Fund
C&B Mid Cap Value Fund	Growth Fund	Premier Large Company Growth Fund
Capital Growth Fund	Index Fund	Small Cap Opportunities Fund
Common Stock Fund	International Equity Fund	Small Cap Value Fund
Disciplined U.S. Core Fund	International Value Fund	Small Company Growth Fund
Discovery Fund†	Intrinsic Small Cap Value Fund	Small Company Value Fund
Diversified Equity Fund	Intrinsic Value Fund	Small/Mid Cap Value Fund
Diversified International Fund	Intrinsic World Equity Fund	Special Mid Cap Value Fund
Emerging Growth Fund	Large Cap Core Fund	Special Small Cap Value Fund
Emerging Markets Equity Fund	Large Cap Growth Fund	Specialized Technology Fund
Emerging Markets Equity Income Fund	Large Company Value Fund	Traditional Small Cap Growth Fund
Endeavor Select Fund†	Omega Growth Fund	Utility and Telecommunications Fund
Bond funds
Adjustable Rate Government Fund	High Yield Municipal Bond Fund	Short Duration Government Bond Fund
California Limited-Term Tax-Free Fund	Income Plus Fund	Short-Term Bond Fund
California Tax-Free Fund	Inflation-Protected Bond Fund	Short-Term High Yield Bond Fund
Colorado Tax-Free Fund	Intermediate Tax/AMT-Free Fund	Short-Term Municipal Bond Fund
Core Bond Fund	International Bond Fund	Strategic Income Fund
Emerging Markets Local Bond Fund	Minnesota Tax-Free Fund	Strategic Municipal Bond Fund
Government Securities Fund	Municipal Bond Fund	Ultra Short-Term Income Fund
High Income Fund	North Carolina Tax-Free Fund	Ultra Short-Term Municipal Income Fund
High Yield Bond Fund	Pennsylvania Tax-Free 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	Treasury Plus Money Market Fund
Cash Investment Money Market Fund	Municipal Cash Management 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 (unaudited)

Karla M. Rabusch

President

Wells Fargo Advantage Funds

Entering the period, concerns about the eurozone sovereign debt situation held center stage as investors again focused on economic weakness in southern European economies.

Aggressive central bank actions helped support stock prices, as did relatively solid economic data.

Dear Valued Shareholder:

We are 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, 2013. Much of the period was marked by continued concerns about the possible effects that the ongoing European sovereign debt crisis would have on the global economy. However, relatively solid economic data in the U.S. and efforts by European authorities to address the sovereign debt issue alleviated investor fears and supported global stock markets. Judging by various indexes, U.S. large-cap stocks underperformed small-cap stocks. Within the large-cap universe, value stocks outperformed growth stocks, partly because of strong performance from the financials sector.

The period was dominated by worries that ongoing debt problems in the eurozone would affect global economic growth.

Entering the period, concerns about the eurozone sovereign debt situation held center stage as investors again focused on economic weakness in southern European economies. Because many eurozone banks owned southern European debt and many U.S. banks had financial ties to eurozone banks, investors worried about the effects of a possible southern European debt default on the global financial system and economy. Ongoing weakness in the Greek economy made it difficult for the country to meet previously agreed upon austerity targets. Toward the end of the reporting period, political risk resurfaced in both Italy and Spain. In Italy, Prime Minister Mario Monti, an economist who was appointed to implement austerity measures and labor market reforms, resigned in December 2012. Monti later decided to run for office in the general election scheduled for February 2013.

European leaders took concerted action to calm investor concerns. In September 2012, the European Central Bank (ECB) announced that it would purchase an unlimited amount of one- to three-year sovereign debt from countries that had applied for a formal bailout through either the European Financial Stability Facility or the European Stability Mechanism. In another positive sign, in late November 2012, finance ministers from the 17-country eurozone and the International Monetary Fund struck a deal aimed at reducing Greece’s debt by the year 2020.

Central banks continued to provide stimulus.

Major central banks, including the U.S. Federal Reserve (Fed) and the ECB, continued to inject liquidity into the banks and the markets through various quantitative easing policies. 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 the financial system. The ECB was similarly aggressive, keeping its key rate at a historic low of 0.75%. Just prior to the beginning of the reporting period, the FOMC announced its intention to keep interest rates low until at least mid-2015 in order to support the sluggish economy. The Fed also announced open-ended purchases of $40 billion per month in mortgage-backed securities in an effort to support the housing market.

Stock markets posted solid gains in an eventful period.

Aggressive central bank actions helped support stock prices, as did relatively solid economic data. For much of the reporting period, the U.S. stock market benefited from favorable gross domestic product (GDP) data, with the growth rate improving from 1.3% (annualized) in the second quarter of 2012 to 3.1% (annualized) in the third quarter of 2012. However, the GDP growth rate slowed in the final months of 2012, with GDP growth coming in at 0.1% (annualized) in the fourth quarter of 2012. Because many investors attributed the weak number to the aftereffects of Hurricane Sandy on the eastern seaboard, the stock market remained resilient.

Letter to shareholders (unaudited) Wells Fargo Advantage Large Company Value Fund 3

The steady improvement in the housing market supported investor sentiment. The National Association of Home Builders/First American Improving Markets Index identifies metro areas that have shown improvement from their respective troughs in housing permits, employment, and house prices for at least six consecutive months. The index rose for a fifth-consecutive month in January 2013, indicating improvements in 242 housing markets across the country. As a result, housing-related stocks strongly outperformed over the period, leading to better-than-index returns for sectors ranging from consumer discretionary (home improvement retailers), to materials (construction material providers), and to financials (mortgage lenders).

Throughout the period, a continued high unemployment rate was the main negative piece of U.S. economic data. Although the unemployment rate improved from 8.1% in August 2012 to 7.9% in January 2013, the labor market remained soft.

We remain committed to our investment strategies, even as many variables are at work in the market.

The full effect of the European credit crisis remains unknown. Elevated unemployment and debt defaults continue to pressure consumers and businesses alike. 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, we believe it helps manage 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

Notice to shareholders

At its November 6-7, 2012 meeting, the Board of Trustees unanimously approved the following modifications to certain Class A sales load waiver privileges, with each change becoming effective on July 1, 2013:

n Annuity payments received under an annuity option or from death proceeds will no longer qualify for net asset value (NAV) repurchase privileges.

n The ability to reinvest redemption proceeds at NAV will be reduced from 120 days to 90 days.

n NAV purchase privileges for certain types of “grandfathered” shareholders will be modified to remove the ability to purchase Class A shares at NAV, unless those shares are held directly with the Fund.

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

4 Wells Fargo Advantage Large Company Value Fund Performance highlights (unaudited)

Investment objective

The Fund seeks long-term capital appreciation.

Adviser

Wells Fargo Funds Management, LLC

Subadviser

Phocas Financial Corporation

Portfolio managers

Stephen L. Block, CFA

William F.K. Schaff, CFA

Average annual total returns¹ (%) as of January 31, 2013

		Including sales charge						Excluding sales charge						Expense ratios2 (%)
	Inception date	1 year		5 year		10 year		1 year		5 year		10 year		Gross		Net3
Class A (WLCAX)	3-31-2008		9.61		1.04		6.78		16.26		2.25		7.41		1.27		1.10
Class C (WFLVX)	3-31-2008		14.48		1.51		6.70		15.48		1.51		6.70		2.02		1.85
Administrator Class (WWIDX)	12-31-2001		16.59		2.54		7.79		16.59		2.54		7.79		1.11		0.85
Institutional Class (WLCIX)	3-31-2008		–		–		–		17.02		2.76		7.90		0.84		0.65
Investor Class (SDVIX)	7-1-1993		–		–		–		16.29		2.17		7.38		1.33		1.16
Russell 1000® Value Index4	–		–		–		–		20.58		2.70		8.32		–		–

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 website, wellsfargoadvantagefunds.com.

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

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

Stock values fluctuate in response to the activities of individual companies and general market and economic conditions. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). The Fund is exposed to foreign investment risk. Consult the Fund’s prospectus for additional information on these and other risks.

Please see footnotes on page 5.

Performance highlights (unaudited) Wells Fargo Advantage Large Company Value Fund 5

Ten largest equity holdings5 (%) as of January 31, 2013
Chevron Corporation	4.79
General Electric Company	2.79
JPMorgan Chase & Company	2.76
Pfizer Incorporated	2.60
Citigroup Incorporated	2.53
CIGNA Corporation	2.20
CVS Caremark Corporation	2.19
Johnson & Johnson Services Incorporated	2.16
Continental Resources Incorporated	2.09
Simon Property Group Incorporated	2.06

Sector distribution⁶ as of January 31, 2013

1. 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 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.

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

3. The Adviser has committed through November 30, 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. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses, and extraordinary expenses are excluded from the cap. Without this cap, the Fund’s returns would have been lower.

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

5. 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.

6. 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 Fund expenses (unaudited)

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on

purchase payments and contingent deferred sales charges (if any) on redemptions and (2) ongoing costs, including

management fees, distribution (12b-1) and/or shareholder service fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from August 1, 2012 to January 31, 2013.

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 8-1-2012		Ending account value 1-31-2013		Expenses paid during the period1		Net annual expense ratio
Class A
Actual	$	1,000.00	$	1,114.70	$	5.86		1.10	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.66	$	5.60		1.10	%
Class C
Actual	$	1,000.00	$	1,110.30	$	9.84		1.85	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.88	$	9.40		1.85	%
Administrator Class
Actual	$	1,000.00	$	1,115.90	$	4.48		0.84	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.97	$	4.28		0.84	%
Institutional Class
Actual	$	1,000.00	$	1,118.83	$	3.47		0.65	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.93	$	3.31		0.65	%
Investor Class
Actual	$	1,000.00	$	1,114.67	$	6.24		1.17	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.31	$	5.96		1.17	%

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

Portfolio of investments—January 31, 2013 (unaudited) Wells Fargo Advantage Large Company Value Fund 7

Security name	Shares		Value
Common Stocks: 94.59%
Consumer Discretionary: 8.46%
Household Durables: 2.82%
Harman International Industries Incorporated		61,982	$	2,775,554
Newell Rubbermaid Incorporated		212,501		4,989,523
				7,765,077
Media: 2.85%
DIRECTV Group Incorporated †		55,232		2,824,564
Omnicom Group Incorporated «		34,170		1,854,748
Walt Disney Company		58,725		3,164,103
				7,843,415
Multiline Retail: 0.90%
Target Corporation «		41,246		2,491,671
Specialty Retail: 1.89%
Bed Bath & Beyond Incorporated †		43,205		2,536,134
Home Depot Incorporated		39,916		2,671,179
				5,207,313
Consumer Staples: 5.07%
Beverages: 1.43%
PepsiCo Incorporated		54,300		3,955,755
Food & Staples Retailing: 2.19%
CVS Caremark Corporation		117,797		6,031,206
Household Products: 1.45%
Procter & Gamble Company		53,155		3,995,130
Energy: 14.59%
Energy Equipment & Services: 1.33%
Noble Corporation		90,079		3,648,200
Oil, Gas & Consumable Fuels: 13.26%
Chevron Corporation		114,658		13,202,869
ConocoPhillips Company		60,115		3,486,670
Continental Resources Incorporated « †		69,285		5,758,969
Denbury Resources Incorporated « †		161,027		2,999,933
Noble Energy Incorporated		24,904		2,684,402
Valero Energy Corporation		63,682		2,784,814
Whiting Petroleum Corporation †		118,062		5,617,390
				36,535,047

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

8 Wells Fargo Advantage Large Company Value Fund Portfolio of investments—January 31, 2013 (unaudited)

Security name	Shares		Value
Financials: 26.20%
Capital Markets: 1.42%
Goldman Sachs Group Incorporated		26,499	$	3,918,142
Commercial Banks: 5.52%
Comerica Incorporated «		141,268		4,853,968
First Republic Bank Corporation		149,165		5,323,699
Commercial Banks
KeyCorp		533,617		5,016,000
				15,193,667
Consumer Finance: 2.34%
Capital One Financial Corporation		66,841		3,764,485
SLM Corporation		158,987		2,685,290
				6,449,775
Diversified Financial Services: 7.28%
Bank of America Corporation		482,825		5,465,579
Citigroup Incorporated		165,317		6,969,765
JPMorgan Chase & Company		161,766		7,611,090
				20,046,434
Insurance: 6.23%
American International Group Incorporated †		144,153		5,453,308
MetLife Incorporated		119,881		4,476,357
The Hartford Financial Services Group Incorporated «		171,810		4,260,888
The Travelers Companies Incorporated		38,011		2,982,343
				17,172,896
REITs: 3.41%
American Campus Communities Incorporated		79,622		3,707,997
Simon Property Group Incorporated		35,504		5,687,031
				9,395,028
Health Care: 12.13%
Health Care Equipment & Supplies: 2.01%
Medtronic Incorporated		61,266		2,854,996
Stryker Corporation «		42,745		2,677,974
				5,532,970
Health Care Providers & Services: 2.20%
CIGNA Corporation		103,736		6,051,958
Pharmaceuticals: 7.92%
Hospira Incorporated †		107,192		3,657,391
Johnson & Johnson Services Incorporated		80,444		5,946,420
Merck & Company Incorporated		70,809		3,062,489
Pfizer Incorporated		262,559		7,162,610
Teva Pharmaceutical Industries Limited ADR		52,746		2,003,821
				21,832,731

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

Portfolio of investments—January 31, 2013 (unaudited) Wells Fargo Advantage Large Company Value Fund 9

Security name	Shares		Value
Industrials: 8.71%
Aerospace & Defense: 0.97%
Triumph Group Incorporated		37,857	$	2,663,997
Airlines: 1.22%
Southwest Airlines Company		300,818		3,372,170
Construction & Engineering: 1.00%
URS Corporation		66,549		2,760,453
Industrial Conglomerates: 2.79%
General Electric Company		345,008		7,686,778
Machinery: 2.73%
Dover Corporation		46,868		3,242,328
Eaton Corporation		75,047		4,273,927
				7,516,255
Information Technology: 7.31%
Communications Equipment: 1.76%
Cisco Systems Incorporated		235,136		4,836,748
Computers & Peripherals: 0.51%
Apple Incorporated		3,093		1,408,274
Internet Software & Services: 0.96%
Google Incorporated Class A †		3,519		2,659,273
IT Services: 1.02%
VeriFone Systems Incorporated « †		81,089		2,815,410
Semiconductors & Semiconductor Equipment: 1.50%
Broadcom Corporation Class A		61,590		1,998,596
Maxim Integrated Products Incorporated		67,735		2,130,266
				4,128,862
Software: 1.56%
Symantec Corporation †		197,299		4,295,199
Materials: 3.15%
Chemicals: 3.15%
Ashland Incorporated		52,737		4,140,382
Dow Chemical Company		96,429		3,105,014
Westlake Chemical Corporation		15,587		1,431,822
				8,677,218
Telecommunication Services: 2.60%
Diversified Telecommunication Services: 2.60%
AT&T Incorporated		79,825		2,777,112
Verizon Communications Incorporated		100,390		4,378,008
				7,155,120

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

10 Wells Fargo Advantage Large Company Value Fund Portfolio of investments—January 31, 2013 (unaudited)

Security name				Shares		Value
Utilities: 6.37%
Electric Utilities: 2.23%
Duke Energy Corporation «					40,066	$	2,754,137
Entergy Corporation					52,399		3,384,975
							6,139,112
Multi-Utilities: 2.73%
Dominion Resources Incorporated					64,466		3,488,255
NiSource Incorporated					149,900		4,051,797
							7,540,052
Water Utilities: 1.41%
American Water Works Company Incorporated					101,341		3,879,330
Total Common Stocks (Cost $198,855,255)							260,600,666
Other: 0.08%
Gryphon Funding Limited, Pass-Through Entity (a)(i)(v)					590,081		200,628
Total Other (Cost $48,088)							200,628
	Yield
Short-Term Investments: 11.32%
Investment Companies: 11.32%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)		0.14	%		12,112,531		12,112,531
Wells Fargo Securities Lending Cash Investments, LLC (v)(l)(u)(r)		0.19			19,081,287		19,081,287
Total Short-Term Investments (Cost $31,193,818)							31,193,818

Total investments in securities (Cost $230,097,161) *	105.99	%		291,995,112
Other assets and liabilities, net	(5.99	)		(16,497,395	)
Total net assets	100.00	%	$	275,497,717

† Non-income-earning security

« All or a portion of this security is 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

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

* Cost for federal income tax purposes is $236,212,646 and unrealized appreciation (depreciation) consists of:

Gross unrealized appreciation	$	62,307,455
Gross unrealized depreciation		(6,524,989	)
Net unrealized appreciation	$	55,782,466

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

Statements of assets and liabilities—January 31, 2013 (unaudited) Wells Fargo Advantage Large Company Value Fund 11

Assets
Investments
In unaffiliated securities (including securities on loan), at value (see cost below)	$	260,801,294
In affiliated securities, at value (see cost below)		31,193,818
Total investments, at value (see cost below)		291,995,112
Receivable for investments sold		15,712,283
Receivable for Fund shares sold		46,829
Receivable for dividends		251,379
Receivable for securities lending income		1,303
Prepaid expenses and other assets		32,702
Total assets		308,039,608
Liabilities
Payable for investments purchased		12,822,124
Payable for Fund shares redeemed		297,104
Payable upon receipt of securities loaned		19,129,375
Advisory fee payable		106,889
Distribution fees payable		2,692
Due to other related parties		73,319
Accrued expenses and other liabilities		110,388
Total liabilities		32,541,891
Total net assets	$	275,497,717
NET ASSETS CONSIST OF
Paid-in capital	$	251,355,010
Undistributed net investment income		17,251
Accumulated net realized losses on investments		(37,772,495	)
Net unrealized gains on investments		61,897,951
Total net assets	$	275,497,717
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE1
Net assets – Class A	$	106,844,682
Shares outstanding – Class A		7,475,902
Net asset value per share – Class A		$14.29
Maximum offering price per share – Class A2		$15.16
Net assets – Class C	$	4,179,141
Shares outstanding – Class C		286,800
Net asset value per share – Class C		$14.57
Net assets – Administrator Class	$	36,746,872
Shares outstanding – Administrator Class		2,558,322
Net asset value per share – Administrator Class		$14.36
Net assets – Institutional Class	$	2,135,616
Shares outstanding – Institutional Class		148,925
Net asset value per share – Institutional Class		$14.34
Net assets – Investor Class	$	125,591,406
Shares outstanding – Investor Class		8,584,651
Net asset value per share – Investor Class		$14.63
Investment in unaffiliated securities (including securities on loan), at cost	$	198,903,343
Investments in affiliated securities, at cost	$	31,193,818
Total investments, at cost	$	230,097,161
Securities on loan, at value	$	18,699,086

