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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSRS

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-09253

Wells Fargo Funds Trust

(Exact name of registrant as specified in charter)

525 Market St., San Francisco, CA 94105

(Address of principal executive offices) (Zip code)

C. David Messman

Wells Fargo Funds Management, LLC

525 Market St., San Francisco, CA 94105

(Name and address of agent for service)

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

Date of fiscal year end: October 31

Date of reporting period: Registrant is making a filing for 16 of its series, Wells Fargo Advantage Emerging Markets Local Bond Fund, Wells Fargo Advantage International Bond Fund, Wells Fargo Advantage Strategic Income Fund, Wells Fargo Advantage Asia Pacific Fund, Wells Fargo Advantage Diversified International Fund, Wells Fargo Advantage Emerging Markets Equity Fund, Wells Fargo Advantage Emerging Markets Equity Income Fund, Wells Fargo Advantage Global Opportunities Fund, Wells Fargo Advantage International Equity Fund, Wells Fargo Advantage Intrinsic World Equity Fund, Wells Fargo Advantage Intrinsic Small Cap Value Fund, Wells Fargo Advantage Small Cap Opportunities Fund, Wells Fargo Advantage Small Cap Value Fund, Wells Fargo Advantage Small/Mid Cap Value Fund, Wells Fargo Advantage Special Small Cap Value Fund, and Wells Fargo Advantage Traditional Small Cap Growth Fund. Each series has an April 30, 2013 fiscal year end.

ITEM 1. REPORT TO STOCKHOLDERS

Wells Fargo Advantage

Emerging Markets Local Bond Fund

Semi-Annual Report

April 30, 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	17
Other information	22
List of abbreviations	28

The views expressed and any forward-looking statements are as of April 30, 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 100 mutual funds across a wide range of asset classes, representing over $228 billion in assets under management, as of April 30, 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-Term Bond Fund
California Limited-Term Tax-Free Fund	Income Plus Fund	Short-Term High Yield Bond Fund
California Tax-Free Fund	Inflation-Protected Bond Fund	Short-Term Municipal Bond Fund
Colorado Tax-Free Fund	Intermediate Tax/AMT-Free Fund	Strategic Income Fund
Conservative Income Fund	International Bond Fund	Strategic Municipal Bond Fund
Core Bond Fund	Minnesota Tax-Free Fund	Ultra Short-Term Income Fund
Emerging Markets Local Bond Fund	Municipal Bond Fund	Ultra Short-Term Municipal Income Fund
Government Securities Fund	North Carolina Tax-Free Fund	Wisconsin Tax-Free Fund
High Income Fund	Pennsylvania Tax-Free Fund
High Yield Bond Fund	Short Duration Government Bond Fund
Asset allocation funds
Absolute Return Fund	WealthBuilder Equity Portfolio†	Target 2020 Fund†
Asset Allocation Fund	WealthBuilder Growth Allocation Portfolio†	Target 2025 Fund†
Diversified Capital Builder Fund	WealthBuilder Growth Balanced Portfolio†	Target 2030 Fund†
Diversified Income Builder Fund	WealthBuilder Moderate Balanced Portfolio†	Target 2035 Fund†
Growth Balanced Fund	WealthBuilder Tactical Equity Portfolio†	Target 2040 Fund†
Index Asset Allocation Fund	Target Today Fund†	Target 2045 Fund†
Moderate Balanced Fund	Target 2010 Fund†	Target 2050 Fund†
WealthBuilder Conservative Allocation Portfolio†	Target 2015 Fund†	Target 2055 Fund†
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 Emerging Markets Local Bond Fund Letter to shareholders (unaudited)

Karla M. Rabusch

President

Wells Fargo Advantage Funds

During the period, global fixed-income markets trended toward higher bond prices and lower yields but fluctuated between periods of risk aversion and corresponding recoveries in investor confidence.

Dear Valued Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Advantage Emerging Markets Local Bond Fund for the six-month period ended April 30, 2013. During the period, global fixed-income markets trended toward higher bond prices and lower yields but fluctuated between periods of risk aversion and corresponding recoveries in investor confidence. On the whole, global bond markets generated positive returns during the period, benefiting from deepening rallies in the corporate bond and securitized sectors and most notably in high yield and emerging markets debt. The lower-rated credit tiers and longest-maturity segments of the fixed-income markets outperformed the higher-quality and shorter-maturity segments during the period, overcoming spates of risk aversion that flared up intermittently.

Global credit markets rallied after European Central Bank (ECB) actions.

The six-month period started after the watershed announcements of the ECB in late summer 2012, which largely declared that the euro would be preserved and that every measure would be taken to fortify the European credit markets. These actions bolstered the global credit markets and inspired an ongoing rally in high-yield corporate debt and emerging markets debt over the final two months of 2012 and into 2013. Global bond markets had been enthralled by central bank policies in Europe—decisive policymaking would bolster markets, while reescalating crises in Greece and Spain would undercut confidence and damage security pricing. But the ECB’s actions proved effective—despite continued economic woes across Europe, the announced central bank policies revitalized global credit markets. While no measure could serve as a panacea, coordinated policymaking certainly offered much-needed tonic to Europe and provided a foundation of confidence for the riskier areas of the global credit markets to rally.

Improving economic trends strengthened in the U.S. while Europe’s recession persisted.

Despite problems in Europe during the period—this time in the form of Italian politics and a bank debt crisis in Cyprus—higher-yielding global debt securities continued to perform well. Investors continued to shun most higher-quality sovereign markets in preference for higher-yielding corporate debt. In November and December 2012, high yield and emerging markets debt outperformed higher-rated sovereign debt. These trends largely carried over in the first four months of 2013, as investors rallied to the higher-yielding, lower-rated areas of the global bond markets on increasing confidence in the intentions of the ECB to support credit and a distaste for low yields from the higher-rated sovereign debt sectors.

Despite global credit markets performing well, economic conditions across the globe continued to be mixed and, at times, volatile. In the U.S., growth remained relatively healthy compared with developed Europe and Japan, but employment levels remained disappointing. U.S. Treasury yields remained near historic lows, with negative real yields—not a good outlook for the U.S. dollar or long-term investment in U.S. Treasuries. But more problematic was the eurozone, which remained firmly in recession. Fortunately, there appeared to be the political will to do whatever is necessary to preserve the single euro currency. The pain suffered in the periphery regions outside of core Europe during the period led to cheaper labor costs and lower Social Security and welfare costs. This internal devaluation within the European monetary union marketplace allowed the periphery markets to better compete in the European Union, which strengthened economic optimism during the period. It appeared to many investors that growth in the periphery may well hit bottom in 2013 and start to pick up from what is admittedly a low base, thus providing an investing foundation that strengthened security valuations during the period.

Japan’s newly elected government took little time to deploy a new political mandate, announcing significant quantitative easing policies to deliberately

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

weaken the currency. The Bank of Japan’s new mandate to target 2% inflation and to intervene in foreign exchange markets while buying foreign bonds may have the political weight to deal with Japan’s problems once and for all. Although this policy direction may help finally break the vicious cycle that is the Japanese economy, the circumstances indicated an unattractive market for bond investments and further currency depreciation to come. Consequently, the Japanese yen deteriorated precipitously throughout the period.

China also had new leaders in place, and investors looked for signs that political stability may resume with the new cabinet entering. Optimism that a shift from an export-led economy to a consumer-led economy appeared to develop in the early months of 2013. With the continued expansion of the offshore Renminbi-based markets, bond yields of 3.5%, and a firming currency, China increasingly appeared to demonstrate signs of being a high-quality candidate for investment, thus generally improving security valuations during the period.

Nonetheless, the longer-term picture around the globe remained largely consistent throughout the period—smaller, more dynamic economies with trade surpluses, healthier growth, and higher interest rates appeared to demonstrate the best characteristics for investment, particularly Asian and South American economies, while the largest economies with languid growth and high deficits underperformed. Optimism across the global markets continued to produce rallies in lower-rated securities while also pricing in some caution for intermittent periods of volatility that may persist in 2013, as markets attempt to balance uncertain growth prospects with deficit control and credit-risk contagion. Despite ongoing concerns across Europe, the six-month period largely produced positive performance across the global fixed-income markets, with strong returns most notably in high-yield corporate bonds and emerging markets debt.

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

Periods of uncertainty can present challenges, but experience has taught us that maintaining a long-term investment strategy based on individual goals and risk tolerance can be an effective way to plan for the future. To help you create a sound strategy based on your personal goals and risk tolerance, Wells Fargo

Advantage Funds offers more than 100 mutual funds and other investments spanning a wide range of asset classes and investment styles. Although diversification¹ cannot guarantee an investment profit or prevent losses, we believe it can be an effective way to manage investment risk and potentially smooth out overall portfolio performance.

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

Despite ongoing concerns across Europe, the six-month period largely produced positive performance across the global fixed-income markets, with strong returns most notably in high-yield corporate bonds and emerging markets debt.

1. Diversification does not assure or guarantee better performance and cannot eliminate the risk of investment losses.

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

Investment objective

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

Adviser

Wells Fargo Funds Management, LLC

Subadviser

First International Advisors, LLC

Portfolio managers

Michael Lee

Tony Norris

Alex Perrin

Christopher Wightman

Peter Wilson

Average annual total returns (%) as of April 30, 2013

		Including sales charge		Excluding sales charge		Expense ratios1 (%)
	Inception date	Since inception		Since inception		Gross		Net2
Class A (WLBAX)	5-31-2012		10.35		15.54		2.27		1.23
Class C (WLBEX)	5-31-2012		13.77		14.77		3.02		1.98
Administrator Class (WLBDX)	5-31-2012		–		15.61		2.21		1.10
Institutional Class (WLBIX)	5-31-2012		–		15.86		1.94		0.90
JPMorgan GBI-EM Global Diversified Composite Index3	–		–		19.03		–		–

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, which assumes the reinvestment of dividends and capital gains. Current month-end performance is available on the Fund’s website, wellsfargoadvantagefunds.com.

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

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

Bond values fluctuate in response to the financial condition of individual issuers, general market and economic conditions, and changes in interest rates. In general, when interest rates rise, bond values fall and investors may lose principal value. Foreign investments are especially volatile and can rise or fall dramatically due to differences in the political and economic conditions of the host country. These risks are generally intensified in emerging markets. The use of derivatives may reduce returns and/or increase volatility. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). The Fund is exposed to high-yield securities risk and regional risk. Consult the Fund’s prospectus for additional information on these and other risks.

Please see footnotes on page 5.

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

Ten largest long-term holdings4 (%) as of April 30, 2013
Russia, 7.00%, 1-25-2013	9.32
Brazil, 10.00%, 1-1-2017	8.64
Indonesia, 7.38%, 9-15-2016	4.76
Hungary, 6.75%, 11-24-2017	4.68
Republic of South Africa, 2.60%, 3-31-2028	4.53
Brazil, 8.50%, 1-5-2024	4.52
Turkey, 9.00%, 3-8-2017	4.47
Inter-American Development Bank, 8.00%, 1-26-2016	3.93
Poland, 4.00%, 10-25-2023	3.92
Thailand, 3.25%, 6-16-2017	3.77

Portfolio allocation⁵ as of April 30, 2013

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

2. The Adviser has committed through February 28, 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.

3. The JPMorgan GBI-EM Global Diversified Composite Index is an unmanaged index of debt instruments of 31 emerging countries. You cannot invest directly in an index.

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

5. Portfolio allocation is subject to change and is calculated based on the total long-term investments of the Fund.

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

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

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from November 1, 2012 to April 30, 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 11-1-2012		Ending account value 4-30-2013		Expenses paid during the period1		Net annual expense ratio
Class A
Actual	$	1,000.00	$	1,053.44	$	6.26		1.23	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.70	$	6.16		1.23	%
Class C
Actual	$	1,000.00	$	1,049.58	$	10.06		1.98	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,014.98	$	9.89		1.98	%
Administrator Class
Actual	$	1,000.00	$	1,053.67	$	5.60		1.10	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.34	$	5.51		1.10	%
Institutional Class
Actual	$	1,000.00	$	1,055.08	$	4.59		0.90	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.33	$	4.51		0.90	%

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

Portfolio of investments—April 30, 2013 (unaudited) Wells Fargo Advantage Emerging Markets Local Bond Fund 7

Security name	Interest rate			Maturity date		Principal		Value
Foreign Corporate Bonds and Notes @: 18.92%
Germany: 3.19%
KFW (Financials, Commercial Banks, TRY)		7.50	%		8-2-2013		600,000	$	337,058
KFW (Financials, Commercial Banks, TRY)		8.50			4-15-2015		1,000,000		595,621
									932,679
Ireland: 0.75%
RZD Capital Limited (Industrials, Road & Rail, RUB)		8.30			4-2-2019		6,500,000		218,951
Luxembourg: 3.66%
European Investment Bank (Financials, Commercial Banks, ZAR)		6.00			10-21-2019		7,300,000		818,351
European Investment Bank (Financials, Commercial Banks, HUF)		6.50			1-5-2015		54,000,000		251,184
									1,069,535
Mexico: 1.66%
America Movil Sab De CV (Telecommunication Services, Wireless Telecommunication Services, MXN)		6.45			12-5-2022		3,000,000		268,588
Petroleos Mexicanos Company (Energy, Oil, Gas & Consumable Fuels, MXN)		7.65			11-24-2021		2,300,000		218,004
									486,592
Netherlands: 0.88%
Rabobank Nederland (Financials, Commercial Banks, TRY)		9.50			1-22-2014		450,000		258,792
Russia: 0.72%
Sberbank Rossii (Financials, Commercial Banks, RUB)		7.00			1-31-2016		6,500,000		209,295
South Africa: 0.97%
Foodcorp Limited (Consumer Staples, Food & Staples Retailing, EUR)		8.75			3-1-2018		100,000		144,535
Transnet Limited (Industrials, Road & Rail, ZAR)		10.80			11-6-2023		1,000,000		140,049
									284,584
United States: 7.09%
Inter-American Development Bank (Financials, Commercial Banks, MXN)		8.00			1-26-2016		12,500,000		1,148,979
International Bank for Reconstruction & Development (Financials, Diversified Financial Services, MXN)		6.50			9-11-2013		6,900,000		573,603
International Bank for Reconstruction & Development (Financials, Diversified Financial Services, MXN)		7.50			3-5-2020		3,600,000		351,512
									2,074,094
Total Foreign Corporate Bonds and Notes (Cost $5,414,367)									5,534,522
Foreign Government Bonds @: 75.72%
Brazil (BRL)		8.50			1-5-2024		2,375,000		1,321,192
Brazil (BRL)		10.00			1-1-2017		4,750,000		2,527,769
Chile (CLP)		5.50			8-5-2020		238,000,000		534,824
Colombia (COP)		7.75			4-14-2021		975,000,000		668,204
Hungary (HUF)		6.75			11-24-2017		290,000,000		1,369,993
Indonesia (IDR)		7.38			9-15-2016		12,500,000,000		1,393,794
Malaysia (MYR)		3.26			3-1-2018		2,350,000		776,188
Malaysia (MYR)		4.26			9-15-2016		3,125,000		1,068,187
Mexico (MXN)		6.50			6-9-2022		8,500,000		804,699
Mexico (MXN)		7.75			11-13-2042		5,300,000		592,727

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

8 Wells Fargo Advantage Emerging Markets Local Bond Fund Portfolio of investments—April 30, 2013 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Foreign Government Bonds @ (continued)
Nigeria (NGN)		15.10	%		4-27-2017		80,000,000	$	556,962
Poland (PLN) ¤		0.00			7-25-2013		1,880,000		591,455
Poland (PLN)		4.00			10-25-2023		3,400,000		1,146,801
Republic of South Africa (ZAR)		2.60			3-31-2028		9,963,282		1,324,045
Romania (RON)		6.00			4-30-2016		1,800,000		563,652
Russia (RUB)		7.00			1-25-2023		81,500,000		2,727,639
Russia (RUB)		7.50			3-15-2018		25,400,000		868,850
Thailand (THB)		3.25			6-16-2017		32,000,000		1,102,325
Turkey (TRY)		6.30			2-14-2018		1,590,000		903,757
Turkey (TRY)		9.00			3-8-2017		2,100,000		1,307,265
Total Foreign Government Bonds (Cost $21,386,327)									22,150,328
Yankee Corporate Bonds and Notes: 3.35%
Brazil: 1.70%
BFF International Limited Company (Consumer Staples, Food Products)		7.25			1-28-2020	$	100,000		120,377
ITAU Unibanco Holdings SA (Financials, Commercial Banks) 144A		5.13			5-13-2023		200,000		207,750
Petroplus Finance Limited (Energy, Oil, Gas & Consumable Fuels)		5.75			1-20-2020		150,000		169,331
									497,458
Luxembourg: 0.58%
TNK BP Finance SA (Energy, Oil, Gas & Consumable Fuels)		6.63			3-20-2017		150,000		171,000
United Kingdom: 0.41%
Sable International Finance Limited (Telecommunication Services, Diversified Telecommunication Services)		7.75			2-15-2017		110,000		118,800
Virgin Islands (British): 0.66%
Gold Fields Orogen Holdings (Materials, Metals & Mining)		4.88			10-7-2020		200,000		192,384
Total Yankee Corporate Bonds and Notes (Cost $943,937)									979,642
	Yield					Shares
Short-Term Investments: 0.22%
Investment Companies: 0.22%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)		0.13					64,734		64,734
Total Short-Term Investments (Cost $64,734)									64,734

Total investments in securities
(Cost $27,809,365) *	98.21	%		28,729,226
Other assets and liabilities, net	1.79			523,110
Total net assets	100.00	%	$	29,252,336

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

Portfolio of investments—April 30, 2013 (unaudited) Wells Fargo Advantage Emerging Markets Local Bond Fund 9

@ Foreign bond principal is denominated in local currency.

¤ Security issued in zero coupon form with no periodic interest payments.

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

(l) Investment in an affiliate

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

* Cost for federal income tax purposes is $27,859,083 and unrealized appreciation (depreciation) consists of:

Gross unrealized appreciation	$	1,053,488
Gross unrealized depreciation		(183,345	)
Net unrealized appreciation	$	870,143

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

10 Wells Fargo Advantage Emerging Markets Local Bond Fund Statement of assets and liabilities—April 30, 2013 (unaudited)

Assets
Investments
In unaffiliated securities, at value (see cost below)	$	28,664,492
In affiliated securities, at value (see cost below)		64,734
Total investments, at value (see cost below)		28,729,226
Foreign currency, at value (see cost below)		48,326
Receivable for interest		473,570
Unrealized gains on forward foreign currency contracts		67,654
Prepaid expenses and other assets		17,232
Total assets		29,336,008
Liabilities
Unrealized losses on forward foreign currency contracts		32,187
Advisory fee payable		815
Distribution fees payable		367
Due to other related parties		3,400
Shareholder report expenses payable		11,160
Custodian and accounting fees payable		13,767
Professional fees payable		19,524
Accrued expenses and other liabilities		2,452
Total liabilities		83,672
Total net assets	$	29,252,336
NET ASSETS CONSIST OF
Paid-in capital	$	27,260,348
Overdistributed net investment income		(15,123	)
Accumulated net realized gains on investments		1,048,424
Net unrealized gains on investments		958,687
Total net assets	$	29,252,336
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE1
Net assets – Class A	$	868,385
Shares outstanding – Class A		80,485
Net asset value per share – Class A		$10.79
Maximum offering price per share – Class A2		$11.30
Net assets – Class C	$	602,066
Shares outstanding – Class C		55,821
Net asset value per share – Class C		$10.79
Net assets – Administrator Class	$	13,878,340
Shares outstanding – Administrator Class		1,285,731
Net asset value per share – Administrator Class		$10.79
Net assets – Institutional Class	$	13,903,545
Shares outstanding – Institutional Class		1,288,579
Net asset value per share – Institutional Class		$10.79
Investments in unaffiliated securities, at cost	$	27,744,631
Investments in affiliated securities, at cost	$	64,734
Total investments, at cost	$	27,809,365
Foreign currency, at cost	$	48,616

1. The Fund has an unlimited number of authorized shares.

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

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

Statement of operations—six months ended April 30, 2013 (unaudited) Wells Fargo Advantage Emerging Markets Local Bond Fund 11

Investment income
Interest*	$	705,616
Income from affiliated securities		279
Total investment income		705,895
Expenses
Advisory fee		91,421
Administration fees
Fund level		7,032
Class A		564
Class C		467
Administrator Class		6,706
Institutional Class		5,372
Shareholder servicing fees
Class A		881
Class C		729
Administrator Class		16,765
Distribution fees
Class C		2,187
Custody and accounting fees		17,879
Professional fees		19,862
Registration fees		54,364
Shareholder report expenses		12,380
Trustees’ fees and expenses		7,018
Other fees and expenses		3,192
Total expenses		246,819
Less: Fee waivers and/or expense reimbursements		(102,512	)
Net expenses		144,307
Net investment income		561,588
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains (losses) on:
Unaffiliated securities		1,048,847
Forward foreign currency contract transactions		(226	)
Net realized gains on investments		1,048,621
Net change in unrealized gains (losses) on:
Unaffiliated securities		(87,210	)
Forward foreign currency contract transactions		(20,231	)
Net change in unrealized gains (losses) on investments		(107,441	)
Net realized and unrealized gains (losses) on investments		941,180
Net increase in net assets resulting from operations	$	1,502,768
* Net of foreign interest withholding taxes in the amount of		$4,536

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

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

	Six months ended April 30, 2013 (unaudited)						Year ended October 31, 20121
Operations
Net investment income				$	561,588				$	315,569
Net realized gains on investments					1,048,621					1,056,816
Net change in unrealized gains (losses) on investments					(107,441	)				1,066,128
Net increase in net assets resulting from operations					1,502,768					2,438,513
Distributions to shareholders from
Net investment income
Class A					(26,441	)				(5,880	)
Class C					(21,162	)				(4,142	)
Administrator Class					(539,432	)				(143,107	)
Institutional Class					(558,184	)				(154,350	)
Net realized gains
Class A					(10,611	)				0
Class C					(10,327	)				0
Administrator Class					(237,700	)				0
Institutional Class					(237,957	)				0
Total distributions to shareholders					(1,641,814	)				(307,479	)
		Shares						Shares
Capital share transactions
Proceeds from shares sold
Class A		24,641			263,754			53,037		532,766
Class C		4,298			46,499			50,000		500,000
Administrator Class		0			0			1,200,000		12,000,000
Institutional Class		0			0			1,200,000		12,000,000
					310,253					25,032,766
Reinvestment of distributions
Class A		3,447			37,052			554		5,880
Class C		2,926			31,489			391		4,142
Administrator Class		72,235			777,132			13,496		143,107
Institutional Class		74,020			796,141			14,559		154,350
					1,641,814					307,479
Payment for shares redeemed
Class A		(1,194	)		(12,952	)		0		0
Class C		(1,794	)		(19,012	)		0		0
					(31,964	)				0
Net increase in net assets resulting from capital share transactions					1,920,103					25,340,245
Total increase in net assets					1,781,057					27,471,279
Net assets
Beginning of period					27,471,279					0
End of period				$	29,252,336				$	27,471,279
Undistributed (overdistributed) net investment income				$	(15,123	)			$	568,508

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

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

Financial highlights Wells Fargo Advantage Emerging Markets Local Bond Fund 13

(For a share outstanding throughout each period)

CLASS A	Six months ended April 30, 2013 (unaudited)			Year ended October 31, 20121
Net asset value, beginning of period	$	10.85		$	10.00
Net investment income		0.20	2		0.11
Net realized and unrealized gains (losses) on investments		0.37			0.85
Total from investment operations		0.57			0.96
Distributions to shareholders from
Net investment income		(0.43	)		(0.11	)
Net realized gains		(0.20	)		0.00
Total distributions to shareholders		(0.63	)		(0.11	)
Net asset value, end of period	$	10.79		$	10.85
Total return3		5.34	%		9.67	%
Ratios to average net assets (annualized)
Gross expenses		1.92	%		2.20	%
Net expenses		1.23	%		1.23	%
Net investment income		3.83	%		2.62	%
Supplemental data
Portfolio turnover rate		62	%		120	%
Net assets, end of period (000s omitted)		$868			$581

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

2. Calculated based upon average shares outstanding

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

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

14 Wells Fargo Advantage Emerging Markets Local Bond Fund Financial highlights

(For a share outstanding throughout each period)

CLASS C	Six months ended April 30, 2013 (unaudited)			Year ended October 31, 20121
Net asset value, beginning of period	$	10.85		$	10.00
Net investment income		0.16	2		0.08
Net realized and unrealized gains (losses) on investments		0.37			0.85
Total from investment operations		0.53			0.93
Distributions to shareholders from
Net investment income		(0.39	)		(0.08	)
Net realized gains		(0.20	)		0.00
Total distributions to shareholders		(0.59	)		(0.08	)
Net asset value, end of period	$	10.79		$	10.85
Total return3		4.96	%		9.35	%
Ratios to average net assets (annualized)
Gross expenses		2.67	%		2.95	%
Net expenses		1.98	%		1.98	%
Net investment income		3.03	%		1.89	%
Supplemental data
Portfolio turnover rate		62	%		120	%
Net assets, end of period (000s omitted)		$602			$547

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

2. Calculating based upon average shares outstanding

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

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

Financial highlights Wells Fargo Advantage Emerging Markets Local Bond Fund 15

(For a share outstanding throughout each period)

ADMINISTRATOR CLASS	Six months ended April 30, 2013 (unaudited)			Year ended October 31, 20121
Net asset value, beginning of period	$	10.85		$	10.00
Net investment income		0.21	2		0.12
Net realized and unrealized gains (losses) on investments		0.36			0.85
Total from investment operations		0.57			0.97
Distributions to shareholders from
Net investment income		(0.43	)		(0.12	)
Net realized gains		(0.20	)		0.00
Total distributions to shareholders		(0.63	)		(0.12	)
Net asset value, end of period	$	10.79		$	10.85
Total return3		5.37	%		9.72	%
Ratios to average net assets (annualized)
Gross expenses		1.87	%		2.16	%
Net expenses		1.10	%		1.10	%
Net investment income		3.92	%		2.77	%
Supplemental data
Portfolio turnover rate		62	%		120	%
Net assets, end of period (000s omitted)		$13,878			$13,166

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

2. Calculated based upon average shares outstanding

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

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

16 Wells Fargo Advantage Emerging Markets Local Bond Fund Financial highlights

(For a share outstanding throughout each period)

INSTITUTIONAL CLASS	Six months ended April 30, 2013 (unaudited)			Year ended October 31, 20121
Net asset value, beginning of period	$	10.85		$	10.00
Net investment income		0.22	2		0.13
Net realized and unrealized gains (losses) on investments		0.37			0.85
Total from investment operations		0.59			0.98
Distributions to shareholders from
Net investment income		(0.45	)		(0.13	)
Net realized gains		(0.20	)		0.00
Total distributions to shareholders		(0.65	)		(0.13	)
Net asset value, end of period	$	10.79		$	10.85
Total return3		5.51	%		9.82	%
Ratios to average net assets (annualized)
Gross expenses		1.60	%		1.94	%
Net expenses		0.90	%		0.90	%
Net investment income		4.12	%		2.97	%
Supplemental data
Portfolio turnover rate		62	%		120	%
Net assets, end of period (000s omitted)		$13,904			$13,177

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

2. Calculated based upon average shares outstanding

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

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

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

1. ORGANIZATION

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

Securities denominated in foreign currencies are translated into U.S. dollars using the rates of exchange in effect on the day of valuation at a time specified by the Management Valuation Team of Wells Fargo Funds Management, LLC (“Funds Management”).

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.

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

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

Investments which are not valued using any of the methods discussed above are valued at their fair value, as determined 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. 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.

Foreign currency translation

The accounting records of the Fund are maintained in U.S. dollars. Assets, including investment securities, and liabilities denominated in foreign currency are translated into U.S. dollars at the rates of exchange at a time specified by the Management Valuation Team on the date of valuation. Purchases and sales of securities, and income and expenses are translated at the rate of exchange on the respective dates of such transactions. Reported net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding

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

taxes recorded and the U.S. dollar equivalent of the amounts actually paid or received. Net unrealized foreign exchange gains and losses arise from changes in the fair value of assets and liabilities other than investments in securities resulting in changes in exchange rates.

The changes in net assets arising from changes in exchange rates and the changes in net assets resulting from changes in market prices of securities are not separately presented. Such changes are recorded with net realized and unrealized gains or losses from investments. Gains and losses from certain foreign currency transactions are treated as ordinary income for U.S. federal income tax purposes.

Forward foreign currency contracts

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

Security transactions and income recognition

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

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

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

Distributions to shareholders

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

Federal and other taxes

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

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

Class allocations

The separate classes of shares offered by the Fund differ principally in applicable sales charges, distribution, shareholder servicing, and administration fees. 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 Emerging Markets Local Bond Fund 19

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 April 30, 2013, the inputs used in valuing investments in securities were as follows:

Investments in securities	Quoted prices (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Foreign corporate bonds and notes	$	0	$	5,534,522	$	0	$	5,534,522
Foreign government bonds		0		22,150,328		0		22,150,328
Yankee corporate bonds and notes		0		979,642		0		979,642
Short-term investments
Investment companies		64,734		0		0		64,734
	$	64,734	$	28,664,492	$	0	$	28,729,226

As of April 30, 2013, the inputs used in valuing the Fund’s other financial instruments were as follows:

Other financial instruments	Quoted prices (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Forward foreign currency contracts+	$	0	$	35,467	$	0	$	35,467

+ Forward foreign currency contracts are presented at the unrealized gains or losses on the instrument.

Transfers in and transfers out are recognized at the end of the reporting period. For the six months ended April 30, 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 April 30, 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. First International Advisors, 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 0.45% and declining to 0.30% 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

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

agents, omnibus account servicers and record-keepers, Funds Management is entitled to receive from the Fund an annual fund level administration fee starting at 0.05% and declining to 0.03% as the average daily net assets of the Fund increase and a class level administration fee which is calculated based on the average daily net assets of each class as follows:

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

Funds Management has contractually waived and/or reimbursed advisory and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. Waiver of fees and/or reimbursement of expenses by Funds Management were made first from fund level expenses on a proportionate basis and then from class specific expenses. Funds Management has committed through February 28, 2014 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.23% for Class A shares, 1.98% for Class C shares, 1.10% for Administration Class shares, and 0.90% 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 April 30, 2013, Wells Fargo Funds Distributor, LLC received $210 from the sale of Class A shares.

Shareholder servicing fees

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

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended April 30, 2013 were $18,353,815 and $16,968,999, respectively.

6. DERIVATIVE TRANSACTIONS

During the six months ended April 30, 2013, the Fund entered into forward foreign currency exchange contracts for economic hedging purposes.

At April 30, 2013, the Fund had forward foreign currency contracts outstanding as follows:

Forward foreign currency contracts to buy:

Exchange date	Counterparty	Contracts to receive			U.S. value at April 30, 2013		In exchange for U.S. $		Unrealized gains (losses)
5-7-2013	State Street Bank		35,000,000	THB	$	1,192,227	$	1,173,315	$	18,912
5-7-2013	State Street Bank		10,000,000,000	IDR		1,027,922		1,029,156		(1,234	)
5-28-2013	State Street Bank		7,100,000	MYR		2,329,285		2,280,758		48,527

Forward foreign currency contracts to sell:

Exchange date	Counterparty	Contracts to deliver			U.S. value at April 30, 2013		In exchange for U.S. $		Unrealized gains (losses)
5-7-2013	State Street Bank		10,000,000,000	IDR	$	1,027,923	$	1,027,538	$	(385	)
5-28-2013	State Street Bank		3,100,000	MYR		1,017,012		1,017,227		215
7-29-2013	State Street Bank		2,000,000	TRY		1,105,756		1,098,874		(6,882	)
7-31-2013	State Street Bank		10,000,000	ZAR		1,101,238		1,077,552		(23,686	)

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

The Fund had average contract amounts of $4,630,022 and $4,435,183 in forward foreign currency contracts to buy and forward foreign currency contracts to sell, respectively, during the six months ended April 30, 2013.

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

7. BANK BORROWINGS

The Trust (excluding the money market funds and certain other funds in the Trust) and Wells Fargo Variable Trust are parties to a $150,000,000 revolving credit agreement 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 April 30, 2013, the Fund paid $30 in commitment fees.

For the six months ended April 30, 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.

10. SUBSEQUENT DISTRIBUTIONS

On May 24, 2013, the Fund declared distributions from net investment income to shareholders of record on May 23, 2013. The per share amounts payable on May 28, 2013 were as follows:

	Net investment income
Class A	$	0.03726
Class C		0.03060
Administration Class		0.03779
Institutional Class		0.04018

On June 24, 2013, the Fund declared distributions from net investment income to shareholders of record on June 21, 2013. The per share amounts payable on June 25, 2013 were as follows:

	Net investment income
Class A	$	0.03399
Class C		0.02803
Administration Class		0.03446
Institutional Class		0.03660

These distributions are not reflected in the accompanying financial statements.

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

PROXY VOTING INFORMATION

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available 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 Emerging Markets Local Bond 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 131 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

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

Name and year of birth	Position held and length of service*	Principal occupations during past five years	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.
Nancy Wiser1 (Born 1967)	Treasurer, since 2012	Executive Vice President of Wells Fargo Funds Management, LLC since 2011. Chief Operating Officer and Chief Compliance Officer at LightBox Capital Management LLC, from 2008 to 2011. Owned and operated a consulting business providing services to various hedge funds including acting as Chief Operating Officer and Chief Compliance Officer for a hedge fund from 2007 to 2008. Chief Operating Officer and Chief Compliance Officer of GMN Capital LLC from 2006 to 2007.
C. David Messman (Born 1960)	Secretary, since 2000; Chief Legal Officer, since 2003	Senior Vice President and Secretary of Wells Fargo Funds Management, LLC since 2001. 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.
Jeremy DePalma1 (Born 1974)	Assistant Treasurer, since 2009	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Vice President, Evergreen Investment Services, Inc. from 2004 to 2007. Head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.

1. Nancy Wiser acts as Treasurer of 73 funds in the Fund Complex. Jeremy DePalma acts as Treasurer of 58 funds and Assistant Treasurer of 73 funds in the Fund Complex.

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

Other information (unaudited) Wells Fargo Advantage Emerging Markets Local Bond Fund 25

BOARD CONSIDERATION OF INVESTMENT ADVISORY AND SUBADVISORY AGREEMENTS:

Under Section 15 of the Investment Company Act of 1940 (the “1940 Act”), the Board of Trustees (the “Board”) of Wells Fargo Funds Trust (the “Trust”), all the members of which have no direct or indirect interest in the investment advisory and sub-advisory agreements and are not “interested persons” of the Trust, as defined in the 1940 Act (the “Independent Trustees”), must determine whether to approve the continuation of the Trust’s investment advisory and sub-advisory agreements. In this regard, at an in-person meeting held on March 28-29, 2013 (the “Meeting”), the Board reviewed: (i) an investment advisory agreement with Wells Fargo Funds Management, LLC (“Funds Management”) for Wells Fargo Advantage Emerging Markets Local Bond Fund (the “Fund”) and (ii) an investment sub-advisory agreement with First International Advisors, LLC (the “Sub-Adviser”), an affiliate of Funds Management, for the Fund. The investment advisory agreement with Funds Management and the investment sub-advisory agreement with the Sub-Adviser are collectively referred to as the “Advisory Agreements.”

At the Meeting, the Board considered the factors and reached the conclusions described below relating to the selection of Funds Management and the Sub-Adviser and the continuation of the Advisory Agreements. Prior to the Meeting, the Trustees conferred extensively among themselves and with representatives of Funds Management about these matters. The Board has adopted a team-based approach, with each team consisting of a sub-set of Trustees, to assist the Board in the discharge of its duties in reviewing performance and other matters throughout the year. The Independent Trustees were assisted in their evaluation of the Advisory Agreements by independent legal counsel, from whom they received separate legal advice and with whom they met separately.

In providing information to the Board, Funds Management and the Sub-Adviser were guided by a detailed set of requests for information submitted to them by independent legal counsel on behalf of the Independent Trustees at the start of the Board’s annual contract renewal process earlier in 2013. In considering and approving the Advisory Agreements, the Trustees considered the information they believed relevant, including but not limited to the information discussed below. The Board considered not only the specific information presented in connection with the Meeting, but also the knowledge gained over time through interaction with Funds Management and the Sub-Adviser about various topics. In this regard, the Board reviewed reports of Funds Management at each of its quarterly meetings, which included, among other things, portfolio reviews and performance reports. In addition, the Board and the teams mentioned above confer with portfolio managers at various times throughout the year. The Board did not identify any particular information or consideration that was all-important or controlling, and each individual Trustee may have attributed different weights to various factors.

After its deliberations, the Board unanimously determined that the continuation of the Advisory Agreements is in the best interests of the Fund and its shareholders, and that the compensation payable to Funds Management and the Sub-Adviser is reasonable. The Board considered the continuation of the Advisory Agreements for the Fund as part of its consideration of the continuation of advisory agreements for funds across the complex, but each decision was made on a fund-by-fund basis. The following summarizes a number of important, but not necessarily all, factors considered by the Board in reaching its determination.

Nature, extent and quality of services

The Board received and considered various information regarding the nature, extent and quality of services provided to the Fund by Funds Management and the Sub-Adviser under the Advisory Agreements. This information included, among other things, a summary of the background and experience of senior management of Funds Management, and the qualifications, background, tenure and responsibilities of each of the portfolio managers primarily responsible for the day-to-day portfolio management of the Fund.

The Board evaluated the ability of Funds Management and the Sub-Adviser, based on attributes such as their financial condition, resources and reputation, to attract and retain qualified investment professionals, including research, advisory and supervisory personnel. The Board further considered the compliance programs and compliance records of Funds Management and the Sub-Adviser. In addition, the Board took into account the administrative and other services provided to the Fund by Funds Management and its affiliates and Funds Management’s oversight of the Fund’s various service providers.

Fund performance and expenses

The Board considered the performance results for the Fund over various time periods ended December 31, 2012. The Board also considered these results in comparison to the performance of funds in a universe that was determined by Lipper Inc. (“Lipper”) to be similar to the Fund (the “Universe”), and in comparison to the Fund’s benchmark index and to other comparative data. Lipper is an independent provider of investment company data. The Board received a

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

description of the methodology used by Lipper to select the mutual funds in the performance Universe. The Board noted that the performance of the Fund (Administrator Class) was in range of the median performance of the Universe for the period since the Fund’s inception. The Board also noted that the performance of the Fund was in range of its benchmark, the JPMorgan Government Bond Index - Emerging Markets Global Diversified Composite Index, for the period since its inception.

The Board received and considered information regarding the Fund’s net operating expense ratios and their various components, including actual management fees (which reflect fee waivers, if any, and include advisory, administration and transfer agent fees), custodian and other non-management fees, Rule 12b-1 and non-Rule 12b-1 service fees and fee waiver and expense reimbursement arrangements. The Board also considered these ratios in comparison to the median ratios of funds in class-specific expense groups that were determined by Lipper to be similar to the Fund (the “Groups”). The Board received a description of the methodology used by Lipper to select the mutual funds in the expense Groups. Based on the Lipper reports, the Board noted that the net operating expense ratios of the Fund were lower than or in range of the median net operating expense ratios of the expense Groups.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board concluded that the overall performance and expense structure of the Fund supported the re-approval of the Advisory Agreements.

Investment advisory and sub-advisory fee rates

The Board reviewed and considered the contractual investment advisory fee rates that are payable by the Fund to Funds Management for investment advisory services (the “Advisory Agreement Rates”), both on a stand-alone basis and on a combined basis with the Fund’s fund-level and class-level contractual administration fee rates (the “Management Rates”). The Board noted that the administration fees include transfer agency costs. The Board also reviewed and considered the contractual investment sub-advisory fee rates that are payable by Funds Management to the Sub-Adviser for investment sub-advisory services (the “Sub-Advisory Agreement Rates”).

Among other information reviewed by the Board was a comparison of the Management Rates of the Fund with those of other funds in the expense Groups at a common asset level. The Board noted that the Management Rates of the Fund were in range or equal to the median rates for the Fund’s expense Groups for all classes.

The Board also received and considered information about the portion of the total advisory fee that was retained by Funds Management after payment of the fee to the Sub-Adviser for sub-advisory services. In assessing the reasonableness of this amount, the Board received and evaluated information concerning the nature and extent of responsibilities retained and risks assumed by Funds Management and not delegated to or assumed by the Sub-Adviser, and about Funds Management’s on-going oversight services. In recognition of the fact that the Wells Fargo enterprise provides a suite of combined advisory and sub-advisory services to the Fund through affiliated entities, the Board ascribed limited relevance to the allocation of the total advisory fee between Funds Management and the Sub-Adviser.

The Board also received and considered information about the nature and extent of services offered and fee rates charged by Funds Management and the Sub-Adviser to other types of clients. In this regard, the Board received information about the significantly greater scope of services, and compliance, reporting and other legal burdens and risks of managing mutual funds compared with those associated with managing assets of non-mutual fund clients such as collective funds or institutional separate accounts.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board determined that the Advisory Agreement Rates and the Sub-Advisory Agreement Rates were reasonable in light of the services covered by the Advisory Agreements.

Profitability

The Board received and considered information concerning the profitability of Funds Management, as well as the profitability of Wells Fargo as a whole, from providing services to the Fund. The Board did not receive or consider to be necessary separate profitability information with respect to the Sub-Adviser, because, as an affiliate of Funds Management, its profitability information was subsumed in the collective Wells Fargo profitability analysis provided by Funds Management.

Funds Management explained the methodologies and estimates that it used in calculating the profitability from the Fund and the fund family as a whole. Among other things, the Board noted that the levels of profitability reported on a fund-by-fund basis varied widely, depending on factors such as the size and type of fund. Based on its review, the Board did not deem the profits reported by Funds Management to be at a level that would prevent it from approving the continuation of the Advisory Agreements.

Other information (unaudited) Wells Fargo Advantage Emerging Markets Local Bond Fund 27

Economies of scale

With respect to possible economies of scale, the Board reviewed the breakpoints in the Fund’s advisory fee and administration fee structure, which operate generally to reduce the Fund’s expense ratios as the Fund grows in size. It considered that, for a small fund or a fund that shrinks in size, breakpoints conversely can result in higher fee levels. The Board also considered fee waiver and expense reimbursement arrangements as a means of sharing potential economies of scale with the Fund. The Board acknowledged the inherent limitations of any analysis of potential economies of scale and of any attempt to correlate breakpoints with such economies. Nonetheless, the Board concluded that the breakpoints and net operating expense ratio caps appeared to be a reasonable approach to sharing potential economies of scale with the Fund.

Other benefits to Funds Management and the Sub-Adviser

The Board received and considered information regarding potential “fall-out” or ancillary benefits received by Funds Management and its affiliates, including the Sub-Adviser, as a result of their relationship with the Fund. Ancillary benefits could include, among others, benefits directly attributable to other relationships with the Fund and benefits potentially derived from an increase in Funds Management’s and the Sub-Adviser’s business as a result of their relationship with the Fund (such as the ability to market to shareholders other financial products and services offered by Funds Management and its affiliates, including the Sub-Adviser, or to operate other products and services that follow investment strategies similar to those of the Fund).

The Board considered that Wells Fargo Funds Distributor, LLC, an affiliate of Funds Management, serves as distributor to the Fund and receives certain compensation for those services. The Board noted that various financial institutions, including affiliates of Funds Management, may receive distribution-related fees, shareholder servicing payments (including amounts derived from payments under Rule 12b-1 plans) and sub-transfer agency fees in respect of shares sold or held through them and services provided.

The Board also reviewed information about whether and to what extent soft dollar credits are sought and how any such credits are utilized, and any benefits that might be realized by an affiliated broker that handles portfolio transactions for the Fund.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board did not find that any ancillary benefits received by Funds Management and its affiliates, including the Sub-Adviser, were unreasonable.

Conclusion

After considering the above-described factors and based on its deliberations and its evaluation of the information described above, the Board unanimously approved the continuation of the Advisory Agreements for an additional one-year period.

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

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

ACA —  ACA Financial Guaranty Corporation

ADR —  American depositary receipt

ADS —  American depositary shares

AGC —  Assured Guaranty Corporation

AGM —  Assured Guaranty Municipal

Ambac —  Ambac Financial Group Incorporated

AMT —  Alternative minimum tax

AUD —  Australian dollar

BAN —  Bond anticipation notes

BHAC —  Berkshire Hathaway Assurance Corporation

BRL —  Brazilian real

CAB —  Capital appreciation bond

CAD —  Canadian dollar

CCAB —  Convertible capital appreciation bond

CDA —  Community Development Authority

CDO —  Collateralized debt obligation

CHF —  Swiss franc

COP —  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.

216827 06-13 SA261/SAR261 4-13

Wells Fargo Advantage International Bond Fund

Semi-Annual Report

April 30, 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	23
Other information	29
List of abbreviations	35

The views expressed and any forward-looking statements are as of April 30, 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 100 mutual funds across a wide range of asset classes, representing over $228 billion in assets under management, as of April 30, 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-Term Bond Fund
California Limited-Term Tax-Free Fund	Income Plus Fund	Short-Term High Yield Bond Fund
California Tax-Free Fund	Inflation-Protected Bond Fund	Short-Term Municipal Bond Fund
Colorado Tax-Free Fund	Intermediate Tax/AMT-Free Fund	Strategic Income Fund
Conservative Income Fund	International Bond Fund	Strategic Municipal Bond Fund
Core Bond Fund	Minnesota Tax-Free Fund	Ultra Short-Term Income Fund
Emerging Markets Local Bond Fund	Municipal Bond Fund	Ultra Short-Term Municipal Income Fund
Government Securities Fund	North Carolina Tax-Free Fund	Wisconsin Tax-Free Fund
High Income Fund	Pennsylvania Tax-Free Fund
High Yield Bond Fund	Short Duration Government Bond Fund
Asset allocation funds
Absolute Return Fund	WealthBuilder Equity Portfolio†	Target 2020 Fund†
Asset Allocation Fund	WealthBuilder Growth Allocation Portfolio†	Target 2025 Fund†
Diversified Capital Builder Fund	WealthBuilder Growth Balanced Portfolio†	Target 2030 Fund†
Diversified Income Builder Fund	WealthBuilder Moderate Balanced Portfolio†	Target 2035 Fund†
Growth Balanced Fund	WealthBuilder Tactical Equity Portfolio†	Target 2040 Fund†
Index Asset Allocation Fund	Target Today Fund†	Target 2045 Fund†
Moderate Balanced Fund	Target 2010 Fund†	Target 2050 Fund†
WealthBuilder Conservative Allocation Portfolio†	Target 2015 Fund†	Target 2055 Fund†
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 International Bond Fund Letter to shareholders (unaudited)

Karla M. Rabusch

President

Wells Fargo Advantage Funds

During the period, global fixed-income markets trended toward higher bond prices and lower yields but fluctuated between periods of risk aversion and corresponding recoveries in investor confidence.

Dear Valued Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Advantage International Bond Fund for the six-month period that ended April 30, 2013. During the period, global fixed-income markets trended toward higher bond prices and lower yields but fluctuated between periods of risk aversion and corresponding recoveries in investor confidence. On the whole, global bond markets generated positive returns during the period, benefiting from deepening rallies in the corporate bond and securitized sectors and most notably in high yield and emerging markets debt. The lower-rated credit tiers and longest-maturity segments of the fixed-income markets outperformed the higher-quality and shorter-maturity segments during the period, overcoming spates of risk aversion that flared up intermittently.

Global credit markets rallied after European Central Bank (ECB) actions.

The six-month period started after the watershed announcements of the ECB in late summer 2012, which largely declared that the euro would be preserved and that every measure would be taken to fortify the European credit markets. These actions bolstered the global credit markets and inspired an ongoing rally in high-yield corporate debt and emerging markets debt over the final two months of 2012 and into 2013. Global bond markets had been enthralled by central bank policies in Europe—decisive policymaking would bolster markets, while reescalating crises in Greece and Spain would undercut confidence and damage security pricing. But the ECB’s actions proved effective—despite continued economic woes across Europe, the announced central bank policies revitalized global credit markets. While no measure could serve as a panacea, coordinated policymaking certainly offered much-needed tonic to Europe and provided a foundation of confidence for the riskier areas of the global credit markets to rally.

Improving economic trends strengthened in the U.S. while Europe’s recession persisted.

Despite problems in Europe during the period—this time in the form of Italian politics and a bank debt crisis in Cyprus—higher-yielding global debt securities continued to perform well. Investors continued to shun most higher-quality sovereign markets in preference for higher-yielding corporate debt. In November and December 2012, high yield and emerging markets debt outperformed higher-rated sovereign debt. These trends largely carried over in the first four months of 2013, as investors rallied to the higher-yielding, lower-rated areas of the global bond markets on increasing confidence in the intentions of the ECB to support credit and a distaste for low yields from the higher-rated sovereign debt sectors.

Despite global credit markets performing well, economic conditions across the globe continued to be mixed and, at times, volatile. In the U.S., growth remained relatively healthy compared with developed Europe and Japan, but employment levels remained disappointing. U.S. Treasury yields remained near historic lows, with negative real yields—not a good outlook for the U.S. dollar or long-term investment in U.S. Treasuries. But more problematic was the eurozone, which remained firmly in recession. Fortunately, there appeared to be the political will to do whatever is necessary to preserve the single euro currency. The pain suffered in the periphery regions outside of core Europe during the period led to cheaper labor costs and lower Social Security and welfare costs. This internal devaluation within the European monetary union marketplace allowed the periphery markets to better compete in the European Union, which strengthened economic optimism during the period. It appeared to many investors that growth in the

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

periphery may well hit bottom in 2013 and start to pick up from what is admittedly a low base, thus providing an investing foundation that strengthened security valuations during the period.

Japan’s newly elected government took little time to deploy a new political mandate, announcing significant quantitative easing policies to deliberately weaken the currency. The Bank of Japan’s new mandate to target 2% inflation and to intervene in foreign exchange markets while buying foreign bonds may have the political weight to deal with Japan’s problems once and for all. Although this policy direction may help finally break the vicious cycle that is the Japanese economy, the circumstances indicated an unattractive market for bond investments and further currency depreciation to come. Consequently, the Japanese yen deteriorated precipitously throughout the period.

China also had new leaders in place, and investors looked for signs that political stability may resume with the new cabinet entering. Optimism that a shift from an export-led economy to a consumer-led economy appeared to develop in the early months of 2013. With the continued expansion of the offshore Renminbi-based markets, bond yields of 3.5%, and a firming currency, China increasingly appeared to demonstrate signs of being a high-quality candidate for investment, thus generally improving security valuations during the period.

Nonetheless, the longer-term picture around the globe remained largely consistent throughout the period—smaller, more dynamic economies with trade surpluses, healthier growth, and higher interest rates appeared to demonstrate the best characteristics for investment, particularly Asian and South American economies, while the largest economies with languid growth and high deficits underperformed. Optimism across the global markets continued to produce rallies in lower-rated securities while also pricing in some caution for intermittent periods of volatility that may persist in 2013, as markets attempt to balance uncertain growth prospects with deficit control and credit-risk contagion. Despite ongoing concerns across Europe, the six-month period largely produced positive performance across the global fixed-income markets, with strong returns most notably in high-yield corporate bonds and emerging markets debt.

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

Periods of uncertainty can present challenges, but experience has taught us that maintaining a long-term investment strategy based on individual goals and risk tolerance can be an effective way to plan for the future. To help you create a sound strategy based on your personal goals and risk tolerance, Wells Fargo

Advantage Funds offers more than 100 mutual funds and other investments spanning a wide range of asset classes and investment styles. Although diversification¹ cannot guarantee an investment profit or prevent losses, we believe it can be an effective way to manage investment risk and potentially smooth out overall portfolio performance.

Despite ongoing concerns across Europe, the six-month period largely produced positive performance across the global fixed-income markets, with strong returns most notably in high-yield corporate bonds and emerging markets debt.

1. Diversification does not assure or guarantee better performance and cannot eliminate the risk of investment losses.

4 Wells Fargo Advantage International Bond Fund Letter to shareholders (unaudited)

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

This page is intentionally left blank.

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

Investment objective

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

Adviser

Wells Fargo Funds Management, LLC

Subadviser

First International Advisors, LLC

Portfolio managers

Michael Lee

Tony Norris

Alex Perrin

Christopher Wightman

Peter Wilson

Average annual total returns¹ (%) as of April 30, 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 (ESIYX)	9-30-2003		(0.67	)		4.43		5.92		3.99			5.40		6.41		1.04		1.03
Class B (ESIUX)*	9-30-2003		(1.85	)		4.30		5.89		3.15			4.63		5.89		1.79		1.78
Class C (ESIVX)	9-30-2003		2.11			4.62		5.63		3.11			4.62		5.63		1.79		1.78
Class R6 (ESIRX)	11-30-2012		–			–		–		4.29			5.74		6.70		0.66		0.65
Administrator Class (ESIDX)	7-30-2010		–			–		–		4.10			5.58		6.56		0.98		0.85
Institutional Class (ESICX)	12-15-1993		–			–		–		4.19			5.72		6.69		0.71		0.70
BofA Merrill Lynch Global Broad Market Ex. U.S. Index4	–		–			–		–		(0.43	)		3.46		5.88		–		–

* 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 funddistributions or the redemption of fund shares. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance shown without sales charges would be lower if sales charges were reflected. Current performance may be lower or higher than the performance data quoted, which assumes the reinvestment of dividends and capital gains. Current month-end performance is available on the Fund’s website, wellsfargoadvantagefunds.com.

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

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

Bond values fluctuate in response to the financial condition of individual issuers, general market and economic conditions, and changes in interest rates. In general, when interest rates rise, bond values fall and investors may lose principal value. Foreign investments are especially volatile and can rise or fall dramatically due to differences in the political and economic conditions of the host country. These risks are generally intensified in emerging markets. The use of derivatives may reduce returns and/or increase volatility. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). The Fund is exposed to high-yield securities risk, mortgage- and asset backed securities risk, and regional 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 International Bond Fund 7

Ten largest long-term holdings5 (%) as of April 30, 2013
Australian Government Bond Series 133, 5.50%, 4-21-2023	5.14
Sweden, 3.75%, 8-12-2017	4.79
Canada, 2.50%, 9-1-2013	3.87
Italy Buoni Poliennali del Tesoro, 4.00%, 2-1-2017	3.69
Italy Buoni Poliennali del Tesoro, 5.50%, 11-1-2022	3.64
Bonos y Obligaciones del Estado, 4.10%, 7-30-2018	3.54
Mexico, 8.50%, 11-18-2038	3.44
Bonos y Obligaciones del Estado, 5.40%, 1-31-2023	3.32
Poland, 5.25%, 10-25-2020	3.18
Malaysia, 4.26%, 9-15-2016	3.14

Portfolio allocation⁶ as of April 30, 2013

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

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

3. The Adviser has committed through February 28, 2015, to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waiver, excluding certain expenses, at the amounts shown. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses, and extraordinary expenses are excluded from the cap. Without this cap, the Fund’s returns would have been lower.

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

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

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

8 Wells Fargo Advantage International Bond Fund Fund expenses (unaudited)

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and contingent deferred sales charges (if any) on redemptions and (2) ongoing costs, including

management fees, distribution (12b-1) and/or shareholder service fees, and other Fund expenses. This example is

intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with

the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the

entire period from November 1, 2012 to April 30, 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 11-1-2012		Ending account value 4-30-2013		Expenses paid during the period1		Net annual expense ratio
Class A
Actual	$	1,000.00	$	999.03	$	5.11		1.03	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.69	$	5.16		1.03	%
Class B
Actual	$	1,000.00	$	995.11	$	8.81		1.78	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.97	$	8.90		1.78	%
Class C
Actual	$	1,000.00	$	995.13	$	8.81		1.78	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.97	$	8.90		1.78	%
Class R6
Actual	$	1,000.00	$	1,001.40	$	3.23		0.65	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.57	$	3.26		0.65	%
Administrator Class
Actual	$	1,000.00	$	999.34	$	4.21		0.85	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.58	$	4.26		0.85	%
Institutional Class
Actual	$	1,000.00	$	1,000.44	$	3.47		0.70	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.32	$	3.51		0.70	%

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

Portfolio of investments—April 30, 2013 (unaudited) Wells Fargo Advantage International Bond Fund 9

Security name	Interest rate			Maturity date		Principal		Value
Corporate Bonds and Notes: 0.62%
United States: 0.62%
JPMorgan Chase & Company (Financials, Diversified Financial Services)		3.25	%		9-23-2022	$	7,500,000	$	7,681,335
NBCUniversal Media LLC (Consumer Discretionary, Media)		2.88			1-15-2023		2,600,000		2,673,733
Total Corporate Bonds and Notes (Cost $10,267,972)									10,355,068
Foreign Corporate Bonds and Notes @: 19.69%
Australia: 0.97%
General Electric Capital Corporation (Financials, Diversified Financial Services, AUD)		6.00			3-15-2019		1,405,000		1,566,145
Telstra Corporation Limited (Telecommunication Services, Diversified Telecommunication Services, EUR)		3.75			5-16-2022		2,500,000		3,763,351
Telstra Corporation Limited (Telecommunication Services, Diversified Telecommunication Services, EUR)		4.25			3-23-2020		7,000,000		10,832,010
									16,161,506
Finland: 0.04%
Nokia Siemens Networks (Telecommunication Services, Diversified Telecommunication Services, EUR) 144A		6.75			4-15-2018		500,000		694,697
France: 2.09%
Casino Guichard Perrachon SA (Consumer Discretionary, Hotels, Restaurants & Leisure, EUR)		4.38			2-8-2017		4,150,000		6,065,396
Casino Guichard Perrachon SA (Consumer Discretionary, Hotels, Restaurants & Leisure, EUR)		4.73			5-26-2021		3,500,000		5,380,292
Pernod Ricard SA (Consumer Staples, Beverages, EUR)		4.88			3-18-2016		3,750,000		5,447,483
Pernod Ricard SA (Consumer Staples, Beverages, EUR)		5.00			3-15-2017		1,900,000		2,837,511
Pernod Ricard SA (Consumer Staples, Beverages, EUR)		7.00			1-15-2015		2,450,000		3,558,629
Veolia Environnement (Utilities, Multi-Utilities, EUR)		6.75			4-24-2019		6,910,000		11,634,058
									34,923,369
Germany: 1.38%
KfW (Financials, Commercial Banks, AUD)		6.25			5-19-2021		11,700,000		13,843,021
KfW (Financials, Commercial Banks, NOK)		3.75			9-25-2015		35,500,000		6,441,355
Unitymedia Hessen GmbH & Company (Consumer Discretionary, Media, EUR) 144A		5.13			1-21-2023		1,700,000		2,227,622
Unitymedia Hessen GmbH & Company (Consumer Discretionary, Media, EUR) 144A		5.75			1-15-2023		500,000		676,583
									23,188,581
Ireland: 0.24%
Rottapharm Limited (Health Care, Pharmaceuticals, EUR) 144A		6.13			11-15-2019		3,000,000		4,061,475
Italy: 0.26%
Luxottica Group SpA (Consumer Discretionary, Textiles, Apparel & Luxury Goods, EUR)		3.63			3-19-2019		3,000,000		4,397,471
Luxembourg: 2.80%
European Investment Bank (Financials, Commercial Banks, NZD)		6.50			9-10-2014		11,189,000		10,029,970
European Investment Bank (Financials, Commercial Banks, AUD)		6.50			8-7-2019		16,400,000		19,192,406
Fiat Industrial SpA (Financials, Consumer Finance, EUR)		6.25			3-9-2018		3,000,000		4,503,971

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

10 Wells Fargo Advantage International Bond Fund Portfolio of investments—April 30, 2013 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Luxembourg (continued)
Heidelbergcement AG (Industrials, Building Products, EUR)		8.50	%		10-31-2019		1,730,000	$	2,904,864
Sunrise Communications (Telecommunication Services, Diversified Telecommunication Services, EUR)		7.00			12-31-2017		200,000		283,144
Telenet Finance V Luxemburg SCA (Consumer Discretionary, Media, EUR)		6.25			8-15-2022		3,000,000		4,108,885
Zinc Capital SA (Financials, Diversified Financial Services, EUR)		8.88			5-15-2018		4,025,000		5,844,050
									46,867,290
Mexico: 0.42%
America Movil SAB de CV (Telecommunication Services, Wireless Telecommunication Services, EUR)		3.00			7-12-2021		5,100,000		7,108,621
Netherlands: 3.49%
Bank Nederlandse Gemeenten (Financials, Commercial Banks, EUR)		2.63			9-1-2020		9,250,000		13,295,208
BMW Finance NV (Financials, Consumer Finance, EUR)		3.63			1-29-2018		3,500,000		5,133,296
British-American Tobacco Holdings BV (Consumer Staples, Tobacco, EUR)		4.00			7-7-2020		4,370,000		6,655,570
Deutsche Telekom International Finance BV (Telecommunication Services, Diversified Telecommunication Services, EUR)		6.00			1-20-2017		7,000,000		10,883,358
Heineken NV (Consumer Staples, Beverages, EUR)		2.13			8-4-2020		6,000,000		8,103,117
Rabobank Nederland (Financials, Commercial Banks, EUR)		4.25			1-16-2017		5,541,000		8,140,854
Rabobank Nederland (Financials, Commercial Banks, NZD)		6.25			7-10-2014		4,361,000		3,868,257
UPC Holdings BV (Consumer Discretionary, Media, EUR)		8.38			8-15-2020		1,635,000		2,400,403
									58,480,063
Russia: 0.03%
Sberbank Rossii (Financials, Commercial Banks, RUB)		7.00			1-31-2016		14,200,000		457,230
South Africa: 0.24%
Foodcorp Limited (Consumer Staples, Food & Staples Retailing, EUR)		8.75			3-1-2018		2,730,000		3,945,814
Spain: 0.24%
Telefonica Emisiones S.A.U. (Telecommunication Services, Diversified Telecommunication Services, EUR)		3.99			1-23-2023		3,000,000		4,077,279
Switzerland: 0.87%
Eurofima (Financials, Commercial Banks, AUD)		6.25			12-28-2018		12,750,000		14,596,465
United Kingdom: 4.89%
Anglian Water Osprey Financing plc (Utilities, Water & Sewer Revenue, GBP)		7.00			1-31-2018		4,000,000		6,788,139
Arqiva Broadcast Finance plc (Consumer Discretionary, Media, GBP) 144A		9.50			3-31-2020		800,000		1,317,241
Aston Martin Capital Limited (Finance, Consumer Finance, GBP)		9.25			7-15-2018		900,000		1,453,935
B.A.T. International Finance plc (Financials, Diversified Financial Services, EUR)		3.63			11-9-2021		4,000,000		5,973,266
GlaxoSmithKline plc (Health Care, Pharmaceuticals, EUR)		5.63			12-13-2017		6,500,000		10,365,331
Heathrow Funding Limited (Industrials, Transportation Infrastructure, EUR)		4.60			2-15-2020		9,450,000		14,127,820
Imperial Tobacco Finance Company (Consumer Staples, Tobacco, EUR)		4.50			7-5-2018		5,000,000		7,521,565
Imperial Tobacco Finance Company (Consumer Staples, Tobacco, EUR)		5.00			12-2-2019		4,100,000		6,439,505
Jaguar Land Rover plc (Consumer Discretionary, Automobiles, GBP)		8.25			3-15-2020		3,355,000		5,911,131
National Grid plc (Utilities, Multi-Utilities, EUR)		4.38			3-10-2020		6,511,000		10,016,426
Nationwide Building Society (Financials, Diversified Financial Services, EUR)		3.13			4-3-2017		4,000,000		5,655,512
Phones4u Finance plc (Telecommunication Services, Diversified Telecommunication Services, GBP)		9.50			4-1-2018		2,410,000		3,912,034

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

Portfolio of investments—April 30, 2013 (unaudited) Wells Fargo Advantage International Bond Fund 11

Security name	Interest rate			Maturity date		Principal		Value
United Kingdom (continued)
Virgin Media Finance plc (Telecommunication Services, Diversified Telecommunication Services, GBP)		8.88	%		10-15-2019		1,431,000	$	2,471,802
									81,953,707
United States: 1.73%
Anheuser-Busch InBev NV (Consumer Staples, Beverages, EUR)		2.88			9-25-2024		5,000,000		6,929,583
EP Energy (Energy, Oil, Gas & Consumable Fuels, EUR)		5.88			11-1-2019		3,500,000		5,058,736
General Electric Capital Corporation (Financials, Diversified Financial Services, NZD)		7.63			12-10-2014		10,200,000		9,284,755
IBM Corporation (Information Technology, Computers & Peripherals, EUR)		1.38			11-19-2019		1,800,000		2,371,578
Iron Mountain Incorporated (Industrials, Commercial Services & Supplies, EUR)		6.75			10-15-2018		1,920,000		2,585,437
National Grid USA (Utilities, Electric Utilities, EUR)		3.25			6-3-2015		2,065,000		2,855,293
									29,085,382
Total Foreign Corporate Bonds and Notes (Cost $300,684,441)									329,998,950
Foreign Government Bonds @: 76.03%
Australian Government Bond Series 133 (AUD)		5.50			4-21-2023		69,000,000		86,165,681
Bonos y Obligaciones del Estado (EUR)		4.10			7-30-2018		42,700,000		59,231,046
Bonos y Obligaciones del Estado (EUR) 144A«		5.40			1-31-2023		38,430,000		55,593,001
Brazil (BRL)		8.50			1-5-2024		61,035,000		33,953,245
Brazil (BRL)		6.00			1-1-2017		89,550,000		47,655,102
Canada (CAD)		2.50			9-1-2013		65,000,000		64,830,959
Canada (CAD) 144A		3.35			12-15-2020		5,500,000		6,027,862
Canada (NZD)		6.25			6-16-2015		13,150,000		11,962,184
Chile (CLP)		5.50			8-5-2020		531,500,000		1,194,366
Colombia (COP)		7.75			4-14-2021		1,675,000,000		1,147,941
Germany (NOK)		4.00			3-4-2016		40,000,000		7,352,453
Hungary (HUF)		6.75			11-24-2017		760,000,000		3,590,327
Hungary (HUF)		7.00			6-24-2022		8,243,000,000		40,460,979
Hungary (HUF)		7.50			11-12-2020		1,500,000,000		7,518,951
Indonesia (IDR)		7.38			9-15-2016		25,630,000,000		2,857,835
Italy Buoni Poliennali del Tesoro (EUR)		4.00			2-1-2017		44,300,000		61,805,772
Italy Buoni Poliennali del Tesoro (EUR)		5.50			11-1-2022		41,000,000		61,063,289
Korea (KRW)		2.75			9-10-2017		33,300,000,000		30,474,474
Korea (KRW)		5.25			9-10-2015		11,400,000,000		10,993,045
Korea (KRW)		5.25			3-10-2027		33,590,000,000		38,695,174
Malaysia (MYR)		3.26			3-1-2018		5,250,000		1,734,037
Malaysia (MYR)		3.31			10-31-2017		78,000,000		25,768,483
Malaysia (MYR)		4.26			9-15-2016		153,725,000		52,546,262
Mexico (MXN)		6.50			6-9-2022		163,000,000		15,431,283
Mexico (MXN)		7.25			12-15-2016		52,500,000		4,784,278
Mexico (MXN)		7.75			11-13-2042		11,500,000		1,286,106
Mexico (MXN)		8.50			11-18-2038		484,100,000		57,610,304
New Zealand (NZD)		5.50			4-15-2023		49,925,000		51,169,983
Nigeria (NGN)		15.10			4-27-2017		170,000,000		1,183,544
Norway (NOK)		3.75			5-25-2021		167,000,000		33,118,505
Poland (PLN) ¤		0.00			7-25-2013		4,000,000		1,258,414
Poland (PLN)		4.00			10-25-2023		80,100,000		27,017,289
Poland (PLN)		5.25			10-25-2020		146,300,000		53,202,946

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

12 Wells Fargo Advantage International Bond Fund Portfolio of investments—April 30, 2013 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Foreign Government Bonds @ (continued)
Province of Alberta (CAD)		2.55	%		12-15-2022		11,750,000	$	11,784,290
Province of Ontario (AUD)		6.25			9-29-2020		13,600,000		15,839,801
Queensland Treasury (AUD)		5.75			7-22-2024		11,000,000		12,796,266
Republic of South Africa (ZAR)		2.00			1-31-2025		234,603,853		29,824,637
Republic of South Africa (ZAR)		2.60			3-31-2028		21,349,890		2,837,238
Republic of South Africa (ZAR)		3.45			12-7-2033		16,535,429		2,477,460
Republic of South Africa (ZAR)		6.50			2-28-2041		22,300,000		2,161,016
Republic of South Africa (ZAR)		7.75			2-28-2023		125,000,000		15,428,317
Romania (RON)		6.00			4-30-2016		3,850,000		1,205,590
Russia (RUB)		7.00			1-25-2023		189,500,000		6,342,179
Russia (RUB)		7.50			3-15-2018		1,203,800,000		41,178,027
Sweden (SEK)		1.50			11-13-2023		216,400,000		33,066,106
Sweden (SEK)		3.75			8-12-2017		467,300,000		80,278,939
Thailand (THB)		3.25			6-16-2017		1,523,000,000		52,463,795
Turkey (TRY)		6.30			2-14-2018		6,655,000		3,782,705
Turkey (TRY)		9.00			3-8-2017		5,900,000		3,672,793
Total Foreign Government Bonds (Cost $1,215,909,136)									1,273,824,279
Yankee Corporate Bonds and Notes: 3.76%
Bermuda: 0.37%
Qtel International Finance Limited (Telecommunication Services, Diversified Telecommunication Services)		4.75			2-16-2021	$	5,550,000		6,243,750
Brazil: 0.89%
BRF SA (Consumer Staples, Food Products)		5.88			6-6-2022		300,000		341,400
ITAU Unibanco Holdings SA (Financials, Commercial Banks) 144A		5.13			5-13-2023		7,350,000		7,634,813
Petroplus Finance Limited (Energy, Oil, Gas & Consumable Fuels)		5.75			1-20-2020		6,185,000		6,982,080
									14,958,293
Cayman Islands: 0.45%
International Petroleum Investment Company Limited (Energy, Oil, Gas & Consumable Fuels)		5.00			11-15-2020		5,700,000		6,512,250
Petrobras International Finance Company (Energy, Oil, Gas & Consumable Fuels)		5.38			1-27-2021		860,000		949,791
									7,462,041
Luxembourg: 0.12%
Aguila 3 SA (Industrials, Airlines)		7.88			1-31-2018		1,500,000		1,616,250
TNK BP Finance SA (Financials, Commercial Banks)		6.63			3-20-2017		400,000		456,000
									2,072,250
Mexico: 0.12%
America Movil SAB de CV (Telecommunication Services, Wireless Telecommunication Services)		3.13			7-16-2022		2,000,000		2,035,578
Netherlands: 0.23%
Mubadala Development Company (Energy, Oil, Gas & Consumable Fuels)		5.50			4-20-2021		3,200,000		3,780,000

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

Portfolio of investments—April 30, 2013 (unaudited) Wells Fargo Advantage International Bond Fund 13

Security name	Interest rate			Maturity date		Principal		Value
Peru: 0.43%
Banco De Credito Del Peru (Financials, Commercial Banks) 144A(i)		4.25	%		4-1-2023	$	7,235,000	$	7,260,323
South Africa: 0.17%
Eskom Holdings Limited (Utilities, Electric Utilities)		5.75			1-26-2021		225,000		251,438
Transnet SOC Limited (Industrials, Transportation Infrastructure)		4.50			2-10-2016		2,500,000		2,649,578
									2,901,016
United Kingdom: 0.89%
British Sky Broadcasting Group plc (Consumer Discretionary, Media) 144A		3.13			11-26-2022		2,900,000		2,936,424
HSBC Holdings plc (Financials, Commercial Banks)		4.00			3-30-2022		8,000,000		8,863,208
Sable International Finance Limited (Telecommunication Services, Diversified Telecommunication Services)		7.75			2-15-2017		2,795,000		3,018,600
									14,818,232
Virgin Islands (British): 0.09%
Gold Fields Orogen Holdings (Materials, Metals & Mining)		4.88			10-7-2020		1,500,000		1,442,882
Total Yankee Corporate Bonds and Notes (Cost $58,599,232)									62,974,365
	Yield					Shares
Short-Term Investments: 0.14%
Investment Companies: 0.14%
Wells Fargo Securities Lending Cash Investments, LLC (l)(u)(r)(v)		0.18	%				2,293,500		2,293,500
Total Short-Term Investments (Cost $2,293,500)									2,293,500

Total investments in securities (Cost $1,587,754,281) *	100.24	%		1,679,446,162
Other assets and liabilities, net	(0.24	)		(4,066,961	)
Total net assets	100.00	%	$	1,675,379,201

@ Foreign bond principal is denominated in local currency.

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

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

¤ Security issued in zero coupon form with no periodic interest payments.

(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.

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

* Cost for federal income tax purposes is $1,587,873,741 and unrealized appreciation (depreciation) consists of:

Gross unrealized appreciation	$	118,863,024
Gross unrealized depreciation		(27,290,603	)
Net unrealized appreciation	$	91,572,421

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

14 Wells Fargo Advantage International Bond Fund Statement of assets and liabilities—April 30, 2013 (unaudited)

Assets
Investments
In unaffiliated securities (including securities on loan), at value (see cost below)	$	1,677,152,662
In affiliated securities, at value (see cost below)		2,293,500
Total investments, at value (see cost below)		1,679,446,162
Foreign currency, at value (see cost below)		2,175,232
Receivable for investments sold		64,887,645
Receivable for Fund shares sold		3,879,617
Receivable for interest		23,191,938
Receivable for securities lending income		4,043
Unrealized gains on forward foreign currency contracts		6,991,832
Prepaid expenses and other assets		71,741
Total assets		1,780,648,210
Liabilities
Payable for investments purchased		75,329,515
Payable for Fund shares redeemed		1,600,991
Unrealized losses on forward foreign currency contracts		18,088,796
Payable upon receipt of securities loaned		2,293,500
Advisory fee payable		672,867
Distribution fees payable		13,950
Due to other related parties		196,552
Bank borrowing payable		6,820,336
Accrued expenses and other liabilities		252,502
Total liabilities		105,269,009
Total net assets	$	1,675,379,201
NET ASSETS CONSIST OF
Paid-in capital	$	1,593,961,188
Undistributed net investment income		26,920,410
Accumulated net realized losses on investments		(26,247,832	)
Net unrealized gains on investments		80,745,435
Total net assets	$	1,675,379,201
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE1
Net assets – Class A	$	132,598,796
Shares outstanding – Class A		11,354,691
Net asset value per share – Class A		$11.68
Maximum offering price per share – Class A2		$12.23
Net assets – Class B	$	2,834,457
Shares outstanding – Class B		242,955
Net asset value per share – Class B		$11.67
Net assets – Class C	$	19,940,450
Shares outstanding – Class C		1,721,340
Net asset value per share – Class C		$11.58
Net assets – Class R6	$	50,140
Share outstanding – Class R6		4,290
Net asset value per share – Class R6		$11.69
Net assets – Administrator Class	$	319,623,059
Shares outstanding – Administrator Class		27,408,246
Net asset value per share – Administrator Class		$11.66
Net assets – Institutional Class	$	1,200,332,299
Shares outstanding – Institutional Class		102,752,786
Net asset value per share – Institutional Class		$11.68
Investments in unaffiliated securities (including securities on loan), at cost	$	1,585,460,781
Investments in affiliated securities, at cost	$	2,293,500
Total investments, at cost	$	1,587,754,281
Securities on loan, at value	$	2,184,061
Foreign currency, at cost	$	2,158,611

1. The Fund has an unlimited number of authorized shares.

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

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

Statement of operations—six months ended April 30, 2013 (unaudited) Wells Fargo Advantage International Bond Fund 15

Investment income
Interest**	$	29,208,738
Securities lending income, net		4,991
Total investment income		29,213,729
Expenses
Advisory fee		4,394,985
Administration fees
Fund level		420,903
Class A		107,486
Class B		2,604
Class C		17,108
Class R6		6	1
Administrator Class		149,115
Institutional Class		490,537
Shareholder servicing fees
Class A		167,947
Class B		4,068
Class C		26,731
Administrator Class		367,322
Distribution fees
Class B		12,205
Class C		80,193
Custody and accounting fees		250,838
Professional fees		24,290
Registration fees		55,364
Shareholder report expenses		122,563
Trustees’ fees and expenses		6,783
Other fees and expenses		9,338
Total expenses		6,710,386
Less: Fee waivers and/or expense reimbursements		(232,449	)
Net expenses		6,477,937
Net investment income		22,735,792
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized losses on:
Unaffiliated securities		(25,914,980	)
Forward foreign currency contract transactions		(212,450	)
Net realized losses on investments		(26,127,430	)
Net change in unrealized gains (losses) on:
Unaffiliated securities		1,394,474
Forward foreign currency contract transactions		1,976,311
Net change in unrealized gains (losses) on investments		3,370,785
Net realized and unrealized gains (losses) on investments		(22,756,645	)
Net decrease in net assets resulting from operations	$	(20,853	)
**Net of foreign interest withholding taxes in the amount of		$(87,392)

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

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

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

	Six months ended April 30, 2013 (unaudited)						Year ended October 31, 2012
Operations
Net investment income				$	22,735,792					$	53,041,856
Net realized losses on investments					(26,127,430	)					(10,520,120	)
Net change in unrealized gains (losses) on investments					3,370,785						20,933,219
Net increase (decrease) in net assets resulting from operations					(20,853	)					63,454,955
Distributions to shareholders from
Net investment income
Class A					(650,142	)					(6,256,979	)
Class B					(11,718	)					(109,655	)
Class C					(78,483	)					(530,654	)
Class R6					(272	)1					N/A
Administrator Class					(1,509,662	)					(4,974,946	)
Institutional Class					(6,633,090	)					(34,342,328	)
Net realized gains
Class A					(966,464	)					(3,215,523	)
Class B					(24,581	)					(70,558	)
Class C					(162,683	)					(322,808	)
Class R6					(351	)1					N/A
Administrator Class					(2,075,049	)					(2,279,562	)
Institutional Class					(8,812,709	)					(14,779,473	)
Total distributions to shareholders					(20,925,204	)					(66,882,486	)
		Shares						Shares
Capital share transactions
Proceeds from shares sold
Class A		1,813,124			20,983,306			9,615,714			110,217,364
Class B		2,136			24,742			17,622			202,581
Class C		96,600			1,111,882			283,966			3,261,039
Class R6		4,237	1		50,000	1		N/A			N/A
Administrator Class		5,045,495			58,305,384			14,661,358			170,087,803
Institutional Class		17,452,292			201,390,244			31,062,934			356,684,003
					281,865,558						640,452,790
Reinvestment of distributions
Class A		129,784			1,524,180			749,068			8,478,238
Class B		2,686			31,562			11,594			131,849
Class C		15,788			184,194			52,700			594,881
Class R6		53	1		623	1		N/A			N/A
Administrator Class		214,185			2,510,250			213,513			2,403,750
Institutional Class		760,210			8,920,248			2,231,590			25,169,566
					13,171,057						36,778,284
Payment for shares redeemed
Class A		(2,388,726	)		(27,615,739	)		(22,745,556	)		(261,828,611	)
Class B		(100,226	)		(1,167,422	)		(273,761	)		(3,134,428	)
Class C		(384,215	)		(4,419,041	)		(701,806	)		(8,025,216	)
Administrator Class		(2,780,163	)		(32,164,807	)		(4,381,700	)		(50,282,229	)
Institutional Class		(22,905,126	)		(264,894,975	)		(29,596,015	)		(339,974,777	)
					(330,261,984	)					(663,245,261	)
Net increase (decrease) in net assets resulting from capital share transactions					(35,225,369	)					13,985,813
Total increase (decrease) in net assets					(56,171,426	)					10,558,282
Net assets
Beginning of period					1,731,550,627						1,720,992,345
End of period				$	1,675,379,201					$	1,731,550,627
Undistributed net investment income				$	26,920,410					$	13,067,985

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

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

Financial highlights Wells Fargo Advantage International Bond Fund 17

(For a share outstanding throughout each period)

	Six months ended April 30, 2013 (unaudited)			Year ended October 31
CLASS A				2012			2011			20101			20091			20081
Net asset value, beginning of period	$	11.83		$	11.85		$	12.23		$	11.59		$	10.36		$	11.57
Net investment income		0.13	2		0.33	2		0.39	2		0.40			0.39	2		0.47	2
Net realized and unrealized gains (losses) on investments		(0.14	)		0.08			(0.18	)		0.65			2.20			(0.92	)
Total from investment operations		(0.01	)		0.41			0.21			1.05			2.59			(0.45	)
Distributions to shareholders from
Net investment income		(0.06	)		(0.29	)		(0.51	)		(0.41	)		(1.36	)		(0.76	)
Net realized gains		(0.08	)		(0.14	)		(0.08	)		0.00			0.00			0.00
Total distributions to shareholders		(0.14	)		(0.43	)		(0.59	)		(0.41	)		(1.36	)		(0.76	)
Net asset value, end of period	$	11.68		$	11.83		$	11.85		$	12.23		$	11.59		$	10.36
Total return3		(0.10	)%		3.66	%		1.93	%		9.35	%		26.34	%		(4.07	)%
Ratios to average net assets (annualized)
Gross expenses		1.04	%		1.04	%		1.02	%		1.10	%		1.05	%		1.01	%
Net expenses		1.03	%		1.03	%		1.02	%		1.08	%		1.05	%		0.99	%
Net investment income		2.24	%		2.88	%		3.26	%		3.53	%		3.65	%		4.05	%
Supplemental data
Portfolio turnover rate		52	%		79	%		88	%		89	%		118	%		87	%
Net assets, end of period (000s omitted)		$132,599			$139,600			$286,577			$255,134			$246,719			$66,649

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

2. Calculated based upon average shares outstanding

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

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

18 Wells Fargo Advantage International Bond Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended April 30, 2013 (unaudited)			Year ended October 31
CLASS B				2012			2011			20101			20091			20081
Net asset value, beginning of period	$	11.85		$	11.88		$	12.25		$	11.54		$	10.37		$	11.58
Net investment income		0.08	2		0.24	2		0.31			0.29			0.30	2		0.38	2
Net realized and unrealized gains (losses) on investments		(0.14	)		0.09			(0.19	)		0.67			2.21			(0.91	)
Total from investment operations		(0.06	)		0.33			0.12			0.96			2.51			(0.53	)
Distributions to shareholders from
Net investment income		(0.04	)		(0.22	)		(0.41	)		(0.25	)		(1.34	)		(0.68	)
Net realized gains		(0.08	)		(0.14	)		(0.08	)		0.00			0.00			0.00
Total distributions to shareholders		(0.12	)		(0.36	)		(0.49	)		(0.25	)		(1.34	)		(0.68	)
Net asset value, end of period	$	11.67		$	11.85		$	11.88		$	12.25		$	11.54		$	10.37
Total return3		(0.49	)%		2.90	%		1.15	%		8.55	%		25.44	%		(4.74	)%
Ratios to average net assets (annualized)
Gross expenses		1.79	%		1.79	%		1.77	%		1.85	%		1.79	%		1.74	%
Net expenses		1.78	%		1.78	%		1.77	%		1.82	%		1.79	%		1.74	%
Net investment income		1.47	%		2.12	%		2.53	%		2.77	%		2.86	%		3.30	%
Supplemental data
Portfolio turnover rate		52	%		79	%		88	%		89	%		118	%		87	%
Net assets, end of period (000s omitted)		$2,834			$4,008			$6,925			$10,060			$11,615			$10,345

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

2. Calculated based upon average shares outstanding

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

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

Financial highlights Wells Fargo Advantage International Bond Fund 19

(For a share outstanding throughout each period)

	Six months ended April 30, 2013 (unaudited)			Year ended October 31
CLASS C				2012			2011			20101			20091			20081
Net asset value, beginning of period	$	11.76		$	11.81		$	12.20		$	11.51		$	10.35		$	11.56
Net investment income		0.09	2		0.24	2		0.31			0.33			0.30	2		0.38	2
Net realized and unrealized gains (losses) on investments		(0.15	)		0.08			(0.19	)		0.64			2.20			(0.91	)
Total from investment operations		(0.06	)		0.32			0.12			0.97			2.50			(0.53	)
Distributions to shareholders from
Net investment income		(0.04	)		(0.23	)		(0.43	)		(0.28	)		(1.34	)		(0.68	)
Net realized gains		(0.08	)		(0.14	)		(0.08	)		0.00			0.00			0.00
Total distributions to shareholders		(0.12	)		(0.37	)		(0.51	)		(0.28	)		(1.34	)		(0.68	)
Net asset value, end of period	$	11.58		$	11.76		$	11.81		$	12.20		$	11.51		$	10.35
Total return3		(0.49	)%		2.86	%		1.11	%		8.61	%		25.47	%		(4.85	)%
Ratios to average net assets (annualized)
Gross expenses		1.79	%		1.79	%		1.77	%		1.85	%		1.79	%		1.74	%
Net expenses		1.78	%		1.78	%		1.77	%		1.82	%		1.79	%		1.74	%
Net investment income		1.62	%		2.12	%		2.50	%		2.77	%		2.87	%		3.31	%
Supplemental data
Portfolio turnover rate		52	%		79	%		88	%		89	%		118	%		87	%
Net assets, end of period (000s omitted)		$19,940			$23,448			$27,861			$30,974			$33,330			$18,044

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

2. Calculated based upon average shares outstanding

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

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

20 Wells Fargo Advantage International Bond Fund Financial highlights

(For a share outstanding throughout each period)

CLASS R6	Period ended April 30, 2013 (unaudited)1
Net asset value, beginning of period	$	11.80
Net investment loss		(0.01	)2
Net realized and unrealized gains (losses) on investments		0.04
Total from investment operations		0.03
Distributions to shareholders from
Net investment income		(0.06	)
Net realized gains		(0.08	)
Total distributions to shareholders		(0.14	)
Net asset value, end of period	$	11.69
Total return3		0.31	%
Ratios to average net assets (annualized)
Gross expenses		0.66	%
Net expenses		0.65	%
Net investment loss		(0.18	)%
Supplemental data
Portfolio turnover rate		52	%
Net assets, end of period (000s omitted)		$50

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

2. Calculated based upon average shares outstanding

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

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

Financial highlights Wells Fargo Advantage International Bond Fund 21

(For a share outstanding throughout each period)

	Six months ended April 30, 2013 (unaudited)			Year ended October 31
ADMINISTRATOR CLASS				2012			2011			20101
Net asset value, beginning of period	$	11.81		$	11.83		$	12.23		$	11.39
Net investment income		0.15	2		0.35	2		0.38	2		0.11	2
Net realized and unrealized gains (losses) on investments		(0.16	)		0.08			(0.16	)		0.82
Total from investment operations		(0.01	)		0.43			0.22			0.93
Distributions to shareholders from
Net investment income		(0.06	)		(0.31	)		(0.54	)		(0.09	)
Net realized gains		(0.08	)		(0.14	)		(0.08	)		0.00
Total distributions to shareholders		(0.14	)		(0.45	)		(0.62	)		(0.09	)
Net asset value, end of period	$	11.66		$	11.81		$	11.83		$	12.23
Total return3		(0.07	)%		3.89	%		2.03	%		8.21	%
Ratios to average net assets (annualized)
Gross expenses		0.97	%		0.97	%		0.95	%		1.05	%
Net expenses		0.85	%		0.85	%		0.85	%		0.85	%
Net investment income		2.71	%		3.04	%		3.21	%		3.63	%
Supplemental data
Portfolio turnover rate		52	%		79	%		88	%		89	%
Net assets, end of period (000s omitted)		$319,623			$294,330			$170,836			$4,866

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

2. Calculated based upon average shares outstanding

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

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

22 Wells Fargo Advantage International Bond Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended April 30, 2013 (unaudited)			Year ended October 31
INSTITUTIONAL CLASS				2012			2011			20101			20091			20081
Net asset value, beginning of period	$	11.82		$	11.84		$	12.23		$	11.59		$	10.35		$	11.56
Net investment income		0.16	2		0.36			0.44			0.44			0.43			0.50
Net realized and unrealized gains (losses) on investments		(0.16	)		0.09			(0.20	)		0.65			2.18			(0.92	)
Total from investment operations		(0.00	)		0.45			0.24			1.09			2.61			(0.42	)
Distributions to shareholders from
Net investment income		(0.06	)		(0.33	)		(0.55	)		(0.45	)		(1.37	)		(0.79	)
Net realized gains		(0.08	)		(0.14	)		(0.08	)		0.00			0.00			0.00
Total distributions to shareholders		(0.14	)		(0.47	)		(0.63	)		(0.45	)		(1.37	)		(0.79	)
Net asset value, end of period	$	11.68		$	11.82		$	11.84		$	12.23		$	11.59		$	10.35
Total return3		0.04	%		3.99	%		2.19	%		9.73	%		26.71	%		(3.88	)%
Ratios to average net assets (annualized)
Gross expenses		0.71	%		0.71	%		0.69	%		0.82	%		0.79	%		0.73	%
Net expenses		0.70	%		0.71	%		0.69	%		0.80	%		0.79	%		0.73	%
Net investment income		2.77	%		3.19	%		3.60	%		3.79	%		3.86	%		4.31	%
Supplemental data
Portfolio turnover rate		52	%		79	%		88	%		89	%		118	%		87	%
Net assets, end of period (000s omitted)		$1,200,332			$1,270,164			$1,228,793			$1,276,184			$997,308			$902,304

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

2. Calculated based upon average shares outstanding

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

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

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

1. ORGANIZATION

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

Securities denominated in foreign currencies are translated into U.S. dollars using the rates of exchange in effect on the day of valuation at a time specified by the Management Valuation Team of Wells Fargo Funds Management, LLC (“Funds Management”).