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 Large Company Value Fund Statement of operations—six months ended January 31, 2013 (unaudited)

Investment income
Dividends *	$	3,956,015
Securities lending income, net		19,414
Income from affiliated securities		6,189
Total investment income		3,981,618
Expenses
Advisory fee		1,125,390
Administration fees
Fund level		86,568
Class A		136,614
Class C		5,275
Administrator Class		53,842
Institutional Class		1,920
Investor Class		199,431
Shareholder servicing fees
Class A		131,360
Class C		5,072
Administrator Class		133,574
Investor Class		155,144
Distribution fees
Class C		15,217
Custody and accounting fees		9,510
Professional fees		15,535
Registration fees		35,032
Shareholder report expenses		30,737
Trustees’ fees and expenses		7,581
Other fees and expenses		4,964
Total expenses		2,152,766
Less: Fee waivers and/or expense reimbursements		(339,804	)
Net expenses		1,812,962
Net investment income		2,168,656
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on investments		26,974,592
Net change in unrealized gains (losses) on investments		5,847,829
Net realized and unrealized gains (losses) on investments		32,822,421
Net increase in net assets resulting from operations	$	34,991,077
* Net of foreign dividend withholding taxes in the amount of		$6,517

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

Statements of changes in net assets Wells Fargo Advantage Large Company Value Fund 13

	Six months ended January 31, 2013 (unaudited)						Year ended July 31, 2012
Operations
Net investment income				$	2,168,656					$	5,688,528
Net realized gains on investments					26,974,592						12,693,847
Net change in unrealized gains (losses) on investments					5,847,829						33,266,822
Net increase in net assets resulting from operations					34,991,077						51,649,197
Distributions to shareholders from
Net investment income
Class A					(1,066,333	)					(1,060,565	)
Class C					(23,887	)					(14,917	)
Administrator Class					(1,251,579	)					(2,212,931	)
Institutional Class					(37,874	)					(307,291	)
Investor Class					(1,185,374	)					(1,354,263	)
Total distributions to shareholders					(3,565,047	)					(4,949,967	)
		Shares						Shares
Capital share transactions
Proceeds from shares sold
Class A		64,927			882,269			152,985			1,851,394
Class C		11,856			163,170			12,873			159,190
Administrator Class		280,100			3,736,295			694,791			8,599,183
Institutional Class		9,316			126,393			58,158			690,316
Investor Class		222,939			3,101,539			659,614			8,374,472
					8,009,666						19,674,555
Reinvestment of distributions
Class A		76,663			1,038,048			81,989			1,022,599
Class C		1,499			20,723			974			12,858
Administrator Class		87,235			1,193,266			162,960			2,037,419
Institutional Class		2,267			30,823			24,912			299,996
Investor Class		80,595			1,117,303			101,993			1,275,600
					3,400,163						4,648,472
Payment for shares redeemed
Class A		(629,393	)		(8,501,074	)		(1,429,586	)		(17,672,994	)
Class C		(31,102	)		(428,635	)		(86,263	)		(1,062,163	)
Administrator Class		(11,375,246	)		(152,941,485	)		(3,967,895	)		(49,042,196	)
Institutional Class		(1,087,574	)		(14,464,834	)		(116,799	)		(1,475,505	)
Investor Class		(1,052,818	)		(14,540,169	)		(1,614,250	)		(20,485,064	)
					(190,876,197	)					(89,737,922	)
Net asset value of shares issued in acquisition
Class A		0			0			9,107,380			102,927,298
Class C		0			0			336,931			3,882,391
Administrator Class		0			0			16,623,780			188,701,817
Institutional Class		0			0			122,764			1,391,319
Investor Class		0			0			1,606,771			18,572,940
					0						315,475,765
Net increase (decrease) in net assets resulting from capital share transactions					(179,466,368	)					250,060,870
Total increase (decrease) in net assets					(148,040,338	)					296,760,100
Net assets
Beginning of period					423,538,055						126,777,955
End of period				$	275,497,717					$	423,538,055
Undistributed net investment income				$	17,251					$	1,413,642

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

14 Wells Fargo Advantage Large Company Value Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended January 31, 2013 (unaudited)			Year ended July 31
CLASS A				2012			2011			2010			2009			20081
Net asset value, beginning of period	$	12.96		$	12.61		$	11.04		$	9.84		$	14.43		$	14.92
Net investment income		0.08			0.17			0.12			0.09			0.17	2		0.08	2
Net realized and unrealized gains (losses) on investments		1.39			0.35			1.51			1.21			(3.39	)		(0.51	)
Total from investment operations		1.47			0.52			1.63			1.30			(3.22	)		(0.43	)
Distributions to shareholders from
Net investment income		(0.14	)		(0.17	)		(0.06	)		(0.10	)		(0.24	)		(0.06	)
Net realized gains		0.00			0.00			0.00			0.00			(1.13	)		0.00
Total distributions to shareholders		(0.14	)		(0.17	)		(0.06	)		(0.10	)		(1.37	)		(0.06	)
Net asset value, end of period	$	14.29		$	12.96		$	12.61		$	11.04		$	9.84		$	14.43
Total return3		11.47	%		4.21	%		14.77	%		13.22	%		(21.52	)%		(2.92	)%
Ratios to average net assets (annualized)
Gross expenses		1.28	%		1.27	%		1.32	%		1.42	%		1.52	%		1.37	%
Net expenses		1.10	%		1.10	%		1.25	%		1.25	%		1.23	%		1.25	%
Net investment income		1.23	%		1.29	%		0.74	%		0.74	%		1.85	%		1.55	%
Supplemental data
Portfolio turnover rate		37	%		37	%		35	%		42	%		61	%		71	%
Net assets, end of period (000s omitted)		$106,845			$103,195			$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.

Financial highlights Wells Fargo Advantage Large Company Value Fund 15

(For a share outstanding throughout each period)

	Six months ended January 31, 2013 (unaudited)			Year ended July 31
CLASS C				2012			2011			2010			2009			20081
Net asset value, beginning of period	$	13.21		$	12.81		$	11.26		$	10.03		$	14.66		$	15.17
Net investment income		0.03			0.09			0.01			0.03			0.06	2		0.04	2
Net realized and unrealized gains (losses) on investments		1.41			0.36			1.55			1.22			(3.40	)		(0.52	)
Total from investment operations		1.44			0.45			1.56			1.25			(3.34	)		(0.48	)
Distributions to shareholders from
Net investment income		(0.08	)		(0.05	)		(0.01	)		(0.02	)		(0.16	)		(0.03	)
Net realized gains		0.00			0.00			0.00			0.00			(1.13	)		0.00
Total distributions to shareholders		(0.08	)		(0.05	)		(0.01	)		(0.02	)		(1.29	)		(0.03	)
Net asset value, end of period	$	14.57		$	13.21		$	12.81		$	11.26		$	10.03		$	14.66
Total return3		11.03	%		3.49	%		13.85	%		12.47	%		(22.07	)%		(3.17	)%
Ratios to average net assets (annualized)
Gross expenses		2.03	%		2.02	%		2.08	%		2.17	%		2.23	%		2.12	%
Net expenses		1.85	%		1.85	%		2.00	%		2.00	%		1.97	%		2.00	%
Net investment income		0.48	%		0.54	%		0.04	%		0.02	%		0.69	%		0.78	%
Supplemental data
Portfolio turnover rate		37	%		37	%		35	%		42	%		61	%		71	%
Net assets, end of period (000s omitted)		$4,179			$4,022			$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.

16 Wells Fargo Advantage Large Company Value Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended January 31, 2013 (unaudited)			Year ended July 31
ADMINISTRATOR CLASS				2012			2011			2010			2009			2008
Net asset value, beginning of period		$13.02			$12.68		$	11.08			$9.87			$14.43			$17.09
Net investment income		0.09	1		0.19	1		0.11			0.12	1		0.31	1		0.33	1
Net realized and unrealized gains (losses) on investments		1.40			0.36			1.56			1.22			(3.49	)		(1.46	)
Total from investment operations		1.49			0.55			1.67			1.34			(3.18	)		(1.13	)
Distributions to shareholders from
Net investment income		(0.15	)		(0.21	)		(0.07	)		(0.13	)		(0.25	)		(0.34	)
Net realized gains		0.00			0.00			0.00			0.00			(1.13	)		(1.19	)
Total distributions to shareholders		(0.15	)		(0.21	)		(0.07	)		(0.13	)		(1.38	)		(1.53	)
Net asset value, end of period	$	14.36		$	13.02		$	12.68		$	11.08		$	9.87		$	14.43
Total return2		11.59	%		4.47	%		15.12	%		13.53	%		(21.20	)%		(7.48	)%
Ratios to average net assets (annualized)
Gross expenses		1.09	%		1.11	%		1.17	%		1.24	%		1.30	%		1.21	%
Net expenses		0.84	%		0.85	%		0.96	%		0.96	%		0.95	%		0.96	%
Net investment income		1.37	%		1.54	%		1.93	%		1.12	%		2.56	%		2.05	%
Supplemental data
Portfolio turnover rate		37	%		37	%		35	%		42	%		61	%		71	%
Net assets, end of period (000s omitted)		$36,747			$176,623			$667			$289			$185			$2,405

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 Large Company Value Fund 17

(For a share outstanding throughout each period)

	Six months ended January 31, 2013 (unaudited)			Year ended July 31
INSTITUTIONAL CLASS				2012			2011			2010			2009			20081
Net asset value, beginning of period	$	13.00		$	12.68		$	11.08		$	9.86		$	14.43		$	14.92
Net investment income		0.14	2		0.22			0.14			0.14			0.26	2		0.10	2
Net realized and unrealized gains (losses) on investments		1.38			0.35			1.54			1.23			(3.42	)		(0.52	)
Total from investment operations		1.52			0.57			1.68			1.37			(3.16	)		(0.42	)��
Distributions to shareholders from
Net investment income		(0.18	)		(0.25	)		(0.08	)		(0.15	)		(0.28	)		(0.07	)
Net realized gains		0.00			0.00			0.00			0.00			(1.13	)		0.00
Total distributions to shareholders		(0.18	)		(0.25	)		(0.08	)		(0.15	)		(1.41	)		(0.07	)
Net asset value, end of period	$	14.34		$	13.00		$	12.68		$	11.08		$	9.86		$	14.43
Total return3		11.88	%		4.67	%		15.36	%		13.76	%		(21.07	)%		(2.82	)%
Ratios to average net assets (annualized)
Gross expenses		0.84	%		0.85	%		0.89	%		0.96	%		1.06	%		0.91	%
Net expenses		0.65	%		0.66	%		0.75	%		0.75	%		0.75	%		0.75	%
Net investment income		2.09	%		1.80	%		1.12	%		1.28	%		2.64	%		2.02	%
Supplemental data
Portfolio turnover rate		37	%		37	%		35	%		42	%		61	%		71	%
Net assets, end of period (000s omitted)		$2,136			$15,924			$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.

18 Wells Fargo Advantage Large Company Value Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended January 31, 2013 (unaudited)			Year ended July 31
INVESTOR CLASS				2012			2011			2010			2009			2008
Net asset value, beginning of period	$	13.26		$	12.89		$	11.28		$	10.05		$	14.67		$	17.35
Net investment income		0.08			0.16			0.09			0.08			0.21	1		0.28	1
Net realized and unrealized gains (losses) on investments		1.42			0.36			1.57			1.23			(3.48	)		(1.50	)
Total from investment operations		1.50			0.52			1.66			1.31			(3.27	)		(1.22	)
Distributions to shareholders from
Net investment income		(0.13	)		(0.15	)		(0.05	)		(0.08	)		(0.22	)		(0.27	)
Net realized gains		0.00			0.00			0.00			0.00			(1.13	)		(1.19	)
Total distributions to shareholders		(0.13	)		(0.15	)		(0.05	)		(0.08	)		(1.35	)		(1.46	)
Net asset value, end of period	$	14.63		$	13.26		$	12.89		$	11.28		$	10.05		$	14.67
Total return2		11.47	%		4.09	%		14.75	%		13.06	%		(21.53	)%		(7.84	)%
Ratios to average net assets (annualized)
Gross expenses		1.34	%		1.34	%		1.40	%		1.52	%		1.63	%		1.52	%
Net expenses		1.17	%		1.18	%		1.32	%		1.35	%		1.35	%		1.37	%
Net investment income		1.16	%		1.27	%		0.74	%		0.70	%		2.05	%		1.71	%
Supplemental data
Portfolio turnover rate		37	%		37	%		35	%		42	%		61	%		71	%
Net assets, end of period (000s omitted)		$125,591			$123,774			$110,554			$108,703			$106,931			$151,546

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 Large Company 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 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

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

Equity securities that are listed on a foreign or domestic exchange, except for The Nasdaq Stock Market, Inc. (“Nasdaq”), are valued at the official closing price or, if none, the last sales price. Securities listed on Nasdaq are valued at the Nasdaq Official Closing Price (“NOCP”). If no NOCP is available, securities are valued at the last sales price. If no sales price is shown on the Nasdaq, the bid price will be used. If no sale occurs on the primary exchange or market for the security that day or if no sale occurs and no bid price is shown on Nasdaq, the prior day’s price will be deemed “stale” and fair values will be determined in accordance with the Fund’s Valuation Procedures.

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

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

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

Security loans

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

20 Wells Fargo Advantage Large Company Value Fund Notes to financial statements (unaudited)

The Fund lends its securities through an unaffiliated securities lending agent. Cash collateral received in connection with its securities lending transactions is invested in 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 Funds Management and is subadvised by Wells Capital Management Incorporated (“WellsCap”). Funds Management receives an advisory fee starting at 0.05% and declining to 0.01% as the average daily net assets of the Cash Collateral Fund increase. All of the fees received by Funds Management are paid to WellsCap for its services as subadviser. 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.

Security transactions and income recognition

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

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

Distributions to shareholders

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

Federal and other taxes

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

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

At July 31, 2012, net capital loss carryforwards, which were available to offset future net realized capital gains, were as follows:

Pre-enactment capital loss expiration*
2015	2016	2017	2018
$2,601,565	$34,195,378	$10,926,738	$10,046,072

* Losses incurred in taxable years beginning before December 22, 2010.

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 any 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

Notes to financial statements (unaudited) Wells Fargo Advantage Large Company Value Fund 21

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

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

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

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

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

As of January 31, 2013, the inputs used in valuing investments in securities, 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	$	260,600,666	$	0	$	0	$	260,600,666
Other		0		0		200,628		200,628
Short-term investments
Investment companies		12,112,531		19,081,287		0		31,193,818
	$	272,713,197	$	19,081,287	$	200,628	$	291,995,112

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, 2013, the Fund did not have any transfers into/out of Level 1 or 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 subadviser, who is responsible for day-to-day portfolio management of the Fund.

Pursuant to the contract, Funds Management is entitled to receive an annual advisory fee starting at 0.65% and declining to 0.55% as the average daily net assets of the Fund increase. For the six months ended January 31, 2013, the advisory fee was equivalent to an annual rate of 0.65% of the Fund’s average daily net assets.

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Funds Management. Phocas Financial Corporation is the subadviser 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.

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		0.32

22 Wells Fargo Advantage Large Company Value Fund Notes to financial statements (unaudited)

Funds Management has contractually waived and/or reimbursed advisory and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. Waiver of fees and/or reimbursement of expenses by Funds Management were made first from fund level expenses on a proportionate basis and then from class specific expenses. Funds Management has committed through November 30, 2013 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.10% for Class A shares, 1.85%, for Class C shares, 0.85% for Administrator Class shares, 0.65% for Institutional Class shares and 1.16% for Investor Class shares.

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, 2013, Wells Fargo Funds Distributor, LLC received $1,516 from the sale of Class A shares.

Shareholder servicing fees

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

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended January 31, 2013 were $119,166,827 and $300,068,122, 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 objective 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 27,797,626 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 $314,485,997, indentified cost of $307,903,347 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 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 purpose.

Assuming the acquisition had been completed August 1, 2011, the beginning of the annual reporting period for the Fund, the pro forma results of operations for the year ended July 31, 2012 would have been:

Net investment income	$	6,438,052
Net realized and unrealized gains (losses) on investments	$	22,725,944
Net increase in net assets resulting form operations	$	29,163,996

7. CAPITAL SHARES

As a result of the transfer of assets from Funds Management, former program manager of the 529 college savings plans for the State of Wisconsin, to a new program manager, the Fund redeemed assets from its Administrator Class on October 26, 2012 with a value of $124,903,675 representing 31.1% of the Fund. This amount is reflected in the Statement of Changes in Net Assets for the six months ended January 31, 2013.

Notes to financial statements (unaudited) Wells Fargo Advantage Large Company Value Fund 23

8. BANK BORROWINGS

The Trust (excluding the money market funds and certain other funds in the Trust) and Wells Fargo Variable Trust are parties to a $150,000,000 revolving credit agreement 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. For the six months ended January 31, 2013, the Fund paid $183 in commitment fees.

For the six months ended January 31, 2013, there were no borrowings by the Fund under the agreement.

9. 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.

10. NEW ACCOUNTING PRONOUNCEMENT

In December 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) No. 2011-11, Disclosures about Offsetting Assets and Liabilities. ASU 2011-11, which amends FASB ASC Topic 210, Balance Sheet, creates new disclosure requirements which require entities to disclose both gross and net information for derivatives and other financial instruments that are either offset in the Statement of Assets and Liabilities or subject to an enforceable master netting arrangement or similar agreement. The disclosure requirements are effective for interim and annual reporting periods beginning on or after January 1, 2013. Management is currently assessing the potential impact, in addition to expanded financial statement disclosure, that may result from adopting this ASU.