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.

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

Investments in 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. 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.

Foreign currency translation

The accounting records of the Fund are maintained in U.S. dollars. Assets, including investment securities, and liabilities denominated in foreign currency are translated into U.S. dollars at the rates of exchange at a time specified by the Management Valuation Team on the date of valuation. Purchases and sales of securities, and income and expenses are converted at the rate of exchange on the respective dates of such transactions. Reported net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding

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

taxes recorded and the U.S. dollar equivalent of the amounts actually paid or received. Net unrealized foreign exchange gains and losses arise from changes in the fair value of assets and liabilities other than investments in securities resulting in changes in exchange rates.

The changes in net assets arising from changes in exchange rates and the changes in net assets resulting from changes in market prices of securities are not separately presented. Such changes are recorded with net realized and unrealized gains or losses from investments. Gains and losses from certain foreign currency transactions are treated as ordinary income for U.S. federal income tax purposes.

Forward foreign currency contracts

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

Security loans

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

The Fund lends its securities through an unaffiliated securities lending agent. Cash collateral received in connection with its securities lending transactions is invested in 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.

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

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

Distributions to shareholders

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

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

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)

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 April 30, 2013, the inputs used in valuing investments in securities were as follows:

Investments in securities	Quoted prices (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Corporate bonds and notes	$	0	$	10,355,068	$	0	$	10,355,068
Foreign corporate bonds and notes		0		329,998,950		0		329,998,950
Foreign government bonds		0		1,273,824,279		0		1,273,824,279
Yankee corporate bonds and notes		0		62,974,365		0		62,974,365
Short-term investments
Investment companies		0		2,293,500		0		2,293,500
	$	0	$	1,679,446,162	$	0	$	1,679,446,162

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

As of April 30, 2013, the inputs used in valuing the Fund’s other financial instruments were as follows:

Other financial instruments	Quoted prices (Level 1)		Significant other observable inputs (Level 2)			Significant unobservable inputs (Level 3)		Total
Forward foreign currency contracts+	$	0	$	(11,096,964	)	$	0	$	(11,096,964	)

+ Forward foreign currency contracts are presented at the unrealized gains or losses on the instrument.

Transfers in and transfers out are recognized at the end of the reporting period. For the six months ended April 30, 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 0.55% and declining to 0.45% as the average daily net assets of the Fund increase. For the six months ended April 30, 2013, the advisory fee was equivalent to an annual rate of 0.52% of the Fund’s average daily net assets.

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Funds Management. First International Advisors, LLC, an affiliate of Funds Management, is the subadviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.35% and declining to 0.20% as the average daily net assets of the Fund increase.

Administration 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		0.16	%
Class R6		0.03
Administrator Class		0.10
Institutional Class		0.08

Funds Management has contractually waived and/or reimbursed advisory and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. Waiver of fees and/or reimbursement of expenses by Funds Management were made first from fund level expenses on a proportionate basis and then from class specific expenses. Funds Management has committed through February 28, 2015 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.03% for Class A shares, 1.78% for Class B shares, 1.78% for Class C shares, 0.65% for Class R6 shares, 0.85% for Administrator Class shares and 0.70% for Institutional 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 April 30, 2013, Wells Fargo Funds Distributor, LLC received $3,739 from the sale of Class A shares and $1,922 and $62 in contingent deferred sales charges from redemptions of Class B and Class C shares, respectively.

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

Shareholder servicing fees

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

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended April 30, 2013 were $873,605,583 and $949,944,430 respectively.

6. DERIVATIVE TRANSACTIONS

During the six months ended April 30, 2013, the Fund entered into forward foreign currency exchange contracts for economic hedging purposes.

At April 30, 2013, the Fund had forward foreign currency contracts outstanding as follows:

Forward foreign currency contracts to buy:

Exchange date	Counterparty	Contracts to receive			U.S. value at April 30, 2013		In exchange for U.S. $		Unrealized gains (losses)
5-7-2013	State Street Bank		21,600,000,000	IDR	$	2,220,312	$	2,222,977	$	(2,665	)
5-7-2013	State Street Bank		75,000,000	THB		2,554,771		2,514,247		40,524
5-7-2013	State Street Bank		17,725,000,000	JPY		181,827,085		190,854,079		(9,026,994	)
5-28-2013	State Street Bank		15,400,000	MYR		5,052,253		4,946,996		105,257
7-31-2013	State Street Bank		9,050,000,000	JPY		92,881,524		91,322,358		1,559,166

Exchange date	Counterparty	Contracts to receive			U.S. value at April 30, 2013		In exchange for		U.S. value at April 30, 2013		Unrealized gains (losses)
5-7-2013	State Street Bank		54,176,688	EUR	$	71,349,832		6,555,000,000 JPY	$	67,242,682	$	4,107,150
5-13-2013	State Street Bank		35,772,621	EUR		47,113,770		10,600,000,000 HUF		46,589,600		524,170
6-13-2013	State Street Bank		7,836,600,000	JPY		80,404,388		100,000,000 NZD		85,470,535		(5,066,147	)
6-18-2013	State Street Bank		10,414,494,920	JPY		106,856,959		105,200,000 AUD		108,679,121		(1,822,162	)
6-18-2013	State Street Bank		554,411,000	JPY		5,688,483		5,500,000 AUD		5,681,893		6,590

Forward foreign currency contracts to sell:

Exchange date	Counterparty	Contracts to deliver			U.S. value at April 30, 2013		In exchange for U.S. $		Unrealized gains (losses)
5-7-2013	State Street Bank		750,000,000	JPY	$	7,693,671	$	7,780,809	$	87,138
5-7-2013	State Street Bank		280,000,000	JPY		2,872,304		2,915,847		43,543
5-7-2013	State Street Bank		21,600,000,000	IDR		2,220,313		2,219,482		(831	)
5-21-2013	State Street Bank		235,500,000	PLN		74,446,090		74,688,047		241,957
5-28-2013	State Street Bank		14,150,000	GBP		21,976,106		21,473,616		(502,490	)
5-28-2013	State Street Bank		6,650,000	MYR		2,181,655		2,182,116		461
6-5-2013	State Street Bank		270,275,000	NOK		46,810,933		46,734,507		(76,426	)
7-18-2013	State Street Bank		7,650,000	EUR		10,079,803		10,041,696		(38,107	)
7-29-2013	State Street Bank		4,575,000	TRY		2,529,418		2,513,674		(15,744	)
7-29-2013	State Street Bank		1,430,000,000	THB		48,488,809		48,764,685		275,876
7-30-2013	State Street Bank		216,800,000	SEK		33,387,280		32,915,813		(471,467	)
7-31-2013	State Street Bank		428,000,000	ZAR		47,132,970		46,119,199		(1,013,771	)
7-31-2013	State Street Bank		21,950,000	ZAR		2,417,217		2,365,225		(51,992	)

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

The Fund had average contract amounts of $664,646,418 and $279,195,313 in forward foreign currency contracts to buy and forward foreign currency contracts to sell, respectively, during the six months ended April 30, 2013.

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

7. BANK BORROWINGS

The Trust (excluding the money market funds and certain other funds in the Trust) and Wells Fargo Variable Trust are parties to a $150,000,000 revolving credit agreement 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 April 30, 2013, the Fund paid $1,818 in commitment fees.

During the six months ended April 30, 2013, the Fund had average borrowings outstanding of $102,569 (on an annualized basis) at a an average rate of 1.44% and paid interest in the amount of $1,477.

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 International Bond Fund 29

PROXY VOTING INFORMATION

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available 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 International Bond 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 131 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 International Bond 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.
Nancy Wiser1 (Born 1967)	Treasurer, since 2012	Executive Vice President of Wells Fargo Funds Management, LLC since 2011. Chief Operating Officer and Chief Compliance Officer at LightBox Capital Management LLC, from 2008 to 2011. Owned and operated a consulting business providing services to various hedge funds including acting as Chief Operating Officer and Chief Compliance Officer for a hedge fund from 2007 to 2008. Chief Operating Officer and Chief Compliance Officer of GMN Capital LLC from 2006 to 2007.
C. David Messman (Born 1960)	Secretary, since 2000; Chief Legal Officer, since 2003	Senior Vice President and Secretary of Wells Fargo Funds Management, LLC since 2001. 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.
Jeremy DePalma1 (Born 1974)	Assistant Treasurer, since 2009	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Vice President, Evergreen Investment Services, Inc. from 2004 to 2007. Head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.

1. Nancy Wiser acts as Treasurer of 73 funds in the Fund Complex. Jeremy DePalma acts as Treasurer of 58 funds and Assistant Treasurer of 73 funds in the Fund Complex.

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

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

BOARD CONSIDERATION OF INVESTMENT ADVISORY AND SUBADVISORY AGREEMENTS:

Under Section 15 of the Investment Company Act of 1940 (the “1940 Act”), the Board of Trustees (the “Board”) of Wells Fargo Funds Trust (the “Trust”), all the members of which have no direct or indirect interest in the investment advisory and sub-advisory agreements and are not “interested persons” of the Trust, as defined in the 1940 Act (the “Independent Trustees”), must determine whether to approve the continuation of the Trust’s investment advisory and sub-advisory agreements. In this regard, at an in-person meeting held on March 28-29, 2013 (the “Meeting”), the Board reviewed: (i) an investment advisory agreement with Wells Fargo Funds Management, LLC (“Funds Management”) for Wells Fargo Advantage International Bond Fund (the “Fund”) and (ii) an investment sub-advisory agreement with First International Advisors, LLC (the “Sub-Adviser”), an affiliate of Funds Management, for the Fund. The investment advisory agreement with Funds Management and the investment sub-advisory agreement with the Sub-Adviser are collectively referred to as the “Advisory Agreements.”

At the Meeting, the Board considered the factors and reached the conclusions described below relating to the selection of Funds Management and the Sub-Adviser and the continuation of the Advisory Agreements. Prior to the Meeting, the Trustees conferred extensively among themselves and with representatives of Funds Management about these matters. The Board has adopted a team-based approach, with each team consisting of a sub-set of Trustees, to assist the Board in the discharge of its duties in reviewing performance and other matters throughout the year. The Independent Trustees were assisted in their evaluation of the Advisory Agreements by independent legal counsel, from whom they received separate legal advice and with whom they met separately.

In providing information to the Board, Funds Management and the Sub-Adviser were guided by a detailed set of requests for information submitted to them by independent legal counsel on behalf of the Independent Trustees at the start of the Board’s annual contract renewal process earlier in 2013. In considering and approving the Advisory Agreements, the Trustees considered the information they believed relevant, including but not limited to the information discussed below. The Board considered not only the specific information presented in connection with the Meeting, but also the knowledge gained over time through interaction with Funds Management and the Sub-Adviser about various topics. In this regard, the Board reviewed reports of Funds Management at each of its quarterly meetings, which included, among other things, portfolio reviews and performance reports. In addition, the Board and the teams mentioned above confer with portfolio managers at various times throughout the year. The Board did not identify any particular information or consideration that was all-important or controlling, and each individual Trustee may have attributed different weights to various factors.

After its deliberations, the Board unanimously determined that the continuation of the Advisory Agreements is in the best interests of the Fund and its shareholders, and that the compensation payable to Funds Management and the Sub-Adviser is reasonable. The Board considered the continuation of the Advisory Agreements for the Fund as part of its consideration of the continuation of advisory agreements for funds across the complex, but each decision was made on a fund-by-fund basis. The following summarizes a number of important, but not necessarily all, factors considered by the Board in reaching its determination.

Nature, extent and quality of services

The Board received and considered various information regarding the nature, extent and quality of services provided to the Fund by Funds Management and the Sub-Adviser under the Advisory Agreements. This information included, among other things, a summary of the background and experience of senior management of Funds Management, and the qualifications, background, tenure and responsibilities of each of the portfolio managers primarily responsible for the day-to-day portfolio management of the Fund.

The Board evaluated the ability of Funds Management and the Sub-Adviser, based on attributes such as their financial condition, resources and reputation, to attract and retain qualified investment professionals, including research, advisory and supervisory personnel. The Board further considered the compliance programs and compliance records of Funds Management and the Sub-Adviser. In addition, the Board took into account the administrative and other services provided to the Fund by Funds Management and its affiliates and Funds Management’s oversight of the Fund’s various service providers.

Fund performance and expenses

The Board considered the performance results for the Fund over various time periods ended December 31, 2012. The Board also considered these results in comparison to the performance of funds in a universe that was determined by Lipper Inc. (“Lipper”) to be similar to the Fund (the “Universe”), and in comparison to the Fund’s benchmark index and to other comparative data. Lipper is an independent provider of investment company data. The Board received a

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

description of the methodology used by Lipper to select the mutual funds in the performance Universe. The Board noted that the performance of the Fund (Class A) was higher than or in range of the median performance of the Universe for all periods under review except for the one-year period. The Board also noted that the performance of the Fund was higher than its benchmark, the Bank of America Merrill Lynch Global Broad Market Ex. U.S. Index, for all periods under review.

The Board received information concerning, and discussed factors contributing to, the underperformance of the Fund relative to the Universe for the one-year period under review. Funds Management advised the Board about the market conditions and investment decisions that it believed contributed to the underperformance during that period. The Board noted the positive performance of the Fund for all other periods under review and was satisfied with the explanation it received.

The Board received and considered information regarding the Fund’s net operating expense ratios and their various components, including actual management fees (which reflect fee waivers, if any, and include advisory, administration and transfer agent fees), custodian and other non-management fees, Rule 12b-1 and non-Rule 12b-1 service fees and fee waiver and expense reimbursement arrangements. The Board also considered these ratios in comparison to the median ratios of funds in class-specific expense groups that were determined by Lipper to be similar to the Fund (the “Groups”). The Board received a description of the methodology used by Lipper to select the mutual funds in the expense Groups. Based on the Lipper reports, the Board noted that the net operating expense ratios of the Fund were lower than or in range of the median net operating expense ratios of the expense Groups.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board concluded that the overall performance and expense structure of the Fund supported the re-approval of the Advisory Agreements.

Investment advisory and sub-advisory fee rates

The Board reviewed and considered the contractual investment advisory fee rates that are payable by the Fund to Funds Management for investment advisory services (the “Advisory Agreement Rates”), both on a stand-alone basis and on a combined basis with the Fund’s fund-level and class-level contractual administration fee rates (the “Management Rates”). The Board noted that the administration fees include transfer agency costs. The Board also reviewed and considered the contractual investment sub-advisory fee rates that are payable by Funds Management to the Sub-Adviser for investment sub-advisory services (the “Sub-Advisory Agreement Rates”).

Among other information reviewed by the Board was a comparison of the Management Rates of the Fund with those of other funds in the expense Groups at a common asset level. The Board noted that the Management Rates of the Fund were in range of the median rates for the Fund’s expense Groups for all classes except for Class A. The Board viewed favorably the fact that the net operating expense ratios of the Fund were lower than or in range of the median net operating expense ratios of the expense Groups for all classes, including Class A.

The Board also received and considered information about the portion of the total advisory fee that was retained by Funds Management after payment of the fee to the Sub-Adviser for sub-advisory services. In assessing the reasonableness of this amount, the Board received and evaluated information concerning the nature and extent of responsibilities retained and risks assumed by Funds Management and not delegated to or assumed by the Sub-Adviser, and about Funds Management’s on-going oversight services. In recognition of the fact that the Wells Fargo enterprise provides a suite of combined advisory and sub-advisory services to the Fund through affiliated entities, the Board ascribed limited relevance to the allocation of the total advisory fee between Funds Management and the Sub-Adviser.

The Board also received and considered information about the nature and extent of services offered and fee rates charged by Funds Management and the Sub-Adviser to other types of clients. In this regard, the Board received information about the significantly greater scope of services, and compliance, reporting and other legal burdens and risks of managing mutual funds compared with those associated with managing assets of non-mutual fund clients such as collective funds or institutional separate accounts.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board determined that the Advisory Agreement Rates and the Sub-Advisory Agreement Rates were reasonable in light of the services covered by the Advisory Agreements.

Profitability

The Board received and considered information concerning the profitability of Funds Management, as well as the profitability of Wells Fargo as a whole, from providing services to the Fund. The Board did not receive or consider to be necessary separate profitability information with respect to the Sub-Adviser, because, as an affiliate of Funds Management, its profitability information was subsumed in the collective Wells Fargo profitability analysis provided by Funds Management.

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

Funds Management explained the methodologies and estimates that it used in calculating the profitability from the Fund and the fund family as a whole. Among other things, the Board noted that the levels of profitability reported on a fund-by-fund basis varied widely, depending on factors such as the size and type of fund. Based on its review, the Board did not deem the profits reported by Funds Management to be at a level that would prevent it from approving the continuation of the Advisory Agreements.

Economies of scale

With respect to possible economies of scale, the Board reviewed the breakpoints in the Fund’s advisory fee and administration fee structure, which operate generally to reduce the Fund’s expense ratios as the Fund grows in size. It considered that, for a small fund or a fund that shrinks in size, breakpoints conversely can result in higher fee levels. The Board also considered fee waiver and expense reimbursement arrangements as a means of sharing potential economies of scale with the Fund. The Board acknowledged the inherent limitations of any analysis of potential economies of scale and of any attempt to correlate breakpoints with such economies. Nonetheless, the Board concluded that the breakpoints and net operating expense ratio caps appeared to be a reasonable approach to sharing potential economies of scale with the Fund.

Other benefits to Funds Management and the Sub-Adviser

The Board received and considered information regarding potential “fall-out” or ancillary benefits received by Funds Management and its affiliates, including the Sub-Adviser, as a result of their relationship with the Fund. Ancillary benefits could include, among others, benefits directly attributable to other relationships with the Fund and benefits potentially derived from an increase in Funds Management’s and the Sub-Adviser’s business as a result of their relationship with the Fund (such as the ability to market to shareholders other financial products and services offered by Funds Management and its affiliates, including the Sub-Adviser, or to operate other products and services that follow investment strategies similar to those of the Fund).

The Board considered that Wells Fargo Funds Distributor, LLC, an affiliate of Funds Management, serves as distributor to the Fund and receives certain compensation for those services. The Board noted that various financial institutions, including affiliates of Funds Management, may receive distribution-related fees, shareholder servicing payments (including amounts derived from payments under Rule 12b-1 plans) and sub-transfer agency fees in respect of shares sold or held through them and services provided.

The Board also reviewed information about whether and to what extent soft dollar credits are sought and how any such credits are utilized, and any benefits that might be realized by an affiliated broker that handles portfolio transactions for the Fund.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board did not find that any ancillary benefits received by Funds Management and its affiliates, including the Sub-Adviser, were unreasonable.

Conclusion

After considering the above-described factors and based on its deliberations and its evaluation of the information described above, the Board unanimously approved the continuation of the Advisory Agreements for an additional one-year period.

List of abbreviations Wells Fargo Advantage International Bond Fund 35

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

ACA —  ACA Financial Guaranty Corporation

ADR —  American depositary receipt

ADS —  American depositary shares

AGC —  Assured Guaranty Corporation

AGM —  Assured Guaranty Municipal

Ambac —  Ambac Financial Group Incorporated

AMT —  Alternative minimum tax

AUD —  Australian dollar

BAN —  Bond anticipation notes

BHAC —  Berkshire Hathaway Assurance Corporation

BRL —  Brazilian real

CAB —  Capital appreciation bond

CAD —  Canadian dollar

CCAB —  Convertible capital appreciation bond

CDA —  Community Development Authority

CDO —  Collateralized debt obligation

CHF —  Swiss franc

COP —  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.

216828 06-13 SA235/SAR235 4-13

Wells Fargo Advantage Strategic Income Fund

Semi-Annual Report

April 30, 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	13
Statement of operations	14
Statement of changes in net assets	15
Financial highlights	16
Notes to financial statements	20
Other information	27
List of abbreviations	33

The views expressed and any forward-looking statements are as of April 30, 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 100 mutual funds across a wide range of asset classes, representing over $228 billion in assets under management, as of April 30, 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-Term Bond Fund
California Limited-Term Tax-Free Fund	Income Plus Fund	Short-Term High Yield Bond Fund
California Tax-Free Fund	Inflation-Protected Bond Fund	Short-Term Municipal Bond Fund
Colorado Tax-Free Fund	Intermediate Tax/AMT-Free Fund	Strategic Income Fund
Conservative Income Fund	International Bond Fund	Strategic Municipal Bond Fund
Core Bond Fund	Minnesota Tax-Free Fund	Ultra Short-Term Income Fund
Emerging Markets Local Bond Fund	Municipal Bond Fund	Ultra Short-Term Municipal Income Fund
Government Securities Fund	North Carolina Tax-Free Fund	Wisconsin Tax-Free Fund
High Income Fund	Pennsylvania Tax-Free Fund
High Yield Bond Fund	Short Duration Government Bond Fund
Asset allocation funds
Absolute Return Fund	WealthBuilder Equity Portfolio†	Target 2020 Fund†
Asset Allocation Fund	WealthBuilder Growth Allocation Portfolio†	Target 2025 Fund†
Diversified Capital Builder Fund	WealthBuilder Growth Balanced Portfolio†	Target 2030 Fund†
Diversified Income Builder Fund	WealthBuilder Moderate Balanced Portfolio†	Target 2035 Fund†
Growth Balanced Fund	WealthBuilder Tactical Equity Portfolio†	Target 2040 Fund†
Index Asset Allocation Fund	Target Today Fund†	Target 2045 Fund†
Moderate Balanced Fund	Target 2010 Fund†	Target 2050 Fund†
WealthBuilder Conservative Allocation Portfolio†	Target 2015 Fund†	Target 2055 Fund†
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 Strategic Income Fund Letter to shareholders (unaudited)

Karla M. Rabusch

President

Wells Fargo Advantage Funds

High-yield fixed-income performance was best among the lowest-rated securities, as continued monetary accommodation from the U.S. Federal Reserve (Fed) strengthened the demand for securities with higher yields.

High-yield fixed-income markets continued to outperform the investment-grade segments of the fixed-income markets, as each lower-rated credit tier outperformed each respectively higher credit tier.

Dear Valued Shareholder:

We are pleased to offer you the first shareholder report for the Wells Fargo Advantage Strategic Income Fund since commencement of operations on January 31, 2013 through April 30, 2013. During the period, high-yield fixed-income performance was best among the lowest-rated securities, as continued monetary accommodation from the U.S. Federal Reserve (Fed) strengthened the demand for securities with higher yields. The longer-maturity segments of the fixed-income markets outperformed the shorter-maturity segments, benefiting from higher yields and increasing prices.

U.S. high yield continued to outperform, while U.S. Treasury yields declined.

Before the period began, growing confidence in the U.S. economy and improving stability in the European credit markets drove longer-maturity U.S. Treasury yields significantly higher in December 2012 and January 2013. However, those trends steadily reversed during the three-month period, as U.S. Treasury yields continuously declined over February, March, and April 2013. The yield on the 10-year U.S. Treasury note began the period at 1.98% and finished at 1.68%. U.S. high-yield securities continued to perform well throughout the period, benefiting from both the declining yields and the corresponding price increases across the fixed-income markets, as well as higher spread compensation across the high-yield credit tiers.

Over the months of February, March, and April 2013, high-yield fixed-income markets continued to outperform the investment-grade segments of the fixed-income markets, as each lower-rated credit tier outperformed each respectively higher credit tier. Spreads across the high-yield credit spectrum continued to grind tighter, particularly in the CCC-rated credit tier. The CCC-rated subsector of the Barclays U.S. Corporate High Yield Index¹ returned 4.81% during the period and saw spreads decline from 727 basis points (bps; 100 bps equals 1.00%) at the start of the period to 637 bps at the finish. Credit risks generally continued to be better rewarded than interest-rate risks during the period, meaning that higher-yield compensation from lower-rated securities generally performed better than higher-yield compensation from longer-maturity securities.

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

Periods of uncertainty can present challenges, but experience has taught us that maintaining a long-term investment strategy based on individual goals and risk tolerance can be an effective way to plan for the future. To help you create a sound strategy based on your personal goals and risk tolerance, Wells Fargo Advantage Funds offers more than 100 mutual funds and other investments spanning a wide range of asset classes and investment styles. Although diversification² cannot guarantee an investment profit or prevent losses, we believe it can be an effective way to manage investment risk and potentially smooth out overall portfolio performance.

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.

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

2. Diversification does not assure or guarantee better performance and cannot eliminate the risk of investment losses.

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

Sincerely,

Karla M. Rabusch

President

Wells Fargo Advantage Funds

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

Investment objective

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

Adviser

Wells Fargo Funds Management, LLC

Subadvisers

First International Advisors, LLC

Wells Capital Management Incorporated

Portfolio managers

Michael Bray, CFA

David Germany, Ph.D

Niklas Nordenfelt, CFA

Anthony Norris

Margaret D. Patel

Thomas M. Price, CFA

Scott M. Smith, CFA

Average annual total returns (%) as of April 30, 2013

		Including sales charge			Excluding sales charge		Expense ratios1 (%)
	Inception date	Since inception			Since inception		Gross		Net2
Class A (WSIAX)	1-31-2013		(3.57	)		0.96		1.11		0.90
Class C (WSICX)	1-31-2013		(0.19	)		0.81		1.86		1.65
Administrator Class (WSIDX)	1-31-2013		–			0.97		1.05		0.75
Institutional Class (WSINX)	1-31-2013		–			1.03		0.78		0.60
Barclays U.S. Universal Bond Index3	–		–			1.70		–		–

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, which assumes the reinvestment of dividends and capital gains. Current month-end performance is available on the Fund’s website, wellsfargoadvantagefunds.com.

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

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

Bond values fluctuate in response to the financial condition of individual issuers, general market and economic conditions, and changes in interest rates. In general, when interest rates rise, bond values fall and investors may lose principal value. High-yield securities have a greater risk of default and tend to be more volatile than higher-rated debt securities. Loans are subject to risks similar to those associated with other below-investment-grade bond investments, such as credit risk (for example, risk of issuer default), below-investment-grade bond risk (for example, risk of greater volatility in value), and risk that the loan may become illiquid or difficult to price. Foreign investments are especially volatile and can rise or fall dramatically due to differences in the political and economic conditions of the host country. These risks are generally intensified in emerging markets. The use of derivatives may reduce returns and/or increase volatility. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). The Fund is exposed to mortgage- and asset-backed securities risk, and regional risk. Consult the Fund’s prospectus for additional information on these and other risks.

Please see footnotes on page 5.

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

Ten largest long-term holdings4 (%) as of April 30, 2013
Russia, 6.20%, 1-31-2018	3.96
Poland, 4.00%, 10-25-2023	2.47
Republic of South Africa, 7.75%, 2-28-2023	2.44
Brazil, 10.00%, 1-1-2017	1.84
Brazil, 8.50%, 1-5-2024	1.76
Turkey, 9.00%, 3-8-2017	1.66
Mexico, 8.50%, 11-18-2038	1.65
Mexico, 7.25%, 12-15-2016	1.30
Malaysia, 4.26%, 9-15-2016	1.22
Texas Competitive Electric Holidngs LLC, 3.50%, 10-10-2014	1.19

Portfolio allocation⁵ as of April 30, 2013

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

2. The Adviser has committed through February 28, 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.

3. The Barclays U.S. Universal Bond Index is an unmanaged market value-weighted performance benchmark for the U.S. dollar-denominated bond market, which includes investment-grade, high yield, and emerging market debt securities with maturities of one year or more. You cannot invest directly in an index.

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

5. Portfolio allocation is subject to change and is calculated based on the total long-term investments of the Fund.

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

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

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from November 1, 2012 to April 30, 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 11-1-2012		Ending account value 4-30-2013		Expenses paid during the period1		Net annual expense ratio
Class A
Actual	$	1,000.00	$	1,009.59	$	4.48		0.90	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.33	$	4.51		0.90	%
Class C
Actual	$	1,000.00	$	1,008.06	$	8.22		1.65	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,016.61	$	8.25		1.65	%
Administrator Class
Actual	$	1,000.00	$	1,009.71	$	3.74		0.75	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.08	$	3.76		0.75	%
Institutional Class
Actual	$	1,000.00	$	1,010.27	$	2.99		0.60	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.82	$	3.01		0.60	%

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

Portfolio of investments—April 30, 2013 (unaudited) Wells Fargo Advantage Strategic Income Fund 7

Security name	Interest rate			Maturity date		Principal		Value
Asset-Backed Securities: 2.97%
AmeriCredit Automobile Receivables Trust Series 2012-4 Class E 144A		3.82	%		2-10-2020	$	250,000	$	260,449
CAL Funding II Limited Series 2012-1A Class A 144A		3.47			10-25-2027		237,500		243,187
Santander Drive Auto Receivables Trust Series 2012-5 Class D		3.30			9-17-2018		95,000		98,517
TAL Advantage LLC Series 2013-1A Class A 144A		2.83			2-22-2038		147,500		147,997
Total Asset-Backed Securities (Cost $753,278)									750,150
Corporate Bonds and Notes: 30.62%
Consumer Discretionary: 9.08%
Automobiles: 1.05%
Ford Motor Company		7.45			7-16-2031		200,000		266,351
Diversified Consumer Services: 0.73%
Service Corporation International		8.00			11-15-2021		150,000		183,750
Hotels, Restaurants & Leisure: 2.51%
CityCenter Holdings LLC ¥		10.75			1-15-2017		250,000		276,563
Darden Restaurants Incorporated		3.35			11-1-2022		200,000		194,079
NAI Entertainment Holdings LLC 144A		8.25			12-15-2017		150,000		162,750
									633,392
Household Durables: 1.03%
Mohawk Industries Incorporated		3.85			2-1-2023		250,000		261,065
Internet & Catalog Retail: 0.78%
Expedia Incorporated		5.95			8-15-2020		175,000		196,095
Media: 2.98%
Cinemark USA Incorporated 144A		5.13			12-15-2022		200,000		207,000
DIRECTV Holdings LLC		3.80			3-15-2022		200,000		210,094
DISH DBS Corporation		6.75			6-1-2021		150,000		162,000
Lamar Media Corporation		5.88			2-1-2022		150,000		164,063
Lynx I Corporation 144A		5.38			4-15-2021		5,000		5,338
Lynx II Corporation 144A		6.38			4-15-2023		5,000		5,413
									753,908
Consumer Staples: 2.68%
Beverages: 0.80%
Constellation Brands Incorporated		7.25			9-1-2016		175,000		201,250
Food Products: 1.12%
Dean Foods Company		7.00			6-1-2016		250,000		283,750
Tobacco: 0.76%
Lorillard Tobacco Company		8.13			6-23-2019		150,000		192,064
Energy: 4.72%
Energy Equipment & Services: 1.64%
NGPL PipeCo LLC 144A		7.77			12-15-2037		250,000		250,625
PHI Incorporated		8.63			10-15-2018		150,000		164,063
									414,688

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

8 Wells Fargo Advantage Strategic Income Fund Portfolio of investments—April 30, 2013 (unaudited)

Security name	Interest rate			Maturity date		Principal			Value
Oil, Gas & Consumable Fuels: 3.08%
Denbury Resources Incorporated		6.38	%		8-15-2021	$	150,000		$	167,250
Energy Transfer Partners LP		5.20			2-1-2022		125,000			142,935
Sabine Pass LNG LP 144A		5.63			2-1-2021		25,000			25,875
Sabine Pass LNG LP 144A		5.63			4-15-2023		10,000			10,275
Sabine Pass LNG LP 144A		6.50			11-1-2020		250,000			268,125
Suburban Propane Partners LP		7.38			3-15-2020		150,000	��		163,125
										777,585
Financials: 3.67%
Capital Markets: 0.80%
Lazard Group LLC		6.85			6-15-2017		175,000			201,297
Consumer Finance: 0.60%
HSBC Finance Corporation		6.68			1-15-2021		125,000			151,276
Diversified Financial Services: 1.03%
General Electric Capital Corporation		5.30			2-11-2021		225,000			261,424
Insurance: 0.44%
Prudential Financial Incorporated ±		5.20			3-15-2044		110,000			111,925
REITs: 0.80%
American Tower Corporation		3.50			1-31-2023		200,000			202,083
Health Care: 1.94%
Health Care Providers & Services: 1.94%
Coventry Health Care Incorporated		5.45			6-15-2021		225,000			268,141
Health Management Associates Incorporated		6.13			4-15-2016		200,000			220,500
										488,641
Industrials: 1.48%
Air Freight & Logistics: 0.65%
Bristow Group Incorporated		6.25			10-15-2022		150,000			163,500
Transportation Infrastructure: 0.83%
Penske Truck Leasing 144A		4.25			1-17-2023		200,000			211,014
Information Technology: 1.87%
Computers & Peripherals: 1.00%
NCR Corporation 144A		5.00			7-15-2022		250,000			253,125
Internet Software & Services: 0.06%
Verisign Incorporated 144A		4.63			5-1-2023		15,000			15,375
IT Services: 0.81%
First Data Corporation		11.25			3-31-2016		200,000			203,500

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

Portfolio of investments—April 30, 2013 (unaudited) Wells Fargo Advantage Strategic Income Fund 9

Security name	Interest rate			Maturity date		Principal		Value
Telecommunication Services: 4.75%
Diversified Telecommunication Services: 1.63%
Cincinnati Bell Incorporated		8.25	%		10-15-2017	$	250,000	$	267,500
GCI Incorporated		6.75			6-1-2021		150,000		143,250
									410,750
Wireless Telecommunication Services: 3.12%
MetroPCS Wireless Incorporated		6.63			11-15-2020		150,000		162,375
Motorola Solutions Incorporated		3.75			5-15-2022		200,000		208,202
Sprint Capital Corporation		6.88			11-15-2028		250,000		255,625
TW Telecommunications Holdings Incorporated		5.38			10-1-2022		155,000		162,363
									788,565
Utilities: 0.43%
Independent Power Producers & Energy Traders: 0.43%
NSG Holdings LLC 144A(i)		7.75			12-15-2025		100,000		107,500
Total Corporate Bonds and Notes (Cost $7,642,264)									7,733,873
Foreign Government Bonds@: 24.27%
Brazil (BRL)		8.50			1-5-2024		800,000		445,033
Brazil (BRL)		10.00			1-1-2017		875,000		465,642
Hungary (HUF)		6.75			8-22-2014		62,500,000		283,652
Hungary (HUF)		6.75			11-24-2017		63,000,000		297,619
Indonesia (IDR)		5.25			5-15-2018		2,850,000,000		297,549
Indonesia (IDR)		8.25			6-15-2032		1,475,000,000		181,921
Malaysia (MYR)		3.26			3-1-2018		350,000		115,603
Malaysia (MYR)		4.26			9-15-2016		900,000		307,638
Mexico (MXN)		7.25			12-15-2016		3,600,000		328,065
Mexico (MXN)		8.50			11-18-2038		3,500,000		416,517
Poland (PLN)		4.00			10-25-2023		1,850,000		623,995
Republic of South Africa (ZAR)		7.75			2-28-2023		5,000,000		617,133
Romania (RON)		6.00			4-30-2016		400,000		125,256
Russia (RUB)		6.20			1-31-2018		30,850,000		1,000,772
Turkey (TRY)		6.30			2-14-2018		360,000		204,624
Turkey (TRY)		9.00			3-8-2017		675,000		420,192
Total Foreign Government Bonds (Cost $6,079,484)									6,131,211
Municipal Obligations: 1.54%
Idaho: 0.52%
Idaho Housing & Finance Association Legacy Public Charter School (Miscellaneous Revenue)		7.00			5-1-2017		130,000		130,897
Texas: 1.02%
North Texas Tollway Authority (Transportation Revenue)		8.91			2-1-2030		210,000		258,164
Total Municipal Obligations (Cost $379,524)									389,061

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

10 Wells Fargo Advantage Strategic Income Fund Portfolio of investments—April 30, 2013 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Non-Agency Mortgage Backed Securities: 9.96%
Americold LLC Trust Series 2010-ARTA Class B 144A		6.03	%		1-14-2029	$	200,000	$	241,441
BB-UBS Trust Series 2012-TFT Class C 144A±		3.58			6-5-2030		150,000		152,039
Commercial Mortgage Trust Series 2011-THL Class B 144A		4.55			6-9-2028		160,000		164,475
Commercial Mortgage Trust Series 2012-LC4 Class B ±		4.93			12-10-2044		175,000		201,183
FREMF Mortgage Trust Series 2011-K15 Class B 144A±		4.93			8-25-2044		250,000		281,245
FREMF Mortgage Trust Series 2011-K703 Class B 144A±		4.89			7-25-2044		250,000		280,427
FREMF Mortgage Trust Series 2013-K502 Class B 144A±		2.84			3-25-2045		250,000		256,375
GS Mortgage Securities Trust Series 2012 Class B 144A		3.41			12-10-2030		250,000		253,813
JPMorgan Chase Commercial Mortgage Securities Trust Series 2011-C5 Class B 144A±		5.49			8-15-2046		250,000		293,286
Morgan Stanley Capital I Series 2007-HQ11 Class AM ±		5.48			2-12-2044		25,000		28,646
Morgan Stanley Trust Series 2012-C5 Class B ±		4.44			8-15-2045		250,000		279,575
Morgan Stanley Trust Series 2013-C7 Class C ±		4.33			2-15-2046		80,000		84,445
Total Non-Agency Mortgage Backed Securities (Cost $2,487,630)									2,516,950
Term Loans: 24.14%
Albertson’s LLC		5.75			3-21-2016		30,000		30,321
Allison Transmission Incorporated		3.21			8-7-2017		149,625		151,121
AMC Entertainment Incorporated <		0.00			4-30-2020		10,000		10,065
Applied Systems Incorporated <		0.00			6-8-2017		10,000		10,066
Arris Group Incorporation		3.50			2-7-2020		55,000		55,035
Bausch & Lomb Incorporated <		0.00			12-25-2016		25,000		25,177
Capital Automotive LP		4.25			3-27-2019		134,839		135,821
CBAC Borrower LLC <		0.00			4-24-2020		10,000		9,950
CDW LLC <		0.00			4-29-2020		60,000		60,113
Centaur LLC		5.25			2-20-2019		60,000		60,900
Charter Communications <		0.00			1-19-2021		25,000		24,969
Community Health Systems Incorporated		3.79			1-25-2017		150,000		151,370
Cricket Communications Incorporated		4.75			10-10-2019		249,375		250,622
Cricket Communications Incorporated		4.75			2-21-2020		10,000		10,041
Crown Castle International Corporation		3.25			1-31-2019		249,369		250,531
CSC Holdings Incorporated		2.70			4-15-2020		130,000		129,631
DineEquity Incorporated		3.75			10-19-2017		249,364		252,833
Dole Food Company Incorporated <		0.00			4-1-2020		10,000		10,063
Dunkin’ Brands Incorporated		3.75			2-11-2020		249,324		251,705
Federal-Mogul Corporation		2.14			12-27-2014		165,105		156,410
Federal-Mogul Corporation		2.14			12-27-2015		84,237		79,801
Focus Brands Incorporated <		0.00			2-21-2018		30,000		30,188
HCA Incorporated <		0.00			5-1-2018		100,000		100,181
Hubbard Radio LLC		4.50			4-29-2017		25,000		25,406
Intelsat Jackson Holdings Limited		4.25			4-2-2018		249,373		252,491
KAR Auction Services Incorporated		3.75			5-19-2017		243,809		247,030
Level 3 Financing Incorporated		5.25			8-1-2019		250,000		253,250
MetroPCS Wireless Incorporated		4.88			3-17-2018		199,491		199,533
MGM Resorts International		4.25			12-20-2019		249,375		252,856
MTL Publishing LLC		4.25			6-29-2018		65,000		65,785
Multiplan Incorporated		4.00			8-26-2017		38,621		38,999
National Cinemedia LLC <		0.00			11-20-2019		45,000		45,000
Nielsen Finance LLC		2.95			5-2-2016		249,375		252,492
NRG Energy Incorporated B		3.25			7-2-2018		249,365		252,223

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

Portfolio of investments—April 30, 2013 (unaudited) Wells Fargo Advantage Strategic Income Fund 11

Security name	Interest rate			Maturity date		Principal		Value
Term Loans (continued)
Nusil Technology LLC		5.00	%		4-7-2017	$	4,986	$	5,013
Pep Boys-Manny, Moe & Jack		5.00			10-11-2018		199,500		202,233
Philadelphia Energy Solutions LLC <		0.00			3-19-2018		25,000		25,438
Regal Cinemas Corporation <		0.00			8-23-2017		250,000		251,458
Riverbed Technology Incorporation		4.00			12-18-2019		182,603		185,799
SBA Senior Finance II LLC		3.75			9-20-2019		54,986		55,278
SRAM LLC First Lien <		0.00			6-7-2018		10,000		10,063
Starwood Property Trust Incorporated		3.50			2-11-2020		25,000		25,063
Sungard Data Systems Incorporated		4.50			1-31-2020		149,625		151,403
Supervalu Incorporated		6.25			3-21-2019		25,000		25,372
Syniverse Holdings Incorporated		1.00			4-23-2019		250,000		250,783
Tallgrass Energy Partners LP		5.71			11-13-2018		199,500		200,747
Texas Competitive Electric Holdings LLC		3.73			10-10-2014		400,000		300,332
The Geo Group Incorporated <		0.00			3-31-2020		25,000		25,115
United Surgical Partners International Incorporated <		0.00			4-3-2019		10,000		9,950
Valeant Pharmaceuticals International Incorporated Series C <		0.00			12-11-2019		200,000		202,200
Vertafore Incorporated		4.25			10-2-2019		15,000		15,131
Washington Multifamily Laundry Systems LLC		5.25			2-21-2019		25,000		25,250
Total Term Loans (Cost $6,102,165)									6,098,607
Yankee Corporate Bonds and Notes: 3.31%
Consumer Discretionary: 0.81%
Media: 0.81%
WPP Finance 2010 Company		3.63			9-7-2022		200,000		203,843
Financials: 0.64%
Commercial Banks: 0.64%
Banco de Brasil 144A		5.88			1-26-2022		150,000		163,125
Industrials: 1.54%
Building Products: 1.03%
ArcelorMittal		4.25			8-5-2015		250,000		261,205
Construction & Engineering: 0.51%
Odebrecht Finance Limited 144A		4.38			4-25-2025		130,000		128,700
Telecommunication Services: 0.32%
Diversified Telecommunication Services: 0.32%
Intelsat Bermuda Limited		11.25			2-4-2017		75,000		79,875
Total Yankee Corporate Bonds and Notes (Cost $828,234)									836,748
	Yield					Shares
Short-Term Investments: 5.97%
Investment Companies: 5.75%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)##		0.13					1,451,582		1,451,582

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

12 Wells Fargo Advantage Strategic Income Fund Portfolio of investments—April 30, 2013 (unaudited)

Security name	Yield			Maturity date		Principal		Value
U.S. Treasury Securities: 0.22%
U.S. Treasury Bill #(z)		0.02	%		6-20-2013	$	50,000	$	49,998
U.S. Treasury Bill #(z)		0.02			6-20-2013		5,000		5,000
									54,998
Total Short-Term Investments (Cost $1,506,578)									1,506,580

Total investments in securities (Cost $25,779,157) *	102.78	%		25,963,180
Other assets and liabilities, net	(2.78	)		(703,348	)
Total net assets	100.00	%	$	25,259,832

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

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

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

@ Foreign bond principal is denominated in local currency.

(i) Illiquid security

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

(l) Investment in an affiliate

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

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

## All or a portion of this security has been segregated for unfunded loans.

(z) Zero coupon security. Rate represents yield to maturity at time of purchase.

* Cost for federal income tax purposes is $25,779,766 and unrealized appreciation (depreciation) consists of:

Gross unrealized appreciation	$	309,201
Gross unrealized depreciation		(125,787	)
Net unrealized appreciation	$	183,414

Statement of assets and liabilities—April 30, 2013 (unaudited) Wells Fargo Advantage Strategic Income Fund 13

Assets
Investments
In unaffiliated securities, at value (see cost below)	$	24,511,598
In affiliated securities, at value (see cost below)		1,451,582
Total investments, at value (see cost below)		25,963,180
Foreign currency, at value (see cost below)		28,892
Receivable for investments sold		22,825
Receivable for interest		270,615
Receivable for daily variation margin on open futures contracts		4,266
Unrealized gains on forward foreign currency contracts		27,736
Receivable from adviser		4,581
Prepaid expenses and other assets		58,549
Total assets		26,380,644
Liabilities
Payable for investments purchased		1,100,781
Unrealized losses on forward foreign currency contracts		15,142
Distribution fees payable		314
Due to other related parties		2,753
Accrued expenses and other liabilities		1,822
Total liabilities		1,120,812
Total net assets	$	25,259,832
NET ASSETS CONSIST OF
Paid-in capital	$	25,155,941
Undistributed net investment income		41,001
Accumulated net realized losses on investments		(34,395	)
Net unrealized gains on investments		97,285
Total net assets	$	25,259,832
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE1
Net assets – Class A	$	506,818
Shares outstanding – Class A		50,480
Net asset value per share – Class A		$10.04
Maximum offering price per share – Class A2		$10.51
Net assets – Class C	$	503,852
Shares outstanding – Class C		50,202
Net asset value per share – Class C		$10.04
Net assets – Administrator Class	$	504,970
Shares outstanding – Administrator Class		50,285
Net asset value per share – Administrator Class		$10.04
Net assets – Institutional Class	$	23,744,192
Shares outstanding – Institutional Class		2,364,676
Net asset value per share – Institutional Class		$10.04
Investments in unaffiliated securities, at cost	$	24,327,575
Investments in affiliated securities, at cost	$	1,451,582
Total investments, at cost	$	25,779,157
Foreign currency, at cost	$	28,777

1. The Fund has an unlimited number of authorized shares.

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

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

14 Wells Fargo Advantage Strategic Income Fund Statement of operations—period ended April 30, 2013¹ (unaudited)

Investment income
Interest*	$	231,870
Income from affiliated securities		1,695
Total investment income		233,565
Expenses
Advisory fee		29,021
Administration fees
Fund level		3,055
Class A		195
Class C		196
Administrator Class		121
Institutional Class		4,596
Shareholder servicing fees
Class A		305
Class C		306
Administrator Class		304
Distribution fees
Class C		921
Custody and accounting fees		3,163
Professional fees		14,589
Registration fees		14,066
Shareholder report expenses		5,762
Trustees’ fees and expenses		2,934
Other fees and expenses		1,581
Total expenses		81,115
Less: Fee waivers and/or expense reimbursements		(42,620	)
Net expenses		38,495
Net investment income		195,070
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized losses on:
Unaffiliated securities		(6,371	)
Futures transactions		(28,024	)
Net realized losses on investments		(34,395	)
Net change in unrealized gains (losses) on:
Unaffiliated securities		183,460
Futures transactions		(98,769	)
Forward foreign currency contract transactions		12,594
Net change in unrealized gains (losses) on investments		97,285
Net realized and unrealized gains (losses) on investments		62,890
Net increase in net assets resulting from operations	$	257,960
* Net of foreign interest withholding taxes in the amount of		$2,371

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

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

Statement of changes in net assets—period ended April 30, 2013¹ (unaudited) Wells Fargo Advantage Strategic Income Fund 15

Operations
Net investment income			$	195,070
Net realized losses on investments				(34,395	)
Net change in unrealized gains (losses) on investments				97,285
Net increase in net assets resulting from operations				257,960
Distributions to shareholders from
Net investment income
Class A				(2,789	)
Class C				(2,033	)
Administrator Class				(2,839	)
Institutional Class				(146,408	)
Total distributions to shareholders				(154,069	)
	Shares
Capital share transactions
Proceeds from shares sold
Class A	50,201			502,000
Class C	51,574			515,645
Administrator Class	50,000			500,000
Institutional Class	2,350,000			23,500,000
				25,017,645
Reinvestment of distributions
Class A	279			2,789
Class C	204			2,033
Administrator Class	285			2,839
Institutional Class	14,676			146,408
				154,069
Payment for shares redeemed
Class C	(1,576	)		(15,773	)
Net increase in net assets resulting from capital share transactions				25,155,941
Total increase in net assets				25,259,832
Net assets
Beginning of period				0
End of period			$	25,259,832
Undistributed net investment income			$	41,001

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

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

16 Wells Fargo Advantage Strategic Income Fund Financial highlights

(For a share outstanding throughout the period)

CLASS A	Period ended April 30, 20131 (unaudited)
Net asset value, beginning of period	$	10.00
Net investment income		0.07
Net realized and unrealized gains (losses) on investments		0.03
Total from investment operations		0.10
Distributions to shareholders from
Net investment income		(0.06	)
Net asset value, end of period	$	10.04
Total return2		0.96	%
Ratios to average net assets (annualized)
Gross expenses		1.62	%
Net expenses		0.90	%
Net investment income		2.93	%
Supplemental data
Portfolio turnover rate		11	%
Net assets, end of period (000s omitted)		$507

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

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

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

Financial highlights Wells Fargo Advantage Strategic Income Fund 17

(For a share outstanding throughout the period)

CLASS C	Period ended April 30, 20131 (unaudited)
Net asset value, beginning of period	$	10.00
Net investment income		0.05
Net realized and unrealized gains (losses) on investments		0.03
Total from investment operations		0.08
Distributions to shareholders from
Net investment income		(0.04	)
Net asset value, end of period	$	10.04
Total return2		0.81	%
Ratios to average net assets (annualized)
Gross expenses		2.37	%
Net expenses		1.65	%
Net investment income		2.18	%
Supplemental data
Portfolio turnover rate		11	%
Net assets, end of period (000s omitted)		$504

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

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

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

18 Wells Fargo Advantage Strategic Income Fund Financial highlights

(For a share outstanding throughout the period)

ADMINISTRATOR CLASS	Period ended April 30, 20131 (unaudited)
Net asset value, beginning of period	$	10.00
Net investment income		0.07
Net realized and unrealized gains (losses) on investments		0.03
Total from investment operations		0.10
Distributions to shareholders from
Net investment income		(0.06	)
Net asset value, end of period	$	10.04
Total return2		0.97	%
Ratios to average net assets (annualized)
Gross expenses		1.56	%
Net expenses		0.75	%
Net investment income		3.08	%
Supplemental data
Portfolio turnover rate		11	%
Net assets, end of period (000s omitted)		$505

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

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

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

Financial highlights Wells Fargo Advantage Strategic Income Fund 19

(For a share outstanding throughout the period)

INSTITUTIONAL CLASS	Period ended April 30, 20131 (unaudited)
Net asset value, beginning of period	$	10.00
Net investment income		0.08
Net realized and unrealized gains (losses) on investments		0.02
Total from investment operations		0.10
Distributions to shareholders from
Net investment income		(0.06	)
Net asset value, end of period	$	10.04
Total return2		1.03	%
Ratios to average net assets (annualized)
Gross expenses		1.29	%
Net expenses		0.60	%
Net investment income		3.23	%
Supplemental data
Portfolio turnover rate		11	%
Net assets, end of period (000s omitted)		$23,744

1. For the period from January 31, 2013 (commencement of class operations) to April 30, 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 Strategic Income Fund Notes to financial statements (unaudited)

1. ORGANIZATION

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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.

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

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

Investments which are not valued using any of the methods discussed above are valued at their fair value, as determined 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.

Foreign currency translation

The accounting records of the Fund are maintained in U.S. dollars. Assets, including investment securities, and liabilities denominated in foreign currency are translated into U.S. dollars at the rates of exchange at a time specified by the Management Valuation Team on the date of valuation. Purchases and sales of securities, and income and expenses are converted at the rate of exchange on the respective dates of such transactions. Reported net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded and the U.S. dollar equivalent of the amounts actually paid or received. Net unrealized foreign exchange gains and losses arise from changes in the fair value of assets and liabilities other than investments in securities resulting in changes in exchange rates.

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

The changes in net assets arising from changes in exchange rates and the changes in net assets resulting from changes in market prices of securities are not separately presented. Such changes are recorded with net realized and unrealized gains or losses from investments. Gains and losses from certain foreign currency transactions are treated as ordinary income for U.S. federal income tax purposes.

Forward foreign currency contracts

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

Term loans

The Fund may invest in term loans. The Fund begins earning interest when the loans are funded. The loans pay interest at rates which are periodically reset by reference to a base lending rate plus a spread. The Fund assumes the credit risk of the borrower and there could be potential loss to the Fund in the event of default by the borrower.

Futures contracts

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

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.

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

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

Distributions to shareholders

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

Federal and other taxes

The Fund intends to 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 will be required.

The Fund’s income and federal excise tax returns and all financial records supporting those returns since commencement of operations will be subject to examination by the federal and Delaware revenue authorities.

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

Class allocations

The separate classes of shares offered by the Fund differ principally in applicable sales charges, distribution, shareholder servicing, and administration fees. Shareholders of each class bear certain expenses that pertain to that particular class. All shareholders bear the common expenses of the Fund, earn income from the portfolio, and are allocated 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.

As of April 30, 2013, the inputs used in valuing investments in securities were as follows:

Investments in securities	Quoted prices (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Asset-backed securities	$	0	$	750,150	$	0	$	750,150
Corporate bonds and notes		0		7,733,873		0		7,733,873
Foreign government bonds		0		6,131,211		0		6,131,211
Municipal obligations		0		389,061		0		389,061
Non-agency mortgage backed securities		0		2,516,950		0		2,516,950
Term loans		0		5,775,204		323,403		6,098,607
Yankee corporate bonds and notes		0		836,748		0		836,748
Short-term investments
Investment companies		1,451,582		0		0		1,451,582
U.S. Treasury securities		54,998		0		0		54,998
	$	1,506,580	$	24,133,197	$	323,403	$	25,963,180

As of April 30, 2013, the inputs used in valuing the Fund’s other financial instruments were as follows:

Other financial instruments	Quoted prices (Level 1)		Significant other observable inputs (Level 2)			Significant unobservable inputs (Level 3)		Total
Futures contracts+	$	0	$	(98,769	)	$	0	$	(98,769	)
Forward foreign currency contracts+		0		12,594			0		12,594

+ Futures contracts and forward foreign currency contracts are presented at the unrealized gains or losses on the instrument.

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

Transfers in and transfers out are recognized at the end of the reporting period. For the period ended April 30, 2013 the Fund did not have any transfers into/out of Level 1 or Level 2.

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

	Term loans
Balance as of January 31, 2013	$	0
Accrued discounts		(128	)
Realized losses		(11	)
Change in unrealized losses		(34	)
Purchases		324,076
Sales		(500	)
Transfers into Level 3		0
Transfers out of Level 3		0
Balance as of April 30, 2013	$	323,403
Change in unrealized gains (losses) relating to securities still held at April 30, 2013	$	(34	)

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

4. TRANSACTIONS WITH AFFILIATES AND OTHER EXPENSES

Advisory Fee

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

Pursuant to the contract, Funds Management is entitled to receive an annual advisory fee starting at 0.475% and declining to 0.375% as the average daily net assets of the Fund increase. For the period from January 31, 2013 to April 30, 2013, the advisory fee was equivalent to an annual rate of 0.475% of the Fund’s average daily net assets.

Funds Management has retained the services of certain subadvisers to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Funds Management. Wells Capital Management Incorporated, an affiliate of Funds Management, is a subadviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.30% and declining to 0.15% as the average daily net assets of the Fund increase. First International Advisors, LLC, an affiliate of Funds Management, is also a subadviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.35% and declining to 0.20% as the average daily net assets of the subadvisers’ portion 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		0.16	%
Administrator Class		0.10
Institutional Class		0.08

Funds Management has contractually waived and/or reimbursed advisory and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. Waiver of fees and/or reimbursement of expenses by Funds Management were made first from fund level expenses on a proportionate basis and then from class specific expenses. Funds Management has committed through February 28, 2014, to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 0.90% for Class A shares, 1.65% for Class C shares, 0.75% for Administrator Class shares, and 0.60% for Institutional Class shares.

24 Wells Fargo Advantage Strategic Income 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.

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.

4. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the period from January 31, 2013 to April 30, 2013 were $27,344,633 and $2,334,408, respectively.

As of April 30, 2013, the Fund had unfunded term loan commitments of $850,781.

5. DERIVATIVE TRANSACTIONS

During the period from January 31, 2013 to April 30, 2013, the Fund entered into futures contracts to manage duration exposure.

At April 30, 2013, the Fund had short futures contracts outstanding as follows:

Expiration date	Contracts	Type	Contract Value at April 30, 2013		Unrealized losses
6-19-2013	45 Short	10-Year U.S. Treasury Notes (CBT)	$	6,001,172	$	(98,008	)
6-28-2013	6 Short	5-Year U.S. Treasury Notes (CBT)		747,844		(761	)

The Fund had an average notional amount of $4,327,435 in futures contracts during the period from January 31, 2013 to April 30, 2013.

During the period from January 31, 2013 to April 30, 2013, the Fund entered into forward foreign currency exchange contracts for economic hedging purposes.

At April 30, 2013, the Fund had forward foreign currency contracts outstanding as follows:

Forward foreign currency contracts to sell:

Exchange date	Counterparty	Contracts to deliver			U.S. value at April, 30, 2013		In exchange for U.S. $		Unrealized gains (losses)
5-6-2013	State Street Bank		5,475,000	ZAR	$	609,882	$	604,188	$	(5,694	)
5-6-2013	State Street Bank		132,200,000	HUF		581,507		609,243		27,736
5-28-2013	State Street Bank		28,000	TRY		15,576		15,487		(89	)
5-28-2013	State Street Bank		1,100,000	TRY		611,924		602,565		(9,359	)

The Fund had average contract amounts of $1,609,123 in forward foreign currency contracts to sell during the period from January 31, 2013 to April 30, 2013.

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

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

The fair value of derivative instruments as of April 30, 2013 was as follows for the Fund:

	Asset derivatives				Liability derivatives
	Balance sheet location	Fair value			Balance sheet location	Fair value
Interest rate contracts	Net assets – Net unrealized gains on investments	$	0	*	Net assets – Net unrealized gains on investments	$	98,769	*
Forward foreign currency contracts	Unrealized gains on forward foreign currency contracts, Net assets – Net unrealized gains on investments		27,736		Unrealized losses on forward foreign currency contracts, Net assets – Net unrealized gains on investments		15,142
		$	27,736			$	113,911

* Amount represents cumulative unrealized gains (losses) on futures contracts. Only the variation margin as of April 30, 2013 is reported separately on the Statement of Assets and Liabilities.

The effect of derivative instruments on the Statement of Operations for the period ended April 30, 2013 was as follows for the Fund:

	Amount of realized gains (losses) on derivatives
	Futures			Forward currency contracts
Interest rate contracts	$	(28,024	)	$	0

	Change in unrealized gains (losses) on derivatives
	Futures			Forward currency contracts
Interest rate contracts	$	(98,769	)	$	0
Forward foreign currency contracts		0			12,594

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

As of April 30, 2013, the Fund has transactions subject to an enforceable master netting agreements. A reconciliation of the gross amounts on the Statement of Assets and Liabilities to the net amounts by derivative type, including any collateral exposure, is as follows:

Description	Gross amounts of assets in the Statement of Assets and Liabilities			Collateral received		Net amount (not less than $0)
Futures contracts	$	98,769	*	$	54,998	$	43,771

* Amount represents cumulative unrealized gains (losses) on futures contracts. Only the variation margin as of April 30, 2013 is reported separately on the Statement of Assets and Liabilities.

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

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 period from January 31, 2013 to April 30, 2013, the Fund paid $13 in commitment fees.

For the period from January 31, 2013 to April 30, 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. SUBSEQUENT DISTRIBUTIONS

On May 24, 2013, the Fund declared distributions from net investment income to shareholders of record on May 23, 2013. The per share amounts payable on May 28, 2013 were as follows:

	Net investment income
Class A		$0.03296
Class C		0.02677
Administrator Class		0.03345
Institutional Class		0.03568

On June 24, 2013, the Fund declared distributions from net investment income to shareholders of record on June 21, 2013. The per share amounts payable on June 25, 2013, were as follows:

	Net investment income
Class A		$0.03173
Class C		0.02600
Administrator Class		0.03215
Institutional Class		0.03420

These distributions are not reflected in the accompanying financial statements.

Other information (unaudited) Wells Fargo Advantage Strategic Income 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 Strategic Income 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 131 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 Strategic Income 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.
Nancy Wiser1 (Born 1967)	Treasurer, since 2012	Executive Vice President of Wells Fargo Funds Management, LLC since 2011. Chief Operating Officer and Chief Compliance Officer at LightBox Capital Management LLC, from 2008 to 2011. Owned and operated a consulting business providing services to various hedge funds including acting as Chief Operating Officer and Chief Compliance Officer for a hedge fund from 2007 to 2008. Chief Operating Officer and Chief Compliance Officer of GMN Capital LLC from 2006 to 2007.
C. David Messman (Born 1960)	Secretary, since 2000; Chief Legal Officer, since 2003	Senior Vice President and Secretary of Wells Fargo Funds Management, LLC since 2001. 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.
Jeremy DePalma1 (Born 1974)	Assistant Treasurer, since 2009	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Vice President, Evergreen Investment Services, Inc. from 2004 to 2007. Head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.

1. Nancy Wiser acts as Treasurer of 73 funds in the Fund Complex. Jeremy DePalma acts as Treasurer of 58 funds and Assistant Treasurer of 73 funds in the Fund Complex.

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

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

BOARD CONSIDERATION OF INVESTMENT ADVISORY AND SUBADVISORY AGREEMENTS:

Under Section 15 of the Investment Company Act of 1940 (the “1940 Act”), the Board of Trustees (the “Board”) of Wells Fargo Funds Trust (the “Trust”), all the members of which have no direct or indirect interest in the investment advisory and sub-advisory agreements and are not “interested persons” of the Trust, as defined in the 1940 Act (the “Independent Trustees”), must determine whether to approve the continuation of the Trust’s investment advisory and sub-advisory agreements. In this regard, at an in-person meeting held on March 28-29, 2013 (the “Meeting”), the Board reviewed: (i) an investment advisory agreement with Wells Fargo Funds Management, LLC (“Funds Management”) for Wells Fargo Advantage Strategic Income Fund (the “Fund”), (ii) an investment sub-advisory agreement with Wells Capital Management Incorporated (“WellsCap”), an affiliate of Funds Management, for the Fund, and (iii) an investment sub-advisory agreement with First International Advisors, LLC (“First International”), an affiliate of Funds Management, for the Fund. The investment advisory agreement with Funds Management and the investment sub-advisory agreements with WellsCap and First International (the “Sub-Advisers”) are collectively referred to as the “Advisory Agreements.”

At the Meeting, the Board considered the factors and reached the conclusions described below relating to the selection of Funds Management and the Sub-Advisers and the continuation of the Advisory Agreements. Prior to the Meeting, the Trustees conferred extensively among themselves and with representatives of Funds Management about these matters. The Board has adopted a team-based approach, with each team consisting of a sub-set of Trustees, to assist the Board in the discharge of its duties in reviewing performance and other matters throughout the year. The Independent Trustees were assisted in their evaluation of the Advisory Agreements by independent legal counsel, from whom they received separate legal advice and with whom they met separately.

In providing information to the Board, Funds Management and the Sub-Advisers were guided by a detailed set of requests for information submitted to them by independent legal counsel on behalf of the Independent Trustees at the start of the Board’s annual contract renewal process earlier in 2013. In considering and approving the Advisory Agreements, the Trustees considered the information they believed relevant, including but not limited to the information discussed below. The Board considered not only the specific information presented in connection with the Meeting, but also the knowledge gained over time through interaction with Funds Management and the Sub-Advisers about various topics. In addition, the Board and the teams mentioned above confer with portfolio managers at various times throughout the year. The Board did not identify any particular information or consideration that was all-important or controlling, and each individual Trustee may have attributed different weights to various factors.

After its deliberations, the Board unanimously determined that the continuation of the Advisory Agreements is in the best interests of the Fund and its shareholders, and that the compensation payable to Funds Management and the Sub-Advisers is reasonable. The Board considered the continuation of the Advisory Agreements for the Fund as part of its consideration of the continuation of advisory agreements for funds across the complex, but each decision was made on a fund-by-fund basis. The following summarizes a number of important, but not necessarily all, factors considered by the Board in reaching its determination.

Nature, extent and quality of services

The Board received and considered various information regarding the nature, extent and quality of services provided to the Fund by Funds Management and the Sub-Advisers under the Advisory Agreements. This information included, among other things, a summary of the background and experience of senior management of Funds Management, and the qualifications, background, tenure and responsibilities of each of the portfolio managers primarily responsible for the day-to-day portfolio management of the Fund.

The Board evaluated the ability of Funds Management and the Sub-Advisers, based on attributes such as their financial condition, resources and reputation, to attract and retain qualified investment professionals, including research, advisory and supervisory personnel. The Board further considered the compliance programs and compliance records of Funds Management and the Sub-Advisers. In addition, the Board took into account the administrative and other services provided to the Fund by Funds Management and its affiliates and Funds Management’s oversight of the Fund’s various service providers.

Fund performance and expenses

The Board acknowledged that the Fund is newly formed and has no performance record. The Board noted that it considered the performance of other accounts managed by WellsCap utilizing an investment style and strategy similar to that of the Fund when the Board initially approved the Advisory Agreements for the Fund at an in-person meeting of the Board held on November 6-7, 2012, including how such accounts performed in relation to the Fund’s benchmark index. The Board noted that it would have the opportunity to review performance information relating to the Fund on an on-going basis and in connection with future annual reviews of advisory agreements.

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

The Board received and considered information regarding the Fund’s net operating expense ratios and their various components, including actual management fees (which reflect fee waivers, if any, and include advisory, administration and transfer agent fees), custodian and other non-management fees, Rule 12b-1 and non-Rule 12b-1 service fees and fee waiver and expense reimbursement arrangements. The Board also considered these ratios in comparison to the median ratios of funds in class-specific expense groups that were determined by Lipper to be similar to the Fund (the “Groups”). The Board received a description of the methodology used by Lipper to select the mutual funds in the expense Groups. Based on the Lipper reports, the Board noted that the net operating expense ratios of the Fund were lower than the median net operating expense ratios of the expense Groups.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board concluded that the expense structure of the Fund supported the re-approval of the Advisory Agreements.

Investment advisory and sub-advisory fee rates

The Board reviewed and considered the contractual investment advisory fee rates that are payable by the Fund to Funds Management for investment advisory services (the “Advisory Agreement Rates”), both on a stand-alone basis and on a combined basis with the Fund’s fund-level and class-level contractual administration fee rates (the “Management Rates”). The Board noted that the administration fees include transfer agency costs. The Board also reviewed and considered the contractual investment sub-advisory fee rates that are payable by Funds Management to each of the Sub-Advisers for investment sub-advisory services (the “Sub-Advisory Agreement Rates”).

Among other information reviewed by the Board was a comparison of the Management Rates of the Fund with those of other funds in the expense Groups at a common asset level. The Board noted that the Management Rates of the Fund were equal to or in range of the median rates for the Fund’s expense Groups.

The Board also received and considered information about the portion of the total advisory fee that was retained by Funds Management after payment of the fee to each of the Sub-Advisers for sub-advisory services. In assessing the reasonableness of this amount, the Board received and evaluated information concerning the nature and extent of responsibilities retained and risks assumed by Funds Management and not delegated to or assumed by the Sub-Advisers, and about Funds Management’s on-going oversight services. In recognition of the fact that the Wells Fargo enterprise provides a suite of combined advisory and sub-advisory services to the Fund through affiliated entities, the Board ascribed limited relevance to the allocation of the total advisory fee between Funds Management and the Sub-Advisers.

The Board also received and considered information about the nature and extent of services offered and fee rates charged by Funds Management and the Sub-Advisers to other types of clients. In this regard, the Board received information about the significantly greater scope of services, and compliance, reporting and other legal burdens and risks of managing mutual funds compared with those associated with managing assets of non-mutual fund clients such as collective funds or institutional separate accounts.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board determined that the Advisory Agreement Rates and the Sub-Advisory Agreement Rates were reasonable in light of the services covered by the Advisory Agreements.

Profitability

The Board received and considered information concerning the profitability of Funds Management, as well as the profitability of Wells Fargo as a whole, from providing services to the Fund. The Board did not receive or consider to be necessary separate profitability information with respect to the Sub-Advisers, because, as affiliates of Funds Management, their profitability information was subsumed in the collective Wells Fargo profitability analysis provided by Funds Management.

Funds Management explained the methodologies and estimates that it used in calculating the profitability from the Fund and the fund family as a whole. Among other things, the Board noted that the levels of profitability reported on a fund-by-fund basis varied widely, depending on factors such as the size and type of fund. Based on its review, the Board did not deem the profits reported by Funds Management to be at a level that would prevent it from approving the continuation of the Advisory Agreements.

Economies of scale

With respect to possible economies of scale, the Board reviewed the breakpoints in the Fund’s advisory fee and administration fee structure, which operate generally to reduce the Fund’s expense ratios as the Fund grows in size. It considered that, for a small fund or a fund that shrinks in size, breakpoints conversely can result in higher fee levels. The Board also considered fee waiver and expense reimbursement arrangements as a means of sharing potential economies of scale with the Fund. The Board acknowledged the inherent limitations of any analysis of potential economies of scale

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

and of any attempt to correlate breakpoints with such economies. Nonetheless, the Board concluded that the breakpoints and net operating expense ratio caps appeared to be a reasonable approach to sharing potential economies of scale with the Fund.

Other benefits to Funds Management and the Sub-Advisers

The Board received and considered information regarding potential “fall-out” or ancillary benefits received by Funds Management and its affiliates, including the Sub-Advisers, as a result of their relationship with the Fund. Ancillary benefits could include, among others, benefits directly attributable to other relationships with the Fund and benefits potentially derived from an increase in Funds Management’s and the Sub-Advisers’ business as a result of their relationship with the Fund (such as the ability to market to shareholders other financial products and services offered by Funds Management and its affiliates, including the Sub-Advisers, or to operate other products and services that follow investment strategies similar to those of the Fund).

The Board considered that Wells Fargo Funds Distributor, LLC, an affiliate of Funds Management, serves as distributor to the Fund and receives certain compensation for those services. The Board noted that various financial institutions, including affiliates of Funds Management, may receive distribution-related fees, shareholder servicing payments (including amounts derived from payments under Rule 12b-1 plans) and sub-transfer agency fees in respect of shares sold or held through them and services provided.

The Board also reviewed information about whether and to what extent soft dollar credits are sought and how any such credits are utilized, and any benefits that might be realized by an affiliated broker that handles portfolio transactions for the Fund.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board did not find that any ancillary benefits received by Funds Management and its affiliates, including the Sub-Advisers, were unreasonable.

Conclusion

After considering the above-described factors and based on its deliberations and its evaluation of the information described above, the Board unanimously approved the continuation of the Advisory Agreements for an additional one-year period.

List of abbreviations Wells Fargo Advantage Strategic Income 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.

216829 06-13 SA263/SAR263 4-13

Wells Fargo Advantage Asia Pacific Fund

Semi-Annual Report

April 30, 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	19
Other information	24
List of abbreviations	30

The views expressed and any forward-looking statements are as of April 30, 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 100 mutual funds across a wide range of asset classes, representing over $228 billion in assets under management, as of April 30, 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
Conservative Income Fund	International Bond Fund	Strategic Income Fund
Core Bond Fund	Minnesota Tax-Free Fund	Strategic Municipal Bond Fund
Emerging Markets Local Bond Fund	Municipal Bond Fund	Ultra Short-Term Income Fund
Government Securities Fund	North Carolina Tax-Free Fund	Ultra Short-Term Municipal Income Fund
High Income Fund	Pennsylvania Tax-Free Fund	Wisconsin Tax-Free Fund
High Yield Bond Fund
Asset allocation funds
Absolute Return Fund	WealthBuilder Equity Portfolio†	Target 2020 Fund†
Asset Allocation Fund	WealthBuilder Growth Allocation Portfolio†	Target 2025 Fund†
Diversified Capital Builder Fund	WealthBuilder Growth Balanced Portfolio†	Target 2030 Fund†
Diversified Income Builder Fund	WealthBuilder Moderate Balanced Portfolio†	Target 2035 Fund†
Growth Balanced Fund	WealthBuilder Tactical Equity Portfolio†	Target 2040 Fund†
Index Asset Allocation Fund	Target Today Fund†	Target 2045 Fund†
Moderate Balanced Fund	Target 2010 Fund†	Target 2050 Fund†
WealthBuilder Conservative Allocation Portfolio†	Target 2015 Fund†	Target 2055 Fund†
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 Asia Pacific Fund Letter to shareholders (unaudited)

Karla M. Rabusch

President

Wells Fargo Advantage Funds

In Asia, both Japan and Singapore posted double-digit returns, with Japan’s market boosted by the reelection of Prime Minister Shinzo Abe.

Within emerging markets, smaller markets, such as the Philippines and Thailand, strongly outperformed the larger markets, such as China, India, and South Korea.

Dear Valued Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Advantage Asia Pacific Fund for the six-month period that ended April 30, 2013. Much of the period was marked by the aftereffects of the two largest economies within the region, China and Japan, changing their leadership. Continued monetary easing by global central banks helped support rallies in developed stock markets, including Japan, but major emerging markets, such as China, lagged.

Developed markets posted double-digit returns, but major emerging markets underperformed.

Global developed equity markets demonstrated continued strength throughout the reporting period despite a budget fight and sequestration cuts in the U.S. and Europe’s seemingly never-ending debt crisis, with Cyprus becoming the newest addition to a list of countries mired in debt. In Europe, investors were heartened by the resilient performance of the German economy and by the fact that the United Kingdom managed to avoid another recession. Relatively positive economic data from the U.S. also aided sentiment for Western developed stock markets.

In Asia, both Japan and Singapore posted double-digit returns, with Japan’s market boosted by the reelection of Prime Minister Shinzo Abe. Under Prime Minister Abe’s direction, the Bank of Japan (BoJ) adopted a formal annual inflation target of 2% and committed to buy bonds in unlimited quantities until it reached that target. The BoJ’s policy shift toward inflation targeting caused the yen to fall in response. The weaker yen aided Japanese stocks, especially in companies that stood to benefit from a weaker currency (such as exporters) or from rising inflation (such as real estate investment trusts). The MSCI Japan Index (Net)¹ gained 30.89% for the six-month reporting period, one of the more substantial gains among major markets.

During the reporting period, China experienced a once-in-a-generation change in its political leadership, a change that was expected to be far more evolutionary than revolutionary and did not have a significant effect on the country’s stock market. Within emerging markets, smaller markets, such as the Philippines and Thailand, strongly outperformed the larger markets, such as China, India, and South Korea. The smaller markets are benefiting from high growth rates without some of the imbalances—such as an overreliance on real estate—that are affecting the larger emerging markets.

Central banks continued to provide stimulus.

The U.S. Federal Reserve Board (Fed) and the European Central Bank (ECB) continued to inject liquidity into the banks and the market through various quantitative easing policies. Because of the connections among global markets, this liquidity helped support stock markets in Asia as well. 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. After its September 2012 meeting, the FOMC announced its intention to keep interest rates low until at least mid-2015 and to make open-ended purchases of $40 billion per month in mortgage-backed securities to support the housing market.

After cutting its key rate to 0.75% in July 2012, the ECB announced in September 2012 that it would purchase an unlimited amount of one- to three-year sovereign debt from countries that had formally applied for a bailout. In May 2013, after the

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

end of the reporting period, the ECB cut its key rate to a historic low of 0.50%. The ECB’s aggressive actions helped ease investor worries about a eurozone sovereign debt default.

The BoJ took center stage toward the end of the reporting period, in mid-March 2013, after the BoJ’s governor resigned to allow Prime Minister Abe to appoint a new governor who supported using aggressive monetary policies to attack Japan’s persistent deflation.

The debt crisis in the eurozone returned to center stage but with less impact than before.

In previous reporting periods, worries about sovereign debt default in Europe had affected both developed and emerging markets around the globe, in part because of fears that such a default would lead to another global financial crisis. Although ongoing weakness in the Greek economy made it difficult for the country to meet previously agreed upon austerity targets, as central banks continued to provide liquidity, investor worries about the effect of a European sovereign debt default on the global economy began to ease. When the tiny eurozone nation of Cyprus was forced to implement capital controls and impose losses on uninsured bank depositors in March 2013, global stock markets remained resilient despite short-term volatility.

We employ a diverse array of investment strategies, even as many variables are at work in the market.

The full effect of the European credit crisis remains unknown. Elevated unemployment in the U.S. and Southern Europe continues 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 diversification² 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

1. The MSCI Japan Index is a free-float adjusted market capitalization weighted index that is designed to track the equity market performance of Japanese securities listed on Tokyo Stock Exchange, Osaka Stock Exchange, JASDAQ and Nagoya Stock Exchange. You cannot invest directly in an index. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI.

2. Diversification does not assure or guarantee better perfomance and cannot eliminate the risk of investment losses.

4 Wells Fargo Advantage Asia Pacific Fund Performance highlights (unaudited)

Investment objective

The Fund seeks long-term capital appreciation.

Adviser

Wells Fargo Funds Management, LLC

Subadvisers

Wells Capital Management Incorporated

Wells Capital Management Singapore

Portfolio managers

Anthony L.T. Cragg

Alison Shimada

Average annual total returns¹ (%) as of April 30, 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 (WFAAX)	7-31-2007		13.56		(1.04	)		13.42		20.44		0.14			14.08		1.74		1.62
Class C (WFCAX)	7-31-2007		18.62		(0.61	)		13.27		19.62		(0.61	)		13.27		2.49		2.37
Administrator Class (WFADX)	7-30-2010		–		–			–		20.80		0.26			14.15		1.58		1.42
Institutional Class (WFPIX)	7-30-2010		–		–			–		20.95		0.33			14.19		1.31		1.27
Investor Class (SASPX)	12-31-1993		–		–			–		20.46		0.08			14.03		1.80		1.67
MSCI All Country Asia Pacific Index (Net)4	–		–		–			–		16.45		1.40			11.39		–		–

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, which assumes the reinvestment of dividends and capital gains. Current month-end performance is available on the Fund’s website, wellsfargoadvantagefunds.com.

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

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

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

Please see footnotes on page 5.

Performance highlights (unaudited) Wells Fargo Advantage Asia Pacific Fund 5

Sector distribution⁵ as of April 30, 2013

Ten largest equity holdings6 (%) as of April 30, 2013
Samsung Electronics Company Limited	2.96
Mitsui Fudosan Company Limited	2.92
Mizuho Financial Group Incorporated	2.71
ORIX Corporation	2.49
Hitachi Limited	2.35
Taiwan Semiconductor Manufacturing Company Limited	2.26
Sumitomo Mitsui Financial Group Incorporated	2.21
China Construction Bank	2.01
Mitsubishi Heavy Industries Limited	1.95
Industrial & Commercial Bank of China Limited Class H	1.94

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. If these expenses had not been included, returns would be higher. Historical performance shown for Class C shares prior to their inception reflects the performance of the Investor Class shares, adjusted to reflect the higher expenses applicable to Class C shares. Historical performance shown for the Administrator and Institutional Class shares prior to their inception reflects the performance of the Class A shares, and includes the higher expenses applicable to the 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 February 28, 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 1.60% for Class A, 2.35% for Class C, 1.40% for Administrator Class, 1.25% for Institutional Class, and 1.65% for Investor Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses, and extraordinary expenses are excluded from the cap. Without this cap, the Fund’s returns would have been lower.

4. The Morgan Stanley Capital International (MSCI) All Country Asia Pacific Index (Net) is a total return, capitalization-weighted index that measures the performance of stock markets in 15 pacific region countries, including Australia, China, Hong Kong, India, Indonesia, Japan, Korea, Malaysia, New Zealand, Pakistan, Philippines, Singapore, Sri Lanka, Taiwan, and Thailand. You cannot invest directly in an index. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI.

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

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. Top holdings typically include the underlying ordinary shares combined with any depositary receipts.