24 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 website at wellsfargoadvantagefunds.com, or visiting the SEC website at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available without charge on the Fund’s website at wellsfargoadvantagefunds.com or by visiting the SEC website at sec.gov.

PORTFOLIO HOLDINGS INFORMATION

The complete portfolio holdings for the Fund are publicly available on the Fund’s website (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 website on a monthly, seven-day or more delayed basis. The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q, which is available without charge by visiting the SEC website at sec.gov. In addition, the Fund’s Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC, and at regional offices in New York City, at 233 Broadway, and in Chicago, at 175 West Jackson Boulevard, Suite 900. Information about the Public Reference Room may be obtained by calling 1-800-SEC-0330.

Other information (unaudited) Wells Fargo Advantage Large Company Value Fund 25

BOARD OF TRUSTEES AND OFFICERS

Each of the Trustees and Officers listed in the table below acts in identical capacities for the Wells Fargo Advantage family of funds, which consists of 136 funds¹ comprising the Wells Fargo Funds Trust, Wells Fargo Variable Trust, Wells Fargo Master Trust and four closed-end funds (collectively the “Fund Complex”). This table should be read in conjunction with the Prospectus and the Statement of Additional Information². 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	Co-Founder, Retired Chairman, President and CEO of Crystal Geyser Water Company. Trustee Emeritus, Colby College.	Asset Allocation Trust
Isaiah Harris, Jr. (Born 1952)	Trustee, since 2009	Retired. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Coast Academy (charter school). Mr. Harris is a certified public accountant.	CIGNA Corporation; Deluxe Corporation; Asset Allocation Trust
Judith M. Johnson (Born 1949)	Trustee, since 2008; Audit Committee Chairman, since 2008	Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant.	Asset Allocation Trust
Leroy Keith, Jr. (Born 1939)	Trustee, since 2010	Chairman, Bloc Global Services (development and construction). Trustee of the Evergreen Funds 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 48 portfolios as of 1/31/2013); Asset Allocation Trust
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business, Stanford University, Morgan Stanley Director of the Center for Leadership Development and Research and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	Asset Allocation Trust
Olivia S. Mitchell (Born 1953)	Trustee, since 2006	International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993.	Asset Allocation Trust
Timothy J. Penny (Born 1951)	Trustee, since 1996	President and CEO of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007 and Senior Fellow at the Humphrey Institute Policy Forum at the University of Minnesota since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	Asset Allocation Trust

26 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
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.	Asset Allocation Trust
Donald C. Willeke (Born 1940)	Trustee, since 1996	Principal of the law firm of Willeke & Daniels. General Counsel of the Minneapolis Employees Retirement Fund from 1984 until its consolidation into the Minnesota Public Employees Retirement Association on June 30, 2010. Director and Vice Chair of The Tree Trust (non-profit corporation). Director and of the American Chestnut Foundation (non-profit corporation).	Asset Allocation Trust

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

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.
Jeremy DePalma1 (Born 1974)	Treasurer, since 2012	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Vice President, Evergreen Investment Services, Inc. from 2004 to 2007. Head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.
C. David Messman (Born 1960)	Secretary, since 2000; Chief Legal Officer, since 2003	Senior Vice President and Secretary of Wells Fargo Funds Management, LLC since 2001. Vice President and Managing Counsel of Wells Fargo Bank, N.A. since 1996.
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.
David Berardi (Born 1975)	Assistant Treasurer, since 2009	Vice President of Wells Fargo Funds Management, LLC since 2009. Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Assistant Vice President of Evergreen Investment Services, Inc. from 2004 to 2008. Manager of Fund Reporting and Control for Evergreen Investment Management Company, LLC from 2004 to 2010.

1. Jeremy DePalma acts as Treasurer of 61 funds and Assistant Treasurer of 75 funds in the Fund Complex.

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

List of abbreviations Wells Fargo Advantage Large Company Value Fund 27

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

ACA —  ACA Financial Guaranty Corporation

ADR —  American depositary receipt

ADS —  American depositary shares

AGC —  Assured Guaranty Corporation

AGM —  Assured Guaranty Municipal

Ambac —  Ambac Financial Group Incorporated

AMT —  Alternative minimum tax

AUD —  Australian dollar

BAN —  Bond anticipation notes

BHAC —  Berkshire Hathaway Assurance Corporation

BRL —  Brazilian real

CAB —  Capital appreciation bond

CAD —  Canadian dollar

CCAB —  Convertible capital appreciation bond

CDA —  Community Development Authority

CDO —  Collateralized debt obligation

CHF —  Swiss franc

COP —  Certificate of participation

DKK —  Danish krone

DRIVER —  Derivative inverse tax-exempt receipts

DW&P —  Department of Water & Power

DWR —  Department of Water Resources

ECFA —  Educational & Cultural Facilities Authority

EDA —  Economic Development Authority

EDFA —  Economic Development Finance Authority

ETF —  Exchange-traded fund

EUR —  Euro

FDIC —  Federal Deposit Insurance Corporation

FFCB —  Federal Farm Credit Banks

FGIC —  Financial Guaranty Insurance Corporation

FHA —  Federal Housing Administration

FHLB —  Federal Home Loan Bank

FHLMC —  Federal Home Loan Mortgage Corporation

FICO —  The Financing Corporation

FNMA —  Federal National Mortgage Association

FSA —  Farm Service Agency

GBP —  Great British pound

GDR —  Global depositary receipt

GNMA —  Government National Mortgage Association

GO —  General obligation

HCFR —  Healthcare facilities revenue

HEFA —  Health & Educational Facilities Authority

HEFAR —  Higher education facilities authority revenue

HFA —  Housing Finance Authority

HFFA —  Health Facilities Financing Authority

HKD —  Hong Kong dollar

HUD —  Department of Housing and Urban Development

HUF —  Hungarian forint

IDA —  Industrial Development Authority

IDAG —  Industrial Development Agency

IDR —  Industrial development revenue

IEP —  Irish pound

JPY —  Japanese yen

KRW —  Republic of Korea won

LIBOR —  London Interbank Offered Rate

LIQ —  Liquidity agreement

LLC —  Limited liability company

LLP —  Limited liability partnership

LOC —  Letter of credit

LP —  Limited partnership

MBIA —  Municipal Bond Insurance Association

MFHR —  Multifamily housing revenue

MSTR —  Municipal securities trust receipts

MTN —  Medium-term note

MUD —  Municipal Utility District

MXN —  Mexican peso

MYR —  Malaysian ringgit

National —  National Public Finance Guarantee Corporation

NOK —  Norwegian krone

NZD —  New Zealand dollar

PCFA —  Pollution Control Financing Authority

PCL —  Public Company Limited

PCR —  Pollution control revenue

PFA —  Public Finance Authority

PFFA —  Public Facilities Financing Authority

PFOTER —  Puttable floating option tax-exempt receipts

plc —  Public limited company

PLN —  Polish zloty

PUTTER —  Puttable tax-exempt receipts

R&D —  Research & development

Radian —  Radian Asset Assurance

RAN —  Revenue anticipation notes

RDA —  Redevelopment Authority

RDFA —  Redevelopment Finance Authority

REIT —  Real estate investment trust

ROC —  Reset option certificates

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

SPA —  Standby purchase agreement

SPDR —  Standard & Poor’s Depositary Receipts

STRIPS —  Separate trading of registered interest and       principal securities

TAN —  Tax anticipation notes

TBA —  To be announced

TIPS —  Treasury inflation-protected securities

TRAN —  Tax revenue anticipation notes

TRY —  Turkish lira

TTFA —  Transportation Trust Fund Authority

TVA —  Tennessee Valley Authority

ZAR —  South African rand

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For more information

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

Wells Fargo Advantage Funds

P.O. Box 8266

Boston, MA 02266-8266

Email: wfaf@wellsfargo.com

Website: wellsfargoadvantagefunds.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

This report and the financial statements contained herein are submitted for the general information of the shareholders of Wells Fargo Advantage Funds. If this report is used for promotional purposes, distribution of the report must be accompanied or preceded by a current prospectus. For a current prospectus and, if available, a summary prospectus containing more complete information, including charges and expenses, call 1-800-222-8222 or visit the Fund’s website 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

© 2013 Wells Fargo Funds Management, LLC. All rights reserved.

215108 03-13 SA210/SAR210 1-13

Wells Fargo Advantage Omega Growth Fund

Semi-Annual Report

January 31, 2013

Reduce clutter. Save trees.

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

Contents

Letter to shareholders	2
Performance highlights	4
Fund expenses	6
Portfolio of investments	7
Financial statements
Statement of assets and liabilities	11
Statement of operations	12
Statement of changes in net assets	13
Financial highlights	14
Notes to financial statements	20
Other information	24
List of abbreviations	27

The views expressed and any forward-looking statements are as of January 31, 2013, 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 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 the 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 the investment objectives, risks, charges, and expenses before investing. For a current prospectus and, if available, a summary prospectus, for Wells Fargo Advantage Funds, 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, 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 $226 billion in assets under management, as of January 31, 2013.

Equity funds
Asia Pacific Fund	Enterprise Fund†	Opportunity Fund†
C&B Large Cap Value Fund	Global Opportunities Fund	Precious Metals Fund
C&B Mid Cap Value Fund	Growth Fund	Premier Large Company Growth Fund
Capital Growth Fund	Index Fund	Small Cap Opportunities Fund
Common Stock Fund	International Equity Fund	Small Cap Value Fund
Disciplined U.S. Core Fund	International Value Fund	Small Company Growth Fund
Discovery Fund†	Intrinsic Small Cap Value Fund	Small Company Value Fund
Diversified Equity Fund	Intrinsic Value Fund	Small/Mid Cap Value Fund
Diversified International Fund	Intrinsic World Equity Fund	Special Mid Cap Value Fund
Emerging Growth Fund	Large Cap Core Fund	Special Small Cap Value Fund
Emerging Markets Equity Fund	Large Cap Growth Fund	Specialized Technology Fund
Emerging Markets Equity Income Fund	Large Company Value Fund	Traditional Small Cap Growth Fund
Endeavor Select Fund†	Omega Growth Fund	Utility and Telecommunications Fund
Bond funds
Adjustable Rate Government Fund	High Yield Municipal Bond Fund	Short Duration Government Bond Fund
California Limited-Term Tax-Free Fund	Income Plus Fund	Short-Term Bond Fund
California Tax-Free Fund	Inflation-Protected Bond Fund	Short-Term High Yield Bond Fund
Colorado Tax-Free Fund	Intermediate Tax/AMT-Free Fund	Short-Term Municipal Bond Fund
Core Bond Fund	International Bond Fund	Strategic Income Fund
Emerging Markets Local Bond Fund	Minnesota Tax-Free Fund	Strategic Municipal Bond Fund
Government Securities Fund	Municipal Bond Fund	Ultra Short-Term Income Fund
High Income Fund	North Carolina Tax-Free Fund	Ultra Short-Term Municipal Income Fund
High Yield Bond Fund	Pennsylvania Tax-Free 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	Treasury Plus Money Market Fund
Cash Investment Money Market Fund	Municipal Cash Management 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 (unaudited)

Karla M. Rabusch

President

Wells Fargo Advantage Funds

Entering the period, concerns about the eurozone sovereign debt situation held center stage as investors again focused on economic weakness in southern European economies.

Aggressive central bank actions helped support stock prices, as did relatively solid economic data.

Dear Valued Shareholder:

We are 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, 2013. Much of the period was marked by continued concerns about the possible effects that the ongoing European sovereign debt crisis would have on the global economy. However, relatively solid economic data in the U.S. and efforts by European authorities to address the sovereign debt issue alleviated investor fears and supported global stock markets. Judging by various indexes, U.S. large-cap stocks underperformed small-cap stocks. Within the large-cap universe, value stocks outperformed growth stocks, partly because of strong performance from the financials sector.

The period was dominated by worries that ongoing debt problems in the eurozone would affect global economic growth.

Entering the period, concerns about the eurozone sovereign debt situation held center stage as investors again focused on economic weakness in southern European economies. Because many eurozone banks owned southern European debt and many U.S. banks had financial ties to eurozone banks, investors worried about the effects of a possible southern European debt default on the global financial system and economy. Ongoing weakness in the Greek economy made it difficult for the country to meet previously agreed upon austerity targets. Toward the end of the reporting period, political risk resurfaced in both Italy and Spain. In Italy, Prime Minister Mario Monti, an economist who was appointed to implement austerity measures and labor market reforms, resigned in December 2012. Monti later decided to run for office in the general election scheduled for February 2013.

European leaders took concerted action to calm investor concerns. In September 2012, the European Central Bank (ECB) announced that it would purchase an unlimited amount of one- to three-year sovereign debt from countries that had applied for a formal bailout through either the European Financial Stability Facility or the European Stability Mechanism. In another positive sign, in late November 2012, finance ministers from the 17-country eurozone and the International Monetary Fund struck a deal aimed at reducing Greece’s debt by the year 2020.

Central banks continued to provide stimulus.

Major central banks, including the U.S. Federal Reserve (Fed) and the ECB, continued to inject liquidity into the banks and the markets through various quantitative easing policies. 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 the financial system. The ECB was similarly aggressive, keeping its key rate at a historic low of 0.75%. Just prior to the beginning of the reporting period, the FOMC announced its intention to keep interest rates low until at least mid-2015 in order to support the sluggish economy. The Fed also announced open-ended purchases of $40 billion per month in mortgage-backed securities in an effort to support the housing market.

Stock markets posted solid gains in an eventful period.

Aggressive central bank actions helped support stock prices, as did relatively solid economic data. For much of the reporting period, the U.S. stock market benefited from favorable gross domestic product (GDP) data, with the growth rate improving from 1.3% (annualized) in the second quarter of 2012 to 3.1% (annualized) in the third quarter of 2012. However, the GDP growth rate slowed in the final months of 2012, with GDP growth coming in at 0.1% (annualized) in the fourth quarter of 2012. Because many investors attributed the weak number to the aftereffects of Hurricane Sandy on the eastern seaboard, the stock market remained resilient.

Letter to shareholders (unaudited) Wells Fargo Advantage Omega Growth Fund 3

The steady improvement in the housing market supported investor sentiment. The National Association of Home Builders/First American Improving Markets Index identifies metro areas that have shown improvement from their respective troughs in housing permits, employment, and house prices for at least six consecutive months. The index rose for a fifth-consecutive month in January 2013, indicating improvements in 242 housing markets across the country. As a result, housing-related stocks strongly outperformed over the period, leading to better-than-index returns for sectors ranging from consumer discretionary (home improvement retailers), to materials (construction material providers), and to financials (mortgage lenders).

Throughout the period, a continued high unemployment rate was the main negative piece of U.S. economic data. Although the unemployment rate improved from 8.1% in August 2012 to 7.9% in January 2013, the labor market remained soft.

We remain committed to our investment strategies, even as many variables are at work in the market.

The full effect of the European credit crisis remains unknown. Elevated unemployment and debt defaults continue to pressure consumers and businesses alike. 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, we believe it helps manage 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

Notice to shareholders

At its November 6-7, 2012 meeting, the Board of Trustees unanimously approved the following modifications to certain Class A sales load waiver privileges, with each change becoming effective on July 1, 2013:

n Annuity payments received under an annuity option or from death proceeds will no longer qualify for net asset value (NAV) repurchase privileges.

n The ability to reinvest redemption proceeds at NAV will be reduced from 120 days to 90 days.

n NAV purchase privileges for certain types of “grandfathered” shareholders will be modified to remove the ability to purchase Class A shares at NAV, unless those shares are held directly with the Fund.

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

4 Wells Fargo Advantage Omega Growth Fund Performance highlights (unaudited)

Investment objective

The Fund seeks long-term capital appreciation.

Adviser

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Thomas J. Pence, CFA

Michael T. Smith, CFA

Average annual total returns¹ (%) as of January 31, 2013

		Including sales charge						Excluding sales charge						Expense ratios2 (%)
	Inception date	1 year		5 year		10 year		1 year		5 year		10 year		Gross		Net3
Class A (EKOAX)	4-29-1968		9.28		7.62		9.49		15.95		8.91		10.14		1.35		1.30
Class B (EKOBX)*	8-2-1993		10.07		7.79		9.59		15.07		8.08		9.59		2.10		2.05
Class C (EKOCX)	8-2-1993		14.10		8.10		9.34		15.10		8.10		9.34		2.10		2.05
Class R (EKORX)	10-10-2003		–		–		–		15.64		8.64		9.90		1.60		1.55
Administrator Class (EOMYX)	1-13-1997		–		–		–		16.22		9.17		10.44		1.19		1.05
Institutional Class (EKONX)	7-30-2010		–		–		–		16.55		9.32		10.51		0.92		0.80
Russell 3000® Growth Index4	–		–		–		–		13.44		5.79		8.43		–		–

* 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 website, wellsfargoadvantagefunds.com.

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

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

Stock values fluctuate in response to the activities of individual companies and general market and economic conditions. 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.

Please see footnotes on page 5.

Performance highlights (unaudited) Wells Fargo Advantage Omega Growth Fund 5

Ten largest equity holdings5 (%) as of January 31, 2013
Apple Incorporated	5.37
Google Incorporated Class A	3.46
eBay Incorporated	2.75
Kansas City Southern	2.64
Visa Incorporated Class A	2.56
Monsanto Company	2.32
Gilead Sciences Incorporated	2.02
SBA Communications Corporation Class A	1.72
Limited Brands Incorporated	1.69
Whole Foods Market Incorporated	1.67

Sector distribution⁶ as of January 31, 2013

1. 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.

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

3. The Adviser has committed through November 30, 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. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses, and extraordinary expenses are excluded from the cap. Without this cap, the Fund’s returns would have been lower.

4. The Russell 3000^® 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.

5. 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.

6. 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 Fund expenses (unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from August 1, 2012 to January 31, 2013.

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 8-1-2012		Ending account value 1-31-2013		Expenses paid during the period¹		Net annual expense ratio
Class A
Actual	$	1,000.00	$	1,117.08	$	6.94		1.30	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.65	$	6.61		1.30	%
Class B
Actual	$	1,000.00	$	1,112.80	$	10.92		2.05	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,014.87	$	10.41		2.05	%
Class C
Actual	$	1,000.00	$	1,112.87	$	10.92		2.05	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,014.87	$	10.41		2.05	%
Class R
Actual	$	1,000.00	$	1,115.42	$	8.26		1.55	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.39	$	7.88		1.55	%
Administrator Class
Actual	$	1,000.00	$	1,118.16	$	5.61		1.05	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.91	$	5.35		1.05	%
Institutional Class
Actual	$	1,000.00	$	1,119.77	$	4.27		0.80	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.17	$	4.08		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).

Portfolio of investments—January 31, 2013 (unaudited) Wells Fargo Advantage Omega Growth Fund 7

Security name	Shares		Value
Common Stocks: 98.90%
Consumer Discretionary: 21.68%
Auto Components: 1.47%
Delphi Automotive plc †		286,800	$	11,087,688
Automobiles: 1.11%
Tesla Motors Incorporated Ǡ		223,300		8,375,983
Hotels, Restaurants & Leisure: 1.54%
Starbucks Corporation		206,730		11,601,688
Internet & Catalog Retail: 2.61%
Amazon.com Incorporated †		33,100		8,788,050
Expedia Incorporated		70,700		4,613,175
priceline.com Incorporated †		9,110		6,244,632
				19,645,857
Media: 4.97%
CBS Corporation Class B		203,090		8,472,915
Discovery Communications Incorporated †		154,658		9,853,261
Liberty Media Corporation †		73,374		8,181,935
Virgin Media Incorporated «		278,700		10,977,993
				37,486,104
Multiline Retail: 2.78%
Dollar General Corporation †		266,031		12,295,953
Nordstrom Incorporated		156,100		8,621,403
				20,917,356
Specialty Retail: 4.86%
GNC Holdings Incorporated Class A		294,000		10,566,360
Limited Brands Incorporated		264,565		12,704,411
TJX Companies Incorporated		264,300		11,941,074
Ulta Salon Cosmetics & Fragrance Incorporated		14,007		1,370,165
				36,582,010
Textiles, Apparel & Luxury Goods: 2.34%
lululemon athletica incorporated Ǡ		118,330		8,164,770
Under Armour Incorporated Class A «†		186,600		9,492,342
				17,657,112
Consumer Staples: 4.88%
Beverages: 1.28%
Constellation Brands Incorporated Class A †		298,500		9,659,460
Food & Staples Retailing: 1.68%
Whole Foods Market Incorporated		131,070		12,615,488
Food Products: 1.92%
Boulder Brands Incorporated Ǡ		403,600		5,420,348
The Hershey Company		113,900		9,049,355
				14,469,703

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

8 Wells Fargo Advantage Omega Growth Fund Portfolio of investments—January 31, 2013 (unaudited)

Security name	Shares		Value
Energy: 3.62%
Energy Equipment & Services: 1.06%
Schlumberger Limited		102,035	$	7,963,832
Oil, Gas & Consumable Fuels: 2.56%
Pioneer Natural Resources Company		83,335		9,795,196
The Williams Companies Incorporated		271,400		9,512,570
				19,307,766
Financials: 5.22%
Capital Markets: 1.20%
Affiliated Managers Group Incorporated †		62,972		9,063,560
Consumer Finance: 1.05%
Capital One Financial Corporation		140,052		7,887,729
Diversified Financial Services: 1.43%
IntercontinentalExchange Incorporated †		77,800		10,794,750
Real Estate Management & Development: 1.54%
CBRE Group Incorporated †		537,300		11,594,934
Health Care: 13.58%
Biotechnology: 5.77%
Alexion Pharmaceuticals Incorporated †		87,950		8,266,421
BioMarin Pharmaceutical Incorporated Ǡ		109,770		6,025,275
Celgene Corporation †		81,500		8,065,240
Cubist Pharmaceuticals Incorporated Ǡ		137,400		5,913,696
Gilead Sciences Incorporated Ǡ		385,680		15,215,076
				43,485,708
Health Care Equipment & Supplies: 1.46%
Intuitive Surgical Incorporated †		19,200		11,028,096
Health Care Providers & Services: 2.87%
HCA Holdings Incorporated		162,700		6,125,655
Team Health Holdings Incorporated †		202,300		6,851,901
UnitedHealth Group Incorporated		157,000		8,667,970
				21,645,526
Pharmaceuticals: 3.48%
AbbVie Incorporation		140,005		5,136,783
Allergan Incorporated		112,900		11,855,629
Sanofi ADR		180,200		8,772,136
Zoetis Incorporated †		15,839		411,814
				26,176,362

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

Portfolio of investments—January 31, 2013 (unaudited) Wells Fargo Advantage Omega Growth Fund 9

Security name	Shares		Value
Industrials: 13.00%
Aerospace & Defense: 2.62%
Precision Castparts Corporation		52,400	$	9,610,160
TransDigm Group Incorporated		74,600		10,103,824
				19,713,984
Airlines: 1.49%
Copa Holdings SA Class A		102,600		11,244,960
Building Products: 0.78%
Owens Corning Incorporated †		140,500		5,854,635
Construction & Engineering: 0.98%
Quanta Services Incorporated †		256,200		7,422,114
Machinery: 1.55%
Cummins Incorporated		101,760		11,685,101
Professional Services: 1.45%
Verisk Analytics Incorporated Class A †		197,800		10,910,648
Road & Rail: 4.13%
Hertz Global Holdings Incorporated †		613,075		11,207,011
Kansas City Southern		213,695		19,897,141
				31,104,152
Information Technology: 29.66%
Communications Equipment: 1.40%
QUALCOMM Incorporated		159,700		10,544,991
Computers & Peripherals: 5.97%
Apple Incorporated		88,800		40,431,528
Stratasys Limited Ǡ		58,373		4,581,113
				45,012,641
Electronic Equipment, Instruments & Components: 0.47%
IPG Photonics Corporation «		54,232		3,551,111
Internet Software & Services: 10.75%
eBay Incorporated †		370,485		20,721,226
ExactTarget Incorporated Ǡ		256,104		5,631,727
Facebook Incorporated Class A †		170,000		5,264,900
Google Incorporated Class A †		34,500		26,071,305
LinkedIn Corporation Class A «†		79,200		9,804,168
Mercadolibre Incorporated «		103,835		9,179,014
Rackspace Hosting Incorporated †		57,000		4,294,950
				80,967,290
IT Services: 2.56%
Visa Incorporated Class A		121,930		19,253,966

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

10 Wells Fargo Advantage Omega Growth Fund Portfolio of investments—January 31, 2013 (unaudited)

Security name				Shares		Value
Semiconductors & Semiconductor Equipment: 1.07%
Broadcom Corporation Class A					248,800	$	8,073,560
Software: 7.44%
BroadSoft Incorporated †					207,306		7,042,185
CommVault Systems Incorporated †					118,700		9,107,851
Fortinet Incorporated †					305,929		7,216,865
Red Hat Incorporated †					142,700		7,928,412
Salesforce.com Incorporated Ǡ					56,500		9,725,345
Splunk Incorporated †					180,300		5,942,688
VMware Incorporated Ǡ					119,000		9,101,120
							56,064,466
Materials: 3.91%
Chemicals: 3.91%
Airgas Incorporated					126,200		12,019,288
Monsanto Company					172,300		17,462,605
							29,481,893
Telecommunication Services: 3.35%
Wireless Telecommunication Services: 3.35%
Crown Castle International Corporation †					174,000		12,270,480
SBA Communications Corporation Class A «†					186,402		12,984,762
							25,255,242
Total Common Stocks (Cost $589,338,923)							745,187,466
	Yield
Short-Term Investments: 16.09%
Investment Companies: 16.09%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)		0.14	%		10,478,408		10,478,408
Wells Fargo Securities Lending Cash Investments, LLC (l)(u)(r)(v)		0.19			110,743,925		110,743,925
Total Short-Term Investments (Cost $121,222,333)							121,222,333

Total investments in securities
(Cost $710,561,256) *	114.99	%		866,409,799
Other assets and liabilities, net	(14.99	)		(112,938,186	)
Total net assets	100.00	%	$	753,471,613

† 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 Investment Company Act of 1940, as amended.

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

* Cost for federal income tax purposes is $711,114,179 and unrealized appreciation (depreciation) consists of:

Gross unrealized appreciation	$	159,812,677
Gross unrealized depreciation		(4,517,057	)
Net unrealized appreciation	$	155,295,620

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

Statement of assets and liabilities—January 31, 2013 (unaudited) Wells Fargo Advantage Omega Growth Fund 11

Assets
Investments
In unaffiliated securities (including securities on loan), at value (see cost below)	$	745,187,466
In affiliated securities, at value (see cost below)		121,222,333
Total investments, at value (see cost below)		866,409,799
Receivable for investments sold		9,251,563
Receivable for Fund shares sold		981,737
Receivable for dividends		78,681
Receivable for securities lending income		97,762
Prepaid expenses and other assets		83,546
Total assets		876,903,088
Liabilities
Payable for investments purchased		10,907,596
Payable for Fund shares redeemed		796,610
Payable upon receipt of securities loaned		110,743,925
Advisory fee payable		434,500
Distribution fees payable		59,558
Due to other related parties		189,097
Accrued expenses and other liabilities		300,189
Total liabilities		123,431,475
Total net assets	$	753,471,613
NET ASSETS CONSIST OF
Paid-in capital	$	583,893,597
Accumulated net investment loss		(2,230,603	)
Accumulated net realized gains on investments		15,960,076
Net unrealized gains on investments		155,848,543
Total net assets	$	753,471,613
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE1
Net assets – Class A	$	594,227,648
Shares outstanding – Class A		14,092,223
Net asset value per share – Class A		$42.17
Maximum offering price per share – Class A2		$44.74
Net assets – Class B	$	19,308,894
Shares outstanding – Class B		546,207
Net asset value per share – Class B		$35.35
Net assets – Class C	$	69,400,923
Shares outstanding – Class C		1,959,000
Net asset value per share – Class C		$35.43
Net assets – Class R	$	17,521,769
Shares outstanding – Class R		424,452
Net asset value per share – Class R		$41.28
Net assets – Administrator Class	$	51,785,677
Shares outstanding – Administrator Class		1,179,620
Net asset value per share – Administrator Class		$43.90
Net assets – Institutional Class	$	1,226,702
Shares outstanding – Institutional Class		27,756
Net asset value per share – Institutional Class		$44.20
Investment in unaffiliated securities (including securities on loan), at cost	$	589,338,923
Investments in affiliated securities, at cost	$	121,222,333
Total investments, at cost	$	710,561,256
Securities on loan, at value	$	108,287,091

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 Omega Growth Fund Statement of operations—six months ended January 31, 2013 (unaudited)

Investment income
Dividends	$	5,371,932
Securities lending income, net		830,039
Income from affiliated securities		12,878
Total investment income		6,214,849
Expenses
Advisory fee		2,728,811
Administration fees
Fund level		185,913
Class A		761,976
Class B		27,128
Class C		84,798
Class R		21,208
Administrator Class		27,050
Institutional Class		403
Shareholder servicing fees
Class A		732,670
Class B		25,932
Class C		81,536
Class R		20,393
Administrator Class		64,963
Distribution fees
Class B		78,255
Class C		244,608
Class R		20,393
Custody and accounting fees		22,711
Professional fees		19,406
Registration fees		39,836
Shareholder report expenses		83,462
Trustees’ fees and expenses		5,027
Other fees and expenses		7,156
Total expenses		5,283,635
Less: Fee waivers and/or expense reimbursements		(176,779	)
Net expenses		5,106,856
Net investment income		1,107,993
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on investments		37,805,131
Net change in unrealized gains (losses) on investments		40,201,575
Net realized and unrealized gains (losses) on investments		78,006,706
Net increase in net assets resulting from operations	$	79,114,699

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

Statement of changes in net assets Wells Fargo Advantage Omega Growth Fund 13

	Six months ended January 31, 2013 (unaudited)						Year ended July 31, 2012
Operations
Net investment income (loss)				$	1,107,993					$	(5,704,157	)
Net realized gains on investments					37,805,131						7,625,449
Net change in unrealized gains (losses) on investments					40,201,575						10,288,711
Net increase in net assets resulting from operations					79,114,699						12,210,003
Distributions to shareholders from
Net realized gains
Class A					(19,510,271	)					0
Class B					(778,636	)					0
Class C					(2,595,551	)					0
Class R					(558,930	)					0
Administrator Class					(1,813,617	)					0
Institutional Class					(37,612	)					0
Total distributions to shareholders					(25,294,617	)					0
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		1,360,083			55,946,190			2,201,499			82,347,970
Class B		6,400			221,475			13,628			441,767
Class C		271,678			9,441,825			363,194			11,770,550
Class R		102,163			4,120,621			451,637			15,404,053
Administrator Class		232,482			9,944,820			577,854			22,921,932
Institutional Class		9,252			406,285			4,727			183,692
					80,081,216						133,069,964
Reinvestment of distributions
Class A		456,138			18,163,394			0			0
Class B		22,894			765,115			0			0
Class C		63,333			2,121,010			0			0
Class R		3,387			132,045			0			0
Administrator Class		33,510			1,388,644			0			0
Institutional Class		902			37,612			0			0
					22,607,820						0
Payment for shares redeemed
Class A		(1,811,853	)		(73,651,308	)		(3,388,347	)		(125,880,445	)
Class B		(155,609	)		(5,402,195	)		(565,700	)		(17,861,900	)
Class C		(168,560	)		(5,844,793	)		(351,841	)		(10,927,801	)
Class R		(82,873	)		(3,321,942	)		(222,877	)		(8,312,137	)
Administrator Class		(356,304	)		(15,011,527	)		(347,524	)		(13,590,151	)
Institutional Class		(1,490	)		(63,727	)		(2,140	)		(85,297	)
					(103,295,492	)					(176,657,731	)
Net decrease in net assets resulting from capital share transactions					(606,456	)					(43,587,767	)
Total increase (decrease) in net assets					53,213,626						(31,377,764	)
Net assets
Beginning of period					700,257,987						731,635,751
End of period				$	753,471,613					$	700,257,987
Accumulated net investment loss				$	(2,230,603	)				$	(3,338,596	)

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

14 Wells Fargo Advantage Omega Growth Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended January 31, 2013 (unaudited)			Year ended July 31									Year ended September 30
CLASS A				2012			2011			20101,2			20091			20081			20071
Net asset value, beginning of period		$39.09			$38.29			$30.11			$28.44			$27.26			$31.44			$25.60
Net investment income (loss)		0.08			(0.28	)3		(0.29	)		(0.10	)3		0.18	3		0.05	3		(0.11	)3
Net realized and unrealized gains (losses) on investments		4.41			1.08			8.47			1.96			1.00			(4.23	)		5.95
Total from investment operations		4.49			0.80			8.18			1.86			1.18			(4.18	)		5.84
Distributions to shareholders from
Net investment income		0.00			0.00			0.00			(0.19	)		0.00			0.00			0.00
Net realized gains		(1.41	)		0.00			0.00			0.00			0.00			0.00			0.00
Total distributions to shareholders		(1.41	)		0.00			0.00			(0.19	)		0.00			0.00			0.00
Net asset value, end of period		$42.17			$39.09			$38.29			$30.11			$28.44			$27.26			$31.44
Total return4		11.71	%		2.09	%		27.17	%		6.53	%		4.33	%		(13.30	)%		22.81	%
Ratios to average net assets (annualized)
Gross expenses		1.34	%		1.35	%		1.36	%		1.35	%		1.48	%		1.44	%		1.46	%
Net expenses		1.30	%		1.30	%		1.30	%		1.34	%		1.39	%		1.37	%		1.40	%
Net investment income (loss)		0.37	%		(0.75	)%		(0.80	)%		(0.40	)%		0.79	%		0.16	%		(0.38	)%
Supplemental data
Portfolio turnover rate		39	%		101	%		123	%		116	%		26	%		44	%		23	%
Net assets, end of period (000s omitted)	$	594,228		$	550,758		$	584,871		$	460,187		$	460,082		$	465,952		$	595,296

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.

Financial highlights Wells Fargo Advantage Omega Growth Fund 15

(For a share outstanding throughout each period)

	Six months ended January 31, 2013 (unaudited)			Year ended July 31									Year ended September 30
CLASS B				2012			2011			20101,2			20091			20081			20071
Net asset value, beginning of period		$33.12			$32.68			$25.89			$24.46			$23.62			$27.45			$22.51
Net investment income (loss)		(0.07	)3		(0.47	)3		(0.48	)3		(0.25	)3		0.02	3		(0.15	)3		(0.27	)3
Net realized and unrealized gains (losses) on investments		3.71			0.91			7.27			1.68			0.82			(3.68	)		5.21
Total from investment operations		3.64			0.44			6.79			1.43			0.84			(3.83	)		4.94
Distributions to shareholders from
Net realized gains		(1.41	)		0.00			0.00			0.00			0.00			0.00			0.00
Net asset value, end of period		$35.35			$33.12			$32.68			$25.89			$24.46			$23.62			$27.45
Total return4		11.28	%		1.32	%		26.23	%		5.85	%		3.56	%		(13.95	)%		21.95	%
Ratios to average net assets (annualized)
Gross expenses		2.09	%		2.10	%		2.12	%		2.10	%		2.22	%		2.16	%		2.15	%
Net expenses		2.05	%		2.05	%		2.05	%		2.09	%		2.13	%		2.11	%		2.11	%
Net investment income (loss)		(0.39	)%		(1.51	)%		(1.55	)%		(1.14	)%		0.10	%		(0.61	)%		(1.08	)%
Supplemental data
Portfolio turnover rate		39	%		101	%		123	%		116	%		26	%		44	%		23	%
Net assets, end of period (000s omitted)	$	19,309		$	22,271		$	40,023		$	46,434		$	51,984		$	85,008		$	183,129

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.