6 Wells Fargo Advantage Asia Pacific Fund Fund expenses (unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from November 1, 2012 to April 30, 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 11-1-2012		Ending account value 4-30-2013		Expenses paid during the period¹		Net annual expense ratio
Class A
Actual	$	1,000.00	$	1,191.35	$	8.69		1.60	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,016.86	$	8.00		1.60	%
Class C
Actual	$	1,000.00	$	1,187.58	$	12.75		2.35	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,013.14	$	11.73		2.35	%
Administrator Class
Actual	$	1,000.00	$	1,193.59	$	7.61		1.40	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.85	$	7.00		1.40	%
Institutional Class
Actual	$	1,000.00	$	1,193.90	$	6.80		1.25	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.60	$	6.26		1.25	%
Investor Class
Actual	$	1,000.00	$	1,191.44	$	8.97		1.65	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,016.61	$	8.25		1.65	%

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

Portfolio of investments—April 30, 2013 (unaudited) Wells Fargo Advantage Asia Pacific Fund 7

Security name	Shares		Value
Common Stocks: 95.11%
Australia: 4.54%
Amcor Limited (Materials, Containers & Packaging)		114,372	$	1,172,652
AMP Limited (Financials, Insurance)		260,957		1,460,885
BHP Billiton Limited (Materials, Metals & Mining)		30,000		1,017,003
National Australia Bank Limited (Financials, Commercial Banks)		31,400		1,106,781
Sonic Healthcare Limited (Health Care, Health Care Providers & Services)		74,400		1,022,750
Sydney Airport Holdings Llimited (Industrials, Transportation Infrastructure)		558,900		2,004,765
Treasury Wine Estates Limited (Consumer Staples, Beverages)		240,700		1,457,277
				9,242,113
China: 9.03%
China Construction Bank (Financials, Commercial Banks)		4,896,000		4,100,952
Cosco Pacific Limited (Industrials, Transportation Infrastructure)		1,322,000		1,751,275
Country Garden Holdings Company Limited (Financials, Real Estate Management & Development)		1,530,000		867,509
Industrial & Commercial Bank of China Limited Class H (Financials, Commercial Banks)		5,618,000		3,952,795
Jiangsu Express Company Limited (Industrials, Transportation Infrastructure)		1,406,000		1,540,048
PetroChina Company Limited (Energy, Oil, Gas & Consumable Fuels)		1,126,000		1,432,140
Shanghai Electric Group Company Limited (Industrials, Electrical Equipment)		5,162,000		1,809,326
Shenzhen Expressway Company Limited (Industrials, Transportation Infrastructure)		2,676,000		1,100,035
Zhaojin Mining Industry Company Limited (Materials, Metals & Mining)		812,500		902,528
Zhejiang Expressway Company Limited (Industrials, Transportation Infrastructure)		1,172,000		921,271
				18,377,879
Hong Kong: 5.13%
Bosideng International Holdings Limited (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		3,108,000		817,036
CNOOC Limited (Energy, Oil, Gas & Consumable Fuels)		675,000		1,259,512
First Pacific Company Limited (Financials, Diversified Financial Services)		2,388,000		3,304,977
L’Occitane International SA (Consumer Discretionary, Personal Products)		527,000		1,527,999
SmarTone Telecommunications Holding Limited (Telecommunication Services, Wireless Telecommunication Services)		523,500		932,298
Termbray Petro-King Oilfield Services Limited (Energy, Energy Equipment & Services) †		1,796,000		1,110,906
Tianneng Power International Limited (Consumer Discretionary, Auto Components)		1,558,000		985,777
Youyuan International Holdings Limited (Materials, Paper & Forest Products)		1,845,000		511,169
				10,449,674
India: 5.20%
Bharti Airtel Limited (Telecommunication Services, Wireless Telecommunication Services)		198,300		1,173,237
Bharti Infratel Limited (Industrials, Construction & Engineering) †		320,588		1,058,015
Cairn India Limited (Energy, Oil, Gas & Consumable Fuels)		183,800		1,064,419
Coal India Limited (Energy, Oil, Gas & Consumable Fuels)		252,900		1,498,388
Cox & Kings Limited (Consumer Discretionary, Hotels, Restaurants & Leisure)		207,900		497,995
Emami Limited (Consumer Staples, Personal Products)		52,300		625,591
ICICI Bank Limited (Financials, Commercial Banks)		50,000		1,079,954
Indusind Bank Limited (Financials, Commercial Banks)		121,000		1,050,538
Maruti Suzuki India Limited (Consumer Discretionary, Automobiles)		53,449		1,656,398
State Bank of India Limited (Financials, Commercial Banks)		21,100		886,807
				10,591,342

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

8 Wells Fargo Advantage Asia Pacific Fund Portfolio of investments—April 30, 2013 (unaudited)

Security name	Shares		Value
Indonesia: 3.93%
PT Bank Rakyat Indonesia Tbk (Financials, Commercial Banks)		1,063,000	$	1,027,740
PT Garuda Indonesia Persero Tbk (Industrials, Airlines) †		22,216,000		1,439,556
PT Gudang Garam Tbk (Consumer Staples, Tobacco)		298,500		1,516,678
PT Indomobil Sukses Internasional Tbk (Consumer Discretionary, Specialty Retail)		1,765,000		962,150
PT Lippo Karawaci Terbuka Tbk (Financials, Real Estate Management & Development)		7,206,000		1,000,576
PT Matahari Department Store Tbk (Consumer Discretionary, Multiline Retail) †		348,200		433,347
PT Telekomunikasi Indonesia Tbk (Telecommunication Services, Diversified Telecommunication Services)		1,343,000		1,616,158
				7,996,205
Japan: 35.47%
Canon Incorporated (Information Technology, Office Electronics)		70,000		2,509,617
Dynam Japan Holdings Corporation Limited (Consumer Discretionary, Hotels, Restaurants & Leisure)		551,600		945,379
Fuji Heavy Industries Limited (Consumer Discretionary, Automobiles)		116,000		2,189,465
GLP J-REIT (Financials, REITs)		2,750		2,832,231
Hitachi Limited (Information Technology, Electronic Equipment, Instruments & Components)		749,000		4,778,971
Honda Motor Company Limited (Consumer Discretionary, Automobiles)		50,800		2,019,285
Industrial & Infrastructure Fund Investment Corporation (Financials, REITs)		95		1,008,617
Japan Airlines Company Limited (Industrials, Airlines)		32,200		1,631,718
Japan Retail Fund Investment Corporation (Financials, REITs)		460		1,090,014
JFE Holdings Incorporated (Materials, Metals & Mining)		124,100		2,683,518
Makita Corporation (Industrials, Machinery)		59,400		3,613,294
Marubeni Corporation (Industrials, Trading Companies & Distributors)		201,000		1,437,113
Mitsubishi Corporation (Industrials, Trading Companies & Distributors)		95,500		1,712,407
Mitsubishi Electric Corporation (Industrials, Electrical Equipment)		337,000		3,208,042
Mitsubishi Heavy Industries Limited (Industrials, Machinery)		576,000		3,964,671
Mitsui Fudosan Company Limited (Financials, Real Estate Management & Development)		175,000		5,941,940
Mizuho Financial Group Incorporated (Financials, Commercial Banks)		2,499,000		5,511,463
Modec Incorporated (Energy, Energy Equipment & Services)		106,000		3,043,484
Nippon Telegraph & Telephone Corporation (Telecommunication Services, Diversified Telecommunication Services)		56,100		2,776,658
Nissan Motor Company Limited (Consumer Discretionary, Automobiles)		314,600		3,278,798
ORIX Corporation (Financials, Consumer Finance)		329,700		5,059,560
Osaka Securities Exchange Company (Financials, Diversified Financial Services)		14,200		1,742,135
Sumitomo Mitsui Financial Group Incorporated (Financials, Commercial Banks)		95,200		4,497,061
Sumitomo Mitsui Trust Holdings Incorporated (Financials, Commercial Banks)		486,000		2,437,852
THK Company Limited (Industrials, Machinery)		109,600		2,301,392
				72,214,685
Malaysia: 3.55%
Asiatic Development Bhd (Consumer Staples, Food Products)		351,000		987,530
Berjaya Sports Toto Bhd (Consumer Discretionary, Hotels, Restaurants & Leisure)		743,600		1,026,498
Eastern & Oriental Bhd (Financials, Real Estate Management & Development)		2,668,300		1,447,065
SP Setia Bhd (Financials, Real Estate Management & Development)		1,664,600		1,876,607
Tan Chong Motor Holdings Bhd (Consumer Discretionary, Automobiles)		257,000		458,672
UEM Land Holdings Bhd (Financials, Real Estate Management & Development) †		1,730,500		1,427,627
				7,223,999
New Zealand: 2.01%
Auckland International Airport Limited (Industrials, Transportation Infrastructure)		551,000		1,464,098
Sky City Entertainment Group Limited (Consumer Discretionary, Hotels, Restaurants & Leisure)		275,200		1,052,059

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

Portfolio of investments—April 30, 2013 (unaudited) Wells Fargo Advantage Asia Pacific Fund 9

Security name	Shares		Value
New Zealand (continued)
Telecom Corporation of New Zealand Limited (Telecommunication Services, Diversified Telecommunication Services)«		708,100	$	1,581,099
				4,097,256
Philippines: 3.52%
D&L Industries Incorporated (Materials, Chemicals) †		8,299,000		1,530,355
GT Capital Holdings Incorporated (Financials, Diversified Financial Services)		77,300		1,485,527
LT Group Incorporated (Consumer Staples, Beverages) †		563,000		332,383
Philippine Long Distance Telephone Company (Telecommunication Services, Wireless Telecommunication Services)		27,345		2,023,636
Semirara Mining Corporation (Energy, Oil, Gas & Consumable Fuels)		245,800		1,791,545
				7,163,446
Singapore: 8.13%
AIMS AMP Capital Industrial REIT( Financials, REITs)		200,000		295,527
CapitaLand Limited (Financials, Real Estate Management & Development)		318,000		965,592
CSE Global Limited (Information Technology, IT Services)		1,498,000		1,027,693
CWT Limited (Industrials, Air Freight & Logistics)		600,000		825,688
Dyna-Mac Holdings Limited (Industrials, Construction & Engineering)		2,305,000		823,415
Global Logistic Properties Limited (Financials, Real Estate Management & Development)		876,000		1,962,946
Hutchison Port Holdings Trust (Industrials, Transportation Infrastructure)		2,483,000		2,060,890
Keppel Corporation Limited (Industrials, Industrial Conglomerates)		107,000		930,397
Keppel REIT (Financials, REITs)		21,400		26,235
Religare Health Trust (Financials, REITs) †		2,003,000		1,544,897
SIA Engineering Company (Industrials, Transportation Infrastructure)		382,000		1,569,311
Singapore Airport Terminal Services Limited (Industrials, Transportation Infrastructure)		407,000		1,040,878
STX OSV Holdings Limited (Industrials, Machinery)		3,038,000		2,540,505
Venture Corporation Limited (Information Technology, Electronic Equipment, Instruments & Components)		140,000		945,685
				16,559,659
South Korea: 5.69%
Kangwon Land Incorporated (Consumer Discretionary, Hotels, Restaurants & Leisure)		36,000		1,029,174
Korea Electric Power Corporation (Utilities, Electric Utilities) †		48,600		1,396,704
KT Corporation (Telecommunication Services, Diversified Telecommunication Services)		31,000		1,027,666
Samsung Electronics Company Limited (Information Technology, Semiconductors & Semiconductor Equipment)		4,360		6,017,616
SK Telecom Company Limited (Telecommunication Services, Wireless Telecommunication Services)		12,000		2,108,417
				11,579,577
Taiwan: 4.95%
ASUSTeK Computer Incorporated (Information Technology, Computers & Peripherals)		97,000		1,129,015
Chroma ATE Incorporated (Information Technology, Electronic Equipment, Instruments & Components)		309,000		662,771
Cleanaway Company Limited (Industrials, Commercial Services & Supplies)		204,000		1,658,986
Taiwan Semiconductor Manufacturing Company Limited (Information Technology, Semiconductors & Semiconductor Equipment)		1,241,000		4,604,551
United Microelectronics Corporation ADR (Information Technology, Semiconductors & Semiconductor Equipment)«		1,064,400		2,011,716
				10,067,039

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

10 Wells Fargo Advantage Asia Pacific Fund Portfolio of investments—April 30, 2013 (unaudited)

Security name						Shares		Value
Thailand: 3.20%
Major Cineplex Group PCL (Consumer Discretionary, Media)							2,334,400	$	1,765,713
Malee Sampran PCL (Consumer Staples, Food Products)							225,300		529,666
PTT Global Chemical PCL (Materials, Chemicals)							823,100		2,047,233
Shin Corporation PCL (Information Technology, Communications Equipment)							560,000		1,645,656
Shin Corporation PCL ADR Non-Voting (Information Technology, Communications Equipment)							180,000		528,961
									6,517,229
United Kingdom: 0.76%
HSBC Holdings plc (Financials, Commercial Banks)							141,200		1,537,522
Total Common Stocks (Cost $167,701,292)									193,617,625
				Expiration date
Warrants: 2.64%
United Kingdom: 2.64%
HSBC Bank plc (Financials, Commercial Banks) †					2-19-2019		180,000		435,037
HSBC Bank plc (Financials, Commercial Banks) †					6-8-2020		702,500		1,460,835
HSBC Bank plc (Financials, Commercial Banks) †					6-11-2020		134,344		600,789
HSBC Bank plc (Financials, Commercial Banks) †					8-20-2020		693,500		1,420,746
HSBC Bank plc (Financials, Commercial Banks) †					2-20-2023		749,900		1,469,391
Total Warrants (Cost $5,551,532)									5,386,798
	Yield
Short-Term Investments: 3.36%
Investment Companies: 3.36%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)		0.13	%				4,596,355		4,596,355
Wells Fargo Securities Lending Cash Investments, LLC (l)(r)(u)(v)		0.18					2,239,437		2,239,437
Total Short-Term Investments (Cost $6,835,792)									6,835,792

Total investments in securities (Cost $180,088,616) *	101.11	%		205,840,215
Other assets and liabilities, net	(1.11	)		(2,265,964	)
Total net assets	100.00	%	$	203,574,251

† 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 $184,082,444 and unrealized appreciation (depreciation) consists of:

Gross unrealized appreciation	$	29,687,932
Gross unrealized depreciation		(7,930,161	)
Net unrealized appreciation	$	21,757,771

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

Statement of assets and liabilities—April 30, 2013 (unaudited) Wells Fargo Advantage Asia Pacific Fund 11

Assets
Investments
In unaffiliated securities (including securities on loan), at value (see cost below)	$	199,004,423
In affiliated securities, at value (see cost below)		6,835,792
Total investments, at value (see cost below)		205,840,215
Foreign currency, at value (see cost below)		1,601,682
Receivable for investments sold		2,369,456
Receivable for Fund shares sold		147,763
Receivable for dividends		778,577
Receivable for securities lending income		1,015
Prepaid expenses and other assets		36,018
Total assets		210,774,726
Liabilities
Payable for investments purchased		3,619,749
Payable for Fund shares redeemed		1,066,324
Payable upon receipt of securities loaned		2,239,437
Advisory fee payable		130,854
Distribution fees payable		1,259
Due to other related parties		57,549
Accrued expenses and other liabilities		85,303
Total liabilities		7,200,475
Total net assets	$	203,574,251
NET ASSETS CONSIST OF
Paid-in capital	$	314,234,675
Overdistributed net investment income		(3,195,093	)
Accumulated net realized losses on investments		(133,211,671	)
Net unrealized gains on investments		25,746,340
Total net assets	$	203,574,251
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE1
Net assets – Class A	$	7,082,555
Shares outstanding – Class A		604,733
Net asset value per share – Class A		$11.71
Maximum offering price per share – Class A2		$12.42
Net assets – Class C	$	2,083,524
Shares outstanding – Class C		186,257
Net asset value per share – Class C		$11.19
Net assets – Administrator Class	$	14,823,223
Shares outstanding – Administrator Class		1,287,144
Net asset value per share – Administrator Class		$11.52
Net assets – Institutional Class	$	39,827
Shares outstanding – Institutional Class		3,458
Net asset value per share – Institutional Class		$11.52
Net assets – Investor Class	$	179,545,122
Shares outstanding – Investor Class		15,559,431
Net asset value per share – Investor Class		$11.54
Investments in unaffiliated securities (including securities on loan), at cost	$	173,252,824
Investments in affiliated securities, at cost	$	6,835,792
Total investments, at cost	$	180,088,616
Securities on loan, at value	$	2,076,660
Foreign currency, at cost	$	1,590,622

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 Asia Pacific Fund Statement of operations—six months ended April 30, 2013 (unaudited)

Investment income
Dividends *	$	1,818,238
Securities lending income, net		40,375
Income from affiliated securities		3,443
Interest		35
Total investment income		1,862,091
Expenses
Advisory fee		992,241
Administration fees
Fund level		47,364
Class A		9,096
Class C		2,415
Administrator Class		6,826
Institutional Class		7
Investor Class		267,093
Shareholder servicing fees
Class A		8,746
Class C		2,322
Administrator Class		15,495
Investor Class		205,774
Distribution fees
Class C		6,966
Custody and accounting fees		80,650
Professional fees		20,848
Registration fees		35,738
Shareholder report expenses		43,629
Trustees’ fees and expenses		6,311
Other fees and expenses		14,214
Total expenses		1,765,735
Less: Fee waivers and/or expense reimbursements		(215,076	)
Net expenses		1,550,659
Net investment income		311,432
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on investments		17,489,949
Net change in unrealized gains (losses) on investments		15,622,690
Net realized and unrealized gains (losses) on investments		33,112,639
Net increase in net assets resulting from operations	$	33,424,071
* Net of foreign dividend withholding taxes in the amount of		$165,919

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

Statement of changes in net assets Wells Fargo Advantage Asia Pacific Fund 13

	Six months ended April 30, 2013 (unaudited)						Year ended October 31, 2012
Operations
Net investment income				$	311,432					$	2,670,805
Net realized gains (losses) on investments					17,489,949						(9,105,718	)
Net change in unrealized gains (losses) on investments					15,622,690						21,109,646
Net increase in net assets resulting from operations					33,424,071						14,674,733
Distributions to shareholders from
Net investment income
Class A					(242,199	)					0
Class C					(55,133	)					(4,466	)
Administrator Class					(517,420	)					(180,458	)
Institutional Class					(488	)					(165	)
Investor Class					(5,920,195	)					(1,715,646	)
Total distributions to shareholders					(6,735,435	)					(1,900,735	)
	Shares						Shares
Capital share transactions
Proceeds from shares sold
Class A		290,030			3,098,543			283,043			2,752,406
Class C		30,068			312,756			72,771			668,114
Administrator Class		230,855			2,442,458			462,654			4,454,889
Institutional Class		2,249			24,952			376			3,321
Investor Class		2,401,977			25,547,596			1,721,079			16,356,712
					31,426,305						24,235,442
Reinvestment of distributions
Class A		19,589			201,959			0			0
Class C		3,990			39,420			467			3,886
Administrator Class		46,860			474,690			19,583			166,851
Institutional Class		48			488			19			165
Investor Class		551,264			5,600,848			181,106			1,546,646
					6,317,405						1,717,548
Payment for shares redeemed
Class A		(264,101	)		(2,907,183	)		(3,056,737	)		(27,310,428	)
Class C		(19,678	)		(206,823	)		(43,135	)		(400,836	)
Administrator Class		(270,863	)		(2,867,798	)		(705,282	)		(6,676,833	)
Institutional Class		0			0			(375	)		(3,637	)
Investor Class		(2,814,233	)		(30,118,322	)		(4,783,428	)		(45,231,217	)
					(36,100,126	)					(79,622,951	)
Net increase (decrease) in net assets resulting from capital share transactions					1,643,584						(53,669,961	)
Total increase (decrease) in net assets					28,332,220						(40,895,963	)
Net assets
Beginning of period					175,242,031						216,137,994
End of period				$	203,574,251					$	175,242,031
Undistributed (overdistributed) net investment income				$	(3,195,093	)				$	3,228,910

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

14 Wells Fargo Advantage Asia Pacific Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended April 30, 2013 (unaudited)			Year ended October 31									Year ended September 30
CLASS A				2012			2011			20101			2010			2009			2008
Net asset value, beginning of period	$	10.19		$	9.30		$	10.15		$	9.77		$	8.82		$	8.14		$	15.83
Net investment income (loss)		0.02	2		0.10	2		0.08	2		(0.01	)2		0.04	2		0.11	2		0.09	2
Net realized and unrealized gains (losses) on investments		1.88			0.79			(0.89	)		0.39			1.05			0.59			(5.20	)
Total from investment operations		1.90			0.89			(0.81	)		0.38			1.09			0.70			(5.11	)
Distributions to shareholders from
Net investment income		(0.38	)		0.00			(0.04	)		0.00			(0.14	)		(0.02	)		0.00
Net realized gains		0.00			0.00			0.00			0.00			0.00			0.00			(2.58	)
Total distributions to shareholders		(0.38	)		0.00			(0.04	)		0.00			(0.14	)		(0.02	)		(2.58	)
Net asset value, end of period	$	11.71		$	10.19		$	9.30		$	10.15		$	9.77		$	8.82		$	8.14
Total return3		19.14	%		9.57	%		(7.97	)%		3.89	%		12.58	%		8.64	%		(38.53	)%
Ratios to average net assets (annualized)
Gross expenses		1.82	%		1.86	%		1.73	%		1.90	%		1.90	%		2.03	%		1.99	%
Net expenses		1.60	%		1.60	%		1.60	%		1.60	%		1.59	%		1.60	%		1.60	%
Net investment income (loss)		0.39	%		1.04	%		0.83	%		(0.91	)%		0.49	%		1.56	%		0.77	%
Supplemental data
Portfolio turnover rate		96	%		163	%		196	%		11	%		137	%		185	%		187	%
Net assets, end of period (000s omitted)		$7,083			$5,699			$31,000			$63,741			$62,700			$85,156			$43,946

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

2. Calculated based upon average shares outstanding

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

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

Financial highlights Wells Fargo Advantage Asia Pacific Fund 15

(For a share outstanding throughout each period)

	Six months ended April 30, 2013 (unaudited)			Year ended October 31									Year ended September 30
CLASS C				2012			2011			20101			2010			2009			2008
Net asset value, beginning of period	$	9.73		$	8.98		$	9.96		$	9.59		$	8.67		$	8.05		$	15.81
Net investment income (loss)		(0.02	)2		0.09	2		0.01			(0.01	)2		(0.01	)2		0.05	2		0.04	2
Net realized and unrealized gains (losses) on investments		1.80			0.69			(0.86	)		0.38			1.03			0.57			(5.22	)
Total from investment operations		1.78			0.78			(0.85	)		0.37			1.02			0.62			5.18
Distributions to shareholders from
Net investment income		(0.32	)		(0.03	)		(0.13	)		0.00			(0.10	)		0.00			0.00
Net realized gains		0.00			0.00			0.00			0.00			0.00			0.00			(2.58	)
Total distributions to shareholders		(0.32	)		(0.03	)		(0.13	)		0.00			(0.10	)		0.00			(2.58	)
Net asset value, end of period	$	11.19		$	9.73		$	8.98		$	9.96		$	9.59		$	8.67		$	8.05
Total return3		18.76	%		8.78	%		(8.67	)%		3.86	%		11.84	%		7.70	%		(39.10	)%
Ratios to average net assets (annualized)
Gross expenses		2.57	%		2.62	%		2.48	%		2.65	%		2.65	%		2.79	%		2.71	%
Net expenses		2.35	%		2.35	%		2.35	%		2.35	%		2.34	%		2.35	%		2.35	%
Net investment income (loss)		(0.36	)%		0.92	%		0.18	%		(1.66	)%		(0.13	)%		0.73	%		0.36	%
Supplemental data
Portfolio turnover rate		96	%		163	%		196	%		11	%		137	%		185	%		187	%
Net assets, end of period (000s omitted)	$	2,084		$	1,673		$	1,274		$	1,507		$	1,450		$	1,112		$	939

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

2. Calculated based upon average shares outstanding

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

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

16 Wells Fargo Advantage Asia Pacific Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended April 30, 2013 (unaudited)			Year ended October 31									Year ended September 30 20102
ADMINISTRATOR CLASS				2012			2011			20101
Net asset value, beginning of period	$	10.04		$	9.29		$	10.15		$	9.77		$	8.84
Net investment income (loss)		0.03			0.17			0.12	3		(0.00	)3,4		0.03	3
Net realized and unrealized gains (losses) on investments		1.86			0.71			(0.89	)		0.38			0.90
Total from investment operations		1.89			0.88			(0.77	)		0.38			0.93
Distributions to shareholders from
Net investment income		(0.41	)		(0.13	)		(0.09	)		0.00			0.00
Net asset value, end of period	$	11.52		$	10.04		$	9.29		$	10.15		$	9.77
Total return5		19.36	%		9.66	%		(7.68	)%		3.89	%		10.52	%
Ratios to average net assets (annualized)
Gross expenses		1.64	%		1.67	%		1.52	%		1.74	%		1.80	%
Net expenses		1.40	%		1.40	%		1.39	%		1.40	%		1.40	%
Net investment income (loss)		0.56	%		1.74	%		1.14	%		(0.70	)%		1.98	%
Supplemental data
Portfolio turnover rate		96	%		163	%		196	%		11	%		137	%
Net assets, end of period (000s omitted)		$14,823			$12,860			$13,959			$11			$11

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

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

3. Calculated based upon average shares outstanding

4. Amount is less than $0.005.

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

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

Financial highlights Wells Fargo Advantage Asia Pacific Fund 17

(For a share outstanding throughout each period)

	Six months ended April 30, 2013 (unaudited)			Year ended October 31									Year ended September 30
INSTITUTIONAL CLASS				2012			2011			20101			20102
Net asset value, beginning of period	$	10.05		$	9.30		$	10.15		$	9.77		$	8.84
Net Investment income (loss)		0.05	3		0.18			0.13			(0.01	)3		0.03	3
Net realized and unrealized gains (losses) on investments		1.84			0.71			(0.89	)		0.39			0.90
Total from investment operations		1.89			0.89			(0.76	)		0.38			0.93
Distributions to shareholders from
Net investment income		(0.42	)		(0.14	)		(0.09	)		0.00			0.00
Net asset value, end of period	$	11.52		$	10.05		$	9.30		$	10.15		$	9.77
Total return4		19.39	%		9.90	%		(7.55	)%		3.89	%		10.52	%
Ratios to average net assets (annualized)
Gross expenses		1.36	%		1.42	%		1.29	%		1.47	%		1.47	%
Net expenses		1.25	%		1.25	%		1.24	%		1.25	%		1.25	%
Net investment income (loss)		1.03	%		1.86	%		1.30	%		(0.57	)%		2.11	%
Supplemental data
Portfolio turnover rate		96	%		163	%		196	%		11	%		137	%
Net assets, end of period (000s omitted)		$40			$12			$11			$11			$11

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

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

3. Calculated based upon average shares outstanding

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

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

18 Wells Fargo Advantage Asia Pacific Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended April 30, 2013 (unaudited)			Year ended October 31									Year ended September 30
INVESTOR CLASS				2012			2011			20101			2010			2009			2008
Net asset value, beginning of period	$	10.05		$	9.28		$	10.14		$	9.76		$	8.81		$	8.12		$	15.82
Net investment income (loss)		0.02			0.15			0.08	2		(0.01	)2		0.04	2		0.09	2		0.06	2
Net realized and unrealized gains (losses) on investments		1.85			0.72			(0.88	)		0.39			1.05			0.60			(5.18	)
Total from investment operations		1.87			0.87			(0.80	)		0.38			1.09			0.69			(5.12	)
Distributions to shareholders from
Net investment income		(0.38	)		(0.10	)		(0.06	)		0.00			(0.14	)		(0.00	)3		0.00
Net realized gains		0.00			0.00			0.00			0.00			0.00			0.00			(2.58	)
Total distributions to shareholders		(0.38	)		(0.10	)		(0.06	)		0.00			(0.14	)		(0.00	)3		(2.58	)
Net asset value, end of period		$11.54			$10.05			$9.28			$10.14			$9.76			$8.81			$8.12
Total return4		19.14	%		9.51	%		(7.97	)%		3.89	%		12.51	%		8.53	%		(38.63	)%
Ratios to average net assets (annualized)
Gross expenses		1.88	%		1.94	%		1.80	%		1.97	%		1.99	%		2.14	%		2.01	%
Net expenses		1.65	%		1.65	%		1.65	%		1.65	%		1.64	%		1.65	%		1.65	%
Net investment income (loss)		0.32	%		1.47	%		0.82	%		(0.96	)%		0.41	%		1.36	%		0.52	%
Supplemental data
Portfolio turnover rate		96	%		163	%		196	%		11	%		137	%		185	%		187	%
Net assets, end of period (000s omitted)		$179,545			$154,999			$169,895			$252,214			$241,892			$278,741			$326,929

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

2. Calculated based upon average shares outstanding

3. Amount is less than $0.005.

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

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

Notes to financial statements (unaudited) Wells Fargo Advantage Asia Pacific 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 Asia Pacific Fund (the “Fund”) which is a diversified series of the Trust.

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

All investments are valued each business day as of the close of regular trading on the New York Stock Exchange (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.

Securities denominated in foreign currencies are translated into U.S. dollars using the rates of exchange in effect on the day of valuation at a time specified by the Management Valuation Team of Wells Fargo Funds Management, LLC (“Funds Management”).

Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange and therefore may not fully reflect trading or events that occur after the close of the principal exchange in which the foreign securities are traded, but before the close of the New York Stock Exchange. If such trading or events are expected to materially affect the value of such securities, then fair value pricing procedures approved by the Board of Trustees are applied. These procedures take into account multiple factors including movements in U.S. securities markets after foreign exchanges close. Foreign securities that are fair valued under these procedures are categorized as Level 2 and the application of these procedures may result in transfers between Level 1 and Level 2. Depending on market activity, such fair valuations may be frequent. Such fair value pricing may result in NAVs that are higher or lower than NAVs based on the last reported sales price or latest quoted bid price. On April 30, 2013, fair value pricing was not used in pricing foreign securities.

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. 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.

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

Foreign currency translation

The accounting records of the Fund are maintained in U.S. dollars. Assets, including investment securities, and liabilities denominated in foreign currency are translated into U.S. dollars at the rates of exchange at a time specified by the Management Valuation Team on the date of valuation. Purchases and sales of securities, and income and expenses are converted at the rate of exchange on the respective dates of such transactions. Reported net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded and the U.S. dollar equivalent of the amounts actually paid or received. Net unrealized foreign exchange gains and losses arise from changes in the fair value of assets and liabilities other than investments in securities resulting in changes in exchange rates.

The changes in net assets arising from changes in exchange rates and the changes in net assets resulting from changes in market prices of securities are not separately presented. Such changes are recorded with net realized and unrealized gains or losses from investments. Gains and losses from certain foreign currency transactions are treated as ordinary income for U.S. federal income tax purposes.

Security loans

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

The Fund lends its securities through an unaffiliated securities lending agent. Cash collateral received in connection with its securities lending transactions is invested in 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, except for certain dividends from foreign securities, which are recorded as soon as the Fund is informed of the ex-dividend date. Dividend income from foreign securities is recorded net of foreign taxes withheld where recovery of such taxes is not assured.

Distributions to shareholders

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

Federal and other taxes

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

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

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

At October 31, 2012, capital loss carryforwards, which were available to offset future net realized capital gains, was as follows:

Pre-enactment capital loss expiration*		Post-enactment capital losses**
2016	2017	Short-term	Long-term
$59,224,431	$80,817,204	$4,095,236	$5,239,473

* 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.

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.

As of April 30, 2013, the inputs used in valuing investments in securities 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	$	191,570,392	$	2,047,233	$	0		$193,617,625
Warrants		0		5,386,798		0		5,386,798
Short-term investments
Investment companies		4,596,355		2,239,437		0		6,835,792
	$	196,166,747	$	9,673,468	$	0	$	205,840,215

Transfers in and transfers out are recognized at the end of the reporting period. For the six months ended April 30, 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 subadvisers, who are responsible for day-to-day portfolio management of the Fund.

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

Pursuant to the contract, Funds Management is entitled to receive an annual advisory fee starting at 0.95% and declining to 0.80% as the average daily net assets of the Fund increase. Prior to March 1, 2013, the annual advisory fee started at 1.10% and declined to 0.95% as the average daily net assets of the Fund increased. For the six months ended April 30, 2013, the advisory fee was equivalent to an annual rate of 1.05% of the Fund’s average daily net assets.

Funds Management has retained the services of certain subadvisers to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Funds Management. WellsCap, an affiliate of Funds Management, is a subadviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.65% and declining to 0.45% as the average daily net assets of the Fund increase. Wells Capital Management Singapore, a separately identifiable department of Wells Fargo Bank, N.A., is also a subadviser to the Fund. Out of its fees, WellsCap pays Wells Capital Management Singapore a fee for its services as subadviser at an annual rate starting at 0.25% 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	%
Administrator Class		0.10
Institutional Class		0.08
Investor Class		0.32

Funds Management has contractually waived and/or reimbursed advisory and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. Waiver of fees and/or reimbursement of expenses by Funds Management were made first from fund level expenses on a proportionate basis and then from class specific expenses. Funds Management has committed through February 28, 2014 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.60% for Class A shares, 2.35% for Class C shares, 1.40% for Administrator Class shares, 1.25% for Institutional Class shares, and 1.65% for Investor Class shares.

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 April 30, 2013, Wells Fargo Funds Distributor, LLC received $3,398 from the sale of Class A shares and $80 in contingent deferred sales charges from redemptions of Class C shares.

Shareholder servicing fees

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

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended April 30, 2013 were $177,489,840 and $180,795,624, 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

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

requests. Interest under the credit agreement is charged to the Fund based on a borrowing rate equal to the higher of the Federal Funds rate in effect on that day plus 1.25% or the overnight LIBOR rate in effect on that day plus 1.25%. In addition, an annual commitment fee equal to 0.10% of the unused balance is allocated to each participating fund. For the six months ended April 30, 2013, the Fund paid $198 in commitment fees.

For the six months ended April 30, 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 Asia Pacific Fund Other information (unaudited)

TAX INFORMATION

Pursuant to Section 853 of the Internal Revenue Code, the following amounts were designated as foreign taxes paid for the fiscal year ended October 31, 2012. These amounts may be less than the actual foreign taxes paid for financial statement purposes. Foreign taxes paid or withheld should be included in taxable income with an offsetting deduction from gross income or as a credit for taxes paid to foreign governments. None of the income was derived from ineligible foreign sources as defined under Section 901(j) of the Internal Revenue Code.

Creditable foreign taxes paid	Per share amount on October 31, 2012	Foreign income as % of ordinary income distributions
$270,484	$0.02	57.22%

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 Asia Pacific 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 131 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 Asia Pacific 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 58 funds and Assistant Treasurer of 73 funds in the Fund Complex.

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

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

BOARD CONSIDERATION OF INVESTMENT ADVISORY AND SUBADVISORY AGREEMENTS:

Under Section 15 of the Investment Company Act of 1940 (the “1940 Act”), the Board of Trustees (the “Board”) of Wells Fargo Funds Trust (the “Trust”), all the members of which have no direct or indirect interest in the investment advisory and sub-advisory agreements and are not “interested persons” of the Trust, as defined in the 1940 Act (the “Independent Trustees”), must determine whether to approve the continuation of the Trust’s investment advisory and sub-advisory agreements. In this regard, at an in-person meeting held on March 28-29, 2013 (the “Meeting”), the Board reviewed: (i) an investment advisory agreement with Wells Fargo Funds Management, LLC (“Funds Management”) for Wells Fargo Advantage Asia Pacific Fund (the “Fund”), (ii) an investment sub-advisory agreement with Wells Capital Management Incorporated (“WellsCap”), an affiliate of Funds Management, for the Fund and (iii) an investment sub-advisory agreement with Wells Capital Management Singapore (“WellsCap Singapore”), an affiliate of Funds Management, for the Fund. The investment advisory agreement with Funds Management and the investment sub-advisory agreements with WellsCap and WellsCap Singapore (the “Sub-Advisers”) are collectively referred to as the “Advisory Agreements.”

At the Meeting, the Board considered the factors and reached the conclusions described below relating to the selection of Funds Management and the Sub-Advisers and the continuation of the Advisory Agreements. Prior to the Meeting, the Trustees conferred extensively among themselves and with representatives of Funds Management about these matters. The Board has adopted a team-based approach, with each team consisting of a sub-set of Trustees, to assist the Board in the discharge of its duties in reviewing performance and other matters throughout the year. The Independent Trustees were assisted in their evaluation of the Advisory Agreements by independent legal counsel, from whom they received separate legal advice and with whom they met separately.

In providing information to the Board, Funds Management and the Sub-Advisers were guided by a detailed set of requests for information submitted to them by independent legal counsel on behalf of the Independent Trustees at the start of the Board’s annual contract renewal process earlier in 2013. In considering and approving the Advisory Agreements, the Trustees considered the information they believed relevant, including but not limited to the information discussed below. The Board considered not only the specific information presented in connection with the Meeting, but also the knowledge gained over time through interaction with Funds Management and the Sub-Advisers about various topics. In this regard, the Board reviewed reports of Funds Management at each of its quarterly meetings, which included, among other things, portfolio reviews and performance reports. In addition, the Board and the teams mentioned above confer with portfolio managers at various times throughout the year. The Board did not identify any particular information or consideration that was all-important or controlling, and each individual Trustee may have attributed different weights to various factors.

After its deliberations, the Board unanimously determined that the continuation of the Advisory Agreements is in the best interests of the Fund and its shareholders, and that the compensation payable to Funds Management and the Sub-Advisers is reasonable. The Board considered the continuation of the Advisory Agreements for the Fund as part of its consideration of the continuation of advisory agreements for funds across the complex, but each decision was made on a fund-by-fund basis. The following summarizes a number of important, but not necessarily all, factors considered by the Board in reaching its determination.

Nature, extent and quality of services

The Board received and considered various information regarding the nature, extent and quality of services provided to the Fund by Funds Management and the Sub-Advisers under the Advisory Agreements. This information included, among other things, a summary of the background and experience of senior management of Funds Management, and the qualifications, background, tenure and responsibilities of each of the portfolio managers primarily responsible for the day-to-day portfolio management of the Fund.

The Board evaluated the ability of Funds Management and the Sub-Advisers, based on attributes such as their financial condition, resources and reputation, to attract and retain qualified investment professionals, including research, advisory and supervisory personnel. The Board further considered the compliance programs and compliance records of Funds Management and the Sub-Advisers. In addition, the Board took into account the administrative and other services provided to the Fund by Funds Management and its affiliates and Funds Management’s oversight of the Fund’s various service providers.

Fund performance and expenses

The Board considered the performance results for the Fund over various time periods ended December 31, 2012. The Board also considered these results in comparison to the performance of funds in a universe that was determined by Lipper Inc. (“Lipper”) to be similar to the Fund (the “Universe”), and in comparison to the Fund’s benchmark index and to

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

other comparative data. Lipper is an independent provider of investment company data. The Board received a description of the methodology used by Lipper to select the mutual funds in the performance Universe. The Board noted that the performance of the Fund (Class A) was higher than the median performance of the Universe for the one-, three- and ten-year periods under review and lower than the median performance of the Universe for the five-year period. The Board also noted that the performance of the Fund was higher than its benchmark, the Morgan Stanley Composite Index All Country Asia Pacific Index (Net), for the one-, three- and ten-year periods under review and lower than the benchmark for the five-year period.

The Board received information concerning, and discussed factors contributing to, the underperformance of the Fund relative to the Universe and the benchmark for the five-year period under review. Funds Management advised the Board about the market conditions and investment decisions that it believed contributed to the underperformance during that period. Funds Management advised the Board that the underperformance during that period was due to sector allocations in 2008 and the Board noted the recent positive performance of the Fund relative to the Universe and the benchmark during the one- and three-year periods under review. The Board was satisfied with the explanation of the underperformance.

The Board received and considered information regarding the Fund’s net operating expense ratios and their various components, including actual management fees (which reflect fee waivers, if any, and include advisory, administration and transfer agent fees), custodian and other non-management fees, Rule 12b-1 and non-Rule 12b-1 service fees and fee waiver and expense reimbursement arrangements. The Board also considered these ratios in comparison to the median ratios of funds in class-specific expense groups that were determined by Lipper to be similar to the Fund (the “Groups”). The Board received a description of the methodology used by Lipper to select the mutual funds in the expense Groups. Based on the Lipper reports, the Board noted that the net operating expense ratios of the Fund were equal to, in range of or lower than the median net operating expense ratios of the expense Groups. The Board and Funds Management agreed to continue the current contractual net expense ratio caps for the Fund.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board concluded that the overall performance and expense structure of the Fund supported the re-approval of the Advisory Agreements.

Investment advisory and sub-advisory fee rates

The Board reviewed and considered the contractual investment advisory fee rates that are payable by the Fund to Funds Management for investment advisory services (the “Advisory Agreement Rates”), both on a stand-alone basis and on a combined basis with the Fund’s fund-level and class-level contractual administration fee rates (the “Management Rates”). The Board noted that the administration fees include transfer agency costs. The Board also reviewed and considered the contractual investment sub-advisory fee rates that are payable by Funds Management to WellsCap and by WellsCap to WellsCap Singapore for investment sub-advisory services (the “Sub-Advisory Agreement Rates”).

Among other information reviewed by the Board was a comparison of the Management Rates of the Fund with those of other funds in the expense Groups at a common asset level. The Board noted that the Management Rates of the Fund were higher than the median rates for the Fund’s expense Groups for all classes. The Board and Funds Management agreed to continue the current contractual net expense ratio caps for the Fund.

The Board also received and considered information about the portion of the total advisory fee that was retained by Funds Management after payment of the fee to the Sub-Advisers for sub-advisory services. In assessing the reasonableness of this amount, the Board received and evaluated information concerning the nature and extent of responsibilities retained and risks assumed by Funds Management and not delegated to or assumed by the Sub-Advisers, and about Funds Management’s on-going oversight services. In recognition of the fact that the Wells Fargo enterprise provides a suite of combined advisory and sub-advisory services to the Fund through affiliated entities, the Board ascribed limited relevance to the allocation of the total advisory fee between Funds Management and the Sub-Advisers.

The Board also received and considered information about the nature and extent of services offered and fee rates charged by Funds Management and the Sub-Advisers to other types of clients. In this regard, the Board received information about the significantly greater scope of services, and compliance, reporting and other legal burdens and risks of managing mutual funds compared with those associated with managing assets of non-mutual fund clients such as collective funds or institutional separate accounts.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board determined that the Advisory Agreement Rates and the Sub-Advisory Agreement Rates were reasonable in light of the services covered by the Advisory Agreements.

Other information (unaudited) Wells Fargo Advantage Asia Pacific Fund 29

Profitability

The Board received and considered information concerning the profitability of Funds Management, as well as the profitability of Wells Fargo as a whole, from providing services to the Fund. The Board did not receive or consider to be necessary separate profitability information with respect to the Sub-Advisers, because, as affiliates of Funds Management, their profitability information was subsumed in the collective Wells Fargo profitability analysis provided by Funds Management.

Funds Management explained the methodologies and estimates that it used in calculating the profitability from the Fund and the fund family as a whole. Among other things, the Board noted that the levels of profitability reported on a fund-by-fund basis varied widely, depending on factors such as the size and type of fund. Based on its review, the Board did not deem the profits reported by Funds Management to be at a level that would prevent it from approving the continuation of the Advisory Agreements.

Economies of scale

With respect to possible economies of scale, the Board reviewed the breakpoints in the Fund’s advisory fee and administration fee structure, which operate generally to reduce the Fund’s expense ratios as the Fund grows in size. It considered that, for a small fund or a fund that shrinks in size, breakpoints conversely can result in higher fee levels. The Board also considered fee waiver and expense reimbursement arrangements as a means of sharing potential economies of scale with the Fund. The Board acknowledged the inherent limitations of any analysis of potential economies of scale and of any attempt to correlate breakpoints with such economies. Nonetheless, the Board concluded that the breakpoints and net operating expense ratio caps appeared to be a reasonable approach to sharing potential economies of scale with the Fund.

Other benefits to funds management and the sub-advisers

The Board received and considered information regarding potential “fall-out” or ancillary benefits received by Funds Management and its affiliates, including the Sub-Advisers, as a result of their relationship with the Fund. Ancillary benefits could include, among others, benefits directly attributable to other relationships with the Fund and benefits potentially derived from an increase in Funds Management’s and the Sub-Advisers’ business as a result of their relationship with the Fund (such as the ability to market to shareholders other financial products and services offered by Funds Management and its affiliates, including the Sub-Advisers, or to operate other products and services that follow investment strategies similar to those of the Fund).

The Board considered that Wells Fargo Funds Distributor, LLC, an affiliate of Funds Management, serves as distributor to the Fund and receives certain compensation for those services. The Board noted that various financial institutions, including affiliates of Funds Management, may receive distribution-related fees, shareholder servicing payments (including amounts derived from payments under Rule 12b-1 plans) and sub-transfer agency fees in respect of shares sold or held through them and services provided.

The Board also reviewed information about whether and to what extent soft dollar credits are sought and how any such credits are utilized, and any benefits that might be realized by an affiliated broker that handles portfolio transactions for the Fund.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board did not find that any ancillary benefits received by Funds Management and its affiliates, including the Sub-Advisers, were unreasonable.

Conclusion

After considering the above-described factors and based on its deliberations and its evaluation of the information described above, the Board unanimously approved the continuation of the Advisory Agreements for an additional one-year period.

30 Wells Fargo Advantage Asia Pacific 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.

216830 06-13 SA236/SAR236 4-13

Wells Fargo Advantage

Diversified International Fund

Semi-Annual Report

April 30, 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	24
Other information	30
List of abbreviations	36

The views expressed and any forward-looking statements are as of April 30, 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 100 mutual funds across a wide range of asset classes, representing over $228 billion in assets under management, as of April 30, 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-Term Bond Fund
California Limited-Term Tax-Free Fund	Income Plus Fund	Short-Term High Yield Bond Fund
California Tax-Free Fund	Inflation-Protected Bond Fund	Short-Term Municipal Bond Fund
Colorado Tax-Free Fund	Intermediate Tax/AMT-Free Fund	Strategic Income Fund
Conservative Income Fund	International Bond Fund	Strategic Municipal Bond Fund
Core Bond Fund	Minnesota Tax-Free Fund	Ultra Short-Term Income Fund
Emerging Markets Local Bond Fund	Municipal Bond Fund	Ultra Short-Term Municipal Income Fund
Government Securities Fund	North Carolina Tax-Free Fund	Wisconsin Tax-Free Fund
High Income Fund	Pennsylvania Tax-Free Fund
High Yield Bond Fund	Short Duration Government Bond Fund
Asset allocation funds
Absolute Return Fund	WealthBuilder Equity Portfolio†	Target 2020 Fund†
Asset Allocation Fund	WealthBuilder Growth Allocation Portfolio†	Target 2025 Fund†
Diversified Capital Builder Fund	WealthBuilder Growth Balanced Portfolio†	Target 2030 Fund†
Diversified Income Builder Fund	WealthBuilder Moderate Balanced Portfolio†	Target 2035 Fund†
Growth Balanced Fund	WealthBuilder Tactical Equity Portfolio†	Target 2040 Fund†
Index Asset Allocation Fund	Target Today Fund†	Target 2045 Fund†
Moderate Balanced Fund	Target 2010 Fund†	Target 2050 Fund†
WealthBuilder Conservative Allocation Portfolio†	Target 2015 Fund†	Target 2055 Fund†
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 Diversified International Fund Letter to shareholders (unaudited)

Karla M. Rabusch

President

Wells Fargo Advantage Funds

Investors were heartened by the resilient performance of the German economy and by the fact that the United Kingdom managed to avoid another recession.

Dear Valued Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Advantage Diversified International Fund for the six-month period that ended April 30, 2013. Much of the period was marked by diminished worries of a sovereign debt default in Europe, partially offset by concerns about slowing economic growth in China. Continued monetary easing by global central banks helped support rallies in developed stock markets, but major emerging markets lagged.

Developed markets posted double-digit returns, but major emerging markets lagged.

Global developed equity markets demonstrated continued strength throughout the reporting period despite a budget fight and sequestration cuts in the U.S. and Europe’s seemingly never-ending debt crisis, with Cyprus becoming the newest addition to a list of countries mired in debt. Investors were heartened by the resilient performance of the German economy and by the fact that the United Kingdom managed to avoid another recession. Relatively positive economic data from the U.S. also aided sentiment for developed-market stocks. Although reported U.S. gross domestic product (GDP) growth came in at a moderate 0.4% annualized rate in the fourth quarter of 2012—in part, due to the temporary aftereffects from Hurricane Sandy, which devastated the Eastern Seaboard in October 2012—GDP growth improved to a 2.4% annualized rate for the first quarter of 2013. Monetary easing by major central banks also supported equity markets.

As judged by various MSCI indexes, major emerging markets generally underperformed. Despite China’s smooth transition to a new generation of political leadership, the country’s decelerating growth rate caused its stock market to lag not only developed markets but also the main MSCI Emerging Markets Index (Net)¹. Given China’s importance as a buyer of raw commodities from countries such as Brazil, as well as its key role in Asia’s manufacturing chain, fears of a recession in China led to single-digit returns for other emerging markets.

Central banks continued to provide stimulus.

Major central banks, including the U.S. Federal Reserve Board (Fed) and the European Central Bank (ECB), continued to inject liquidity into the banks and the market 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. After its September 2012 meeting, the FOMC announced its intention to keep interest rates low until at least mid-2015 and to make open-ended purchases of $40 billion per month in mortgage-backed securities to support the housing market.

After cutting its key rate to 0.75% in July 2012, the ECB announced in September 2012 that it would purchase an unlimited amount of one- to three-year sovereign debt from countries that had formally applied for a bailout. In May 2013, after the end of the reporting period, the ECB cut its key rate to a historic low of 0.50%. The ECB’s aggressive actions helped ease investor worries about a eurozone sovereign debt default. Moreover, in mid-March 2013, the governor of the Bank of Japan resigned to allow Shinzo Abe, the recently reelected prime minister, to appoint a new bank governor who supported using aggressive monetary policies to attack Japan’s persistent deflation.

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

The debt crisis in the eurozone returned to center stage but with less impact than before.

Ongoing weakness in the Greek economy made it difficult for the country to meet previously agreed upon austerity targets. Because many eurozone banks owned Greek debt and many U.S. banks had financial ties to eurozone banks, investors initially worried that a Greek default would result in another global financial crisis. However, as central banks continued to provide liquidity, investor worries about the effect of a European sovereign debt default on the global economy began to ease. When the tiny eurozone nation of Cyprus was forced to implement capital controls and impose losses on uninsured bank depositors in March 2013, global stock markets remained resilient despite short-term volatility.

Global monetary easing helped push the MSCI EAFE Index (Net)², an index of developed stock markets, to a 16.90% return for the six-month period. By comparison, the S&P 500 Index³, a barometer of large-cap U.S. stocks, posted a 14.42% return for the reporting period. Within emerging markets, smaller markets, such as the Philippines and Thailand, strongly outperformed the larger markets, such as China, India, and Brazil. The smaller markets are benefiting from high growth rates without some of the imbalances—such as an overreliance on real estate—that are affecting the larger emerging markets.

We employ a diverse array of investment strategies, even as many variables are at work in the market.

The full effect of the European credit crisis remains unknown. Elevated unemployment in the U.S. and Southern Europe continues 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 diversification⁴ 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

Within emerging markets, smaller markets, such as the Philippines and Thailand, strongly outperformed the larger markets, such as China, India, and Brazil.

1. The Morgan Stanley Capital International Emerging Markets (MSCI Emerging Markets) Index (Net) is a free float-adjusted market capitalization index designed to measure the equity market performance in the global emerging markets. The index is currently composed of 21 emerging markets country indexes. You cannot invest directly in an index. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI.

2. The Morgan Stanley Capital International Europe, Australasia, and Far East (MSCI EAFE) Index (Net) is an unmanaged group of securities widely regarded by investors to be representations of the stock markets of Europe, Australasia, and the Far East. You cannot invest directly in an index.

3. 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.

4. Diversification does not assure or guarantee better performance and cannot eliminate the risk of investment losses.

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

Investment objective

The Fund seeks long-term capital appreciation.

Adviser

Wells Fargo Funds Management, LLC

Subadvisers

Artisan Partners Limited Partnership

LSV Asset Management

Wells Capital Management Incorporated

Portfolio managers

Jeffrey Everett, CFA

Josef Lakonishok

Puneet Mansharamani, CFA

Menno Vermeulen, CFA

Dale Winner, CFA

Mark L. Yockey, CFA

Average annual total returns¹ (%) as of April 30, 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 (SILAX)	9-24-1997		10.46		(2.52	)		6.49		17.24		(1.35	)		7.12		1.66		1.42
Class B (SILBX)*	9-24-1997		11.35		(2.49	)		6.55		16.35		(2.05	)		6.55		2.41		2.17
Class C (WFECX)	4-1-1998		15.36		(2.04	)		6.32		16.36		(2.04	)		6.32		2.41		2.17
Administrator Class (WFIEX)	11-8-1999		–		–			–		17.34		(1.16	)		7.33		1.50		1.26
Institutional Class (WFISX)	8-31-2006		–		–			–		17.21		(1.00	)		7.45		1.23		1.00
Investor Class (WIEVX)	7-18-2008		–		–			–		17.14		(1.37	)		7.04		1.72		1.47
MSCI EAFE® Index (Net)4	–		–		–			–		19.39		(0.93	)		9.23		–		–

* 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, which assumes the reinvestment of dividends and capital gains. Current month-end performance is available on the Fund’s website, wellsfargoadvantagefunds.com.

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

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

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

Please see footnotes on page 5.

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

Ten largest equity holdings5 (%) as of April 30, 2013
Toyota Motor Corporation	1.59
Zurich Financial Services AG	1.45
Muenchener Rueckversicherungs-Gesellschaft AG	1.39
Honda Motor Company Limited	1.38
Linde AG	1.37
Allianz AG	1.31
BP plc	1.26
Japan Tobacco Incorporated	1.26
Bayer AG	1.19
Anheuser-Busch InBev NV	1.15

Sector distribution⁶ as of April 30, 2013

1. Historical performance shown for the Investor Class shares prior to their inception reflects the performance of Class A shares, adjusted to reflect the higher expenses applicable to the Investor Class 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 February 28, 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 1.41% for Class A, 2.16% for Class B, 2.16% for Class C, 1.25% for Administrator Class, 0.99% for Institutional Class, and 1.46% 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 Morgan Stanley Capital International Europe, Australasia, and Far East (MSCI EAFE) Index (Net) is an unmanaged group of securities widely regarded by investors to be representations of the stock markets of Europe, Australasia, and the Far East. You cannot invest directly in an index. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI.

5. The ten largest 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. Top holdings typically include the underlying ordinary shares combined with any depositary receipts.

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

6 Wells Fargo Advantage Diversified International Fund Fund expenses (unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from November 1, 2012 to April 30, 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 11-1-2012		Ending account value 4-30-2013		Expenses paid during the period¹			Net annual expense ratio
Class A
Actual	$	1,000.00	$	1,156.34	$	7.54			1.41	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.80	$	7.05			1.41	%
Class B
Actual	$	1,000.00	$	1,152.84	$	11.53			2.16	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,014.08	$	10.79			2.16	%
Class C
Actual	$	1,000.00	$	1,152.61	$	11.53			2.16	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,014.08	$	10.79			2.16	%
Administrator Class
Actual	$	1,000.00	$	1,157.66	$	6.69			1.25	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.60	$	6.26			1.25	%
Institutional Class
Actual	$	1,000.00	$	1,159.44	$	5.30			0.99	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.89	$	4.96	��		0.99	%
Investor Class
Actual	$	1,000.00	$	1,156.49	$	7.81			1.46	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.55	$	7.30			1.46	%

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

Portfolio of investments—April 30, 2013 (unaudited) Wells Fargo Advantage Diversified International Fund 7

Security name	Shares		Value
Common Stocks: 95.93%
Australia: 2.11%
Arrium Limited (Materials, Metals & Mining)		198,700	$	175,093
Bendigo Bank Limited (Financials, Commercial Banks)		26,100		299,260
Challenger Financial Services Group Limited (Financials, Diversified Financial Services)		46,700		203,338
Downer EDI Limited (Industrials, Commercial Services & Supplies)		42,300		215,315
Goodman Fielder Limited (Consumer Staples, Food Products) †		134,500		108,063
Lend Lease Corporation Limited (Financials, Real Estate Management & Development)		20,800		232,453
Metcash Limited (Consumer Staples, Food & Staples Retailing)		28,500		120,843
Perilya Limited (Industrials, Professional Services) †		289,100		44,957
Westfield Group (Financials, REITs)		5,840		70,533
Westpac Banking Corporation (Financials, Commercial Banks)		6,300		220,755
				1,690,610
Austria: 0.44%
OMV AG (Energy, Oil, Gas & Consumable Fuels)		5,300		249,006
Voestalpine AG (Materials, Metals & Mining)		3,400		106,142
				355,148
Belgium: 2.12%
Anheuser-Busch InBev NV (Consumer Staples, Beverages) «		9,698		922,762
Delhaize Group SA (Consumer Staples, Food & Staples Retailing)		3,600		225,720
KBC Groep NV (Financials, Commercial Banks)		3,700		145,207
Telenet Group Holding NV (Telecommunication Services, Diversified Telecommunication Services)		2,545		137,400
Tessenderlo Chemie NV (Materials, Chemicals)		3,600		101,790
UCB SA (Health Care, Pharmaceuticals) «		2,796		165,257
				1,698,136
Brazil: 0.92%
Banco do Brasil SA (Financials, Commercial Banks)		12,100		151,980
BM&FBOVESPA SA (Financials, Diversified Financial Services)		9,400		65,259
Companhia de Saneamento Basico do Estado de Sao Paulo (Utilities, Water Utilities)		17,700		249,034
Companhia de Saneamento de Minas Gerais SA (Utilities, Water Utilities)		5,300		123,179
Cosan Limited Class A (Energy, Oil, Gas & Consumable Fuels)		7,000		145,250
				734,702
Canada: 3.49%
Barrick Gold Corporation (Materials, Metals & Mining)		15,266		300,941
Canadian Pacific Railway Limited (Industrials, Road & Rail)		6,046		753,453
Cenovus Energy Incorporated (Energy, Oil, Gas & Consumable Fuels)		11,290		338,023
Magna International Incorporated Class A (Consumer Discretionary, Auto Components) «		4,500		270,683
Metro Incorporated (Consumer Staples, Food & Staples Retailing)		3,400		230,570
Suncor Energy Incorporated (Energy, Oil, Gas & Consumable Fuels)		4,293		133,846
Valeant Pharmaceuticals International Incorporated (Health Care, Pharmaceuticals) †		6,539		497,487
WestJet Airlines Limited (Industrials, Airlines)		11,100		272,583
				2,797,586
China: 3.87%
AutoNavi Holdings Limited ADR (Information Technology, Software) Ǡ		16,608		181,858
Baidu.com Incorporated ADR (Information Technology, Internet Software & Services) †		7,848		673,751

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

8 Wells Fargo Advantage Diversified International Fund Portfolio of investments—April 30, 2013 (unaudited)

Security name	Shares		Value
China (continued)
Biostime International Holdings Limited (Consumer Staples, Food Products)		27,500	$	158,405
China Communications Services Corporation Limited (Telecommunication Services, Diversified Telecommunication Services)		220,000		161,028
China Mobile Limited (Telecommunication Services, Wireless Telecommunication Services)		48,000		525,454
China Petroleum & Chemical Corporation (Energy, Oil, Gas & Consumable Fuels)		284,000		310,710
China Railway Construction Corporation Limited (Industrials, Construction & Engineering)		141,500		142,774
Industrial & Commercial Bank of China Limited Class H (Financials, Commercial Banks)		513,000		360,944
Shenguan Holdings Group Limited (Consumer Staples, Food Products)		172,000		87,328
Tencent Holdings Limited (Information Technology, Internet Software & Services)		9,200		315,592
Xtep International Holdings Limited (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		444,241		186,051
				3,103,895
Denmark: 0.19%
H. Lundbeck A/S (Health Care, Pharmaceuticals) «		4,100		81,984
Rockwool International A/S B Shares (Industrials, Building Products)		563		74,339
				156,323
Finland: 0.46%
Metso Oyj (Industrials, Machinery)		5,883		241,648
TietoEnator Oyj (Information Technology, IT Services)		5,800		124,199
				365,847
France: 5.49%
Arkema SA (Industrials, Professional Services)		910		85,256
AXA SA (Financials, Insurance)		7,500		140,403
BNP Paribas SA (Financials, Commercial Banks)		3,600		200,593
Credit Agricole SA (Financials, Commercial Banks) †		10,900		99,780
LVMH Moet Hennessy Louis Vuitton SA (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		752		130,231
Pernod-Ricard SA (Consumer Staples, Beverages)		2,717		336,347
Sanofi-Aventis SA (Health Care, Pharmaceuticals)		6,434		705,145
Schneider Electric SA (Industrials, Electrical Equipment)		6,082		463,761
SCOR SE (Financials, Insurance) «		7,700		233,688
Societe Generale SA (Financials, Diversified Financial Services) †		3,700		134,390
Total SA (Energy, Oil, Gas & Consumable Fuels)		14,603		735,987
Unibail-Rodamco SA (Financials, Real Estate Management & Development)		1,879		491,198
Vivendi SA (Telecommunication Services, Wireless Telecommunication Services)		12,000		271,819
Zodiac Aerospace SA (Industrials, Aerospace & Defense)		3,027		379,387
				4,407,985
Germany: 12.24%
Allianz AG (Financials, Insurance) «		7,142		1,053,904
BASF SE (Materials, Chemicals) «		2,900		270,855
Bayer AG (Health Care, Pharmaceuticals) «		9,165		956,174
Beiersdorf AG (Consumer Staples, Personal Products)		4,927		445,963
Brenntag AG (Materials, Chemicals)		2,183		372,156
Daimler AG (Consumer Discretionary, Automobiles)		4,800		265,592
Deutsche Bank AG (Financials, Commercial Banks)		3,300		151,717
Deutsche Post AG (Industrials, Air Freight & Logistics)		23,613		560,371
E.ON AG (Utilities, Electric Utilities) «		6,200		112,352
Hannover Rueckversicherung AG (Financials, Insurance)		2,200		185,774
Heidelbergcement AG (Materials, Construction Materials) «		5,553		399,803

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

Portfolio of investments—April 30, 2013 (unaudited) Wells Fargo Advantage Diversified International Fund 9

Security name	Shares	Value
Germany (continued)
Kabel Deutschland Holding AG (Consumer Discretionary, Media)	5,351	$	508,582
Linde AG (Materials, Chemicals)	5,806		1,097,996
Metro AG (Consumer Staples, Food & Staples Retailing) «	21,723		677,297
Muenchener Rueckversicherungs-Gesellschaft AG (Financials, Insurance) «	5,594		1,118,683
Norddeutsche Affinerie AG (Materials, Metals & Mining)	1,800		113,097
RWE AG (Utilities, Multi-Utilities)	2,900		104,397
SAP AG (Information Technology, Software)	5,752		456,854
Siemens AG (Industrials, Industrial Conglomerates)	6,372		665,455
Volkswagen AG (Consumer Discretionary, Automobiles) «	1,600		311,011
			9,828,033
Hong Kong: 4.11%
AIA Group Limited (Financials, Insurance)	203,000		901,187
Beijing Enterprises Holdings Limited (Financials, Diversified Financial Services)	18,500		138,390
China Everbright Limited (Financials, Capital Markets)	404,000		642,431
China Resources Land Limited (Financials, Real Estate Management & Development)	104,600		316,759
Guangdong Investment Limited (Utilities, Water Utilities)	194,000		187,746
Hengdeli Holdings Limited (Consumer Discretionary, Specialty Retail)	1,729,424		503,663
Hong Kong Land Holdings Limited (Financials, Real Estate Management & Development)	24,058		174,661
Johnson Electric Holdings Limited (Industrials, Electrical Equipment)	178,500		121,681
Kingboard Laminates Holdings Limited (Information Technology, Electronic Equipment, Instruments & Components)	226,500		101,573
Sino Land Company (Financials, Real Estate Management & Development)	37,690		61,974
Yue Yuen Industrial Holdings Limited (Consumer Discretionary, Textiles, Apparel & Luxury Goods)	42,000		145,319
			3,295,384
India: 0.63%
Coal India Limited (Energy, Oil, Gas & Consumable Fuels)	16,734		99,146
Grasim Industries GDR (Industrials, Construction & Engineering)	1,800		98,172
Tata Motors Limited ADR (Consumer Discretionary, Auto Components) «	7,700		212,058
Tata Steel Limited GDR (Industrials, Machinery)	17,100		97,727
			507,103
Indonesia: 0.18%
PT Bank Rakyat Indonesia Tbk (Financials, Commercial Banks)	150,500		145,508
Ireland : 1.25%
Covidien plc (Health Care, Health Care Equipment & Supplies)	10,424		665,468
CRH plc (Materials, Construction Materials)	15,836		340,462
			1,005,930
Israel: 0.44%
Bank Hapoalim Limited (Financials, Commercial Banks) †	38,000		176,485
Teva Pharmaceutical Industries Limited (Health Care, Pharmaceuticals)	4,600		180,022
			356,507
Italy: 1.83%
Enel SpA (Utilities, Electric Utilities)	48,100		185,982
ENI SpA (Energy, Oil, Gas & Consumable Fuels)	30,391		726,825
Intesa Sanpaolo SpA (Financials, Commercial Banks)	308,666		559,748
			1,472,555

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

10 Wells Fargo Advantage Diversified International Fund Portfolio of investments—April 30, 2013 (unaudited)

Security name	Shares		Value
Japan: 18.25%
Adeka Corporation (Materials, Chemicals)		20,600	$	185,112
Alpine Electronics Incorporated (Information Technology, Electronic Equipment, Instruments & Components)		11,600		118,160
Aozora Bank Limited (Financials, Commercial Banks)		41,000		128,276
Asahi Glass Company Limited (Industrials, Building Products)		76,000		595,620
Capcom Company Limited (Information Technology, Software)		27,600		454,408
Credit Saison Company Limited (Financials, Consumer Finance)		1,400		40,886
Daiwa Securities Group Incorporated (Financials, Capital Markets)		75,000		663,948
Eizo Nanao Corporation (Information Technology, Computers & Peripherals)		7,300		126,253
Fukuoka Financial Group Incorporated (Financials, Commercial Banks)		23,000		117,495
Hitachi Capital Corporation (Financials, Consumer Finance)		5,100		126,918
Honda Motor Company Limited (Consumer Discretionary, Automobiles)		27,900		1,109,017
Ishikawajima-Harima Heavy Industries Company Limited (Industrials, Machinery)		43,000		160,117
Itochu Corporation (Industrials, Trading Companies & Distributors)		53,500		661,307
Japan Tobacco Incorporated (Consumer Staples, Tobacco)		26,800		1,013,058
JX Holdings Incorporated (Energy, Oil, Gas & Consumable Fuels)		28,500		154,362
KDDI Corporation (Telecommunication Services, Wireless Telecommunication Services)		8,400		403,262
Kyorin Company Limited (Health Care, Pharmaceuticals)		7,900		211,023
Maeda Road Construction Company Limited (Industrials, Construction & Engineering)		11,000		165,985
Marubeni Corporation (Industrials, Trading Companies & Distributors)		30,000		214,495
Miraca Holdings Incorporated (Health Care, Health Care Providers & Services)		1,800		89,737
Mitsubishi Corporation (Industrials, Trading Companies & Distributors)		5,500		98,620
Mitsubishi Heavy Industries Limited (Industrials, Machinery)		6,000		41,299
Mitsubishi UFJ Financial Group Incorporated (Financials, Commercial Banks)		90,300		614,134
Mitsui Engineering & Shipbuilding Company Limited (Industrials, Machinery)		121,000		223,419
Mitsui OSK Lines Limited (Industrials, Marine) †		149,000		619,018
Mizuho Financial Group Incorporated (Financials, Commercial Banks)		154,300		340,304
NGK Insulators Limited (Industrials, Electrical Equipment)		28,000		337,775
Nichirei Corporation (Consumer Staples, Food Products)		21,000		123,434
Nippon Telegraph & Telephone Corporation (Telecommunication Services, Diversified Telecommunication Services)		5,600		277,171
Nissan Motor Company Limited (Consumer Discretionary, Automobiles)		24,700		257,426
Nitto Denko Corporation (Materials, Chemicals)		7,200		472,688
NTT DoCoMo Incorporated (Telecommunication Services, Wireless Telecommunication Services)		100		165,154
Ono Pharmaceutical Company Limited (Health Care, Pharmaceuticals)		2,000		131,713
Otsuka Holdings Company Limited (Health Care, Health Care Providers & Services)		6,000		216,033
Rengo Company Limited (Materials, Containers & Packaging)		23,000		111,125
Sankyu Incorporated (Industrials, Road & Rail)		28,000		124,942
Sega Sammy Holdings Incorporated (Consumer Discretionary, Leisure Equipment & Products)		5,600		147,116
Seino Holdings Company Limited (Industrials, Transportation Infrastructure)		3,000		26,189
Sharp Corporation (Consumer Discretionary, Household Durables) Ǡ		114,000		395,261
Sojitz Corporation (Industrials, Trading Companies & Distributors)		77,400		121,477
Sumitomo Corporation (Consumer Discretionary, Distributors)		19,900		248,227
Sumitomo Mitsui Financial Group Incorporated (Financials, Commercial Banks)		8,000		377,904
Sumitomo Mitsui Trust Holdings Incorporated (Financials, Commercial Banks)		60,000		300,969
Takeda Pharmaceutical Company Limited (Health Care, Pharmaceuticals)		2,000		109,760
Toshiba TEC Corporation (Information Technology, Office Electronics)		22,000		129,764
Toyota Motor Corporation (Consumer Discretionary, Automobiles)		22,000		1,272,811
Yamada Denki Company Limited (Consumer Discretionary, Specialty Retail)		8,960		431,525
Yokohama Rubber Company Limited (Consumer Discretionary, Auto Components)		15,000		196,646
				14,651,343

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

Portfolio of investments—April 30, 2013 (unaudited) Wells Fargo Advantage Diversified International Fund 11

Security name	Shares		Value
Liechtenstein: 0.14%
Verwaltungs-Und Privat-Bank AG (Financials, Capital Markets)		1,400	$	112,175
Malaysia : 0.05%
Astro Malaysia Holdings Bhd (Consumer Discretionary, Media)		41,700		40,432
Netherlands: 3.17%
Aegon NV (Financials, Insurance)		17,300		114,167
Akzo Nobel NV (Materials, Chemicals) «		8,480		511,259
ING Groep NV (Financials, Diversified Financial Services) †		16,600		136,240
Koninklijke Ahold NV (Consumer Staples, Food & Staples Retailing)		16,900		266,632
Koninklijke DSM NV (Materials, Chemicals)		2,500		161,096
Koninklijke Vopak NV (Industrials, Transportation Infrastructure) «		3,077		170,438
Nutreco Holding NV (Consumer Staples, Food Products)		1,300		123,386
Unilever NV (Consumer Staples, Food Products)		21,372		909,674
Ziggo NV (Telecommunication Services, Diversified Telecommunication Services) «		4,197		150,424
				2,543,316
Nigeria: 0.18%
Nigerian Breweries plc (Consumer Staples, Beverages)		136,314		142,267
Norway: 1.39%
Atea ASA (Information Technology, IT Services)		8,400		89,951
DnB Nor ASA (Financials, Commercial Banks)		7,800		127,486
Frontline 2012 Limited (Energy, Oil, Gas & Consumable Fuels)144A †		11,711		86,109
Marine Harvest ASA (Consumer Staples, Food Products) Ǡ		547,586		569,759
Statoil ASA (Energy, Oil, Gas & Consumable Fuels)		5,700		139,077
Yara International ASA (Materials, Chemicals)		2,200		103,009
				1,115,391
Russia: 1.21%
Gazprom Neft Sponsored ADR (Energy, Oil, Gas & Consumable Fuels) (i)		10,500		214,200
Lukoil ADR (Energy, Oil, Gas & Consumable Fuels)		4,200		267,566
Mobile Telesystems ADR (Telecommunication Services, Wireless Telecommunication Services)		14,461		299,343
Sberbank of Russia (Financials, Commercial Banks)		60,408		191,795
				972,904
Singapore: 0.10%
Global Logistic Properties Limited (Financials, Real Estate Management & Development)		35,000		78,428
South Africa: 0.28%
Exxaro Resources Limited (Materials, Metals & Mining)		6,400		100,370
Imperial Holding Limited (Consumer Discretionary, Distributors)		5,700		126,215
				226,585
South Korea: 2.69%
Hana Financial Group Incorporated (Financials, Commercial Banks)		9,970		318,663
Industrial Bank of Korea (Financials, Commercial Banks)		13,500		154,454
Samsung Electronics Company Limited (Information Technology, Semiconductors & Semiconductor Equipment)		126		173,904
Samsung Electronics Company Limited GDR (Information Technology, Semiconductors & Semiconductor Equipment) 144A		702		485,082

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

12 Wells Fargo Advantage Diversified International Fund Portfolio of investments—April 30, 2013 (unaudited)

Security name	Shares		Value
South Korea (continued)
SK Telecom Company Limited (Telecommunication Services, Wireless Telecommunication Services)		4,834	$	849,340
Woori Finance Holdings Company Limited (Financials, Commercial Banks)		16,400		177,209
				2,158,652
Spain: 0.40%
Banco Santander Central Hispano SA (Financials, Commercial Banks)		22,800		164,875
Grifols SA (Health Care, Biotechnology)		3,658		146,786
Grifols SA B Shares (Health Care, Biotechnology) †		232		7,159
				318,820
Sweden: 1.03%
Boliden AB (Materials, Metals & Mining)		12,400		196,302
Saab AB (Industrials, Aerospace & Defense)		9,100		199,662
Volvo AB Class B (Industrials, Machinery)		30,881		427,404
				823,368
Switzerland: 8.46%
ABB Limited (Industrials, Electrical Equipment)		23,810		539,041
Actelion Limited (Health Care, Biotechnology)		590		36,074
Baloise Holding AG (Financials, Insurance)		2,000		205,851
Compagnie Financiere Richemont SA (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		3,334		269,287
Credit Suisse Group AG (Financials, Capital Markets)		16,610		460,536
Georg Fischer AG (Industrials, Machinery)		400		173,908
Holcim Limited (Materials, Construction Materials)		4,674		364,198
Nestle SA (Consumer Staples, Food Products)		12,857		918,160
Novartis AG (Health Care, Pharmaceuticals)		8,991		667,701
Roche Holdings AG (Health Care, Pharmaceuticals)		3,001		750,089
Swatch Group AG Class B (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		501		286,925
Swiss Reinsurance AG (Financials, Insurance)		5,901		469,326
UBS AG (Financials, Diversified Financial Services)		20,910		373,313
Valora Holding AG (Consumer Discretionary, Specialty Retail)		600		117,961
Zurich Financial Services AG (Financials, Insurance)		4,164		1,162,588
				6,794,958
United Kingdom: 16.27%
Amlin plc (Financials, Insurance)		19,500		128,552
AstraZeneca plc (Health Care, Pharmaceuticals)		9,400		488,055
Aviva plc (Financials, Insurance)		22,000		104,264
BAE Systems plc (Industrials, Aerospace & Defense)		49,700		289,892
Barclays plc (Financials, Commercial Banks)		50,000		222,168
BP plc (Energy, Oil, Gas & Consumable Fuels)		139,932		1,013,782
British Land Company plc (Financials, REITs)		19,177		177,093
BT Group plc (Telecommunication Services, Diversified Telecommunication Services)		70,500		302,470
Capita plc (Industrials, Commercial Services & Supplies)		37,924		531,656
Chemring Group plc (Industrials, Aerospace & Defense)		29,395		123,786
Cobham plc (Industrials, Aerospace & Defense)		38,400		149,420
Debenhams plc (Consumer Discretionary, Multiline Retail)		457,053		590,689
Diageo plc (Consumer Staples, Beverages)		4,429		135,119
Firstgroup plc (Industrials, Road & Rail)		32,500		106,571

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

Portfolio of investments—April 30, 2013 (unaudited) Wells Fargo Advantage Diversified International Fund 13

Security name				Shares	Value
United Kingdom (continued)
GlaxoSmithKline plc (Health Care, Pharmaceuticals)				4,400	$	113,491
HSBC Holdings plc (Financials, Commercial Banks)				53,725		587,097
Imperial Tobacco Group plc (Consumer Staples, Tobacco)				14,101		503,787
Intercontinental Hotels Group plc (Consumer Discretionary, Hotels, Restaurants & Leisure)				3,349		98,737
J Sainsbury plc (Consumer Staples, Food & Staples Retailing)				42,600		252,184
Johnson Matthey plc (Materials, Chemicals)				7,231		272,270
Land Securities Group plc (Financials, REITs)				24,395		331,004
Man Group plc (Financials, Capital Markets)				388,612		616,931
Marston’s plc (Consumer Discretionary, Hotels, Restaurants & Leisure)				36,500		82,098
Meggitt plc (Industrials, Aerospace & Defense)				29,457		214,417
Old Mutual plc (Financials, Commercial Banks)				59,600		189,788
Pace plc (Consumer Discretionary, Household Durables)				36,800		141,936
Prudential plc (Financials, Insurance)				8,667		148,765
Reckitt Benckiser Group plc (Consumer Staples, Household Products)				5,706		416,226
Rolls-Royce Holdings plc (Industrials, Aerospace & Defense)				10,675		187,377
Rolls-Royce Holdings plc Class C (Industrials, Aerospace & Defense) †(i)(a)				1,270,325		1,973
Royal & Sun Alliance Insurance Group plc (Financials, Insurance)				53,200		91,976
Royal Dutch Shell plc Class B (Energy, Oil, Gas & Consumable Fuels)				19,000		664,942
SABMiller plc (Consumer Staples, Beverages)				11,999		646,481
Smiths Group plc (Industrials, Industrial Conglomerates)				20,061		389,522
Standard Chartered plc (Financials, Commercial Banks)				8,058		202,398
Tesco plc (Consumer Staples, Food & Staples Retailing)				39,100		222,385
Tullett Prebon plc (Financials, Capital Markets)				20,600		78,238
Vodafone Group plc (Telecommunication Services, Wireless Telecommunication Services)				111,300		339,206
Vodafone Group plc ADR (Telecommunication Services, Wireless Telecommunication Services)				18,872		577,294
WH Smith plc (Consumer Discretionary, Specialty Retail)				15,600		179,198
William Morrison Supermarkets plc (Consumer Staples, Food & Staples Retailing)				48,700		220,968
Wolseley plc (Industrials, Trading Companies & Distributors)				11,891		587,928
WPP plc (Consumer Discretionary, Media)				20,646		341,230
						13,063,364
United States: 2.54%
Apple Incorporated (Information Technology, Computers & Peripherals)				719		318,337
Bank of America Corporation (Financials, Diversified Financial Services)				19,436		239,257
KKR & Company LP (Financials, Capital Markets)				13,704		287,784
Liberty Global Incorporated Class A (Consumer Discretionary, Media) †				2,809		203,287
QUALCOMM Incorporated (Information Technology, Communications Equipment)				7,112		438,241
Schlumberger Limited (Energy, Energy Equipment & Services)				5,915		440,253
Virgin Media Incorporated (Consumer Discretionary, Media) «				2,329		113,606
						2,040,765
Total Common Stocks (Cost $68,308,278)						77,004,020
	Dividend yield
Preferred Stocks: 0.84%
Brazil: 0.27%
Companhia Energetica de Minas Gerais SA (Utilities, Oil, Gas & Consumable Fuels) ±		4.44	%	6,300		80,578
Companhia Vale Do Rio Doce Class A (Materials, Metals & Mining) ±		3.20		8,400		137,037
						217,615

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

14 Wells Fargo Advantage Diversified International Fund Portfolio of investments—April 30, 2013 (unaudited)

Security name	Dividend yield			Shares	Value
Germany: 0.57%
Henkel AG & Company KGaA ADR (Consumer Staples, Household Products) ±		1.24	%	4,872	$	459,399
Total Preferred Stocks (Cost $653,179)						677,014
	Yield
Short-Term Investments: 11.06%
Investment Companies: 11.06%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)		0.13		910,389		910,389
Wells Fargo Securities Lending Cash Investments, LLC (l)(u)(r)(v)		0.18		7,964,436		7,964,436
Total Short-Term Investments (Cost $8,874,825)						8,874,825

Total investments in securities (Cost $77,836,282) *	107.83	%		86,555,859
Other assets and liabilities, net	(7.83	)		(6,282,969	)
Total net assets	100.00	%	$	80,272,890

† Non-income-earning security

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

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

(i) Illiquid security

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

(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.