16 Wells Fargo Advantage Omega Growth Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended January 31, 2013 (unaudited)			Year ended July 31									Year ended September 30
CLASS C				2012			2011			20101,2			20091			20081			20071
Net asset value, beginning of period		$33.18			$32.75			$25.94			$24.53			$23.69			$27.52			$22.57
Net investment income (loss)		(0.07	)3		(0.47	)3		(0.49	)3		(0.25	)3		0.00	3,4		(0.15	)3		(0.27	)3
Net realized and unrealized gains (losses) on investments		3.73			0.90			7.30			1.68			0.84			(3.68	)		5.22
Total from investment operations		3.66			0.43			6.81			1.43			0.84			(3.83	)		4.95
Distributions to shareholders from
Net investment income		0.00			0.00			0.00			(0.02	)		0.00			0.00			0.00
Net realized gains		(1.41	)		0.00			0.00			0.00			0.00			0.00			0.00
Total distributions to shareholders		(1.41	)		0.00			0.00			(0.02	)		0.00			0.00			0.00
Net asset value, end of period		$35.43			$33.18			$32.75			$25.94			$24.53			$23.69			$27.52
Total return5		11.29	%		1.31	%		26.25	%		5.83	%		3.55	%		(13.92	)%		21.93	%
Ratios to average net assets (annualized)
Gross expenses		2.09	%		2.10	%		2.11	%		2.10	%		2.23	%		2.16	%		2.15	%
Net expenses		2.05	%		2.05	%		2.05	%		2.09	%		2.14	%		2.11	%		2.11	%
Net investment income (loss)		(0.38	)%		(1.49	)%		(1.55	)%		(1.15	)%		0.02	%		(0.58	)%		(1.09	)%
Supplemental data
Portfolio turnover rate		39	%		101	%		123	%		116	%		26	%		44	%		23	%
Net assets, end of period (000s omitted)	$	69,401		$	59,481		$	58,329		$	44,892		$	43,806		$	40,829		$	54,982

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. 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 Omega Growth Fund 17

(For a share outstanding throughout each period)

	Six months ended January 31, 2013 (unaudited)			Year ended July 31									Year ended September 30
CLASS R				2012			2011			20101,2			20091			20081			20071
Net asset value, beginning of period		$38.35			$37.66			$29.69			$28.09			$26.99			$31.20			$25.47
Net investment income (loss)		0.04			(0.36	)3		(0.13	)		(0.16	)3		0.08	3		(0.02	)3		(0.14	)3
Net realized and unrealized gains (losses) on investments		4.30			1.05			8.10			1.94			1.02			(4.19	)		5.87
Total from investment operations		4.34			0.69			7.97			1.78			1.10			(4.21	)		5.73
Distributions to shareholders from
Net investment income		0.00			0.00			0.00			(0.18	)		0.00			0.00			0.00
Net realized gains		(1.41	)		0.00			0.00			0.00			0.00			0.00			0.00
Total distributions to shareholders		(1.41	)		0.00			0.00			(0.18	)		0.00			0.00			0.00
Net asset value, end of period		$41.28			$38.35			$37.66			$29.69			$28.09			$26.99			$31.20
Total return4		11.54	%		1.83	%		26.89	%		6.29	%		4.08	%		(13.49	)%		22.50	%
Ratios to average net assets (annualized)
Gross expenses		1.59	%		1.60	%		1.59	%		1.60	%		1.76	%		1.66	%		1.65	%
Net expenses		1.55	%		1.55	%		1.55	%		1.59	%		1.67	%		1.61	%		1.61	%
Net investment income (loss)		0.11	%		(0.99	)%		(1.08	)%		(0.65	)%		0.35	%		(0.08	)%		(0.53	)%
Supplemental data
Portfolio turnover rate		39	%		101	%		123	%		116	%		26	%		44	%		23	%
Net assets, end of period (000s omitted)	$	17,522		$	15,408		$	6,515		$	1,523		$	838		$	84		$	63

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.

18 Wells Fargo Advantage Omega Growth Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended January 31, 2013 (unaudited)			Year ended July 31									Year ended September 30
ADMINISTRATOR CLASS				2012			2011			20101,2			20091			20081			20071
Net asset value, beginning of period		$40.60			$39.67			$31.12			$29.39			$28.10			$32.32			$26.25
Net investment income (loss)		0.14	3		(0.19	)3		(0.21	)3		(0.04	)3		0.24	3		0.13	3		(0.03	)3
Net realized and unrealized gains (losses) on investments		4.57			1.12			8.76			2.02			1.05			(4.35	)		6.10
Total from investment operations		4.71			0.93			8.55			1.98			1.29			(4.22	)		6.07
Distributions to shareholders from
Net investment income		0.00			0.00			0.00			(0.25	)		0.00			0.00			0.00
Net realized gains		(1.41	)		0.00			0.00			0.00			0.00			0.00			0.00
Total distributions to shareholders		(1.41	)		0.00			0.00			(0.25	)		0.00			0.00			0.00
Net asset value, end of period		$43.90			$40.60			$39.67			$31.12			$29.39			$28.10			$32.32
Total return4		11.82	%		2.34	%		27.47	%		6.75	%		4.59	%		(13.06	)%		23.12	%
Ratios to average net assets (annualized)
Gross expenses		1.17	%		1.17	%		1.18	%		1.11	%		1.23	%		1.17	%		1.15	%
Net expenses		1.05	%		1.05	%		1.05	%		1.09	%		1.14	%		1.12	%		1.11	%
Net investment income (loss)		0.66	%		(0.49	)%		(0.56	)%		(0.16	)%		1.00	%		0.42	%		(0.09	)%
Supplemental data
Portfolio turnover rate		39	%		101	%		123	%		116	%		26	%		44	%		23	%
Net assets, end of period (000s omitted)	$	51,786		$	51,560		$	41,242		$	29,724		$	32,437		$	23,910		$	16,503

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.

Financial highlights Wells Fargo Advantage Omega Growth Fund 19

(For a share outstanding throughout each period)

	Six months ended January 31, 2013 (unaudited)			Year ended July 31
INSTITUTIONAL CLASS				2012			2011			20101
Net asset value, beginning of period	$	40.81		$	39.77		$	31.12		$	31.12
Net Investment income (loss)		0.19	2		(0.10	)		(0.03	)		0.00
Net realized and unrealized gains (losses) on investments		4.61			1.14			8.68			0.00
Total from investment operations		4.80			1.04			8.65			0.00
Distributions to shareholders from
Net realized gains		(1.41	)		0.00			0.00			0.00
Net asset value, end of period	$	44.20		$	40.81		$	39.77		$	31.12
Total return3		11.98	%		2.62	%		27.80	%		0.00	%
Ratios to average net assets (annualized)
Gross expenses		0.91	%		0.92	%		0.88	%		0.00	%
Net expenses		0.80	%		0.80	%		0.80	%		0.00	%
Net investment income (loss)		0.89	%		(0.24	)%		(0.34	)%		0.00	%
Supplemental data
Portfolio turnover rate		39	%		101	%		123	%		116	%
Net assets, end of period (000s omitted)	$	1,227		$	779		$	656		$	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.

20 Wells Fargo Advantage Omega 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 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

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

Equity securities that are listed on a foreign or domestic exchange, except for The Nasdaq Stock Market, Inc. (“Nasdaq”), are valued at the official closing price or, if none, the last sales price. Securities listed on Nasdaq are valued at the Nasdaq Official Closing Price (“NOCP”). If no NOCP is available, securities are valued at the last sales price. If no sales price is shown on the Nasdaq, the bid price will be used. If no sale occurs on the primary exchange or market for the security that day or if no sale occurs and no bid price is shown on Nasdaq, the prior day’s price will be deemed “stale” and fair values will be determined in accordance with the Fund’s Valuation Procedures.

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

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

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

Security loans

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

Notes to financial statements (unaudited) Wells Fargo Advantage Omega Growth Fund 21

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 Funds Management and is subadvised by Wells Capital Management Incorporated (“WellsCap”). Funds Management receives an advisory fee starting at 0.05% and declining to 0.01% as the average daily net assets of the Cash Collateral Fund increase. All of the fees received by Funds Management are paid to WellsCap for its services as subadviser. 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.

Security transactions and income recognition

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

Dividend income is recognized on the ex-dividend date.

Distributions to shareholders

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

Federal and other taxes

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

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

As of July 31, 2012, the Fund had a qualified late-year ordinary loss of $3,303,151 which will be recognized on the first day of the current fiscal year. A late-year ordinary loss is the net loss comprised of (a) net gain or loss from the sale or other disposition of certain capital assets for the portion of the taxable year after October 31 and (b) other ordinary income or loss for the portion of the taxable year after December 31.

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 any 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, use of amortized cost, etc.)

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

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

22 Wells Fargo Advantage Omega Growth Fund Notes to financial statements (unaudited)

As of January 31, 2013, the inputs used in valuing investments in securities, 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	$	745,187,466	$	0	$	0	$	745,187,466
Short-term investments
Investment companies		10,478,408		110,743,925		0		121,222,333
	$	755,665,874	$	110,743,925	$	0	$	866,409,799

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, 2013, the Fund did not have any transfers into/out of Level 1 or 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 subadviser, who is responsible for day-to-day portfolio management of the Fund.

Pursuant to the contract, Funds Management is entitled to receive an annual advisory fee starting at 0.75% and declining to 0.60% as the average daily net assets of the Fund increase. For the six months ended January 31, 2013, the advisory fee was equivalent to an annual rate of 0.73% of the Fund’s average daily net assets.

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Funds Management. WellsCap, an affiliate of Funds Management, is the subadviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.45% and declining to 0.20% as the average daily net assets of the Fund increase. Prior to October 1, 2012, WellsCap received a fee at an annual rate which started at 0.35% and declined to 0.15% as the average daily net assets of the Fund increased.

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 November 30, 2013 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.30% for Class A shares, 2.05% for Class B shares, 2.05% for Class C shares, 1.55% for Class R shares, 1.05% for Administrator Class shares, and 0.80% for Institutional Class shares.

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 of Class R shares.

Notes to financial statements (unaudited) Wells Fargo Advantage Omega Growth Fund 23

For the six months ended January 31, 2013, Wells Fargo Funds Distributor, LLC received $28,912 from the sale of Class A shares and $250, $816, and $1,171 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, Class R, and Administrator Class of the Fund is charged a fee at an annual rate of 0.25% of the average daily net assets of each respective class.

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended January 31, 2013 were $282,047,151 and $286,476,152, respectively.

6. BANK BORROWINGS

The Trust (excluding the money market funds and certain other funds in the Trust) and Wells Fargo Variable Trust are parties to a $150,000,000 revolving credit agreement 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. For the six months ended January 31, 2013, the Fund paid $313 in commitment fees.

For the six months ended January 31, 2013, 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 PRONOUNCEMENT

In December 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) No. 2011-11, Disclosures about Offsetting Assets and Liabilities. ASU 2011-11, which amends FASB ASC Topic 210, Balance Sheet, creates new disclosure requirements which require entities to disclose both gross and net information for derivatives and other financial instruments that are either offset in the Statement of Assets and Liabilities or subject to an enforceable master netting arrangement or similar agreement. The disclosure requirements are effective for interim and annual reporting periods beginning on or after January 1, 2013. Management is currently assessing the potential impact, in addition to expanded financial statement disclosure, that may result from adopting this ASU.

24 Wells Fargo Advantage Omega 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 website at wellsfargoadvantagefunds.com, or visiting the SEC website at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available without charge on the Fund’s website at wellsfargoadvantagefunds.com or by visiting the SEC website at sec.gov.

PORTFOLIO HOLDINGS INFORMATION

The complete portfolio holdings for the Fund are publicly available on the Fund’s website (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 website on a monthly, seven-day or more delayed basis. The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q, which is available without charge by visiting the SEC website at sec.gov. In addition, the Fund’s Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC, and at regional offices in New York City, at 233 Broadway, and in Chicago, at 175 West Jackson Boulevard, Suite 900. Information about the Public Reference Room may be obtained by calling 1-800-SEC-0330.

Other information (unaudited) Wells Fargo Advantage Omega Growth Fund 25

BOARD OF TRUSTEES AND OFFICERS

Each of the Trustees and Officers listed in the table below acts in identical capacities for the Wells Fargo Advantage family of funds, which consists of 136 funds¹ comprising the Wells Fargo Funds Trust, Wells Fargo Variable Trust, Wells Fargo Master Trust and four closed-end funds (collectively the “Fund Complex”). This table should be read in conjunction with the Prospectus and the Statement of Additional Information². 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	Co-Founder, Retired Chairman, President and CEO of Crystal Geyser Water Company. Trustee Emeritus, Colby College.	Asset Allocation Trust
Isaiah Harris, Jr. (Born 1952)	Trustee, since 2009	Retired. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Coast Academy (charter school). Mr. Harris is a certified public accountant.	CIGNA Corporation; Deluxe Corporation; Asset Allocation Trust
Judith M. Johnson (Born 1949)	Trustee, since 2008; Audit Committee Chairman, since 2008	Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant.	Asset Allocation Trust
Leroy Keith, Jr. (Born 1939)	Trustee, since 2010	Chairman, Bloc Global Services (development and construction). Trustee of the Evergreen Funds 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 48 portfolios as of 1/31/2013); Asset Allocation Trust
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business, Stanford University, Morgan Stanley Director of the Center for Leadership Development and Research and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	Asset Allocation Trust
Olivia S. Mitchell (Born 1953)	Trustee, since 2006	International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993.	Asset Allocation Trust
Timothy J. Penny (Born 1951)	Trustee, since 1996	President and CEO of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007 and Senior Fellow at the Humphrey Institute Policy Forum at the University of Minnesota since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	Asset Allocation Trust
Michael S. Scofield (Born 1943)	Trustee, since 2010	Served on the Investment Company Institute’s Board of Governors and Executive Committee from 2008-2011 as well the Governing Council of the Independent Directors Council from 2006-2011 and the Independent Directors Council Executive Committee from 2008-2011. Chairman of the IDC from 2008-2010. Institutional Investor (Fund Directions) Trustee of Year in 2007. Trustee of the Evergreen Funds (and its predecessors) from 1984 to 2010. Chairman of the Evergreen Funds from 2000-2010. Former Trustee of the Mentor Funds. Retired Attorney, Law Offices of Michael S. Scofield.	Asset Allocation Trust

26 Wells Fargo Advantage Omega 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
Donald C. Willeke (Born 1940)	Trustee, since 1996	Principal of the law firm of Willeke & Daniels. General Counsel of the Minneapolis Employees Retirement Fund from 1984 until its consolidation into the Minnesota Public Employees Retirement Association on June 30, 2010. Director and Vice Chair of The Tree Trust (non-profit corporation). Director of the American Chestnut Foundation (non-profit corporation).	Asset Allocation Trust

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

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.
Jeremy DePalma1 (Born 1974)	Treasurer, since 2012	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Vice President, Evergreen Investment Services, Inc. from 2004 to 2007. Head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.
C. David Messman (Born 1960)	Secretary, since 2000; Chief Legal Officer, since 2003	Senior Vice President and Secretary of Wells Fargo Funds Management, LLC since 2001. Vice President and Managing Counsel of Wells Fargo Bank, N.A. since 1996.
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.
David Berardi (Born 1975)	Assistant Treasurer, since 2009	Vice President of Wells Fargo Funds Management, LLC since 2009. Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Assistant Vice President of Evergreen Investment Services, Inc. from 2004 to 2008. Manager of Fund Reporting and Control for Evergreen Investment Management Company, LLC from 2004 to 2010.

1. Jeremy DePalma acts as Treasurer of 61 funds and Assistant Treasurer of 75 funds in the Fund Complex.

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

List of abbreviations Wells Fargo Advantage Omega Growth Fund 27

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

ACA —  ACA Financial Guaranty Corporation

ADR —  American depositary receipt

ADS —  American depositary shares

AGC —  Assured Guaranty Corporation

AGM —  Assured Guaranty Municipal

Ambac —  Ambac Financial Group Incorporated

AMT —  Alternative minimum tax

AUD —  Australian dollar

BAN —  Bond anticipation notes

BHAC —  Berkshire Hathaway Assurance Corporation

BRL —  Brazilian real

CAB —  Capital appreciation bond

CAD —  Canadian dollar

CCAB —  Convertible capital appreciation bond

CDA —  Community Development Authority

CDO —  Collateralized debt obligation

CHF —  Swiss franc

COP —  Certificate of participation

DKK —  Danish krone

DRIVER —  Derivative inverse tax-exempt receipts

DW&P —  Department of Water & Power

DWR —  Department of Water Resources

ECFA —  Educational & Cultural Facilities Authority

EDA —  Economic Development Authority

EDFA —  Economic Development Finance Authority

ETF —  Exchange-traded fund

EUR —  Euro

FDIC —  Federal Deposit Insurance Corporation

FFCB —  Federal Farm Credit Banks

FGIC —  Financial Guaranty Insurance Corporation

FHA —  Federal Housing Administration

FHLB —  Federal Home Loan Bank

FHLMC —  Federal Home Loan Mortgage Corporation

FICO —  The Financing Corporation

FNMA —  Federal National Mortgage Association

FSA —  Farm Service Agency

GBP —  Great British pound

GDR —  Global depositary receipt

GNMA —  Government National Mortgage Association

GO —  General obligation

HCFR —  Healthcare facilities revenue

HEFA —  Health & Educational Facilities Authority

HEFAR —  Higher education facilities authority revenue

HFA —  Housing Finance Authority

HFFA —  Health Facilities Financing Authority

HKD —  Hong Kong dollar

HUD —  Department of Housing and Urban Development

HUF —  Hungarian forint

IDA —  Industrial Development Authority

IDAG —  Industrial Development Agency

IDR —  Industrial development revenue

IEP —  Irish pound

JPY —  Japanese yen

KRW —  Republic of Korea won

LIBOR —  London Interbank Offered Rate

LIQ —  Liquidity agreement

LLC —  Limited liability company

LLP —  Limited liability partnership

LOC —  Letter of credit

LP —  Limited partnership

MBIA —  Municipal Bond Insurance Association

MFHR —  Multifamily housing revenue

MSTR —  Municipal securities trust receipts

MTN —  Medium-term note

MUD —  Municipal Utility District

MXN —  Mexican peso

MYR —  Malaysian ringgit

National —  National Public Finance Guarantee Corporation

NOK —  Norwegian krone

NZD —  New Zealand dollar

PCFA —  Pollution Control Financing Authority

PCL —  Public Company Limited

PCR —  Pollution control revenue

PFA —  Public Finance Authority

PFFA —  Public Facilities Financing Authority

PFOTER —  Puttable floating option tax-exempt receipts

plc —  Public limited company

PLN —  Polish zloty

PUTTER —  Puttable tax-exempt receipts

R&D —  Research & development

Radian —  Radian Asset Assurance

RAN —  Revenue anticipation notes

RDA —  Redevelopment Authority

RDFA —  Redevelopment Finance Authority

REIT —  Real estate investment trust

ROC —  Reset option certificates

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

SPA —  Standby purchase agreement

SPDR —  Standard & Poor’s Depositary Receipts

STRIPS —  Separate trading of registered interest and       principal securities

TAN —  Tax anticipation notes

TBA —  To be announced

TIPS —  Treasury inflation-protected securities

TRAN —  Tax revenue anticipation notes

TRY —  Turkish lira

TTFA —  Transportation Trust Fund Authority

TVA —  Tennessee Valley Authority

ZAR —  South African rand

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For more information

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

Wells Fargo Advantage Funds

P.O. Box 8266

Boston, MA 02266-8266

Email: wfaf@wellsfargo.com

Website: wellsfargoadvantagefunds.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

This report and the financial statements contained herein are submitted for the general information of the shareholders of Wells Fargo Advantage Funds. If this report is used for promotional purposes, distribution of the report must be accompanied or preceded by a current prospectus. For a current prospectus and, if available, a summary prospectus containing more complete information, including charges and expenses, call 1-800-222-8222 or visit the Fund’s website 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

© 2013 Wells Fargo Funds Management, LLC. All rights reserved.

215109 03-13 SA211/SAR211 1-13

Wells Fargo Advantage

Premier Large Company Growth Fund

Semi-Annual Report

January 31, 2013

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	6
Fund expenses	8
Portfolio of investments	9
Financial statements
Statement of assets and liabilities	14
Statement of operations	15
Statement of changes in net assets	16
Financial highlights	17
Notes to financial statements	25
Other information	30
List of abbreviations	33

The views expressed and any forward-looking statements are as of January 31, 2013, 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 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 the 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 the investment objectives, risks, charges, and expenses before investing. For a current prospectus and, if available, a summary prospectus, for Wells Fargo Advantage Funds, 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, 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 $226 billion in assets under management, as of January 31, 2013.

Equity funds
Asia Pacific Fund	Enterprise Fund†	Opportunity Fund†
C&B Large Cap Value Fund	Global Opportunities Fund	Precious Metals Fund
C&B Mid Cap Value Fund	Growth Fund	Premier Large Company Growth Fund
Capital Growth Fund	Index Fund	Small Cap Opportunities Fund
Common Stock Fund	International Equity Fund	Small Cap Value Fund
Disciplined U.S. Core Fund	International Value Fund	Small Company Growth Fund
Discovery Fund†	Intrinsic Small Cap Value Fund	Small Company Value Fund
Diversified Equity Fund	Intrinsic Value Fund	Small/Mid Cap Value Fund
Diversified International Fund	Intrinsic World Equity Fund	Special Mid Cap Value Fund
Emerging Growth Fund	Large Cap Core Fund	Special Small Cap Value Fund
Emerging Markets Equity Fund	Large Cap Growth Fund	Specialized Technology Fund
Emerging Markets Equity Income Fund	Large Company Value Fund	Traditional Small Cap Growth Fund
Endeavor Select Fund†	Omega Growth Fund	Utility and Telecommunications Fund
Bond funds
Adjustable Rate Government Fund	High Yield Municipal Bond Fund	Short Duration Government Bond Fund
California Limited-Term Tax-Free Fund	Income Plus Fund	Short-Term Bond Fund
California Tax-Free Fund	Inflation-Protected Bond Fund	Short-Term High Yield Bond Fund
Colorado Tax-Free Fund	Intermediate Tax/AMT-Free Fund	Short-Term Municipal Bond Fund
Core Bond Fund	International Bond Fund	Strategic Income Fund
Emerging Markets Local Bond Fund	Minnesota Tax-Free Fund	Strategic Municipal Bond Fund
Government Securities Fund	Municipal Bond Fund	Ultra Short-Term Income Fund
High Income Fund	North Carolina Tax-Free Fund	Ultra Short-Term Municipal Income Fund
High Yield Bond Fund	Pennsylvania Tax-Free 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	Treasury Plus Money Market Fund
Cash Investment Money Market Fund	Municipal Cash Management 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 (unaudited)

Karla M. Rabusch

President

Wells Fargo Advantage Funds

Entering the period, concerns about the eurozone sovereign debt situation held center stage as investors again focused on economic weakness in southern European economies.

Aggressive central bank actions helped support stock prices, as did relatively solid economic data.

Dear Valued Shareholder:

We are 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, 2013. Much of the period was marked by continued concerns about the possible effects that the ongoing European sovereign debt crisis would have on the global economy. However, relatively solid economic data in the U.S. and efforts by European authorities to address the sovereign debt issue alleviated investor fears and supported global stock markets. Judging by various indexes, U.S. large-cap stocks underperformed small-cap stocks. Within the large-cap universe, value stocks outperformed growth stocks, partly because of strong performance from the financials sector.

The period was dominated by worries that ongoing debt problems in the eurozone would affect global economic growth.

Entering the period, concerns about the eurozone sovereign debt situation held center stage as investors again focused on economic weakness in southern European economies. Because many eurozone banks owned southern European debt and many U.S. banks had financial ties to eurozone banks, investors worried about the effects of a possible southern European debt default on the global financial system and economy. Ongoing weakness in the Greek economy made it difficult for the country to meet previously agreed upon austerity targets. Toward the end of the reporting period, political risk resurfaced in both Italy and Spain. In Italy, Prime Minister Mario Monti, an economist who was appointed to implement austerity measures and labor market reforms, resigned in December 2012. Monti later decided to run for office in the general election scheduled for February 2013.

European leaders took concerted action to calm investor concerns. In September 2012, the European Central Bank (ECB) announced that it would purchase an unlimited amount of one- to three-year sovereign debt from countries that had applied for a formal bailout through either the European Financial Stability Facility or the European Stability Mechanism. In another positive sign, in late November 2012, finance ministers from the 17-country eurozone and the International Monetary Fund struck a deal aimed at reducing Greece’s debt by the year 2020.

Central banks continued to provide stimulus.

Major central banks, including the U.S. Federal Reserve (Fed) and the ECB, continued to inject liquidity into the banks and the markets through various quantitative easing policies. 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 the financial system. The ECB was similarly aggressive, keeping its key rate at a historic low of 0.75%. Just prior to the beginning of the reporting period, the FOMC announced its intention to keep interest rates low until at least mid-2015 in order to support the sluggish economy. The Fed also announced open-ended purchases of $40 billion per month in mortgage-backed securities in an effort to support the housing market.

Stock markets posted solid gains in an eventful period.

Aggressive central bank actions helped support stock prices, as did relatively solid economic data. For much of the reporting period, the U.S. stock market benefited from favorable gross domestic product (GDP) data, with the growth rate improving from 1.3% (annualized) in the second quarter of 2012 to 3.1% (annualized) in the third quarter of 2012. However, the GDP growth rate slowed in the final months of 2012, with GDP growth coming in at 0.1% (annualized) in the fourth quarter of 2012.

Letter to shareholders (unaudited) Wells Fargo Advantage Premier Large Company Growth Fund 3

Because many investors attributed the weak number to the aftereffects of Hurricane Sandy on the eastern seaboard, the stock market remained resilient.

The steady improvement in the housing market supported investor sentiment. The National Association of Home Builders/First American Improving Markets Index identifies metro areas that have shown improvement from their respective troughs in housing permits, employment, and house prices for at least six consecutive months. The index rose for a fifth-consecutive month in January 2013, indicating improvements in 242 housing markets across the country. As a result, housing-related stocks strongly outperformed over the period, leading to better-than-index returns for sectors ranging from consumer discretionary (home improvement retailers), to materials (construction material providers), and to financials (mortgage lenders).

Throughout the period, a continued high unemployment rate was the main negative piece of U.S. economic data. Although the unemployment rate improved from 8.1% in August 2012 to 7.9% in January 2013, the labor market remained soft.

We remain committed to our investment strategies, even as many variables are at work in the market.

The full effect of the European credit crisis remains unknown. Elevated unemployment and debt defaults continue to pressure consumers and businesses alike. 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, we believe it helps manage 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 (unaudited)

Notice to shareholders

At its November 6-7, 2012 meeting, the Board of Trustees unanimously approved the following modifications to certain Class A sales load waiver privileges, with each change becoming effective on July 1, 2013:

n Annuity payments received under an annuity option or from death proceeds will no longer qualify for net asset value (NAV) repurchase privileges.

n The ability to reinvest redemption proceeds at NAV will be reduced from 120 days to 90 days.

n NAV purchase privileges for certain types of “grandfathered” shareholders will be modified to remove the ability to purchase Class A shares at NAV, unless those shares are held directly with the Fund.

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

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6 Wells Fargo Advantage Premier Large Company Growth Fund Performance highlights (unaudited)

Investment objective

The Fund seeks long-term capital appreciation.

Adviser

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Joseph M. Eberhardy, CFA, CPA

Thomas C. Ognar, CFA

Bruce C. Olson, CFA

Average annual total returns¹ (%) as of January 31, 2013

		Including sales charge						Excluding sales charge						Expense ratios2 (%)
	Inception date	1 year		5 year		10 year		1 year		5 year		10 year		Gross		Net3
Class A (EKJAX)	1-20-1998		7.74		7.47		8.81		14.30		8.75		9.46		1.24		1.13
Class B (EKJBX)*	9-11-1935		8.47		7.65		8.89		13.47		7.95		8.89		1.99		1.88
Class C (EKJCX)	1-22-1998		12.50		7.95		8.65		13.50		7.95		8.65		1.99		1.88
Class R4 (EKJRX)	11-30-2012		–		–		–		14.95		9.11		9.79		0.91		0.81
Class R6 (EKJFX)	11-30-2012		–		–		–		14.95		9.11		9.79		0.76		0.66
Administrator Class (WFPDX)	7-16-2010		–		–		–		14.59		8.87		9.56		1.08		0.96
Institutional Class (EKJYX)	6-30-1999		–		–		–		14.85		9.09		9.78		0.81		0.71
Investor Class (WFPNX)	7-16-2010		–		–		–		14.33		8.69		9.39		1.30		1.19
Russell 1000® Growth Index4	–		–		–		–		13.43		5.70		8.24		–		–

* 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 website, wellsfargoadvantagefunds.com.

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

For Class A shares, the maximum front-end sales charge is 5.75%. For Class B, 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 R4, Class R6, Administrator Class, Institutional Class, and Investor Class shares are sold without a front-end sales charge or contingent deferred sales charge.

Stock values fluctuate in response to the activities of individual companies and general market and economic conditions. 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.

Please see footnotes on page 6.

Performance highlights (unaudited) Wells Fargo Advantage Premier Large Company Growth Fund 7

Ten largest equity holdings5 (%) as of January 31, 2013
Apple Incorporated	4.64
eBay Incorporated	3.54
Google Incorporated Class A	3.43
Cognizant Technology Solutions Corporation Class A	3.12
Whole Foods Market Incorporated	2.79
Kansas City Southern	2.54
Alexion Pharmaceuticals Incorporated	2.44
Dollar Tree Incorporated	2.33
Rackspace Hosting Incorporated	2.30
iShares Russell 1000 Growth	1.97

Sector distribution⁶ as of January 31, 2013

1. Historical performance shown for Class R4 shares prior to their inception reflects the performance of the Institutional Class shares, adjusted to reflect the higher expenses applicable to Class R4 shares. Historical performance shown for the Class R6 shares prior to their inception reflects the performance of the Institutional Class shares, and includes the higher expenses applicable to the Institutional Class shares. If these expenses had not been included, returns would be higher. 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.

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

3. The Adviser has committed through November 30, 2014, 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 1.12% for Class A, 1.87% for Class B, 1.87% for Class C, 0.80% for Class R4, 0.65% for Class R6, 0.95% for Administrator Class, 0.70% for Institutional Class, and 1.18% for Investor Class shares. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses, and extraordinary expenses are excluded from the cap. Without this cap, the Fund’s returns would have been lower.

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

5. 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.

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

8 Wells Fargo Advantage Premier Large Company Growth Fund Fund expenses (unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from August 1, 2012 to January 31, 2013.

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 8-1-2012		Ending account value 1-31-2013		Expenses paid during the period1		Net annual expense ratio
Class A
Actual	$	1,000.00	$	1,103.82	$	5.94		1.12	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.56	$	5.70		1.12	%
Class B
Actual	$	1,000.00	$	1,100.11	$	9.90		1.87	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.78	$	9.50		1.87	%
Class C
Actual	$	1,000.00	$	1,100.33	$	9.90		1.87	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.78	$	9.50		1.87	%
Class R4
Actual	$	1,000.00	$	1,107.00	$	4.25		0.80	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.17	$	4.08		0.80	%
Class R6
Actual	$	1,000.00	$	1,107.00	$	3.45		0.65	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.93	$	3.31		0.65	%
Administrator Class
Actual	$	1,000.00	$	1,104.49	$	5.04		0.95	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.42	$	4.84		0.95	%
Institutional Class
Actual	$	1,000.00	$	1,106.03	$	3.88		0.73	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.53	$	3.72		0.73	%
Investor Class
Actual	$	1,000.00	$	1,104.02	$	6.31		1.19	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.21	$	6.06		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).

Portfolio of investments—January 31, 2013 (unaudited) Wells Fargo Advantage Premier Large Company Growth Fund 9

Security name	Shares		Value
Common Stocks: 94.54%
Consumer Discretionary: 21.08%
Auto Components: 0.29%
BorgWarner Incorporated Ǡ		90,440	$	6,708,839
Distributors: 0.45%
LKQ Corporation †		470,120		10,525,987
Hotels, Restaurants & Leisure: 3.50%
Chipotle Mexican Grill Incorporated Ǡ		95,910		29,445,329
McDonald’s Corporation		211,070		20,112,860
Starbucks Corporation		575,300		32,285,836
				81,844,025
Internet & Catalog Retail: 2.77%
Amazon.com Incorporated †		142,160		37,743,480
priceline.com Incorporated †		39,530		27,096,629
				64,840,109
Multiline Retail: 4.77%
Dollar General Corporation †		618,500		28,587,070
Dollar Tree Incorporated †		1,366,100		54,630,339
Nordstrom Incorporated		515,980		28,497,575
				111,714,984
Specialty Retail: 6.87%
CarMax Incorporated †		979,070		38,594,939
Dick’s Sporting Goods Incorporated		512,010		24,366,556
GNC Holdings Incorporated Class A		871,540		31,323,148
Tractor Supply Company		431,530		44,736,715
Ulta Salon Cosmetics & Fragrance Incorporated		222,630		21,777,667
				160,799,025
Textiles, Apparel & Luxury Goods: 2.43%
lululemon athletica incorporated Ǡ		457,330		31,555,770
Michael Kors Holdings Limited †		231,924		13,017,894
Under Armour Incorporated Class A «†		244,500		12,437,715
				57,011,379
Consumer Staples: 4.23%
Beverages: 0.44%
Monster Beverage Corporation †		213,020		10,203,658
Food & Staples Retailing: 3.43%
Costco Wholesale Corporation		145,720		14,912,985
Whole Foods Market Incorporated		679,650		65,416,313
				80,329,298

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

10 Wells Fargo Advantage Premier Large Company Growth Fund Portfolio of investments—January 31, 2013 (unaudited)

Security name	Shares		Value
Personal Products: 0.36%
Estee Lauder Companies Incorporated Class A		140,400	$	8,554,572
Energy: 5.71%
Energy Equipment & Services: 1.28%
National Oilwell Varco Incorporated		109,650		8,129,451
Schlumberger Limited		279,510		21,815,756
				29,945,207
Oil, Gas & Consumable Fuels: 4.43%
Concho Resources Incorporated †		449,040		40,961,429
Continental Resources Incorporated Ǡ		73,680		6,124,282
Energy XXI (Bermuda) Limited «		517,830		16,218,436
Pioneer Natural Resources Company		344,750		40,521,915
				103,826,062
Financials: 3.67%
Capital Markets: 1.80%
Ameriprise Financial Incorporated		249,180		16,525,618
TD Ameritrade Holding Corporation «		1,326,060		25,712,303
				42,237,921
Consumer Finance: 1.87%
American Express Company		583,240		34,300,344
Discover Financial Services		245,500		9,424,745
				43,725,089
Health Care: 16.48%
Biotechnology: 7.09%
Alexion Pharmaceuticals Incorporated †		607,600		57,108,324
Biogen Idec Incorporated †		140,220		21,885,538
BioMarin Pharmaceutical Incorporated †		150,000		8,233,500
Celgene Corporation †		457,550		45,279,148
Gilead Sciences Incorporated †		504,000		19,882,800
Onyx Pharmaceuticals Incorporated Ǡ		175,800		13,628,016
				166,017,326
Health Care Equipment & Supplies: 2.26%
Covidien plc		369,430		23,030,266
Intuitive Surgical Incorporated †		52,080		29,913,710
				52,943,976
Health Care Providers & Services: 2.29%
AmerisourceBergen Corporation		557,420		25,290,145
Catamaran Corporation †		382,540		19,850,001
Express Scripts Holding Corporation †		160,000		8,547,200
				53,687,346

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

Portfolio of investments—January 31, 2013 (unaudited) Wells Fargo Advantage Premier Large Company Growth Fund 11

Security name	Shares		Value
Health Care Technology: 1.72%
Cerner Corporation Ǡ		487,280	$	40,224,964
Life Sciences Tools & Services: 1.34%
Mettler-Toledo International Incorporated Ǡ		147,600		31,369,428
Pharmaceuticals: 1.78%
Actavis Incorporated †		58,130		5,021,851
Allergan Incorporated		121,370		12,745,064
Shire plc ADR		226,390		22,670,695
Zoetis Incorporated †		48,594		1,263,444
				41,701,054
Industrials: 7.98%
Aerospace & Defense: 1.71%
Precision Castparts Corporation		107,740		19,759,516
United Technologies Corporation		232,980		20,402,059
				40,161,575
Air Freight & Logistics: 0.63%
United Parcel Service Incorporated Class B		186,440		14,782,828
Industrial Conglomerates: 0.77%
Danaher Corporation		299,780		17,965,815
Machinery: 1.22%
Flowserve Corporation «		99,720		15,633,104
Joy Global Incorporated «		203,300		12,842,461
				28,475,565
Road & Rail: 3.65%
Kansas City Southern		637,590		59,366,005
Norfolk Southern Corporation «		75,090		5,171,448
Union Pacific Corporation		158,920		20,891,623
				85,429,076
Information Technology: 32.33%
Communications Equipment: 2.92%
Cisco Systems Incorporated		1,102,190		22,672,048
Palo Alto Networks Incorporated Ǡ		122,386		6,775,289
QUALCOMM Incorporated		590,430		38,986,093
				68,433,430
Computers & Peripherals: 5.18%
Apple Incorporated		238,590		108,632,413
EMC Corporation †		513,000		12,624,930
				121,257,343