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

* Cost for federal income tax purposes is $80,514,199 and unrealized appreciation (depreciation) consists of:

Gross unrealized appreciation	$	13,696,158
Gross unrealized depreciation		(7,654,498	)
Net unrealized appreciation	$	6,041,660

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

Statement of assets and liabilities—April 30, 2013 (unaudited) Wells Fargo Advantage Diversified International Fund 15

Assets
Investments
In unaffiliated securities (including securities on loan), at value (see cost below)	$	77,681,034
In affiliated securities, at value (see cost below)		8,874,825
Total investments, at value (see cost below)		86,555,859
Foreign currency, at value (see cost below)		989,766
Receivable for investments sold		517,772
Receivable for Fund shares sold		134,405
Receivable for dividends		447,119
Receivable for securities lending income		17,985
Unrealized gains on forward foreign currency contracts		22,351
Prepaid expenses and other assets		30,939
Total assets		88,716,196
Liabilities
Payable for investments purchased		230,026
Payable for Fund shares redeemed		87,647
Unrealized losses on forward foreign currency contracts		8,301
Payable upon receipt of securities loaned		7,964,436
Advisory fee payable		18,576
Distribution fees payable		680
Due to other related parties		20,901
Accrued expenses and other liabilities		112,739
Total liabilities		8,443,306
Total net assets	$	80,272,890
NET ASSETS CONSIST OF
Paid-in capital	$	178,671,764
Undistributed net investment income		713,098
Accumulated net realized losses on investments		(107,850,395	)
Net unrealized gains on investments		8,738,423
Total net assets	$	80,272,890
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE1
Net assets – Class A	$	26,340,113
Shares outstanding – Class A		2,353,453
Net asset value per share – Class A		$11.19
Maximum offering price per share – Class A2		$11.87
Net assets – Class B	$	220,226
Shares outstanding – Class B		20,504
Net asset value per share – Class B		$10.74
Net assets – Class C	$	961,390
Shares outstanding – Class C		92,361
Net asset value per share – Class C		$10.41
Net assets – Administrator Class	$	4,438,825
Shares outstanding – Administrator Class		389,956
Net asset value per share – Administrator Class		$11.38
Net assets – Institutional Class	$	3,552,753
Shares outstanding – Institutional Class		330,724
Net asset value per share – Institutional Class		$10.74
Net assets – Investor Class	$	44,759,583
Shares outstanding – Investor Class		4,014,892
Net asset value per share – Investor Class		$11.15
Investments in unaffiliated securities (including securities on loan), at cost	$	68,961,457
Investments in affiliated securities, at cost	$	8,874,825
Total investments, at cost	$	77,836,282
Securities on loan, at value	$	7,571,377
Foreign currency, at cost	$	988,762

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 Diversified International Fund Statement of operations—six months ended April 30, 2013 (unaudited)

Investment income
Dividends*	$	1,207,058
Securities lending income, net		39,159
Income from affiliated securities		1,127
Total investment income		1,247,344
Expenses
Advisory fee		321,963
Administration fees
Fund level		18,939
Class A		31,261
Class B		331
Class C		965
Administrator Class		1,888
Institutional Class		2,142
Investor Class		66,532
Shareholder servicing fees
Class A		30,059
Class B		318
Class C		928
Administrator Class		4,720
Investor Class		51,721
Distribution fees
Class B		953
Class C		2,783
Custody and accounting fees		92,394
Professional fees		18,109
Registration fees		29,896
Shareholder report expenses		28,908
Trustees’ fees and expenses		6,288
Other fees and expenses		33,116
Total expenses		744,214
Less: Fee waivers and/or expense reimbursements		(210,268	)
Net expenses		533,946
Net investment income		713,398
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains (losses) on:
Unaffiliated securities		1,255,842
Forward foreign currency contract transactions		(589	)
Net realized gains on investments		1,255,253
Net change in unrealized gains (losses) on:
Unaffiliated securities		9,061,803
Forward foreign currency contract transactions		14,050
Net change in unrealized gains (losses) on investments		9,075,853
Net realized and unrealized gains (losses) on investments		10,331,106
Net increase in net assets resulting from operations	$	11,044,504
* Net of foreign dividend withholding taxes in the amount of		$91,222

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

Statement of changes in net assets Wells Fargo Advantage Diversified International Fund 17

	Six months ended April 30, 2013 (unaudited)						Year ended October 31, 2012
Operations
Net investment income				$	713,398					$	4,566,595
Net realized gains (losses) on investments					1,255,253						(12,771,274	)
Net change in unrealized gains (losses) on investments					9,075,853						14,555,023
Net increase in net assets resulting from operations					11,044,504						6,350,344
Distributions to shareholders from
Net investment income
Class A					(1,279,375	)					(338,231	)
Class B					(14,233	)					(191	)
Class C					(34,916	)					(4,213	)
Administrator Class					(198,977	)					0
Institutional Class					(617,382	)					(8,142,523	)
Investor Class					(2,250,592	)					(563,955	)
Total distributions to shareholders					(4,395,475	)					(9,049,113	)
		Shares						Shares
Capital share transactions
Proceeds from shares sold
Class A		215,057			2,293,584			67,824			669,301
Class B		1,190			12,198			3,974			37,717
Class C		25,234			251,224			6,076			53,741
Administrator Class		94,843			1,024,971			71,813			731,021
Institutional Class		534			5,400			2,051,043			19,225,634
Investor Class		315,033			3,331,095			264,997			2,570,757
					6,918,472						23,288,171
Reinvestment of distributions
Class A		124,397			1,251,439			36,260			321,260
Class B		1,470			14,233			20			170
Class C		3,329			31,227			431			3,580
Administrator Class		18,794			192,070			0			0
Institutional Class		20,974			202,192			626,409			5,524,925
Investor Class		221,373			2,218,157			63,062			556,837
					3,909,318						6,406,772
Payment for shares redeemed
Class A		(175,431	)		(1,845,156	)		(378,146	)		(3,686,356	)
Class B		(12,670	)		(128,612	)		(25,904	)		(243,145	)
Class C		(2,022	)		(19,650	)		(10,077	)		(91,335	)
Administrator Class		(59,897	)		(638,977	)		(88,963	)		(874,227	)
Institutional Class		(412,836	)		(4,202,183	)		(45,288,152	)		(430,823,339	)
Investor Class		(357,431	)		(3,753,227	)		(684,585	)		(6,665,092	)
					(10,587,805	)					(442,383,494	)
Net increase (decrease) in net assets resulting from capital share transactions					239,985						(412,688,551	)
Total increase (decrease) in net assets					6,889,014						(415,387,320	)
Net assets
Beginning of period					73,383,876						488,771,196
End of period				$	80,272,890					$	73,383,876
Undistributed net investment income				$	713,098					$	4,395,175

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

18 Wells Fargo Advantage Diversified International Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended April 30, 2013 (unaudited)			Year ended October 31									Year ended September 30
CLASS A				2012			2011			20101			2010			2009			2008
Net asset value, beginning of period	$	10.25		$	9.69		$	10.29		$	9.84		$	9.62		$	11.68		$	19.49
Net investment income		0.10	2		0.19	2		0.16			0.00	2,3		0.09	2		0.14	2		0.31	2
Net realized and unrealized gains (losses) on investments		1.44			0.51			(0.65	)		0.45			0.26			(0.69	)		(5.91	)
Total from investment operations		1.54			0.70			(0.49	)		0.45			0.35			(0.55	)		(5.60	)
Distributions to shareholders from
Net investment income		(0.60	)		(0.14	)		(0.11	)		0.00			(0.13	)		(0.23	)		(0.23	)
Net realized gains		0.00			0.00			0.00			0.00			0.00			(1.28	)		(1.98	)
Total distributions to shareholders		(0.60	)		(0.14	)		(0.11	)		0.00			(0.13	)		(1.51	)		(2.21	)
Net asset value, end of period	$	11.19		$	10.25		$	9.69		$	10.29		$	9.84		$	9.62		$	11.68
Total return4		15.63	%		7.45	%		(4.83	)%		4.57	%		3.64	%		(0.78	)%		(32.12	)%
Ratios to average net assets (annualized)
Gross expenses		1.96	%		1.68	%		1.47	%		1.54	%		1.64	%		1.76	%		1.67	%
Net expenses		1.41	%		1.41	%		1.41	%		1.41	%		1.38	%		1.41	%		1.48	%
Net investment income		1.94	%		1.96	%		1.47	%		0.59	%		0.99	%		1.76	%		1.93	%
Supplemental data
Portfolio turnover rate		25	%		57	%		53	%		5	%		64	%		123	%		62	%
Net assets, end of period (000s omitted)		$26,340			$22,434			$23,862			$29,804			$28,926			$31,742			$37,819

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

2. Calculated based upon average shares outstanding

3. Amount is less than $0.005.

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

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

Financial highlights Wells Fargo Advantage Diversified International Fund 19

(For a share outstanding throughout each period)

	Six months ended April 30, 2013 (unaudited)			Year ended October 31									Year ended September 30
CLASS B				2012			2011			20101			2010			2009			2008
Net asset value, beginning of period	$	9.80		$	9.19		$	9.74		$	9.32		$	9.12		$	11.07		$	18.52
Net investment income (loss)		0.04	2		0.10	2		0.06	2		(0.00	)2,3		(0.05	)2		0.07	2		0.16	2
Net realized and unrealized gains (losses) on investments		1.40			0.51			(0.61	)		0.42			0.32			(0.64	)		(5.58	)
Total from investment operations		1.44			0.61			(0.55	)		0.42			0.27			(0.57	)		(5.42	)
Distributions to shareholders from
Net investment income		(0.50	)		(0.00	)3		0.00			0.00			(0.07	)		(0.10	)		(0.05	)
Net realized gains		0.00			0.00			0.00			0.00			0.00			(1.28	)		(1.98	)
Total distributions to shareholders		(0.50	)		(0.00	)3		0.00			0.00			(0.07	)		(1.38	)		(2.03	)
Net asset value, end of period	$	10.74		$	9.80		$	9.19		$	9.74		$	9.32		$	9.12		$	11.07
Total return4		15.28	%		6.69	%		(5.65	)%		4.51	%		3.00	%		(1.50	)%		(32.61	)%
Ratios to average net assets (annualized)
Gross expenses		2.71	%		2.35	%		2.23	%		2.28	%		2.39	%		2.51	%		2.43	%
Net expenses		2.16	%		2.12	%		2.16	%		2.16	%		2.13	%		2.16	%		2.23	%
Net investment income (loss)		0.83	%		1.11	%		0.64	%		(0.16	)%		(0.59	)%		0.93	%		1.03	%
Supplemental data
Portfolio turnover rate		25	%		57	%		53	%		5	%		64	%		123	%		62	%
Net assets, end of period (000s omitted)		$220			$299			$482			$1,084			$1,046			$1,739			$3,213

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

2. Calculated based upon average shares outstanding

3. Amount is less than $0.005.

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

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

20 Wells Fargo Advantage Diversified International Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended April 30, 2013 (unaudited)			Year ended October 31									Year ended September 30
CLASS C				2012			2011			20101			2010			2009			2008
Net asset value, beginning of period	$	9.54		$	9.01		$	9.59		$	9.17		$	8.98		$	10.98		$	18.46
Net investment income (loss)		0.07	2		0.11	2		0.07	2		(0.00	)2,3		0.02	2		0.07	2		0.17	2
Net realized and unrealized gains (losses) on investments		1.33			0.48			(0.61	)		0.42			0.25			(0.65	)		(5.56	)
Total from investment operations		1.40			0.59			(0.54	)		0.42			0.27			(0.58	)		(5.39	)
Distributions to shareholders from
Net investment income		(0.53	)		(0.06	)		(0.04	)		0.00			(0.08	)		(0.14	)		(0.11	)
Net realized gains		0.00			0.00			0.00			0.00			0.00			(1.28	)		(1.98	)
Total distributions to shareholders		(0.53	)		(0.06	)		(0.04	)		0.00			(0.08	)		(1.42	)		(2.09	)
Net asset value, end of period	$	10.41		$	9.54		$	9.01		$	9.59		$	9.17		$	8.98		$	10.98
Total return4		15.26	%		6.67	%		(5.65	)%		4.58	%		3.07	%		(1.47	)%		(32.64	)%
Ratios to average net assets (annualized)
Gross expenses		2.71	%		2.43	%		2.22	%		2.28	%		2.39	%		2.51	%		2.42	%
Net expenses		2.16	%		2.16	%		2.16	%		2.16	%		2.12	%		2.16	%		2.23	%
Net investment income (loss)		1.40	%		1.21	%		0.72	%		(0.16	)%		0.20	%		0.92	%		1.11	%
Supplemental data
Portfolio turnover rate		25	%		57	%		53	%		5	%		64	%		123	%		62	%
Net assets, end of period (000s omitted)		$961			$628			$625			$744			$718			$719			$995

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

2. Calculated based upon average shares outstanding

3. Amount is less than $0.005.

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

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

Financial highlights Wells Fargo Advantage Diversified International Fund 21

(For a share outstanding throughout each period)

	Six months ended April 30, 2013 (unaudited)			Year ended October 31									Year ended September 30
ADMINISTRATOR CLASS				2012			2011			20101			2010			2009			2008
Net asset value, beginning of period	$	10.42		$	9.68		$	10.28		$	9.83		$	9.59		$	11.67		$	19.48
Net investment income		0.11	2		0.21	2		0.05	2		0.00	2,3		0.12	2		0.16	2		0.31	2
Net realized and unrealized gains (losses) on investments		1.46			0.53			(0.52	)		0.45			0.26			(0.70	)		(5.87	)
Total from investment operations		1.57			0.74			(0.47	)		0.45			0.38			(0.54	)		(5.56	)
Distributions to shareholders from
Net investment income		(0.61	)		0.00			(0.13	)		0.00			(0.14	)		(0.26	)		(0.27	)
Net realized gains		0.00			0.00			0.00			0.00			0.00			(1.28	)		(1.98	)
Total distributions to shareholders		(0.61	)		0.00			(0.13	)		0.00			(0.14	)		(1.54	)		(2.25	)
Net asset value, end of period	$	11.38		$	10.42		$	9.68		$	10.28		$	9.83		$	9.59		$	11.67
Total return4		15.77	%		7.64	%		(4.69	)%		4.58	%		3.87	%		(0.66	)%		(31.98	)%
Ratios to average net assets (annualized)
Gross expenses		1.80	%		1.52	%		1.35	%		1.38	%		1.46	%		1.58	%		1.50	%
Net expenses		1.25	%		1.25	%		1.24	%		1.25	%		1.22	%		1.25	%		1.25	%
Net investment income		2.16	%		2.11	%		0.44	%		0.75	%		1.31	%		2.02	%		1.92	%
Supplemental data
Portfolio turnover rate		25	%		57	%		53	%		5	%		64	%		123	%		62	%
Net assets, end of period (000s omitted)		$4,439			$3,504			$3,421			$202,247			$193,626			$261,004			$293,831

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

2. Calculated based upon average shares outstanding

3. Amount is less than $0.005.

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

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

22 Wells Fargo Advantage Diversified International Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended April 30, 2013 (unaudited)			Year ended October 31									Year ended September 30
INSTITUTIONAL CLASS				2012			2011			20101			2010			2009			2008
Net asset value, beginning of period	$	10.20		$	9.69		$	10.29		$	9.84		$	9.60		$	11.69		$	19.50
Net investment income		0.09	2		0.19	2		0.23			0.00	2,3		0.15	2		0.18	2		0.38	2
Net realized and unrealized gains (losses) on investments		1.43			0.51			(0.68	)		0.45			0.24			(0.70	)		(5.90	)
Total from investment operations		1.52			0.70			(0.45	)		0.45			0.39			(0.52	)		(5.52	)
Distributions to shareholders from
Net investment income		(0.98	)		(0.19	)		(0.15	)		0.00			(0.15	)		(0.29	)		(0.31	)
Net realized gains		0.00			0.00			0.00			0.00			0.00			(1.28	)		(1.98	)
Total distributions to shareholders		(0.98	)		(0.19	)		(0.15	)		0.00			(0.15	)		(1.57	)		(2.29	)
Net asset value, end of period	$	10.74		$	10.20		$	9.69		$	10.29		$	9.84		$	9.60		$	11.69
Total return4		15.94	%		7.51	%		(4.48	)%		4.57	%		4.13	%		(0.41	)%		(31.79	)%
Ratios to average net assets (annualized)
Gross expenses		1.53	%		1.20	%		1.03	%		1.11	%		1.19	%		1.31	%		1.23	%
Net expenses		0.99	%		0.99	%		0.99	%		0.99	%		0.96	%		0.99	%		1.04	%
Net investment income		1.83	%		1.96	%		2.17	%		1.00	%		1.63	%		2.30	%		2.46	%
Supplemental data
Portfolio turnover rate		25	%		57	%		53	%		5	%		64	%		123	%		62	%
Net assets, end of period (000s omitted)		$3,553			$7,367			$419,925			$199,081			$194,651			$69,698			$59,620

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

2. Calculated based upon average shares outstanding

3. Amount is less than $0.005.

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

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

Financial highlights Wells Fargo Advantage Diversified International Fund 23

(For a share outstanding throughout each period)

	Six months ended April 30, 2013 (unaudited)			Year ended October 31									Year ended September 30
INVESTOR CLASS				2012			2011			20101			2010			2009			20082
Net asset value, beginning of period	$	10.21		$	9.65		$	10.26		$	9.81		$	9.58		$	11.68		$	14.27
Net investment income		0.10	3		0.18			0.13			0.00	3,4		0.11	3		0.14	3		0.04	3
Net realized and unrealized gains (losses) on investments		1.43			0.52			(0.63	)		0.45			0.24			(0.70	)		(2.63	)
Total from investment operations		1.53			0.70			(0.50	)		0.45			0.35			(0.56	)		(2.59	)
Distributions to shareholders from
Net investment income		(0.59	)		(0.14	)		(0.11	)		0.00			(0.12	)		(0.26	)		0.00
Net realized gains		0.00			0.00			0.00			0.00			0.00			(1.28	)		0.00
Total distributions to shareholders		(0.59	)		(0.14	)		(0.11	)		0.00			(0.12	)		(1.54	)		0.00
Net asset value, end of period	$	11.15		$	10.21		$	9.65		$	10.26		$	9.81		$	9.58		$	11.68
Total return5		15.65	%		7.43	%		4.97	%		4.59	%		3.74	%		(0.82	)%		(18.15	)%
Ratios to average net assets (annualized)
Gross expenses		2.02	%		1.74	%		1.54	%		1.61	%		1.73	%		1.87	%		1.85	%
Net expenses		1.46	%		1.46	%		1.46	%		1.46	%		1.43	%		1.46	%		1.46	%
Net investment income		1.85	%		1.91	%		1.43	%		0.54	%		1.18	%		1.75	%		1.60	%
Supplemental data
Portfolio turnover rate		25	%		57	%		53	%		5	%		64	%		123	%		62	%
Net assets, end of period (000s omitted)		$44,760			$39,152			$40,456			$48,070			$46,282			$47,569			$47,062

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

2. For the period from July 18, 2008 (commencement of class operations) to September 30, 2008

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

All investments are valued each business day as of the close of regular trading on the New York Stock Exchange (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.

Securities denominated in foreign currencies are translated into U.S. dollars using the rates of exchange in effect on the day of valuation at a time specified by the Management Valuation Team of Wells Fargo Funds Management, LLC (“Funds Management”).

Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange and therefore may not fully reflect trading or events that occur after the close of the principal exchange in which the foreign securities are traded, but before the close of the New York Stock Exchange. If such trading or events are expected to materially affect the value of such securities, then fair value pricing procedures approved by the Board of Trustees are applied. These procedures take into account multiple factors including movements in U.S. securities markets after foreign exchanges close. Foreign securities that are fair valued under these procedures are categorized as Level 2 and the application of these procedures may result in transfers between Level 1 and Level 2. Depending on market activity, such fair valuations may be frequent. Such fair value pricing may result in NAVs that are higher or lower than NAVs based on the last reported sales price or latest quoted bid price. On April 30, 2013, fair value pricing was not used in pricing foreign securities.

Investments in registered 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. 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 includes 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.

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

Foreign currency translation

The accounting records of the Fund are maintained in U.S. dollars. Assets, including investment securities, and liabilities denominated in foreign currency are translated into U.S. dollars at the rates of exchange at a time specified by the Management Valuation Team on the date of valuation. Purchases and sales of securities, and income and expenses are converted at the rate of exchange on the respective dates of such transactions. Reported net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded and the U.S. dollar equivalent of the amounts actually paid or received. Net unrealized foreign exchange gains and losses arise from changes in the fair value of assets and liabilities other than investments in securities resulting in changes in exchange rates.

The changes in net assets arising from changes in exchange rates and the changes in net assets resulting from changes in market prices of securities are not separately presented. Such changes are recorded with net realized and unrealized gains or losses from investments. Gains and losses from certain foreign currency transactions are treated as ordinary income for U.S. federal income tax purposes.

Forward foreign currency contracts

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

Security loans

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

The Fund lends its securities through an unaffiliated securities lending agent. Cash collateral received in connection with its securities lending transactions is invested in 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, except for certain dividends from foreign securities, which are recorded as soon as the Fund is informed of the ex-dividend date. Dividend income from foreign securities is recorded net of foreign taxes withheld where recovery of such taxes is not assured.

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

Distributions to shareholders

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

Federal and other taxes

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

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

At October 31, 2012, capital loss carryforwards which are available to offset future net realized capital gains were as follows:

Pre-enactment capital loss expiration*	Post-enactment capital losses**
2017	Short-term	Long-term
$89,306,475	$8,730,844	$7,626,572

* 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.

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 Diversified International Fund 27

As of April 30, 2013, the inputs used in valuing investments in securities 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	$	76,736,454	$	267,566	$	0	$	77,004,020
Preferred stocks		677,014		0		0		677,014
Short-term investments
Investment companies		910,389		7,964,436		0		8,874,825
	$	78,323,857	$	8,232,002	$	0	$	86,555,859

As of April 30, 2013, the inputs used in valuing the Fund’s other financial instruments were as follows:

Other financial instruments	Quoted prices (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Forward foreign currency contracts+	$	0	$	14,050	$	0	$	14,050

+ Forward foreign currency contracts are presented at the unrealized gains or losses on the instrument.

Transfers in and transfers out are recognized at the end of the reporting period. For the six months ended April 30, 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 subadvisers, who are responsible for day-to-day portfolio management of the Fund.

Pursuant to the contract, Funds Management is entitled to receive an annual advisory fee starting at 0.85% and declining to 0.70% as the average daily net assets of the Fund increase. For the six months ended April 30, 2013, the advisory fee was equivalent to an annual rate of 0.85% of the Fund’s average daily net assets.

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

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

Administration and transfer agent fees

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

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

28 Wells Fargo Advantage Diversified International 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 February 28, 2014 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.41% for Class A, 2.16% for Class B, 2.16% for Class C, 1.25% for Administrator Class, 0.99% for Institutional Class, and 1.46% for Investor Class.

Distribution fees

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

For the six months ended April 30, 2013, Wells Fargo Funds Distributor, LLC received $967 from the sale of Class A shares.

Shareholder servicing fees

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

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended April 30, 2013 were $19,781,294 and $18,444,748, respectively.

6. DERIVATIVE TRANSACTIONS

During the six months ended April 30, 2013, the Fund entered into forward foreign currency contracts for economic hedging purposes.

At April 30, 2013, the Fund had forward foreign currency contracts outstanding as follows:

Forward foreign currency contracts to sell:

Exchange date	Counterparty	Contracts to deliver			U.S. value at April 30, 2013		In exchange for U.S. $		Unrealized gains (losses)
7-8-2013	State Street Bank		41,385,000	JPY	$	424,678	$	416,377	$	(8,301	)
7-8-2013	State Street Bank		97,457,000	JPY		1,000,068		1,022,419		22,351

The Fund had average contract amounts of $30,961 and $506,660 in forward foreign currency contracts to buy and forward foreign currency contracts to sell, respectively, during the six months ended April 30, 2013.

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 Institutional Class on October 26, 2012 with a value of $108,356,253, representing 59.52% of the Fund. This amount is reflected in the Statement of Changes in Net Assets.

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 April 30, 2013, the Fund paid $100 in commitment fees.

For the six months ended April 30, 2013, there were no borrowings by the Fund under the agreement.

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

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.

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

TAX INFORMATION

Pursuant to Section 853 of the Internal Revenue Code, the following amounts were designated as foreign taxes paid for the fiscal year ended October 31, 2012. These amounts may be less than the actual foreign taxes paid for financial statement purposes. Foreign taxes paid or withheld should be included in taxable income with an offsetting deduction from gross income or as a credit for taxes paid to foreign governments. None of the income was derived from ineligible foreign sources as defined under Section 901(j) of the Internal Revenue Code.

Creditable foreign taxes paid	Per share amount on October 31, 2012	Foreign income as % of ordinary income distributions
$248,122	$0.03	95.70%

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 Diversified International 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 131 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

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

Name and year of birth	Position held and length of service*	Principal occupations during past five years	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 58 funds and Assistant Treasurer of 73 funds in the Fund Complex.

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

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

BOARD CONSIDERATION OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS:

Under Section 15 of the Investment Company Act of 1940 (the “1940 Act”), the Board of Trustees (the “Board”) of Wells Fargo Funds Trust (the “Trust”), all the members of which have no direct or indirect interest in the investment advisory and sub-advisory agreements and are not “interested persons” of the Trust, as defined in the 1940 Act (the “Independent Trustees”), must determine whether to approve the continuation of the Trust’s investment advisory and sub-advisory agreements. In this regard, at an in-person meeting held on March 28-29, 2013 (the “Meeting”), the Board reviewed: (i) an investment advisory agreement with Wells Fargo Funds Management, LLC (“Funds Management”) for Wells Fargo Advantage Diversified International Fund (the “Fund”), (ii) an investment sub-advisory agreement with Wells Capital Management Incorporated (“WellsCap”), an affiliate of Funds Management, for the Fund, (iii) an investment sub-advisory agreement with LSV Asset Management (“LSV”) for the Fund and (iv) an investment sub-advisory agreement with Artisan Partners, LP (“Artisan”) for the Fund. The investment advisory agreement with Funds Management and the investment sub-advisory agreements with WellsCap, LSV and Artisan (the “Sub-Advisers”) are collectively referred to as the “Advisory Agreements.”

At the Meeting, the Board considered the factors and reached the conclusions described below relating to the selection of Funds Management and the Sub-Advisers and the continuation of the Advisory Agreements. Prior to the Meeting, the Trustees conferred extensively among themselves and with representatives of Funds Management about these matters. The Board has adopted a team-based approach, with each team consisting of a sub-set of Trustees, to assist the Board in the discharge of its duties in reviewing performance and other matters throughout the year. The Independent Trustees were assisted in their evaluation of the Advisory Agreements by independent legal counsel, from whom they received separate legal advice and with whom they met separately.

In providing information to the Board, Funds Management and the Sub-Advisers were guided by a detailed set of requests for information submitted to them by independent legal counsel on behalf of the Independent Trustees at the start of the Board’s annual contract renewal process earlier in 2013. In considering and approving the Advisory Agreements, the Trustees considered the information they believed relevant, including but not limited to the information discussed below. The Board considered not only the specific information presented in connection with the Meeting, but also the knowledge gained over time through interaction with Funds Management and the Sub-Advisers about various topics. In this regard, the Board reviewed reports of Funds Management at each of its quarterly meetings, which included, among other things, portfolio reviews and performance reports. In addition, the Board and the teams mentioned above confer with portfolio managers at various times throughout the year. The Board did not identify any particular information or consideration that was all-important or controlling, and each individual Trustee may have attributed different weights to various factors.

After its deliberations, the Board unanimously determined that the continuation of the Advisory Agreements is in the best interests of the Fund and its shareholders, and that the compensation payable to Funds Management and the Sub-Advisers is reasonable. The Board considered the continuation of the Advisory Agreements for the Fund as part of its consideration of the continuation of advisory agreements for funds across the complex, but each decision was made on a fund-by-fund basis. The following summarizes a number of important, but not necessarily all, factors considered by the Board in reaching its determination.

Nature, extent and quality of services

The Board received and considered various information regarding the nature, extent and quality of services provided to the Fund by Funds Management and the Sub-Advisers under the Advisory Agreements. This information included, among other things, a summary of the background and experience of senior management of Funds Management, and the qualifications, background, tenure and responsibilities of each of the portfolio managers primarily responsible for the day-to-day portfolio management of the Fund.

The Board evaluated the ability of Funds Management and the Sub-Advisers, based on attributes such as their financial condition, resources and reputation, to attract and retain qualified investment professionals, including research, advisory and supervisory personnel. The Board further considered the compliance programs and compliance records of Funds Management and the Sub-Advisers. In addition, the Board took into account the administrative and other services provided to the Fund by Funds Management and its affiliates and Funds Management’s oversight of the Fund’s various service providers.

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

Fund performance and expenses

The Board considered the performance results for the Fund over various time periods ended December 31, 2012. The Board also considered these results in comparison to the performance of funds in a universe that was determined by Lipper Inc. (“Lipper”) to be similar to the Fund (the “Universe”), and in comparison to the Fund’s benchmark index and to other comparative data. Lipper is an independent provider of investment company data. The Board received a description of the methodology used by Lipper to select the mutual funds in the performance Universe. The Board noted that the performance of the Fund (Administrator Class) was higher than the median performance of the Universe for all periods under review, except for the ten-year period. The Board also noted that the performance of the Fund was higher than its benchmark, the Morgan Stanley Composite Index Europe Australasia and Far East Index, for all periods under review, except for the ten-year period.

The Board received information concerning, and discussed factors contributing to, the underperformance of the Fund relative to the Universe and the benchmark for the ten-year period under review. Funds Management advised the Board about the market conditions and investment decisions that it believed contributed to the underperformance during that period. The Board noted the more recent positive performance of the Fund relative to the Universe and the benchmark for the one-, three- and five-year periods under review. The Board was satisfied with the explanation of the underperformance.

The Board received and considered information regarding the Fund’s net operating expense ratios and their various components, including actual management fees (which reflect fee waivers, if any, and include advisory, administration and transfer agent fees), custodian and other non-management fees, Rule 12b-1 and non-Rule 12b-1 service fees and fee waiver and expense reimbursement arrangements. The Board also considered these ratios in comparison to the median ratios of funds in class-specific expense groups that were determined by Lipper to be similar to the Fund (the “Groups”). The Board received a description of the methodology used by Lipper to select the mutual funds in the expense Groups. Based on the Lipper reports, the Board noted that the net operating expense ratios of the Fund were in range of the median net operating expense ratios of the expense Groups.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board concluded that the overall performance and expense structure of the Fund supported the re-approval of the Advisory Agreements.

Investment advisory and sub-advisory fee rates

The Board reviewed and considered the contractual investment advisory fee rates that are payable by the Fund to Funds Management for investment advisory services (the “Advisory Agreement Rates”), both on a stand-alone basis and on a combined basis with the Fund’s fund-level and class-level contractual administration fee rates (the “Management Rates”). The Board noted that the administration fees include transfer agency costs. The Board also reviewed and considered the contractual investment sub-advisory fee rates that are payable by Funds Management to each Sub-Adviser for investment sub-advisory services (the “Sub-Advisory Agreement Rates”).

Among other information reviewed by the Board was a comparison of the Management Rates of the Fund with those of other funds in the expense Groups at a common asset level. The Board noted that the Management Rates of the Fund were higher than the median rates for the Fund’s expense Groups for all classes except the Institutional Class.

The Board also received and considered information about the portion of the total advisory fee that was retained by Funds Management after payment of the fees to the Sub-Advisers for sub-advisory services. The Board considered this amount in comparison to the median amount retained by advisers to funds in a sub-advised expense universe that was determined by Lipper to be similar to the Fund. In assessing the reasonableness of this amount, the Board received and evaluated information concerning the nature and extent of responsibilities retained and risks assumed by Funds Management and not delegated to or assumed by the Sub-Advisers, and about Funds Management’s on-going oversight services. In recognition of the fact that the Wells Fargo enterprise provides a suite of combined advisory and sub-advisory services to the Fund through affiliated entities, the Board ascribed limited relevance to the allocation of the total advisory fee between Funds Management and WellsCap. The Board also considered that the sub-advisory fees paid to LSV and Artisan had been negotiated by Funds Management on an arm’s-length basis.

The Board also received and considered information about the nature and extent of services offered and fee rates charged by Funds Management and the Sub-Advisers to other types of clients. In this regard, the Board received information about the significantly greater scope of services, and compliance, reporting and other legal burdens and risks of managing mutual funds compared with those associated with managing assets of non-mutual fund clients such as collective funds or institutional separate accounts.

Other information (unaudited) Wells Fargo Advantage Diversified International Fund 35

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board determined that the Advisory Agreement Rates and each Sub-Advisory Agreement Rate were reasonable in light of the services covered by the Advisory Agreements.

Profitability

The Board received and considered information concerning the profitability of Funds Management, as well as the profitability of Wells Fargo as a whole, from providing services to the Fund. The Board did not receive or consider to be necessary separate profitability information with respect to WellsCap, because, as an affiliate of Funds Management, its profitability information was subsumed in the collective Wells Fargo profitability analysis provided by Funds Management.

Funds Management explained the methodologies and estimates that it used in calculating the profitability from the Fund and the fund family as a whole. Among other things, the Board noted that the levels of profitability reported on a fund-by-fund basis varied widely, depending on factors such as the size and type of fund. Based on its review, the Board did not deem the profits reported by Funds Management to be at a level that would prevent it from approving the continuation of the Advisory Agreements.

The Board also received separate profitability information with respect to LSV and Artisan, which are not affiliated with Funds Management. The Board did not deem the profits reported by LSV or Artisan to be at a level that would prevent it from approving the continuation of the sub-advisory agreements with LSV or Artisan.

Economies of scale

With respect to possible economies of scale, the Board reviewed the breakpoints in the Fund’s advisory fee and administration fee structure, which operate generally to reduce the Fund’s expense ratios as the Fund grows in size. It considered that, for a small fund or a fund that shrinks in size, breakpoints conversely can result in higher fee levels. The Board also considered fee waiver and expense reimbursement arrangements as a means of sharing potential economies of scale with the Fund. The Board acknowledged the inherent limitations of any analysis of potential economies of scale and of any attempt to correlate breakpoints with such economies. Nonetheless, the Board concluded that the breakpoints and net operating expense ratio caps appeared to be a reasonable approach to sharing potential economies of scale with the Fund.

Other benefits to Funds Management and the Sub-Advisers

The Board received and considered information regarding potential “fall-out” or ancillary benefits received by Funds Management and its affiliates, including WellsCap, and LSV and Artisan as a result of their relationship with the Fund. Ancillary benefits could include, among others, benefits directly attributable to other relationships with the Fund and benefits potentially derived from an increase in Funds Management’s and the Sub-Advisers’ business as a result of their relationship with the Fund (such as the ability to market to shareholders other financial products and services offered by Funds Management and its affiliates, including WellsCap, or LSV or Artisan, or to operate other products and services that follow investment strategies similar to those of the Fund).

The Board considered that Wells Fargo Funds Distributor, LLC, an affiliate of Funds Management, serves as distributor to the Fund and receives certain compensation for those services. The Board noted that various financial institutions, including affiliates of Funds Management, may receive distribution-related fees, shareholder servicing payments (including amounts derived from payments under Rule 12b-1 plans) and sub-transfer agency fees in respect of shares sold or held through them and services provided.

The Board also reviewed information about whether and to what extent soft dollar credits are sought and how any such credits are utilized, and any benefits that might be realized by an affiliated broker that handles portfolio transactions for the Fund.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board did not find that any ancillary benefits received by Funds Management and its affiliates, including WellsCap, and LSV and Artisan were unreasonable.

Conclusion

After considering the above-described factors and based on its deliberations and its evaluation of the information described above, the Board unanimously approved the continuation of the Advisory Agreements for an additional one-year period.

36 Wells Fargo Advantage Diversified International 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.

216831 06-13 SA237/SAR237 4-13

Wells Fargo Advantage

Emerging Markets Equity Fund

Semi-Annual Report

April 30, 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	12
Statement of operations	13
Statement of changes in net assets	14
Financial highlights	15
Notes to financial statements	20
Other information	26
List of abbreviations	32

The views expressed and any forward-looking statements are as of April 30, 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 100 mutual funds across a wide range of asset classes, representing over $228 billion in assets under management, as of April 30, 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-Term Bond Fund
California Limited-Term Tax-Free Fund	Income Plus Fund	Short-Term High Yield Bond Fund
California Tax-Free Fund	Inflation-Protected Bond Fund	Short-Term Municipal Bond Fund
Colorado Tax-Free Fund	Intermediate Tax/AMT-Free Fund	Strategic Income Fund
Conservative Income Fund	International Bond Fund	Strategic Municipal Bond Fund
Core Bond Fund	Minnesota Tax-Free Fund	Ultra Short-Term Income Fund
Emerging Markets Local Bond Fund	Municipal Bond Fund	Ultra Short-Term Municipal Income Fund
Government Securities Fund	North Carolina Tax-Free Fund	Wisconsin Tax-Free Fund
High Income Fund	Pennsylvania Tax-Free Fund
High Yield Bond Fund	Short Duration Government Bond Fund
Asset allocation funds
Absolute Return Fund	WealthBuilder Equity Portfolio†	Target 2020 Fund†
Asset Allocation Fund	WealthBuilder Growth Allocation Portfolio†	Target 2025 Fund†
Diversified Capital Builder Fund	WealthBuilder Growth Balanced Portfolio†	Target 2030 Fund†
Diversified Income Builder Fund	WealthBuilder Moderate Balanced Portfolio†	Target 2035 Fund†
Growth Balanced Fund	WealthBuilder Tactical Equity Portfolio†	Target 2040 Fund†
Index Asset Allocation Fund	Target Today Fund†	Target 2045 Fund†
Moderate Balanced Fund	Target 2010 Fund†	Target 2050 Fund†
WealthBuilder Conservative Allocation Portfolio†	Target 2015 Fund†	Target 2055 Fund†
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 Emerging Markets Equity Fund Letter to shareholders (unaudited)

Karla M. Rabusch

President

Wells Fargo Advantage Funds

Investors were heartened by the resilient performance of the German economy and by the fact that the United Kingdom managed to avoid another recession.

Dear Valued Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Advantage Emerging Markets Equity Fund for the six-month period that ended April 30, 2013. Much of the period was marked by diminished worries of a sovereign debt default in Europe, partially offset by concerns about slowing economic growth in China. Continued monetary easing by global central banks helped support rallies in developed stock markets, but major emerging markets lagged.

Developed markets posted double-digit returns, but major emerging markets lagged.

Global developed equity markets demonstrated continued strength throughout the reporting period despite a budget fight and sequestration cuts in the U.S. and Europe’s seemingly never-ending debt crisis, with Cyprus becoming the newest addition to a list of countries mired in debt. Investors were heartened by the resilient performance of the German economy and by the fact that the United Kingdom managed to avoid another recession. Relatively positive economic data from the U.S. also aided sentiment for developed-market stocks. Although reported U.S. gross domestic product (GDP) growth came in at a moderate 0.4% annualized rate in the fourth quarter of 2012—in part, due to the temporary aftereffects from Hurricane Sandy, which devastated the Eastern Seaboard in October 2012—GDP growth improved to a 2.4% annualized rate for the first quarter of 2013. Monetary easing by major central banks also supported equity markets.

As judged by various MSCI indexes, major emerging markets generally underperformed. Despite China’s smooth transition to a new generation of political leadership, the country’s decelerating growth rate caused its stock market to lag not only developed markets but also the main MSCI Emerging Markets Index (Net)¹. Given China’s importance as a buyer of raw commodities from countries such as Brazil, as well as its key role in Asia’s manufacturing chain, fears of a recession in China led to single-digit returns for other emerging markets.

Central banks continued to provide stimulus.

Major central banks, including the U.S. Federal Reserve Board (Fed) and the European Central Bank (ECB), continued to inject liquidity into the banks and the market 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. After its September 2012 meeting, the FOMC announced its intention to keep interest rates low until at least mid-2015 and to make open-ended purchases of $40 billion per month in mortgage-backed securities to support the housing market.

After cutting its key rate to 0.75% in July 2012, the ECB announced in September 2012 that it would purchase an unlimited amount of one- to three-year sovereign debt from countries that had formally applied for a bailout. In May 2013, after the end of the reporting period, the ECB cut its key rate to a historic low of 0.50%. The ECB’s aggressive actions helped ease investor worries about a eurozone sovereign debt default. Moreover, in mid-March 2013, the governor of the Bank of Japan resigned to allow Shinzo Abe, the recently reelected prime minister, to appoint a new bank governor who supported using aggressive monetary policies to attack Japan’s persistent deflation.

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

The debt crisis in the eurozone returned to center stage but with less impact than before.

Ongoing weakness in the Greek economy made it difficult for the country to meet previously agreed upon austerity targets. Because many eurozone banks owned Greek debt and many U.S. banks had financial ties to eurozone banks, investors initially worried that a Greek default would result in another global financial crisis. However, as central banks continued to provide liquidity, investor worries about the effect of a European sovereign debt default on the global economy began to ease. When the tiny eurozone nation of Cyprus was forced to implement capital controls and impose losses on uninsured bank depositors in March 2013, global stock markets remained resilient despite short-term volatility.

Global monetary easing helped push the MSCI EAFE Index (Net)², an index of developed stock markets, to a 16.90% return for the six-month period. By comparison, the S&P 500 Index³, a barometer of large-cap U.S. stocks, posted a 14.42% return for the reporting period. Within emerging markets, smaller markets, such as the Philippines and Thailand, strongly outperformed the larger markets, such as China, India, and Brazil. The smaller markets are benefiting from high growth rates without some of the imbalances—such as an overreliance on real estate—that are affecting the larger emerging markets.

We employ a diverse array of investment strategies, even as many variables are at work in the market.

The full effect of the European credit crisis remains unknown. Elevated unemployment in the U.S. and Southern Europe continues 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 diversification⁴ 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

Within emerging markets, smaller markets, such as the Philippines and Thailand, strongly outperformed the larger markets, such as China, India, and Brazil.

1. The Morgan Stanley Capital International Emerging Markets (MSCI Emerging Markets) Index (Net) is a free float-adjusted market capitalization index designed to measure the equity market performance in the global emerging markets. The index is currently composed of 21 emerging markets country indexes. You cannot invest directly in an index. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI.

2. The Morgan Stanley Capital International Europe, Australasia, and Far East (MSCI EAFE) Index (Net) is an unmanaged group of securities widely regarded by investors to be representations of the stock markets of Europe, Australasia, and the Far East. You cannot invest directly in an index.

3. 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.

4. Diversification does not assure or guarantee better performance and cannot eliminate the risk of investment losses.

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

Investment objective

The Fund seeks long-term capital appreciation.

Adviser

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Derrick Irwin, CFA

Yi (Jerry) Zhang, Ph.D, CFA

Average annual total returns¹ (%) as of April 30, 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 (EMGAX)	9-6-1994		(1.65	)		0.36		16.94		4.36		1.56			17.64		1.69		1.69
Class B (EMGBX)*	9-6-1994		(1.38	)		0.49		17.05		3.62		0.82			17.05		2.44		2.44
Class C (EMGCX)	9-6-1994		2.59			0.81		16.79		3.59		0.81			16.79		2.44		2.44
Administrator Class (EMGYX)	9-6-1994		–			–		–		4.57		1.79			17.93		1.53		1.52
Institutional Class (EMGNX)	7-30-2010		–			–		–		4.82		1.94			18.02		1.26		1.26
MSCI Emerging Markets Index (Net)4	–		–			–		–		3.97		(0.33	)		16.14		–		–

* 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, which assumes the reinvestment of dividends and capital gains. Current month-end performance is available on the Fund’s website, wellsfargoadvantagefunds.com.

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

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

Stock values fluctuate in response to the activities of individual companies and general market and economic conditions. Foreign investments are especially volatile and can rise or fall dramatically due to differences in the political and economic conditions of the host country. These risks are generally intensified in emerging markets. The use of derivatives may reduce returns and/or increase volatility. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). The Fund is exposed to regional 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 Emerging Markets Equity Fund 5

Ten largest equity holdings5 (%) as of April 30, 2013
Taiwan Semiconductor Manufacturing Company Limited	4.66
Samsung Electronics Company Limited	4.55
Banco Bradesco SA ADR	2.77
China Mobile Limited	2.64
SINA Corporation	2.27
Campanhia De Bebidas ADR	2.12
Petroleo Brasileiro SA ADR	1.98
Lojas Americanas SA	1.97
Grupo Televisa SAB ADR	1.94
Fomento Economico Mexicano SAB de CV ADR	1.87

Sector distribution⁶ as of April 30, 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 Emerging Markets Growth Fund.

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

3. The Adviser has committed through February 28, 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 1.70% for Class A, 2.45% for Class B, 2.45% for Class C, 1.50% for Administrator Class, and 1.25% 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 Morgan Stanley Capital International Emerging Markets (MSCI Emerging Markets) Index (Net) is a free float-adjusted market capitalization index designed to measure the equity market performance in the global emerging markets. The index is currently composed of 21 emerging markets country indexes. You cannot invest directly in an index. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI.

5. The ten largest 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. Top holdings typically include the underlying ordinary shares combined with any depositary receipts.

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

6 Wells Fargo Advantage Emerging Markets Equity Fund Fund expenses (unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from November 1, 2012 to April 30, 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 11-1-2012		Ending account value 4-30-2013		Expenses paid during the period1		Net annual expense ratio
Class A
Actual	$	1,000.00	$	1,058.86	$	8.37		1.64	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,016.66	$	8.20		1.64	%
Class B
Actual	$	1,000.00	$	1,055.56	$	12.18		2.39	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,012.94	$	11.93		2.39	%
Class C
Actual	$	1,000.00	$	1,055.40	$	12.18		2.39	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,012.94	$	11.93		2.39	%
Administrator Class
Actual	$	1,000.00	$	1,060.30	$	7.51		1.47	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.50	$	7.35		1.47	%
Institutional Class
Actual	$	1,000.00	$	1,061.33	$	6.18		1.21	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.79	$	6.06		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—April 30, 2013 (unaudited) Wells Fargo Advantage Emerging Markets Equity Fund 7

Security name	Shares		Value
Common Stocks: 88.38%
Argentina: 0.24%
Mercadolibre Incorporated (Information Technology, Internet Software & Services) «		92,800	$	9,334,752
Brazil: 13.26%
All America Latina Logistica SA (Industrials, Road & Rail)		7,746,970		39,456,016
B2W Companhia Global do Varejo (Consumer Discretionary, Internet & Catalog Retail) †		1,555,290		8,939,565
Banco Bradesco SA ADR (Financials, Commercial Banks) «		6,465,508		107,262,778
BM&FBOVESPA SA (Financials, Diversified Financial Services)		4,036,300		28,021,595
BRF Brasil Foods SA ADR (Consumer Staples, Food Products) «		816,278		20,268,183
Brookfield Incorporacoes SA (Financials, Real Estate Management & Development)		4,603,572		5,039,022
CETIP SA (Financials, Capital Markets)		3,303,137		39,391,653
Cia de Concessoes Rodoviarias (Industrials, Transportation Infrastructure)		1,784,600		17,643,078
Companhia De Bebidas ADR (Consumer Staples, Beverages) «		1,952,200		82,031,444
Lojas Renner SA (Consumer Discretionary, Multiline Retail)		821,400		31,304,136
MRV Engenharia e Participacoes SA (Consumer Discretionary, Household Durables)		2,193,800		9,429,804
Multiplan Empreendimentos IImobilianios SA (Financials, Real Estate Management & Development)		351,300		10,008,297
Petroleo Brasileiro SA ADR (Energy, Oil, Gas & Consumable Fuels) «		2,069,900		39,638,585
Petroleo Brasileiro SA ADR Class A (Energy, Oil, Gas & Consumable Fuels) «		1,862,953		37,203,171
Raia Drogasil SA (Consumer Staples, Food & Staples Retailing)		420,000		4,523,804
Tim Participacoes SA (Telecommunication Services, Wireless Telecommunication Services)		2,150,963		9,073,661
Vale SA Depository Receipt (Materials, Metals & Mining) «		1,441,636		24,637,559
				513,872,351
Chile: 0.24%
Banco Santander Chile ADR (Financials, Commercial Banks) «		281,000		7,485,840
Inversiones La Construccion (Financials, Diversified Financial Services)		100,000		1,917,189
				9,403,029
China: 15.04%
51job Incorporated ADR (Industrials, Professional Services) Ǡ		573,191		33,015,802
Baidu.com Incorporated ADR (Information Technology, Internet Software & Services) †		86,000		7,383,100
Bitauto Holdings Limited ADR (Information Technology, Internet Software & Services) †		292,524		3,325,998
China Life Insurance Company Limited (Financials, Insurance)		19,447,000		53,127,375
China Life Insurance Company Limited ADR (Financials, Insurance)		257,486		10,732,016
China Mobile Limited (Telecommunication Services, Wireless Telecommunication Services)		7,874,500		86,201,784
China Mobile Limited ADR (Telecommunication Services, Wireless Telecommunication Services)		290,633		16,054,567
Ctrip.com International Limited ADR (Consumer Discretionary, Specialty Retail) Ǡ		1,555,374		34,187,121
Dalian Port Company Limited (Industrials, Transportation Infrastructure)		18,732,000		4,103,580
First Tractor Company (Industrials, Machinery) †		7,532,000		5,610,067
Hengan International Group Company Limited (Consumer Staples, Personal Products)		3,274,000		33,836,305
NetEase Incorporated ADR (Information Technology, Internet Software & Services) «		201,800		11,379,502
New Oriental Education & Technology Group Incorporated (Consumer Discretionary, Diversified Consumer Services) «		1,854,189		35,470,636
PetroChina Company Limited (Energy, Oil, Gas & Consumable Fuels)		23,270,000		29,596,709
PetroChina Company Limited ADR (Energy, Oil, Gas & Consumable Fuels)		26,100		3,337,146
Shandong Weigao Group Medical Polymer Company Limited Class H (Health Care, Health Care Equipment & Supplies)		4,300,000		4,128,142
Sichuan Expressway Company (Industrials, Transportation Infrastructure)		22,984,000		7,049,080
SINA Corporation (Information Technology, Internet Software & Services) Ǡ		1,562,917		88,023,485
Sinotrans Limited (Industrials, Air Freight & Logistics)		32,149,000		6,877,102

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

8 Wells Fargo Advantage Emerging Markets Equity Fund Portfolio of investments—April 30, 2013 (unaudited)

Security name	Shares		Value
China (continued)
Sun Art Retail Group Limited (Consumer Staples, Food & Staples Retailing)		13,627,000	$	19,035,287
Tingyi Holding Corporation (Consumer Staples, Food Products)		12,336,000		34,098,207
Tsingtao Brewery Company Limited (Consumer Staples, Beverages)		8,390,000		56,274,621
				582,847,632
Colombia: 0.39%
Bancolombia SA ADR (Financials, Commercial Banks) «		223,900		15,173,703
Hong Kong: 3.99%
AIA Group Limited (Financials, Insurance)		9,753,200		43,297,841
Belle International Holdings Limited (Consumer Discretionary, Specialty Retail)		12,317,000		20,094,099
CNOOC Limited (Energy, Oil, Gas & Consumable Fuels)		27,936,000		52,126,992
CNOOC Limited ADR (Energy, Oil, Gas & Consumable Fuels)		52,100		9,760,414
Johnson Electric Holdings Limited (Industrials, Electrical Equipment)		15,985,000		10,896,780
Li Ning Company Limited (Consumer Discretionary, Textiles, Apparel & Luxury Goods) Ǡ		7,371,000		4,065,370
Shangri-La Asia Limited (Consumer Discretionary, Hotels, Restaurants & Leisure)		3,033,500		5,863,611
Texwinca Holdings Limited (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		7,382,000		8,618,509
				154,723,616
India: 7.25%
Bharti Airtel Limited (Telecommunication Services, Wireless Telecommunication Services)		4,838,728		28,628,205
Bharti Infratel Limited (Industrials, Construction & Engineering) †		5,218,871		17,223,485
Hindustan Unilever Limited (Consumer Staples, Household Products)		3,262,114		35,348,903
Housing Development Finance Corporation Limited (Financials, Diversified Financial Services)		652,300		10,262,450
ICICI Bank Limited ADR (Financials, Commercial Banks) «		1,478,355		69,216,581
Infosys Technologies Limited ADR (Information Technology, IT Services) «		788,115		32,895,920
ITC Limited (Consumer Staples, Tobacco)		3,907,540		23,851,407
Reliance Industries Limited (Energy, Oil, Gas & Consumable Fuels)144A		1,246,587		36,736,919
Reliance Industries Limited (Energy, Oil, Gas & Consumable Fuels)		1,147,500		16,788,111
Ultra Tech Cement Limited (Materials, Construction Materials)		286,000		10,090,823
				281,042,804
Indonesia: 1.20%
PT Astra Agro Lestari Tbk (Consumer Staples, Food Products)		2,659,000		4,840,761
PT Astra International Incorporated Tbk (Consumer Discretionary, Automobiles)		13,535,000		10,232,168
PT Bank Central Asia Tbk (Financials, Commercial Banks)		6,505,500		7,193,019
PT Matahari Department Store Tbk (Consumer Discretionary, Multiline Retail) †		1,833,000		2,281,234
PT Telekomunik Indonesia Persoro Tbk (Telecommunication Services, Diversified Telecommunication Services)		457,477		21,899,424
				46,446,606
Israel: 0.53%
Israel Chemicals Limited (Materials, Chemicals)		1,719,600		20,452,927
Malaysia: 1.73%
Genting Bhd (Consumer Discretionary, Hotels, Restaurants & Leisure)		7,052,700		24,339,638
KLCC Property Holdings Bhd (Real Estate, Real Estate Management & Development)(a)		3,387,900		8,073,057
Resorts World Bhd (Consumer Discretionary, Hotels, Restaurants & Leisure)		14,607,200		18,051,955
Sime Darby Bhd (Industrials, Industrial Conglomerates)		5,272,137		16,357,921
				66,822,571

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

Portfolio of investments—April 30, 2013 (unaudited) Wells Fargo Advantage Emerging Markets Equity Fund 9

Security name	Shares		Value
Mexico: 9.02%
America Movil SAB de CV ADR (Telecommunication Services, Wireless Telecommunication Services) «		2,422,420	$	51,791,340
Cemex SAB de CV ADR (Materials, Construction Materials) Ǡ		2,897,890		32,601,268
Fibra Uno Administracion SAB de CV (Financials, REITs)		6,285,559		24,153,923
Fomento Economico Mexicano SAB de CV ADR (Consumer Staples, Beverages)		639,700		72,535,583
Grupo Financiero Banorte SAB de CV (Financials, Commercial Banks)		5,814,926		43,819,188
Grupo Financiero Santander SAB de CV ADR (Financials, Commercial Banks) †		1,130,741		18,261,467
Grupo Sanborns SA de CV (Consumer Discretionary, Multiline Retail) †		3,645,753		8,497,139
Grupo Televisa SAB ADR (Consumer Discretionary, Media)		2,965,000		75,073,800
Wal-Mart de Mexico SAB de CV (Consumer Staples, Food & Staples Retailing)		7,110,500		22,557,214
				349,290,922
Peru: 0.52%
Compania de Minas Buenaventura SA ADR (Materials, Metals & Mining) «		993,600		19,891,872
Philippines: 0.72%
Ayala Corporation (Financials, Diversified Financial Services)		632,624		9,852,089
Metropolitan Bank & Trust Company (Financials, Commercial Banks)		2,808,093		8,493,867
SM Investments Corporation (Industrials, Industrial Conglomerates)		341,266		9,493,430
				27,839,386
Russia: 4.35%
Gazprom ADR (Energy, Oil, Gas & Consumable Fuels)		839,130		6,658,497
Lukoil ADR (Energy, Oil, Gas & Consumable Fuels)		763,849		48,428,027
Magnit (Consumer Staples, Food & Staples Retailing) (a)		38,300		8,165,716
Mobile Telesystems ADR (Telecommunication Services, Wireless Telecommunication Services) «		2,179,300		45,111,510
Sberbank of Russia (Financials, Commercial Banks)		5,517,377		17,517,672
Sberbank of Russia Sponsored ADR (Financials, Commercial Banks)		783,895		10,080,890
Yandex NV Class A (Information Technology, Internet Software & Services) †		1,265,517		32,574,408
				168,536,720
South Africa: 5.37%
Anglo American Platinum Limited (Materials, Metals & Mining) Ǡ		246,832		9,363,029
AngloGold Ashanti Limited ADR (Materials, Metals & Mining) «		1,077,592		21,013,044
Clicks Group Limited (Consumer Staples, Food & Staples Retailing)		450,000		2,868,446
Gold Fields Limited ADR (Materials, Metals & Mining)		960,700		7,166,822
Impala Platinum Holdings Limited (Materials, Metals & Mining)		1,290,758		17,614,780
MTN Group Limited (Telecommunication Services, Wireless Telecommunication Services)		1,734,043		31,262,437
Sasol Limited (Energy, Oil, Gas & Consumable Fuels)		470,000		20,313,155
Shoprite Holdings Limited (Consumer Staples, Food & Staples Retailing)		1,341,500		25,427,730
Standard Bank Group Limited (Financials, Commercial Banks)		1,839,990		22,985,778
Tiger Brands Limited (Consumer Staples, Food Products)		1,611,133		50,112,368
				208,127,589
South Korea: 10.10%
Amorepacific Corporation (Consumer Staples, Personal Products)		6,990		5,712,340
KB Financial Group Incorporated (Financials, Commercial Banks)		330,000		10,787,251
KB Financial Group Incorporated ADR (Financials, Commercial Banks)		93,117		3,054,238
KT Corporation ADR (Telecommunication Services, Diversified Telecommunication Services)		3,859,813		62,760,559
KT&G Corporation (Consumer Staples, Tobacco)		739,691		53,262,051

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

10 Wells Fargo Advantage Emerging Markets Equity Fund Portfolio of investments—April 30, 2013 (unaudited)

Security name	Shares		Value
South Korea (continued)
Lotte Chilsung Beverage Company Limited (Consumer Staples, Beverages)		5,855	$	9,138,968
Lotte Confectionery Company Limited (Consumer Staples, Food & Staples Retailing)		4,927		8,589,703
Samsung Electronics Company Limited (Information Technology, Semiconductors & Semiconductor Equipment)		127,736		176,299,573
Samsung Life Insurance Company Limited (Financials, Insurance)		442,137		43,559,307
Shinhan Financial Group Company Limited (Financials, Commercial Banks)		525,945		18,195,319
				391,359,309
Taiwan: 8.03%
104 Corporation (Industrials, Commercial Services & Supplies)		1,655,000		4,626,508
Far Eastern Textile Company Limited (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		26,613,491		28,631,687
First Financial Holding Company Limited (Financials, Commercial Banks)		14,787,510		9,094,379
Fuhwa Financial Holdings Company Limited (Financials, Capital Markets)		48,050,750		24,422,650
Mediatek Incorporated (Information Technology, Semiconductors & Semiconductor Equipment)		1,023,881		12,489,738
President Chain Store Corporation (Consumer Staples, Food & Staples Retailing)		2,418,000		14,911,765
Siliconware Precision Industries Company (Information Technology, Semiconductors & Semiconductor Equipment)		8,213,000		9,740,275
Taiwan Semiconductor Manufacturing Company Limited (Information Technology, Semiconductors & Semiconductor Equipment)		13,035,224		48,365,310
Taiwan Semiconductor Manufacturing Company Limited ADR (Information Technology, Semiconductors & Semiconductor Equipment) «		6,919,052		132,015,512
Uni-President Enterprises Corporation (Consumer Staples, Food Products)		13,689,000		26,949,407
				311,247,231
Thailand: 3.92%
Bangkok Bank PCL (Financials, Commercial Banks)		3,729,800		28,847,175
PTT Exploration & Production PCL ADR (Energy, Oil, Gas & Consumable Fuels)		4,378,739		22,975,326
PTT PCL (Energy, Oil, Gas & Consumable Fuels)		2,820,600		31,329,322
Siam Commercial Bank PCL (Financials, Commercial Banks)		5,543,000		35,127,700
Thai Beverage PCL (Consumer Staples, Beverages)		68,328,000		33,562,101
				151,841,624
Turkey: 1.33%
Anadolu Efes Biracilik Ve Malt Sanayii AS (Consumer Staples, Beverages)		1,999,953		33,244,233
Turkcell Iletisim Hizmetleri AS ADR (Telecommunication Services, Wireless Telecommunication Services) Ǡ		1,181,462		18,454,436
				51,698,669
United Kingdom: 1.15%
African Barrick Gold Limited (Materials, Metals & Mining)		1,428,500		3,883,180
Standard Chartered plc (Financials, Commercial Banks)		1,620,902		40,713,272
				44,596,452
Total Common Stocks (Cost $3,040,373,292)				3,424,549,765

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

Portfolio of investments—April 30, 2013 (unaudited) Wells Fargo Advantage Emerging Markets Equity Fund 11

Security name	Interest rate			Maturity date		Principal		Value
Convertible Debentures: 0.00%
Brazil: 0.00%
Lupatech SA (s)(a)(i)		6.50	%		4-15-2018	$	303,000	$	7,148
Total Convertible Debentures (Cost $160,691)									7,148
	Dividend yield					Shares
Preferred Stocks: 2.76%
Brazil: 2.71%
Banco do Estado do Rio Grande do Sul SA (Financials, Commercial Banks) ±		2.32					1,023,000		8,743,371
Lojas Americanas SA (Consumer Discretionary, Multiline Retail) ±		0.44					8,687,103		76,504,688
Vale SA ADR (Materials, Metals & Mining) ±		2.68					1,203,500		19,568,910
									104,816,969
Hong Kong: 0.05%
Li Ning Company Limited (Consumer Discretionary, Textiles, Apparel & Luxury Goods) †(a)		0.00					3,535,500		1,949,955
Total Preferred Stocks (Cost $90,468,041)									106,766,924
	Yield
Short-Term Investments: 18.12%
Investment Companies: 18.12%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (u)(l)		0.13					405,815,846		405,815,846
Wells Fargo Securities Lending Cash Investments, LLC (v)(r)(u)(l)		0.18					296,302,826		296,302,826
Total Short-Term Investments (Cost $702,118,672)									702,118,672

Total investments in securities
(Cost $3,833,120,696) *	109.26	%		4,233,442,509
Other assets and liabilities, net	(9.26	)		(358,615,395	)
Total net assets	100.00	%	$	3,874,827,114

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

† Non-income-earning security

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

(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.

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

(i) Illiquid security

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

(l) Investment in an affiliate

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

(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 $3,840,245,279 and unrealized appreciation (depreciation) consists of:

Gross unrealized appreciation	$	601,122,166
Gross unrealized depreciation		(207,924,936	)
Net unrealized appreciation	$	393,197,230

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

12 Wells Fargo Advantage Emerging Markets Equity Fund Statement of assets and liabilities—April 30, 2013 (unaudited)

Assets
Investments
In unaffiliated securities (including securities on loan), at value (see cost below)	$	3,531,323,837
In affiliated securities, at value (see cost below)		702,118,672
Total investments, at value (see cost below)		4,233,442,509
Cash		1,728,700
Foreign currency, at value (see cost below)		33,700,437
Receivable for investments sold		842,495
Receivable for Fund shares sold		18,475,161
Receivable for dividends and interest		7,624,159
Receivable for securities lending income		73,313
Unrealized gains on forward foreign currency contracts		63,117
Prepaid expenses and other assets		141,944
Total assets		4,296,091,835
Liabilities
Payable for investments purchased		115,075,741
Payable for Fund shares redeemed		5,598,816
Payable upon receipt of securities loaned		296,302,826
Advisory fee payable		2,914,269
Distribution fees payable		118,145
Due to other related parties		581,889
Accrued expenses and other liabilities		673,035
Total liabilities		421,264,721
Total net assets	$	3,874,827,114
NET ASSETS CONSIST OF
Paid-in capital	$	3,533,892,150
Overdistributed net investment income		(3,526,816	)
Accumulated net realized losses on investments		(55,608,646	)
Net unrealized gains on investments		400,070,426
Total net assets	$	3,874,827,114
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE1
Net assets – Class A	$	1,166,354,078
Shares outstanding – Class A		53,939,094
Net asset value per share – Class A		$21.62
Maximum offering price per share – Class A2		$22.94
Net assets – Class B	$	13,393,423
Shares outstanding – Class B		719,413
Net asset value per share – Class B		$18.62
Net assets – Class C	$	181,903,093
Shares outstanding – Class C		9,845,600
Net asset value per share – Class C		$18.48
Net assets – Administrator Class	$	911,996,978
Shares outstanding – Administrator Class		40,320,362
Net asset value per share – Administrator Class		$22.62
Net assets – Institutional Class	$	1,601,179,542
Shares outstanding – Institutional Class		70,658,816
Net asset value per share – Institutional Class		$22.66
Investments in unaffiliated securities (including securities on loan), at cost	$	3,131,002,024
Investments in affiliated securities, at cost	$	702,118,672
Total investments, at cost	$	3,833,120,696
Securities on loan, at value	$	288,583,238
Foreign currency, at cost	$	33,896,534

1. The Fund has an unlimited number of authorized shares.

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

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

Statement of operations—six months ended April 30, 2013 (unaudited) Wells Fargo Advantage Emerging Markets Equity Fund 13

Investment income
Dividends *	$	24,993,122
Securities lending income, net		448,885
Income from affiliated securities		198,123
Total investment income		25,640,130
Expenses
Advisory fee		16,631,307
Administration fees
Fund level		821,100
Class A		1,406,272
Class B		18,876
Class C		237,326
Administrator Class		320,474
Institutional Class		545,850
Shareholder servicing fees
Class A		1,352,185
Class B		17,948
Class C		228,198
Administrator Class		765,812
Distribution fees
Class B		54,450
Class C		684,593
Custody and accounting fees		827,719
Professional fees		25,145
Registration fees		59,285
Shareholder report expenses		204,491
Trustees’ fees and expenses		8,174
Other fees and expenses		24,744
Total expenses		24,233,949
Net investment income		1,406,181
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains (losses) on:
Unaffiliated securities		(17,196,891	)
Forward foreign currency contract transactions		(7,899	)
Net realized losses on investments		(17,204,790	)
Net change in unrealized gains (losses) on:
Unaffiliated securities		211,240,466
Forward foreign currency contract transactions		63,117
Net change in unrealized gains (losses) on investments		211,303,583
Net realized and unrealized gains (losses) on investments		194,098,793
Net increase in net assets resulting from operations	$	195,504,974
* Net of foreign dividend withholding taxes in the amount of		$3,349,406

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

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

	Six months ended April 30, 2013 (unaudited)						Year ended October 31, 2012
Operations
Net investment income				$	1,406,181					$	17,499,285
Net realized losses on investments					(17,204,790	)					(7,304,463	)
Net change in unrealized gains (losses) on investments					211,303,583						(1,924,517	)
Net increase in net assets resulting from operations					195,504,974						8,270,305
Distributions to shareholders from
Net investment income
Class A					(3,231,840	)					(6,574,355	)
Administrator Class					(2,897,616	)					(4,991,113	)
Institutional Class					(8,737,710	)					(6,431,045	)
Net realized gains
Class A					0						(10,038,509	)
Class B					0						(255,759	)
Class C					0						(2,467,330	)
Administrator Class					0						(5,617,738	)
Institutional Class					0						(5,818,637	)
Total distributions to shareholders					(14,867,166	)					(42,194,486	)
		Shares						Shares
Capital share transactions
Proceeds from shares sold
Class A		16,666,308			349,487,865			17,900,209			362,700,130
Class B		8,773			162,271			13,629			240,600
Class C		1,106,723			20,336,909			1,930,039			33,805,473
Administrator Class		18,679,000			413,898,067			20,310,120			432,680,866
Institutional Class		25,162,855			561,935,152			41,870,877			888,749,204
					1,345,820,264						1,718,176,273
Reinvestment of distributions
Class A		146,282			3,088,018			795,372			15,535,892
Class B		0			0			12,679			217,829
Class C		0			0			103,977			1,772,806
Administrator Class		114,076			2,516,527			454,670			9,252,268
Institutional Class		319,622			7,057,247			415,654			8,450,500
					12,661,792						35,229,295
Payment for shares redeemed
Class A		(7,830,309	)		(166,896,625	)		(17,590,030	)		(357,030,080	)
Class B		(162,628	)		(2,980,078	)		(351,930	)		(6,181,513	)
Class C		(1,738,867	)		(31,600,122	)		(2,758,512	)		(47,493,153	)
Administrator Class		(8,070,253	)		(179,803,218	)		(15,327,870	)		(329,325,671	)
Institutional Class		(9,544,307	)		(213,596,344	)		(12,229,468	)		(259,675,007	)
					(594,876,387	)					(999,705,424	)
Net increase in net assets resulting from capital share transactions					763,605,669						753,700,144
Total increase in net assets					944,243,477						719,775,963
Net assets
Beginning of period					2,930,583,637						2,210,807,674
End of period				$	3,874,827,114					$	2,930,583,637
Undistributed (overdistributed) net investment income				$	(3,526,816	)				$	9,934,169

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

Financial highlights Wells Fargo Advantage Emerging Markets Equity Fund 15

(For a share outstanding throughout each period)

	Six months ended April 30, 2013 (unaudited)			Year ended October 31
CLASS A				2012			2011			20101			20091			20081
Net asset value, beginning of period	$	20.48		$	20.93		$	21.65		$	16.99		$	12.90		$	30.53
Net investment income (loss)		(0.02	)		0.10			0.08			0.04	2		0.04	2		0.16
Net realized and unrealized gains (losses) on investments		1.22			(0.19	)		(0.80	)		4.63			5.98			(14.22	)
Total from investment operations		1.20			(0.09	)		(0.72	)		4.67			6.02			(14.06	)
Distributions to shareholders from
Net investment income		(0.06	)		(0.14	)		(0.00	)3		(0.01	)		(0.12	)		(0.15	)
Net realized gains		0.00			(0.22	)		0.00			0.00			(1.81	)		(3.42	)
Total distributions to shareholders		(0.06	)		(0.36	)		(0.00	)3		(0.01	)		(1.93	)		(3.57	)
Net asset value, end of period	$	21.62		$	20.48		$	20.93		$	21.65		$	16.99		$	12.90
Total return4		5.89	%		(0.31	)%		(3.32	)%		27.51	%		57.88	%		(51.64	)%
Ratios to average net assets (annualized)
Gross expenses		1.64	%		1.67	%		1.68	%		1.91	%		2.04	%		1.88	%
Net expenses		1.64	%		1.67	%		1.68	%		1.89	%		2.03	%		1.84	%
Net investment income (loss)		(0.10	)%		0.51	%		0.44	%		0.27	%		0.29	%		0.69	%
Supplemental data
Portfolio turnover rate		9	%		7	%		5	%		6	%		23	%		39	%
Net assets, end of period (000s omitted)		$1,166,354			$920,709			$917,633			$820,716			$357,354			$128,714

1. After the close of business on July 16, 2010, the Fund acquired the net assets of Evergreen Emerging Markets Growth Fund and Wells Fargo Advantage Emerging Markets Equity Fund. Evergreen Emerging Markets Growth Fund became the accounting and performance survivor in the transaction. The information for the periods prior to July 19, 2010 is that of Class A of Evergreen Emerging Markets Growth Fund.

2. Calculated based upon average shares outstanding

3. Amount is less than $0.005.

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

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

16 Wells Fargo Advantage Emerging Markets Equity Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended April 30, 2013 (unaudited)			Year ended October 31
CLASS B				2012			2011			20101			20091			20081
Net asset value, beginning of period	$	17.64		$	18.06		$	18.82		$	14.87		$	11.51		$	27.69
Net investment loss		(0.08	)2		(0.05	)2		(0.08	)2		(0.09	)2		(0.03	)		(0.01	)
Net realized and unrealized gains (losses) on investments		1.06			(0.15	)		(0.68	)		4.04			5.20			(12.74	)
Total from investment operations		0.98			(0.20	)		(0.76	)		3.95			5.17			(12.75	)
Distributions to shareholders from
Net investment income		0.00			0.00			0.00			0.00			0.00			(0.01	)
Net realized gains		0.00			(0.22	)		0.00			0.00			(1.81	)		(3.42	)
Total distributions to shareholders		0.00			(0.22	)		0.00			0.00			(1.81	)		(3.43	)
Net asset value, end of period	$	18.62		$	17.64		$	18.06		$	18.82		$	14.87		$	11.51
Total return3		5.56	%		(1.06	)%		(4.04	)%		26.56	%		56.75	%		(51.99	)%
Ratios to average net assets (annualized)
Gross expenses		2.39	%		2.41	%		2.43	%		2.66	%		2.80	%		2.61	%
Net expenses		2.39	%		2.41	%		2.43	%		2.64	%		2.79	%		2.59	%
Net investment loss		(0.92	)%		(0.28	)%		(0.39	)%		(0.54	)%		(0.43	)%		(0.08	)%
Supplemental data
Portfolio turnover rate		9	%		7	%		5	%		6	%		23	%		39	%
Net assets, end of period (000s omitted)		$13,393			$15,408			$21,652			$30,989			$25,499			$17,949

1. After the close of business on July 16, 2010, the Fund acquired the net assets of Evergreen Emerging Markets Growth Fund and Wells Fargo Advantage Emerging Markets Equity Fund. Evergreen Emerging Markets Growth Fund became the accounting and performance survivor in the transaction. The information for the periods prior to July 19, 2010 is that of Class B of Evergreen Emerging Markets Growth Fund.

2. Calculated based upon average shares outstanding

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

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

Financial highlights Wells Fargo Advantage Emerging Markets Equity Fund 17

(For a share outstanding throughout each period)

	Six months ended April 30, 2013 (unaudited)			Year ended October 31
CLASS C				2012			2011			20101			20091			20081
Net asset value, beginning of period	$	17.51		$	17.92		$	18.68		$	14.77		$	11.44		$	27.57
Net investment loss		(0.08	)2		(0.06	)		(0.06	)2		(0.08	)2		(0.05	)		(0.02	)
Net realized and unrealized gains (losses) on investments		1.05			(0.13	)		(0.70	)		3.99			5.19			(12.66	)
Total from investment operations		0.97			(0.19	)		(0.76	)		3.91			5.14			(12.68	)
Distributions to shareholders from
Net investment income		0.00			0.00			0.00			0.00			0.00			(0.03	)
Net realized gains		0.00			(0.22	)		0.00			0.00			(1.81	)		(3.42	)
Total distributions to shareholders		0.00			(0.22	)		0.00			0.00			(1.81	)		(3.45	)
Net asset value, end of period	$	18.48		$	17.51		$	17.92		$	18.68		$	14.77		$	11.44
Total return3		5.54	%		(1.01	)%		(4.07	)%		26.47	%		56.84	%		(52.01	)%
Ratios to average net assets (annualized)
Gross expenses		2.39	%		2.42	%		2.43	%		2.66	%		2.79	%		2.61	%
Net expenses		2.39	%		2.42	%		2.43	%		2.64	%		2.78	%		2.59	%
Net investment loss		(0.88	)%		(0.24	)%		(0.32	)%		(0.50	)%		(0.46	)%		(0.07	)%
Supplemental data
Portfolio turnover rate		9	%		7	%		5	%		6	%		23	%		39	%
Net assets, end of period (000s omitted)		$181,903			$183,471			$200,796			$193,300			$121,216			$56,839

1. After the close of business on July 16, 2010, the Fund acquired the net assets of Evergreen Emerging Markets Growth Fund and Wells Fargo Advantage Emerging Markets Equity Fund. Evergreen Emerging Markets Growth Fund became the accounting and performance survivor in the transaction. The information for the periods prior to July 19, 2010 is that of Class C of Evergreen Emerging Markets Growth Fund.

2. Calculated based upon average shares outstanding

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

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

18 Wells Fargo Advantage Emerging Markets Equity Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended April 30, 2013 (unaudited)			Year ended October 31
ADMINISTRATOR CLASS				2012			2011			20101			20091			20081
Net asset value, beginning of period	$	21.44		$	21.90		$	22.63		$	17.75		$	13.42		$	31.59
Net investment income		0.00	2		0.14			0.02			0.09	3		0.08			0.22
Net realized and unrealized gains (losses) on investments		1.28			(0.18	)		(0.73	)		4.83			6.25			(14.77	)
Total from investment operations		1.28			(0.04	)		(0.71	)		4.92			6.33			(14.55	)
Distributions to shareholders from
Net investment income		(0.10	)		(0.20	)		(0.02	)		(0.04	)		(0.19	)		(0.20	)
Net realized gains		0.00			(0.22	)		0.00			0.00			(1.81	)		(3.42	)
Total distributions to shareholders		(0.10	)		(0.42	)		(0.02	)		(0.04	)		(2.00	)		(3.62	)
Net asset value, end of period	$	22.62		$	21.44		$	21.90		$	22.63		$	17.75		$	13.42
Total return4		6.03	%		(0.13	)%		(3.14	)%		27.78	%		58.34	%		(51.51	)%
Ratios to average net assets (annualized)
Gross expenses		1.47	%		1.47	%		1.47	%		1.69	%		1.80	%		1.61	%
Net expenses		1.47	%		1.47	%		1.47	%		1.65	%		1.79	%		1.59	%
Net investment income		0.08	%		0.72	%		0.70	%		0.50	%		0.54	%		0.89	%
Supplemental data
Portfolio turnover rate		9	%		7	%		5	%		6	%		23	%		39	%
Net assets, end of period (000s omitted)		$911,997			$634,428			$529,083			$248,493			$178,856			$141,996

1. After the close of business on July 16, 2010, the Fund acquired the net assets of Evergreen Emerging Markets Growth Fund and Wells Fargo Advantage Emerging Markets Equity Fund. Evergreen Emerging Markets Growth Fund became the accounting and performance survivor in the transaction. The information for the periods prior to July 19, 2010 is that of Class I of Evergreen Emerging Markets Growth Fund.

2. Amount is less than $0.005.

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 Emerging Markets Equity Fund 19

(For a share outstanding throughout each period)

	Six months ended April 30, 2013 (unaudited)			Year ended October 31
INSTITUTIONAL CLASS				2012			2011			20101
Net asset value, beginning of period	$	21.50		$	21.96		$	22.66		$	20.11
Net investment income		0.04	2		0.22			0.16			0.00	2,3
Net realized and unrealized gains (losses) on investments		1.27			(0.22	)		(0.81	)		2.55
Total from investment operations		1.31			0.00			(0.65	)		2.55
Distributions to shareholders from
Net investment income		(0.15	)		(0.24	)		(0.05	)		0.00
Net realized gains		0.00			(0.22	)		0.00			0.00
Total distributions to shareholders		(0.15	)		(0.46	)		(0.05	)		0.00
Net asset value, end of period	$	22.66		$	21.50		$	21.96		$	22.66
Total return4		6.13	%		0.13	%		(2.89	)%		12.68	%
Ratios to average net assets (annualized)
Gross expenses		1.21	%		1.24	%		1.24	%		1.48	%
Net expenses		1.21	%		1.24	%		1.23	%		1.30	%
Net investment income		0.38	%		1.04	%		0.93	%		0.02	%
Supplemental data
Portfolio turnover rate		9	%		7	%		5	%		6	%
Net assets, end of period (000s omitted)		$1,601,180			$1,176,567			$541,644			$197,823

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

2. Calculated based upon average shares outstanding

3. Amount is less than $0.005.

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

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

20 Wells Fargo Advantage Emerging Markets Equity 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 Emerging Markets Equity Fund (the “Fund”) which is a diversified series of the Trust.

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

All investments are valued each business day as of the close of regular trading on the New York Stock Exchange (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.

Securities denominated in foreign currencies are translated into U.S. dollars using the rates of exchange in effect on the day of valuation at a time specified by the Management Valuation Team of Wells Fargo Funds Management, LLC (“Funds Management”).

Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange and therefore may not fully reflect trading or events that occur after the close of the principal exchange in which the foreign securities are traded, but before the close of the New York Stock Exchange. If such trading or events are expected to materially affect the value of such securities, then fair value pricing procedures approved by the Board of Trustees are applied. These procedures take into account multiple factors including movements in U.S. securities markets after foreign exchanges close. Foreign securities that are fair valued under these procedures are categorized as Level 2 and the application of these procedures may result in transfers between Level 1 and Level 2. Depending on market activity, such fair valuations may be frequent. Such fair value pricing may result in NAVs that are higher or lower than NAVs based on the last reported sales price or latest quoted bid price. On April 30, 2013, fair value pricing was not used in pricing foreign securities.

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. 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.

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

Foreign currency translation

The accounting records of the Fund are maintained in U.S. dollars. Assets, including investment securities, and liabilities denominated in foreign currency are translated into U.S. dollars at the rates of exchange at a time specified by the Management Valuation Team on the date of valuation. Purchases and sales of securities, and income and expenses are converted at the rate of exchange on the respective dates of such transactions. Reported net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded and the U.S. dollar equivalent of the amounts actually paid or received. Net unrealized foreign exchange gains and losses arise from changes in the fair value of assets and liabilities other than investments in securities resulting in changes in exchange rates.

The changes in net assets arising from changes in exchange rates and the changes in net assets resulting from changes in market prices of securities are not separately presented. Such changes are recorded with net realized and unrealized gains or losses from investments. Gains and losses from certain foreign currency transactions are treated as ordinary income for U.S. federal income tax purposes.

Forward foreign currency contracts

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

Security loans

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

The Fund lends its securities through an unaffiliated securities lending agent. Cash collateral received in connection with its securities lending transactions is invested in 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, except for certain dividends from foreign securities, which are recorded as soon as the Fund is informed of the ex-dividend date. Dividend income from foreign securities is recorded net of foreign taxes withheld where recovery of such taxes is not assured.

22 Wells Fargo Advantage Emerging Markets Equity Fund Notes to financial statements (unaudited)

Distributions to shareholders

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

Federal and other taxes

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

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

At October 31, 2012, capital loss carryforwards which are available to offset future net realized capital gains were as follows:

Pre-enactment capital loss expiration*		Post-enactment capital losses**
2016	2017	Short-term
$2,830,910	$22,695,719	$8,890,891

* 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.

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 Emerging Markets Equity Fund 23

As of April 30, 2013, the inputs used in valuing investments in securities 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	$	3,408,310,992	$	16,238,773	$	0	$	3,424,549,765
Preferred stocks		104,816,969		1,949,955		0		106,766,924
Convertible debentures		0		0		7,148		7,148
Short-term investments
Investment companies		405,815,846		296,302,826		0		702,118,672
	$	3,918,943,807	$	314,491,554	$	7,148	$	4,233,442,509

As of April 30, 2013, the inputs used in valuing the Fund’s other financial instruments were as follows:

Other financial instruments	Quoted prices (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Forward foreign currency contracts+	$	0	$	63,117	$	0	$	63,117

+ Forward foreign currency contracts are presented at the unrealized gains or losses on the instrument.

Transfers in and transfers out are recognized at the end of the reporting period. For the six months ended April 30, 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 1.10% and declining to 0.95% as the average daily net assets of the Fund increase. For the six months ended April 30, 2013, the advisory fee was equivalent to an annual rate of 1.01% 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 0.65% and declining to 0.45% 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

24 Wells Fargo Advantage Emerging Markets Equity Fund Notes to financial statements (unaudited)

specific expenses. Funds Management has committed through February 28, 2014 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.70% for Class A shares, 2.45% for Class B shares, 2.45% for Class C shares, 1.50% for Administrator Class shares and 1.25% for Institutional 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 year ended April 30, 2013, Wells Fargo Funds Distributor, LLC received $42,140 from the sale of Class A shares and $6,084, $2,532 and $4,388 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.

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended April 30, 2013 were $922,638,063 and $274,454,633, respectively.

6. DERIVATIVE TRANSACTIONS

During the six months ended April 30, 2013, the Fund entered into forward foreign currency contracts for economic hedging purposes.

At April 30, 2013, the Fund had forward foreign currency contracts to buy outstanding as follows:

Exchange date	Counterparty	Contracts to receive			U.S. value at April 30, 2013		In exchange for U.S. $		Unrealized gains
5-2-2013	State Street Bank		15,400,131	ZAR	$	1,716,179	$	1,675,767	$	40,412
5-3-2013	State Street Bank		15,541,287	ZAR		1,731,909		1,714,080		17,829
5-7-2013	State Street Bank		15,319,955	ZAR		1,706,320		1,701,444		4,876

The Fund had average contract amounts of $319,562 and $46,851 in forward foreign currency contracts to buy and forward foreign currency contracts to sell, respectively, during the six months ended April 30, 2013.

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

7. BANK BORROWINGS

The Trust (excluding the money market funds and certain other funds in the Trust) and Wells Fargo Variable Trust are parties to a $150,000,000 revolving credit agreement 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 April 30, 2013, the Fund paid $3,394 in commitment fees.

For the six months ended April 30, 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.

Notes to financial statements (unaudited) Wells Fargo Advantage Emerging Markets Equity Fund 25

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.

26 Wells Fargo Advantage Emerging Markets Equity Fund Other information (unaudited)

TAX INFORMATION

Pursuant to Section 853 of the Internal Revenue Code, the following amounts were designated as foreign taxes paid for the fiscal year ended October 31, 2012. These amounts may be less than the actual foreign taxes paid for financial statement purposes. Foreign taxes paid or withheld should be included in taxable income with an offsetting deduction from gross income or as a credit for taxes paid to foreign governments. None of the income was derived from ineligible foreign sources as defined under Section 901(j) of the Internal Revenue Code.

Creditable foreign taxes paid	Per share amount on October 31, 2012	Foreign income as % of ordinary income distributions
$3,879,037	$0.03	97.84%

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 Emerging Markets Equity 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 131 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 Emerging Markets Equity 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 58 funds and Assistant Treasurer of 73 funds in the Fund Complex.

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

Other information (unaudited) Wells Fargo Advantage Emerging Markets Equity Fund 29

BOARD CONSIDERATION OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS:

Under Section 15 of the Investment Company Act of 1940 (the “1940 Act”), the Board of Trustees (the “Board”) of Wells Fargo Funds Trust (the “Trust”), all the members of which have no direct or indirect interest in the investment advisory and sub-advisory agreements and are not “interested persons” of the Trust, as defined in the 1940 Act (the “Independent Trustees”), must determine whether to approve the continuation of the Trust’s investment advisory and sub-advisory agreements. In this regard, at an in-person meeting held on March 28-29, 2013 (the “Meeting”), the Board reviewed: (i) an investment advisory agreement with Wells Fargo Funds Management, LLC (“Funds Management”) for Wells Fargo Advantage Emerging Markets Equity Fund (the “Fund”) and (ii) an investment sub-advisory agreement with Wells Capital Management Incorporated (the “Sub-Adviser”), an affiliate of Funds Management, for the Fund. The investment advisory agreement with Funds Management and the investment sub-advisory agreement with the Sub-Adviser are collectively referred to as the “Advisory Agreements.”

At the Meeting, the Board considered the factors and reached the conclusions described below relating to the selection of Funds Management and the Sub-Adviser and the continuation of the Advisory Agreements. Prior to the Meeting, the Trustees conferred extensively among themselves and with representatives of Funds Management about these matters. The Board has adopted a team-based approach, with each team consisting of a sub-set of Trustees, to assist the Board in the discharge of its duties in reviewing performance and other matters throughout the year. The Independent Trustees were assisted in their evaluation of the Advisory Agreements by independent legal counsel, from whom they received separate legal advice and with whom they met separately.

In providing information to the Board, Funds Management and the Sub-Adviser were guided by a detailed set of requests for information submitted to them by independent legal counsel on behalf of the Independent Trustees at the start of the Board’s annual contract renewal process earlier in 2013. In considering and approving the Advisory Agreements, the Trustees considered the information they believed relevant, including but not limited to the information discussed below. The Board considered not only the specific information presented in connection with the Meeting, but also the knowledge gained over time through interaction with Funds Management and the Sub-Adviser about various topics. In this regard, the Board reviewed reports of Funds Management at each of its quarterly meetings, which included, among other things, portfolio reviews and performance reports. In addition, the Board and the teams mentioned above confer with portfolio managers at various times throughout the year. The Board did not identify any particular information or consideration that was all-important or controlling, and each individual Trustee may have attributed different weights to various factors.

After its deliberations, the Board unanimously determined that the continuation of the Advisory Agreements is in the best interests of the Fund and its shareholders, and that the compensation payable to Funds Management and the Sub-Adviser is reasonable. The Board considered the continuation of the Advisory Agreements for the Fund as part of its consideration of the continuation of advisory agreements for funds across the complex, but each decision was made on a fund-by-fund basis. The following summarizes a number of important, but not necessarily all, factors considered by the Board in reaching its determination.

Nature, extent and quality of services

The Board received and considered various information regarding the nature, extent and quality of services provided to the Fund by Funds Management and the Sub-Adviser under the Advisory Agreements. This information included, among other things, a summary of the background and experience of senior management of Funds Management, and the qualifications, background, tenure and responsibilities of each of the portfolio managers primarily responsible for the day-to-day portfolio management of the Fund.

The Board evaluated the ability of Funds Management and the Sub-Adviser, based on attributes such as their financial condition, resources and reputation, to attract and retain qualified investment professionals, including research, advisory and supervisory personnel. The Board further considered the compliance programs and compliance records of Funds Management and the Sub-Adviser. In addition, the Board took into account the administrative and other services provided to the Fund by Funds Management and its affiliates and Funds Management’s oversight of the Fund’s various service providers.

Fund performance and expenses

The Board considered the performance results for the Fund over various time periods ended December 31, 2012. The Board also considered these results in comparison to the performance of funds in a universe that was determined by Lipper Inc. (“Lipper”) to be similar to the Fund (the “Universe”), and in comparison to the Fund’s benchmark index and to other comparative data. Lipper is an independent provider of investment company data. The Board received a

30 Wells Fargo Advantage Emerging Markets Equity Fund Other information (unaudited)

description of the methodology used by Lipper to select the mutual funds in the performance Universe. The Board noted that the performance of the Fund (Administrator Class) was higher than the median performance of the Universe for all periods under review except for the one-year period. The Board also noted that the performance of the Fund was higher than its benchmark, the Morgan Stanley Composite Index Emerging Markets Index (Net), for all periods under review except for the one-year period.

The Board received information concerning, and discussed factors contributing to, the underperformance of the Fund relative to the Universe and the benchmark for the one-year period under review. Funds Management advised the Board about the market conditions and investment decisions that it believed contributed to the underperformance during that period. Funds Management advised the Board that the short-term underperformance was attributable to high volatility in emerging markets. The Board was satisfied with the explanation of the underperformance.

The Board received and considered information regarding the Fund’s net operating expense ratios and their various components, including actual management fees (which reflect fee waivers, if any, and include advisory, administration and transfer agent fees), custodian and other non-management fees, Rule 12b-1 and non-Rule 12b-1 service fees and fee waiver and expense reimbursement arrangements. The Board also considered these ratios in comparison to the median ratios of funds in class-specific expense groups that were determined by Lipper to be similar to the Fund (the “Groups”). The Board received a description of the methodology used by Lipper to select the mutual funds in the expense Groups. Based on the Lipper reports, the Board noted that the net operating expense ratios of the Fund were in range of the median net operating expense ratios of the expense Groups. Funds Management and the Board agreed to reduce the operating expense ratio caps for Class A, Class B, Class C and the Institutional Class.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board concluded that the overall performance and expense structure of the Fund supported the re-approval of the Advisory Agreements.

Investment advisory and sub-advisory fee rates

The Board reviewed and considered the contractual investment advisory fee rates that are payable by the Fund to Funds Management for investment advisory services (the “Advisory Agreement Rates”), both on a stand-alone basis and on a combined basis with the Fund’s fund-level and class-level contractual administration fee rates (the “Management Rates”). The Board noted that the administration fees include transfer agency costs. The Board also reviewed and considered the contractual investment sub-advisory fee rates that are payable by Funds Management to the Sub-Adviser for investment sub-advisory services (the “Sub-Advisory Agreement Rates”).

Among other information reviewed by the Board was a comparison of the Management Rates of the Fund with those of other funds in the expense Groups at a common asset level. The Board noted that the Management Rates of the Fund were equal to or in range of the median rates for the Fund’s expense Groups for all classes except Class A. The Board and Funds Management agreed to reduce the operating expense ratio caps for Class A.

The Board also received and considered information about the portion of the total advisory fee that was retained by Funds Management after payment of the fee to the Sub-Adviser for sub-advisory services. In assessing the reasonableness of this amount, the Board received and evaluated information concerning the nature and extent of responsibilities retained and risks assumed by Funds Management and not delegated to or assumed by the Sub-Adviser, and about Funds Management’s on-going oversight services. In recognition of the fact that the Wells Fargo enterprise provides a suite of combined advisory and sub-advisory services to the Fund through affiliated entities, the Board ascribed limited relevance to the allocation of the total advisory fee between Funds Management and the Sub-Adviser.

The Board also received and considered information about the nature and extent of services offered and fee rates charged by Funds Management and the Sub-Adviser to other types of clients. In this regard, the Board received information about the significantly greater scope of services, and compliance, reporting and other legal burdens and risks of managing mutual funds compared with those associated with managing assets of non-mutual fund clients such as collective funds or institutional separate accounts.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board determined that the Advisory Agreement Rates and the Sub-Advisory Agreement Rates were reasonable in light of the services covered by the Advisory Agreements.

Profitability

The Board received and considered information concerning the profitability of Funds Management, as well as the profitability of Wells Fargo as a whole, from providing services to the Fund. The Board did not receive or consider to be

Other information (unaudited) Wells Fargo Advantage Emerging Markets Equity Fund 31

necessary separate profitability information with respect to the Sub-Adviser, because, as an affiliate of Funds Management, its profitability information was subsumed in the collective Wells Fargo profitability analysis provided by Funds Management.

Funds Management explained the methodologies and estimates that it used in calculating the profitability from the Fund and the fund family as a whole. Among other things, the Board noted that the levels of profitability reported on a fund-by-fund basis varied widely, depending on factors such as the size and type of fund. Based on its review, the Board did not deem the profits reported by Funds Management to be at a level that would prevent it from approving the continuation of the Advisory Agreements.

Economies of scale

With respect to possible economies of scale, the Board reviewed the breakpoints in the Fund’s advisory fee and administration fee structure, which operate generally to reduce the Fund’s expense ratios as the Fund grows in size. It considered that, for a small fund or a fund that shrinks in size, breakpoints conversely can result in higher fee levels. The Board also considered fee waiver and expense reimbursement arrangements as a means of sharing potential economies of scale with the Fund. The Board acknowledged the inherent limitations of any analysis of potential economies of scale and of any attempt to correlate breakpoints with such economies. Nonetheless, the Board concluded that the breakpoints and net operating expense ratio caps appeared to be a reasonable approach to sharing potential economies of scale with the Fund.

Other benefits to Funds Management and the Sub-Adviser

The Board received and considered information regarding potential “fall-out” or ancillary benefits received by Funds Management and its affiliates, including the Sub-Adviser, as a result of their relationship with the Fund. Ancillary benefits could include, among others, benefits directly attributable to other relationships with the Fund and benefits potentially derived from an increase in Funds Management’s and the Sub-Adviser’s business as a result of their relationship with the Fund (such as the ability to market to shareholders other financial products and services offered by Funds Management and its affiliates, including the Sub-Adviser, or to operate other products and services that follow investment strategies similar to those of the Fund).

The Board considered that Wells Fargo Funds Distributor, LLC, an affiliate of Funds Management, serves as distributor to the Fund and receives certain compensation for those services. The Board noted that various financial institutions, including affiliates of Funds Management, may receive distribution-related fees, shareholder servicing payments (including amounts derived from payments under Rule 12b-1 plans) and sub-transfer agency fees in respect of shares sold or held through them and services provided.

The Board also reviewed information about whether and to what extent soft dollar credits are sought and how any such credits are utilized, and any benefits that might be realized by an affiliated broker that handles portfolio transactions for the Fund.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board did not find that any ancillary benefits received by Funds Management and its affiliates, including the Sub-Adviser, were unreasonable.

Conclusion

After considering the above-described factors and based on its deliberations and its evaluation of the information described above, the Board unanimously approved the continuation of the Advisory Agreements for an additional one-year period.

32 Wells Fargo Advantage Emerging Markets Equity Fund List of abbreviations

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

ACA —  ACA Financial Guaranty Corporation

ADR —  American depositary receipt

ADS —  American depositary shares

AGC —  Assured Guaranty Corporation

AGM —  Assured Guaranty Municipal

Ambac —  Ambac Financial Group Incorporated

AMT —  Alternative minimum tax

AUD —  Australian dollar

BAN —  Bond anticipation notes

BHAC —  Berkshire Hathaway Assurance Corporation

BRL —  Brazilian real

CAB —  Capital appreciation bond

CAD —  Canadian dollar

CCAB —  Convertible capital appreciation bond

CDA —  Community Development Authority

CDO —  Collateralized debt obligation

CHF —  Swiss franc

COP —  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.

216832 06-13 SA238/SAR238 4-13

Wells Fargo Advantage

Emerging Markets Equity Income Fund

Semi-Annual Report

April 30, 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	18
Other information	22
List of abbreviations	28

The views expressed and any forward-looking statements are as of April 30, 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 100 mutual funds across a wide range of asset classes, representing over $228 billion in assets under management, as of April 30, 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
Conservative Income 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†
Diversified Capital Builder Fund	WealthBuilder Growth Balanced Portfolio†	Target 2030 Fund†
Diversified Income Builder Fund	WealthBuilder Moderate Balanced Portfolio†	Target 2035 Fund†
Growth Balanced Fund	WealthBuilder Tactical Equity Portfolio†	Target 2040 Fund†
Index Asset Allocation Fund	Target Today Fund†	Target 2045 Fund†
Moderate Balanced Fund	Target 2010 Fund†	Target 2050 Fund†
WealthBuilder Conservative Allocation Portfolio†	Target 2015 Fund†	Target 2055 Fund†
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 Emerging Markets Equity Income Fund Letter to shareholders (unaudited)

Karla M. Rabusch

President

Wells Fargo Advantage Funds

Investors were heartened by the resilient performance of the German economy and by the fact that the United Kingdom managed to avoid another recession.

Dear Valued Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Advantage Emerging Markets Equity Income Fund for the six-month period that ended April 30, 2013. Much of the period was marked by diminished worries of a sovereign debt default in Europe, partially offset by concerns about slowing economic growth in China. Continued monetary easing by global central banks helped support rallies in developed stock markets, but major emerging markets lagged.

Developed markets posted double-digit returns, but major emerging markets lagged.

Global developed equity markets demonstrated continued strength throughout the reporting period despite a budget fight and sequestration cuts in the U.S. and Europe’s seemingly never-ending debt crisis, with Cyprus becoming the newest addition to a list of countries mired in debt. Investors were heartened by the resilient performance of the German economy and by the fact that the United Kingdom managed to avoid another recession. Relatively positive economic data from the U.S. also aided sentiment for developed-market stocks. Although reported U.S. gross domestic product (GDP) growth came in at a moderate 0.4% annualized rate in the fourth quarter of 2012—in part, due to the temporary aftereffects from Hurricane Sandy, which devastated the Eastern Seaboard in October 2012—GDP growth improved to a 2.4% annualized rate for the first quarter of 2013. Monetary easing by major central banks also supported equity markets.

As judged by various MSCI indexes, major emerging markets generally underperformed. Despite China’s smooth transition to a new generation of political leadership, the country’s decelerating growth rate caused its stock market to lag not only developed markets but also the main MSCI Emerging Markets Index (Net).¹ Given China’s importance as a buyer of raw commodities from countries such as Brazil, as well as its key role in Asia’s manufacturing chain, fears of a recession in China led to single-digit returns for other emerging markets.

Central banks continued to provide stimulus.

Major central banks, including the U.S. Federal Reserve Board (Fed) and the European Central Bank (ECB), continued to inject liquidity into the banks and the market 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. After its September 2012 meeting, the FOMC announced its intention to keep interest rates low until at least mid-2015 and to make open-ended purchases of $40 billion per month in mortgage-backed securities to support the housing market.

After cutting its key rate to 0.75% in July 2012, the ECB announced in September 2012 that it would purchase an unlimited amount of one- to three-year sovereign debt from countries that had formally applied for a bailout. In May 2013, after the end of the reporting period, the ECB cut its key rate to a historic low of 0.50%. The ECB’s aggressive actions helped ease investor worries about a eurozone sovereign debt default. Moreover, in mid-March 2013, the governor of the Bank of Japan resigned to allow Shinzo Abe, the recently reelected prime minister, to appoint a new bank governor who supported using aggressive monetary policies to attack Japan’s persistent deflation.

1. The Morgan Stanley Capital International Emerging Markets (MSCI Emerging Markets) Index (Net) is a free float-adjusted market capitalization index designed to measure the equity market performance in the global emerging markets. The index is currently composed of 21 emerging markets country indexes. You cannot invest directly in an index. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI.

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

The debt crisis in the eurozone returned to center stage but with less impact than before.

Ongoing weakness in the Greek economy made it difficult for the country to meet previously agreed upon austerity targets. Because many eurozone banks owned Greek debt and many U.S. banks had financial ties to eurozone banks, investors initially worried that a Greek default would result in another global financial crisis. However, as central banks continued to provide liquidity, investor worries about the effect of a European sovereign debt default on the global economy began to ease. When the tiny eurozone nation of Cyprus was forced to implement capital controls and impose losses on uninsured bank depositors in March 2013, global stock markets remained resilient despite short-term volatility.

Global monetary easing helped push the MSCI EAFE Index (Net)², an index of developed stock markets, to a 16.90% return for the six-month period. By comparison, the S&P 500 Index³, a barometer of large-cap U.S. stocks, posted a 14.42% return for the reporting period. Within emerging markets, smaller markets, such as the Philippines and Thailand, strongly outperformed the larger markets, such as China, India, and Brazil. The smaller markets are benefiting from high growth rates without some of the imbalances—such as an overreliance on real estate—that are affecting the larger emerging markets.

We employ a diverse array of investment strategies, even as many variables are at work in the market.

The full effect of the European credit crisis remains unknown. Elevated unemployment in the U.S. and Southern Europe continues 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 diversification⁴ 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

Within emerging markets, smaller markets, such as the Philippines and Thailand, strongly outperformed the larger markets, such as China, India, and Brazil.

2. The Morgan Stanley Capital International Europe, Australasia, and Far East (MSCI EAFE) Index (Net) is an unmanaged group of securities widely regarded by investors to be representations of the stock markets of Europe, Australasia, and the Far East. You cannot invest directly in an index.

3. 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.

4. Diversification does not assure or guarantee better performance and cannot eliminate the risk of investment losses.

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

Investment objective

The Fund seeks to achieve long-term capital appreciation and current income.

Adviser

Wells Fargo Funds Management, LLC

Subadvisers

Wells Capital Management Incorporated

Wells Capital Management Singapore

Portfolio managers

Anthony L.T. Cragg

Alison Shimada

Average annual total returns (%) as of April 30, 2013

		Including sales charge		Excluding sales charge		Expense ratios1 (%)
	Inception date	Since inception		Since inception		Gross		Net2
Class A (EQIAX)	5-31-2012		19.48		26.77		4.34		1.65
Class C (EQICX)	5-31-2012		24.90		25.90		5.09		2.40
Administrator Class (EQIDX)	5-31-2012		–		27.04		4.18		1.45
Institutional Class (EQIIX)	5-31-2012		–		27.20		3.91		1.25
MSCI Emerging Markets Index (Net)3	–		–		17.10		–		–

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, which assumes the reinvestment of dividends and capital gains. Current month-end performance is available on the Fund’s website, wellsfargoadvantagefunds.com.

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

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

Stock values fluctuate in response to the activities of individual companies and general market and economic conditions. Foreign investments are especially volatile and can rise or fall dramatically due to differences in the political and economic conditions of the host country. These risks are generally intensified in emerging markets. The use of derivatives may reduce returns and/or increase volatility. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). The Fund is exposed to regional 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 Emerging Markets Equity Income Fund 5

Ten largest equity holdings4 (%) as of April 30, 2013
Shin Corporation PCL	2.68
Industrial & Commercial Bank of China Limited Class H	2.25
SK Telecom Company Limited ADR	2.20
China Construction Bank	2.02
United Microelectronics Corporation	2.01
Taiwan Semiconductor Manufacturing Company Limited ADR	1.95
Philippine Long Distance Telephone Company	1.73
Semirara Mining Corporation	1.70
Telefonica Brasil ADR	1.67
China Mobile Limited	1.62

Sector distribution⁵ as of April 30, 2013

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

2. The Adviser has committed through February 28, 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.

3. The Morgan Stanley Capital International Emerging Markets (MSCI Emerging Markets) Index (Net) is a free float-adjusted market capitalization index designed to measure the equity market performance in the global emerging markets. The index is currently composed of 21 emerging markets country indexes. You cannot invest directly in an index. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI.

4. The ten largest 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. Top holdings typically include the underlying ordinary shares combined with any depositary receipts.

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

6 Wells Fargo Advantage Emerging Markets Equity Income Fund Fund expenses (unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from November 1, 2012 to April 30, 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 11-1-2012		Ending account value 4-30-2013		Expenses paid during the period1		Net annual expense ratio
Class A
Actual	$	1,000.00	$	1,123.84	$	8.69		1.65	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,016.61	$	8.25		1.65	%
Class C
Actual	$	1,000.00	$	1,119.29	$	12.61		2.40	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,012.89	$	11.98		2.40	%
Administrator Class
Actual	$	1,000.00	$	1,125.30	$	7.64		1.45	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.60	$	7.25		1.45	%
Institutional Class
Actual	$	1,000.00	$	1,125.87	$	6.59		1.25	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.60	$	6.26		1.25	%

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

Portfolio of investments—April 30, 2013 (unaudited) Wells Fargo Advantage Emerging Markets Equity Income Fund 7

Security name	Shares		Value
Common Stocks: 90.25%
Brazil: 6.77%
Alupar Investimento SA (Utilities, Electric Utilities) †		13,560	$	122,604
BM&FBOVESPA SA (Financials, Diversified Financial Services)		26,200		181,891
EDP Energias Do Brasil SA (Utilities, Electric Utilities)		15,700		96,283
Natura Cosmeticos SA (Consumer Staples, Personal Products)		3,500		88,639
Telefonica Brasil ADR (Telecommunication Services, Diversified Telecommunication Services)		8,500		225,930
Transmissora Alianca de Energia Eletrica SA Composite Unit (Utilities, Electric Utilities)		17,400		200,199
				915,546
Chile: 3.86%
AFP Habitat SA (Financials, Capital Markets)		38,760		77,199
Aguas Andinas SA Class A (Utilities, Water Utilities)		175,000		139,346
CorpBanca NPV (Financials, Commercial Banks)		6,652,471		91,110
Empresa Nacional de Telecomunicaciones SA (Telecommunication Services, Wireless Telecommunication Services)		4,375		84,351
Enersis SA (Utilities, Electric Utilities)		345,000		130,030
				522,036
China: 15.44%
ANTA Sports Products Limited (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		133,000		111,402
China BlueChemical Limited (Materials, Chemicals)		136,000		82,895
China Construction Bank (Financials, Commercial Banks)		326,000		273,062
China Mobile Limited (Telecommunication Services, Wireless Telecommunication Services)		20,000		218,939
China Petroleum & Chemical Corporation (Energy, Oil, Gas & Consumable Fuels)		92,000		100,653
Cosco Pacific Limited (Industrials, Transportation Infrastructure)		112,000		148,368
Industrial & Commercial Bank of China Limited Class H (Financials, Commercial Banks)		432,000		303,953
Jiangsu Express Company Limited (Industrials, Transportation Infrastructure)		124,000		135,822
KWG Property Holding Limited (Financials, Real Estate Management & Development)		164,500		113,622
PetroChina Company Limited (Energy, Oil, Gas & Consumable Fuels)		152,000		193,326
Qingling Motors Company Limited (Consumer Discretionary, Automobiles)		504,000		142,884
Shenzhen Expressway Company Limited (Industrials, Transportation Infrastructure)		264,000		108,524
Zhejiang Expressway Company Limited (Industrials, Transportation Infrastructure)		198,000		155,641
				2,089,091
Hong Kong: 4.67%
Bosideng International Holdings Limited (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		422,000		110,936
China Power International Development Limited (Utilities, Independent Power Producers & Energy Traders)		200,000		72,164
Shanghai Industrial Holdings Limited (Industrials, Industrial Conglomerates)		34,000		107,781
SmarTone Telecommunications Holding Limited (Telecommunication Services, Wireless Telecommunication Services)		65,500		116,649
VTech Holdings Limited (Information Technology, Communications Equipment)		7,500		95,681
Wynn Macau Limited (Consumer Discretionary, Hotels, Restaurants & Leisure) †		24,000		72,834
Xinyi Glass Holding Company Limited (Consumer Discretionary, Auto Components)		82,000		56,110
				632,155
India: 1.23%
ICICI Bank Limited ADR (Financials, Commercial Banks)		3,550		166,211
Indonesia: 1.57%
PT Telekomunikasi Indonesia Tbk (Telecommunication Services, Diversified Telecommunication Services)		176,000		211,797

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

8 Wells Fargo Advantage Emerging Markets Equity Income Fund Portfolio of investments—April 30, 2013 (unaudited)

Security name	Shares		Value
Malaysia: 4.47%
Berjaya Sports Toto Bhd (Consumer Discretionary, Hotels, Restaurants & Leisure)		117,066	$	161,603
Malayan Banking Bhd (Financials, Commercial Banks)		55,700		176,116
SP Setia Bhd (Financials, Real Estate Management & Development)		125,173		141,115
Sunway Real Estate Investment (Financials, REITs)		238,900		125,634
				604,468
Mexico: 4.19%
Bolsa Mexicana De Valores SA (Financials, Diversified Financial Services)		47,500		129,798
Grupo Aeroportuario Del Pacifico SAB de CV (Industrials, Transportation Infrastructure)		10,000		57,921
Grupo Financiero Santander SAB de CV (Financials, Commercial Banks)		21,700		70,092
Kimberly-Clark de Mexico SAB de CV (Consumer Staples, Household Products)		49,000		171,589
Macquarie Mexico Real Estate Management SA de CV (Financials, REITs) 144A†		56,900		137,537
				566,937
Norway: 0.49%
Prosafe ASA (Energy, Energy Equipment & Services)		6,890		66,134
Panama: 0.46%
Banco Latinoamericano De Exportaciones SA E Shares (Financials, Commercial Banks)		2,750		62,398
Philippines: 4.90%
Globe Telecom Incorporated (Telecommunication Services, Wireless Telecommunication Services)		5,710		198,380
Philippine Long Distance Telephone Company (Telecommunication Services, Wireless Telecommunication Services)		3,170		234,592
Semirara Mining Corporation (Energy, Oil, Gas & Consumable Fuels)		31,590		230,248
				663,220
Poland: 2.01%
KGHM Polska Miedz SA (Materials, Metals & Mining)		1,313		61,498
Powszechny Zaklad Ubezpieczen SA (Financials, Insurance)		1,530		210,869
				272,367
Russia: 3.60%
Lukoil ADR (Energy, Oil, Gas & Consumable Fuels)		2,265		143,601
Mail.Ru Group Limited (Information Technology, Internet Software & Services)		1,900		51,300
Megafon GDR (Telecommunication Services, Wireless Telecommunication Services) †		2,308		71,225
Mining and Metallurgical Company Norilsk Nickel ADR (Materials, Metals & Mining)		5,543		84,919
Mobile Telesystems ADR (Telecommunication Services, Wireless Telecommunication Services)		6,600		136,620
				487,665
Singapore: 5.28%
Ascendas India Trust (Financials, Real Estate Management & Development)		95,000		63,246
Hutchison Port Holdings Trust (Industrials, Transportation Infrastructure)		137,000		113,710
Keppel Corporation Limited (Industrials, Industrial Conglomerates)		13,000		113,039
Keppel REIT (Financials, REITs)		2,600		3,187
Mapletree Greater China Commercial Trust (Financials, REITs) †		76,000		68,799
Religare Health Trust (Financials, REITs) †		133,000		102,582
SembCorp Industries Limited (Industrials, Industrial Conglomerates)		20,000		81,026
Singapore Telecommunications Limited (Telecommunication Services, Diversified Telecommunication Services)		53,000		169,108
				714,697

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

Portfolio of investments—April 30, 2013 (unaudited) Wells Fargo Advantage Emerging Markets Equity Income Fund 9

Security name	Shares		Value
South Africa: 3.80%
Absa Group Limited (Financials, Commercial Banks)		3,822	$	62,904
African Bank Investments Limited (Financials, Diversified Financial Services)		16,103		51,125
Coronation Fund Managers Limited (Financials, Capital Markets)		15,447		92,439
Kumba Iron Ore Limited (Materials, Metals & Mining)		1,254		66,138
MTN Group Limited (Telecommunication Services, Wireless Telecommunication Services)		3,655		65,895
Sanlam Limited (Financials, Insurance)		13,100		67,139
Sasol Limited (Energy, Oil, Gas & Consumable Fuels)		2,498		107,962
				513,602
South Korea: 5.23%
Kangwon Land Incorporated (Consumer Discretionary, Hotels, Restaurants & Leisure)		5,060		143,121
KT Corporation ADR (Telecommunication Services, Diversified Telecommunication Services)		13,100		213,006
S-Oil Corporation (Energy, Oil, Gas & Consumable Fuels)		660		53,037
SK Telecom Company Limited ADR (Telecommunication Services, Wireless Telecommunication Services)		15,300		298,197
				707,361
Taiwan: 12.55%
ASUSTeK Computer Incorporated (Information Technology, Computers & Peripherals)		7,000		81,475
Chroma ATE Incorporated (Information Technology, Electronic Equipment, Instruments & Components)		30,000		64,347
Chunghwa Telecom Company Limited (Telecommunication Services, Diversified Telecommunication Services)		42,000		133,492
Cleanaway Company Limited (Industrials, Commercial Services & Supplies)		19,000		154,513
CTCI Corporation (Industrials, Construction & Engineering)		33,000		65,973
Huaku Development Company Limited (Financials, Real Estate Management & Development)		34,680		99,650
Mega Financial Holding Company Limited (Financials, Commercial Banks)		119,065		91,784
Novatek Microelectronics Corporation Limited (Information Technology, Semiconductors & Semiconductor Equipment)		31,000		151,261
Radiant Opto-Electronics Corporation (Information Technology, Semiconductors & Semiconductor Equipment)		17,000		69,145
Siliconware Precision Industries Company (Information Technology, Semiconductors & Semiconductor Equipment)		61,000		72,343
Taiwan Semiconductor Manufacturing Company Limited ADR (Information Technology, Semiconductors & Semiconductor Equipment)		13,850		264,258
United Microelectronics Corporation (Information Technology, Semiconductors & Semiconductor Equipment)		176,000		67,091
United Microelectronics Corporation ADR (Information Technology, Semiconductors & Semiconductor Equipment)		108,600		205,254
Wistron Corporation (Information Technology, Computers & Peripherals)		107,850		109,451
WPG Holdings Company Limited (Information Technology, Electronic Equipment, Instruments & Components)		56,000		67,457
				1,697,494
Thailand: 5.77%
Bangkok Bank PCL (Financials, Commercial Banks)		22,400		173,247
Major Cineplex Group PCL (Consumer Discretionary, Media)		137,400		103,928
PTT Global Chemical PCL (Materials, Chemicals)		56,500		140,528
Shin Corporation PCL (Information Technology, Communications Equipment)		123,600		363,220
				780,923
Turkey: 2.51%
Dogus Otomotiv Servis ve Ticaret AS (Consumer Discretionary, Distributors)		10,062		64,264
Ford Otomotiv Sanayi AS (Consumer Discretionary, Automobiles)		8,768		121,781
Turkcell Iletisim Hizmetleri AS (Telecommunication Services, Wireless Telecommunication Services) †		24,900		154,171
				340,216

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

10 Wells Fargo Advantage Emerging Markets Equity Income Fund Portfolio of investments—April 30, 2013 (unaudited)

Security name				Shares		Value
United Kingdom: 1.45%
HSBC Holdings plc (Financials, Commercial Banks)					18,000	$	196,001
Total Common Stocks (Cost $10,765,894)							12,210,319
	Dividend yield
Preferred Stocks: 4.73%
Brazil: 3.29%
Banco Bradesco SA (Financials, Commercial Banks) ±		2.94	%		7,700		126,618
Petroleo Brasileiro SA (Energy, Oil, Gas & Consumable Fuels) ±		4.86			16,000		160,660
Vale SA (Materials, Metals & Mining) ±		6.22			9,700		158,245
							445,523
Russia: 1.44%
Sberbank ADR (Financials, Commercial Banks) (a)±		4.43			55,329		128,405
Surgutneftegas ADR (Energy, Oil, Gas & Consumable Fuels) (a)±		10.00			94,827		66,628
							195,033
Total Preferred Stocks (Cost $591,464)							640,556
Investment Companies: 0.81%
Brazil: 0.81%
FII BTG Pactual Corporate Office Fund					1,550		110,009
Total Investment Companies (Cost $114,063)							110,009
	Yield
Short-Term Investments: 3.63%
Investment Companies: 3.63%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)		0.13			490,885		490,885
Total Short-Term Investments (Cost $490,885)							490,885

Total investments in securities (Cost $11,962,306) *	99.42	%		13,451,769
Other assets and liabilities, net	0.58			78,116
Total net assets	100.00	%	$	13,529,885

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

(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.

† Non-income-earning security

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

(l) Investment in an affiliate

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

* Cost for federal income tax purposes is $12,042,785 and unrealized appreciation (depreciation) consists of:

Gross unrealized appreciation	$	1,665,393
Gross unrealized depreciation		(256,409	)
Net unrealized appreciation	$	1,408,984

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

Statement of assets and liabilities—April 30, 2013 (unaudited) Wells Fargo Advantage Emerging Markets Equity Income Fund 11

Assets
Investments
In unaffiliated securities, at value (see cost below)	$	12,960,884
In affiliated securities, at value (see cost below)		490,885
Total investments, at value (see cost below)		13,451,769
Foreign currency, at value (see cost below)		46,240
Receivable for investments sold		169,970
Receivable for dividends		60,148
Receivable from adviser		4,509
Prepaid expenses and other assets		13,720
Total assets		13,746,356
Liabilities
Payable for investments purchased		171,519
Payable for Fund shares redeemed		1,875
Distribution fees payable		402
Due to other related parties		1,756
Shareholder report expenses payable		11,699
Professional fees payable		25,591
Accrued expenses and other liabilities		3,629
Total liabilities		216,471
Total net assets	$	13,529,885
NET ASSETS CONSIST OF
Paid-in capital	$	11,258,086
Overdistributed net investment income		(22,754	)
Accumulated net realized gains on investments		804,864
Net unrealized gains on investments		1,489,689
Total net assets	$	13,529,885
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE1
Net assets – Class A	$	1,057,977
Shares outstanding – Class A		86,856
Net asset value per share – Class A		$12.18
Maximum offering price per share – Class A2		$12.92
Net assets – Class C	$	669,849
Shares outstanding – Class C		55,000
Net asset value per share – Class C		$12.18
Net assets – Administrator Class	$	6,076,617
Shares outstanding – Administrator Class		498,634
Net asset value per share – Administrator Class		$12.19
Net assets – Institutional Class	$	5,725,442
Shares outstanding – Institutional Class		469,968
Net asset value per share – Institutional Class		$12.18
Investments in unaffiliated securities, at cost	$	11,471,421
Investments in affiliated securities, at cost	$	490,885
Total investments, at cost	$	11,962,306
Foreign currency, at cost	$	46,233

1. The Fund has an unlimited number of authorized shares.

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

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

12 Wells Fargo Advantage Emerging Markets Equity Income Fund Statement of operations—six months ended April 30, 2013 (unaudited)

Investment income
Dividends*	$	188,073
Income from affiliated securities		485
Total investment income		188,558
Expenses
Advisory fee		68,580
Administration fees
Fund level		3,117
Class A		1,019
Class C		794
Administrator Class		2,842
Institutional Class		2,156
Shareholder servicing fees
Class A		980
Class C		764
Administrator Class		7,106
Distribution fees
Class C		2,292
Custody and accounting fees		16,310
Professional fees		16,927
Registration fees		53,987
Shareholder report expenses		11,004
Trustees’ fees and expenses		6,776
Other fees and expenses		11,235
Total expenses		205,889
Less: Fee waivers and/or expense reimbursements		(117,190	)
Net expenses		88,699
Net investment income		99,859
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on investments		804,870
Net change in unrealized gains (losses) on investments		559,156
Net realized and unrealized gains (losses) on investments		1,364,026
Net increase in net assets resulting from operations	$	1,463,885
* Net of foreign dividend withholding taxes in the amount of		$24,688

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

Statement of changes in net assets Wells Fargo Advantage Emerging Markets Equity Income Fund 13

	Six months ended April 30, 2013 (unaudited)						Year ended October 31, 20121
Operations
Net investment income				$	99,859					$	146,037
Net realized gains on investments					804,870						219,255
Net change in unrealized gains (losses) on investments					559,156						930,533
Net increase in net assets resulting from operations					1,463,885						1,295,825
Distributions to shareholders from
Net investment income
Class A					(7,108	)					(5,528	)
Class C					(3,489	)					(3,756	)
Administrator Class					(58,164	)					(52,526	)
Institutional Class					(62,936	)					(55,444	)
Net realized gains
Class A					(13,302	)					0
Class C					(11,585	)					0
Administrator Class					(109,120	)					0
Institutional Class					(104,953	)					0
Total distributions to shareholders					(370,657	)					(117,254	)
		Shares						Shares
Capital share transactions
Proceeds from shares sold
Class A		28,850			340,138			56,011			565,063
Class C		3,316			39,122			50,000			500,000
Administrator Class		34,616			414,734			468,443			4,699,937
Institutional Class		0			0			450,000			4,500,000
					793,994						10,265,000
Reinvestment of distributions
Class A		1,801			20,410			515			5,528
Class C		1,333			15,074			351			3,756
Administrator Class		14,759			167,266			4,897			52,526
Institutional Class		14,797			167,889			5,171			55,444
					370,639						117,254
Payment for shares redeemed
Class A		(69	)		(810	)		(252	)		(2,859	)
Administrator Class		(24,081	)		(285,132	)		0			0
					(285,942	)					0
Net increase in net assets resulting from capital share transactions					878,691						10,379,395
Total increase in net assets					1,971,919						11,557,966
Net assets
Beginning of period					11,557,966						0
End of period				$	13,529,885					$	11,557,966
Undistributed (overdistributed) net investment income				$	(22,754	)				$	9,084

1. For the five months ended October 31, 2012. The Fund commenced operations on May 31, 2012.

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

14 Wells Fargo Advantage Emerging Markets Equity Income Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended April 30, 2013 (unaudited)			Year ended October 31, 20121
CLASS A
Net asset value, beginning of period	$	11.17		$	10.00
Net investment income		0.10	2		0.13
Net realized and unrealized gains (losses) on investments		1.25			1.15
Total from investment operations		1.35			1.28
Distributions to shareholders from
Net investment income		(0.11	)		(0.11	)
Net realized gains		(0.23	)		0.00
Total distributions to shareholders		(0.34	)		(0.11	)
Net asset value, end of period	$	12.18		$	11.17
Total return3		12.38	%		12.80	%
Ratios to average net assets (annualized)
Gross expenses		3.49	%		4.29	%
Net expenses		1.65	%		1.65	%
Net investment income		1.69	%		2.94	%
Supplemental data
Portfolio turnover rate		48	%		39	%
Net assets, end of period (000s omitted)		$1,058			$628

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

2. Calculated based upon average shares outstanding

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

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

Financial highlights Wells Fargo Advantage Emerging Markets Equity Income Fund 15

(For a share outstanding throughout each period)

	Six months ended April 30, 2013 (unaudited)			Year ended October 31, 20121
CLASS C
Net asset value, beginning of period	$	11.16		$	10.00
Net investment income		0.04			0.10
Net realized and unrealized gains (losses) on investments		1.28			1.13
Total from investment operations		1.32			1.23
Distributions to shareholders from
Net investment income		(0.07	)		(0.07	)
Net realized gains		(0.23	)		0.00
Total distributions to shareholders		(0.30	)		(0.07	)
Net asset value, end of period	$	12.18		$	11.16
Total return2		11.93	%		12.49	%
Ratios to average net assets (annualized)
Gross expenses		4.27	%		5.03	%
Net expenses		2.40	%		2.41	%
Net investment income		0.64	%		2.24	%
Supplemental data
Portfolio turnover rate		48	%		39	%
Net assets, end of period (000s omitted)		$670			$562

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

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

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

16 Wells Fargo Advantage Emerging Markets Equity Income Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended April 30, 2013 (unaudited)			Year ended October 31, 20121
ADMINISTRATOR CLASS
Net asset value, beginning of period	$	11.17		$	10.00
Net investment income		0.09	2		0.14
Net realized and unrealized gains (losses) on investments		1.28			1.14
Total from investment operations		1.37			1.28
Distributions to shareholders from
Net investment income		(0.12	)		(0.11	)
Net realized gains		(0.23	)		0.00
Total distributions to shareholders		(0.35	)		(0.11	)
Net asset value, end of period	$	12.19		$	11.17
Total return3		12.53	%		12.89	%
Ratios to average net assets (annualized)
Gross expenses		3.36	%		4.14	%
Net expenses		1.45	%		1.45	%
Net investment income		1.56	%		3.17	%
Supplemental data
Portfolio turnover rate		48	%		39	%
Net assets, end of period (000s omitted)		$6,077			$5,285

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

2. Calculated based upon average shares outstanding

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

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

Financial highlights Wells Fargo Advantage Emerging Markets Equity Income Fund 17

(For a share outstanding throughout each period)

	Six months ended April 30, 2013 (unaudited)			Year ended October 31, 20121
INSTITUTIONAL CLASS
Net asset value, beginning of period	$	11.17		$	10.00
Net investment income		0.10	2		0.15
Net realized and unrealized gains (losses) on investments		1.28			1.14
Total from investment operations		1.38			1.29
Distributions to shareholders from
Net investment income		(0.14	)		(0.12	)
Net realized gains		(0.23	)		0.00
Total distributions to shareholders		(0.37	)		(0.12	)
Net asset value, end of period	$	12.18		$	11.17
Total return3		12.59	%		12.98	%
Ratios to average net assets (annualized)
Gross expenses		3.10	%		3.92	%
Net expenses		1.25	%		1.25	%
Net investment income		1.74	%		3.39	%
Supplemental data
Portfolio turnover rate		48	%		39	%
Net assets, end of period (000s omitted)	$	5,725		$	5,082

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

2. Calculated based upon average shares outstanding

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

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

18 Wells Fargo Advantage Emerging Markets Equity Income Fund 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 Emerging Markets Equity Income Fund (the “Fund”) which is a diversified series of the Trust.

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

All investments are valued each business day as of the close of regular trading on the New York Stock Exchange (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.

Securities denominated in foreign currencies are translated into U.S. dollars using the rates of exchange in effect on the day of valuation at a time specified by the Management Valuation Team of Wells Fargo Funds Management, LLC (“Funds Management”).

Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange and therefore may not fully reflect trading or events that occur after the close of the principal exchange in which the foreign securities are traded, but before the close of the New York Stock Exchange. If such trading or events are expected to materially affect the value of such securities, then fair value pricing procedures approved by the Board of Trustees are applied. These procedures take into account multiple factors including movements in U.S. securities markets after foreign exchanges close. Foreign securities that are fair valued under these procedures are categorized as Level 2 and the application of these procedures may result in transfers between Level 1 and Level 2. Depending on market activity, such fair valuations may be frequent. Such fair value pricing may result in NAVs that are higher or lower than NAVs based on the last reported sales price or latest quoted bid price. On April 30, 2013, fair value pricing was not used in pricing foreign securities.

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

Investments which are not valued using any of the methods discussed above are valued at their fair value, as determined 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. 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.

Notes to financial statements (unaudited) Wells Fargo Advantage Emerging Markets Equity Income Fund 19

Foreign currency translation

The accounting records of the Fund are maintained in U.S. dollars. Assets, including investment securities, and liabilities denominated in foreign currency are translated into U.S. dollars at the rates of exchange at a time specified by the Management Valuation Team on the date of valuation. Purchases and sales of securities, and income and expenses are converted at the rate of exchange on the respective dates of such transactions. Reported net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded and the U.S. dollar equivalent of the amounts actually paid or received. Net unrealized foreign exchange gains and losses arise from changes in the fair value of assets and liabilities other than investments in securities resulting in changes in exchange rates.

The changes in net assets arising from changes in exchange rates and the changes in net assets resulting from changes in market prices of securities are not separately presented. Such changes are recorded with net realized and unrealized gains or losses from investments. Gains and losses from certain foreign currency transactions are treated as ordinary income for U.S. federal income tax purposes.

Security transactions and income recognition

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

Dividend income is recognized on the ex-dividend date, except for certain dividends from foreign securities, which are recorded as soon as the Fund is informed of the ex-dividend date. Dividend income from foreign securities is recorded net of foreign taxes withheld where recovery of such taxes is not assured.

Distributions to shareholders

Distributions to shareholders from net investment income and net realized gains, if any, are recorded on the ex-dividend date. Such distributions are determined in conformity with 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 since inception 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)

20 Wells Fargo Advantage Emerging Markets Equity Income 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 April 30, 2013, the inputs used in valuing investments in securities 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	$	12,069,791	$	140,528	$	0	$	12,210,319
Preferred stocks		445,523		195,033		0		640,556
Investment companies		110,009		0		0		110,009
Short-term investments
Investment companies		490,885		0		0		490,885
	$	13,116,208	$	335,561	$	0	$	13,451,769

Transfers in and transfers out are recognized at the end of the reporting period. For the six months ended April 30, 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 1.10% and declining to 0.95% as the average daily net assets of the Fund increase. For the six months ended April 30, 2013, the advisory fee was equivalent to an annual rate of 1.10% of the Fund’s average daily net assets.

Funds Management has retained the services of certain subadvisers to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Funds Management. Wells Capital Management Incorporated (“WellsCap”), an affiliate of Funds Management, is a subadviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.65% and declining to 0.45% as the average daily net assets of the Fund increase. Wells Capital Management Singapore, a separately identifiable department of Wells Fargo Bank, N.A., is also a subadviser to the Fund. Out of its fees, WellsCap pays Wells Capital Management Singapore a fee for its services as subadviser at an annual rate starting at 0.25% 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	%
Administrator Class		0.10
Institutional Class		0.08

Funds Management has contractually waived and/or reimbursed advisory and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. Waiver of fees and/or reimbursement of expenses by Funds Management were made first from fund level expenses on a proportionate basis and then from class specific expenses. Funds Management has committed through February 28, 2014 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.65% for Class A shares, 2.40% for Class C shares, 1.45% for Administrator Class shares, and 1.25% for Institutional Class shares.

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 for Class C shares.

Notes to financial statements (unaudited) Wells Fargo Advantage Emerging Markets Equity Income Fund 21

For the six months ended April 30, 2013, Wells Fargo Funds Distributor, LLC received $1,036 from the sale of Class A shares.

Shareholder servicing fees

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

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended April 30, 2013 were $6,048,878 and $5,689,980, 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 April 30, 2013, the Fund paid $13 in commitment fees.

For the six months ended April 30, 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.

9. SUBSEQUENT DISTRIBUTION

On May 24, 2013, the Fund declared distributions from net investment income to shareholders of record on May 23, 2013. The per share amounts payable on May 28, 2013 were as follows:

	Net investment income
Class A	$	0.06912
Class C		0.06046
Administrator Class		0.06823
Institutional Class		0.07093

On June 24, 2013, the Fund declared distributions from net investment income to shareholders of record on June 21, 2013. The per share amounts payable on June 25, 2013 were as follows:

	Net investment income
Class A	$	0.04714
Class C		0.04028
Administrator Class		0.04704
Institutional Class		0.04921

These distributions are not reflected in the accompanying financial statements.

22 Wells Fargo Advantage Emerging Markets Equity Income Fund Other information (unaudited)

PROXY VOTING INFORMATION

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available 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 Emerging Markets Equity Income 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 131 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

24 Wells Fargo Advantage Emerging Markets Equity Income Fund Other information (unaudited)

Name and year of birth	Position held and length of service*	Principal occupations during past five years	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 58 funds and Assistant Treasurer of 73 funds in the Fund Complex.

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

Other information (unaudited) Wells Fargo Advantage Emerging Markets Equity Income Fund 25

BOARD CONSIDERATION OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS:

Under Section 15 of the Investment Company Act of 1940 (the “1940 Act”), the Board of Trustees (the “Board”) of Wells Fargo Funds Trust (the “Trust”), all the members of which have no direct or indirect interest in the investment advisory and sub-advisory agreements and are not “interested persons” of the Trust, as defined in the 1940 Act (the “Independent Trustees”), must determine whether to approve the continuation of the Trust’s investment advisory and sub-advisory agreements. In this regard, at an in-person meeting held on March 28-29, 2013 (the “Meeting”), the Board reviewed: (i) an investment advisory agreement with Wells Fargo Funds Management, LLC (“Funds Management”) for Wells Fargo Advantage Emerging Markets Equity Income Fund (the “Fund”), (ii) an investment sub-advisory agreement with Wells Capital Management Incorporated (“WellsCap”), an affiliate of Funds Management, for the Fund, and (iii) an investment sub-advisory agreement with Wells Capital Management Singapore (“WellsCap Singapore”), an affiliate of Funds Management, for the Fund. The investment advisory agreement with Funds Management and the investment sub-advisory agreements with WellsCap and WellsCap Singapore (the “Sub-Advisers”) are collectively referred to as the “Advisory Agreements.”

At the Meeting, the Board considered the factors and reached the conclusions described below relating to the selection of Funds Management and the Sub-Advisers and the continuation of the Advisory Agreements. Prior to the Meeting, the Trustees conferred extensively among themselves and with representatives of Funds Management about these matters. The Board has adopted a team-based approach, with each team consisting of a sub-set of Trustees, to assist the Board in the discharge of its duties in reviewing performance and other matters throughout the year. The Independent Trustees were assisted in their evaluation of the Advisory Agreements by independent legal counsel, from whom they received separate legal advice and with whom they met separately.

In providing information to the Board, Funds Management and the Sub-Advisers were guided by a detailed set of requests for information submitted to them by independent legal counsel on behalf of the Independent Trustees at the start of the Board’s annual contract renewal process earlier in 2013. In considering and approving the Advisory Agreements, the Trustees considered the information they believed relevant, including but not limited to the information discussed below. The Board considered not only the specific information presented in connection with the Meeting, but also the knowledge gained over time through interaction with Funds Management and the Sub-Advisers about various topics. In this regard, the Board reviewed reports of Funds Management at each of its quarterly meetings, which included, among other things, portfolio reviews and performance reports. In addition, the Board and the teams mentioned above confer with portfolio managers at various times throughout the year. The Board did not identify any particular information or consideration that was all-important or controlling, and each individual Trustee may have attributed different weights to various factors.

After its deliberations, the Board unanimously determined that the continuation of the Advisory Agreements is in the best interests of the Fund and its shareholders, and that the compensation payable to Funds Management and the Sub-Advisers is reasonable. The Board considered the continuation of the Advisory Agreements for the Fund as part of its consideration of the continuation of advisory agreements for funds across the complex, but each decision was made on a fund-by-fund basis. The following summarizes a number of important, but not necessarily all, factors considered by the Board in reaching its determination.

Nature, extent and quality of services

The Board received and considered various information regarding the nature, extent and quality of services provided to the Fund by Funds Management and the Sub-Advisers under the Advisory Agreements. This information included, among other things, a summary of the background and experience of senior management of Funds Management, and the qualifications, background, tenure and responsibilities of each of the portfolio managers primarily responsible for the day-to-day portfolio management of the Fund.

The Board evaluated the ability of Funds Management and the Sub-Advisers, based on attributes such as their financial condition, resources and reputation, to attract and retain qualified investment professionals, including research, advisory and supervisory personnel. The Board further considered the compliance programs and compliance records of Funds Management and the Sub-Advisers. In addition, the Board took into account the administrative and other services provided to the Fund by Funds Management and its affiliates and Funds Management’s oversight of the Fund’s various service providers.

Fund performance and expenses

The Board considered the performance results for the Fund over various time periods ended December 31, 2012. The Board also considered these results in comparison to the performance of funds in a universe that was determined by Lipper Inc. (“Lipper”) to be similar to the Fund (the “Universe”), and in comparison to the Fund’s benchmark index and to

26 Wells Fargo Advantage Emerging Markets Equity Income Fund Other information (unaudited)

other comparative data. Lipper is an independent provider of investment company data. The Board received a description of the methodology used by Lipper to select the mutual funds in the performance Universe. The Board noted that the performance of the Fund (Administrator Class) was higher than the median performance of the Universe for the period under review. The Board also noted that the performance of the Fund was higher than its benchmark, the Morgan Stanley Composite Index Emerging Markets Index (Net), for the period under review.

The Board received and considered information regarding the Fund’s net operating expense ratios and their various components, including actual management fees (which reflect fee waivers, if any, and include advisory, administration and transfer agent fees), custodian and other non-management fees, Rule 12b-1 and non-Rule 12b-1 service fees and fee waiver and expense reimbursement arrangements. The Board also considered these ratios in comparison to the median ratios of funds in class-specific expense groups that were determined by Lipper to be similar to the Fund (the “Groups”). The Board received a description of the methodology used by Lipper to select the mutual funds in the expense Groups. Based on the Lipper reports, the Board noted that the net operating expense ratios of the Fund were equal to, lower than or in range of the median net operating expense ratios of the expense Groups.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board concluded that the overall performance and expense structure of the Fund supported the re-approval of the Advisory Agreements.

Investment advisory and sub-advisory fee rates

The Board reviewed and considered the contractual investment advisory fee rates that are payable by the Fund to Funds Management for investment advisory services (the “Advisory Agreement Rates”), both on a stand-alone basis and on a combined basis with the Fund’s fund-level and class-level contractual administration fee rates (the “Management Rates”). The Board noted that the administration fees include transfer agency costs. The Board also reviewed and considered the contractual investment sub-advisory fee rates that are payable by Funds Management to WellsCap and by WellsCap to WellsCap Singapore for investment sub-advisory services (the “Sub-Advisory Agreement Rates”).

Among other information reviewed by the Board was a comparison of the Management Rates of the Fund with those of other funds in the expense Groups at a common asset level. The Board noted that the Management Rates of the Fund were higher than the median rates for the Fund’s expense Groups for all classes.

The Board also received and considered information about the portion of the total advisory fee that was retained by Funds Management after payment of the fee to the Sub-Advisers for sub-advisory services. In assessing the reasonableness of this amount, the Board received and evaluated information concerning the nature and extent of responsibilities retained and risks assumed by Funds Management and not delegated to or assumed by the Sub-Advisers, and about Funds Management’s on-going oversight services. In recognition of the fact that the Wells Fargo enterprise provides a suite of combined advisory and sub-advisory services to the Fund through affiliated entities, the Board ascribed limited relevance to the allocation of the total advisory fee between Funds Management and the Sub-Advisers.

The Board also received and considered information about the nature and extent of services offered and fee rates charged by Funds Management and the Sub-Advisers to other types of clients. In this regard, the Board received information about the significantly greater scope of services, and compliance, reporting and other legal burdens and risks of managing mutual funds compared with those associated with managing assets of non-mutual fund clients such as collective funds or institutional separate accounts.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board determined that the Advisory Agreement Rates and the Sub-Advisory Agreement Rates were reasonable in light of the services covered by the Advisory Agreements.

Profitability

The Board received and considered information concerning the profitability of Funds Management, as well as the profitability of Wells Fargo as a whole, from providing services to the Fund. The Board did not receive or consider to be necessary separate profitability information with respect to the Sub-Advisers, because, as affiliates of Funds Management, their profitability information was subsumed in the collective Wells Fargo profitability analysis provided by Funds Management.

Funds Management explained the methodologies and estimates that it used in calculating the profitability from the Fund and the fund family as a whole. Among other things, the Board noted that the levels of profitability reported on a fund-by-fund basis varied widely, depending on factors such as the size and type of fund. Based on its review, the Board did not deem the profits reported by Funds Management to be at a level that would prevent it from approving the continuation of the Advisory Agreements.

Other information (unaudited) Wells Fargo Advantage Emerging Markets Equity Income Fund 27

Economies of scale

With respect to possible economies of scale, the Board reviewed the breakpoints in the Fund’s advisory fee and administration fee structure, which operate generally to reduce the Fund’s expense ratios as the Fund grows in size. It considered that, for a small fund or a fund that shrinks in size, breakpoints conversely can result in higher fee levels. The Board also considered fee waiver and expense reimbursement arrangements as a means of sharing potential economies of scale with the Fund. The Board acknowledged the inherent limitations of any analysis of potential economies of scale and of any attempt to correlate breakpoints with such economies. Nonetheless, the Board concluded that the breakpoints and net operating expense ratio caps appeared to be a reasonable approach to sharing potential economies of scale with the Fund.

Other benefits to Funds Management and the Sub-Advisers

The Board received and considered information regarding potential “fall-out” or ancillary benefits received by Funds Management and its affiliates, including the Sub-Advisers, as a result of their relationship with the Fund. Ancillary benefits could include, among others, benefits directly attributable to other relationships with the Fund and benefits potentially derived from an increase in Funds Management’s and the Sub-Advisers’ business as a result of their relationship with the Fund (such as the ability to market to shareholders other financial products and services offered by Funds Management and its affiliates, including the Sub-Advisers, or to operate other products and services that follow investment strategies similar to those of the Fund).

The Board considered that Wells Fargo Funds Distributor, LLC, an affiliate of Funds Management, serves as distributor to the Fund and receives certain compensation for those services. The Board noted that various financial institutions, including affiliates of Funds Management, may receive distribution-related fees, shareholder servicing payments (including amounts derived from payments under Rule 12b-1 plans) and sub-transfer agency fees in respect of shares sold or held through them and services provided.

The Board also reviewed information about whether and to what extent soft dollar credits are sought and how any such credits are utilized, and any benefits that might be realized by an affiliated broker that handles portfolio transactions for the Fund.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board did not find that any ancillary benefits received by Funds Management and its affiliates, including the Sub-Advisers, were unreasonable.

Conclusion

After considering the above-described factors and based on its deliberations and its evaluation of the information described above, the Board unanimously approved the continuation of the Advisory Agreements for an additional one-year period.

28 Wells Fargo Advantage Emerging Markets Equity Income Fund List of abbreviations

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

ACA —  ACA Financial Guaranty Corporation

ADR —  American depositary receipt

ADS —  American depositary shares

AGC —  Assured Guaranty Corporation

AGM —  Assured Guaranty Municipal

Ambac —  Ambac Financial Group Incorporated

AMT —  Alternative minimum tax

AUD —  Australian dollar

BAN —  Bond anticipation notes

BHAC —  Berkshire Hathaway Assurance Corporation

BRL —  Brazilian real

CAB —  Capital appreciation bond

CAD —  Canadian dollar

CCAB —  Convertible capital appreciation bond

CDA —  Community Development Authority

CDO —  Collateralized debt obligation

CHF —  Swiss franc

COP —  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.

216833 06-13 SA262/SAR262 4-13

Wells Fargo Advantage

Global Opportunities Fund

Semi-Annual Report

April 30, 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	12
Statement of operations	13
Statement of changes in net assets	14
Financial highlights	15
Notes to financial statements	20
Other information	25
List of abbreviations	31

The views expressed and any forward-looking statements are as of April 30, 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 100 mutual funds across a wide range of asset classes, representing over $228 billion in assets under management, as of April 30, 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-Term Bond Fund
California Limited-Term Tax-Free Fund	Income Plus Fund	Short-Term High Yield Bond Fund
California Tax-Free Fund	Inflation-Protected Bond Fund	Short-Term Municipal Bond Fund
Colorado Tax-Free Fund	Intermediate Tax/AMT-Free Fund	Strategic Income Fund
Conservative Income Fund	International Bond Fund	Strategic Municipal Bond Fund
Core Bond Fund	Minnesota Tax-Free Fund	Ultra Short-Term Income Fund
Emerging Markets Local Bond Fund	Municipal Bond Fund	Ultra Short-Term Municipal Income Fund
Government Securities Fund	North Carolina Tax-Free Fund	Wisconsin Tax-Free Fund
High Income Fund	Pennsylvania Tax-Free Fund
High Yield Bond Fund	Short Duration Government Bond Fund
Asset allocation funds
Absolute Return Fund	WealthBuilder Equity Portfolio†	Target 2020 Fund†
Asset Allocation Fund	WealthBuilder Growth Allocation Portfolio†	Target 2025 Fund†
Diversified Capital Builder Fund	WealthBuilder Growth Balanced Portfolio†	Target 2030 Fund†
Diversified Income Builder Fund	WealthBuilder Moderate Balanced Portfolio†	Target 2035 Fund†
Growth Balanced Fund	WealthBuilder Tactical Equity Portfolio†	Target 2040 Fund†
Index Asset Allocation Fund	Target Today Fund†	Target 2045 Fund†
Moderate Balanced Fund	Target 2010 Fund†	Target 2050 Fund†
WealthBuilder Conservative Allocation Portfolio†	Target 2015 Fund†	Target 2055 Fund†
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 Global Opportunities Fund Letter to shareholders (unaudited)

Karla M. Rabusch

President

Wells Fargo Advantage Funds

Investors were heartened by the resilient performance of the German economy and by the fact that the United Kingdom managed to avoid another recession.

Dear Valued Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Advantage Global Opportunities Fund for the six-month period that ended April 30, 2013. Much of the period was marked by diminished worries of a sovereign debt default in Europe, partially offset by concerns about slowing economic growth in China. Continued monetary easing by global central banks helped support rallies in developed stock markets, but major emerging markets lagged.

Developed markets posted double-digit returns, but major emerging markets lagged.

Global developed equity markets demonstrated continued strength throughout the reporting period despite a budget fight and sequestration cuts in the U.S. and Europe’s seemingly never-ending debt crisis, with Cyprus becoming the newest addition to a list of countries mired in debt. Investors were heartened by the resilient performance of the German economy and by the fact that the United Kingdom managed to avoid another recession. Relatively positive economic data from the U.S. also aided sentiment for developed-market stocks. Although reported U.S. gross domestic product (GDP) growth came in at a moderate 0.4% annualized rate in the fourth quarter of 2012—in part, due to the temporary aftereffects from Hurricane Sandy, which devastated the Eastern Seaboard in October 2012—GDP growth improved to a 2.4% annualized rate for the first quarter of 2013. Monetary easing by major central banks also supported equity markets.

As judged by various MSCI indexes, major emerging markets generally underperformed. Despite China’s smooth transition to a new generation of political leadership, the country’s decelerating growth rate caused its stock market to lag not only developed markets but also the main MSCI Emerging Markets Index (Net)¹. Given China’s importance as a buyer of raw commodities from countries such as Brazil, as well as its key role in Asia’s manufacturing chain, fears of a recession in China led to single-digit returns for other emerging markets.

Central banks continued to provide stimulus.

Major central banks, including the U.S. Federal Reserve Board (Fed) and the European Central Bank (ECB), continued to inject liquidity into the banks and the market 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. After its September 2012 meeting, the FOMC announced its intention to keep interest rates low until at least mid-2015 and to make open-ended purchases of $40 billion per month in mortgage-backed securities to support the housing market.

After cutting its key rate to 0.75% in July 2012, the ECB announced in September 2012 that it would purchase an unlimited amount of one- to three-year sovereign debt from countries that had formally applied for a bailout. In May 2013, after the end of the reporting period, the ECB cut its key rate to a historic low of 0.50%. The ECB’s aggressive actions helped ease investor worries about a eurozone sovereign debt default. Moreover, in mid-March 2013, the governor of the Bank of Japan resigned to allow Shinzo Abe, the recently reelected prime minister, to appoint a new bank governor who supported using aggressive monetary policies to attack Japan’s persistent deflation.

1. The Morgan Stanley Capital International Emerging Markets (MSCI Emerging Markets) Index (Net) is a free float-adjusted market capitalization index designed to measure the equity market performance in the global emerging markets. The index is currently composed of 21 emerging markets country indexes. You cannot invest directly in an index. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI.

Letter to shareholders (unaudited) Wells Fargo Advantage Global Opportunities Fund 3

The debt crisis in the eurozone returned to center stage but with less impact than before.

Ongoing weakness in the Greek economy made it difficult for the country to meet previously agreed upon austerity targets. Because many eurozone banks owned Greek debt and many U.S. banks had financial ties to eurozone banks, investors initially worried that a Greek default would result in another global financial crisis. However, as central banks continued to provide liquidity, investor worries about the effect of a European sovereign debt default on the global economy began to ease. When the tiny eurozone nation of Cyprus was forced to implement capital controls and impose losses on uninsured bank depositors in March 2013, global stock markets remained resilient despite short-term volatility.

Global monetary easing helped push the MSCI EAFE Index (Net)², an index of developed stock markets, to a 16.90% return for the six-month period. By comparison, the S&P 500 Index³, a barometer of large-cap U.S. stocks, posted a 14.42% return for the reporting period. Within emerging markets, smaller markets, such as the Philippines and Thailand, strongly outperformed the larger markets, such as China, India, and Brazil. The smaller markets are benefiting from high growth rates without some of the imbalances—such as an overreliance on real estate—that are affecting the larger emerging markets.

We employ a diverse array of investment strategies, even as many variables are at work in the market.

The full effect of the European credit crisis remains unknown. Elevated unemployment in the U.S. and Southern Europe continues 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 diversification⁴ 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

Within emerging markets, smaller markets, such as the Philippines and Thailand, strongly outperformed the larger markets, such as China, India, and Brazil.

2. The Morgan Stanley Capital International Europe, Australasia, and Far East (MSCI EAFE) Index (Net) is an unmanaged group of securities widely regarded by investors to be representations of the stock markets of Europe, Australasia, and the Far East. You cannot invest directly in an index.

3. 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.

4. Diversification does not assure or guarantee better performance and cannot eliminate the risk of investment losses.

4 Wells Fargo Advantage Global Opportunities Fund Performance highlights (unaudited)

Investment objective

The Fund seeks long-term capital appreciation.

Adviser

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Oleg Makhorine

James M. Tringas, CFA

Average annual total returns¹ (%) as of April 30, 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 (EKGAX)	3-16-1988		7.19		1.33		12.12		13.73		2.54		12.79		1.56		1.56
Class B (EKGBX)*	2-1-1993		7.89		1.39		12.22		12.89		1.77		12.22		2.31		2.31
Class C (EKGCX)	2-1-1993		11.90		1.77		11.97		12.90		1.77		11.97		2.31		2.31
Administrator Class (EKGYX)	1-13-1997		–		–		–		13.92		2.75		13.07		1.40		1.40
Institutional Class (EKGIX)	7-30-2010		–		–		–		14.22		2.90		13.15		1.13		1.13
S&P Developed SmallCap Index4	–		–		–		–		17.62		4.30		11.91		–		–

* 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, which assumes the reinvestment of dividends and capital gains. Current month-end performance is available on the Fund’s website, wellsfargoadvantagefunds.com.

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

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

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

Please see footnotes on page 5.

Performance highlights (unaudited) Wells Fargo Advantage Global Opportunities Fund 5

Ten largest equity holdings5 (%) as of April 30, 2013
Bovis Homes Group plc	1.56
Macquarie Infrastructure Company LLC	1.48
Franklin Electric Company Incorporated	1.47
Kadant Incorporated	1.41
First Citizens BancShares Incorporated	1.39
ACI Worldwide Incorporated	1.37
The Men’s Wearhouse Incorporated	1.34
TreeHouse Foods Incorporated	1.34
Brown & Brown Incorporated	1.30
First Niagara Financial Group Incorporated	1.27

Sector distribution⁶ as of April 30, 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 Global Opportunities Fund.

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

3. The Adviser has committed through February 28, 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 1.55% for Class A, 2.30% for Class B, 2.30% for Class C, 1.40% for Administrator Class, and 1.15% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses, and extraordinary expenses are excluded from the cap. Without this cap, the Fund’s returns would have been lower.

4. The S&P Developed SmallCap Index is a float-adjusted market capitalization index designed to measure the equity market performance of small capitalization companies located in developed markets. The index is comprised of companies within the bottom 15% of the cumulative market capitalization in developed markets. The index covers all publicly listed equities with float-adjusted market values of U.S. $100 million or more and annual dollar value traded of at least U.S. $50 million in all included countries. You cannot invest directly in an index.

5. The ten largest 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. Top holdings typically include the underlying ordinary shares combined with any depositary receipts.

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

6 Wells Fargo Advantage Global Opportunities Fund Fund expenses (unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from November 1, 2012 to April 30, 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 11-1-2012		Ending account value 4-30-2013		Expenses paid during the period¹		Net annual expense ratio
Class A
Actual	$	1,000.00	$	1,123.58	$	8.16		1.55	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.11	$	7.75		1.55	%
Class B
Actual	$	1,000.00	$	1,119.59	$	12.09		2.30	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,013.39	$	11.48		2.30	%
Class C
Actual	$	1,000.00	$	1,119.72	$	12.09		2.30	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,013.39	$	11.48		2.30	%
Administrator Class
Actual	$	1,000.00	$	1,124.56	$	7.37		1.40	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.85	$	7.00		1.40	%
Institutional Class
Actual	$	1,000.00	$	1,126.15	$	6.06		1.15	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.09	$	5.76		1.15	%

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

Portfolio of investments—April 30, 2013 (unaudited) Wells Fargo Advantage Global Opportunities Fund 7

Security name	Shares		Value
Common Stocks: 97.66%
Argentina: 0.47%
IRSA Inversiones y Representaciones SA ADR (Financials, Real Estate Management & Development)		148,202	$	1,277,501
Australia: 1.29%
Atlas Iron Limited (Materials, Metals & Mining)		1,411,882		1,222,188
Perseus Mining Limited (Materials, Metals & Mining) †		515,237		723,768
Tiger Resources Limited (Materials, Metals & Mining) †		6,290,400		1,565,102
				3,511,058
Austria: 0.54%
RHI AG (Materials, Chemicals) «		44,429		1,468,328
Brazil: 0.29%
Cyrela Brazil Realty SA Empreendimentos e Participacoes (Consumer Discretionary, Household Durables)		86,300		784,173
Canada: 3.56%
Alamos Gold Incorporated (Materials, Metals & Mining)		121,531		1,697,296
B2Gold Corporation (Materials, Metals & Mining) †		278,843		700,256
Copper Mountain Mining Corporation (Materials, Metals & Mining) †		334,443		670,579
First Quantum Minerals Limited (Materials, Metals & Mining)		35,302		616,373
MBAC Fertilizer Corporation (Materials, Chemicals) †«		662,864		1,473,835
Mercator Minerals Limited (Materials, Metals & Mining) †		2,230,671		619,969
Parex Resources Incorporated (Energy, Oil, Gas & Consumable Fuels) †		282,382		1,261,322
Surge Energy Incorporated (Energy, Oil, Gas & Consumable Fuels) †«		626,418		1,896,446
Taseko Mines Limited (Materials, Metals & Mining) †		319,893		752,540
				9,688,616
China: 1.86%
51job Incorporated ADR (Industrials, Professional Services) †		30,323		1,746,605
Pactera Technology International Limited ADR (Information Technology, IT Services) †«		261,547		1,331,274
Sinotrans Limited (Industrials, Air Freight & Logistics)		9,264,000		1,981,694
				5,059,573
Denmark: 1.03%
Jyske Bank (Financials, Commercial Banks) †		71,949		2,799,874
France: 4.57%
ALTEN (Information Technology, IT Services)		62,095		2,237,392
Atos Origin SA (Information Technology, IT Services)		29,237		2,034,920
Laurent Perrier Group (Consumer Staples, Beverages)		6,601		534,631
Mersen (Materials, Chemicals)		64,404		1,488,536
SCOR SE (Financials, Insurance)«		107,396		3,259,374
Teleperformance (Industrials, Commercial Services & Supplies)		65,487		2,882,246
				12,437,099
Germany: 2.55%
Amadeus Fire AG (Industrials, Commercial Services & Supplies)		24,378		1,451,129
Gerresheimer AG (Health Care, Health Care Equipment & Supplies)		15,744		898,926
GSW Immobilien AG (Financials, Real Estate Management & Development)		45,155		1,811,956
Hochtief AG (Industrials, Construction & Engineering) †		32,160		2,232,010
United Internet AG (Information Technology, Internet Software & Services)		20,093		550,928
				6,944,949

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

8 Wells Fargo Advantage Global Opportunities Fund Portfolio of investments—April 30, 2013 (unaudited)

Security name	Shares		Value
Hong Kong: 1.24%
China High Precision Automation Group (Information Technology, Electronic Equipment, Instruments & Components) «(a)(i)		3,447,000	$	177,677
Emperor Watch & Jewellery Limited (Consumer Discretionary, Specialty Retail)		11,230,000		1,143,238
Luk Fook Holdings International Limited (Consumer Discretionary, Specialty Retail)		356,000		1,009,259
Techtronic Industries Company Limited (Consumer Discretionary, Household Durables)		437,500		1,045,244
				3,375,418
Ireland: 0.43%
C&C Group plc (Consumer Staples, Beverages)		185,219		1,157,908
Israel: 0.69%
Bezeq The Israeli Telecommunication Corporation Limited (Telecommunication Services, Diversified Telecommunication Services)		1,300,259		1,886,010
Italy: 1.35%
Amplifon SpA (Health Care, Health Care Equipment & Supplies)		221,585		1,141,002
Davide Campari-Milano SpA (Consumer Staples, Beverages)		150,106		1,219,699
Mediobanca SpA (Financials, Capital Markets)		205,273		1,304,634
				3,665,335
Japan: 10.54%
Aeon Delight Company Limited (Industrials, Commercial Services & Supplies)		119,100		2,466,666
Anritsu Corporation (Information Technology, Electronic Equipment, Instruments & Components)		131,000		1,955,224
Credit Saison Company Limited (Financials, Consumer Finance)		37,300		1,089,328
FamilyMart Company Limited (Consumer Staples, Food & Staples Retailing)		53,300		2,435,775
Hitachi Chemical Company Limited (Industrials, Machinery)		151,700		2,373,109
Isuzu Motors Limited (Consumer Discretionary, Automobiles)		366,000		2,436,621
Musashi Seimitsu Industry Company Limited (Consumer Discretionary, Auto Components)		121,200		2,920,437
ORIX JREIT Incorporated (Financials, REITs)		1,815		2,450,162
Shimanura Company Limited (Consumer Discretionary, Specialty Retail)		12,900		1,628,958
Sumitomo Heavy Industries Limited (Industrials, Machinery)		314,000		1,391,476
Taikisha Limited (Industrials, Building Products)		27,200		615,233
Tamron Company Limited (Materials, Chemicals)		46,737		1,023,099
Tokai Carbon Company Limited (Industrials, Electrical Equipment)		223,000		752,598
Tokyo Ohka Kogyo Company Limited (Materials, Chemicals)		68,155		1,475,171
Toshiba Machine Company Limited (Industrials, Machinery)		348,263		2,125,624
Yusen Logistics Company Limited (Industrials, Air Freight & Logistics)		145,000		1,523,106
				28,662,587
Luxembourg: 0.59%
Eurofins Scientific (Health Care, Life Sciences Tools & Services)		7,351		1,597,349
Netherlands: 1.48%
Nutreco Holding NV (Consumer Staples, Food Products)		26,374		2,503,225
USG People NV (Industrials, Commercial Services & Supplies)		193,209		1,510,650
				4,013,875
Norway: 2.42%
Hoegh LNG Holdings Limited (Energy, Oil, Gas & Consumable Fuels) †		256,797		2,048,498
Ocean Rig UDW Incorporated (Energy, Energy Equipment & Services) †		62,849		1,029,467

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

Portfolio of investments—April 30, 2013 (unaudited) Wells Fargo Advantage Global Opportunities Fund 9

Security name	Shares		Value
Norway (continued)
Petroleum Geo-Services ASA (Energy, Energy Equipment & Services)		50,120	$	733,569
SpareBank 1 SR Bank ASA (Financials, Commercial Banks)«		309,565		2,764,692
				6,576,226
Russia: 0.76%
Sollers OJSC (Consumer Discretionary, Automobiles)		98,599		2,058,515
South Korea: 1.64%
BS Financial Group Incorporated (Financials, Commercial Banks)		159,950		2,105,943
Handsome Company Limited (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		28,060		839,532
Kiwoom Securities Company (Financials, Capital Markets)†		24,720		1,515,119
				4,460,594
Spain: 0.51%
Prosegur Compania de Seguridad SA (Industrials, Commercial Services & Supplies)		246,033		1,373,816
Sweden: 0.59%
Meda AB Class A (Health Care, Pharmaceuticals)		134,804		1,609,898
Switzerland: 3.08%
ARYZTA AG (Consumer Staples, Food Products)		37,768		2,343,744
Barry Callebaut AG (Consumer Staples, Food Products)		1,931		1,885,726
Dufry AG (Consumer Discretionary, Specialty Retail)†		15,311		2,040,259
Lonza Group AG (Health Care, Biotechnology)		30,219		2,104,410
				8,374,139
Taiwan: 1.33%
Catcher Technology Company Limited (Information Technology, Computers & Peripherals)		354,000		1,793,271
Siliconware Precision Industries Company (Information Technology, Semiconductors & Semiconductor Equipment)		1,142,000		1,354,364
Siliconware Precision Industries Company ADR (Information Technology, Semiconductors & Semiconductor Equipment)«		75,440		459,430
				3,607,065
United Kingdom: 12.09%
Aberdeen Asset Management plc (Financials, Capital Markets)		179,530		1,251,303
Ashtead Group plc (Financials, Consumer Finance)		168,078		1,533,868
Babcock International Group plc (Industrials, Commercial Services & Supplies)		145,985		2,426,394
Bovis Homes Group plc (Consumer Discretionary, Household Durables)		355,550		4,241,614
Britvic plc (Consumer Staples, Beverages)		220,416		1,506,486
Capita plc (Industrials, Commercial Services & Supplies)		156,342		2,191,756
Catlin Group Limited (Financials, Insurance)		355,102		2,898,645
Enquest plc (Energy, Oil, Gas & Consumable Fuels)†		705,926		1,413,453
Hays plc (Industrials, Commercial Services & Supplies)		398,557		578,238
Hiscox Limited (Financials, Insurance)		243,906		2,125,465
Mitie Group plc (Industrials, Commercial Services & Supplies)		411,580		1,765,823
Perform Group plc (Consumer Discretionary, Media)†		214,722		1,727,729
Savills plc (Industrials, Commercial Services & Supplies)		344,799		3,117,154
SIG plc (Industrials, Building Products)		655,994		1,651,780
Subsea 7 SA (Energy, Energy Equipment & Services)		51,244		1,103,703
Taylor Wimpey plc (Consumer Discretionary, Household Durables)		2,321,815		3,354,130
				32,887,541

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

10 Wells Fargo Advantage Global Opportunities Fund Portfolio of investments—April 30, 2013 (unaudited)

Security name	Shares		Value
United States: 42.76%
A. Schulman Incorporated (Materials, Chemicals)		87,411	$	2,270,064
ACCO Brands Corporation (Industrials, Commercial Services & Supplies)†«		341,800		2,307,150
ACI Worldwide Incorporated (Information Technology, Software)†		79,300		3,727,893
ALLETE Incorporated (Utilities, Electric Utilities)«		53,900		2,767,765
Atlas Air Worldwide Holdings Incorporated (Industrials, Air Freight & Logistics)†		30,000		1,122,000
ATMI Incorporated (Information Technology, Semiconductors & Semiconductor Equipment)†		156,400		3,401,700
Bio-Rad Laboratories Incorporated Class A (Health Care, Life Sciences Tools & Services)†		26,800		3,209,300
Brown & Brown Incorporated (Financials, Insurance)		113,700		3,523,563
Cambrex Corporation (Health Care, Life Sciences Tools & Services)†		97,900		1,222,771
Carbo Ceramics Incorporated (Energy, Energy Equipment & Services)		8,200		579,330
Casey’s General Stores Incorporated (Consumer Staples, Food & Staples Retailing)		31,500		1,824,165
Comstock Resources Incorporated (Energy, Oil, Gas & Consumable Fuels)†«		190,280		2,979,785
Delta Apparel Incorporated (Consumer Discretionary, Textiles, Apparel & Luxury Goods)†		102,600		1,372,788
Denny’s Corporation (Consumer Discretionary, Hotels, Restaurants & Leisure)†		426,000		2,415,420
Douglas Dynamics Incorporated (Industrials, Machinery)«		176,300		2,466,437
EMCOR Group Incorporated (Industrials, Construction & Engineering)		35,800		1,338,920
Endurance Specialty Holdings Limited (Financials, Insurance)«		48,000		2,350,560
First Citizens BancShares Incorporated (Financials, Commercial Banks)		20,212		3,767,921
First Niagara Financial Group Incorporated (Financials, Commercial Banks)		364,300		3,464,493
Forward Air Corporation (Industrials, Air Freight & Logistics)		58,505		2,158,249
Franklin Electric Company Incorporated (Industrials, Electrical Equipment)		123,362		3,993,228
Global Payments Incorporated (Information Technology, IT Services)		51,600		2,394,240
Guess? Incorporated (Consumer Discretionary, Specialty Retail)«		109,300		3,025,424
Haemonetics Corporation (Health Care, Health Care Equipment & Supplies)†«		77,400		2,979,900
Imation Corporation (Information Technology, Computers & Peripherals)†		478,254		1,759,975
Kadant Incorporated (Industrials, Machinery)		138,441		3,830,662
Lattice Semiconductor Corporation (Information Technology, Semiconductors & Semiconductor Equipment)†		456,800		2,124,120
Macquarie Infrastructure Company LLC (Industrials, Transportation Infrastructure)		69,167		4,031,053
Maidenform Brands Incorporated (Consumer Discretionary, Textiles, Apparel & Luxury Goods)†		178,400		3,211,200
Matthews International Corporation Class A (Consumer Discretionary, Diversified Consumer Services)«		75,640		2,784,308
Mueller Industries Incorporated (Industrials, Machinery)		63,800		3,303,564
Neenah Paper Incorporated (Materials, Paper & Forest Products)		72,125		2,074,315
NetScout Systems Incorporated (Information Technology, Software)†		66,200		1,510,022
Post Properties Incorporated (Financials, REITs)		60,900		3,010,287
Progress Software Corporation (Information Technology, Software)†		107,200		2,419,504
Quanex Building Products Corporation (Industrials, Building Products)«		120,089		1,953,848
Schweitzer Manduit International Incorporated (Materials, Paper & Forest Products)		54,039		2,177,231
Silgan Holdings Incorporated (Materials, Containers & Packaging)		56,100		2,685,507
Simpson Manufacturing Company Incorporated (Industrials, Building Products)«		100,600		2,891,244
Stone Energy Corporation (Energy, Oil, Gas & Consumable Fuels)†		129,364		2,552,352
The Men’s Wearhouse Incorporated (Consumer Discretionary, Specialty Retail)		109,100		3,654,850
Thoratec Corporation (Health Care, Health Care Equipment & Supplies)†		24,200		876,040
TIBCO Software Incorporated (Information Technology, Software)†		108,900		2,113,749
TreeHouse Foods Incorporated (Consumer Staples, Food Products)†		57,200		3,644,212
Vishay Intertechnology Incorporated (Information Technology, Electronic Equipment, Instruments & Components)†«		213,990		3,004,420
				116,275,529
Total Common Stocks (Cost $233,881,752)				265,552,976

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

Portfolio of investments—April 30, 2013 (unaudited) Wells Fargo Advantage Global Opportunities Fund 11

Security name	Yield			Shares		Value
Short-Term Investments: 11.34%
Investment Companies: 11.34%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)		0.13	%		2,644,039	$	2,644,039
Wells Fargo Securities Lending Cash Investments, LLC (l)(u)(r)(v)		0.18			28,178,207		28,178,207
Total Short-Term Investments (Cost $30,822,246)							30,822,246

Total investments in securities
(Cost $264,703,998) *	109.00	%		296,375,222
Other assets and liabilities, net	(9.00	)		(24,465,123	)
Total net assets	100.00	%	$	271,910,099

† 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

(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 $266,032,169 and unrealized appreciation (depreciation) consists of:

Gross unrealized appreciation	$	45,583,457
Gross unrealized depreciation		(15,240,404	)
Net unrealized appreciation	$	30,343,053

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

12 Wells Fargo Advantage Global Opportunities Fund Statement of assets and liabilities—April 30, 2013 (unaudited)

Assets
Investments
In unaffiliated securities (including securities on loan), at value (see cost below)	$	265,552,976
In affiliated securities, at value (see cost below)		30,822,246
Total investments, at value (see cost below)		296,375,222
Foreign currency, at value (see cost below)		1,139,804
Receivable for investments sold		2,348,496
Receivable for Fund shares sold		230,481
Receivable for dividends		1,244,921
Receivable for securities lending income		20,324
Unrealized gains on forward foreign currency contracts		187,904
Prepaid expenses and other assets		38,210
Total assets		301,585,362
Liabilities
Payable for investments purchased		838,220
Payable for Fund shares redeemed		276,736
Payable upon receipt of securities loaned		28,178,207
Advisory fee payable		192,327
Distribution fees payable		37,344
Due to other related parties		62,456
Accrued expenses and other liabilities		89,973
Total liabilities		29,675,263
Total net assets	$	271,910,099
NET ASSETS CONSIST OF
Paid-in capital	$	250,728,120
Undistributed net investment income		545,715
Accumulated net realized losses on investments		(11,229,733	)
Net unrealized gains on investments		31,865,997
Total net assets	$	271,910,099
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE1
Net assets  –  Class A	$	163,330,175
Shares outstanding  –  Class A		4,410,473
Net asset value per share  –  Class A		$37.03
Maximum offering price per share  –  Class A2		$39.29
Net assets  –  Class B	$	19,955,514
Shares outstanding  –  Class B		670,422
Net asset value per share  –  Class B		$29.77
Net assets  –  Class C	$	41,003,527
Shares outstanding  –  Class C		1,370,172
Net asset value per share  –  Class C		$29.93
Net assets  —  Administrator Class	$	45,976,791
Shares outstanding  –  Administrator Class		1,205,065
Net asset value per share  –  Administrator Class		$38.15
Net assets  –  Institutional Class	$	1,644,092
Shares outstanding  –  Institutional Class		43,100
Net asset value per share  –  Institutional Class		$38.15
Investments in unaffiliated securities (including securities on loan), at cost	$	233,881,752
Investments in affiliated securities, at cost	$	30,822,246
Total investments, at cost	$	264,703,998
Securities on loan, at value	$	27,138,341
Foreign currency, at cost	$	1,130,033

1. The Fund has an unlimited number of authorized shares.

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

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

Statement of operations—six months ended April 30, 2013 (unaudited) Wells Fargo Advantage Global Opportunities Fund 13

Investment income
Dividends *	$	2,746,118
Securities lending income, net		57,293
Income from affiliated securities		5,684
Total investment income		2,809,095
Expenses
Advisory fee		1,198,504
Administration fees
Fund level		66,584
Class A		209,214
Class B		26,870
Class C		50,958
Administrator Class		22,056
Institutional Class		568
Shareholder servicing fees
Class A		201,167
Class B		25,614
Class C		48,998
Administrator Class		53,213
Distribution fees
Class B		77,510
Class C		146,995
Custody and accounting fees		43,552
Professional fees		21,937
Registration fees		45,552
Shareholder report expenses		35,603
Trustees’ fees and expenses		6,368
Other fees and expenses		14,208
Total expenses		2,295,471
Less: Fee waivers and/or expense reimbursements		(42,906	)
Net expenses		2,252,565
Net investment income		556,530
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on investments		16,816,953
Net change in unrealized gains (losses) on:
Unaffiliated securities		13,443,895
Forward foreign currency contract transactions		187,904
Net change in unrealized gains (losses) on investments		13,631,799
Net realized and unrealized gains (losses) on investments		30,448,752
Net increase in net assets resulting from operations	$	31,005,282
* Net of foreign dividend withholding taxes in the amount of		$122,982

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

14 Wells Fargo Advantage Global Opportunities Fund Statement of changes in net assets

	Six months ended April 30, 2013 (unaudited)						Year ended October 31, 2012
Operations
Net investment income				$	556,530					$	1,373,645
Net realized gains on investments					16,816,953						17,711,649
Net change in unrealized gains (losses) on investments					13,631,799						6,542,284
Net increase in net assets resulting from operations					31,005,282						25,627,578
Distributions to shareholders from
Net investment income
Class A					(1,067,960	)					(223,301	)
Administrator Class					(373,726	)					(175,333	)
Institutional Class					(14,154	)					(10,282	)
Total distributions to shareholders					(1,455,840	)					(408,916	)
		Shares						Shares
Capital share transactions
Proceeds from shares sold
Class A		299,217			10,538,466			492,552			15,375,650
Class B		3,570			103,395			4,694			114,095
Class C		119,188			3,470,589			60,733			1,514,184
Administrator Class		230,492			8,413,999			311,447			10,080,434
Institutional Class		8,991			332,283			38,056			1,255,099
					22,858,732						28,339,462
Reinvestment of distributions
Class A		28,779			974,154			7,231			198,310
Administrator Class		9,897			344,916			5,762			162,732
Institutional Class		383			13,316			364			10,282
					1,332,386						371,324
Payment for shares redeemed
Class A		(632,976	)		(22,419,416	)		(1,588,957	)		(49,363,172	)
Class B		(129,878	)		(3,693,570	)		(302,659	)		(7,546,513	)
Class C		(161,532	)		(4,588,257	)		(495,923	)		(12,471,336	)
Administrator Class		(332,064	)		(12,006,371	)		(623,430	)		(20,063,577	)
Institutional Class		(3,153	)		(112,528	)		(49,205	)		(1,511,205	)
					(42,820,142	)					(90,955,803	)
Net decrease in net assets resulting from capital share transactions					(18,629,024	)					(62,245,017	)
Total increase (decrease) in net assets					10,920,418						(37,026,355	)
Net assets
Beginning of period					260,989,681						298,016,036
End of period				$	271,910,099					$	260,989,681
Undistributed net investment income				$	545,715					$	1,445,025

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

Financial highlights Wells Fargo Advantage Global Opportunities Fund 15

(For a share outstanding throughout each period)

	Six months ended April 30, 2013 (unaudited)			Year ended October 31
CLASS A				2012			2011			20101			20091			20081
Net asset value, beginning of period	$	33.17		$	30.14		$	31.91		$	24.96		$	21.20		$	40.22
Net investment income		0.10	2		0.20	2		0.12	2		0.07	2		0.10	2		0.04	2
Net realized and unrealized gains (losses) on investments		3.99			2.87			(1.89	)		6.99			3.74			(16.97	)
Total from investment operations		4.09			3.07			(1.77	)		7.06			3.84			(16.93	)
Distributions to shareholders from
Net investment income		(0.23	)		(0.04	)		0.00			(0.11	)		(0.08	)		0.00
Net realized gains		0.00			0.00			0.00			0.00			0.00			(2.09	)
Total distributions to shareholders		(0.23	)		(0.04	)		0.00			(0.11	)		(0.08	)		(2.09	)
Net asset value, end of period	$	37.03		$	33.17		$	30.14		$	31.91		$	24.96		$	21.20
Total return3		12.36	%		10.24	%		(5.55	)%		28.41	%		18.22	%		(44.14	)%
Ratios to average net assets (annualized)
Gross expenses		1.59	%		1.55	%		1.55	%		1.66	%		1.72	%		1.54	%
Net expenses		1.55	%		1.54	%		1.53	%		1.63	%		1.72	%		1.52	%
Net investment income		0.55	%		0.65	%		0.34	%		0.25	%		0.45	%		0.13	%
Supplemental data
Portfolio turnover rate		35	%		85	%		76	%		104	%		170	%		161	%
Net assets, end of period (000s omitted)		$163,330			$156,433			$174,937			$212,729			$197,721			$214,883

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

2. Calculated based upon average shares outstanding

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

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

16 Wells Fargo Advantage Global Opportunities Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended April 30, 2013 (unaudited)			Year ended October 31
CLASS B				2012			2011			20101			20091			20081
Net asset value, beginning of period	$	26.58		$	24.30		$	25.92		$	20.33		$	17.34		$	33.54
Net investment loss		(0.03	)2		(0.03	)2		(0.12	)2		(0.11	)2		(0.05	)2		(0.16	)2
Net realized and unrealized gains (losses) on investments		3.22			2.31			(1.50	)		5.70			3.04			(13.95	)
Total from investment operations		3.19			2.28			(1.62	)		5.59			2.99			(14.11	)
Distributions to shareholders from
Net realized gains		0.00			0.00			0.00			0.00			0.00			(2.09	)
Net asset value, end of period	$	29.77		$	26.58		$	24.30		$	25.92		$	20.33		$	17.34
Total return3		11.96	%		9.42	%		(6.25	)%		27.43	%		17.30	%		(44.54	)%
Ratios to average net assets (annualized)
Gross expenses		2.33	%		2.30	%		2.30	%		2.41	%		2.47	%		2.27	%
Net expenses		2.30	%		2.29	%		2.28	%		2.38	%		2.47	%		2.27	%
Net investment loss		(0.22	)%		(0.10	)%		(0.43	)%		(0.49	)%		(0.30	)%		(0.62	)%
Supplemental data
Portfolio turnover rate		35	%		85	%		76	%		104	%		170	%		161	%
Net assets, end of period (000s omitted)	$	19,956		$	21,181		$	26,598		$	37,752		$	34,934		$	39,980

1. After the close of business on July 16, 2010, the Fund acquired the net assets of Evergreen Global Opportunities Fund which became the accounting and performance survivor in the transaction. The information for the periods prior to July 19, 2010 is that of Class B of Evergreen Global Opportunities Fund.