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

12 Wells Fargo Advantage Premier Large Company Growth Fund Portfolio of investments—January 31, 2013 (unaudited)

Security name	Shares		Value
Internet Software & Services: 10.44%
Akamai Technologies Incorporated †		70,500	$	2,870,055
eBay Incorporated †		1,480,320		82,794,298
Facebook Incorporated Class A †		112,500		3,484,125
Google Incorporated Class A †		106,150		80,216,494
Mercadolibre Incorporated «		240,110		21,225,724
Rackspace Hosting Incorporated Ǡ		713,420		53,756,197
				244,346,893
IT Services: 7.49%
Alliance Data Systems Corporation Ǡ		190,130		29,964,488
Cognizant Technology Solutions Corporation Class A †		933,310		72,966,176
MasterCard Incorporated Class A		83,630		43,353,792
Teradata Corporation †		52,500		3,499,650
Visa Incorporated Class A		162,190		25,611,423
				175,395,529
Semiconductors & Semiconductor Equipment: 2.77%
Avago Technologies Limited		231,690		8,287,551
Linear Technology Corporation		236,750		8,669,785
Maxim Integrated Products Incorporated		434,580		13,667,541
Microchip Technology Incorporated «		1,025,600		34,306,320
				64,931,197
Software: 3.53%
Citrix Systems Incorporated †		112,270		8,213,673
Fortinet Incorporated †		1,296,600		30,586,794
Red Hat Incorporated †		356,710		19,818,808
Salesforce.com Incorporated Ǡ		96,680		16,641,528
VMware Incorporated Ǡ		95,780		7,325,254
				82,586,057
Materials: 3.06%
Chemicals: 3.06%
Airgas Incorporated		124,920		11,897,381
Monsanto Company		262,140		26,567,889
Praxair Incorporated		299,580		33,064,643
				71,529,913
Total Common Stocks (Cost $1,773,660,223)				2,213,505,470
Investment Companies: 1.97%
iShares Russell 1000 Growth		677,000		46,212,020
Total Investment Companies (Cost $44,647,336)				46,212,020

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

Portfolio of investments—January 31, 2013 (unaudited) Wells Fargo Advantage Premier Large Company Growth Fund 13

Security name				Principal		Value
Other: 0.02%
Gryphon Funding Limited, Pass-Through Entity (v)(i)(a)				$	1,220,248	$	414,884
Total Other (Cost $99,442)							414,884
	Yield			Shares
Short-Term Investments: 12.40%
Investment Companies : 12.40%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)		0.14	%		53,766,526		53,766,526
Wells Fargo Securities Lending Cash Investments, LLC (v)(l)(u)(r)		0.19			236,476,308		236,476,308
Total Short-Term Investments (Cost $290,242,834)							290,242,834

Total investments in securities
(Cost $2,108,649,835) *	108.93	%		2,550,375,208
Other assets and liabilities, net	(8.93	)		(209,128,116	)
Total net assets	100.00	%	$	2,341,247,092

« 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.

(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 Investment Company Act of 1940, as amended.

* Cost for federal income tax purposes is $2,116,144,041 and unrealized appreciation (depreciation) consists of:

Gross unrealized appreciation	$	441,282,913
Gross unrealized depreciation		(7,051,746	)
Net unrealized appreciation	$	434,231,167

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

14 Wells Fargo Advantage Premier Large Company Growth Fund Statement of assets and liabilities —January 31, 2013 (unaudited)

Assets
Investments
In unaffiliated securities (including securities on loan), at value (see cost below)	$	2,260,132,374
In affiliated securities, at value (see cost below)		290,242,834
Total investments, at value (see cost below)		2,550,375,208
Receivable for investments sold		4,956,193
Receivable for Fund shares sold		31,638,050
Receivable for dividends		306,271
Receivable for securities lending income		37,258
Prepaid expenses and other assets		208,974
Total assets		2,587,521,954
Liabilities
Payable for investments purchased		5,105,085
Payable for Fund shares redeemed		2,550,736
Payable upon receipt of securities loaned		236,575,750
Advisory fee payable		1,024,294
Distribution fees payable		130,523
Due to other related parties		490,133
Accrued expenses and other liabilities		398,341
Total liabilities		246,274,862
Total net assets	$	2,341,247,092
NET ASSETS CONSIST OF
Paid-in capital	$	1,990,917,953
Accumulated net investment loss		(1,936,609	)
Accumulated net realized losses on investments		(89,459,625	)
Net unrealized gains on investments		441,725,373
Total net assets	$	2,341,247,092
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE1
Net assets – Class A	$	1,215,333,593
Shares outstanding – Class A		107,798,184
Net asset value per share – Class A		$11.27
Maximum offering price per share – Class A2		$11.96
Net assets – Class B	$	6,318,045
Shares outstanding – Class B		624,689
Net asset value per share – Class B		$10.11
Net assets – Class C	$	209,339,608
Shares outstanding – Class C		20,751,331
Net asset value per share – Class C		$10.09
Net assets – Class R4	$	10,524
Share outstanding – Class R4		925
Net asset value per share – Class R4		$11.38
Net assets – Class R6	$	1,501,169
Share outstanding – Class R6		131,960
Net asset value per share – Class R6		$11.38
Net assets – Administrator Class	$	426,552,050
Shares outstanding – Administrator Class		37,700,097
Net asset value per share – Administrator Class		$11.31
Net assets – Institutional Class	$	357,584,111
Shares outstanding – Institutional Class		31,442,028
Net asset value per share – Institutional Class		$11.37
Net assets – Investor Class	$	124,607,992
Shares outstanding – Investor Class		11,079,740
Net asset value per share – Investor Class		$11.25
Investment in unaffiliated securities (including securities on loan), at cost	$	1,818,407,001
Investments in affiliated securities, at cost	$	290,242,834
Total investments, at cost	$	2,108,649,835
Securities on loan, at value	$	231,492,029

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, 2013 (unaudited) Wells Fargo Advantage Premier Large Company Growth Fund 15

Investment income
Dividends	$	11,447,846
Securities lending income, net		158,780
Income from affiliated securities		56,606
Total investment income		11,663,232
Expenses
Advisory fee		6,152,516
Administration fees
Fund level		497,503
Class A		1,399,315
Class B		8,532
Class C		220,230
Class R4		1	1
Class R6		35	1
Administrator Class		168,088
Institutional Class		115,174
Investor Class		181,275
Shareholder servicing fees
Class A		1,345,495
Class B		8,204
Class C		211,760
Class R4		2	1
Administrator Class		420,219
Investor Class		139,666
Distribution fees
Class B		24,611
Class C		635,279
Custody and accounting fees		50,932
Professional fees		20,273
Registration fees		61,281
Shareholder report expenses		47,439
Trustees’ fees and expenses		6,006
Other fees and expenses		10,936
Total expenses		11,724,772
Less: Fee waivers and/or expense reimbursements		(728,190	)
Net expenses		10,996,582
Net investment income		666,650
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on investments		139,932
Net change in unrealized gains (losses) on investments		192,701,572
Net realized and unrealized gains (losses) on investments		192,841,504
Net increase in net assets resulting from operations	$	193,508,154

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

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

16 Wells Fargo Advantage Premier Large Company Growth Fund Statement of changes in net assets

	Six months ended January 31, 2013 (unaudited)						Year ended July 31, 2012
Operations
Net investment income (loss)				$	666,650					$	(3,471,557	)
Net realized gains (losses) on investments					139,932						(12,384,049	)
Net change in unrealized gains (losses) on investments					192,701,572						59,888,274
Net increase in net assets resulting from operations					193,508,154						44,032,668
Distributions to shareholders from
Net realized gains
Class A					0						(16,290,743	)
Class B					0						(232,403	)
Class C					0						(1,336,936	)
Administrator Class					0						(1,567,504	)
Institutional Class					0						(1,091,657	)
Investor Class					0						(2,041,518	)
Total distributions to shareholders					0						(22,560,761	)
		Shares						Shares
Capital share transactions
Proceeds from shares sold
Class A		26,137,139			281,995,756			42,270,679			428,631,194
Class B		37,509			364,020			147,942			1,313,239
Class C		7,917,994			76,627,886			11,676,942			107,232,818
Class R4		925	1		10,000	1		N/A			N/A
Class R6		132,209	1		1,469,319	1		N/A			N/A
Administrator Class		18,885,250			204,224,262			22,142,988			228,066,460
Institutional Class		14,088,235			153,836,689			20,663,426			216,235,544
Investor Class		2,258,128			24,364,307			3,709,555			36,729,360
					742,892,239						1,018,208,615
Reinvestment of distributions
Class A		0			0			1,545,287			14,602,964
Class B		0			0			23,672			202,400
Class C		0			0			93,610			797,556
Administrator Class		0			0			120,175			1,136,851
Institutional Class		0			0			101,699			965,124
Investor Class		0			0			210,675			1,986,664
					0						19,691,559
Payment for shares redeemed
Class A		(9,639,764	)		(103,555,107	)		(15,257,112	)		(153,404,356	)
Class B		(170,095	)		(1,637,610	)		(553,290	)		(4,914,654	)
Class C		(1,341,845	)		(12,948,115	)		(1,583,958	)		(14,105,661	)
Class R6		(249	)1		(2,811	)1		N/A			N/A
Administrator Class		(5,778,773	)		(62,655,801	)		(3,160,176	)		(31,356,149	)
Institutional Class		(4,401,644	)		(48,090,717	)		(2,085,091	)		(21,201,424	)
Investor Class		(962,215	)		(10,360,339	)		(2,183,993	)		(20,873,074	)
					(239,250,500	)					(245,855,318	)
Net increase in net assets resulting from capital share transactions					503,641,739						792,044,856
Total increase in net assets					697,149,893						813,516,763
Net assets
Beginning of period					1,644,097,199						830,580,436
End of period				$	2,341,247,092					$	1,644,097,199
Accumulated net investment loss				$	(1,936,609	)				$	(2,603,259	)

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

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, 2013 (unaudited)			Year ended July 31									Year ended September 30
CLASS A				2012			2011			20101,2			20091			20081			20071
Net asset value, beginning of period	$	10.21		$	9.89		$	7.75		$	7.23		$	7.20		$	8.50		$	6.96
Net investment income (loss)		0.00	4		(0.03	)3		(0.01	)		0.00	3,4		0.05	3		0.03	3		0.01	3
Net realized and unrealized gains (losses) on investments		1.06			0.60			2.15			0.57			0.02			(1.33	)		1.53
Total from investment operations		1.06			0.57			2.14			0.57			0.07			(1.30	)		1.54
Distributions to shareholders from
Net investment income		0.00			0.00			(0.00	)4		(0.05	)		(0.04	)		(0.00	)4		0.00
Net realized gains		0.00			(0.25	)		0.00			0.00			0.00			0.00			0.00
Total distributions to shareholders		0.00			(0.25	)		(0.00	)4		(0.05	)		(0.04	)		(0.00	)4		0.00
Net asset value, end of period	$	11.27		$	10.21		$	9.89		$	7.75		$	7.23		$	7.20		$	8.50
Total return5		10.38	%		6.08	%		27.55	%		7.93	%		1.04	%		(15.25	)%		22.13	%
Ratios to average net assets (annualized)
Gross expenses		1.20	%		1.23	%		1.24	%		1.09	%		1.12	%		1.09	%		1.12	%
Net expenses		1.12	%		1.12	%		1.12	%		1.08	%		1.12	%		1.07	%		1.10	%
Net investment income (loss)		0.05	%		(0.30	)%		(0.13	)%		0.06	%		0.86	%		0.44	%		0.10	%
Supplemental data
Portfolio turnover rate		14	%		51	%		65	%		89	%		24	%		39	%		21	%
Net assets, end of period (000s omitted)		$1,215,334			$932,106			$620,262			$491,290			$268,422			$276,771			$361,051

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.

18 Wells Fargo Advantage Premier Large Company Growth Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended January 31, 2013 (unaudited)			Year ended July 31									Year ended September 30
CLASS B				2012			2011			20101,2			20091			20081			20071
Net asset value, beginning of period	$	9.19		$	8.99		$	7.10		$	6.62		$	6.60		$	7.85		$	6.47
Net investment income (loss)		(0.03	)3		(0.09	)3		(0.07	)3		(0.04	)3		0.01	3		(0.02	)3		(0.04	)3
Net realized and unrealized gains (losses) on investments		0.95			0.54			1.96			0.52			0.01			(1.23	)		1.42
Total from investment operations		0.92			0.45			1.89			0.48			0.02			(1.25	)		1.38
Distributions to shareholders from
Net realized gains		0.00			(0.25	)		0.00			0.00			0.00			0.00			0.00
Net asset value, end of period	$	10.11		$	9.19		$	8.99		$	7.10		$	6.62		$	6.60		$	7.85
Total return4		10.01	%		5.22	%		26.62	%		7.25	%		0.30	%		(15.92	)%		21.33	%
Ratios to average net assets (annualized)
Gross expenses		1.95	%		1.97	%		2.00	%		1.84	%		1.87	%		1.81	%		1.82	%
Net expenses		1.87	%		1.87	%		1.87	%		1.83	%		1.87	%		1.81	%		1.82	%
Net investment income (loss)		(0.71	)%		(1.04	)%		(0.85	)%		(0.69	)%		0.11	%		(0.31	)%		(0.61	)%
Supplemental data
Portfolio turnover rate		14	%		51	%		65	%		89	%		24	%		39	%		21	%
Net assets, end of period (000s omitted)	$	6,318		$	6,962		$	10,244		$	13,957		$	7,951		$	10,489		$	16,694

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.

Financial highlights Wells Fargo Advantage Premier Large Company Growth Fund 19

(For a share outstanding throughout each period)

	Six months ended January 31, 2013 (unaudited)			Year ended July 31									Year ended September 30
CLASS C				2012			2011			20101,2			20091			20081			20071
Net asset value, beginning of period	$	9.17		$	8.97		$	7.08		$	6.62		$	6.59		$	7.84		$	6.47
Net investment income (loss)		(0.03	)3		(0.10	)3		(0.08	)3		(0.04	)3		0.00	3,4		(0.02	)3		(0.04	)3
Net realized and unrealized gains (losses) on investments		0.95			0.55			1.97			0.52			0.03			(1.23	)		1.41
Total from investment operations		0.92			0.45			1.89			0.48			0.03			(1.25	)		1.37
Distributions to shareholders from
Net investment income		0.00			0.00			0.00			(0.02	)		0.00			0.00			0.00
Net realized gains		0.00			(0.25	)		0.00			0.00			0.00			0.00			0.00
Total distributions to shareholders		0.00			(0.25	)		0.00			(0.02	)		0.00			0.00			0.00
Net asset value, end of period	$	10.09		$	9.17		$	8.97		$	7.08		$	6.62		$	6.59		$	7.84
Total return5		10.03	%		5.24	%		26.69	%		7.18	%		0.46	%		(15.94	)%		21.17	%
Ratios to average net assets (annualized)
Gross expenses		1.95	%		1.98	%		1.99	%		1.84	%		1.87	%		1.82	%		1.82	%
Net expenses		1.87	%		1.87	%		1.87	%		1.83	%		1.87	%		1.82	%		1.82	%
Net investment income (loss)		(0.69	)%		(1.07	)%		(0.90	)%		(0.68	)%		0.08	%		(0.30	)%		(0.61	)%
Supplemental data
Portfolio turnover rate		14	%		51	%		65	%		89	%		24	%		39	%		21	%
Net assets, end of period (000s omitted)		$209,340			$129,980			$35,783			$22,246			$13,717			$10,046			$10,058

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. 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.

20 Wells Fargo Advantage Premier Large Company Growth Fund Financial highlights

(For a share outstanding throughout each period)

	Period ended January 31, 20131 (unaudited)
CLASS R4
Net asset value, beginning of period	$	10.81
Net investment income		0.01
Net realized and unrealized gains (losses) on investments		0.56
Total from investment operations		0.57
Net asset value, end of period	$	11.38
Total return2		5.27	%
Ratios to average net assets (annualized)
Gross expenses		0.84	%
Net expenses		0.80	%
Net investment income		0.78	%
Supplemental data
Portfolio turnover rate		14	%
Net assets, end of period (000s omitted)		$11

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

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

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

Financial highlights Wells Fargo Advantage Premier Large Company Growth Fund 21

(For a share outstanding throughout each period)

	Period ended January 31, 20131 (unaudited)
CLASS R6
Net asset value, beginning of period	$	10.81
Net investment loss		(0.00	)2
Net realized and unrealized gains (losses) on investments		0.57
Total from investment operations		0.57
Net asset value, end of period	$	11.38
Total return3		5.27	%
Ratios to average net assets (annualized)
Gross expenses		0.72	%
Net expenses		0.65	%
Net investment loss		(0.31	)%
Supplemental data
Portfolio turnover rate		14	%
Net assets, end of period (000s omitted)		$1,501

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

2. Amount is less than $0.005.

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

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

22 Wells Fargo Advantage Premier Large Company Growth Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended January 31, 2013 (unaudited)			Year ended July 31
ADMINISTRATOR CLASS				2012			2011			20101
Net asset value, beginning of period	$	10.24		$	9.90		$	7.75		$	7.53
Net investment income (loss)		0.01			(0.02	)		0.00	2		(0.00	)
Net realized and unrealized gains (losses) on investments		1.06			0.61			2.16			0.22
Total from investment operations		1.07			0.59			2.16			0.22
Distributions to shareholders from
Net investment income		0.00			0.00			(0.01	)		0.00
Net realized gains		0.00			(0.25	)		0.00			0.00
Total distributions to shareholders		0.00			(0.25	)		(0.01	)		0.00
Net asset value, end of period	$	11.31		$	10.24		$	9.90		$	7.75
Total return3		10.45	%		6.28	%		27.75	%		2.92	%
Ratios to average net assets (annualized)
Gross expenses		1.04	%		1.07	%		1.08	%		1.13	%
Net expenses		0.95	%		0.95	%		0.95	%		0.95	%
Net investment income (loss)		0.23	%		(0.16	)%		0.01	%		(0.34	)%
Supplemental data
Portfolio turnover rate		14	%		51	%		65	%		89	%
Net assets, end of period (000s omitted)		$426,552			$251,759			$54,335			$36,508

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.

Financial highlights Wells Fargo Advantage Premier Large Company Growth Fund 23

(For a share outstanding throughout each period)

	Six months ended January 31, 2013 (unaudited)			Year ended July 31									Year ended September 30
INSTITUTIONAL CLASS				2012			2011			20101,2			20091			20081			20071
Net asset value, beginning of period	$	10.28		$	9.91		$	7.75		$	7.24		$	7.22		$	8.53		$	6.96
Net investment income		0.02			0.00	3,4		0.02	3		0.02			0.06	3		0.05	3		0.03	3
Net realized and unrealized gains (losses) on investments		1.07			0.62			2.15			0.57			0.02			(1.33	)		1.54
Total from investment operations		1.09			0.62			2.17			0.59			0.08			(1.28	)		1.57
Distributions to shareholders from
Net investment income		0.00			0.00			(0.01	)		(0.08	)		(0.06	)		(0.03	)		0.00
Net realized gains		0.00			(0.25	)		0.00			0.00			0.00			0.00			0.00
Total distributions to shareholders		0.00			(0.25	)		(0.01	)		(0.08	)		(0.06	)		(0.03	)		0.00
Net asset value, end of period	$	11.37		$	10.28		$	9.91		$	7.75		$	7.24		$	7.22		$	8.53
Total return5		10.60	%		6.48	%		28.03	%		8.20	%		1.28	%		(15.07	)%		22.56	%
Ratios to average net assets (annualized)
Gross expenses		0.77	%		0.79	%		0.81	%		0.83	%		0.87	%		0.81	%		0.82	%
Net expenses		0.73	%		0.75	%		0.75	%		0.82	%		0.87	%		0.81	%		0.82	%
Net investment income		0.44	%		0.04	%		0.22	%		0.34	%		1.04	%		0.68	%		0.39	%
Supplemental data
Portfolio turnover rate		14	%		51	%		65	%		89	%		24	%		39	%		21	%
Net assets, end of period (000s omitted)		$357,584			$223,616			$30,493			$18,841			$11,335			$6,321			$11,197

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. Amount is less than $0.005.

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

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

24 Wells Fargo Advantage Premier Large Company Growth Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended January 31, 2013 (unaudited)			Year ended July 31
INVESTOR CLASS				2012			2011			20101
Net asset value, beginning of period	$	10.19		$	9.87		$	7.75		$	7.54
Net investment loss		(0.00	)2		(0.03	)		(0.02	)		(0.00	)
Net realized and unrealized gains (losses) on investments		1.06			0.60			2.15			0.21
Total from investment operations		1.06			0.57			2.13			0.21
Distributions to shareholders from
Net investment income		0.00			0.00			(0.01	)		0.00
Net realized gains		0.00			(0.25	)		0.00			0.00
Total distributions to shareholders		0.00			(0.25	)		(0.01	)		0.00
Net asset value, end of period	$	11.25		$	10.19		$	9.87		$	7.75
Total return3		10.40	%		5.99	%		27.48	%		2.79	%
Ratios to average net assets (annualized)
Gross expenses		1.25	%		1.29	%		1.31	%		1.36	%
Net expenses		1.19	%		1.19	%		1.19	%		1.19	%
Net investment loss		(0.02	)%		(0.37	)%		(0.20	)%		(0.59	)%
Supplemental data
Portfolio turnover rate		14	%		51	%		65	%		89	%
Net assets, end of period (000s omitted)		$124,608			$99,675			$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.

Notes to financial statements (unaudited) Wells Fargo Advantage Premier Large Company Growth Fund 25

1. ORGANIZATION

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

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

Equity securities that are listed on a foreign or domestic exchange, except for The Nasdaq Stock Market, Inc. (“Nasdaq”), are valued at the official closing price or, if none, the last sales price. Securities listed on Nasdaq are valued at the Nasdaq Official Closing Price (“NOCP”). If no NOCP is available, securities are valued at the last sales price. If no sales price is shown on the Nasdaq, the bid price will be used. If no sale occurs on the primary exchange or market for the security that day or if no sale occurs and no bid price is shown on Nasdaq, the prior day’s price will be deemed “stale” and fair values will be determined in accordance with the Fund’s Valuation Procedures.

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

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

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

Security loans

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

26 Wells Fargo Advantage Premier Large Company Growth Fund Notes to financial statements (unaudited)

The Fund lends its securities through an unaffiliated securities lending agent. Cash collateral received in connection with its securities lending transactions is invested in 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 Funds Management and is subadvised by Wells Capital Management Incorporated (“WellsCap”). Funds Management receives an advisory fee starting at 0.05% and declining to 0.01% as the average daily net assets of the Cash Collateral Fund increase. All of the fees received by Funds Management are paid to WellsCap for its services as subadviser. 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.

Security transactions and income recognition

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

Dividend income is recognized on the ex-dividend date.

Distributions to shareholders

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

Federal and other taxes

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

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

At July 31, 2012, net capital loss carryforwards, which were available to offset future net realized capital gains, were as follows:

Pre-enactment capital loss expiration*			Post-enactment capital losses**
2015	2016	2017	Short-term
$703,589	$54,899,363	$18,219,476	$9,162,645

* Losses incurred in taxable years beginning before December 22, 2010.

** Losses incurred in taxable years which began after December 22, 2010 are carried forward for an unlimited period.

As of July 31, 2012, the Fund had a qualified late-year ordinary loss of $2,575,935 which will be recognized on the first day of the current fiscal year. A late-year ordinary loss is the net loss comprised of (a) net gain or loss from the sale or other disposition of certain capital assets for the portion of the taxable year after October 31 and (b) other ordinary income or loss for the portion of the taxable year after December 31.

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 any 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.

Notes to financial statements (unaudited) Wells Fargo Advantage Premier Large Company Growth Fund 27

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

As of January 31, 2013, the inputs used in valuing investments in securities, 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	$	2,213,505,470	$	0	$	0	$	2,213,505,470
Investment companies		46,212,020		0		0		46,212,020
Other		0		0		414,884		414,884
Short-term investments
Investment companies		53,766,526		236,476,308		0		290,242,834
	$	2,313,484,016	$	236,476,308	$	414,884	$	2,550,375,208

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, 2013, the Fund did not have any transfers into/out of Level 1 or 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 subadviser, who is responsible for day-to-day portfolio management of the Fund.

Pursuant to the contract, Funds Management is entitled to receive an annual advisory fee starting at 0.65% and declining to 0.55% as the average daily net assets of the Fund increase. For the six months ended January 31, 2013, the advisory fee was equivalent to an annual rate of 0.62% of the Fund’s average daily net assets.

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Funds Management. WellsCap, an affiliate of Funds Management, is the subadviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.35% and declining to 0.15% as the average daily net assets of the Fund increase.

28 Wells Fargo Advantage Premier Large Company Growth 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	%
Class R4, Institutional Class		0.08
Class R6		0.03
Administrator Class		0.10
Investor Class		0.32

Funds Management has contractually waived and/or reimbursed advisory and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. Waiver of fees and/or reimbursement of expenses by Funds Management were made first from fund level expenses on a proportionate basis and then from class specific expenses. Funds Management has committed through November 30, 2014 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.12% for Class A shares, 1.87% for Class B shares, 1.87% for Class C shares, 0.80% for Class R4 shares, 0.65% for Class R6 shares, 0.95% for Administrator Class shares, 0.70% for Institutional Class shares, and 1.18% for Investor Class shares.

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, 2013, Wells Fargo Funds Distributor, LLC received $185,153 from the sale of Class A shares and $674 and $4,516 in contingent deferred sales charges from redemptions of Class B and Class C shares, respectively.

Shareholder servicing fees

The Trust has entered into contracts with one or more shareholder servicing agents, whereby Class A, Class B, Class C, Administrator Class, and Investor Class of the Fund is charged a fee at an annual rate of 0.25% of the average daily net assets of each respective class. Class R4 shares are charged a fee at an annual rate of 0.10% of its average daily net assets.

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended January 31, 2013 were $758,498,097 and $262,004,065, respectively.

6. BANK BORROWINGS

The Trust (excluding the money market funds and certain other funds in the Trust) and Wells Fargo Variable Trust are parties to a $150,000,000 revolving credit agreement 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. For the six months ended January 31, 2013, the Fund paid $727 in commitment fees.

For the six months ended January 31, 2013, there were no borrowings by the Fund under the agreement.

Notes to financial statements (unaudited) Wells Fargo Advantage Premier Large Company Growth Fund 29

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 PRONOUNCEMENT

In December 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) No. 2011-11, Disclosures about Offsetting Assets and Liabilities. ASU 2011-11, which amends FASB ASC Topic 210, Balance Sheet, creates new disclosure requirements which require entities to disclose both gross and net information for derivatives and other financial instruments that are either offset in the Statement of Assets and Liabilities or subject to an enforceable master netting arrangement or similar agreement. The disclosure requirements are effective for interim and annual reporting periods beginning on or after January 1, 2013. Management is currently assessing the potential impact, in addition to expanded financial statement disclosure, that may result from adopting this ASU.

30 Wells Fargo Advantage Premier Large Company 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 website at wellsfargoadvantagefunds.com, or visiting the SEC website at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available without charge on the Fund’s website at wellsfargoadvantagefunds.com or by visiting the SEC website at sec.gov.

PORTFOLIO HOLDINGS INFORMATION

The complete portfolio holdings for the Fund are publicly available on the Fund’s website (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 website on a monthly, seven-day or more delayed basis. The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q, which is available without charge by visiting the SEC website at sec.gov. In addition, the Fund’s Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC, and at regional offices in New York City, at 233 Broadway, and in Chicago, at 175 West Jackson Boulevard, Suite 900. Information about the Public Reference Room may be obtained by calling 1-800-SEC-0330.

Other information (unaudited) Wells Fargo Advantage Premier Large Company Growth Fund 31

BOARD OF TRUSTEES AND OFFICERS

Each of the Trustees and Officers listed in the table below acts in identical capacities for the Wells Fargo Advantage family of funds, which consists of 136 funds¹ comprising the Wells Fargo Funds Trust, Wells Fargo Variable Trust, Wells Fargo Master Trust and four closed-end funds (collectively the “Fund Complex”). This table should be read in conjunction with the Prospectus and the Statement of Additional Information². 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	Co-Founder, Retired Chairman, President and CEO of Crystal Geyser Water Company. Trustee Emeritus, Colby College.	Asset Allocation Trust
Isaiah Harris, Jr. (Born 1952)	Trustee, since 2009	Retired. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Coast Academy (charter school). Mr. Harris is a certified public accountant.	CIGNA Corporation; Deluxe Corporation; Asset Allocation Trust
Judith M. Johnson (Born 1949)	Trustee, since 2008; Audit Committee Chairman, since 2008	Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant.	Asset Allocation Trust
Leroy Keith, Jr. (Born 1939)	Trustee, since 2010	Chairman, Bloc Global Services (development and construction). Trustee of the Evergreen Funds 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 48 portfolios as of 1/31/13); Asset Allocation Trust
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business, Stanford University, Morgan Stanley Director of the Center for Leadership Development and Research and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	Asset Allocation Trust
Olivia S. Mitchell (Born 1953)	Trustee, since 2006	International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993.	Asset Allocation Trust
Timothy J. Penny (Born 1951)	Trustee, since 1996	President and CEO of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007 and Senior Fellow at the Humphrey Institute Policy Forum at the University of Minnesota since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	Asset Allocation Trust

32 Wells Fargo Advantage Premier Large Company 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
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.	Asset Allocation Trust
Donald C. Willeke (Born 1940)	Trustee, since 1996	Principal of the law firm of Willeke & Daniels. General Counsel of the Minneapolis Employees Retirement Fund from 1984 until its consolidation into the Minnesota Public Employees Retirement Association on June 30, 2010. Director and Vice Chair of The Tree Trust (non-profit corporation). Director of the American Chestnut Foundation (non-profit corporation).	Asset Allocation Trust

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

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.
Jeremy DePalma1 (Born 1974)	Treasurer, since 2012	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Vice President, Evergreen Investment Services, Inc. from 2004 to 2007. Head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.
C. David Messman (Born 1960)	Secretary, since 2000; Chief Legal Officer, since 2003	Senior Vice President and Secretary of Wells Fargo Funds Management, LLC since 2001. Vice President and Managing Counsel of Wells Fargo Bank, N.A. since 1996.
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.
David Berardi (Born 1975)	Assistant Treasurer, since 2009	Vice President of Wells Fargo Funds Management, LLC since 2009. Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Assistant Vice President of Evergreen Investment Services, Inc. from 2004 to 2008. Manager of Fund Reporting and Control for Evergreen Investment Management Company, LLC from 2004 to 2010.

1. Jeremy DePalma acts as Treasurer of 61 funds and Assistant Treasurer of 75 funds in the Fund Complex.

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

List of abbreviations Wells Fargo Advantage Premier Large Company Growth Fund 33

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

ACA —  ACA Financial Guaranty Corporation

ADR —  American depositary receipt

ADS —  American depositary shares

AGC —  Assured Guaranty Corporation

AGM —  Assured Guaranty Municipal

Ambac —  Ambac Financial Group Incorporated

AMT —  Alternative minimum tax

AUD —  Australian dollar

BAN —  Bond anticipation notes

BHAC —  Berkshire Hathaway Assurance Corporation

BRL —  Brazilian real

CAB —  Capital appreciation bond

CAD —  Canadian dollar

CCAB —  Convertible capital appreciation bond

CDA —  Community Development Authority

CDO —  Collateralized debt obligation

CHF —  Swiss franc

COP —  Certificate of participation

DKK —  Danish krone

DRIVER —  Derivative inverse tax-exempt receipts

DW&P —  Department of Water & Power

DWR —  Department of Water Resources

ECFA —  Educational & Cultural Facilities Authority

EDA —  Economic Development Authority

EDFA —  Economic Development Finance Authority

ETF —  Exchange-traded fund

EUR —  Euro

FDIC —  Federal Deposit Insurance Corporation

FFCB —  Federal Farm Credit Banks

FGIC —  Financial Guaranty Insurance Corporation

FHA —  Federal Housing Administration

FHLB —  Federal Home Loan Bank

FHLMC —  Federal Home Loan Mortgage Corporation

FICO —  The Financing Corporation

FNMA —  Federal National Mortgage Association

FSA —  Farm Service Agency

GBP —  Great British pound

GDR —  Global depositary receipt

GNMA —  Government National Mortgage Association

GO —  General obligation

HCFR —  Healthcare facilities revenue

HEFA —  Health & Educational Facilities Authority

HEFAR —  Higher education facilities authority revenue

HFA —  Housing Finance Authority

HFFA —  Health Facilities Financing Authority

HKD —  Hong Kong dollar

HUD —  Department of Housing and Urban Development

HUF —  Hungarian forint

IDA —  Industrial Development Authority

IDAG —  Industrial Development Agency

IDR —  Industrial development revenue

IEP —  Irish pound

JPY —  Japanese yen

KRW —  Republic of Korea won

LIBOR —  London Interbank Offered Rate

LIQ —  Liquidity agreement

LLC —  Limited liability company

LLP —  Limited liability partnership

LOC —  Letter of credit

LP —  Limited partnership

MBIA —  Municipal Bond Insurance Association

MFHR —  Multifamily housing revenue

MSTR —  Municipal securities trust receipts

MTN —  Medium-term note

MUD —  Municipal Utility District

MXN —  Mexican peso

MYR —  Malaysian ringgit

National —  National Public Finance Guarantee Corporation

NOK —  Norwegian krone

NZD —  New Zealand dollar

PCFA —  Pollution Control Financing Authority

PCL —  Public Company Limited

PCR —  Pollution control revenue

PFA —  Public Finance Authority

PFFA —  Public Facilities Financing Authority

PFOTER —  Puttable floating option tax-exempt receipts

plc —  Public limited company

PLN —  Polish zloty

PUTTER —  Puttable tax-exempt receipts

R&D —  Research & development

Radian —  Radian Asset Assurance

RAN —  Revenue anticipation notes

RDA —  Redevelopment Authority

RDFA —  Redevelopment Finance Authority

REIT —  Real estate investment trust

ROC —  Reset option certificates

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

SPA —  Standby purchase agreement

SPDR —  Standard & Poor’s Depositary Receipts

STRIPS —  Separate trading of registered interest and       principal securities

TAN —  Tax anticipation notes

TBA —  To be announced

TIPS —  Treasury inflation-protected securities

TRAN —  Tax revenue anticipation notes

TRY —  Turkish lira

TTFA —  Transportation Trust Fund Authority

TVA —  Tennessee Valley Authority

ZAR —  South African rand

This page is intentionally left blank.

For more information

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

Wells Fargo Advantage Funds

P.O. Box 8266

Boston, MA 02266-8266

Email: wfaf@wellsfargo.com

Website: wellsfargoadvantagefunds.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

This report and the financial statements contained herein are submitted for the general information of the shareholders of Wells Fargo Advantage Funds. If this report is used for promotional purposes, distribution of the report must be accompanied or preceded by a current prospectus. For a current prospectus and, if available, a summary prospectus containing more complete information, including charges and expenses, call 1-800-222-8222 or visit the Fund’s website 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

© 2013 Wells Fargo Funds Management, LLC. All rights reserved.

215110 03-13 SA212/SAR212 1-13

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. PORTFOLIO OF INVESTMENTS

The Portfolio 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 MANAGEMENT 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, 2013

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, 2013
By:	/s/ Jeremy DePalma
	Jeremy DePalma
	Treasurer
Date:	March 26, 2013