2. Calculated based upon average shares outstanding

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

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

Financial highlights Wells Fargo Advantage Global Opportunities Fund 17

(For a share outstanding throughout each period)

	Six months ended April 30, 2013 (unaudited)			Year ended October 31
CLASS C				2012			2011			20101			20091			20081
Net asset value, beginning of period		$26.73		$	24.43		$	26.05		$	20.44		$	17.44		$	33.72
Net investment loss		(0.03	)2		(0.03	)2		(0.11	)2		(0.11	)2		(0.05	)2		(0.16	)2
Net realized and unrealized gains (losses) on investments		3.23			2.33			(1.51	)		5.72			3.05			(14.03	)
Total from investment operations		3.20			2.30			(1.62	)		5.61			3.00			(14.19	)
Distributions to shareholders from
Net realized gains		0.00			0.00			0.00			0.00			0.00			(2.09	)
Net asset value, end of period	$	29.93		$	26.73		$	24.43		$	26.05		$	20.44		$	17.44
Total return3		11.97	%		9.41	%		(6.25	)%		27.43	%		17.33	%		(44.56	)%
Ratios to average net assets (annualized)
Gross expenses		2.34	%		2.30	%		2.30	%		2.41	%		2.47	%		2.27	%
Net expenses		2.30	%		2.29	%		2.28	%		2.38	%		2.47	%		2.27	%
Net investment loss		(0.18	)%		(0.11	)%		(0.41	)%		(0.50	)%		(0.30	)%		(0.61	)%
Supplemental data
Portfolio turnover rate		35	%		85	%		76	%		104	%		170	%		161	%
Net assets, end of period (000s omitted)		$41,004			$37,753			$45,135			$52,866			$50,218			$59,382

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

2. Calculated based upon average shares outstanding

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

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

18 Wells Fargo Advantage Global Opportunities Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended April 30, 2013 (unaudited)			Year ended October 31
ADMINISTRATOR CLASS				2012			2011			20101			20091			20081
Net asset value, beginning of period		$34.21			$31.10			$32.92			$25.73			$21.91			$41.42
Net investment income		0.13	2		0.26	2		0.15			0.14	2		0.16			0.15	2
Net realized and unrealized gains (losses) on investments		4.10			2.96			(1.93	)		7.23			3.85			(17.57	)
Total from investment operations		4.23			3.22			(1.78	)		7.37			4.01			(17.42	)
Distributions to shareholders from
Net investment income		(0.29	)		(0.11	)		(0.04	)		(0.18	)		(0.19	)		0.00
Net realized gains		0.00			0.00			0.00			0.00			0.00			(2.09	)
Total distributions to shareholders		(0.29	)		(0.11	)		(0.04	)		(0.18	)		(0.19	)		(2.09	)
Net asset value, end of period		$38.15			$34.21			$31.10			$32.92			$25.73			$21.91
Total return3		12.46	%		10.44	%		(5.39	)%		28.77	%		18.45	%		(43.98	)%
Ratios to average net assets (annualized)
Gross expenses		1.42	%		1.38	%		1.37	%		1.43	%		1.47	%		1.28	%
Net expenses		1.40	%		1.38	%		1.36	%		1.40	%		1.47	%		1.28	%
Net investment income		0.73	%		0.81	%		0.53	%		0.49	%		0.69	%		0.46	%
Supplemental data
Portfolio turnover rate		35	%		85	%		76	%		104	%		170	%		161	%
Net assets, end of period (000s omitted)	$	45,977		$	44,360		$	49,860		$	46,106		$	38,977		$	36,027

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

2. Calculated based upon average shares outstanding

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

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

Financial highlights Wells Fargo Advantage Global Opportunities Fund 19

(For a share outstanding throughout each period)

	Six months ended April 30, 2013 (unaudited)			Year ended October 31
INSTITUTIONAL CLASS				2012			2011			20101
Net asset value, beginning of period		$34.25			$31.18			$32.94		$	28.37
Net investment income		0.19	2		0.36	2		0.25			0.04	2
Net realized and unrealized gains (losses) on investments		4.09			2.93			(1.94	)		4.53
Total from investment operations		4.28			3.29			(1.69	)		4.57
Distributions to shareholders from
Net investment income		(0.38	)		(0.22	)		(0.07	)		0.00
Net asset value, end of period		$38.15			$34.25			$31.18		$	32.94
Total return3		12.62	%		10.70	%		(5.15	)%		16.11	%
Ratios to average net assets (annualized)
Gross expenses		1.16	%		1.12	%		1.08	%		1.22	%
Net expenses		1.15	%		1.12	%		1.08	%		1.15	%
Net investment income		1.03	%		1.13	%		1.18	%		0.53	%
Supplemental data
Portfolio turnover rate		35	%		85	%		76	%		104	%
Net assets, end of period (000s omitted)		$1,644			$1,263			$1,486			$12

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

2. Calculated based upon average shares outstanding

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

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

20 Wells Fargo Advantage Global Opportunities Fund Notes to financial statements (unaudited)

1. ORGANIZATION

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

All investments are valued each business day as of the close of regular trading on the New York Stock Exchange (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.

Securities denominated in foreign currencies are translated into U.S. dollars using the rates of exchange in effect on the day of valuation at a time specified by the Management Valuation Team of Wells Fargo Funds Management, LLC (“Funds Management”).

Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange and therefore may not fully reflect trading or events that occur after the close of the principal exchange in which the foreign securities are traded, but before the close of the New York Stock Exchange. If such trading or events are expected to materially affect the value of such securities, then fair value pricing procedures approved by the Board of Trustees are applied. These procedures take into account multiple factors including movements in U.S. securities markets after foreign exchanges close. Foreign securities that are fair valued under these procedures are categorized as Level 2 and the application of these procedures may result in transfers between Level 1 and Level 2. Depending on market activity, such fair valuations may be frequent. Such fair value pricing may result in NAVs that are higher or lower than NAVs based on the last reported sales price or latest quoted bid price. On April 30, 2013, fair value pricing was not used in pricing foreign securities.

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. 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.

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

Foreign currency translation

The accounting records of the Fund are maintained in U.S. dollars. Assets, including investment securities, and liabilities denominated in foreign currency are translated into U.S. dollars at the rates of exchange at a time specified by the Management Valuation Team on the date of valuation. Purchases and sales of securities, and income and expenses are converted at the rate of exchange on the respective dates of such transactions. Reported net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded and the U.S. dollar equivalent of the amounts actually paid or received. Net unrealized foreign exchange gains and losses arise from changes in the fair value of assets and liabilities other than investments in securities resulting in changes in exchange rates.

The changes in net assets arising from changes in exchange rates and the changes in net assets resulting from changes in market prices of securities are not separately presented. Such changes are recorded with net realized and unrealized gains or losses from investments. Gains and losses from certain foreign currency transactions are treated as ordinary income for U.S. federal income tax purposes.

Forward foreign currency contracts

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

Security loans

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

The Fund lends its securities through an unaffiliated securities lending agent. Cash collateral received in connection with its securities lending transactions is invested in 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, except for certain dividends from foreign securities, which are recorded as soon as the Fund is informed of the ex-dividend date. Dividend income from foreign securities is recorded net of foreign taxes withheld where recovery of such taxes is not assured.

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

Distributions to shareholders

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

Federal and other taxes

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

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

As of October 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 $26,594,713 expiring in 2017.

Class allocations

The separate classes of shares offered by the Fund differ principally in applicable sales charges, distribution, shareholder servicing, and administration fees. Shareholders of each class bear certain expenses that pertain to that particular class. All shareholders bear the common expenses of the Fund, earn income from the portfolio, and are allocated 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.

As of April 30, 2013, the inputs used in valuing investments in securities 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	$	263,316,784	$	2,058,515	$	177,677	$	265,552,976
Short-term investments
Investment companies		2,644,039		28,178,207		0		30,822,246
	$	265,960,823	$	30,236,722	$	177,677	$	296,375,222

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

As of April 30, 2013, the inputs used in valuing the Fund’s other financial instruments were as follows:

Other financial instruments	Quoted prices (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Forward foreign currency contracts+	$	0	$	187,904	$	0	$	187,904

+ Forward foreign currency contracts are presented at the unrealized gains or losses on the instrument.

Transfers in and transfers out are recognized at the end of the reporting period. For the six months ended April 30, 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 0.90% and declining to 0.80% as the average daily net assets of the Fund increase. For the six months ended April 30, 2013, the advisory fee was equivalent to an annual rate of 0.90% of the Fund’s average daily net assets.

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Funds Management. WellsCap, an affiliate of Funds Management, is the subadviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.55% and declining to 0.40% as the average daily net assets of the Fund increase.

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 February 28, 2014 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.55% for Class A shares, 2.30% for Class B shares, 2.30% for Class C shares, 1.40% for Administrator Class shares, and 1.15% for Institutional Class shares.

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 April 30, 2013, Wells Fargo Funds Distributor, LLC received $7,281 from the sale of Class A shares and $3,374 and $13 in contingent deferred sales charges from redemptions of Class B and Class C shares, respectively.

24 Wells Fargo Advantage Global Opportunities Fund Notes to financial statements (unaudited)

Shareholder servicing fees

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

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended April 30, 2013 were $90,924,620 and $103,034,311, respectively.

6. DERIVATIVE TRANSACTIONS

During the six months ended April 30, 2013, the Fund entered into forward foreign currency exchange contracts for economic hedging purposes.

At April 30, 2013, the Fund had forward foreign currency contracts outstanding as follows:

Forward foreign currency contracts to sell:

Exchange date	Counterparty	Contracts to deliver	U.S. value at April 30, 2013	In exchange for U.S. $	Unrealized gains
9-9-2013	State Street Bank	439,245,000 JPY	$4,509,401	$4,697,305	$187,904

The Fund had average contract amounts of $5,637 and $1,427,358 in forward foreign currency contracts to buy and forward foreign currency contracts to sell, respectively, during the six months ended April 30, 2013.

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

7. BANK BORROWINGS

The Trust (excluding the money market funds and certain other funds in the Trust) and Wells Fargo Variable Trust are parties to a $150,000,000 revolving credit agreement 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 April 30, 2013, the Fund paid $283 in commitment fees.

For the six months ended April 30, 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 Global Opportunities 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 Global Opportunities 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 131 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 Global Opportunities 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 58 funds and Assistant Treasurer of 73 funds in the Fund Complex.

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

28 Wells Fargo Advantage Global Opportunities Fund Other information (unaudited)

BOARD CONSIDERATION OF INVESTMENT ADVISORY AND SUBADVISORY AGREEMENTS:

Under Section 15 of the Investment Company Act of 1940 (the “1940 Act”), the Board of Trustees (the “Board”) of Wells Fargo Funds Trust (the “Trust”), all the members of which have no direct or indirect interest in the investment advisory and sub-advisory agreements and are not “interested persons” of the Trust, as defined in the 1940 Act (the “Independent Trustees”), must determine whether to approve the continuation of the Trust’s investment advisory and sub-advisory agreements. In this regard, at an in-person meeting held on March 28-29, 2013 (the “Meeting”), the Board reviewed: (i) an investment advisory agreement with Wells Fargo Funds Management, LLC (“Funds Management”) for Wells Fargo Advantage Global Opportunities Fund (the “Fund”) and (ii) an investment sub-advisory agreement with Wells Capital Management Incorporated (the “Sub-Adviser”), an affiliate of Funds Management, for the Fund. The investment advisory agreement with Funds Management and the investment sub-advisory agreement with the Sub-Adviser are collectively referred to as the “Advisory Agreements.”

At the Meeting, the Board considered the factors and reached the conclusions described below relating to the selection of Funds Management and the Sub-Adviser and the continuation of the Advisory Agreements. Prior to the Meeting, the Trustees conferred extensively among themselves and with representatives of Funds Management about these matters. The Board has adopted a team-based approach, with each team consisting of a sub-set of Trustees, to assist the Board in the discharge of its duties in reviewing performance and other matters throughout the year. The Independent Trustees were assisted in their evaluation of the Advisory Agreements by independent legal counsel, from whom they received separate legal advice and with whom they met separately.

In providing information to the Board, Funds Management and the Sub-Adviser were guided by a detailed set of requests for information submitted to them by independent legal counsel on behalf of the Independent Trustees at the start of the Board’s annual contract renewal process earlier in 2013. In considering and approving the Advisory Agreements, the Trustees considered the information they believed relevant, including but not limited to the information discussed below. The Board considered not only the specific information presented in connection with the Meeting, but also the knowledge gained over time through interaction with Funds Management and the Sub-Adviser about various topics. In this regard, the Board reviewed reports of Funds Management at each of its quarterly meetings, which included, among other things, portfolio reviews and performance reports. In addition, the Board and the teams mentioned above confer with portfolio managers at various times throughout the year. The Board did not identify any particular information or consideration that was all-important or controlling, and each individual Trustee may have attributed different weights to various factors.

After its deliberations, the Board unanimously determined that the continuation of the Advisory Agreements is in the best interests of the Fund and its shareholders, and that the compensation payable to Funds Management and the Sub-Adviser is reasonable. The Board considered the continuation of the Advisory Agreements for the Fund as part of its consideration of the continuation of advisory agreements for funds across the complex, but each decision was made on a fund-by-fund basis. The following summarizes a number of important, but not necessarily all, factors considered by the Board in reaching its determination.

Nature, extent and quality of services

The Board received and considered various information regarding the nature, extent and quality of services provided to the Fund by Funds Management and the Sub-Adviser under the Advisory Agreements. This information included, among other things, a summary of the background and experience of senior management of Funds Management, and the qualifications, background, tenure and responsibilities of each of the portfolio managers primarily responsible for the day-to-day portfolio management of the Fund.

The Board evaluated the ability of Funds Management and the Sub-Adviser, based on attributes such as their financial condition, resources and reputation, to attract and retain qualified investment professionals, including research, advisory and supervisory personnel. The Board further considered the compliance programs and compliance records of Funds Management and the Sub-Adviser. In addition, the Board took into account the administrative and other services provided to the Fund by Funds Management and its affiliates and Funds Management’s oversight of the Fund’s various service providers.

Fund performance and expenses

The Board considered the performance results for the Fund over various time periods ended December 31, 2012. The Board also considered these results in comparison to the performance of funds in a universe that was determined by Lipper Inc. (“Lipper”) to be similar to the Fund (the “Universe”), and in comparison to the Fund’s benchmark index and to other comparative data. Lipper is an independent provider of investment company data. The Board received a

Other information (unaudited) Wells Fargo Advantage Global Opportunities Fund 29

description of the methodology used by Lipper to select the mutual funds in the performance Universe. The Board noted that the performance of the Fund (Administrator Class) was higher than or in range of the median performance of the Universe for all periods under review. The Board also noted that the performance of the Fund was higher than its benchmark, the S&P Developed SmallCap Index, for the one- and ten-year periods under review, but was lower than the benchmark for the three- and five-year periods under review.

The Board received information concerning, and discussed factors contributing to, the underperformance of the Fund relative to the benchmark for the three- and five-year periods under review. Funds Management advised the Board about the market conditions and investment decisions that it believed contributed to the underperformance during that period. Funds Management advised the Board that the underperformance relative to the benchmark was attributable to defensive international positions in 2009 and 2010. The Board was apprised of the fact that the portfolio manager of the non-domestic allocation is no longer with the Sub-Adviser and the Board noted the more recent positive performance of the Fund relative to the benchmark for the one-year period under review. The Board also noted the positive performance of the Fund relative to the Universe for all periods under review. The Board was satisfied with the explanation of the underperformance.

The Board received and considered information regarding the Fund’s net operating expense ratios and their various components, including actual management fees (which reflect fee waivers, if any, and include advisory, administration and transfer agent fees), custodian and other non-management fees, Rule 12b-1 and non-Rule 12b-1 service fees and fee waiver and expense reimbursement arrangements. The Board also considered these ratios in comparison to the median ratios of funds in class-specific expense groups that were determined by Lipper to be similar to the Fund (the “Groups”). The Board received a description of the methodology used by Lipper to select the mutual funds in the expense Groups. Based on the Lipper reports, the Board noted that the net operating expense ratios of the Fund were lower than or in range of the median net operating expense ratios of the expense Groups for all classes. The Board and Funds Management agreed to maintain the current contractual net expense ratio caps for the Fund.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board concluded that the overall performance and expense structure of the Fund supported the re-approval of the Advisory Agreements.

Investment advisory and sub-advisory fee rates

The Board reviewed and considered the contractual investment advisory fee rates that are payable by the Fund to Funds Management for investment advisory services (the “Advisory Agreement Rates”), both on a stand-alone basis and on a combined basis with the Fund’s fund-level and class-level contractual administration fee rates (the “Management Rates”). The Board noted that the administration fees include transfer agency costs. The Board also reviewed and considered the contractual investment sub-advisory fee rates that are payable by Funds Management to the Sub-Adviser for investment sub-advisory services (the “Sub-Advisory Agreement Rates”).

Among other information reviewed by the Board was a comparison of the Management Rates of the Fund with those of other funds in the expense Groups at a common asset level. The Board noted that the Management Rates of the Fund were in range of the median rates for the Fund’s expense Groups for all classes except Class A. The Board and Funds Management agreed to maintain the current contractual net expense ratio caps for the Fund, including Class A.

The Board also received and considered information about the portion of the total advisory fee that was retained by Funds Management after payment of the fee to the Sub-Adviser for sub-advisory services. In assessing the reasonableness of this amount, the Board received and evaluated information concerning the nature and extent of responsibilities retained and risks assumed by Funds Management and not delegated to or assumed by the Sub-Adviser, and about Funds Management’s on-going oversight services. In recognition of the fact that the Wells Fargo enterprise provides a suite of combined advisory and sub-advisory services to the Fund through affiliated entities, the Board ascribed limited relevance to the allocation of the total advisory fee between Funds Management and the Sub-Adviser.

The Board also received and considered information about the nature and extent of services offered and fee rates charged by Funds Management and the Sub-Adviser to other types of clients. In this regard, the Board received information about the significantly greater scope of services, and compliance, reporting and other legal burdens and risks of managing mutual funds compared with those associated with managing assets of non-mutual fund clients such as collective funds or institutional separate accounts.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board determined that the Advisory Agreement Rates and the Sub-Advisory Agreement Rates were reasonable in light of the services covered by the Advisory Agreements.

30 Wells Fargo Advantage Global Opportunities Fund Other information (unaudited)

Profitability

The Board received and considered information concerning the profitability of Funds Management, as well as the profitability of Wells Fargo as a whole, from providing services to the Fund. The Board did not receive or consider to be necessary separate profitability information with respect to the Sub-Adviser, because, as an affiliate of Funds Management, its profitability information was subsumed in the collective Wells Fargo profitability analysis provided by Funds Management.

Funds Management explained the methodologies and estimates that it used in calculating the profitability from the Fund and the fund family as a whole. Among other things, the Board noted that the levels of profitability reported on a fund-by-fund basis varied widely, depending on factors such as the size and type of fund. Based on its review, the Board did not deem the profits reported by Funds Management to be at a level that would prevent it from approving the continuation of the Advisory Agreements.

Economies of scale

With respect to possible economies of scale, the Board reviewed the breakpoints in the Fund’s advisory fee and administration fee structure, which operate generally to reduce the Fund’s expense ratios as the Fund grows in size. It considered that, for a small fund or a fund that shrinks in size, breakpoints conversely can result in higher fee levels. The Board also considered fee waiver and expense reimbursement arrangements as a means of sharing potential economies of scale with the Fund. The Board acknowledged the inherent limitations of any analysis of potential economies of scale and of any attempt to correlate breakpoints with such economies. Nonetheless, the Board concluded that the breakpoints and net operating expense ratio caps appeared to be a reasonable approach to sharing potential economies of scale with the Fund.

Other benefits to Funds Management and the Sub-Adviser

The Board received and considered information regarding potential “fall-out” or ancillary benefits received by Funds Management and its affiliates, including the Sub-Adviser, as a result of their relationship with the Fund. Ancillary benefits could include, among others, benefits directly attributable to other relationships with the Fund and benefits potentially derived from an increase in Funds Management’s and the Sub-Adviser’s business as a result of their relationship with the Fund (such as the ability to market to shareholders other financial products and services offered by Funds Management and its affiliates, including the Sub-Adviser, or to operate other products and services that follow investment strategies similar to those of the Fund).

The Board considered that Wells Fargo Funds Distributor, LLC, an affiliate of Funds Management, serves as distributor to the Fund and receives certain compensation for those services. The Board noted that various financial institutions, including affiliates of Funds Management, may receive distribution-related fees, shareholder servicing payments (including amounts derived from payments under Rule 12b-1 plans) and sub-transfer agency fees in respect of shares sold or held through them and services provided.

The Board also reviewed information about whether and to what extent soft dollar credits are sought and how any such credits are utilized, and any benefits that might be realized by an affiliated broker that handles portfolio transactions for the Fund.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board did not find that any ancillary benefits received by Funds Management and its affiliates, including the Sub-Adviser, were unreasonable.

Conclusion

After considering the above-described factors and based on its deliberations and its evaluation of the information described above, the Board unanimously approved the continuation of the Advisory Agreements for an additional one-year period.

List of abbreviations Wells Fargo Advantage Global Opportunities Fund 31

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.

216834 06-13 SA239/SAR239 4-13

Wells Fargo Advantage

International Equity Fund

Semi-Annual Report

April 30, 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	10
Statement of operations	11
Statement of changes in net assets	12
Financial highlights	13
Notes to financial statements	19
Other information	24
List of abbreviations	30

The views expressed and any forward-looking statements are as of April 30, 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 100 mutual funds across a wide range of asset classes, representing over $228 billion in assets under management, as of April 30, 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
Conservative Income Fund	International Bond Fund	Strategic Income Fund
Core Bond Fund	Minnesota Tax-Free Fund	Strategic Municipal Bond Fund
Emerging Markets Local Bond Fund	Municipal Bond Fund	Ultra Short-Term Income Fund
Government Securities Fund	North Carolina Tax-Free Fund	Ultra Short-Term Municipal Income Fund
High Income Fund	Pennsylvania Tax-Free Fund	Wisconsin Tax-Free Fund
High Yield Bond Fund
Asset allocation funds
Absolute Return Fund	WealthBuilder Equity Portfolio†	Target 2020 Fund†
Asset Allocation Fund	WealthBuilder Growth Allocation Portfolio†	Target 2025 Fund†
Diversified Capital Builder Fund	WealthBuilder Growth Balanced Portfolio†	Target 2030 Fund†
Diversified Income Builder Fund	WealthBuilder Moderate Balanced Portfolio†	Target 2035 Fund†
Growth Balanced Fund	WealthBuilder Tactical Equity Portfolio†	Target 2040 Fund†
Index Asset Allocation Fund	Target Today Fund†	Target 2045 Fund†
Moderate Balanced Fund	Target 2010 Fund†	Target 2050 Fund†
WealthBuilder Conservative Allocation Portfolio†	Target 2015 Fund†	Target 2055 Fund†
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 International Equity Fund Letter to shareholders (unaudited)

Karla M. Rabusch

President

Wells Fargo Advantage Funds

Investors were heartened by the resilient performance of the German economy and by the fact that the United Kingdom managed to avoid another recession.

Dear Valued Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Advantage International Equity Fund for the six-month period that ended April 30, 2013. Much of the period was marked by diminished worries of a sovereign debt default in Europe, partially offset by concerns about slowing economic growth in China. Continued monetary easing by global central banks helped support rallies in developed stock markets, but major emerging markets lagged.

Developed markets posted double-digit returns, but major emerging markets lagged.

Global developed equity markets demonstrated continued strength throughout the reporting period despite a budget fight and sequestration cuts in the U.S. and Europe’s seemingly never-ending debt crisis, with Cyprus becoming the newest addition to a list of countries mired in debt. Investors were heartened by the resilient performance of the German economy and by the fact that the United Kingdom managed to avoid another recession. Relatively positive economic data from the U.S. also aided sentiment for developed-market stocks. Although reported U.S. gross domestic product (GDP) growth came in at a moderate 0.4% annualized rate in the fourth quarter of 2012—in part, due to the temporary aftereffects from Hurricane Sandy, which devastated the Eastern Seaboard in October 2012—GDP growth improved to a 2.4% annualized rate for the first quarter of 2013. Monetary easing by major central banks also supported equity markets.

As judged by various MSCI indexes, major emerging markets generally underperformed. Despite China’s smooth transition to a new generation of political leadership, the country’s decelerating growth rate caused its stock market to lag not only developed markets but also the main MSCI Emerging Markets Index (Net).¹ Given China’s importance as a buyer of raw commodities from countries such as Brazil, as well as its key role in Asia’s manufacturing chain, fears of a recession in China led to single-digit returns for other emerging markets.

Central banks continued to provide stimulus.

Major central banks, including the U.S. Federal Reserve Board (Fed) and the European Central Bank (ECB), continued to inject liquidity into the banks and the market 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. After its September 2012 meeting, the FOMC announced its intention to keep interest rates low until at least mid-2015 and to make open-ended purchases of $40 billion per month in mortgage-backed securities to support the housing market.

After cutting its key rate to 0.75% in July 2012, the ECB announced in September 2012 that it would purchase an unlimited amount of one- to three-year sovereign debt from countries that had formally applied for a bailout. In May 2013, after the end of the reporting period, the ECB cut its key rate to a historic low of 0.50%. The ECB’s aggressive actions helped ease investor worries about a eurozone sovereign debt default. Moreover, in mid-March 2013, the governor of the Bank of Japan

1. The Morgan Stanley Capital International Emerging Markets (MSCI Emerging Markets) Index (Net) is a free float-adjusted market capitalization index designed to measure the equity market performance in the global emerging markets. The index is currently composed of 21 emerging markets country indexes. You cannot invest directly in an index. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI.

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

resigned to allow Shinzo Abe, the recently reelected prime minister, to appoint a new bank governor who supported using aggressive monetary policies to attack Japan’s persistent deflation.

The debt crisis in the eurozone returned to center stage but with less impact than before.

Ongoing weakness in the Greek economy made it difficult for the country to meet previously agreed upon austerity targets. Because many eurozone banks owned Greek debt and many U.S. banks had financial ties to eurozone banks, investors initially worried that a Greek default would result in another global financial crisis. However, as central banks continued to provide liquidity, investor worries about the effect of a European sovereign debt default on the global economy began to ease. When the tiny eurozone nation of Cyprus was forced to implement capital controls and impose losses on uninsured bank depositors in March 2013, global stock markets remained resilient despite short-term volatility.

Global monetary easing helped push the MSCI EAFE Index (Net)², an index of developed stock markets, to a 16.90% return for the six-month period. By comparison, the S&P 500 Index³, a barometer of large-cap U.S. stocks, posted a 14.42% return for the reporting period. Within emerging markets, smaller markets, such as the Philippines and Thailand, strongly outperformed the larger markets, such as China, India, and Brazil. The smaller markets are benefiting from high growth rates without some of the imbalances—such as an overreliance on real estate—that are affecting the larger emerging markets.

We employ a diverse array of investment strategies, even as many variables are at work in the market.

The full effect of the European credit crisis remains unknown. Elevated unemployment in the U.S. and Southern Europe continues 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 diversification⁴ 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

Within emerging markets, smaller markets, such as the Philippines and Thailand, strongly outperformed the larger markets, such as China, India, and Brazil.

2. The Morgan Stanley Capital International Europe, Australasia, and Far East (MSCI EAFE) Index (Net) is an unmanaged group of securities widely regarded by investors to be representations of the stock markets of Europe, Australasia, and the Far East. You cannot invest directly in an index.

3. 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.

4. Diversification does not assure or guarantee better performance and cannot eliminate the risk of investment losses.

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

Investment objective

The Fund seeks long-term capital appreciation.

Adviser

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Jeffrey Everett, CFA

Dale Winner, CFA

Average annual total returns¹ (%) as of April 30, 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 (WFEAX)	1-20-1998		7.26		(4.05	)		6.98		13.78		(2.91	)		7.61		1.54		1.10
Class B (WFEBX)*	9-6-1979		7.97		(4.02	)		7.07		12.97		(3.66	)		7.07		2.29		1.85
Class C (WFEFX)	3-6-1998		11.98		(3.65	)		6.83		12.98		(3.65	)		6.83		2.29		1.85
Class R (WFERX)	10-10-2003		–		–			–		13.47		(3.18	)		7.34		1.79		1.35
Administrator Class (WFEDX)	7-16-2010		–		–			–		13.82		(2.81	)		7.84		1.38		1.10
Institutional Class (WFENX)	3-9-1998		–		–			–		14.07		(2.67	)		7.92		1.11		0.85
MSCI ACWI Index Ex USA (Net)4	–		–		–			–		14.15		(0.84	)		10.32		–		–

* 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, which assumes the reinvestment of dividends and capital gains. Current month-end performance is available on the Fund’s website, wellsfargoadvantagefunds.com.

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

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

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

Please see footnotes on page 5.

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

Sector distribution⁶ as of April 30, 2013

Ten largest equity holdings5 (%) as of April 30, 2013
Toyota Motor Corporation	3.13
BP plc	2.66
Daiwa Securities Group Incorporated	2.62
Siemens AG	2.60
China Everbright Limited	2.58
SK Telecom Company Limited	2.45
Mitsui OSK Lines Limited	2.36
Man Group plc	2.35
Zurich Financial Services AG	2.34
Intesa Sanpaolo SpA	2.31

1. 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 Class R shares prior to their inception reflects the performance of Class A shares, adjusted to reflect the higher expenses applicable to Class R shares. Historical performance shown for all classes of the Fund prior to July 19, 2010, is based on the performance of the Fund’s predecessor, Evergreen International Equity Fund.

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

3. The Adviser has committed through February 28, 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 1.09% for Class A, 1.84% for Class B, 1.84% for Class C, 1.34% for Class R, 1.09% for Administrator Class, and 0.84% 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 Morgan Stanley Capital International All Country World Index Ex USA (Net) (MSCI ACWI Index Ex USA (Net)) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. You cannot invest directly in an index. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed or produced by MSCI.

5. The ten largest 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. Top holdings typically include the underlying ordinary shares combined with any depositary receipts.

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

6 Wells Fargo Advantage International Equity Fund Fund expenses (unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from November 1, 2012 to April 30, 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 11-1-2012		Ending account value 4-30-2013		Expenses paid during the period1		Net annual expense ratio
Class A
Actual	$	1,000.00	$	1,149.48	$	5.81		1.09	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.39	$	5.46		1.09	%
Class B
Actual	$	1,000.00	$	1,145.20	$	9.79		1.84	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.67	$	9.20		1.84	%
Class C
Actual	$	1,000.00	$	1,145.09	$	9.79		1.84	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.67	$	9.20		1.84	%
Class R
Actual	$	1,000.00	$	1,147.54	$	7.14		1.34	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.15	$	6.71		1.34	%
Administrator Class
Actual	$	1,000.00	$	1,148.86	$	5.81		1.09	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.39	$	5.46		1.09	%
Institutional Class
Actual	$	1,000.00	$	1,151.17	$	4.48		0.84	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.63	$	4.21		0.84	%

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

Portfolio of investments—April 30, 2013 (unaudited) Wells Fargo Advantage International Equity Fund 7

Security name	Shares		Value
Common Stocks: 95.59%
Brazil: 0.70%
Cosan Limited Class A (Energy, Oil, Gas & Consumable Fuels)		86,873	$	1,802,615
Canada: 5.13%
Barrick Gold Corporation (Materials, Metals & Mining)		149,205		2,941,299
Cenovus Energy Incorporated (Energy, Oil, Gas & Consumable Fuels)		110,482		3,307,831
Suncor Energy Incorporated (Energy, Oil, Gas & Consumable Fuels)		53,023		1,653,137
Valeant Pharmaceuticals International Incorporated (Health Care, Pharmaceuticals) †		69,194		5,264,280
				13,166,547
China: 5.57%
AutoNavi Holdings Limited ADR (Information Technology, Software) †		171,799		1,881,199
Biostime International Holdings Limited (Consumer Staples, Food Products)		302,000		1,739,580
China Mobile Limited (Telecommunication Services, Wireless Telecommunication Services)		424,000		4,641,508
Industrial & Commercial Bank of China Limited Class H (Financials, Commercial Banks)		4,660,000		3,278,751
Shenguan Holdings Group Limited (Consumer Staples, Food Products)		1,886,000		957,564
Xtep International Holdings Limited (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		4,317,715		1,808,286
				14,306,888
Finland: 1.01%
Metso Oyj (Industrials, Machinery)		63,318		2,600,830
Germany: 9.38%
Allianz AG (Financials, Insurance)		26,525		3,914,143
Bayer AG (Health Care, Pharmaceuticals) «		38,291		3,994,855
Metro AG (Consumer Staples, Food & Staples Retailing) «		173,962		5,423,927
SAP AG (Information Technology, Software)		51,197		4,066,336
Siemens AG (Industrials, Industrial Conglomerates)		63,864		6,669,584
				24,068,845
Hong Kong: 4.49%
China Everbright Limited (Financials, Capital Markets)		4,160,000		6,615,130
Hengdeli Holdings Limited (Consumer Discretionary, Specialty Retail)		16,893,522		4,919,925
				11,535,055
Italy: 4.34%
ENI SpA (Energy, Oil, Gas & Consumable Fuels)		218,061		5,215,108
Intesa Sanpaolo SpA (Financials, Commercial Banks)		3,267,402		5,925,240
				11,140,348
Japan: 20.95%
Asahi Glass Company Limited (Industrials, Building Products)		746,000		5,846,479
Capcom Company Limited (Information Technology, Software)		277,700		4,572,073
Daiwa Securities Group Incorporated (Financials, Capital Markets)		759,000		6,719,157
Itochu Corporation (Industrials, Trading Companies & Distributors)		375,600		4,642,745
Mitsubishi UFJ Financial Group Incorporated (Financials, Commercial Banks)		868,500		5,906,709
Mitsui OSK Lines Limited (Industrials, Marine) †		1,456,000		6,048,931
Nitto Denko Corporation (Materials, Chemicals)		71,588		4,699,833
Sharp Corporation (Consumer Discretionary, Household Durables) †«		1,116,000		3,869,395

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

8 Wells Fargo Advantage International Equity Fund Portfolio of investments—April 30, 2013 (unaudited)

Security name	Shares		Value
Japan (continued)
Toyota Motor Corporation (Consumer Discretionary, Automobiles)		138,900	$	8,036,067
Yamada Denki Company Limited (Consumer Discretionary, Specialty Retail) «		71,820		3,458,941
				53,800,330
Netherlands: 2.07%
Akzo Nobel NV (Materials, Chemicals)		88,066		5,309,498
Norway: 2.52%
Frontline 2012 Limited (Energy, Oil, Gas & Consumable Fuels)144A †		123,728		909,749
Marine Harvest ASA (Consumer Staples, Food Products) †		5,351,950		5,568,664
				6,478,413
Russia: 1.81%
Mobile Telesystems ADR (Telecommunication Services, Wireless Telecommunication Services)		127,250		2,634,075
Sberbank of Russia (Financials, Commercial Banks)		629,774		1,999,532
				4,633,607
South Korea: 5.60%
Hana Financial Group Incorporated (Financials, Commercial Banks)		95,960		3,067,095
Samsung Electronics Company Limited GDR (Information Technology, Semiconductors & Semiconductor Equipment)144A		7,286		5,034,626
SK Telecom Company Limited (Telecommunication Services, Wireless Telecommunication Services)		35,780		6,286,598
				14,388,319
Sweden: 1.59%
Volvo AB Class B (Industrials, Machinery)		295,609		4,091,332
Switzerland: 8.45%
ABB Limited (Industrials, Electrical Equipment)		250,196		5,664,257
Compagnie Financiere Richemont SA (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		31,411		2,537,068
Novartis AG (Health Care, Pharmaceuticals)		58,076		4,312,914
Swatch Group AG Class B (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		5,508		3,154,453
Zurich Financial Services AG (Financials, Insurance)		21,542		6,014,523
				21,683,215
United Kingdom: 17.00%
BP plc (Energy, Oil, Gas & Consumable Fuels)		944,243		6,840,874
Capita plc (Industrials, Commercial Services & Supplies)		333,832		4,679,985
Chemring Group plc (Industrials, Aerospace & Defense)		293,983		1,238,001
Debenhams plc (Consumer Discretionary, Multiline Retail)		4,430,623		5,726,080
Man Group plc (Financials, Capital Markets)		3,794,182		6,023,353
Reckitt Benckiser Group plc (Consumer Staples, Household Products)		55,366		4,038,690
Smiths Group plc (Industrials, Industrial Conglomerates)		193,130		3,749,981
Vodafone Group plc ADR (Telecommunication Services, Wireless Telecommunication Services)		184,658		5,648,688
Wolseley plc (Industrials, Trading Companies & Distributors)		115,510		5,711,175
				43,656,827
United States: 4.98%
Apple Incorporated (Information Technology, Computers & Peripherals)		7,254		3,211,709
Bank of America Corporation (Financials, Diversified Financial Services)		219,731		2,704,889

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

Portfolio of investments—April 30, 2013 (unaudited) Wells Fargo Advantage International Equity Fund 9

Security name				Shares		Value
United States (continued)
KKR & Company LP (Financials, Capital Markets)					124,794	$	2,620,674
QUALCOMM Incorporated (Information Technology, Communications Equipment)					68,745		4,236,064
							12,773,336
Total Common Stocks (Cost $206,888,332)							245,436,005
	Yield
Short-Term Investments: 7.67%
Investment Companies: 7.67%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (u)(l)		0.13	%		5,910,195		5,910,195
Wells Fargo Securities Lending Cash Investments, LLC (v)(r)(u)(l)		0.18			13,799,393		13,799,393
Total Short-Term Investments (Cost $19,709,588)							19,709,588

Total investments in securities
(Cost $226,597,920) *	103.26	%		265,145,593
Other assets and liabilities, net	(3.26	)		(8,381,590	)
Total net assets	100.00	%	$	256,764,003

† Non-income-earning security

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

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

(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.

* Cost for federal income tax purposes is $230,479,041 and unrealized appreciation (depreciation) consists of:

Gross unrealized appreciation	$	46,792,531
Gross unrealized depreciation		(12,125,979	)
Net unrealized appreciation	$	34,666,552

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

10 Wells Fargo Advantage International Equity Fund Statement of assets and liabilities—April 30, 2013 (unaudited)

Assets
Investments
In unaffiliated securities (including securities on loan), at value (see cost below)	$	245,436,005
In affiliated securities, at value (see cost below)		19,709,588
Total investments, at value (see cost below)		265,145,593
Foreign currency, at value (see cost below)		3,669,345
Receivable for investments sold		1,276,520
Receivable for Fund shares sold		797,907
Receivable for dividends		2,040,350
Receivable for securities lending income		64,617
Unrealized gains on forward foreign currency contracts		228,263
Prepaid expenses and other assets		44,615
Total assets		273,267,210
Liabilities
Payable for investments purchased		770,720
Payable for Fund shares redeemed		1,483,105
Unrealized losses on forward foreign currency contracts		81,472
Payable upon receipt of securities loaned		13,799,393
Advisory fee payable		94,939
Distribution fees payable		15,363
Due to other related parties		47,199
Accrued expenses and other liabilities		211,016
Total liabilities		16,503,207
Total net assets	$	256,764,003
NET ASSETS CONSIST OF
Paid-in capital	$	278,698,083
Undistributed net investment income		2,137,490
Accumulated net realized losses on investments		(62,829,208	)
Net unrealized gains on investments		38,757,638
Total net assets	$	256,764,003
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE1
Net assets – Class A	$	114,652,803
Shares outstanding – Class A		10,489,965
Net asset value per share – Class A		$10.93
Maximum offering price per share – Class A2		$11.60
Net assets – Class B	$	7,611,085
Shares outstanding – Class B		715,221
Net asset value per share – Class B		$10.64
Net assets – Class C	$	17,215,387
Shares outstanding – Class C		1,599,914
Net asset value per share – Class C		$10.76
Net assets – Class R	$	1,890,930
Shares outstanding – Class R		173,121
Net asset value per share – Class R		$10.92
Net assets – Administrator Class	$	4,473,193
Shares outstanding – Administrator Class		415,948
Net asset value per share – Administrator Class		$10.75
Net assets – Institutional Class	$	110,920,605
Shares outstanding – Institutional Class		10,179,078
Net asset value per share – Institutional Class		$10.90
Investments in unaffiliated securities (including securities on loan), at cost	$	206,888,332
Investments in affiliated securities, at cost	$	19,709,588
Total investments, at cost	$	226,597,920
Securities on loan, at value	$	13,108,577
Foreign currency, at cost	$	3,674,633

1. The Fund has an unlimited number of authorized shares.

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

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

Statement of operations—six months ended April 30, 2013 (unaudited) Wells Fargo Advantage International Equity Fund 11

Investment income
Dividends *	$	3,896,421
Securities lending income, net		155,360
Income from affiliated securities		1,643
Total investment income		4,053,424
Expenses
Advisory fee		1,112,138
Administration fees
Fund level		65,420
Class A		146,691
Class B		10,313
Class C		22,047
Class R		2,554
Administrator Class		1,771
Institutional Class		47,377
Shareholder servicing fees
Class A		141,050
Class B		9,916
Class C		21,199
Class R		2,456
Administrator Class		4,133
Distribution fees
Class B		29,749
Class C		63,597
Class R		2,456
Custody and accounting fees		60,665
Professional fees		25,552
Registration fees		45,453
Shareholder report expenses		53,093
Trustees’ fees and expenses		6,158
Other fees and expenses		14,085
Total expenses		1,887,873
Less: Fee waivers and/or expense reimbursements		(513,141	)
Net expenses		1,374,732
Net investment income		2,678,692
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains (losses) on:
Unaffiliated securities		4,759,134
Forward foreign currency contract transactions		194,829
Net change in unrealized gains (losses) on investments		4,953,963
Net change in unrealized gains (losses) on:
Unaffiliated securities		29,000,030
Forward foreign currency contract transactions		146,791
Net change in unrealized gains (losses) on investments		29,146,821
Net realized and unrealized gains (losses) on investments		34,100,784
Net increase in net assets resulting from operations	$	36,779,476
* Net of foreign dividend withholding taxes in the amount of		$287,848

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

12 Wells Fargo Advantage International Equity Fund Statement of changes in net assets

	Six months ended April 30, 2013 (unaudited)						Year ended October 31, 2012
Operations
Net investment income				$	2,678,692					$	8,746,400
Net realized gains on investments					4,953,963						51,095,753
Net change in unrealized gains (losses) on investments					29,146,821						(56,343,362	)
Net increase in net assets resulting from operations					36,779,476						3,498,791
Distributions to shareholders from
Net investment income
Class A					(3,098,267	)					(3,362,916	)
Class B					(154,513	)					(122,321	)
Class C					(326,365	)					(235,205	)
Class R					(50,218	)					(54,384	)
Administrator Class					(96,415	)					(72,248	)
Institutional Class					(3,727,082	)					(5,313,952	)
Total distributions to shareholders					(7,452,860	)					(9,161,026	)
		Shares						Shares
Capital share transactions
Proceeds from shares sold
Class A		630,320			6,442,922			1,206,830			11,443,305
Class B		5,575			57,182			1,568			13,641
Class C		31,956			317,248			66,557			636,551
Class R		15,983			163,470			56,096			527,631
Administrator Class		100,731			1,053,279			128,059			1,224,190
Institutional Class		519,870			5,362,884			1,400,005			13,336,247
					13,396,985						27,181,565
Reinvestment of distributions
Class A		277,238			2,736,335			337,645			2,998,289
Class B		14,857			143,218			12,825			111,195
Class C		28,842			281,219			22,553			197,786
Class R		2,608			25,768			3,603			31,998
Administrator Class		6,902			67,021			5,501			48,081
Institutional Class		152,962			1,503,617			173,700			1,538,983
					4,757,178						4,926,332
Payment for shares redeemed
Class A		(2,110,658	)		(21,527,163	)		(6,445,573	)		(60,959,836	)
Class B		(181,948	)		(1,816,874	)		(496,265	)		(4,633,839	)
Class C		(210,902	)		(2,130,346	)		(693,161	)		(6,490,529	)
Class R		(70,742	)		(723,966	)		(146,002	)		(1,424,583	)
Administrator Class		(56,164	)		(567,265	)		(124,322	)		(1,176,862	)
Institutional Class		(4,660,985	)		(47,177,952	)		(10,520,941	)		(100,582,966	)
					(73,943,566	)					(175,268,615	)
Net decrease in net assets resulting from capital share transactions					(55,789,403	)					(143,160,718	)
Total decrease in net assets					(26,462,787	)					(148,822,953	)
Net assets
Beginning of period					283,226,790						432,049,743
End of period				$	256,764,003					$	283,226,790
Undistributed net investment income				$	2,137,490					$	6,911,658

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

Financial highlights Wells Fargo Advantage International Equity Fund 13

(For a share outstanding throughout each period)

	Six months ended April 30, 2013 (unaudited)			Year ended October 31
CLASS A				2012			2011			20101			20091			20081
Net asset value, beginning of period	$	9.77		$	9.82		$	10.41		$	9.14		$	8.54		$	17.72
Net investment income		0.10			0.25			0.17			0.09	2		0.17			0.31	2
Net realized and unrealized gains (losses) on investments		1.33			(0.09	)		(0.75	)		1.42			0.69			(7.50	)
Total from investment operations		1.43			0.16			(0.58	)		1.51			0.86			(7.19	)
Distributions to shareholders from
Net investment income		(0.27	)		(0.21	)		(0.01	)		(0.24	)		(0.26	)		(0.36	)
Net realized gains		0.00			0.00			0.00			0.00			0.00			(1.63	)
Total distributions to shareholders		(0.27	)		(0.21	)		(0.01	)		(0.24	)		(0.26	)		(1.99	)
Net asset value, end of period	$	10.93		$	9.77		$	9.82		$	10.41		$	9.14		$	8.54
Total return3		14.95	%		1.83	%		(5.62	)%		16.90	%		10.55	%		(45.46	)%
Ratios to average net assets (annualized)
Gross expenses		1.57	%		1.53	%		1.46	%		1.19	%		1.08	%		0.97	%
Net expenses		1.09	%		1.09	%		1.09	%		1.07	%		1.08	%		0.95	%
Net investment income		2.05	%		2.49	%		1.55	%		0.91	%		2.16	%		2.30	%
Supplemental data
Portfolio turnover rate		26	%		115	%		44	%		42	%		203	%		111	%
Net assets, end of period (000s omitted)		$114,653			$114,219			$162,954			$216,096			$255,075			$298,809

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

2. Calculated based upon average shares outstanding

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

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

14 Wells Fargo Advantage International Equity Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended April 30, 2013 (unaudited)			Year ended October 31
CLASS B				2012			2011			20101			20091			20081
Net asset value, beginning of period	$	9.47		$	9.48		$	10.12		$	8.81		$	8.18		$	17.02
Net investment income		0.06	2		0.16	2		0.08	2		0.01	2		0.11	2		0.21	2
Net realized and unrealized gains (losses) on investments		1.30			(0.07	)		(0.72	)		1.41			0.66			(7.20	)
Total from investment operations		1.36			0.09			(0.64	)		1.42			0.77			(6.99	)
Distributions to shareholders from
Net investment income		(0.19	)		(0.10	)		0.00			(0.11	)		(0.14	)		(0.23	)
Net realized gains		0.00			0.00			0.00			0.00			0.00			(1.62	)
Total distributions to shareholders		(0.19	)		(0.10	)		0.00			(0.11	)		(0.14	)		(1.85	)
Net asset value, end of period	$	10.64		$	9.47		$	9.48		$	10.12		$	8.81		$	8.18
Total return3		14.52	%		0.99	%		(6.32	)%		16.15	%		9.64	%		(45.86	)%
Ratios to average net assets (annualized)
Gross expenses		2.32	%		2.28	%		2.21	%		1.94	%		1.83	%		1.70	%
Net expenses		1.84	%		1.84	%		1.84	%		1.82	%		1.83	%		1.70	%
Net investment income		1.24	%		1.67	%		0.77	%		0.15	%		1.45	%		1.59	%
Supplemental data
Portfolio turnover rate		26	%		115	%		44	%		42	%		203	%		111	%
Net assets, end of period (000s omitted)		$7,611			$8,303			$12,873			$20,450			$22,300			$29,756

1. After the close of business on July 16, 2010, the Fund acquired the net assets of Evergreen International Equity Fund which became the accounting and performance survivor in the transaction. The information for the periods prior to July 19, 2010 is that of Class B of Evergreen International Equity Fund.

2. Calculated based upon average shares outstanding

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

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

Financial highlights Wells Fargo Advantage International Equity Fund 15

(For a share outstanding throughout each period)

	Six months ended April 30, 2013 (unaudited)			Year ended October 31
CLASS C				2012			2011			20101			20091			20081
Net asset value, beginning of period	$	9.58		$	9.59		$	10.24		$	8.93		$	8.27		$	17.22
Net investment income		0.07	2		0.16	2		0.06			0.01	2		0.07	2		0.21	2
Net realized and unrealized gains (losses) on investments		1.30			(0.07	)		(0.71	)		1.41			0.72			(7.27	)
Total from investment operations		1.37			0.09			(0.65	)		1.42			0.79			(7.06	)
Distributions to shareholders from
Net investment income		(0.19	)		(0.10	)		0.00			(0.11	)		(0.13	)		(0.25	)
Net realized gains		0.00			0.00			0.00			0.00			0.00			(1.64	)
Total distributions to shareholders		(0.19	)		(0.10	)		0.00			(0.11	)		(0.13	)		(1.89	)
Net asset value, end of period	$	10.76		$	9.58		$	9.59		$	10.24		$	8.93		$	8.27
Total return3		14.51	%		1.08	%		(6.35	)%		16.13	%		9.62	%		(45.85	)%
Ratios to average net assets (annualized)
Gross expenses		2.32	%		2.28	%		2.21	%		1.94	%		1.83	%		1.70	%
Net expenses		1.84	%		1.84	%		1.84	%		1.82	%		1.83	%		1.70	%
Net investment income		1.31	%		1.72	%		0.79	%		0.16	%		1.39	%		1.61	%
Supplemental data
Portfolio turnover rate		26	%		115	%		44	%		42	%		203	%		111	%
Net assets, end of period (000s omitted)		$17,215			$16,760			$22,578			$30,439			$36,718			$47,114

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

2. Calculated based upon average shares outstanding

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

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

16 Wells Fargo Advantage International Equity Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended April 30, 2013 (unaudited)			Year ended October 31
CLASS R				2012			2011			20101			20091			20081
Net asset value, beginning of period	$	9.75		$	9.79		$	10.40		$	9.13		$	8.51		$	17.70
Net investment income		0.09	2		0.20	2		0.14	2		0.06	2		0.14			0.27	2
Net realized and unrealized gains (losses) on investments		1.32			(0.06	)		(0.75	)		1.42			0.71			(7.46	)
Total from investment operations		1.41			0.14			(0.61	)		1.48			0.85			(7.19	)
Distributions to shareholders from
Net investment income		(0.24	)		(0.18	)		0.00			(0.21	)		(0.23	)		(0.35	)
Net realized gains		0.00			0.00			0.00			0.00			0.00			(1.65	)
Total distributions to shareholders		(0.24	)		(0.18	)		0.00			(0.21	)		(0.23	)		(2.00	)
Net asset value, end of period	$	10.92		$	9.75		$	9.79		$	10.40		$	9.13		$	8.51
Total return3		14.75	%		1.58	%		(5.87	)%		16.58	%		10.13	%		(45.52	)%
Ratios to average net assets (annualized)
Gross expenses		1.82	%		1.78	%		1.71	%		1.45	%		1.33	%		1.20	%
Net expenses		1.34	%		1.34	%		1.34	%		1.33	%		1.33	%		1.20	%
Net investment income		1.72	%		2.11	%		1.31	%		0.66	%		1.79	%		2.03	%
Supplemental data
Portfolio turnover rate		26	%		115	%		44	%		42	%		203	%		111	%
Net assets, end of period (000s omitted)		$1,891			$2,196			$3,050			$4,066			$3,811			$3,603

1. After the close of business on July 16, 2010, the Fund acquired the net assets of Evergreen International Equity Fund which became the accounting and performance survivor in the transaction. The information for the periods prior to July 19, 2010 is that of Class R of Evergreen International Equity Fund.

2. Calculated based upon average shares outstanding

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

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

Financial highlights Wells Fargo Advantage International Equity Fund 17

(For a share outstanding throughout each period)

	Six months ended April 30, 2013 (unaudited)			Year ended October 31
ADMINISTRATOR CLASS				2012			2011			20101
Net asset value, beginning of period	$	9.62		$	9.67		$	10.28		$	8.82
Net investment income		0.11	2		0.25			0.16			0.01
Net realized and unrealized gains (losses) on investments		1.29			(0.09	)		(0.74	)		1.45
Total from investment operations		1.40			0.16			(0.58	)		1.46
Distributions to shareholders from
Net investment income		(0.27	)		(0.21	)		(0.03	)		0.00
Net asset value, end of period	$	10.75		$	9.62		$	9.67		$	10.28
Total return3		14.89	%		1.88	%		(5.68	)%		16.55	%
Ratios to average net assets (annualized)
Gross expenses		1.39	%		1.36	%		1.25	%		1.36	%
Net expenses		1.09	%		1.09	%		1.09	%		1.09	%
Net investment income		2.14	%		2.52	%		1.58	%		0.32	%
Supplemental data
Portfolio turnover rate		26	%		115	%		44	%		42	%
Net assets, end of period (000s omitted)		$4,473			$3,505			$3,436			$89

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

2. Calculated based upon average shares outstanding

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

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

18 Wells Fargo Advantage International Equity Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended April 30, 2013 (unaudited)			Year ended October 31
INSTITUTIONAL CLASS				2012			2011			20101			20091			20081
Net asset value, beginning of period	$	9.76		$	9.83		$	10.42		$	9.17		$	8.59		$	17.82
Net investment income		0.11	2		0.37			0.19	2		0.11	2		0.21			0.32	2
Net realized and unrealized gains (losses) on investments		1.33			(0.19	)		(0.75	)		1.43			0.67			(7.52	)
Total from investment operations		1.44			0.18			(0.56	)		1.54			0.88			(7.20	)
Distributions to shareholders from
Net investment income		(0.30	)		(0.25	)		(0.03	)		(0.29	)		(0.30	)		(0.41	)
Net realized gains		0.00			0.00			0.00			0.00			0.00			(1.62	)
Total distributions to shareholders		(0.30	)		(0.25	)		(0.03	)		(0.29	)		(0.30	)		(2.03	)
Net asset value, end of period	$	10.90		$	9.76		$	9.83		$	10.42		$	9.17		$	8.59
Total return3		15.12	%		2.05	%		(5.38	)%		17.17	%		10.73	%		(45.26	)%
Ratios to average net assets (annualized)
Gross expenses		1.14	%		1.10	%		1.03	%		0.87	%		0.83	%		0.69	%
Net expenses		0.84	%		0.84	%		0.84	%		0.82	%		0.83	%		0.69	%
Net investment income		2.21	%		2.67	%		1.78	%		1.15	%		2.39	%		2.34	%
Supplemental data
Portfolio turnover rate		26	%		115	%		44	%		42	%		203	%		111	%
Net assets, end of period (000s omitted)		$110,921			$138,245			$227,158			$373,200			$671,417			$795,416

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

2. Calculated based upon average shares outstanding

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

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

Notes to financial statements (unaudited) Wells Fargo Advantage International Equity Fund 19

1. ORGANIZATION

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

All investments are valued each business day as of the close of regular trading on the New York Stock Exchange (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.

Securities denominated in foreign currencies are translated into U.S. dollars using the rates of exchange in effect on the day of valuation at a time specified by the Management Valuation Team of Wells Fargo Funds Management, LLC (“Funds Management”).

Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange and therefore may not fully reflect trading or events that occur after the close of the principal exchange in which the foreign securities are traded, but before the close of the New York Stock Exchange. If such trading or events are expected to materially affect the value of such securities, then fair value pricing procedures approved by the Board of Trustees are applied. These procedures take into account multiple factors including movements in U.S. securities markets after foreign exchanges close. Foreign securities that are fair valued under these procedures are categorized as Level 2 and the application of these procedures may result in transfers between Level 1 and Level 2. Depending on market activity, such fair valuations may be frequent. Such fair value pricing may result in NAVs that are higher or lower than NAVs based on the last reported sales price or latest quoted bid price. On April 30, 2013, fair value pricing was not used in pricing foreign securities.

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. 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.

20 Wells Fargo Advantage International Equity Fund Notes to financial statements (unaudited)

Foreign currency translation

The accounting records of the Fund are maintained in U.S. dollars. Assets, including investment securities, and liabilities denominated in foreign currency are translated into U.S. dollars at the rates of exchange at a time specified by the Management Valuation Team on the date of valuation. Purchases and sales of securities, and income and expenses are converted at the rate of exchange on the respective dates of such transactions. Reported net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded and the U.S. dollar equivalent of the amounts actually paid or received. Net unrealized foreign exchange gains and losses arise from changes in the fair value of assets and liabilities other than investments in securities resulting in changes in exchange rates.

The changes in net assets arising from changes in exchange rates and the changes in net assets resulting from changes in market prices of securities are not separately presented. Such changes are recorded with net realized and unrealized gains or losses from investments. Gains and losses from certain foreign currency transactions are treated as ordinary income for U.S. federal income tax purposes.

Forward foreign currency contracts

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

Security loans

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

The Fund lends its securities through an unaffiliated securities lending agent. Cash collateral received in connection with its securities lending transactions is invested in 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, except for certain dividends from foreign securities, which are recorded as soon as the Fund is informed of the ex-dividend date. Dividend income from foreign securities is recorded net of foreign taxes withheld where recovery of such taxes is not assured.

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

Distributions to shareholders

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

Federal and other taxes

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

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

As of October 31, 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 $62,820,004 expiring in 2016.

Class allocations

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

As of April 30, 2013, the inputs used in valuing investments in securities 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	$	245,436,005	$	0	$	0	$	245,436,005
Short-term investments
Investment companies		5,910,195		13,799,393		0		19,709,588
	$	251,346,200	$	13,799,393	$	0	$	265,145,593

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

As of April 30, 2013, the inputs used in valuing the Fund’s other financial instruments were as follows:

Other financial instruments	Quoted prices (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Forward foreign currency contracts+	$	0	$	146,791	$	0	$	146,791

+ Forward foreign currency contracts are presented at the unrealized gains or losses on the instrument.

Transfers in and transfers out are recognized at the end of the reporting period. For the six months ended April 30, 2013, the Fund did not have any significant 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 0.85% and declining to 0.70% as the average daily net assets of the Fund increase. For the six months ended April 30, 2013, the advisory fee was equivalent to an annual rate of 0.85% of the Fund’s average daily net assets.

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Funds Management. WellsCap, an affiliate of Funds Management, is the subadviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.45% and declining to 0.40% as the average daily net assets of the Fund increase.

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 February 28, 2014 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.09% for Class A shares, 1.84% for Class B shares, 1.84% for Class C shares, 1.34% for Class R shares, 1.09% for Administrator Class shares, and 0.84% for Institutional Class shares.

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.

For the six months ended April 30, 2013, Wells Fargo Funds Distributor, LLC received $1,677 from the sale of Class A shares and $1,263 in contingent deferred sales charges from redemptions of Class B shares.

Shareholder servicing fees

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

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

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended April 30, 2013 were $66,024,880 and $133,007,717, respectively.

6. DERIVATIVE TRANSACTIONS

During the six months ended April 30, 2013, the Fund entered into forward foreign currency contracts for economic hedging purposes.

At April 30, 2013, the Fund had forward foreign currency contracts outstanding as follows:

Forward foreign currency contracts to sell:

Exchange date	Counterparty	Contracts to receive/deliver			U.S. value at April 30, 2013		In exchange for U.S. $		Unrealized gains (losses)
7-8-2013	State Street Bank		995,278,000	JPY	$	10,213,177	$	10,441,439	$	228,262
7-8-2013	State Street Bank		406,177,400	JPY		4,168,042		4,086,571		(81,471	)

The Fund had average contract amounts of $316,662 and $5,450,257 in forward foreign currency contracts to buy and forward foreign currency contracts to sell, respectively, during the six months ended April 30, 2013.

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

7. BANK BORROWINGS

The Trust (excluding the money market funds and certain other funds in the Trust) and Wells Fargo Variable Trust are parties to a $150,000,000 revolving credit agreement 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 April 30, 2013, the Fund paid $292 in commitment fees.

For the six months ended April 30, 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 International Equity Fund Other information (unaudited)

TAX INFORMATION

Pursuant to Section 853 of the Internal Revenue Code, the following amounts were designated as foreign taxes paid for the fiscal year ended October 31, 2012. These amounts may be less than the actual foreign taxes paid for financial statement purposes. Foreign taxes paid or withheld should be included in taxable income with an offsetting deduction from gross income or as a credit for taxes paid to foreign governments. None of the income was derived from ineligible foreign sources as defined under Section 901(j) of the Internal Revenue Code.

Creditable foreign taxes paid	Per share amount on October 31, 2012	Foreign income as % of ordinary income distributions
$480,518	$0.02	97.46%

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 International Equity 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 131 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

26 Wells Fargo Advantage International Equity 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,	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 2003 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 58 funds and Assistant Treasurer of 73 funds in the Fund Complex.

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

Other information (unaudited) Wells Fargo Advantage International Equity Fund 27

BOARD CONSIDERATION OF INVESTMENT ADVISORY AND SUBADVISORY AGREEMENTS:

Under Section 15 of the Investment Company Act of 1940 (the “1940 Act”), the Board of Trustees (the “Board”) of Wells Fargo Funds Trust (the “Trust”), all the members of which have no direct or indirect interest in the investment advisory and sub-advisory agreements and are not “interested persons” of the Trust, as defined in the 1940 Act (the “Independent Trustees”), must determine whether to approve the continuation of the Trust’s investment advisory and sub-advisory agreements. In this regard, at an in-person meeting held on March 28-29, 2013 (the “Meeting”), the Board reviewed: (i) an investment advisory agreement with Wells Fargo Funds Management, LLC (“Funds Management”) for Wells Fargo Advantage International Equity Fund (the “Fund”) and (ii) an investment sub-advisory agreement with Wells Capital Management Incorporated (the “Sub-Adviser”), an affiliate of Funds Management, for the Fund. The investment advisory agreement with Funds Management and the investment sub-advisory agreement with the Sub-Adviser are collectively referred to as the “Advisory Agreements.”

At the Meeting, the Board considered the factors and reached the conclusions described below relating to the selection of Funds Management and the Sub-Adviser and the continuation of the Advisory Agreements. Prior to the Meeting, the Trustees conferred extensively among themselves and with representatives of Funds Management about these matters. The Board has adopted a team-based approach, with each team consisting of a sub-set of Trustees, to assist the Board in the discharge of its duties in reviewing performance and other matters throughout the year. The Independent Trustees were assisted in their evaluation of the Advisory Agreements by independent legal counsel, from whom they received separate legal advice and with whom they met separately.

In providing information to the Board, Funds Management and the Sub-Adviser were guided by a detailed set of requests for information submitted to them by independent legal counsel on behalf of the Independent Trustees at the start of the Board’s annual contract renewal process earlier in 2013. In considering and approving the Advisory Agreements, the Trustees considered the information they believed relevant, including but not limited to the information discussed below. The Board considered not only the specific information presented in connection with the Meeting, but also the knowledge gained over time through interaction with Funds Management and the Sub-Adviser about various topics. In this regard, the Board reviewed reports of Funds Management at each of its quarterly meetings, which included, among other things, portfolio reviews and performance reports. In addition, the Board and the teams mentioned above confer with portfolio managers at various times throughout the year. The Board did not identify any particular information or consideration that was all-important or controlling, and each individual Trustee may have attributed different weights to various factors.

After its deliberations, the Board unanimously determined that the continuation of the Advisory Agreements is in the best interests of the Fund and its shareholders, and that the compensation payable to Funds Management and the Sub-Adviser is reasonable. The Board considered the continuation of the Advisory Agreements for the Fund as part of its consideration of the continuation of advisory agreements for funds across the complex, but each decision was made on a fund-by-fund basis. The following summarizes a number of important, but not necessarily all, factors considered by the Board in reaching its determination.

Nature, extent and quality of services

The Board received and considered various information regarding the nature, extent and quality of services provided to the Fund by Funds Management and the Sub-Adviser under the Advisory Agreements. This information included, among other things, a summary of the background and experience of senior management of Funds Management, and the qualifications, background, tenure and responsibilities of each of the portfolio managers primarily responsible for the day-to-day portfolio management of the Fund.

The Board evaluated the ability of Funds Management and the Sub-Adviser, based on attributes such as their financial condition, resources and reputation, to attract and retain qualified investment professionals, including research, advisory and supervisory personnel. The Board further considered the compliance programs and compliance records of Funds Management and the Sub-Adviser. In addition, the Board took into account the administrative and other services provided to the Fund by Funds Management and its affiliates and Funds Management’s oversight of the Fund’s various service providers.

Fund performance and expenses

The Board considered the performance results for the Fund over various time periods ended December 31, 2012. The Board also considered these results in comparison to the performance of funds in a universe that was determined by Lipper Inc. (“Lipper”) to be similar to the Fund (the “Universe”), and in comparison to the Fund’s benchmark index and to

28 Wells Fargo Advantage International Equity Fund Other information (unaudited)

other comparative data. Lipper is an independent provider of investment company data. The Board received a description of the methodology used by Lipper to select the mutual funds in the performance Universe. The Board noted that the performance of the Fund (Class A) was higher than or in range of the median performance of the Universe for all periods under review except for the one- and five-year periods under review. The Board also noted that the performance of the Fund was lower than its benchmark, the Morgan Stanley Composite Index All Country World Index ex USA (Net), for all periods under review except for the three-year period.

The Board received information concerning, and discussed factors contributing to, the underperformance of the Fund relative to the benchmark and the Universe for the periods noted above. Funds Management advised the Board about the market conditions and investment decisions that it believed contributed to the underperformance during that period. The Board noted that the Fund’s Universe had changed from the International Large Cap Core classification to the International Multi Cap Core classification. The Board also noted that the Fund experienced a portfolio manager change in 2012. The Board was satisfied with the explanation of the underperformance.

The Board received and considered information regarding the Fund’s net operating expense ratios and their various components, including actual management fees (which reflect fee waivers, if any, and include advisory, administration and transfer agent fees), custodian and other non-management fees, Rule 12b-1 and non-Rule 12b-1 service fees and fee waiver and expense reimbursement arrangements. The Board also considered these ratios in comparison to the median ratios of funds in class-specific expense groups that were determined by Lipper to be similar to the Fund (the “Groups”). The Board received a description of the methodology used by Lipper to select the mutual funds in the expense Groups. Based on the Lipper reports, the Board noted that the net operating expense ratios of the Fund were lower than the median net operating expense ratios of the expense Groups. The Board and Funds Management agreed to maintain the current contractual net expense ratio caps for the Fund.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board concluded that the overall performance and expense structure of the Fund supported the re-approval of the Advisory Agreements.

Investment advisory and sub-advisory fee rates

The Board reviewed and considered the contractual investment advisory fee rates that are payable by the Fund to Funds Management for investment advisory services (the “Advisory Agreement Rates”), both on a stand-alone basis and on a combined basis with the Fund’s fund-level and class-level contractual administration fee rates (the “Management Rates”). The Board noted that the administration fees include transfer agency costs. The Board also reviewed and considered the contractual investment sub-advisory fee rates that are payable by Funds Management to the Sub-Adviser for investment sub-advisory services (the “Sub-Advisory Agreement Rates”).

Among other information reviewed by the Board was a comparison of the Management Rates of the Fund with those of other funds in the expense Groups at a common asset level. The Board noted that the Management Rates of the Fund were higher than the median rates for the Fund’s expense Groups for all classes except the Institutional Class. The Board and Funds Management agreed to maintain the current contractual net expense ratio caps for the Fund, including the Institutional Class.

The Board also received and considered information about the portion of the total advisory fee that was retained by Funds Management after payment of the fee to the Sub-Adviser for sub-advisory services. In assessing the reasonableness of this amount, the Board received and evaluated information concerning the nature and extent of responsibilities retained and risks assumed by Funds Management and not delegated to or assumed by the Sub-Adviser, and about Funds Management’s on-going oversight services. In recognition of the fact that the Wells Fargo enterprise provides a suite of combined advisory and sub-advisory services to the Fund through affiliated entities, the Board ascribed limited relevance to the allocation of the total advisory fee between Funds Management and the Sub-Adviser.

The Board also received and considered information about the nature and extent of services offered and fee rates charged by Funds Management and the Sub-Adviser to other types of clients. In this regard, the Board received information about the significantly greater scope of services, and compliance, reporting and other legal burdens and risks of managing mutual funds compared with those associated with managing assets of non-mutual fund clients such as collective funds or institutional separate accounts.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board determined that the Advisory Agreement Rates and the Sub-Advisory Agreement Rates were reasonable in light of the services covered by the Advisory Agreements.

Other information (unaudited) Wells Fargo Advantage International Equity Fund 29

Profitability

The Board received and considered information concerning the profitability of Funds Management, as well as the profitability of Wells Fargo as a whole, from providing services to the Fund. The Board did not receive or consider to be necessary separate profitability information with respect to the Sub-Adviser, because, as an affiliate of Funds Management, its profitability information was subsumed in the collective Wells Fargo profitability analysis provided by Funds Management.

Funds Management explained the methodologies and estimates that it used in calculating the profitability from the Fund and the fund family as a whole. Among other things, the Board noted that the levels of profitability reported on a fund-by-fund basis varied widely, depending on factors such as the size and type of fund. Based on its review, the Board did not deem the profits reported by Funds Management to be at a level that would prevent it from approving the continuation of the Advisory Agreements.

Economies of scale

With respect to possible economies of scale, the Board reviewed the breakpoints in the Fund’s advisory fee and administration fee structure, which operate generally to reduce the Fund’s expense ratios as the Fund grows in size. It considered that, for a small fund or a fund that shrinks in size, breakpoints conversely can result in higher fee levels. The Board also considered fee waiver and expense reimbursement arrangements as a means of sharing potential economies of scale with the Fund. The Board acknowledged the inherent limitations of any analysis of potential economies of scale and of any attempt to correlate breakpoints with such economies. Nonetheless, the Board concluded that the breakpoints and net operating expense ratio caps appeared to be a reasonable approach to sharing potential economies of scale with the Fund.

Other benefits to Funds Management and the Sub-Adviser

The Board received and considered information regarding potential “fall-out” or ancillary benefits received by Funds Management and its affiliates, including the Sub-Adviser, as a result of their relationship with the Fund. Ancillary benefits could include, among others, benefits directly attributable to other relationships with the Fund and benefits potentially derived from an increase in Funds Management’s and the Sub-Adviser’s business as a result of their relationship with the Fund (such as the ability to market to shareholders other financial products and services offered by Funds Management and its affiliates, including the Sub-Adviser, or to operate other products and services that follow investment strategies similar to those of the Fund).

The Board considered that Wells Fargo Funds Distributor, LLC, an affiliate of Funds Management, serves as distributor to the Fund and receives certain compensation for those services. The Board noted that various financial institutions, including affiliates of Funds Management, may receive distribution-related fees, shareholder servicing payments (including amounts derived from payments under Rule 12b-1 plans) and sub-transfer agency fees in respect of shares sold or held through them and services provided.

The Board also reviewed information about whether and to what extent soft dollar credits are sought and how any such credits are utilized, and any benefits that might be realized by an affiliated broker that handles portfolio transactions for the Fund.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board did not find that any ancillary benefits received by Funds Management and its affiliates, including the Sub-Adviser, were unreasonable.

Conclusion

After considering the above-described factors and based on its deliberations and its evaluation of the information described above, the Board unanimously approved the continuation of the Advisory Agreements for an additional one-year period.

30 Wells Fargo Advantage International Equity Fund List of abbreviations

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

ACA —  ACA Financial Guaranty Corporation

ADR —  American depositary receipt

ADS —  American depositary shares

AGC —  Assured Guaranty Corporation

AGM —  Assured Guaranty Municipal

Ambac —  Ambac Financial Group Incorporated

AMT —  Alternative minimum tax

AUD —  Australian dollar

BAN —  Bond anticipation notes

BHAC —  Berkshire Hathaway Assurance Corporation

BRL —  Brazilian real

CAB —  Capital appreciation bond

CAD —  Canadian dollar

CCAB —  Convertible capital appreciation bond

CDA —  Community Development Authority

CDO —  Collateralized debt obligation

CHF —  Swiss franc

COP —  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.

216835 06-13 SA240/SAR240 4-13

Wells Fargo Advantage

Intrinsic World Equity Fund

Semi-Annual Report

April 30, 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	10
Statement of operations	11
Statement of changes in net assets	12
Financial highlights	13
Notes to financial statements	17
Other information	22
List of abbreviations	28

The views expressed and any forward-looking statements are as of April 30, 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 100 mutual funds across a wide range of asset classes, representing over $228 billion in assets under management, as of April 30, 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
Conservative Income Fund	International Bond Fund	Strategic Income Fund
Core Bond Fund	Minnesota Tax-Free Fund	Strategic Municipal Bond Fund
Emerging Markets Local Bond Fund	Municipal Bond Fund	Ultra Short-Term Income Fund
Government Securities Fund	North Carolina Tax-Free Fund	Ultra Short-Term Municipal Income Fund
High Income Fund	Pennsylvania Tax-Free Fund	Wisconsin Tax-Free Fund
High Yield Bond Fund
Asset allocation funds
Absolute Return Fund	WealthBuilder Equity Portfolio†	Target 2020 Fund†
Asset Allocation Fund	WealthBuilder Growth Allocation Portfolio†	Target 2025 Fund†
Diversified Capital Builder Fund	WealthBuilder Growth Balanced Portfolio†	Target 2030 Fund†
Diversified Income Builder Fund	WealthBuilder Moderate Balanced Portfolio†	Target 2035 Fund†
Growth Balanced Fund	WealthBuilder Tactical Equity Portfolio†	Target 2040 Fund†
Index Asset Allocation Fund	Target Today Fund†	Target 2045 Fund†
Moderate Balanced Fund	Target 2010 Fund†	Target 2050 Fund†
WealthBuilder Conservative Allocation Portfolio†	Target 2015 Fund†	Target 2055 Fund†
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 World Equity Fund Letter to shareholders (unaudited)

Karla M. Rabusch

President

Wells Fargo Advantage Funds

Investors were heartened by the resilient performance of the German economy and by the fact that the United Kingdom managed to avoid another recession.

Dear Valued Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Advantage Intrinsic World Equity Fund for the six-month period that ended April 30, 2013. Much of the period was marked by diminished worries of a sovereign debt default in Europe, partially offset by concerns about slowing economic growth in China. Continued monetary easing by global central banks helped support rallies in developed stock markets, but major emerging markets lagged.

Developed markets posted double-digit returns, but major emerging markets lagged.

Global developed equity markets demonstrated continued strength throughout the reporting period despite a budget fight and sequestration cuts in the U.S. and Europe’s seemingly never-ending debt crisis, with Cyprus becoming the newest addition to a list of countries mired in debt. Investors were heartened by the resilient performance of the German economy and by the fact that the United Kingdom managed to avoid another recession. Relatively positive economic data from the U.S. also aided sentiment for developed-market stocks. Although reported U.S. gross domestic product (GDP) growth came in at a moderate 0.4% annualized rate in the fourth quarter of 2012—in part, due to the temporary aftereffects from Hurricane Sandy, which devastated the Eastern Seaboard in October 2012—GDP growth improved to a 2.4% annualized rate for the first quarter of 2013. Monetary easing by major central banks also supported equity markets.

As judged by various MSCI indexes, major emerging markets generally underperformed. Despite China’s smooth transition to a new generation of political leadership, the country’s decelerating growth rate caused its stock market to lag not only developed markets but also the main MSCI Emerging Markets Index (Net)¹. Given China’s importance as a buyer of raw commodities from countries such as Brazil, as well as its key role in Asia’s manufacturing chain, fears of a recession in China led to single-digit returns for other emerging markets.

Central banks continued to provide stimulus.

Major central banks, including the U.S. Federal Reserve Board (Fed) and the European Central Bank (ECB), continued to inject liquidity into the banks and the market 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. After its September 2012 meeting, the FOMC announced its intention to keep interest rates low until at least mid-2015 and to make open-ended purchases of $40 billion per month in mortgage-backed securities to support the housing market.

After cutting its key rate to 0.75% in July 2012, the ECB announced in September 2012 that it would purchase an unlimited amount of one- to three-year sovereign debt from countries that had formally applied for a bailout. In May 2013, after the end of the reporting period, the ECB cut its key rate to a historic low of 0.50%. The ECB’s aggressive actions helped ease investor worries about a eurozone sovereign debt default. Moreover, in mid-March 2013, the governor of the Bank of Japan resigned to allow Shinzo Abe, the recently reelected prime minister, to appoint a new bank governor who supported using aggressive monetary policies to attack Japan’s persistent deflation.

1. The Morgan Stanley Capital International Emerging Markets (MSCI Emerging Markets) Index (Net) is a free float-adjusted market capitalization index designed to measure the equity market performance in the global emerging markets. The index is currently composed of 21 emerging markets country indexes. You cannot invest directly in an index. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI.

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

The debt crisis in the eurozone returned to center stage but with less impact than before.

Ongoing weakness in the Greek economy made it difficult for the country to meet previously agreed upon austerity targets. Because many eurozone banks owned Greek debt and many U.S. banks had financial ties to eurozone banks, investors initially worried that a Greek default would result in another global financial crisis. However, as central banks continued to provide liquidity, investor worries about the effect of a European sovereign debt default on the global economy began to ease. When the tiny eurozone nation of Cyprus was forced to implement capital controls and impose losses on uninsured bank depositors in March 2013, global stock markets remained resilient despite short-term volatility.

Global monetary easing helped push the MSCI EAFE Index (Net)², an index of developed stock markets, to a 16.90% return for the six-month period. By comparison, the S&P 500 Index³, a barometer of large-cap U.S. stocks, posted a 14.42% return for the reporting period. Within emerging markets, smaller markets, such as the Philippines and Thailand, strongly outperformed the larger markets, such as China, India, and Brazil. The smaller markets are benefiting from high growth rates without some of the imbalances—such as an overreliance on real estate—that are affecting the larger emerging markets.

We employ a diverse array of investment strategies, even as many variables are at work in the market.

The full effect of the European credit crisis remains unknown. Elevated unemployment in the U.S. and Southern Europe continues 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 diversification⁴ 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

Within emerging markets, smaller markets, such as the Philippines and Thailand, strongly outperformed the larger markets, such as China, India, and Brazil.

2. The Morgan Stanley Capital International Europe, Australasia, and Far East (MSCI EAFE) Index (Net) is an unmanaged group of securities widely regarded by investors to be representations of the stock markets of Europe, Australasia, and the Far East. You cannot invest directly in an index.

3. 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.

4. Diversification does not assure or guarantee better performance and cannot eliminate the risk of investment losses.

4 Wells Fargo Advantage Intrinsic World Equity Fund Performance highlights (unaudited)

Investment objective

The Fund seeks long-term capital appreciation.

Adviser

Wells Fargo Funds Management, LLC

Subadviser

Metropolitan West Capital Management, LLC

Portfolio managers

Jean-Baptiste Nadal, CFA

Jeffrey Peck

Average annual total returns¹ (%) as of April 30, 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 (EWEAX)	4-30-1996		8.61		2.75		9.90		15.26		3.97		10.56		1.52		1.41
Class C (EWECX)	5-18-2007		13.36		3.20		9.74		14.36		3.20		9.74		2.27		2.16
Administrator Class (EWEIX)	5-18-2007		–		–		–		15.59		4.22		10.71		1.36		1.16
Institutional Class (EWENX)	7-30-2010		–		–		–		15.79		4.33		10.77		1.09		0.96
MSCI World Index (Net)4	–		–		–		–		16.70		1.81		8.29		–		–

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, which assumes the reinvestment of dividends and capital gains. Current month-end performance is available on the Fund’s website, wellsfargoadvantagefunds.com.

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

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

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

Please see footnotes on page 5.

Performance highlights (unaudited) Wells Fargo Advantage Intrinsic World Equity Fund 5

Ten largest equity holdings5 (%) as of April 30, 2013
Samsung Electronics Company Limited	2.98
Oracle Corporation	2.92
Unilever NV	2.76
European Aeronautic Defence & Space Company NV	2.75
Franklin Resources Incorporated	2.57
Visa Incorporated Class A	2.53
JPMorgan Chase & Company	2.52
Baxter International Incorporated	2.41
Adidas-Salomon AG	2.40
DBS Group Holdings Limited	2.37

Sector distribution⁶ as of April 30, 2013

1. Historical performance shown for Class C shares prior to their inception reflects the performance of Class A 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. Historical performance shown for the Administrator Class shares prior to their inception reflects the performance of Class A shares, and includes the higher expenses applicable to Class A shares. If these expenses had not been included, returns would be higher. Historical performance shown for all classes of the Fund prior to July 19, 2010, is based on the performance of the Fund’s predecessor, Evergreen Intrinsic World Equity Fund.

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

3. The Adviser has committed through February 28, 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 1.40% for Class A, 2.15% for Class C, 1.15% for Administrator Class, and 0.95% 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 Morgan Stanley Capital International World Index (Net) (MSCI World Index (Net)) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets. You cannot invest directly in an index. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI.

5. The ten largest 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. Top holdings typically include the underlying ordinary shares combined with any depositary receipts.

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

6 Wells Fargo Advantage Intrinsic World Equity Fund Fund expenses (unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from November 1, 2012 to April 30, 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 11-1-2012		Ending account value 4-30-2013		Expenses paid during the period¹		Net annual expense ratio
Class A
Actual	$	1,000.00	$	1,142.96	$	7.44		1.40	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.85	$	7.00		1.40	%
Class C
Actual	$	1,000.00	$	1,138.38	$	11.40		2.15	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,014.13	$	10.74		2.15	%
Administrator Class
Actual	$	1,000.00	$	1,144.24	$	6.11		1.15	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.09	$	5.76		1.15	%
Institutional Class
Actual	$	1,000.00	$	1,145.61	$	5.05		0.95	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.08	$	4.76		0.95	%

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

Portfolio of investments—April 30, 2013 (unaudited) Wells Fargo Advantage Intrinsic World Equity Fund 7

Security name	Shares		Value
Common Stocks: 97.36%
Chile: 1.85%
Enersis SA ADR (Utilities, Electric Utilities)		174,600	$	3,296,448
France: 5.52%
L’Oreal SA (Consumer Staples, Personal Products)		20,500		3,655,459
Total SA (Energy, Oil, Gas & Consumable Fuels)		51,880		2,614,736
Total SA ADR (Energy, Oil, Gas & Consumable Fuels)		11,300		567,712
Vivendi SA (Telecommunication Services, Wireless Telecommunication Services)		132,500		3,001,330
				9,839,237
Germany: 2.40%
Adidas-Salomon AG (Consumer Discretionary, Textiles, Apparel & Luxury Goods) «		41,000		4,281,801
Israel: 1.78%
Teva Pharmaceutical Industries Limited ADR (Health Care, Pharmaceuticals)		83,000		3,178,070
Japan: 7.90%
Kao Corporation (Consumer Staples, Personal Products)		85,800		2,966,056
Kao Corporation ADR (Consumer Staples, Personal Products)		15,500		536,238
Komatsu Limited (Industrials, Machinery)		123,000		3,354,947
Komatsu Limited ADR (Industrials, Machinery) «		13,500		368,510
ORIX Corporation (Financials, Consumer Finance)		149,000		2,286,547
ORIX Corporation ADR (Financials, Consumer Finance) «		14,500		1,116,500
TOTO Limited (Industrials, Building Products)		333,000		3,450,069
				14,078,867
Luxembourg: 1.83%
Millicom International Cellular SA (Telecommunication Services, Wireless Telecommunication Services)		39,930		3,265,351
Netherlands: 7.41%
European Aeronautic Defence & Space Company NV (Industrials, Aerospace & Defense)		92,695		4,895,807
Heineken NV (Consumer Staples, Beverages) «		48,000		3,389,514
Unilever NV (Consumer Staples, Food Products)		116,000		4,927,680
				13,213,001
Singapore: 2.37%
DBS Group Holdings Limited (Financials, Commercial Banks)		310,282		4,222,072
South Korea: 2.98%
Samsung Electronics Company Limited (Information Technology, Semiconductors & Semiconductor Equipment)		3,850		5,313,720
Spain: 1.68%
Banco Santander Central Hispano SA ADR (Financials, Commercial Banks) «		412,064		2,987,464
Switzerland: 5.75%
Novartis AG ADR (Health Care, Pharmaceuticals)		51,300		3,783,888
Transocean Limited (Energy, Energy Equipment & Services) †		57,000		2,933,790
UBS AG (Financials, Diversified Financial Services)		198,000		3,534,954
				10,252,632

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

8 Wells Fargo Advantage Intrinsic World Equity Fund Portfolio of investments—April 30, 2013 (unaudited)

Security name				Shares		Value
United Kingdom: 6.13%
Diageo plc (Consumer Staples, Beverages)					86,764	$	2,646,978
HSBC Holdings plc ADR (Financials, Commercial Banks) «					38,734		2,124,947
Royal Dutch Shell plc Class A (Energy, Oil, Gas & Consumable Fuels)					78,620		2,674,921
Standard Chartered plc (Financials, Commercial Banks)					138,248		3,472,467
							10,919,313
United States: 49.76%
Abbott Laboratories (Health Care, Health Care Equipment & Supplies)					101,000		3,728,920
Air Products & Chemicals Incorporated (Materials, Chemicals)					37,580		3,267,957
Apple Incorporated (Information Technology, Computers & Peripherals)					8,300		3,674,825
Autoliv Incorporated GDR (Consumer Discretionary, Auto Components)					51,350		3,912,426
Baxter International Incorporated (Health Care, Health Care Equipment & Supplies)					61,500		4,297,005
Charles Schwab Corporation (Financials, Capital Markets) «					228,500		3,875,360
eBay Incorporated (Information Technology, Internet Software & Services) †					67,000		3,510,130
EMC Corporation (Information Technology, Computers & Peripherals) †					186,500		4,183,195
Franklin Resources Incorporated (Financials, Capital Markets)					29,600		4,577,936
Home Depot Incorporated (Consumer Discretionary, Specialty Retail)					52,000		3,814,200
JPMorgan Chase & Company (Financials, Diversified Financial Services)					91,500		4,484,415
NVR Incorporated (Consumer Discretionary, Household Durables) †					3,400		3,502,000
Occidental Petroleum Corporation (Energy, Oil, Gas & Consumable Fuels)					41,000		3,659,660
Oracle Corporation (Information Technology, Software)					159,000		5,212,020
PepsiCo Incorporated (Consumer Staples, Beverages)					46,500		3,834,855
QUALCOMM Incorporated (Information Technology, Communications Equipment)					48,500		2,988,570
Schlumberger Limited (Energy, Energy Equipment & Services)					50,000		3,721,500
SunTrust Banks Incorporated (Financials, Commercial Banks)					67,000		1,959,750
Texas Instruments Incorporated (Information Technology, Semiconductors & Semiconductor Equipment)					109,500		3,964,995
United Parcel Service Incorporated Class B (Industrials, Air Freight & Logistics)					44,000		3,776,960
Visa Incorporated Class A (Information Technology, IT Services)					26,767		4,509,169
Walt Disney Company (Consumer Discretionary, Media)					65,500		4,116,020
Zions Bancorporation (Financials, Commercial Banks) «					167,000		4,111,540
							88,683,408
Total Common Stocks (Cost $132,739,351)							173,531,384
	Yield
Short-Term Investments: 11.47%
Investment Companies: 11.47%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)		0.13	%		4,444,416		4,444,416
Wells Fargo Securities Lending Cash Investments, LLC (l)(u)(r)(v)		0.18			16,007,849		16,007,849
Total Short-Term Investments (Cost $20,452,265)							20,452,265

Total investments in securities
(Cost $153,191,616)*	108.83	%		193,983,649
Other assets and liabilities, net	(8.83	)		(15,736,661	)
Total net assets	100.00	%	$	178,246,988

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

Portfolio of investments—April 30, 2013 (unaudited) Wells Fargo Advantage Intrinsic World Equity Fund 9

† 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 $153,624,067 and unrealized appreciation (depreciation) consists of:

Gross unrealized appreciation	$	43,907,288
Gross unrealized depreciation		(3,547,706	)
Net unrealized appreciation	$	40,359,582

10 Wells Fargo Advantage Intrinsic World Equity Fund Statement of assets and liabilities—April 30, 2013 (unaudited)

Assets
Investments
In unaffiliated securities (including securities on loan), at value (see cost below)	$	173,531,384
In affiliated securities, at value (see cost below)		20,452,265
Total investments, at value (see cost below)		193,983,649
Foreign currency, at value (see cost below)		20,537
Receivable for Fund shares sold		122,286
Receivable for dividends		443,905
Receivable for securities lending income		3,877
Prepaid expenses and other assets		42,761
Total assets		194,617,015
Liabilities
Payable for Fund shares redeemed		130,077
Payable upon receipt of securities loaned		16,007,849
Advisory fee payable		101,487
Distribution fees payable		5,770
Due to other related parties		43,419
Accrued expenses and other liabilities		81,425
Total liabilities		16,370,027
Total net assets	$	178,246,988
NET ASSETS CONSIST OF
Paid-in capital	$	151,622,436
Undistributed net investment income		352,868
Accumulated net realized losses on investments		(14,538,212	)
Net unrealized gains on investments		40,809,896
Total net assets	$	178,246,988
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE1
Net assets – Class A	$	161,780,389
Shares outstanding – Class A		8,004,563
Net asset value per share – Class A		$20.21
Maximum offering price per share – Class A2		$21.44
Net assets – Class C	$	9,578,179
Shares outstanding – Class C		487,647
Net asset value per share – Class C		$19.64
Net assets – Administrator Class	$	5,321,569
Shares outstanding – Administrator Class		264,501
Net asset value per share – Administrator Class		$20.12
Net assets – Institutional Class	$	1,566,851
Shares outstanding – Institutional Class		77,738
Net asset value per share – Institutional Class		$20.16
Investments in unaffiliated securities (including securities on loan), at cost	$	132,739,351
Investments in affiliated securities, at cost	$	20,452,265
Total investments, at cost	$	153,191,616
Securities on loan, at value	$	15,520,724
Foreign currency, at cost	$	20,030

1. The Fund has an unlimited number of authorized shares.

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

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

Statement of operations— six months ended April 30, 2013 (unaudited) Wells Fargo Advantage Intrinsic World Equity Fund 11

Investment income
Dividends *	$	1,812,023
Securities lending income, net		30,593
Income from affiliated securities		2,260
Total investment income		1,844,876
Expenses
Advisory fee		663,504
Administration fees
Fund level		41,469
Class A		198,486
Class C		10,825
Administrator Class		1,838
Institutional Class		476
Shareholder servicing fees
Class A		190,853
Class C		10,409
Administrator Class		4,077
Distribution fees
Class C		31,227
Custody and accounting fees		15,244
Professional fees		19,398
Registration fees		28,527
Shareholder report expenses		27,878
Trustees’ fees and expenses		6,502
Other fees and expenses		4,823
Total expenses		1,255,536
Less: Fee waivers and/or expense reimbursements		(70,451	)
Net expenses		1,185,085
Net investment income		659,791
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on investments		3,427,304
Net change in unrealized gains (losses) on investments		18,146,313
Net realized and unrealized gains (losses) on investments		21,573,617
Net increase in net assets resulting from operations	$	22,233,408
* Net of foreign dividend withholding taxes in the amount of		$98,227

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

12 Wells Fargo Advantage Intrinsic World Equity Fund Statement of changes in net assets

				Six months ended April 30, 2013 (unaudited)						Year ended October 31, 2012
Operations
Net investment income				$	659,791					$	1,349,462
Net realized gains (losses) on investments					3,427,304						(378,736	)
Net change in unrealized gains (losses) on investments					18,146,313						17,725,103
Net increase in net assets resulting from operations					22,233,408						18,695,829
Distributions to shareholders from
Net investment income
Class A					(2,139,717	)					(981,690	)
Class C					(49,898	)					(39,737	)
Administrator Class					(41,171	)					(19,766	)
Institutional Class					(18,116	)					(6,171	)
Total distributions to shareholders					(2,248,902	)					(1,047,364	)
	Shares						Shares
Capital share transactions
Proceeds from shares sold
Class A		252,979			4,847,342			406,469			6,928,424
Class C		101,913			1,907,609			33,421			523,790
Administrator Class		174,143			3,304,485			29,733			509,987
Institutional Class		53,937			992,886			39,841			674,385
					11,052,322						8,636,586
Reinvestment of distributions
Class A		114,035			2,068,598			63,733			936,881
Class C		2,582			45,654			2,512			36,002
Administrator Class		1,888			34,067			1,171			17,126
Institutional Class		1,003			18,116			422			6,171
					2,166,435						996,180
Payment for shares redeemed
Class A		(550,743	)		(10,448,667	)		(1,224,370	)		(20,648,463	)
Class C		(39,510	)		(730,508	)		(63,197	)		(1,027,543	)
Administrator Class		(23,387	)		(448,731	)		(47,012	)		(781,978	)
Institutional Class		(8,468	)		(161,017	)		(45,885	)		(758,985	)
					(11,788,923	)					(23,216,969	)
Net increase (decrease) in net assets resulting from capital share transactions					1,429,834						(13,584,203	)
Net increase from regulatory settlement					0						4,292,515
Total increase in net assets					21,414,340						8,356,777
Net assets
Beginning of period					156,832,648						148,475,871
End of period				$	178,246,988					$	156,832,648
Undistributed net investment income				$	352,868					$	1,941,979

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

Financial highlights Wells Fargo Advantage Intrinsic World Equity Fund 13

(For a share outstanding throughout each period)

	Six months ended April 30, 2013 (unaudited)			Year ended October 31
CLASS A				2012			2011			20101			20091			20081
Net asset value, beginning of period	$	17.94		$	15.55		$	15.06		$	13.27		$	13.76		$	24.23
Net investment income		0.08			0.16			0.12	2		0.12			0.09	2		0.29
Net realized and unrealized gains (losses) on investments		2.45			1.87			0.48			1.78			1.89			(9.55	)
Total from investment operations		2.53			2.03			0.60			1.90			1.98			(9.26	)
Distributions to shareholders from
Net investment income		(0.26	)		(0.11	)		(0.11	)		(0.11	)		(0.24	)		(0.13	)
Net realized gains		0.00			0.00			0.00			0.00			(2.23	)		(1.08	)
Total distributions to shareholders		(0.26	)		(0.11	)		(0.11	)		(0.11	)		(2.47	)		(1.21	)
Regulatory settlement proceeds		0.00			0.47			0.00			0.00			0.00			0.00
Net asset value, end of period	$	20.21		$	17.94		$	15.55		$	15.06		$	13.27		$	13.76
Total return3		14.30	%		16.25	%4		4.00	%		14.43	%		20.29	%		(40.11	)%
Ratios to average net assets (annualized)
Gross expenses		1.48	%		1.51	%		1.50	%		1.53	%		1.57	%		1.36	%
Net expenses		1.40	%		1.40	%		1.40	%		1.46	%		1.57	%		1.36	%
Net investment income		0.83	%		0.91	%		0.79	%		0.75	%		0.77	%		1.04	%
Supplemental data
Portfolio turnover rate		14	%		27	%		12	%		11	%		16	%		44	%
Net assets, end of period (000s omitted)		$161,780			$146,930			$139,100			$100,460			$103,995			$107,210

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

2. Calculated based upon average shares outstanding

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

4. During the year ended October 31, 2012, the Fund received a regulatory settlement from an unaffiliated third party which had an impact of 2.92% on the total return.

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

14 Wells Fargo Advantage Intrinsic World Equity Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended April 30, 2013 (unaudited)			Year ended October 31
CLASS C				2012			2011			20101			20091			20081
Net asset value, beginning of period	$	17.37		$	15.15		$	14.68		$	12.96		$	13.58		$	24.14
Net investment income (loss)		0.03			0.02			(0.01	)2		0.07			(0.03	)2		(0.03	)2
Net realized and unrealized gains (losses) on investments		2.36			1.82			0.49			1.69			1.87			(9.28	)
Total from investment operations		2.39			1.84			0.48			1.76			1.84			(9.31	)
Distributions to shareholders from
Net investment income		(0.12	)		(0.09	)		(0.01	)		(0.04	)		(0.23	)		(0.17	)
Net realized gains		0.00			0.00			0.00			0.00			(2.23	)		(1.08	)
Total distributions to shareholders		(0.12	)		(0.09	)		(0.01	)		(0.04	)		(2.46	)		(1.25	)
Regulatory settlement proceeds		0.00			0.47			0.00			0.00			0.00			0.00
Net asset value, end of period	$	19.64		$	17.37		$	15.15		$	14.68		$	12.96		$	13.58
Total return3		13.84	%		15.39	%4		3.27	%		13.58	%		19.35	%		(40.55	)%
Ratios to average net assets (annualized)
Gross expenses		2.23	%		2.26	%		2.20	%		2.28	%		2.33	%		2.21	%
Net expenses		2.15	%		2.15	%		2.15	%		2.21	%		2.33	%		2.21	%
Net investment income (loss)		0.07	%		0.16	%		(0.05	)%		0.04	%		(0.28	)%		(0.19	)%
Supplemental data
Portfolio turnover rate		14	%		27	%		12	%		11	%		16	%		44	%
Net assets, end of period (000s omitted)	$	9,578		$	7,341		$	6,817		$	588		$	427		$	154

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

2. Calculated based upon average shares outstanding

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

4. During the year ended October 31, 2012, the Fund received a regulatory settlement from an unaffiliated third party which had an impact of 2.92% on the total return.

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

Financial highlights Wells Fargo Advantage Intrinsic World Equity Fund 15

(For a share outstanding throughout each period)

	Six months ended April 30, 2013 (unaudited)			Year ended October 31
ADMINISTRATOR CLASS				2012			2011			20101			20091			20081
Net asset value, beginning of period	$	17.89		$	15.52		$	15.02		$	13.23		$	13.76		$	24.26
Net investment income		0.09	2		0.19	2		0.15	2		0.15	2		0.15	2		0.38	2
Net realized and unrealized gains (losses) on investments		2.45			1.87			0.49			1.78			1.85			(9.60	)
Total from investment operations		2.54			2.06			0.64			1.93			2.00			(9.22	)
Distributions to shareholders from
Net investment income		(0.31	)		(0.16	)		(0.14	)		(0.14	)		(0.30	)		(0.20	)
Net realized gains		0.00			0.00			0.00			0.00			(2.23	)		(1.08	)
Total distributions to shareholders		(0.31	)		(0.16	)		(0.14	)		(0.14	)		(2.53	)		(1.28	)
Regulatory settlement proceeds		0.00			0.47			0.00			0.00			0.00			0.00
Net asset value, end of period	$	20.12		$	17.89		$	15.52		$	15.02		$	13.23		$	13.76
Total return3		14.42	%		16.52	%4		4.27	%		14.72	%		20.60	%		(40.01	)%
Ratios to average net assets (annualized)
Gross expenses		1.30	%		1.34	%		1.30	%		1.29	%		1.31	%		1.01	%
Net expenses		1.15	%		1.15	%		1.15	%		1.21	%		1.31	%		1.01	%
Net investment income		0.96	%		1.14	%		0.99	%		1.06	%		1.33	%		1.70	%
Supplemental data
Portfolio turnover rate		14	%		27	%		12	%		11	%		16	%		44	%
Net assets, end of period (000s omitted)	$	5,322		$	2,001		$	1,986		$	144		$	161		$	1,567

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

2. Calculated based upon average shares outstanding

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

4. During the year ended October 31, 2012, the Fund received a regulatory settlement from an unaffiliated third party which had an impact of 2.93% on the total return.

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

16 Wells Fargo Advantage Intrinsic World Equity Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended April 30, 2013 (unaudited)			Year ended October 31
INSTITUTIONAL CLASS				2012			2011			20101
Net asset value, beginning of period	$	17.93		$	15.54		$	15.02		$	13.80
Net investment income		0.11	2		0.17	2		0.16			0.03	2
Net realized and unrealized gains (losses) on investments		2.46			1.92			0.51			1.19
Total from investment operations		2.57			2.09			0.67			1.22
Distributions to shareholders from
Net investment income		(0.34	)		(0.17	)		(0.15	)		0.00
Regulatory settlement proceeds		0.00			0.47			0.00			0.00
Net asset value, end of period	$	20.16		$	17.93		$	15.54		$	15.02
Total return3		14.56	%		16.74	%4		4.50	%		8.84	%
Ratios to average net assets (annualized)
Gross expenses		1.05	%		1.10	%		1.00	%		1.23	%
Net expenses		0.95	%		0.95	%		0.95	%		0.95	%
Net investment income		1.21	%		1.03	%		1.12	%		0.91	%
Supplemental data
Portfolio turnover rate		14	%		27	%		12	%		11	%
Net assets, end of period (000s omitted)	$	1,567		$	561		$	573		$	11

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

2. Calculated based upon average shares outstanding

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

4. During the year ended October 31, 2012, the Fund received a regulatory settlement from an unaffiliated third party which had an impact of 2.93% on the total return.

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

Notes to financial statements (unaudited) Wells Fargo Advantage Intrinsic World Equity Fund 17

1. ORGANIZATION

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

All investments are valued each business day as of the close of regular trading on the New York Stock Exchange (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.

Securities denominated in foreign currencies are translated into U.S. dollars using the rates of exchange in effect on the day of valuation at a time specified by the Management Valuation Team of Wells Fargo Funds Management, LLC (“Funds Management”).

Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange and therefore may not fully reflect trading or events that occur after the close of the principal exchange in which the foreign securities are traded, but before the close of the New York Stock Exchange. If such trading or events are expected to materially affect the value of such securities, then fair value pricing procedures approved by the Board of Trustees are applied. These procedures take into account multiple factors including movements in U.S. securities markets after foreign exchanges close. Foreign securities that are fair valued under these procedures are categorized as Level 2 and the application of these procedures may result in transfers between Level 1 and Level 2. Depending on market activity, such fair valuations may be frequent. Such fair value pricing may result in NAVs that are higher or lower than NAVs based on the last reported sales price or latest quoted bid price. On April 30, 2013, fair value pricing was not used in pricing foreign securities.

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. 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.

18 Wells Fargo Advantage Intrinsic World Equity Fund Notes to financial statements (unaudited)

Foreign currency translation

The accounting records of the Fund are maintained in U.S. dollars. Assets, including investment securities, and liabilities denominated in foreign currency are translated into U.S. dollars at the rates of exchange at a time specified by the Management Valuation Team on the date of valuation. Purchases and sales of securities, and income and expenses are translated at the rate of exchange on the respective dates of such transactions. Reported net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded and the U.S. dollar equivalent of the amounts actually paid or received. Net unrealized foreign exchange gains and losses arise from changes in the fair value of assets and liabilities other than investments in securities resulting in changes in exchange rates.

The changes in net assets arising from changes in exchange rates and the changes in net assets resulting from changes in market prices of securities are not separately presented. Such changes are recorded with net realized and unrealized gains or losses from investments. Gains and losses from certain foreign currency transactions are treated as ordinary income for U.S. federal income tax purposes.

Security loans

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

The Fund lends its securities through an unaffiliated securities lending agent. Cash collateral received in connection with its securities lending transactions is invested in 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, except for certain dividends from foreign securities, which are recorded as soon as the Fund is informed of the ex-dividend date. Dividend income from foreign securities is recorded net of foreign taxes withheld where recovery of such taxes is not assured.

Distributions to shareholders

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

Notes to financial statements (unaudited) Wells Fargo Advantage Intrinsic World Equity Fund 19

Fund’s tax positions taken on federal, state, and foreign tax returns for all open tax years and does not believe that there are any uncertain tax positions that require recognition of a tax liability.

As of October 31, 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 $17,547,659 with $4,209,099 expiring in 2016; $12,065,555 expiring in 2017; and $1,273,005 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.

As of April 30, 2013, the inputs used in valuing investments in securities 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	$	172,626,636	$	904,748	$	0	$	173,531,384
Short-term investments
Investment companies		4,444,416		16,007,849		0		20,452,265
	$	177,071,052	$	16,912,597	$	0	$	193,983,649

Transfers in and transfers out are recognized at the end of the reporting period. For the six months ended April 30, 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 0.80% and declining to 0.65% as the average daily net assets of the Fund increase. For the six months ended April 30, 2013, the advisory fee was equivalent to an annual rate of 0.80% of the Fund’s average daily net assets.

20 Wells Fargo Advantage Intrinsic World Equity Fund Notes to financial statements (unaudited)

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Funds Management. 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 0.20% 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

Funds Management has contractually waived and/or reimbursed advisory and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. Waiver of fees and/or reimbursement of expenses by Funds Management were made first from fund level expenses on a proportionate basis and then from class specific expenses. Funds Management has committed through February 28, 2014 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.40% for Class A shares, 2.15% for Class C shares, 1.15% for Administrator Class shares, and 0.95% for Institutional Class shares.

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 April 30, 2013, Wells Fargo Funds Distributor, LLC received $3,446 from the sale of Class A shares and $22 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 and Administrator Class of the Fund is charged a fee at an annual rate of 0.25% of the average daily net assets of each respective class.

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended April 30, 2013 were $23,427,543 and $24,725,105, 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 April 30, 2013, the Fund paid $173 in commitment fees.

For the six months ended April 30, 2013, there were no borrowings by the Fund under the agreement.

7. REGULATORY SETTLEMENT PROCEEDS

During the year ended October 31, 2012, the Fund received proceeds from an unaffiliated third party in a regulatory settlement with the SEC involving marketing timing of mutual funds. The proceeds received in the amount of $4,292,515 are reflected in the accompanying financial statements.

Notes to financial statements (unaudited) Wells Fargo Advantage Intrinsic World Equity Fund 21

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.

22 Wells Fargo Advantage Intrinsic World Equity Fund Other information (unaudited)

PROXY VOTING INFORMATION

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available 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 World Equity 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 131 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

24 Wells Fargo Advantage Intrinsic World Equity Fund Other information (unaudited)

Name and year of birth	Position held and length of service*	Principal occupations during past five years	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 58 funds and Assistant Treasurer of 73 funds in the Fund Complex.

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

Other information (unaudited) Wells Fargo Advantage Intrinsic World Equity Fund 25

BOARD CONSIDERATION OF INVESTMENT ADVISORY AND SUBADVISORY AGREEMENTS:

Under Section 15 of the Investment Company Act of 1940 (the “1940 Act”), the Board of Trustees (the “Board”) of Wells Fargo Funds Trust (the “Trust”), all the members of which have no direct or indirect interest in the investment advisory and sub-advisory agreements and are not “interested persons” of the Trust, as defined in the 1940 Act (the “Independent Trustees”), must determine whether to approve the continuation of the Trust’s investment advisory and sub-advisory agreements. In this regard, at an in-person meeting held on March 28-29, 2013 (the “Meeting”), the Board reviewed: (i) an investment advisory agreement with Wells Fargo Funds Management, LLC (“Funds Management”) for Wells Fargo Advantage Intrinsic World Equity Fund (the “Fund”) and (ii) an investment sub-advisory agreement with Metropolitan West Capital Management, LLC (the “Sub-Adviser”), an affiliate of Funds Management, for the Fund. The investment advisory agreement with Funds Management and the investment sub-advisory agreement with the Sub-Adviser are collectively referred to as the “Advisory Agreements.”

At the Meeting, the Board considered the factors and reached the conclusions described below relating to the selection of Funds Management and the Sub-Adviser and the continuation of the Advisory Agreements. Prior to the Meeting, the Trustees conferred extensively among themselves and with representatives of Funds Management about these matters. The Board has adopted a team-based approach, with each team consisting of a sub-set of Trustees, to assist the Board in the discharge of its duties in reviewing performance and other matters throughout the year. The Independent Trustees were assisted in their evaluation of the Advisory Agreements by independent legal counsel, from whom they received separate legal advice and with whom they met separately.

In providing information to the Board, Funds Management and the Sub-Adviser were guided by a detailed set of requests for information submitted to them by independent legal counsel on behalf of the Independent Trustees at the start of the Board’s annual contract renewal process earlier in 2013. In considering and approving the Advisory Agreements, the Trustees considered the information they believed relevant, including but not limited to the information discussed below. The Board considered not only the specific information presented in connection with the Meeting, but also the knowledge gained over time through interaction with Funds Management and the Sub-Adviser about various topics. In this regard, the Board reviewed reports of Funds Management at each of its quarterly meetings, which included, among other things, portfolio reviews and performance reports. In addition, the Board and the teams mentioned above confer with portfolio managers at various times throughout the year. The Board did not identify any particular information or consideration that was all-important or controlling, and each individual Trustee may have attributed different weights to various factors.

After its deliberations, the Board unanimously determined that the continuation of the Advisory Agreements is in the best interests of the Fund and its shareholders, and that the compensation payable to Funds Management and the Sub-Adviser is reasonable. The Board considered the continuation of the Advisory Agreements for the Fund as part of its consideration of the continuation of advisory agreements for funds across the complex, but each decision was made on a fund-by-fund basis. The following summarizes a number of important, but not necessarily all, factors considered by the Board in reaching its determination.

Nature, extent and quality of services

The Board received and considered various information regarding the nature, extent and quality of services provided to the Fund by Funds Management and the Sub-Adviser under the Advisory Agreements. This information included, among other things, a summary of the background and experience of senior management of Funds Management, and the qualifications, background, tenure and responsibilities of each of the portfolio managers primarily responsible for the day-to-day portfolio management of the Fund.

The Board evaluated the ability of Funds Management and the Sub-Adviser, based on attributes such as their financial condition, resources and reputation, to attract and retain qualified investment professionals, including research, advisory and supervisory personnel. The Board further considered the compliance programs and compliance records of Funds Management and the Sub-Adviser. In addition, the Board took into account the administrative and other services provided to the Fund by Funds Management and its affiliates and Funds Management’s oversight of the Fund’s various service providers.

Fund performance and expenses

The Board considered the performance results for the Fund over various time periods ended December 31, 2012. The Board also considered these results in comparison to the performance of funds in a universe that was determined by Lipper Inc. (“Lipper”) to be similar to the Fund (the “Universe”), and in comparison to the Fund’s benchmark index and to other comparative data. Lipper is an independent provider of investment company data. The Board received a description of the methodology used by Lipper to select the mutual funds in the performance Universe. The Board noted

26 Wells Fargo Advantage Intrinsic World Equity Fund Other information (unaudited)

that the performance of the Fund (Administrator Class) was higher than or in range of the median performance of the Universe for all periods under review. The Board also noted that the performance of the Fund was higher than its benchmark, the Morgan Stanley Composite Index World Index (Net), for all periods under review.

The Board received information concerning, and discussed factors contributing to, the underperformance of the Fund relative to the benchmark for all periods under review. Funds Management advised the Board about the market conditions and investment decisions that it believed contributed to the underperformance during that period. The Board noted the performance of the Fund relative to the Universe for all periods under review and was satisfied with the explanation of the underperformance.

The Board received and considered information regarding the Fund’s net operating expense ratios and their various components, including actual management fees (which reflect fee waivers, if any, and include advisory, administration and transfer agent fees), custodian and other non-management fees, Rule 12b-1 and non-Rule 12b-1 service fees and fee waiver and expense reimbursement arrangements. The Board also considered these ratios in comparison to the median ratios of funds in class-specific expense groups that were determined by Lipper to be similar to the Fund (the “Groups”). The Board received a description of the methodology used by Lipper to select the mutual funds in the expense Groups. Based on the Lipper reports, the Board noted that the net operating expense ratios of the Fund were lower than or in range of the median net operating expense ratios of the expense Groups.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board concluded that the overall performance and expense structure of the Fund supported the re-approval of the Advisory Agreements.

Investment advisory and sub-advisory fee rates

The Board reviewed and considered the contractual investment advisory fee rates that are payable by the Fund to Funds Management for investment advisory services (the “Advisory Agreement Rates”), both on a stand-alone basis and on a combined basis with the Fund’s fund-level and class-level contractual administration fee rates (the “Management Rates”). The Board noted that the administration fees include transfer agency costs. The Board also reviewed and considered the contractual investment sub-advisory fee rates that are payable by Funds Management to the Sub-Adviser for investment sub-advisory services (the “Sub-Advisory Agreement Rates”).

Among other information reviewed by the Board was a comparison of the Management Rates of the Fund with those of other funds in the expense Groups at a common asset level. The Board noted that the Management Rates of the Fund were in range of the Fund’s expense Groups for all classes except Class A and Institutional Class.

The Board also received and considered information about the portion of the total advisory fee that was retained by Funds Management after payment of the fee to the Sub-Adviser for sub-advisory services. In assessing the reasonableness of this amount, the Board received and evaluated information concerning the nature and extent of responsibilities retained and risks assumed by Funds Management and not delegated to or assumed by the Sub-Adviser, and about Funds Management’s on-going oversight services. In recognition of the fact that the Wells Fargo enterprise provides a suite of combined advisory and sub-advisory services to the Fund through affiliated entities, the Board ascribed limited relevance to the allocation of the total advisory fee between Funds Management and the Sub-Adviser.

The Board also received and considered information about the nature and extent of services offered and fee rates charged by Funds Management and the Sub-Adviser to other types of clients. In this regard, the Board received information about the significantly greater scope of services, and compliance, reporting and other legal burdens and risks of managing mutual funds compared with those associated with managing assets of non-mutual fund clients such as collective funds or institutional separate accounts.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board determined that the Advisory Agreement Rates and the Sub-Advisory Agreement Rates were reasonable in light of the services covered by the Advisory Agreements.

Profitability

The Board received and considered information concerning the profitability of Funds Management, as well as the profitability of Wells Fargo as a whole, from providing services to the Fund. The Board did not receive or consider to be necessary separate profitability information with respect to the Sub-Adviser, because, as an affiliate of Funds Management, its profitability information was subsumed in the collective Wells Fargo profitability analysis provided by Funds Management.

Other information (unaudited) Wells Fargo Advantage Intrinsic World Equity Fund 27

Funds Management explained the methodologies and estimates that it used in calculating the profitability from the Fund and the fund family as a whole. Among other things, the Board noted that the levels of profitability reported on a fund-by-fund basis varied widely, depending on factors such as the size and type of fund. Based on its review, the Board did not deem the profits reported by Funds Management to be at a level that would prevent it from approving the continuation of the Advisory Agreements.

Economies of scale

With respect to possible economies of scale, the Board reviewed the breakpoints in the Fund’s advisory fee and administration fee structure, which operate generally to reduce the Fund’s expense ratios as the Fund grows in size. It considered that, for a small fund or a fund that shrinks in size, breakpoints conversely can result in higher fee levels. The Board also considered fee waiver and expense reimbursement arrangements as a means of sharing potential economies of scale with the Fund. The Board acknowledged the inherent limitations of any analysis of potential economies of scale and of any attempt to correlate breakpoints with such economies. Nonetheless, the Board concluded that the breakpoints and net operating expense ratio caps appeared to be a reasonable approach to sharing potential economies of scale with the Fund.

Other benefits to Funds Management and the Sub-Adviser

The Board received and considered information regarding potential “fall-out” or ancillary benefits received by Funds Management and its affiliates, including the Sub-Adviser, as a result of their relationship with the Fund. Ancillary benefits could include, among others, benefits directly attributable to other relationships with the Fund and benefits potentially derived from an increase in Funds Management’s and the Sub-Adviser’s business as a result of their relationship with the Fund (such as the ability to market to shareholders other financial products and services offered by Funds Management and its affiliates, including the Sub-Adviser, or to operate other products and services that follow investment strategies similar to those of the Fund).

The Board considered that Wells Fargo Funds Distributor, LLC, an affiliate of Funds Management, serves as distributor to the Fund and receives certain compensation for those services. The Board noted that various financial institutions, including affiliates of Funds Management, may receive distribution-related fees, shareholder servicing payments (including amounts derived from payments under Rule 12b-1 plans) and sub-transfer agency fees in respect of shares sold or held through them and services provided.

The Board also reviewed information about whether and to what extent soft dollar credits are sought and how any such credits are utilized, and any benefits that might be realized by an affiliated broker that handles portfolio transactions for the Fund.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board did not find that any ancillary benefits received by Funds Management and its affiliates, including the Sub-Adviser, were unreasonable.

Conclusion

After considering the above-described factors and based on its deliberations and its evaluation of the information described above, the Board unanimously approved the continuation of the Advisory Agreements for an additional one-year period.

28 Wells Fargo Advantage Intrinsic World Equity Fund List of abbreviations

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

ACA —  ACA Financial Guaranty Corporation

ADR —  American depositary receipt

ADS —  American depositary shares

AGC —  Assured Guaranty Corporation

AGM —  Assured Guaranty Municipal

Ambac —  Ambac Financial Group Incorporated

AMT —  Alternative minimum tax

AUD —  Australian dollar

BAN —  Bond anticipation notes

BHAC —  Berkshire Hathaway Assurance Corporation

BRL —  Brazilian real

CAB —  Capital appreciation bond

CAD —  Canadian dollar

CCAB —  Convertible capital appreciation bond

CDA —  Community Development Authority

CDO —  Collateralized debt obligation

CHF —  Swiss franc

COP —  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.

216836 06-13 SA241/SAR241 4-13

Wells Fargo Advantage

Intrinsic Small Cap Value Fund

Semi-Annual Report

April 30, 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	29

The views expressed and any forward-looking statements are as of April 30, 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 100 mutual funds across a wide range of asset classes, representing over $228 billion in assets under management, as of April 30, 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-Term Bond Fund
California Limited-Term Tax-Free Fund	Income Plus Fund	Short-Term High Yield Bond Fund
California Tax-Free Fund	Inflation-Protected Bond Fund	Short-Term Municipal Bond Fund
Colorado Tax-Free Fund	Intermediate Tax/AMT-Free Fund	Strategic Income Fund
Conservative Income Fund	International Bond Fund	Strategic Municipal Bond Fund
Core Bond Fund	Minnesota Tax-Free Fund	Ultra Short-Term Income Fund
Emerging Markets Local Bond Fund	Municipal Bond Fund	Ultra Short-Term Municipal Income Fund
Government Securities Fund	North Carolina Tax-Free Fund	Wisconsin Tax-Free Fund
High Income Fund	Pennsylvania Tax-Free Fund
High Yield Bond Fund	Short Duration Government Bond Fund
Asset allocation funds
Absolute Return Fund	WealthBuilder Equity Portfolio†	Target 2020 Fund†
Asset Allocation Fund	WealthBuilder Growth Allocation Portfolio†	Target 2025 Fund†
Diversified Capital Builder Fund	WealthBuilder Growth Balanced Portfolio†	Target 2030 Fund†
Diversified Income Builder Fund	WealthBuilder Moderate Balanced Portfolio†	Target 2035 Fund†
Growth Balanced Fund	WealthBuilder Tactical Equity Portfolio†	Target 2040 Fund†
Index Asset Allocation Fund	Target Today Fund†	Target 2045 Fund†
Moderate Balanced Fund	Target 2010 Fund†	Target 2050 Fund†
WealthBuilder Conservative Allocation Portfolio†	Target 2015 Fund†	Target 2055 Fund†
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 Small Cap Value Fund Letter to shareholders (unaudited)

Karla M. Rabusch

President

Wells Fargo Advantage Funds

Relatively improving 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.

Dear Valued Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Advantage Intrinsic Small Cap Value Fund for the six-month period that ended April 30, 2013. Much of the six-month 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 improving 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. This backdrop enabled most equity asset classes to generate positive returns. For the six-month period, the small-cap-oriented Russell 2000^® Index¹ returned 16.58%, while the mid-cap-focused Russell Midcap^® Index² posted an 18.90% total return.

The U.S. economy improved with the support of accommodative monetary policy.

The U.S. economy grew modestly, but the recovery remained weak compared with previous business cycles. Curtailed government spending and weak household income expectations were economic headwinds. However, the unemployment rate continued to decline, reaching 7.5% in April 2013, and housing market activity, as measured by many metrics—sales, building permits, and prices—continued to improve from its recessionary levels.

Citing its dual mandate of fostering maximum employment and price stability, the U.S. Federal Reserve (Fed) reaffirmed its commitment to highly accommodative monetary policy. In addition, the Fed formally announced that exceptionally low interest rates would be appropriate at least as long as the unemployment rate remains above 6.5% and inflation remains no more than half a percentage point above its 2.0% inflation target.

The Fed also continued its quantitative easing program. Just prior to the beginning of the reporting period, the Federal Open Market Committee 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.

The global economy continues to be affected by bouts of uncertainty, including political questions in the U.S., Europe, and China.

Global economic growth varied across countries. Eurozone economies remained in recession. However, the European Central Bank (ECB) and several key members of the eurozone, including France and Germany, continued their commitment to maintaining a single currency. Subsequently, investor fears about a sovereign debt crisis in Europe abated. Furthermore, the ECB maintained its accommodative monetary policy by lowering its key rate at a historic low of 0.75%.

For most of the six-month period, uncertainty about political outcomes was a constant. U.S. presidential elections in November 2012, the debate over the fiscal cliff and tax rates at year-end, and speculation about the effects of sequestration at the end of February 2013 weighed on business leaders and investors. Elections in eurozone countries such as Greece, France, and Italy sparked speculation about the future of the eurozone. New leadership in China also figured into the political landscape. In the end, investors managed around these concerns, and capital markets generally advanced during this time period.

1. The Russell 2000^® Index measures the performance of the 2,000 smallest companies in the Russell 3000^® Index, which represents approximately 8% of the total market capitalization of the Russell 3000 Index. You cannot invest directly in an index.

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

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

Our goal is to meet the financial needs of our shareholders.

We are committed to providing our shareholders long-term investment strategies and focusing on appropriate risk while seeking to deliver consistent returns. We know that your ability to meet your long-term investment goals depends on the investment decisions you make today. Despite economic uncertainties and investment challenges, staying invested and adapting to emerging opportunities and threats will help you manage investment 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

Despite economic uncertainties and investment challenges, staying invested and adapting to emerging opportunities and threats will help you manage investment risk.

4 Wells Fargo Advantage Intrinsic Small Cap 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

Alex Alvarez, CFA Samir Sikka

Average annual total returns¹ (%) as of April 30, 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 (WFSMX)	3-31-2008		15.77		4.70		10.02		22.81		5.95		10.67		1.48		1.46
Class C (WSCDX)	3-31-2008		20.97		5.17		9.95		21.97		5.17		9.95		2.23		2.21
Administrator Class (WFSDX)	4-8-2005		–		–		–		23.06		6.20		10.93		1.32		1.21
Institutional Class (WFSSX)	4-8-2005		–		–		–		23.48		6.44		11.11		1.05		1.01
Investor Class (SCOVX)	3-28-2002		–		–		–		22.84		5.91		10.65		1.54		1.50
Russell 2000® Value Index4	–		–		–		–		19.71		6.60		10.28		–		–

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, which assumes the reinvestment of dividends and capital gains. Current month-end performance is available on the Fund’s website, wellsfargoadvantagefunds.com.

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

For Class A shares, the maximum front-end sales charge is 5.75%. For Class C shares, the maximum contingent deferred sales charge is 1.00%. Performance including 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. Smaller-company stocks tend to be more volatile and less liquid than those of larger companies. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). Consult the Fund’s prospectus for additional information on these and other risks.

Please see footnotes on page 5.

Performance highlights (unaudited) Wells Fargo Advantage Intrinsic Small Cap Value Fund 5

Ten largest equity holdings5 (%) as of April 30, 2013
Kar Auction Services Incorporated	3.73
OfficeMax Incorporated	2.58
Stancorp Financial Group Incorporated	2.56
Zions Bancorporation	2.55
Jones Group Incorporated	2.42
Ascena Retail Group Incorporated	2.38
IDEX Corporation	2.20
VeriFone Systems Incorporated	2.04
Jabil Circuit Incorporated	1.96
Steris Corporation	1.96

Sector distribution⁶ as of April 30, 2013

1. Prior to June 1, 2010, the Fund was named Wells Fargo Advantage Small Cap Disciplined Fund. Metropolitan West Capital Management, LLC replaced Wells Capital Management as a subadviser for the Fund effective June 1, 2010. Accordingly, performance figures shown prior to June 1, 2010, do not reflect the principal investment strategies or performance of Metropolitan West Capital Management, LLC. Historical performance shown for Class A, the Administrator Class, and 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 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.

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

3. The Adviser has committed through February 28, 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 1.45% for Class A, 2.20% for Class C, 1.20% for Administrator Class, 1.00% for Institutional Class, and 1.49% 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 2000^® Value Index measures the performance of those Russell 2000 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 Intrinsic Small Cap 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 November 1, 2012 to April 30, 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 11-1-2012		Ending account value 4-30-2013		Expenses paid during the period1		Net annual expense ratio
Class A
Actual	$	1,000.00	$	1,214.28	$	7.96		1.45	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.60	$	7.25		1.45	%
Class C
Actual	$	1,000.00	$	1,210.18	$	12.06		2.20	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,013.88	$	10.99		2.20	%
Administrator Class
Actual	$	1,000.00	$	1,215.35	$	6.59		1.20	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.84	$	6.01		1.20	%
Institutional Class
Actual	$	1,000.00	$	1,218.14	$	5.50		1.00	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.84	$	5.01		1.00	%
Investor Class
Actual	$	1,000.00	$	1,213.65	$	8.18		1.49	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.41	$	7.45		1.49	%

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

Portfolio of investments—April 30, 2013 (unaudited) Wells Fargo Advantage Intrinsic Small Cap Value Fund 7

Security name	Shares		Value
Common Stocks: 94.91%
Consumer Discretionary: 20.25%
Auto Components: 1.53%
Dana Holding Corporation		64,000	$	1,104,000
Automobiles: 1.51%
Thor Industries Incorporated «		29,500		1,094,153
Hotels, Restaurants & Leisure: 1.26%
Six Flags Entertainment Corporation		12,500		910,875
Specialty Retail: 11.99%
Abercrombie & Fitch Company Class A		28,000		1,387,680
Aeropostale Incorporated Ǡ		81,000		1,187,460
Ascena Retail Group Incorporated †		93,000		1,720,500
Chico’s FAS Incorporated		52,780		964,291
DSW Incorporated Class A		10,500		694,260
Group 1 Automotive Incorporated «		14,000		846,720
OfficeMax Incorporated		162,000		1,864,620
				8,665,531
Textiles, Apparel & Luxury Goods: 3.96%
Carter’s Incorporated †		17,000		1,111,630
Jones Group Incorporated «		125,080		1,751,120
				2,862,750
Consumer Staples: 3.43%
Food Products: 3.43%
Flowers Foods Incorporated		32,000		1,054,080
J & J Snack Foods Corporation		9,250		693,935
TreeHouse Foods Incorporated †		11,500		732,665
				2,480,680
Energy: 5.38%
Energy Equipment & Services: 3.58%
Forum Energy Technologies Incorporated Ǡ		47,500		1,320,975
Helix Energy Solutions Group Incorporated †		32,500		748,800
Tetra Technologies Incorporated †		56,500		515,845
				2,585,620
Oil, Gas & Consumable Fuels: 1.80%
Oasis Petroleum Incorporated †		38,000		1,300,740
Financials: 18.68%
Capital Markets: 3.68%
E*TRADE Financial Corporation †		78,500		807,765
Eaton Vance Corporation «		17,000		677,960
Stifel Financial Corporation Ǡ		36,500		1,176,030
				2,661,755

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

8 Wells Fargo Advantage Intrinsic Small Cap Value Fund Portfolio of investments—April 30, 2013 (unaudited)

Security name	Shares		Value
Commercial Banks: 9.55%
Associated Banc-Corp «		88,000	$	1,255,760
Cathay General Bancorp		34,000		670,140
Glacier Bancorp Incorporated «		49,500		913,275
Hancock Holding Company		47,030		1,282,508
TCF Financial Corporation «		64,000		931,200
Zions Bancorporation «		75,000		1,846,500
				6,899,383
Insurance: 3.53%
Horace Mann Educators Corporation		31,300		705,815
Stancorp Financial Group Incorporated «		42,800		1,848,104
				2,553,919
Real Estate Management & Development: 1.92%
Jones Lang LaSalle Incorporated		14,000		1,386,280
Health Care: 6.03%
Health Care Equipment & Supplies: 1.95%
Steris Corporation		34,000		1,414,060
Health Care Providers & Services: 1.56%
AMN Healthcare Services Incorporated †		82,000		1,125,860
Life Sciences Tools & Services: 2.52%
Bio-Rad Laboratories Incorporated Class A †		8,300		993,925
Charles River Laboratories International Incorporated †		19,000		826,310
				1,820,235
Industrials: 23.20%
Commercial Services & Supplies: 8.04%
ACCO Brands Corporation Ǡ		66,000		445,500
Herman Miller Incorporated		20,250		508,073
Kar Auction Services Incorporated		120,500		2,695,585
Resources Connection Incorporated «		82,000		931,520
Schawk Incorporated «		44,300		450,974
United Stationers Incorporated «		24,000		779,280
				5,810,932
Construction & Engineering: 3.19%
EMCOR Group Incorporated		30,000		1,122,000
Pike Electric Corporation		75,700		1,183,191
				2,305,191
Machinery: 6.74%
Harsco Corporation		40,500		884,115
IDEX Corporation		30,500		1,586,915
Trinity Industries Incorporated		12,000		506,520

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

Portfolio of investments—April 30, 2013 (unaudited) Wells Fargo Advantage Intrinsic Small Cap Value Fund 9

Security name	Shares		Value
Machinery (continued)
Wabtec Corporation		12,850	$	1,348,479
Watts Water Technologies Incorporated		11,500		541,190
				4,867,219
Marine: 1.45%
Kirby Corporation Ǡ		14,000		1,048,460
Professional Services: 1.10%
Korn/Ferry International †		48,000		794,400
Road & Rail: 1.17%
Landstar System Incorporated		15,500		847,230
Trading Companies & Distributors: 1.51%
Aercap Holdings NV †		68,750		1,091,063
Information Technology: 13.12%
Communications Equipment: 1.00%
Plantronics Incorporated		16,500		723,030
Computers & Peripherals: 2.17%
Avid Technology Incorporated †		118,500		780,915
Electronics For Imaging Incorporated †		29,400		785,568
				1,566,483
Electronic Equipment, Instruments & Components: 1.96%
Jabil Circuit Incorporated		79,500		1,415,100
Internet Software & Services: 0.98%
WebMD Health Corporation Ǡ		29,500		712,425
IT Services: 2.99%
DST Systems Incorporated		10,000		691,500
VeriFone Systems Incorporated †		68,500		1,471,380
				2,162,880
Semiconductors & Semiconductor Equipment: 2.24%
ATMI Incorporated †		28,000		609,000
International Rectifier Corporation Ǡ		47,500		1,007,475
				1,616,475
Software: 1.78%
Informatica Corporation †		39,000		1,284,270
Materials: 2.55%
Construction Materials: 1.21%
Texas Industries Incorporated Ǡ		13,750		875,600
Metals & Mining: 1.34%
Walter Industries Incorporated		54,000		967,680

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

10 Wells Fargo Advantage Intrinsic Small Cap Value Fund Portfolio of investments—April 30, 2013 (unaudited)

Security name				Shares		Value
Telecommunication Services: 0.70%
Diversified Telecommunication Services: 0.70%
General Communication Incorporated Class A «†					52,000	$	504,920
Utilities: 1.57%
Electric Utilities: 1.57%
Westar Energy Incorporated					32,500		1,136,201
Total Common Stocks (Cost $57,207,798)							68,595,400
	Yield
Short-Term Investments: 25.44%
Investment Companies: 25.44%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)		0.13	%		3,864,145		3,864,145
Wells Fargo Securities Lending Cash Investments, LLC (l)(r)(u)(v)		0.18			14,524,544		14,524,544
Total Short-Term Investments (Cost $18,388,689)							18,388,689

Total investments in securities (Cost $75,596,487) *	120.35	%		86,984,089
Other assets and liabilities, net	(20.35	)		(14,709,661	)
Total net assets	100.00	%	$	72,274,428

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

† Non-income-earning security

(l) Investment in an affiliate

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

(r) The investment company is exempt from registration under Section 3(c)(7) of the 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 $76,301,370 and unrealized appreciation (depreciation) consists of:

Gross unrealized appreciation	$	13,594,610
Gross unrealized depreciation		(2,911,891	)
Net unrealized appreciation	$	10,682,719

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

Statement of assets and liabilities—April 30, 2013 (unaudited) Wells Fargo Advantage Intrinsic Small Cap Value Fund 11

Assets
Investments
In unaffiliated securities (including securities on loan), at value (see cost below)	$	68,595,400
In affiliated securities, at value (see cost below)		18,388,689
Total investments, at value (see cost below)		86,984,089
Receivable for investments sold		1,047,419
Receivable for Fund shares sold		59,554
Receivable for dividends		12,059
Receivable for securities lending income		1,714
Prepaid expenses and other assets		48,452
Total assets		88,153,287
Liabilities
Payable for investments purchased		1,185,463
Payable for Fund shares redeemed		67,797
Payable upon receipt of securities loaned		14,524,544
Advisory fee payable		36,385
Distribution fees payable		103
Due to other related parties		19,581
Accrued expenses and other liabilities		44,986
Total liabilities		15,878,859
Total net assets	$	72,274,428
NET ASSETS CONSIST OF
Paid-in capital	$	136,449,630
Accumulated net investment loss		(82,406	)
Accumulated net realized losses on investments		(75,480,398	)
Net unrealized gains on investments		11,387,602
Total net assets	$	72,274,428
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE1
Net assets – Class A	$	722,128
Shares outstanding – Class A		37,260
Net asset value per share – Class A		$19.38
Maximum offering price per share – Class A2		$20.56
Net assets – Class C	$	178,099
Shares outstanding – Class C		9,611
Net asset value per share – Class C		$18.53
Net assets – Administrator Class	$	10,573,979
Shares outstanding – Administrator Class		538,225
Net asset value per share – Administrator Class		$19.65
Net assets – Institutional Class	$	119,462
Shares outstanding – Institutional Class		6,009
Net asset value per share – Institutional Class		$19.88
Net assets – Investor Class	$	60,680,760
Shares outstanding – Investor Class		3,160,508
Net asset value per share – Investor Class		$19.20
Investments in unaffiliated securities (including securities on loan), at cost	$	57,207,798
Investments in affiliated securities, at cost	$	18,388,689
Total investments, at cost	$	75,596,487
Securities on loan, at value	$	14,156,154

1. The Fund has an unlimited number of authorized shares.

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

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

12 Wells Fargo Advantage Intrinsic Small Cap Value Fund Statement of operations—six months ended April 30, 2013 (unaudited)

Investment income
Dividends	$	526,722
Securities lending income, net		12,283
Income from affiliated securities		2,737
Total investment income		541,742
Expenses
Advisory fee		266,736
Administration fees
Fund level		16,671
Class A		732
Class C		150
Administrator Class		4,006
Institutional Class		1,791
Investor Class		85,624
Shareholder servicing fees
Class A		704
Class C		145
Administrator Class		9,694
Investor Class		66,894
Distribution fees
Class C		434
Custody and accounting fees		5,723
Professional fees		14,441
Registration fees		31,657
Shareholder report expenses		15,398
Trustees’ fees and expenses		7,132
Other fees and expenses		2,947
Total expenses		530,879
Less: Fee waivers and/or expense reimbursements		(56,373	)
Net expenses		474,506
Net investment income		67,236
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on investments		9,311,822
Net change in unrealized gains (losses) on investments		2,769,155
Net realized and unrealized gains (losses) on investments		12,080,977
Net increase in net assets resulting from operations	$	12,148,213

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

Statement of changes in net assets Wells Fargo Advantage Intrinsic Small Cap Value Fund 13

	Six months ended April 30, 2013 (unaudited)						Year ended October 31, 2012
Operations
Net investment income (loss)				$	67,236					$	(186,213	)
Net realized gains on investments					9,311,822						6,704,703
Net change in unrealized gains (losses) on investments					2,769,155						6,428,200
Net increase in net assets resulting from operations					12,148,213						12,946,690
		Shares						Shares
Capital share transactions
Proceeds from shares sold
Class A		18,230			323,924			13,328			199,512
Class C		3,999			72,842			355			5,000
Administrator Class		214,835			3,988,466			56,016			844,905
Institutional Class		6,578			110,650			259,458			3,949,026
Investor Class		546,292			9,973,971			221,052			3,388,707
					14,469,853						8,387,150
Payment for shares redeemed
Class A		(3,349	)		(62,781	)		(4,395	)		(65,907	)
Class C		(218	)		(3,925	)		(2,446	)		(37,063	)
Administrator Class		(97,527	)		(1,789,745	)		(319,650	)		(4,906,982	)
Institutional Class		(2,455,438	)		(40,472,444	)		(728,732	)		(11,279,038	)
Investor Class		(356,351	)		(6,312,953	)		(976,289	)		(14,554,201	)
					(48,641,848	)					(30,843,191	)
Net decrease in net assets resulting from capital share transactions					(34,171,995	)					(22,456,041	)
Total decrease in net assets					(22,023,782	)					(9,509,351	)
Net assets
Beginning of period					94,298,210						103,807,561
End of period				$	72,274,428					$	94,298,210
Accumulated net investment loss				$	(82,406	)				$	(149,642	)

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

14 Wells Fargo Advantage Intrinsic Small Cap Value Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended April 30, 2013 (unaudited)			Year ended October 31
CLASS A				2012			2011			2010			2009			20081
Net asset value, beginning of period	$	15.96		$	14.06		$	13.81		$	11.52		$	11.08		$	13.72
Net investment income (loss)		(0.01	)2		(0.06	)2		(0.06	)2		(0.06	)		(0.02	)2		0.00	2,3
Net realized and unrealized gains (losses) on investments		3.43			1.96			0.31			2.35			0.47			(2.64	)
Total from investment operations		3.42			1.90			0.25			2.29			0.45			(2.64	)
Distributions to shareholders from
Tax basis return of capital		0.00			0.00			0.00			0.00			(0.01	)		0.00
Net asset value, end of period	$	19.38		$	15.96		$	14.06		$	13.81		$	11.52		$	11.08
Total return4		21.43	%		13.51	%		1.81	%		19.88	%		4.09	%		(19.24	)%
Ratios to average net assets (annualized)
Gross expenses		1.60	%		1.48	%		1.44	%		1.54	%		1.57	%		1.55	%
Net expenses		1.45	%		1.45	%		1.42	%		1.45	%		1.45	%		1.45	%
Net investment income (loss)		(0.09	)%		(0.38	)%		(0.41	)%		(0.49	)%		(0.17	)%		0.01	%
Supplemental data
Portfolio turnover rate		31	%		33	%		54	%		147	%		64	%		77	%
Net assets, end of period (000s omitted)		$722			$357			$189			$354			$290			$29

1. For the period from March 31, 2008 (commencement of class operations) to October 31, 2008.

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 Small Cap Value Fund 15

(For a share outstanding throughout each period)

	Six months ended April 30, 2013 (unaudited)			Year ended October 31
CLASS C				2012			2011			2010			2009			20081
Net asset value, beginning of period	$	15.32		$	13.60		$	13.45		$	11.31		$	10.95		$	13.61
Net investment loss		(0.06	)2		(0.16	)2		(0.17	)2		(0.18	)		(0.09	)2		(0.06	)2
Net realized and unrealized gains (losses) on investments		3.27			1.88			0.32			2.32			0.45			(2.60	)
Total from investment operations		3.21			1.72			0.15			2.14			0.36			(2.66	)
Net asset value, end of period	$	18.53		$	15.32		$	13.60		$	13.45		$	11.31		$	10.95
Total return3		21.02	%		12.65	%		1.12	%		18.92	%		3.29	%		(19.54	)%
Ratios to average net assets (annualized)
Gross expenses		2.35	%		2.22	%		2.19	%		2.30	%		2.31	%		2.33	%
Net expenses		2.20	%		2.20	%		2.17	%		2.20	%		2.20	%		2.20	%
Net investment loss		(0.73	)%		(1.12	)%		(1.19	)%		(1.24	)%		(0.90	)%		(0.76	)%
Supplemental data
Portfolio turnover rate		31	%		33	%		54	%		147	%		64	%		77	%
Net assets, end of period (000s omitted)		$178			$89			$108			$142			$132			$26

1. For the period from March 31, 2008 (commencement of class operations) to October 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 Intrinsic Small Cap Value Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended April 30, 2013 (unaudited)			Year ended October 31
ADMINISTRATOR CLASS				2012			2011			2010			2009			2008
Net asset value, beginning of period	$	16.16		$	14.20		$	13.91		$	11.58		$	11.10		$	18.10
Net investment income (loss)		0.03	1		(0.02	)1		(0.05	)1		(0.02	)		0.02	1		0.06	1
Net realized and unrealized gains (losses) on investments		3.46			1.98			0.34			2.35			0.46			(5.70	)
Total from investment operations		3.49			1.96			0.29			2.33			0.48			(5.64	)
Distributions to shareholders from
Net investment income		0.00			0.00			0.00			0.00			0.00			(0.22	)
Net realized gains		0.00			0.00			0.00			0.00			0.00			(1.14	)
Total distributions to shareholders		0.00			0.00			0.00			0.00			0.00			(1.36	)
Net asset value, end of period	$	19.65		$	16.16		$	14.20		$	13.91		$	11.58		$	11.10
Total return2		21.53	%		13.80	%		2.08	%		20.12	%		4.32	%		(33.26	)%
Ratios to average net assets (annualized)
Gross expenses		1.43	%		1.30	%		1.22	%		1.37	%		1.38	%		1.38	%
Net expenses		1.20	%		1.20	%		1.19	%		1.20	%		1.20	%		1.20	%
Net investment income (loss)		0.34	%		(0.12	)%		(0.30	)%		(0.23	)%		0.18	%		0.41	%
Supplemental data
Portfolio turnover rate		31	%		33	%		54	%		147	%		64	%		77	%
Net assets, end of period (000s omitted)	$	10,574		$	6,801		$	9,722		$	5,774		$	5,730		$	6,447

1. Calculated based upon average shares outstanding

2. Returns for period 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 Small Cap Value Fund 17

(For a share outstanding throughout each period)

	Six months ended April 30, 2013 (unaudited)			Year ended October 31
INSTITUTIONAL CLASS				2012			2011			2010			2009			2008
Net asset value, beginning of period	$	16.32		$	14.32		$	14.00		$	11.63		$	11.15		$	18.19
Net investment income (loss)		0.11	1		0.01	1		0.00	1,2		(0.00	)1,2		0.04	1		0.09	1
Net realized and unrealized gains (losses) on investments		3.45			1.99			0.32			2.37			0.47			(5.73	)
Total from investment operations		3.56			2.00			0.32			2.37			0.51			(5.64	)
Distributions to shareholders from
Net investment income		0.00			0.00			0.00			0.00			0.00			(0.26	)
Net realized gains		0.00			0.00			0.00			0.00			0.00			(1.14	)
Tax basis return of capital		0.00			0.00			0.00			0.00			(0.03	)		0.00
Total distributions to shareholders		0.00			0.00			0.00			0.00			(0.03	)		(1.40	)
Net asset value, end of period	$	19.88		$	16.32		$	14.32		$	14.00		$	11.63		$	11.15
Total return3		21.81	%		13.97	%		2.29	%		20.38	%		4.61	%		(33.17	)%
Ratios to average net assets (annualized)
Gross expenses		1.10	%		1.05	%		1.01	%		1.10	%		1.11	%		1.11	%
Net expenses		1.00	%		1.00	%		0.98	%		1.00	%		1.00	%		1.00	%
Net investment income (loss)		1.33	%		0.07	%		0.02	%		(0.03	)%		0.36	%		0.60	%
Supplemental data
Portfolio turnover rate		31	%		33	%		54	%		147	%		64	%		77	%
Net assets, end of period (000s omitted)		$119			$40,073			$41,861			$72,200			$65,014			$64,444

1. Calculated based upon average shares outstanding

2. Amount is less than $0.005.

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

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

18 Wells Fargo Advantage Intrinsic Small Cap Value Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended April 30, 2013 (unaudited)			Year ended October 31
INVESTOR CLASS				2012			2011			2010			2009			2008
Net asset value, beginning of period	$	15.81		$	13.94		$	13.70		$	11.43		$	10.99		$	17.92
Net investment income (loss)		0.01	1		(0.06	)1		(0.07	)1		(0.06	)1		(0.01	)1		0.02	1
Net realized and unrealized gains (losses) on investments		3.38			1.93			0.31			2.33			0.45			(5.65	)
Total from investment operations		3.39			1.87			0.24			2.27			0.44			(5.63	)
Distributions to shareholders from
Net investment income		0.00			0.00			0.00			0.00			0.00			(0.16	)
Net realized gains		0.00			0.00			0.00			0.00			0.00			(1.14	)
Total distributions to shareholders		0.00			0.00			0.00			0.00			0.00			(1.30	)
Net asset value, end of period	$	19.20		$	15.81		$	13.94		$	13.70		$	11.43		$	10.99
Total return2		21.37	%		13.49	%		1.75	%		19.86	%		4.00	%		(33.46	)%
Ratios to average net assets (annualized)
Gross expenses		1.66	%		1.54	%		1.50	%		1.63	%		1.67	%		1.70	%
Net expenses		1.49	%		1.49	%		1.48	%		1.49	%		1.49	%		1.49	%
Net investment income (loss)		0.09	%		(0.42	)%		(0.48	)%		(0.47	)%		(0.12	)%		0.11	%
Supplemental data
Portfolio turnover rate		31	%		33	%		54	%		147	%		64	%		77	%
Net assets, end of period (000s omitted)		$60,681			$46,977			$51,927			$79,132			$180,060			$213,243

1. Calculated based upon average shares outstanding

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

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

Notes to financial statements (unaudited) Wells Fargo Advantage Intrinsic Small Cap Value Fund 19

1. ORGANIZATION

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

Distributions to shareholders

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

Federal and other taxes

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

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

As of October 31, 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 $82,596,033 with $74,906,323 expiring in 2017 and $7,689,710 expiring in 2018.

As of October 31, 2012, the Fund had a qualified late-year ordinary loss of $149,642 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

Notes to financial statements (unaudited) Wells Fargo Advantage Intrinsic Small Cap 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 April 30, 2013, the inputs used in valuing investments in securities 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	$	68,595,400	$	0	$	0	$	68,595,400
Short-term investments
Investment companies		3,864,145		14,524,544		0		18,388,689
	$	72,459,545	$	14,524,544	$	0	$	86,984,089

Transfers in and transfers out are recognized at the end of the reporting period. For the six months ended April 30, 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 0.80% and declining to 0.70% as the average daily net assets of the Fund increase. For the six months ended April 30, 2013, the advisory fee was equivalent to an annual rate of 0.80% of the Fund’s average daily net assets.

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Funds Management. Metropolitan West Capital Management, LLC, an affiliate of Funds Management, is the subadviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.55% and declining to 0.40% as the average daily net assets of the Fund increase.

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 Intrinsic Small Cap Value Fund Notes to financial statements (unaudited)

Funds Management has contractually waived and/or reimbursed advisory and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. Waiver of fees and/or reimbursement of expenses by Funds Management were made first from fund level expenses on a proportionate basis and then from class specific expenses. Funds Management has committed through February 28, 2014 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.45% for Class A shares, 2.20% for Class C shares, 1.20% for Administrator Class shares, 1.00% for Institutional Class shares, and 1.49% 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 April 30, 2013, Wells Fargo Funds Distributor, LLC received $637 from the sale of Class A shares.

Shareholder servicing fees

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

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended April 30, 2013 were $25,290,793 and $20,166,367, 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 April 30, 2013, the Fund paid $78 in commitment fees.

For the six months ended April 30, 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. REDEMPTION IN-KIND

After the close of business on November 20, 2012, the Fund redeemed assets through an in-kind redemption. In the redemption transaction, the Fund issued securities with a value of $38,549,389 and cash in the amount of $1,451,872. The Fund recognized gains in the amount of $6,259,544, which are reflected on the Statement of Operations. The redemption in-kind by a shareholder of the Institutional Class represented 42% of the Fund and is reflected on the Statement of Changes in Net Assets.

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 Intrinsic Small Cap Value 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 Intrinsic Small Cap Value 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 131 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 Intrinsic Small Cap Value 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.
Nancy Wiser1 (Born 1967)	Treasurer, since 2012	Executive Vice President of Wells Fargo Funds Management, LLC since 2011. Chief Operating Officer and Chief Compliance Officer at LightBox Capital Management LLC, from 2008 to 2011. Owned and operated a consulting business providing services to various hedge funds including acting as Chief Operating Officer and Chief Compliance Officer for a hedge fund from 2007 to 2008. Chief Operating Officer and Chief Compliance Officer of GMN Capital LLC from 2006 to 2007.
C. David Messman (Born 1960)	Secretary, since 2000; Chief Legal Officer, since 2003	Senior Vice President and Secretary of Wells Fargo Funds Management, LLC since 2001. 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.
Jeremy DePalma1 (Born 1974)	Assistant Treasurer, since 2009	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Vice President, Evergreen Investment Services, Inc. from 2004 to 2007. Head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.

1. Nancy Wiser acts as Treasurer of 73 funds in the Fund Complex. Jeremy DePalma acts as Treasurer of 58 funds and Assistant Treasurer of 73 funds in the Fund Complex.

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

26 Wells Fargo Advantage Intrinsic Small Cap Value Fund Other information (unaudited)

BOARD CONSIDERATION OF INVESTMENT ADVISORY AND SUBADVISORY AGREEMENTS:

Under Section 15 of the Investment Company Act of 1940 (the “1940 Act”), the Board of Trustees (the “Board”) of Wells Fargo Funds Trust (the “Trust”), all the members of which have no direct or indirect interest in the investment advisory and sub-advisory agreements and are not “interested persons” of the Trust, as defined in the 1940 Act (the “Independent Trustees”), must determine whether to approve the continuation of the Trust’s investment advisory and sub-advisory agreements. In this regard, at an in-person meeting held on March 28-29, 2013 (the “Meeting”), the Board reviewed: (i) an investment advisory agreement with Wells Fargo Funds Management, LLC (“Funds Management”) for Wells Fargo Advantage Intrinsic Small Cap Value Fund (the “Fund”) and (ii) an investment sub-advisory agreement with Metropolitan West Capital Management, LLC (the “Sub-Adviser”), an affiliate of Funds Management, for the Fund. The investment advisory agreement with Funds Management and the investment sub-advisory agreement with the Sub-Adviser are collectively referred to as the “Advisory Agreements.”

At the Meeting, the Board considered the factors and reached the conclusions described below relating to the selection of Funds Management and the Sub-Adviser and the continuation of the Advisory Agreements. Prior to the Meeting, the Trustees conferred extensively among themselves and with representatives of Funds Management about these matters. The Board has adopted a team-based approach, with each team consisting of a sub-set of Trustees, to assist the Board in the discharge of its duties in reviewing performance and other matters throughout the year. The Independent Trustees were assisted in their evaluation of the Advisory Agreements by independent legal counsel, from whom they received separate legal advice and with whom they met separately.

In providing information to the Board, Funds Management and the Sub-Adviser were guided by a detailed set of requests for information submitted to them by independent legal counsel on behalf of the Independent Trustees at the start of the Board’s annual contract renewal process earlier in 2013. In considering and approving the Advisory Agreements, the Trustees considered the information they believed relevant, including but not limited to the information discussed below. The Board considered not only the specific information presented in connection with the Meeting, but also the knowledge gained over time through interaction with Funds Management and the Sub-Adviser about various topics. In this regard, the Board reviewed reports of Funds Management at each of its quarterly meetings, which included, among other things, portfolio reviews and performance reports. In addition, the Board and the teams mentioned above confer with portfolio managers at various times throughout the year. The Board did not identify any particular information or consideration that was all-important or controlling, and each individual Trustee may have attributed different weights to various factors.

After its deliberations, the Board unanimously determined that the continuation of the Advisory Agreements is in the best interests of the Fund and its shareholders, and that the compensation payable to Funds Management and the Sub-Adviser is reasonable. The Board considered the continuation of the Advisory Agreements for the Fund as part of its consideration of the continuation of advisory agreements for funds across the complex, but each decision was made on a fund-by-fund basis. The following summarizes a number of important, but not necessarily all, factors considered by the Board in reaching its determination.

Nature, extent and quality of services

The Board received and considered various information regarding the nature, extent and quality of services provided to the Fund by Funds Management and the Sub-Adviser under the Advisory Agreements. This information included, among other things, a summary of the background and experience of senior management of Funds Management, and the qualifications, background, tenure and responsibilities of each of the portfolio managers primarily responsible for the day-to-day portfolio management of the Fund.

The Board evaluated the ability of Funds Management and the Sub-Adviser, based on attributes such as their financial condition, resources and reputation, to attract and retain qualified investment professionals, including research, advisory and supervisory personnel. The Board further considered the compliance programs and compliance records of Funds Management and the Sub-Adviser. In addition, the Board took into account the administrative and other services provided to the Fund by Funds Management and its affiliates and Funds Management’s oversight of the Fund’s various service providers.

Fund performance and expenses

The Board considered the performance results for the Fund over various time periods ended December 31, 2012. The Board also considered these results in comparison to the performance of funds in a universe that was determined by Lipper Inc. (“Lipper”) to be similar to the Fund (the “Universe”), and in comparison to the Fund’s benchmark index and to other comparative data. Lipper is an independent provider of investment company data. The Board received a

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

description of the methodology used by Lipper to select the mutual funds in the performance Universe. The Board noted that the performance of the Fund (Administrator Class) was higher than or in range of the median performance of the Universe for the one- and ten-year periods under review, and lower than the median performance of the Universe for the three- and five-year periods under review. The Board also noted that the performance of the Fund was higher than or in range of its benchmark, the Russell 2000^® Value Index, for the one- and ten-year periods under review, and lower than the benchmark for the three- and five-year periods under review.

The Board received information concerning, and discussed factors contributing to, the underperformance of the Fund relative to the Universe and the benchmark for the three- and five-year periods under review. Funds Management advised the Board about the market conditions and investment decisions that it believed contributed to the underperformance during that period. The Board also noted that the Fund underwent a lead portfolio manager change in 2010 and has experienced positive performance in seven of the ten quarters since that change. The Board was satisfied with the explanation of factors contributing to underperformance and with the steps being taken by Funds Management and the Sub-Adviser to address the Fund’s investment performance.

The Board received and considered information regarding the Fund’s net operating expense ratios and their various components, including actual management fees (which reflect fee waivers, if any, and include advisory, administration and transfer agent fees), custodian and other non-management fees, Rule 12b-1 and non-Rule 12b-1 service fees and fee waiver and expense reimbursement arrangements. The Board also considered these ratios in comparison to the median ratios of funds in class-specific expense groups that were determined by Lipper to be similar to the Fund (the “Groups”). The Board received a description of the methodology used by Lipper to select the mutual funds in the expense Groups. Based on the Lipper reports, the Board noted that the net operating expense ratios of the Fund, after giving effect to agreed-upon reductions in the net operating expense ratio caps of the Fund’s Investor Class, Class A and Class C, were lower than or in range of the median net operating expense ratios of the expense Groups.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board concluded that the overall performance and expense structure of the Fund supported the re-approval of the Advisory Agreements.

Investment advisory and sub-advisory fee rates

The Board reviewed and considered the contractual investment advisory fee rates that are payable by the Fund to Funds Management for investment advisory services (the “Advisory Agreement Rates”), both on a stand-alone basis and on a combined basis with the Fund’s fund-level and class-level contractual administration fee rates (the “Management Rates”). The Board noted that the administration fees include transfer agency costs. The Board also reviewed and considered the contractual investment sub-advisory fee rates that are payable by Funds Management to the Sub-Adviser for investment sub-advisory services (the “Sub-Advisory Agreement Rates”).

Among other information reviewed by the Board was a comparison of the Management Rates of the Fund with those of other funds in the expense Groups at a common asset level. The Board noted that the Management Rates of the Fund were in range of the median rate for the Fund’s expense Groups for all classes except the Investor Class and Class A. The Board and Funds Management agreed to revise the advisory fee schedule for the Fund by adding an additional breakpoint. The Board also viewed favorably the fact that the net operating expense ratios of the Fund, after giving effect to agreed-upon reductions in the net operating expense ratio caps of the Fund’s Investor Class, Class A and Class C, were lower than or in range of the median net operating expense ratios of the expense Groups.

The Board also received and considered information about the portion of the total advisory fee that was retained by Funds Management after payment of the fee to the Sub-Adviser for sub-advisory services. In assessing the reasonableness of this amount, the Board received and evaluated information concerning the nature and extent of responsibilities retained and risks assumed by Funds Management and not delegated to or assumed by the Sub-Adviser, and about Funds Management’s on-going oversight services. In recognition of the fact that the Wells Fargo enterprise provides a suite of combined advisory and sub-advisory services to the Fund through affiliated entities, the Board ascribed limited relevance to the allocation of the total advisory fee between Funds Management and the Sub-Adviser.

The Board also received and considered information about the nature and extent of services offered and fee rates charged by Funds Management and the Sub-Adviser to other types of clients. In this regard, the Board received information about the significantly greater scope of services, and compliance, reporting and other legal burdens and risks of managing mutual funds compared with those associated with managing assets of non-mutual fund clients such as collective funds or institutional separate accounts.

28 Wells Fargo Advantage Intrinsic Small Cap Value Fund Other information (unaudited)

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board determined that the Advisory Agreement Rates and the Sub-Advisory Agreement Rates were reasonable in light of the services covered by the Advisory Agreements.

Profitability

The Board received and considered information concerning the profitability of Funds Management, as well as the profitability of Wells Fargo as a whole, from providing services to the Fund. The Board did not receive or consider to be necessary separate profitability information with respect to the Sub-Adviser, because, as an affiliate of Funds Management, its profitability information was subsumed in the collective Wells Fargo profitability analysis provided by Funds Management.

Funds Management explained the methodologies and estimates that it used in calculating the profitability from the Fund and the fund family as a whole. Among other things, the Board noted that the levels of profitability reported on a fund-by-fund basis varied widely, depending on factors such as the size and type of fund. Based on its review, the Board did not deem the profits reported by Funds Management to be at a level that would prevent it from approving the continuation of the Advisory Agreements.

Economies of scale

With respect to possible economies of scale, the Board reviewed the breakpoints in the Fund’s advisory fee and administration fee structure, which operate generally to reduce the Fund’s expense ratios as the Fund grows in size. It considered that, for a small fund or a fund that shrinks in size, breakpoints conversely can result in higher fee levels. The Board also considered fee waiver and expense reimbursement arrangements as a means of sharing potential economies of scale with the Fund. The Board acknowledged the inherent limitations of any analysis of potential economies of scale and of any attempt to correlate breakpoints with such economies. Nonetheless, the Board concluded that the breakpoints and net operating expense ratio caps appeared to be a reasonable approach to sharing potential economies of scale with the Fund.

Other benefits to Funds Management and the Sub-Adviser

The Board received and considered information regarding potential “fall-out” or ancillary benefits received by Funds Management and its affiliates, including the Sub-Adviser, as a result of their relationship with the Fund. Ancillary benefits could include, among others, benefits directly attributable to other relationships with the Fund and benefits potentially derived from an increase in Funds Management’s and the Sub-Adviser’s business as a result of their relationship with the Fund (such as the ability to market to shareholders other financial products and services offered by Funds Management and its affiliates, including the Sub-Adviser, or to operate other products and services that follow investment strategies similar to those of the Fund).

The Board considered that Wells Fargo Funds Distributor, LLC, an affiliate of Funds Management, serves as distributor to the Fund and receives certain compensation for those services. The Board noted that various financial institutions, including affiliates of Funds Management, may receive distribution-related fees, shareholder servicing payments (including amounts derived from payments under Rule 12b-1 plans) and sub-transfer agency fees in respect of shares sold or held through them and services provided.

The Board also reviewed information about whether and to what extent soft dollar credits are sought and how any such credits are utilized, and any benefits that might be realized by an affiliated broker that handles portfolio transactions for the Fund.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board did not find that any ancillary benefits received by Funds Management and its affiliates, including the Sub-Adviser, were unreasonable.

Conclusion

After considering the above-described factors and based on its deliberations and its evaluation of the information described above, the Board unanimously approved the continuation of the Advisory Agreements for an additional one-year period.

List of abbreviations Wells Fargo Advantage Intrinsic Small Cap 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.

216837 06-13 SA242/SAR242 4-13

Wells Fargo Advantage

Small Cap Opportunities Fund

Semi-Annual Report

April 30, 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	14
Statement of operations	15
Statement of changes in net assets	16
Financial highlights	17
Notes to financial statements	18
Other information	22
List of abbreviations	28

The views expressed and any forward-looking statements are as of April 30, 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 100 mutual funds across a wide range of asset classes, representing over $228 billion in assets under management, as of April 30, 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-Term Bond Fund
California Limited-Term Tax-Free Fund	Income Plus Fund	Short-Term High Yield Bond Fund
California Tax-Free Fund	Inflation-Protected Bond Fund	Short-Term Municipal Bond Fund
Colorado Tax-Free Fund	Intermediate Tax/AMT-Free Fund	Strategic Income Fund
Conservative Income Fund	International Bond Fund	Strategic Municipal Bond Fund
Core Bond Fund	Minnesota Tax-Free Fund	Ultra Short-Term Income Fund
Emerging Markets Local Bond Fund	Municipal Bond Fund	Ultra Short-Term Municipal Income Fund
Government Securities Fund	North Carolina Tax-Free Fund	Wisconsin Tax-Free Fund
High Income Fund	Pennsylvania Tax-Free Fund
High Yield Bond Fund	Short Duration Government Bond Fund
Asset allocation funds
Absolute Return Fund	WealthBuilder Equity Portfolio†	Target 2020 Fund†
Asset Allocation Fund	WealthBuilder Growth Allocation Portfolio†	Target 2025 Fund†
Diversified Capital Builder Fund	WealthBuilder Growth Balanced Portfolio†	Target 2030 Fund†
Diversified Income Builder Fund	WealthBuilder Moderate Balanced Portfolio†	Target 2035 Fund†
Growth Balanced Fund	WealthBuilder Tactical Equity Portfolio†	Target 2040 Fund†
Index Asset Allocation Fund	Target Today Fund†	Target 2045 Fund†
Moderate Balanced Fund	Target 2010 Fund†	Target 2050 Fund†
WealthBuilder Conservative Allocation Portfolio†	Target 2015 Fund†	Target 2055 Fund†
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 Small Cap Opportunities Fund Letter to shareholders (unaudited)

Karla M. Rabusch

President

Wells Fargo Advantage Funds

Relatively improving 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.

Dear Valued Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Advantage Small Cap Opportunities Fund for the six-month period that ended April 30, 2013. Much of the six-month 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 improving 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. This backdrop enabled most equity asset classes to generate positive returns. For the six-month period, the small-cap-oriented Russell 2000^® Index¹ returned 16.58%, while the mid-cap-focused Russell Midcap^® Index² posted an 18.90% total return.

The U.S. economy improved with the support of accommodative monetary policy.

The U.S. economy grew modestly, but the recovery remained weak compared with previous business cycles. Curtailed government spending and weak household income expectations were economic headwinds. However, the unemployment rate continued to decline, reaching 7.5% in April 2013, and housing market activity, as measured by many metrics—sales, building permits, and prices—continued to improve from its recessionary levels.

Citing its dual mandate of fostering maximum employment and price stability, the U.S. Federal Reserve (Fed) reaffirmed its commitment to highly accommodative monetary policy. In addition, the Fed formally announced that exceptionally low interest rates would be appropriate at least as long as the unemployment rate remains above 6.5% and inflation remains no more than half a percentage point above its 2.0% inflation target.

The Fed also continued its quantitative easing program. Just prior to the beginning of the reporting period, the Federal Open Market Committee 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.

The global economy continues to be affected by bouts of uncertainty, including political questions in the U.S., Europe, and China.

Global economic growth varied across countries. Eurozone economies remained in recession. However, the European Central Bank (ECB) and several key members of the eurozone, including France and Germany, continued their commitment to maintaining a single currency. Subsequently, investor fears about a sovereign debt crisis in Europe abated. Furthermore, the ECB maintained its accommodative monetary policy by lowering its key rate at a historic low of 0.75%.

For most of the six-month period, uncertainty about political outcomes was a constant. U.S. presidential elections in November 2012, the debate over the fiscal cliff and tax rates at year-end, and speculation about the effects of sequestration at the end of February 2013 weighed on business leaders and investors. Elections in eurozone countries such as Greece, France, and Italy sparked speculation about the future of the eurozone. New leadership in China also figured into the political landscape. In the end, investors managed around these concerns, and capital markets generally advanced during this time period.

1. The Russell 2000^® Index measures the performance of the 2,000 smallest companies in the Russell 3000^® Index, which represents approximately 8% of the total market capitalization of the Russell 3000 Index. You cannot invest directly in an index.

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

Letter to shareholders (unaudited) Wells Fargo Advantage Small Cap Opportunities Fund 3

Our goal is to meet the financial needs of our shareholders.

We are committed to providing our shareholders long-term investment strategies and focusing on appropriate risk while seeking to deliver consistent returns. We know that your ability to meet your long-term investment goals depends on the investment decisions you make today. Despite economic uncertainties and investment challenges, staying invested and adapting to emerging opportunities and threats will help you manage investment 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

Despite economic uncertainties and investment challenges, staying invested and adapting to emerging opportunities and threats will help you manage investment risk.

4 Wells Fargo Advantage Small Cap Opportunities Fund Performance highlights (unaudited)

Investment objective

The Fund seeks long-term capital appreciation.

Adviser

Wells Fargo Funds Management, LLC

Subadviser

Schroder Investment Management North America Inc.

Portfolio manager

Jenny B. Jones

Average annual total returns (%) as of April 30, 2013

								Expense ratios1 (%)
	Inception date	1 year		5 year		10 year		Gross		Net2
Administrator Class (NVSOX)	8-1-1993		15.03		6.25		12.51		1.24		1.22
Russell 2000® Index3	–		17.69		7.27		10.47		–		–

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. Current performance may be lower or higher than the performance data quoted, which assumes the reinvestment of dividends and capital gains. Current month-end performance is available on the Fund’s website, wellsfargoadvantagefunds.com.

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

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

Stock values fluctuate in response to the activities of individual companies and general market and economic conditions. Smaller-company stocks tend to be more volatile and less liquid than those of larger companies. 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 Small Cap Opportunities Fund 5

Ten largest equity holdings4 (%) as of April 30, 2013
Northwestern Corporation	1.82
Parexel International Corporation	1.48
Finish Line Incorporated	1.42
Brinker International Incorporated	1.39
PTC Incorporated	1.38
Alterra Capital Holdings Limited	1.34
Applied Industrial Technologies Incorporated	1.28
Brown & Brown Incorporated	1.27
IDACORP Incorporated	1.23
EnerSys	1.23

Sector distribution⁵ as of April 30, 2013

1. Reflects the expense ratios as stated in the most recent prospectus.

2. The Adviser has committed through February 28, 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 1.20% for Administrator 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.

3. The Russell 2000^® Index measures the performance of the 2,000 smallest companies in the Russell 3000^® Index, which represents approximately 8% of the total market capitalization of the Russell 3000 Index. You cannot invest directly in an index.

4. 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.

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

6 Wells Fargo Advantage Small Cap Opportunities Fund Fund expenses (unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from November 1, 2012 to April 30, 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. Therefore, the “Hypothetical” line of the table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds.

	Beginning account value 11-1-2012		Ending account value 4-30-2013		Expenses paid during the period¹		Net annual expense ratio
Administrator Class
Actual	$	1,000.00	$	1,143.26	$	6.38		1.20	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.84	$	6.01		1.20	%

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

Portfolio of investments—April 30, 2013 (unaudited) Wells Fargo Advantage Small Cap Opportunities Fund 7

Security name	Shares		Value
Common Stocks: 92.67%
Consumer Discretionary: 14.58%
Distributors: 1.17%
Core Mark Holding Company Incorporated		90,600	$	4,714,824
LKQ Corporation †		117,800		2,836,624
				7,551,448
Diversified Consumer Services: 0.51%
Steiner Leisure Limited †		67,700		3,278,711
Hotels, Restaurants & Leisure: 6.12%
Ameristar Casinos Incorporated		98,600		2,602,054
Bally Technologies Incorporated Ǡ		117,700		6,271,056
Brinker International Incorporated «		230,600		8,970,340
Domino’s Pizza Incorporated «		110,100		6,077,520
Home Inns & Hotels Management ADR «†		71,700		1,786,764
Ignite Restaurant Group Incorporated Ǡ		264,400		4,611,136
Red Robin Gourmet Burgers Incorporated †		92,100		4,454,877
Six Flags Entertainment Corporation		65,700		4,787,559
				39,561,306
Household Durables: 0.75%
Harman International Industries Incorporated		109,200		4,882,332
Leisure Equipment & Products: 0.63%
Callaway Golf Company «		607,100		4,067,570
Media: 1.00%
John Wiley & Sons Incorporated		76,900		2,935,273
Madison Square Garden Incorporated Class A †		58,500		3,525,795
				6,461,068
Specialty Retail: 4.40%
Aeropostale Incorporated †		83,400		1,222,644
Asbury Automotive Group Incorporated †		66,200		2,653,958
Children’s Place Retail Stores Incorporated †		101,416		4,961,271
Finish Line Incorporated «		473,800		9,186,982
Group 1 Automotive Incorporated		42,900		2,594,592
Hot Topic Incorporated		357,800		4,991,310
Rent-A-Center Incorporated		81,800		2,857,274
				28,468,031
Consumer Staples: 3.33%
Food & Staples Retailing: 0.84%
Casey’s General Stores Incorporated «		85,700		4,962,887
Chef’s Warehouse Incorporated †		27,200		500,208
				5,463,095

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

8 Wells Fargo Advantage Small Cap Opportunities Fund Portfolio of investments—April 30, 2013 (unaudited)

Security name	Shares		Value
Food Products: 1.42%
Dean Foods Company Ǡ		238,200	$	4,559,148
Pinnacle Foods Incorporated †		192,900		4,604,523
				9,163,671
Personal Products: 0.72%
Elizabeth Arden Incorporated †		113,800		4,660,110
Tobacco: 0.35%
Universal Corporation «		39,200		2,255,960
Energy: 3.90%
Energy Equipment & Services: 1.56%
Helix Energy Solutions Group Incorporated †		264,500		6,094,080
Oil States International Incorporated †		44,226		3,952,035
				10,046,115
Oil, Gas & Consumable Fuels: 2.34%
Carrizo Oil & Gas Incorporated «†		229,900		5,568,178
Laredo Petroleum Holdings Incorporated Ǡ		263,800		4,537,360
Stealthgas Incorporated †		160,000		1,654,400
Teekay Corporation		94,834		3,376,090
				15,136,028
Financials: 16.94%
Capital Markets: 1.18%
FXCM Incorporated Class A «		116,900		1,583,995
HFF Incorporated Class A «		217,500		4,556,625
Stifel Financial Corporation Ǡ		45,731		1,473,453
				7,614,073
Commercial Banks: 4.29%
Bank of Hawaii Corporation «		32,700		1,559,463
First Horizon National Corporation		248,600		2,585,440
FirstMerit Corporation «		343,800		5,889,294
Lakeland Financial Corporation		123,000		3,296,400
MB Financial Incorporated		143,400		3,550,584
Old National Bancorp		369,900		4,505,382
Simmons First National Corporation «		115,500		2,832,060
Susquehanna Bancshares Incorporated		300,100		3,502,167
				27,720,790
Diversified Financial Services: 0.53%
Compass Diversified Holdings		202,300		3,420,893
Insurance: 5.23%
Alterra Capital Holdings Limited		265,616		8,645,801
Amerisafe Incorporated		102,800		3,357,448
Brown & Brown Incorporated		265,700		8,234,043

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

Portfolio of investments—April 30, 2013 (unaudited) Wells Fargo Advantage Small Cap Opportunities Fund 9

Security name	Shares		Value
Insurance (continued)
eHealth Incorporated †		91,600	$	1,918,104
Infinity Property & Casualty Corporation		33,500		1,900,790
Primerica Incorporated		39,300		1,334,628
ProAssurance Corporation		48,900		2,395,611
Reinsurance Group of America Incorporated		96,400		6,029,820
				33,816,245
REITs: 5.13%
Colonial Properties Trust «		309,164		7,175,696
Equity Lifestyle Properties Incorporated		78,235		6,356,594
Health Care REIT Incorporated		12,508		937,725
LaSalle Hotel Properties		126,024		3,267,802
Mid-America Apartment Communities Incorporated «		95,657		6,574,506
Parkway Properties Incorporated		132,292		2,411,683
Redwood Trust Incorporated «		283,553		6,470,679
				33,194,685
Thrifts & Mortgage Finance: 0.58%
Everbank Financial Corporation		110,600		1,769,600
Ocwen Financial Corporation †		53,700		1,964,346
				3,733,946
Health Care: 11.17%
Biotechnology: 1.76%
Cepheid Incorporated Ǡ		98,500		3,755,805
Lexicon Genetics Incorporated †		1,020,800		2,021,184
Myriad Genetics Incorporated †		72,800		2,027,480
Onyx Pharmaceuticals Incorporated Ǡ		29,500		2,796,600
Puma Biotechnology Incorporated Ǡ		23,400		753,012
				11,354,081
Health Care Equipment & Supplies: 4.42%
Cooper Companies Incorporated		59,600		6,579,840
Haemonetics Corporation Ǡ		122,100		4,700,850
Masimo Corporation «		113,200		2,270,792
Sirona Dental Systems Incorporated †		96,800		7,118,672
Spectranetics Corporation †		87,600		1,633,740
Unilife Corporation Ǡ		523,869		1,037,261
Volcano Corporation Ǡ		122,300		2,481,467
West Pharmaceutical Services Incorporated		43,200		2,758,752
				28,581,374
Health Care Providers & Services: 2.17%
Centene Corporation †		42,600		1,968,120
HealthSouth Rehabilitation Corporation Ǡ		272,700		7,499,250
Lifepoint Hospitals Incorporated †		95,400		4,579,200
				14,046,570

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

10 Wells Fargo Advantage Small Cap Opportunities Fund Portfolio of investments—April 30, 2013 (unaudited)

Security name	Shares		Value
Life Sciences Tools & Services: 2.08%
Fluidigm Corporation Ǡ		103,200	$	1,737,888
Parexel International Corporation †		233,000		9,541,350
TECHNE Corporation		33,700		2,161,518
				13,440,756
Pharmaceuticals: 0.74%
Salix Pharmaceuticals Limited †		92,000		4,810,680
Industrials: 18.56%
Aerospace & Defense: 0.72%
Hexcel Corporation Ǡ		152,500		4,651,250
Airlines: 0.85%
Spirit Airlines Incorporated †		205,700		5,492,190
Building Products: 1.38%
Armstrong World Industries Incorporated †		91,600		4,675,264
Fortune Brands Home & Security Incorporated †		75,400		2,743,806
Universal Forest Products Incorporated		39,700		1,532,420
				8,951,490
Commercial Services & Supplies: 2.96%
ABM Industries Incorporated		253,700		5,720,935
Standard Parking Corporation †		237,661		5,107,335
Stantec Incorporated		40,694		1,740,134
Waste Connections Incorporated		173,290		6,576,356
				19,144,760
Construction & Engineering: 1.39%
Great Lakes Dredge & Dock Company		265,100		1,834,492
MYR Group Incorporated †		130,400		2,973,120
Primoris Services Corporation		190,000		4,187,600
				8,995,212
Electrical Equipment: 3.21%
Belden Incorporated		47,300		2,337,566
EnerSys Ǡ		173,600		7,957,824
PLX Technology Incorporated †		341,600		1,595,272
Regal-Beloit Corporation		53,300		4,190,446
Thermon Group Holdings Incorporated Ǡ		238,100		4,666,760
				20,747,868
Machinery: 2.70%
Enpro Industries Incorporated Ǡ		152,800		7,529,984
IDEX Corporation		124,773		6,491,939
Wabash National Corporation Ǡ		366,100		3,452,323
				17,474,246

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

Portfolio of investments—April 30, 2013 (unaudited) Wells Fargo Advantage Small Cap Opportunities Fund 11

Security name	Shares		Value
Professional Services: 1.19%
On Assignment Incorporated †		76,100	$	1,846,947
Towers Watson & Company Class A		79,700		5,811,724
				7,658,671
Road & Rail: 1.58%
Genesee & Wyoming Incorporated «†		56,200		4,788,240
Roadrunner Transportation Systems Incorporated †		240,300		5,409,153
				10,197,393
Trading Companies & Distributors: 2.58%
Applied Industrial Technologies Incorporated		196,400		8,297,900
CAI International Incorporated †		55,400		1,412,146
MRC Global Incorporated †		232,300		6,957,385
				16,667,431
Information Technology: 12.91%
Communications Equipment: 0.90%
Finisar Corporation Ǡ		151,900		1,950,396
JDS Uniphase Corporation †		284,500		3,840,750
				5,791,146
Electronic Equipment, Instruments & Components: 1.60%
Electro Rent Corporation		56,100		929,577
Fabrinet †		162,300		2,228,379
MTS Systems Corporation		90,700		5,528,165
ScanSource Incorporated †		57,500		1,665,775
				10,351,896
Internet Software & Services: 0.69%
Allegiant Travel Company		49,600		4,459,040
IT Services: 1.92%
Gartner Incorporated †		33,700		1,949,545
Genpact Limited		230,200		4,281,720
Sapient Corporation †		528,200		6,169,376
				12,400,641
Office Electronics: 0.78%
Zebra Technologies Corporation †		108,800		5,075,520
Semiconductors & Semiconductor Equipment: 3.80%
Atmel Corporation †		673,900		4,360,133
Entegris Incorporated †		168,700		1,599,276
Fairchild Semiconductor International Incorporated †		361,400		4,662,060
Hittite Microwave Corporation †		27,200		1,526,192
Integrated Device Technology Incorporated †		643,400		4,574,574
MA-COM Technology Solutions Holdings Incorporated †		217,400		3,050,122

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

12 Wells Fargo Advantage Small Cap Opportunities Fund Portfolio of investments—April 30, 2013 (unaudited)

Security name	Shares		Value
Semiconductors & Semiconductor Equipment (continued)
Monolithic Power Systems Incorporated «		89,000	$	2,146,680
Nanometrics Incorporated †		190,900		2,678,327
				24,597,364
Software: 3.22%
Cadence Design Systems Incorporated Ǡ		220,300		3,040,140
Comverse Incorporated †		81,330		2,157,685
NetScout Systems Incorporated †		181,000		4,128,610
PTC Incorporated †		372,600		8,946,126
Verint Systems Incorporated †		76,825		2,538,298
				20,810,859
Materials: 6.22%
Chemicals: 2.33%
Cabot Corporation		60,431		2,269,788
Innophos Holdings Incorporated		98,800		5,069,428
Minerals Technologies Incorporated		80,300		3,262,589
Quaker Chemical Corporation		21,700		1,339,324
Taminco Corporation Ǡ		205,800		3,101,406
				15,042,535
Containers & Packaging: 2.15%
Berry Plastics Group Incorporated †		389,500		7,400,500
Packaging Corporation of America		136,100		6,472,916
				13,873,416
Metals & Mining: 1.74%
Globe Specialty Metals Incorporated «		157,600		2,058,256
Horsehead Holding Corporation †		160,900		1,721,630
Kaiser Aluminum Corporation «		70,300		4,428,900
Pretium Resources Incorporated Ǡ		419,600		3,075,668
				11,284,454
Utilities: 5.06%
Electric Utilities: 2.89%
Cleco Corporation		146,800		7,269,536
IDACORP Incorporated		161,900		7,967,099
UNS Energy Corporation		67,700		3,449,992
				18,686,627
Multi-Utilities: 1.82%
Northwestern Corporation		272,981		11,743,643
Water Utilities: 0.35%
SJW Corporation		90,300		2,290,007
Total Common Stocks (Cost $482,661,813)				599,117,197

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

Portfolio of investments—April 30, 2013 (unaudited) Wells Fargo Advantage Small Cap Opportunities Fund 13

Security name	Yield			Shares		Value
Short-Term Investments: 20.95%
Investment Companies: 20.95%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)		0.13	%		49,667,991	$	49,667,991
Wells Fargo Securities Lending Cash Investments, LLC (v)(r)(l)(u)		0.18			85,739,988		85,739,988
Total Short-Term Investments (Cost $135,407,979)							135,407,979

Total investments in securities
(Cost $618,069,792) *	113.62	%		734,525,176
Other assets and liabilities, net	(13.62	)		(88,042,947	)
Total net assets	100.00	%	$	646,482,229

† 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 $621,648,280 and unrealized appreciation (depreciation) consists of:

Gross unrealized appreciation	$	125,159,443
Gross unrealized depreciation		(12,282,547	)
Net unrealized appreciation	$	112,876,896

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

14 Wells Fargo Advantage Small Cap Opportunities Fund Statement of assets and liabilities—April 30, 2013 (unaudited)

Assets
Investments
In unaffiliated securities (including securities on loan), at value (see cost below)	$	599,117,197
In affiliated securities, at value (see cost below)		135,407,979
Total investments, at value (see cost below)		734,525,176
Receivable for investments sold		5,206,311
Receivable for Fund shares sold		1,045,063
Receivable for dividends		185,021
Receivable for securities lending income		10,927
Prepaid expenses and other assets		18,072
Total assets		740,990,570
Liabilities
Payable for investments purchased		7,369,987
Payable for Fund shares redeemed		735,620
Payable upon receipt of securities loaned		85,739,988
Advisory fee payable		407,662
Due to other related parties		78,609
Accrued expenses and other liabilities		176,475
Total liabilities		94,508,341
Total net assets	$	646,482,229
NET ASSETS CONSIST OF
Paid-in capital	$	478,056,567
Undistributed net investment income		1,038,532
Accumulated net realized gains on investments		50,931,746
Net unrealized gains on investments		116,455,384
Total net assets	$	646,482,229
COMPUTATION OF NET ASSET VALUE PER SHARE1
Net assets – Administrator Class	$	646,482,229
Shares outstanding – Administrator Class		17,752,230
Net asset value per share – Administrator Class		$36.42
Investments in unaffiliated securities (including securities on loan), at cost	$	482,661,813
Investments in affiliated securities, at cost	$	135,407,979
Total investments, at cost	$	618,069,792
Securities on loan, at value	$	83,582,402

1. The Fund has an unlimited number of authorized shares.

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

Statement of operations—six months ended April 30, 2013 (unaudited) Wells Fargo Advantage Small Cap Opportunities Fund 15

Investment income
Dividends*	$	6,198,239
Securities lending income, net		98,608
Income from affiliated securities		35,530
Total investment income		6,332,377
Expenses
Advisory fee		2,479,007
Administration fees
Fund level		155,936
Administrator Class		311,874
Shareholder servicing fees
Administrator Class		779,380
Custody and accounting fees		21,609
Professional fees		13,195
Registration fees		9,075
Shareholder report expenses		11,341
Trustees’ fees and expenses		7,175
Other fees and expenses		7,341
Total expenses		3,795,933
Less: Fee waivers and/or expense reimbursements		(53,450	)
Net expenses		3,742,483
Net investment income		2,589,894
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on investments		55,349,735
Net change in unrealized gains (losses) on investments		25,983,164
Net realized and unrealized gains (losses) on investments		81,332,899
Net increase in net assets resulting from operations	$	83,922,793
* Net of foreign dividend withholding taxes in the amount of		$2,207

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

16 Wells Fargo Advantage Small Cap Opportunities Fund Statement of changes in net assets

	Six months ended April 30, 2013 (unaudited)						Year ended October 31, 2012
Operations
Net investment income				$	2,589,894					$	856,204
Net realized gains on investments					55,349,735						46,905,106
Net change in unrealized gains (losses) on investments					25,983,164						14,456,955
Net increase in net assets resulting from operations					83,922,793						62,218,265
Distributions to shareholders from
Net investment income
Administrator Class					(1,493,440	)					0
Net realized gains
Administrator Class					(44,504,060	)					(24,479,270	)
Total distributions to shareholders					(45,997,500	)					(24,479,270	)
	Shares						Shares
Capital share transactions
Proceeds from shares sold
Administrator Class		1,089,204			37,812,772			2,166,689			72,318,770
Reinvestment of distributions
Administrator Class		1,419,026			45,545,649			765,523			24,182,866
Payment for shares redeemed
Administrator Class		(2,893,461	)		(99,645,484	)		(5,000,111	)		(166,116,470	)
Net decrease in net assets resulting from capital share transactions					(16,287,063	)					(69,614,834	)
Total increase (decrease) in net assets					21,638,230						(31,875,839	)
Net assets
Beginning of period					624,843,999						656,719,838
End of period				$	646,482,229					$	624,843,999
Undistributed (overdistributed) net investment income				$	1,038,532					$	(57,922	)

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

Financial highlights Wells Fargo Advantage Small Cap Opportunities Fund 17

(For a share outstanding throughout each period)

	Six months ended April 30, 2013 (unaudited)			Year ended October 31
ADMINISTRATOR CLASS				2012			2011			2010			2009			2008
Net asset value, beginning of period	$	34.45		$	32.50		$	31.33		$	25.88		$	23.47		$	39.68
Net investment income (loss)		0.14			0.05			0.00	1		(0.06	)		(0.02	)		0.01
Net realized and unrealized gains (losses) on investments		4.44			3.13			1.17			5.51			3.38			(11.23	)
Total from investment operations		4.58			3.18			1.17			5.45			3.36			(11.22	)
Distributions to shareholders from
Net investment income		(0.08	)		0.00			0.00			0.00			0.00			(0.10	)
Net realized gains		(2.53	)		(1.23	)		0.00			0.00			(0.93	)		(4.89	)
Tax basis return of capital		0.00			0.00			0.00			0.00			(0.02	)		0.00
Total distributions to shareholders		(2.61	)		(1.23	)		0.00			0.00			(0.95	)		(4.99	)
Net asset value, end of period	$	36.42		$	34.45		$	32.50		$	31.33		$	25.88		$	23.47
Total return		14.33	%		10.12	%		3.73	%		21.06	%		15.44	%		(31.65	)%
Ratios to average net assets (annualized)
Gross expenses		1.22	%		1.22	%		1.22	%		1.25	%		1.31	%		1.28	%
Net expenses		1.20	%		1.20	%		1.20	%		1.20	%		1.20	%		1.20	%
Net investment income (loss)		0.83	%		0.13	%		0.00	%		(0.20	)%		(0.07	)%		0.08	%
Supplemental data
Portfolio turnover rate		39	%		78	%		100	%		66	%		68	%		72	%
Net assets, end of period (000s omitted)		$646,482			$624,844			$656,720			$707,958			$612,110			$541,369

1. Amount is less than $0.005.

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

18 Wells Fargo Advantage Small Cap Opportunities Fund Notes to financial statements (unaudited)

1. ORGANIZATION

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

All investments are valued each business day as of the close of regular trading on the New York Stock Exchange (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.

Securities denominated in foreign currencies are translated into U.S. dollars using the rates of exchange in effect on the day of valuation at a time specified by the Management Valuation Team of Wells Fargo Funds Management, LLC (“Funds Management”).

Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange and therefore may not fully reflect trading or events that occur after the close of the principal exchange in which the foreign securities are traded, but before the close of the New York Stock Exchange. If such trading or events are expected to materially affect the value of such securities, then fair value pricing procedures approved by the Board of Trustees are applied. These procedures take into account multiple factors including movements in U.S. securities markets after foreign exchanges close. Foreign securities that are fair valued under these procedures are categorized as Level 2 and the application of these procedures may result in transfers between Level 1 and Level 2. Depending on market activity, such fair valuations may be frequent. Such fair value pricing may result in NAVs that are higher or lower than NAVs based on the last reported sales price or latest quoted bid price. On April 30, 2013, fair value pricing was not used in pricing foreign securities.

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. 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.

Notes to financial statements (unaudited) Wells Fargo Advantage Small Cap Opportunities Fund 19

Foreign currency translation

The accounting records of the Fund are maintained in U.S. dollars. Assets, including investment securities, and liabilities denominated in foreign currency are translated into U.S. dollars at the rates of exchange at a time specified by the Management Valuation Team on the date of valuation. Purchases and sales of securities, and income and expenses are converted at the rate of exchange on the respective dates of such transactions. Reported net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded and the U.S. dollar equivalent of the amounts actually paid or received. Net unrealized foreign exchange gains and losses arise from changes in the fair value of assets and liabilities other than investments in securities resulting in changes in exchange rates.

The changes in net assets arising from changes in exchange rates and the changes in net assets resulting from changes in market prices of securities are not separately presented. Such changes are recorded with net realized and unrealized gains or losses from investments. Gains and losses from certain foreign currency transactions are treated as ordinary income for U.S. federal income tax purposes.

Security loans

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

The Fund lends its securities through an unaffiliated securities lending agent. Cash collateral received in connection with its securities lending transactions is invested in 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, except for certain dividends from foreign securities, which are recorded as soon as the Fund is informed of the ex-dividend date. Dividend income from foreign securities is recorded net of foreign taxes withheld where recovery of such taxes is not assured.

Distributions to shareholders

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

20 Wells Fargo Advantage Small Cap Opportunities Fund Notes to financial statements (unaudited)

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.

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 April 30, 2013, the inputs used in valuing investments in securities 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	$	599,117,197	$	0	$	0	$	599,117,197
Short-term investments
Investment companies		49,667,991		85,739,988		0		135,407,979
	$	648,785,188	$	85,739,988	$	0	$	734,525,176

Transfers in and transfers out are recognized at the end of the reporting period. For the six months ended April 30, 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 0.80% and declining to 0.70% as the average daily net assets of the Fund increase. For the six months ended April 30, 2013, the advisory fee was equivalent to an annual rate of 0.79% 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. Schroder Investment Management North America Inc. is the subadviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.50% and declining to 0.45% 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 of 0.10% of the average daily net assets of Administrator Class.

Notes to financial statements (unaudited) Wells Fargo Advantage Small Cap Opportunities Fund 21

Funds Management has contractually waived and/or reimbursed advisory and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. Waiver of fees and/or reimbursement of expenses by Funds Management were made first from fund level expenses on a proportionate basis and then from class specific expenses. Funds Management has committed through February 28, 2014 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.20% for Administrator Class shares.

Shareholder servicing fees

The Trust has entered into contracts with one or more shareholder servicing agents, whereby Administrator Class of the Fund is charged a fee at an annual rate of 0.25% 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 April 30, 2013 were $224,250,160 and $244,810,624, 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 April 30, 2013, the Fund paid $670 in commitment fees.

For the six months ended April 30, 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 Small Cap Opportunities Fund Other information (unaudited)

PROXY VOTING INFORMATION

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available 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 Small Cap Opportunities 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 131 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

24 Wells Fargo Advantage Small Cap Opportunities 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.
Nancy Wiser1 (Born 1967)	Treasurer, since 2012	Executive Vice President of Wells Fargo Funds Management, LLC since 2011. Chief Operating Officer and Chief Compliance Officer at LightBox Capital Management LLC, from 2008 to 2011. Owned and operated a consulting business providing services to various hedge funds including acting as Chief Operating Officer and Chief Compliance Officer for a hedge fund from 2007 to 2008. Chief Operating Officer and Chief Compliance Officer of GMN Capital LLC from 2006 to 2007.
C. David Messman (Born 1960)	Secretary, since 2000; Chief Legal Officer, since 2003	Senior Vice President and Secretary of Wells Fargo Funds Management, LLC since 2001. 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.
Jeremy DePalma1 (Born 1974)	Assistant Treasurer, since 2009	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Vice President, Evergreen Investment Services, Inc. from 2004 to 2007. Head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.

1. Nancy Wiser acts as Treasurer of 73 funds in the Fund Complex. Jeremy DePalma acts as Treasurer of 58 funds and Assistant Treasurer of 73 funds in the Fund Complex.

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

Other information (unaudited) Wells Fargo Advantage Small Cap Opportunities Fund 25

BOARD CONSIDERATION OF INVESTMENT ADVISORY AND SUBADVISORY AGREEMENTS:

Under Section 15 of the Investment Company Act of 1940 (the “1940 Act”), the Board of Trustees (the “Board”) of Wells Fargo Funds Trust (the “Trust”), all the members of which have no direct or indirect interest in the investment advisory and sub-advisory agreements and are not “interested persons” of the Trust, as defined in the 1940 Act (the “Independent Trustees”), must determine whether to approve the continuation of the Trust’s investment advisory and sub-advisory agreements. In this regard, at an in-person meeting held on March 28-29, 2013 (the “Meeting”), the Board reviewed: (i) an investment advisory agreement with Wells Fargo Funds Management, LLC (“Funds Management”) for Wells Fargo Advantage Small Cap Opportunities Fund (the “Fund”) and (ii) an investment sub-advisory agreement with Schroder Investment Management North America Inc. (the “Sub-Adviser”) for the Fund. The investment advisory agreement with Funds Management and the investment sub-advisory agreement with the Sub-Adviser are collectively referred to as the “Advisory Agreements.”

At the Meeting, the Board considered the factors and reached the conclusions described below relating to the selection of Funds Management and the Sub-Adviser and the continuation of the Advisory Agreements. Prior to the Meeting, the Trustees conferred extensively among themselves and with representatives of Funds Management about these matters. The Board has adopted a team-based approach, with each team consisting of a sub-set of Trustees, to assist the Board in the discharge of its duties in reviewing performance and other matters throughout the year. The Independent Trustees were assisted in their evaluation of the Advisory Agreements by independent legal counsel, from whom they received separate legal advice and with whom they met separately.

In providing information to the Board, Funds Management and the Sub-Adviser were guided by a detailed set of requests for information submitted to them by independent legal counsel on behalf of the Independent Trustees at the start of the Board’s annual contract renewal process earlier in 2013. In considering and approving the Advisory Agreements, the Trustees considered the information they believed relevant, including but not limited to the information discussed below. The Board considered not only the specific information presented in connection with the Meeting, but also the knowledge gained over time through interaction with Funds Management and the Sub-Adviser about various topics. In this regard, the Board reviewed reports of Funds Management at each of its quarterly meetings, which included, among other things, portfolio reviews and performance reports. In addition, the Board and the teams mentioned above confer with portfolio managers at various times throughout the year. The Board did not identify any particular information or consideration that was all-important or controlling, and each individual Trustee may have attributed different weights to various factors.

After its deliberations, the Board unanimously determined that the continuation of the Advisory Agreements is in the best interests of the Fund and its shareholders, and that the compensation payable to Funds Management and the Sub-Adviser is reasonable. The Board considered the continuation of the Advisory Agreements for the Fund as part of its consideration of the continuation of advisory agreements for funds across the complex, but each decision was made on a fund-by-fund basis. The following summarizes a number of important, but not necessarily all, factors considered by the Board in reaching its determination.

Nature, extent and quality of services

The Board received and considered various information regarding the nature, extent and quality of services provided to the Fund by Funds Management and the Sub-Adviser under the Advisory Agreements. This information included, among other things, a summary of the background and experience of senior management of Funds Management, and the qualifications, background, tenure and responsibilities of each of the portfolio managers primarily responsible for the day-to-day portfolio management of the Fund.

The Board evaluated the ability of Funds Management and the Sub-Adviser, based on attributes such as their financial condition, resources and reputation, to attract and retain qualified investment professionals, including research, advisory and supervisory personnel. The Board further considered the compliance programs and compliance records of Funds Management and the Sub-Adviser. In addition, the Board took into account the administrative and other services provided to the Fund by Funds Management and its affiliates and Funds Management’s oversight of the Fund’s various service providers.

Fund performance and expenses

The Board considered the performance results for the Fund over various time periods ended December 31, 2012. The Board also considered these results in comparison to the performance of funds in a universe that was determined by Lipper Inc. (“Lipper”) to be similar to the Fund (the “Universe”), and in comparison to the Fund’s benchmark index and to other comparative data. Lipper is an independent provider of investment company data. The Board received a description of the methodology used by Lipper to select the mutual funds in the performance Universe. The Board noted

26 Wells Fargo Advantage Small Cap Opportunities Fund Other information (unaudited)

that the performance of the Fund (Administrator Class) was higher than or in range of the median performance of the Universe for the five- and ten-year periods under review, and lower than the median performance of the Universe for the one- and three-year periods under review. The Board also noted that the performance of the Fund was higher than or in range of its benchmark, the Russell 2000^® Index, for the five- and ten-year periods under review, and lower than the benchmark for the one- and three-year periods under review.

The Board received information concerning, and discussed factors contributing to, the underperformance of the Fund relative to the Universe and the benchmark for the one- and three-year periods under review. Funds Management advised the Board about the market conditions and investment decisions that it believed contributed to the underperformance during those periods. The Board noted that the performance of the Fund was affected by market volatility and the Fund’s cash position. The Board noted that the Fund’s strong performance in six consecutive calendar years between 2004 and 2009 and was satisfied with the explanation it received.

The Board received and considered information regarding the Fund’s net operating expense ratio and its various components, including actual management fees (which reflect fee waivers, if any, and include advisory, administration and transfer agent fees) custodian and other non-management fees, Rule 12b-1 and non-Rule 12b-1 service fees and fee waiver and expense reimbursement arrangements. The Board also considered this ratio in comparison to the median ratio of funds in a class-specific expense group that was determined by Lipper to be similar to the Fund (the “Group”). The Board received a description of the methodology used by Lipper to select the mutual funds in the expense Group. Based on the Lipper reports, the Board noted that the net operating expense ratio of the Fund was lower than the median net operating expense ratio of the expense Group. The Board and Funds Management agreed to maintain the current contractual net expense ratio cap for the Fund.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board concluded that the overall performance and expense structure of the Fund supported the re-approval of the Advisory Agreements.

Investment advisory and sub-advisory fee rates

The Board reviewed and considered the contractual investment advisory fee rates that are payable by the Fund to Funds Management for investment advisory services (the “Advisory Agreement Rates”), both on a stand-alone basis and on a combined basis with the Fund’s fund-level and class-level contractual administration fee rates (the “Management Rates”). The Board considered that the administration fees include transfer agency costs. The Board also reviewed and considered the contractual investment sub-advisory fee rates that are payable by Funds Management to the Sub-Adviser for investment sub-advisory services (the “Sub-Advisory Agreement Rates”).

Among other information reviewed by the Board was a comparison of the Management Rate of the Fund with that of other funds in the expense Group at a common asset level. The Board noted that the Management Rate of the Fund was in range of the median rate for the Fund’s expense Group. The Board and Funds Management agreed to revise the advisory fee schedule for the Fund by adding an additional breakpoint.

The Board also received and considered information about the portion of the total advisory fee that was retained by Funds Management after payment of the fee to the Sub-Adviser for sub-advisory services. The Board considered this amount in comparison to the median amount retained by advisers to funds in a sub-advised expense universe that was determined by Lipper to be similar to the Fund. In assessing the reasonableness of this amount, the Board received and evaluated extensive information about the nature and extent of responsibilities retained and risks assumed by Funds Management and not delegated to or assumed by the Sub-Adviser and about Funds Management’s on-going oversight services. The Board also considered that the sub-advisory fees paid to the Sub-Adviser had been negotiated by Funds Management on an arm’s-length basis. The Board considered that the Sub-Adviser agreed to reduce the sub-advisory fee schedule for the Fund.

The Board also received and considered information about the nature and extent of services offered and fee rates charged by Funds Management and the Sub-Adviser to other types of clients. In this regard, the Board received information about the significantly greater scope of services, and compliance, reporting and other legal burdens and risks of managing mutual funds compared with those associated with managing assets of non-mutual fund clients such as collective funds or institutional separate accounts.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board determined that the Advisory Agreement Rates and the Sub-Advisory Agreement Rates were reasonable in light of the services covered by the Advisory Agreements.

Other information (unaudited) Wells Fargo Advantage Small Cap Opportunities Fund 27

Profitability

The Board received and considered an analysis of the profitability of Funds Management, as well as an analysis of the profitability of Wells Fargo as a whole, from providing services to the Fund. Funds Management explained the methodologies and estimates that it used in calculating the profitability from the Fund and the fund family as a whole. Among other things, the Board noted that the levels of profitability reported on a fund-by-fund basis varied widely, depending on factors such as the size and type of fund. Based on its review, the Board did not deem the profits reported by Funds Management to be at a level that would prevent it from approving the continuation of the Advisory Agreement.

The Board also received separate profitability information with respect to the Sub-Adviser, which is not affiliated with Funds Management. The Board did not deem the profits reported by the Sub-Adviser to be at a level that would prevent it from approving the continuation of the sub-advisory agreement.

Economies of scale

With respect to possible economies of scale, the Board reviewed the breakpoints in the Fund’s advisory fee and administration fee structure, which operate generally to reduce the Fund’s expense ratios as the Fund grows in size. It considered that, for a small fund or a fund that shrinks in size, breakpoints conversely can result in higher fee levels. The Board also considered fee waiver and expense reimbursement arrangements as a means of sharing potential economies of scale with the Fund. The Board also took into account the agreed-upon revision to the advisory fee schedule for the Fund that adds an additional breakpoint. The Board acknowledged the inherent limitations of any analysis of potential economies of scale and of any attempt to correlate breakpoints with such economies. Nonetheless, the Board concluded that the breakpoints and net operating expense ratio caps appeared to be a reasonable approach to sharing potential economies of scale with the Fund.

Other benefits to Funds Management and the Sub-Adviser

The Board received and considered information regarding potential “fall-out” or ancillary benefits received by Funds Management and its affiliates and the Sub-Adviser as a result of their relationship with the Fund. Ancillary benefits could include, among others, benefits directly attributable to other relationships with the Fund and benefits potentially derived from an increase in Funds Management’s and the Sub-Adviser’s business as a result of their relationship with the Fund (such as the ability to market to shareholders other financial products and services offered by Funds Management and its affiliates or the Sub-Adviser, or to operate other products and services that follow investment strategies similar to those of the Fund).

The Board considered that Wells Fargo Funds Distributor, LLC, an affiliate of Funds Management, serves as distributor to the Fund and receives certain compensation for those services. The Board noted that various financial institutions, including affiliates of Funds Management, may receive distribution-related fees, shareholder servicing payments (including amounts derived from payments under Rule 12b-1 plans) and sub-transfer agency fees in respect of shares sold or held through them and services provided.

The Board also reviewed information about whether and to what extent soft dollar credits are sought and how any such credits are utilized, and any benefits that might be realized by an affiliated broker that handles portfolio transactions for the Fund.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board did not find that any ancillary benefits received by Funds Management and its affiliates and the Sub-Adviser were unreasonable.

Conclusion

After considering the above-described factors and based on its deliberations and its evaluation of the information described above, the Board unanimously approved the continuation of the Advisory Agreements for an additional one-year period.

28 Wells Fargo Advantage Small Cap Opportunities 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.

216838 06-13 SA243/SAR243 4-13

Wells Fargo Advantage Small Cap Value Fund

Semi-Annual Report

April 30, 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	13
Statement of operations	14
Statement of changes in net assets	15
Financial highlights	16
Notes to financial statements	22
Other information	28
List of abbreviations	34

The views expressed and any forward-looking statements are as of April 30, 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 100 mutual funds across a wide range of asset classes, representing over $228 billion in assets under management, as of April 30, 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-Term Bond Fund
California Limited-Term Tax-Free Fund	Income Plus Fund	Short-Term High Yield Bond Fund
California Tax-Free Fund	Inflation-Protected Bond Fund	Short-Term Municipal Bond Fund
Colorado Tax-Free Fund	Intermediate Tax/AMT-Free Fund	Strategic Income Fund
Conservative Income Fund	International Bond Fund	Strategic Municipal Bond Fund
Core Bond Fund	Minnesota Tax-Free Fund	Ultra Short-Term Income Fund
Emerging Markets Local Bond Fund	Municipal Bond Fund	Ultra Short-Term Municipal Income Fund
Government Securities Fund	North Carolina Tax-Free Fund	Wisconsin Tax-Free Fund
High Income Fund	Pennsylvania Tax-Free Fund
High Yield Bond Fund	Short Duration Government Bond Fund
Asset allocation funds
Absolute Return Fund	WealthBuilder Equity Portfolio†	Target 2020 Fund†
Asset Allocation Fund	WealthBuilder Growth Allocation Portfolio†	Target 2025 Fund†
Diversified Capital Builder Fund	WealthBuilder Growth Balanced Portfolio†	Target 2030 Fund†
Diversified Income Builder Fund	WealthBuilder Moderate Balanced Portfolio†	Target 2035 Fund†
Growth Balanced Fund	WealthBuilder Tactical Equity Portfolio†	Target 2040 Fund†
Index Asset Allocation Fund	Target Today Fund†	Target 2045 Fund†
Moderate Balanced Fund	Target 2010 Fund†	Target 2050 Fund†
WealthBuilder Conservative Allocation Portfolio†	Target 2015 Fund†	Target 2055 Fund†
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 Small Cap Value Fund Letter to shareholders (unaudited)

Karla M. Rabusch

President

Wells Fargo Advantage Funds

Relatively improving 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.

Dear Valued Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Advantage Small Cap Value Fund for the six-month period that ended April 30, 2013. Much of the six-month 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 improving 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. This backdrop enabled most equity asset classes to generate positive returns. For the six-month period, the small-cap-oriented Russell 2000^® Index¹ returned 16.58%, while the mid-cap-focused Russell Midcap^® Index² posted an 18.90% total return.

The U.S. economy improved with the support of accommodative monetary policy.

The U.S. economy grew modestly, but the recovery remained weak compared with previous business cycles. Curtailed government spending and weak household income expectations were economic headwinds. However, the unemployment rate continued to decline, reaching 7.5% in April 2013, and housing market activity, as measured by many metrics—sales, building permits, and prices—continued to improve from its recessionary levels.

Citing its dual mandate of fostering maximum employment and price stability, the U.S. Federal Reserve (Fed) reaffirmed its commitment to highly accommodative monetary policy. In addition, the Fed formally announced that exceptionally low interest rates would be appropriate at least as long as the unemployment rate remains above 6.5% and inflation remains no more than half a percentage point above its 2.0% inflation target.

The Fed also continued its quantitative easing program. Just prior to the beginning of the reporting period, the Federal Open Market Committee 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.

The global economy continues to be affected by bouts of uncertainty, including political questions in the U.S., Europe, and China.

Global economic growth varied across countries. Eurozone economies remained in recession. However, the European Central Bank (ECB) and several key members of the eurozone, including France and Germany, continued their commitment to maintaining a single currency. Subsequently, investor fears about a sovereign debt crisis in Europe abated. Furthermore, the ECB maintained its accommodative monetary policy by lowering its key rate at a historic low of 0.75%.

For most of the six-month period, uncertainty about political outcomes was a constant. U.S. presidential elections in November 2012, the debate over the fiscal cliff and tax rates at year-end, and speculation about the effects of sequestration at the end of February 2013 weighed on business leaders and investors. Elections in eurozone countries such as Greece, France, and Italy sparked speculation about the future of the eurozone. New leadership in China also figured into the political landscape. In the end, investors managed around these concerns, and capital markets generally advanced during this time period.

1. The Russell 2000^® Index measures the performance of the 2,000 smallest companies in the Russell 3000^® Index, which represents approximately 8% of the total market capitalization of the Russell 3000 Index. You cannot invest directly in an index.

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

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

Our goal is to meet the financial needs of our shareholders.

We are committed to providing our shareholders long-term investment strategies and focusing on appropriate risk while seeking to deliver consistent returns. We know that your ability to meet your long-term investment goals depends on the investment decisions you make today. Despite economic uncertainties and investment challenges, staying invested and adapting to emerging opportunities and threats will help you manage investment 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

Despite economic uncertainties and investment challenges, staying invested and adapting to emerging opportunities and threats will help you manage investment risk.

4 Wells Fargo Advantage Small Cap Value Fund Performance highlights (unaudited)

Investment objective

The Fund seeks long-term capital appreciation.

Adviser

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Erik C. Astheimer

I. Charles Rinaldi

Michael Schneider, CFA

Average annual total returns¹ (%) as of April 30, 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 (SMVAX)	11-30-2000		6.82		4.01		11.53		13.35		5.25		12.19		1.36		1.32
Class B (SMVBX)*	11-30-2000		7.53		4.12		11.60		12.53		4.46		11.60		2.11		2.07
Class C (SMVCX)	11-30-2000		11.51		4.46		11.36		12.51		4.46		11.36		2.11		2.07
Administrator Class (SMVDX)	7-30-2010		–		–		–		13.59		5.52		12.34		1.20		1.12
Institutional Class (WFSVX)	7-31-2007		–		–		–		13.80		5.71		12.54		0.93		0.92
Investor Class (SSMVX)	12-31-1997		–		–		–		13.34		5.26		12.27		1.42		1.35
Russell 2000® Value Index4	–		–		–		–		19.71		6.60		10.28		–		–

* 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, which assumes the reinvestment of dividends and capital gains. Current month-end performance is available on the Fund’s website, wellsfargoadvantagefunds.com.

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

For Class A shares, the maximum front-end sales charge is 5.75%. For Class B shares, the maximum contingent deferred sales charge is 5.00%. For Class C shares, the maximum contingent deferred sales charge is 1.00%. Performance including 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. Smaller-company stocks tend to be more volatile and less liquid than those of larger companies. 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 Small Cap Value Fund 5

Ten largest equity holdings5 (%) as of April 30, 2013
InterOil Corporation	11.04
Randgold Resources Limited ADR	6.87
Chimera Investment Corporation	4.18
United Continental Holdings Incorporated	3.02
Argo Group International Holdings Limited	2.36
Range Resources Corporation	2.30
Delta Air Lines Incorporated	2.21
Newpark Resources Incorporated	2.10
Trilogy Energy Corporation	1.95
Cray Incorporated	1.76

Sector distribution⁶ as of April 30, 2013

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

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

3. The Adviser has committed through February 28, 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 1.30% for Class A, 2.05% for Class B, 2.05% for Class C, 1.10% for Administrator Class, 0.90% for Institutional Class, and 1.33% 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 2000^® Value Index measures the performance of those Russell 2000 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 Small Cap 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 November 1, 2012 to April 30, 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 11-1-2012		Ending account value 4-30-2013		Expenses paid during the period¹		Net annual expense ratio
Class A
Actual	$	1,000.00	$	1,083.16	$	6.71		1.30	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.35	$	6.51		1.30	%
Class B
Actual	$	1,000.00	$	1,079.17	$	10.57		2.05	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,014.63	$	10.24		2.05	%
Class C
Actual	$	1,000.00	$	1,079.03	$	10.57		2.05	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,014.63	$	10.24		2.05	%
Administrator Class
Actual	$	1,000.00	$	1,084.24	$	5.68		1.10	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.34	$	5.51		1.10	%
Institutional Class
Actual	$	1,000.00	$	1,085.12	$	4.65		0.90	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.33	$	4.51		0.90	%
Investor Class
Actual	$	1,000.00	$	1,082.91	$	6.87		1.33	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.20	$	6.66		1.33	%

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

Portfolio of investments—April 30, 2013 (unaudited) Wells Fargo Advantage Small Cap Value Fund 7

Security name	Shares		Value
Common Stocks: 92.20%
Consumer Discretionary: 4.98%
Auto Components: 0.46%
Gentex Corporation		748,100	$	16,832,250
Diversified Consumer Services: 0.46%
Cambium Learning Group Incorporated †		1,415,600		1,344,820
Corinthian Colleges Incorporated †**		7,625,800		15,251,600
Voyager Expanded Learning Incorporated †(a)(i)		1,649,100		2
				16,596,422
Hotels, Restaurants & Leisure: 2.25%
Denny’s Corporation †		3,177,400		18,015,858
Scientific Games Corporation Class A †		3,006,900		26,701,272
The Wendy’s Company		6,496,100		36,962,809
				81,679,939
Household Durables: 1.23%
Cavco Industries Incorporated †**		596,800		27,226,016
Harman International Industries Incorporated		210,300		9,402,513
KB Home Incorporated		173,200		3,903,928
Skyline Corporation †**		945,400		4,282,662
				44,815,119
Internet & Catalog Retail: 0.03%
dELiA*s Incorporated †**		1,904,500		1,256,208
Specialty Retail: 0.22%
rue21 Incorporated †		246,800		7,872,920
Textiles, Apparel & Luxury Goods: 0.33%
Crocs Incorporated †		761,800		12,204,036
Consumer Staples: 0.71%
Personal Products: 0.71%
Prestige Brands Holdings Incorporated †		957,000		25,791,150
Energy: 24.56%
Energy Equipment & Services: 8.45%
Ensco plc Class A		198,100		11,426,408
Helix Energy Solutions Group Incorporated †		1,294,600		29,827,584
Helmerich & Payne Incorporated		647,100		37,933,002
ION Geophysical Corporation †		6,464,900		40,340,976
Key Energy Services Incorporated †		2,345,600		13,932,864
Newpark Resources Incorporated †**		7,266,356		76,296,738
Oceaneering International Incorporated		461,600		32,390,472
Parker Drilling Company †		3,139,960		12,936,635
PHI Incorporated (non-voting) †		653,000		18,133,810
PHI Incorporated (voting) †**		149,430		4,034,610

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

8 Wells Fargo Advantage Small Cap Value Fund Portfolio of investments—April 30, 2013 (unaudited)

Security name	Shares		Value
Energy Equipment & Services (continued)
Vantage Drilling Company †		3,586,300	$	6,060,847
Willbros Group Incorporated †**		2,505,700		23,804,150
				307,118,096
Oil, Gas & Consumable Fuels: 16.11%
Clean Energy Fuels Corporation †		223,400		2,946,646
Comstock Resources Incorporated †		509,600		7,980,336
Forest Oil Corporation †		2,028,100		8,497,739
InterOil Corporation †**#		5,076,700		401,668,504
Newfield Exploration Company †		413,300		9,005,807
PetroQuest Energy Incorporated †		314,600		1,346,488
Range Resources Corporation		1,136,300		83,540,776
Trilogy Energy Corporation		2,429,300		71,013,832
				586,000,128
Financials: 18.41%
Commercial Banks: 3.74%
Ameris Bancorp †		375,500		5,208,185
Associated Banc-Corp		247,000		3,524,690
Bancorp Incorporated †		1,413,500		18,375,500
BBCN Bancorp Incorporated		654,500		8,429,960
CenterState Banks Incorporated		1,158,300		9,637,056
City National Corporation		261,700		14,977,091
First Horizon National Corporation		1,467,900		15,266,160
First Niagara Financial Group Incorporated		2,392,500		22,752,675
IBERIABANK Corporation		332,300		15,159,526
National Bank Holdings Corporation Class A		752,000		13,581,120
Park Sterling Corporation †		963,200		5,519,136
Sandy Spring Bancorp Incorporated		167,200		3,424,256
				135,855,355
Consumer Finance: 0.14%
Green Dot Corporation Class A †		316,100		4,965,931
Insurance: 3.86%
Argo Group International Holdings Limited **		2,068,400		85,735,180
Hilltop Holdings Incorporated †		1,789,600		23,962,744
Mercury General Corporation		374,400		17,113,824
OneBeacon Insurance Group Limited		1,009,600		13,720,464
				140,532,212
REITs: 10.55%
Anworth Mortgage Asset Corporation		1,790,400		11,297,424
Capstead Mortgage Corporation		2,514,100		33,387,248
Chimera Investment Corporation		46,107,200		152,153,760
Hatteras Financial Corporation		448,100		12,246,573
Invesco Mortgage Capital Incorporated		2,564,800		54,886,720
MFA Mortgage Investments Incorporated		4,422,900		41,000,283

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

Portfolio of investments—April 30, 2013 (unaudited) Wells Fargo Advantage Small Cap Value Fund 9

Security name	Shares		Value
REITs (continued)
Redwood Trust Incorporated		1,900,900	$	43,378,538
Sun Communities Incorporated		692,200		35,406,030
				383,756,576
Thrifts & Mortgage Finance: 0.12%
Northwest Bancshares Incorporated		354,400		4,341,400
Health Care: 5.40%
Biotechnology: 0.36%
Amarin Corporation plc ADR †		1,741,700		12,905,997
Health Care Equipment & Supplies: 2.06%
Hologic Incorporated †		987,200		20,109,264
OraSure Technologies Incorporated †**		7,248,100		32,326,526
Symmetry Medical Incorporated †		248,600		2,963,312
Thoratec Corporation †		310,800		11,250,960
Varian Medical Systems Incorporated †		129,300		8,422,602
				75,072,664
Health Care Providers & Services: 1.95%
Amedisys Incorporated †		1,297,400		13,025,896
Cross Country Healthcare Incorporated †**		2,566,200		12,831,000
Gentiva Health Services Incorporated †**		2,527,300		26,511,377
Healthways Incorporated †		1,330,000		18,473,700
				70,841,973
Health Care Technology: 0.26%
Allscripts Healthcare Solutions Incorporated †		274,600		3,800,464
Medidata Solutions Incorporated †		87,400		5,799,864
				9,600,328
Life Sciences Tools & Services: 0.77%
Nordion Incorporated		1,480,100		10,375,501
Parexel International Corporation †		433,000		17,731,350
				28,106,851
Industrials: 12.77%
Airlines: 6.34%
Alaska Air Group Incorporated †#		383,200		23,620,448
Delta Air Lines Incorporated †#		4,683,200		80,270,048
Latam Airlines Group SP ADR		191,300		3,959,910
United Continental Holdings Incorporated †#		3,401,700		109,874,910
US Airways Group Incorporated †#		755,800		12,773,020
				230,498,336
Commercial Services & Supplies: 2.94%
ABM Industries Incorporated		1,925,700		43,424,535

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

10 Wells Fargo Advantage Small Cap Value Fund Portfolio of investments—April 30, 2013 (unaudited)

Security name	Shares		Value
Commercial Services & Supplies (continued)
ACCO Brands Corporation †		3,521,000	$	23,766,750
GEO Group Incorporated		597,600		22,380,120
Healthcare Services Group Incorporated		778,800		17,359,452
				106,930,857
Construction & Engineering: 2.06%
Chicago Bridge & Iron Company NV #		859,200		46,216,368
Primoris Services Corporation		1,296,800		28,581,472
				74,797,840
Electrical Equipment: 0.60%
GrafTech International Limited †		3,043,600		21,853,048
Professional Services: 0.41%
Hill International Incorporated †**		2,833,700		7,792,675
Kforce Incorporated		464,500		7,023,240
				14,815,915
Road & Rail: 0.22%
Covenant Transport Incorporated Class A †**		1,421,200		7,887,660
Trading Companies & Distributors: 0.20%
Applied Industrial Technologies Incorporated		175,700		7,423,325
Information Technology: 9.82%
Communications Equipment: 1.16%
Alcatel-Lucent SA ADR †		2,267,900		3,107,023
Brocade Communications Systems Incorporated †		4,019,700		23,394,654
Harmonic Incorporated †		2,779,000		15,784,720
				42,286,397
Computers & Peripherals: 3.69%
Cray Incorporated †**#		3,026,500		64,040,740
Intermec Incorporated †**		3,695,600		36,364,704
Lexmark International Incorporated		777,700		23,572,087
Quantum Corporation †		7,194,800		10,288,564
				134,266,095
Electronic Equipment, Instruments & Components: 4.20%
Checkpoint Systems Incorporated †		1,256,213		14,534,384
Cognex Corporation		710,500		28,206,850
Coherent Incorporated		863,200		48,278,776
OSI Systems Incorporated †**		1,074,800		61,586,040
				152,606,050
Internet Software & Services: 0.20%
Monster Worldwide Incorporated †		1,625,900		7,121,442

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

Portfolio of investments—April 30, 2013 (unaudited) Wells Fargo Advantage Small Cap Value Fund 11

Security name			Shares		Value
Office Electronics: 0.09%
Zebra Technologies Corporation †				71,100	$	3,316,815
Software: 0.48%
Accelrys Incorporated †				1,791,100		17,642,335
Materials: 14.34%
Chemicals: 0.49%
Calgon Carbon Corporation †				1,050,000		17,892,000
Containers & Packaging: 0.37%
Intertape Polymer Group Incorporated				1,209,600		13,420,512
Metals & Mining: 13.04%
Agnico-Eagle Mines Limited				1,385,700		44,744,253
Carpenter Technology Corporation				900,100		40,468,496
Dominion Diamond Corporation †				476,200		7,528,722
Randgold Resources Limited ADR				3,055,200		249,854,256
Royal Gold Incorporated				724,100		40,245,478
Sandstorm Gold Limited †(i)				2,443,711		19,744,706
Silver Standard Resources Incorporated †				2,157,500		15,404,550
Steel Dynamics Incorporated				2,299,500		34,584,480
United States Steel Corporation				635,700		11,315,460
Webco Industries Incorporated †(a)**(i)				90,050		10,265,700
						474,156,101
Paper & Forest Products: 0.44%
Wausau Paper Corporation				1,589,300		16,179,074
Telecommunication Services: 1.21%
Diversified Telecommunication Services: 1.21%
Cincinnati Bell Incorporated †**				12,506,000		44,021,120
Total Common Stocks (Cost $2,483,709,430)						3,353,260,477
Investment Companies: 1.32%
KBW Regional Banking ETF				203,200		6,309,360
Market Vectors Gold Miners ETF				805,059		24,441,591
Market Vectors Junior Gold Miners ETF				1,329,197		17,040,306
Total Investment Companies (Cost $57,100,072)						47,791,257
	Expiration date
Warrants: 0.01%
Materials: 0.01%
Metals & Mining: 0.01%
Sandstorm Gold Limited †(i)		10-19-2015		470,263		340,753
Total Warrants (Cost $0)						340,753

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

12 Wells Fargo Advantage Small Cap Value Fund Portfolio of investments—April 30, 2013 (unaudited)

Security name	Yield			Shares		Value
Short-Term Investments: 6.74%
Investment Companies: 6.74%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)		0.13	%		245,221,258	$	245,221,258
Total Short-Term Investments (Cost $245,221,258)							245,221,258

Total investments in securities
(Cost $2,786,030,760) *	100.27	%		3,646,613,745
Other assets and liabilities, net	(0.27	)		(9,719,914	)
Total net assets	100.00	%	$	3,636,893,831

† Non-income-earning security

** 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.

(l) Investment in an affiliate

(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

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

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

* Cost for federal income tax purposes is $2,826,003,645 and unrealized appreciation (depreciation) consists of:

Gross unrealized appreciation	$	1,203,976,727
Gross unrealized depreciation		(383,366,627	)
Net unrealized appreciation	$	820,610,100

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

Statement of assets and liabilities—April 30, 2013 (unaudited) Wells Fargo Advantage Small Cap Value Fund 13

Assets
Investments
In unaffiliated securities, at value (see cost below)	$	2,458,209,277
In affiliated securities, at value (see cost below)		1,188,404,468
Total investments, at value (see cost below)		3,646,613,745
Receivable for investments sold		1,276,606
Receivable for Fund shares sold		4,066,922
Receivable for dividends		594,166
Prepaid expenses and other assets		112,267
Total assets		3,652,663,706
Liabilities
Payable for investments purchased		2,873,957
Payable for Fund shares redeemed		8,399,600
Written options, at value		697,950
Advisory fee payable		2,101,497
Distribution fees payable		64,544
Due to other related parties		725,278
Accrued expenses and other liabilities		907,049
Total liabilities		15,769,875
Total net assets	$	3,636,893,831
NET ASSETS CONSIST OF
Paid-in capital	$	2,592,104,412
Undistributed net investment income		13,070,772
Accumulated net realized gains on investments		170,745,981
Net unrealized gains on investments		860,972,666
Total net assets	$	3,636,893,831
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE1
Net assets – Class A	$	549,831,191
Shares outstanding – Class A		16,167,896
Net asset value per share – Class A		$34.01
Maximum offering price per share – Class A2		$36.08
Net assets – Class B	$	947,638
Shares outstanding – Class B		30,800
Net asset value per share – Class B		$30.77
Net assets – Class C	$	105,595,879
Shares outstanding – Class C		3,428,709
Net asset value per share – Class C		$30.80
Net assets – Administrator Class	$	606,850,692
Shares outstanding – Administrator Class		17,545,498
Net asset value per share – Administrator Class		$34.59
Net assets – Institutional Class	$	1,206,993,338
Shares outstanding – Institutional Class		34,799,472
Net asset value per share – Institutional Class		$34.68
Net assets – Investor Class	$	1,166,675,093
Shares outstanding – Investor Class		33,692,198
Net asset value per share – Investor Class		$34.63
Investments in unaffiliated securities, at cost	$	1,793,139,299
Investments in affiliated securities, at cost	$	992,891,461
Total investments, at cost	$	2,786,030,760
Premiums received on written options	$	1,086,964

1. The Fund has an unlimited number of authorized shares.

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

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

14 Wells Fargo Advantage Small Cap Value Fund Statement of operations—six months ended April 30, 2013 (unaudited)

Investment income
Dividends*	$	38,947,509
Income from affiliated securities		3,004,374
Total investment income		41,951,883
Expenses
Advisory fee		13,542,888
Administration fees
Fund level		909,790
Class A		768,337
Class B		1,406
Class C		133,845
Administrator Class		280,576
Institutional Class		463,407
Investor Class		1,959,081
Shareholder servicing fees
Class A		738,785
Class B		1,352
Class C		128,697
Administrator Class		691,590
Investor Class		1,516,287
Distribution fees
Class B		4,057
Class C		386,091
Custody and accounting fees		113,955
Professional fees		18,509
Registration fees		51,453
Shareholder report expenses		271,476
Trustees’ fees and expenses		7,113
Other fees and expenses		33,614
Total expenses		22,022,309
Less: Fee waivers and/or expense reimbursements		(674,007	)
Net expenses		21,348,302
Net investment income		20,603,581
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains (losses) on:
Unaffiliated securities		205,046,660
Affiliated securities		8,871,714
Written options		(65,734	)
Net realized gains on investments		213,852,640
Net change in unrealized gains (losses) on:
Unaffiliated securities		(72,542,771	)
Affiliated securities		131,478,156
Written options		(65,545	)
Net change in unrealized gains (losses) on investments		58,869,840
Net realized and unrealized gains (losses) on investments		272,722,480
Net increase in net assets resulting from operations	$	293,326,061
* Net of foreign dividend withholding taxes in the amount of		$217,800

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

Statement of changes in net assets Wells Fargo Advantage Small Cap Value Fund 15

	Six months ended April 30, 2013 (unaudited)						Year ended October 31, 2012
Operations
Net investment income				$	20,603,581					$	26,142,518
Net realized gains on investments					213,852,640						139,148,632
Net change in unrealized gains (losses) on investments					58,869,840						252,824,374
Net increase in net assets resulting from operations					293,326,061						418,115,524
Distributions to shareholders from
Net investment income
Class A					(4,536,414	)					(2,385,351	)
Class C					(171,443	)					0
Administrator Class					(5,359,165	)					(3,013,023	)
Institutional Class					(13,128,793	)					(9,038,092	)
Investor Class					(8,580,979	)					(4,239,216	)
Net realized gains
Class A					(21,797,929	)					(3,005,579	)
Class B					(46,936	)					(16,445	)
Class C					(4,121,715	)					(554,099	)
Administrator Class					(19,576,380	)					(2,132,516	)
Institutional Class					(41,054,563	)					(5,234,087	)
Investor Class					(44,728,095	)					(7,077,075	)
Total distributions to shareholders					(163,102,412	)					(36,695,483	)
	Shares						Shares
Capital share transactions
Proceeds from shares sold
Class A		1,448,461			47,413,663			3,271,507			102,734,371
Class B		362			10,571			1,749			50,221
Class C		231,175			6,864,728			373,475			10,626,384
Administrator Class		3,142,883			104,656,812			8,699,513			283,757,915
Institutional Class		3,291,195			111,997,990			7,555,736			241,434,555
Investor Class		2,684,811			89,684,705			4,765,054			152,159,048
					360,628,469						790,762,494
Reinvestment of distributions
Class A		761,276			23,762,292			169,315			4,974,950
Class B		1,521			42,714			538			14,784
Class C		133,666			3,766,646			17,425			480,227
Administrator Class		117,215			3,725,339			36,716			1,086,412
Institutional Class		1,663,325			53,039,903			468,480			13,849,753
Investor Class		1,659,987			52,731,227			373,334			11,203,611
					137,068,121						31,609,737
Payment for shares redeemed
Class A		(4,405,634	)		(146,182,470	)		(5,262,977	)		(164,249,938	)
Class B		(15,129	)		(451,231	)		(104,525	)		(2,945,559	)
Class C		(379,179	)		(11,296,513	)		(663,883	)		(18,779,465	)
Administrator Class		(1,967,962	)		(65,869,946	)		(5,441,330	)		(173,762,351	)
Institutional Class		(4,233,775	)		(142,472,558	)		(9,499,751	)		(300,294,182	)
Investor Class		(9,018,933	)		(302,271,781	)		(14,990,335	)		(479,580,135	)
					(668,544,499	)					(1,139,611,630	)
Net decrease in net assets resulting from capital share transactions					(170,847,909	)					(317,239,399	)
Total increase (decrease) in net assets					(40,624,260	)					64,180,642
Net assets
Beginning of period					3,677,518,091						3,613,337,449
End of period				$	3,636,893,831					$	3,677,518,091
Undistributed net investment income				$	13,070,772					$	24,243,985

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

16 Wells Fargo Advantage Small Cap Value Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended April 30, 2013 (unaudited)			Year ended October 31
CLASS A				2012			2011			2010			2009			2008
Net asset value, beginning of period	$	32.87		$	29.56		$	29.71		$	23.32		$	18.22		$	36.28
Net investment income (loss)		0.16			0.19			0.16			0.22	1		0.15	1		(0.02	)1
Net realized and unrealized gains (losses) on investments		2.43			3.39			(0.11	)		6.29			4.95			(13.25	)
Total from investment operations		2.59			3.58			0.05			6.51			5.10			(13.27	)
Distributions to shareholders from
Net investment income		(0.24	)		(0.12	)		(0.20	)		(0.12	)		0.00			(0.01	)
Net realized gains		(1.21	)		(0.15	)		0.00			0.00			0.00			(4.78	)
Total distributions to shareholders		(1.45	)		(0.27	)		(0.20	)		(0.12	)		0.00			(4.79	)
Net asset value, end of period	$	34.01		$	32.87		$	29.56		$	29.71		$	23.32		$	18.22
Total return2		8.32	%		12.22	%		0.11	%		28.01	%		27.99	%		(41.27	)%
Ratios to average net assets (annualized)
Gross expenses		1.33	%		1.34	%		1.32	%		1.38	%		1.44	%		1.44	%
Net expenses		1.30	%		1.30	%		1.30	%		1.37	%		1.44	%		1.44	%
Net investment income (loss)		1.02	%		0.61	%		0.50	%		0.79	%		0.79	%		(0.08	)%
Supplemental data
Portfolio turnover rate		10	%		16	%		17	%		21	%		27	%		27	%
Net assets, end of period (000s omitted)		$549,831			$603,622			$596,741			$645,371			$438,744			$382,412

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 Small Cap Value Fund 17

(For a share outstanding throughout each period)

	Six months ended April 30, 2013 (unaudited)			Year ended October 31
CLASS B				2012			2011			2010			2009			2008
Net asset value, beginning of period	$	29.74		$	26.85		$	27.02		$	21.28		$	16.75		$	33.98
Net investment income (loss)		0.04	1		(0.03	)1		(0.16	)1		0.00	1,2		0.01	1		(0.22	)1
Net realized and unrealized gains (losses) on investments		2.20			3.07			(0.01	)		5.74			4.52			(12.23	)
Total from investment operations		2.24			3.04			(0.17	)		5.74			4.53			(12.45	)
Distributions to shareholders from
Net realized gains		(1.21	)		(0.15	)		0.00			0.00			0.00			(4.78	)
Net asset value, end of period	$	30.77		$	29.74		$	26.85		$	27.02		$	21.28		$	16.75
Total return3		7.92	%		11.37	%		(0.63	)%		26.97	%		27.04	%		(41.68	)%
Ratios to average net assets (annualized)
Gross expenses		2.08	%		2.08	%		2.06	%		2.13	%		2.19	%		2.19	%
Net expenses		2.05	%		2.05	%		2.04	%		2.13	%		2.19	%		2.19	%
Net investment income (loss)		0.27	%		(0.12	)%		(0.57	)%		0.00	%		0.03	%		(0.87	)%
Supplemental data
Portfolio turnover rate		10	%		16	%		17	%		21	%		27	%		27	%
Net assets, end of period (000s omitted)		$948			$1,310			$3,928			$36,436			$46,175			$53,515

1. Calculated based upon average shares outstanding

2. Amount is less than $0.005.

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

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

18 Wells Fargo Advantage Small Cap Value Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended April 30, 2013 (unaudited)			Year ended October 31
CLASS C				2012			2011			2010			2009			2008
Net asset value, beginning of period	$	29.82		$	26.92		$	27.11		$	21.34		$	16.80		$	34.07
Net investment income (loss)		0.04	1		(0.04	)1		(0.07	)1		0.01	1		0.01	1		(0.22	)1
Net realized and unrealized gains (losses) on investments		2.20			3.09			(0.10	)		5.76			4.53			(12.27	)
Total from investment operations		2.24			3.05			(0.17	)		5.77			4.54			(12.49	)
Distributions to shareholders from
Net investment income		(0.05	)		0.00			(0.02	)		0.00			0.00			0.00
Net realized gains		(1.21	)		(0.15	)		0.00			0.00			0.00			(4.78	)
Total distributions to shareholders		(1.26	)		(0.15	)		(0.02	)		0.00			0.00			(4.78	)
Net asset value, end of period	$	30.80		$	29.82		$	26.92		$	27.11		$	21.34		$	16.80
Total return2		7.90	%		11.38	%		(0.62	)%		27.04	%		27.02	%		(41.69	)%
Ratios to average net assets (annualized)
Gross expenses		2.08	%		2.09	%		2.07	%		2.13	%		2.19	%		2.19	%
Net expenses		2.05	%		2.05	%		2.05	%		2.12	%		2.19	%		2.19	%
Net investment income (loss)		0.25	%		(0.14	)%		(0.24	)%		0.04	%		0.03	%		(0.85	)%
Supplemental data
Portfolio turnover rate		10	%		16	%		17	%		21	%		27	%		27	%
Net assets, end of period (000s omitted)		$105,596			$102,663			$100,032			$97,675			$70,558			$69,952

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 Small Cap Value Fund 19

(For a share outstanding throughout each period)

	Six months ended April 30, 2013 (unaudited)			Year ended October 31
ADMINISTRATOR CLASS				2012			2011			20101
Net asset value, beginning of period	$	33.45		$	30.12		$	30.32		$	28.12
Net investment income		0.20			0.25	2		0.29	2		0.05	2
Net realized and unrealized gains (losses) on investments		2.47			3.44			(0.17	)		2.15
Total from investment operations		2.67			3.69			0.12			2.20
Distributions to shareholders from
Net investment income		(0.32	)		(0.21	)		(0.32	)		0.00
Net realized gains		(1.21	)		(0.15	)		0.00			0.00
Total distributions to shareholders		(1.53	)		(0.36	)		(0.32	)		0.00
Net asset value, end of period	$	34.59		$	33.45		$	30.12		$	30.32
Total return3		8.42	%		12.42	%		0.32	%		7.82	%
Ratios to average net assets (annualized)
Gross expenses		1.17	%		1.17	%		1.15	%		1.28	%
Net expenses		1.10	%		1.10	%		1.10	%		1.10	%
Net investment income		1.20	%		0.80	%		0.91	%		0.79	%
Supplemental data
Portfolio turnover rate		10	%		16	%		17	%		21	%
Net assets, end of period (000s omitted)		$606,851			$543,683			$390,266			$8,841

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

2. Calculated based upon average shares outstanding

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

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

20 Wells Fargo Advantage Small Cap Value Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended April 30, 2013 (unaudited)			Year ended October 31
INSTITUTIONAL CLASS				2012			2011			2010			2009			2008
Net asset value, beginning of period	$	33.56		$	30.21		$	30.33		$	23.80		$	18.50		$	36.77
Net investment income		0.22			0.34			0.31			0.34	1		0.25	1		0.13	1
Net realized and unrealized gains (losses) on investments		2.48			3.42			(0.12	)		6.42			5.05			(13.45	)
Total from investment operations		2.70			3.76			0.19			6.76			5.30			(13.32	)
Distributions to shareholders from
Net investment income		(0.37	)		(0.26	)		(0.31	)		(0.23	)		0.00			(0.17	)
Net realized gains		(1.21	)		(0.15	)		0.00			0.00			0.00			(4.78	)
Total distributions to shareholders		(1.58	)		(0.41	)		(0.31	)		(0.23	)		0.00			(4.95	)
Net asset value, end of period	$	34.68		$	33.56		$	30.21		$	30.33		$	23.80		$	18.50
Total return2		8.51	%		12.68	%		0.52	%		28.53	%		28.65	%		(40.96	)%
Ratios to average net assets (annualized)
Gross expenses		0.90	%		0.91	%		0.89	%		0.94	%		1.00	%		0.99	%
Net expenses		0.90	%		0.90	%		0.89	%		0.93	%		0.95	%		0.95	%
Net investment income		1.40	%		1.01	%		0.97	%		1.23	%		1.24	%		0.49	%
Supplemental data
Portfolio turnover rate		10	%		16	%		17	%		21	%		27	%		27	%
Net assets, end of period (000s omitted)		$1,206,993			$1,143,730			$1,073,943			$1,279,201			$843,753			$340,878

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 Small Cap Value Fund 21

(For a share outstanding throughout each period)

	Six months ended April 30, 2013 (unaudited)			Year ended October 31
INVESTOR CLASS				2012			2011			2010			2009			20081
Net asset value, beginning of period	$	33.43		$	30.04		$	30.18		$	23.70		$	18.50		$	36.73
Net investment income (loss)		0.16	2		0.19	2		0.14	2		0.22	2		0.17	2		(0.01	)2
Net realized and unrealized gains (losses) on investments		2.47			3.44			(0.10	)		6.39			5.03			(13.43	)
Total from investment operations		2.63			3.63			0.04			6.61			5.20			(13.44	)
Distributions to shareholders from
Net investment income		(0.22	)		(0.09	)		(0.18	)		(0.13	)		0.00			(0.01	)
Net realized gains		(1.21	)		(0.15	)		0.00			0.00			0.00			(4.78	)
Total distributions to shareholders		(1.43	)		(0.24	)		(0.18	)		(0.13	)		0.00			(4.79	)
Net asset value, end of period	$	34.63		$	33.43		$	30.04		$	30.18		$	23.70		$	18.50
Total return3		8.29	%		12.18	%		0.09	%		27.99	%		28.11	%		(41.20	)%
Ratios to average net assets (annualized)
Gross expenses		1.39	%		1.40	%		1.39	%		1.47	%		1.55	%		1.57	%
Net expenses		1.33	%		1.33	%		1.33	%		1.35	%		1.36	%		1.36	%
Net investment income (loss)		0.98	%		0.58	%		0.45	%		0.80	%		0.88	%		(0.02	)%
Supplemental data
Portfolio turnover rate		10	%		16	%		17	%		21	%		27	%		27	%
Net assets, end of period (000s omitted)		$1,166,675			$1,282,510			$1,448,429			$1,968,601			$1,523,637			$1,461,833

1. Effective June 20, 2008, Class Z was renamed Investor Class.

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 Small Cap Value Fund Notes to financial statements (unaudited)

1. ORGANIZATION

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

Securities denominated in foreign currencies are translated into U.S. dollars using the rates of exchange in effect on the day of valuation at a time specified by the Management Valuation Team of Wells Fargo Funds Management, LLC (“Funds Management”).

Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange and therefore may not fully reflect trading or events that occur after the close of the principal exchange in which the foreign securities are traded, but before the close of the New York Stock Exchange. If such trading or events are expected to materially affect the value of such securities, then fair value pricing procedures approved by the Board of Trustees are applied. These procedures take into account multiple factors including movements in U.S. securities markets after foreign exchanges close. Foreign securities that are fair valued under these procedures are categorized as Level 2 and the application of these procedures may result in transfers between Level 1 and Level 2. Depending on market activity, such fair valuations may be frequent. Such fair value pricing may result in NAVs that are higher or lower than NAVs based on the last reported sales price or latest quoted bid price. On April 30, 2013, fair value pricing was not used in pricing foreign securities.

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

Investments which are not valued using any of the methods discussed above are valued at their fair value, as determined 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. 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.

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

Foreign currency translation

The accounting records of the Fund are maintained in U.S. dollars. Assets, including investment securities, and liabilities denominated in foreign currency are translated into U.S. dollars at the rates of exchange at a time specified by the Management Valuation Team on the date of valuation. Purchases and sales of securities, and income and expenses are translated at the rate of exchange on the respective dates of such transactions. Reported net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded and the U.S. dollar equivalent of the amounts actually paid or received. Net unrealized foreign exchange gains and losses arise from changes in the fair value of assets and liabilities other than investments in securities resulting in changes in exchange rates.

The changes in net assets arising from changes in exchange rates and the changes in net assets resulting from changes in market prices of securities are not separately presented. Such changes are recorded with net realized and unrealized gains or losses from investments. Gains and losses from certain foreign currency transactions are treated as ordinary income for U.S. federal income tax purposes.

Options

The Fund may be subject to equity price risk in the normal course of pursuing its investment objectives. The Fund may write covered call options or secured put options on individual securities and/or indexes. When the Fund writes an option, an amount equal to the premium received is recorded as a liability and is subsequently adjusted to the current market value of the written option. Premiums received from written options that expire unexercised are recognized as realized gains from investments on the expiration date. The difference between the premium received and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is treated as a realized gain or loss. If a call option is exercised, the premium is added to the proceeds from the sale of the underlying security in calculating the realized gain or loss on the sale. If a put option is exercised, the premium reduces the cost of the security purchased. The Fund, as a writer of an option, bears the market risk of an unfavorable change in the price of the security and/or index underlying the written option.

The Fund may also purchase call or put options. The premium is included in the Statement of Assets and Liabilities as an investment, the value of which is subsequently adjusted based on to the current market value of the option. Premiums paid for purchased options that expire are recognized as realized losses from investments on the expiration date. Premiums paid for purchased options that are exercised or closed are added to the amount paid or offset against the proceeds received for the underlying security to determine the realized gain or loss. The risk of loss associated with purchased options is limited to the premium paid.

Options traded on an exchange are regulated and terms of the options are standardized. Options traded over the counter expose the Fund to counterparty risk in the event the counterparty does not perform. This risk is mitigated by having a master netting arrangement between the Fund and the counterparty and by having the counterparty post collateral to cover the Fund’s exposure to the counterparty.

Security transactions and income recognition

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

Dividend income is recognized on the ex-dividend date, except for certain dividends from foreign securities, which are recorded as soon as the Fund is informed of the ex-dividend date. Dividend income from foreign securities is recorded net of foreign taxes withheld where recovery of such taxes is not assured.

Distributions to shareholders

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

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

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)

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 April 30, 2013, the inputs used in valuing investments in securities 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	$	3,342,994,775	$	10,265,702	$	0	$	3,353,260,477
Investment companies		47,791,257		0		0		47,791,257
Warrants		0		340,753		0		340,753
Short-term investments
Investment companies		245,221,258		0		0		245,221,258
	$	3,636,007,290	$	10,606,455	$	0	$	3,646,613,745

As of April 30, 2013, the inputs used in valuing the Fund’s other financial instruments were as follows:

Other financial instruments	Quoted prices (Level 1)		Significant other observable inputs (Level 2)			Significant unobservable inputs (Level 3)		Total
Written options	$	0	$	(697,950	)	$	0	$	(697,950	)

Transfers in and transfers out are recognized at the end of the reporting period. For the six months ended April 30, 2013, the Fund did not have any transfers into/out of Level 1 or Level 2.

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

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 0.80% and declining to 0.70% as the average daily net assets of the Fund increase. For the six months ended April 30, 2013, the advisory fee was equivalent to an annual rate of 0.74% of the Fund’s average daily net assets.

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Funds Management. Wells Capital Management Incorporated, an affiliate of Funds Management, is the subadviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.55% and declining to 0.40% as the average daily net assets of the Fund increase.

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, and Class C		0.26	%
Administrator Class		0.10
Institutional Class		0.08
Investor Class		0.32

Funds Management has contractually waived and/or reimbursed advisory and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. Waiver of fees and/or reimbursement of expenses by Funds Management were made first from fund level expenses on a proportionate basis and then from class specific expenses. Funds Management has committed through February 28, 2014 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, 1.10% for Administrator Class shares, 0.90% for Institutional Class shares, and 1.33% 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 April 30, 2013, Wells Fargo Funds Distributor, LLC received $14,117 from the sale of Class A shares and $1,447 in contingent deferred sales charges from redemptions of Class C shares.

Shareholder servicing fees

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

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended April 30, 2013 were $337,908,241 and $550,101,810, 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.

26 Wells Fargo Advantage Small Cap Value Fund Notes to financial statements (unaudited)

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)
Argo Group International Holdings Limited		2,115,700		10,500		57,800		2,068,400	$	85,735,180	$	573,510	$	(329,824	)
Cavco Industries Incorporated		539,500		57,300		0		596,800		27,226,016		0		0
Cincinnati Bell Incorporated		9,419,300		3,383,900		297,200		12,506,000		44,021,120		0		75,343
Corinthian Colleges Incorporated		5,019,300		2,606,500		0		7,625,800		15,251,600		0		0
Covenant Transport Incorporated Class A		1,412,300		8,900		0		1,421,200		7,887,660		0		0
Cray Incorporated		3,468,455		0		441,955		3,026,500		64,040,740		0		4,817,392
Crexus Investment Corporation		4,085,800		0		4,085,800		0		0		2,099,456		5,870,820
Cross Country Healthcare Incorporated		2,581,900		4,900		20,600		2,566,200		12,831,000		0		(255,280	)
dELiA*s Incorporated		1,916,100		16,100		27,700		1,904,500		1,256,208		0		(20,738	)
Gentiva Health Services Incorporated		2,421,800		150,600		45,100		2,527,300		26,511,377		0		(6,889	)
Hill International Incorporated		2,775,200		58,500		0		2,833,700		7,792,675		0		0
Intermec Incorporated		3,718,000		0		22,400		3,695,600		36,364,704		0		54,922
InterOil Corporation		4,627,800		472,300		23,400		5,076,700		401,668,504		0		(51,908	)
MRV Communications Incorporated		3,470,950		0		3,470,950		0		0		158,904		(1,377,375	)
Newpark Resources Incorporated		7,309,456		9,400		52,500		7,266,356		76,296,738		0		95,251
OraSure Technologies Incorporated		6,780,100		468,000		0		7,248,100		32,326,526		0		0
OSI Systems Incorporated		614,140		460,660		0		1,074,800		61,586,040		0		0
PHI Incorporated (voting)		147,530		1,900		0		149,430		4,034,610		0		0
Skyline Corporation		874,400		71,000		0		945,400		4,282,662		0		0
Webco Industries Incorporated		89,900		150		0		90,050		10,265,700		0		0
Willbros Group Incorporated		2,070,000		435,700		0		2,505,700		23,804,150		0		0
									$	943,183,210	$	2,831,870	$	8,871,714

7. DERIVATIVE TRANSACTIONS

During the six months ended April 30, 2013, the Fund entered into written options for economic hedging purposes.

During the six months ended April 30, 2013, the Fund had written option activities as follows:

	Call options				Put options
	Number of contracts	Premiums received			Number of contracts	Premiums received
Options outstanding at October 31, 2012	2,100	$	735,209		0	$	0
Options written	17,251		4,142,940		200		38,599
Options expired	(3,375)		(411,403	)	0		0
Options closed	(10,961)		(3,342,558	)	(200)		(38,599	)
Options exercised	(215)		(37,224	)	0		0
Options outstanding at April 30, 2013	4,800	$	1,086,964		0	$	0

Notes to financial statements (unaudited) Wells Fargo Advantage Small Cap Value Fund 27

Open call options written at April 30, 2013 were as follow for the Fund:

Expiration date		Number of contracts		Strike price		Value
5-18-2013	Chicago Bridge & Iron Company NV		300	$	65.00	$	(1,500	)
5-18-2013	Cray Incorporated		100		22.50		(5,500	)
5-18-2013	Delta Air Lines Incorporated		500		17.00		(35,500	)
5-18-2013	United Continental Holdings Incorporated		300		33.00		(20,700	)
5-18-2013	Chicago Bridge & Iron Company NV		450		60.00		(11,250	)
5-18-2013	US Airways Group Incorporated		500		17.00		(22,000	)
5-18-2013	Alaska Air Group Incorporated		300		60.00		(72,000	)
6-22-2013	InterOil Corporation		100		100.00		(22,300	)
7-20-2013	Cray Incorporated		100		25.00		(4,000	)
7-20-2013	Alaska Air Group Incorporated		300		60.00		(121,800	)
7-20-2013	Chicago Bridge & Iron Company NV		1,000		60.00		(98,000	)
7-20-2013	Chicago Bridge & Iron Company NV		500		55.00		(127,500	)
7-20-2013	Alaska Air Group Incorporated		150		55.00		(118,500	)
9-21-2013	InterOil Corporation		100		120.00		(23,400	)
9-21-2013	InterOil Corporation		100		135.00		(14,000	)

The Fund had outstanding written options with total premiums received that averaged $637,285 during the six months ended April 30, 2013.

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

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 April 30, 2013, the Fund paid $3,894 in commitment fees.

For the six months ended April 30, 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.

28 Wells Fargo Advantage Small Cap 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 Small Cap Value Fund 29

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 131 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

30 Wells Fargo Advantage Small Cap 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.
Nancy Wiser1 (Born 1967)	Treasurer, since 2012	Executive Vice President of Wells Fargo Funds Management, LLC since 2011. Chief Operating Officer and Chief Compliance Officer at LightBox Capital Management LLC, from 2008 to 2011. Owned and operated a consulting business providing services to various hedge funds including acting as Chief Operating Officer and Chief Compliance Officer for a hedge fund from 2007 to 2008. Chief Operating Officer and Chief Compliance Officer of GMN Capital LLC from 2006 to 2007.
C. David Messman (Born 1960)	Secretary, since 2000; Chief Legal Officer, since 2003	Senior Vice President and Secretary of Wells Fargo Funds Management, LLC since 2001. 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.
Jeremy DePalma1 (Born 1974)	Assistant Treasurer, since 2009	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Vice President, Evergreen Investment Services, Inc. from 2004 to 2007. Head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.

1. Nancy Wiser acts as Treasurer of 73 funds in the Fund Complex. Jeremy DePalma acts as Treasurer of 58 funds and Assistant Treasurer of 73 funds in the Fund Complex.

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

Other information (unaudited) Wells Fargo Advantage Small Cap Value Fund 31

BOARD CONSIDERATION OF INVESTMENT ADVISORY AND SUBADVISORY AGREEMENTS:

Under Section 15 of the Investment Company Act of 1940 (the “1940 Act”), the Board of Trustees (the “Board”) of Wells Fargo Funds Trust (the “Trust”), all the members of which have no direct or indirect interest in the investment advisory and sub-advisory agreements and are not “interested persons” of the Trust, as defined in the 1940 Act (the “Independent Trustees”), must determine whether to approve the continuation of the Trust’s investment advisory and sub-advisory agreements. In this regard, at an in-person meeting held on March 28-29, 2013 (the “Meeting”), the Board reviewed: (i) an investment advisory agreement with Wells Fargo Funds Management, LLC (“Funds Management”) for Wells Fargo Advantage Small Cap Value Fund (the “Fund”) and (ii) an investment sub-advisory agreement with Wells Capital Management Incorporated (the “Sub-Adviser”), an affiliate of Funds Management, for the Fund. The investment advisory agreement with Funds Management and the investment sub-advisory agreement with the Sub-Adviser are collectively referred to as the “Advisory Agreements.”

At the Meeting, the Board considered the factors and reached the conclusions described below relating to the selection of Funds Management and the Sub-Adviser and the continuation of the Advisory Agreements. Prior to the Meeting, the Trustees conferred extensively among themselves and with representatives of Funds Management about these matters. The Board has adopted a team-based approach, with each team consisting of a sub-set of Trustees, to assist the Board in the discharge of its duties in reviewing performance and other matters throughout the year. The Independent Trustees were assisted in their evaluation of the Advisory Agreements by independent legal counsel, from whom they received separate legal advice and with whom they met separately.

In providing information to the Board, Funds Management and the Sub-Adviser were guided by a detailed set of requests for information submitted to them by independent legal counsel on behalf of the Independent Trustees at the start of the Board’s annual contract renewal process earlier in 2013. In considering and approving the Advisory Agreements, the Trustees considered the information they believed relevant, including but not limited to the information discussed below. The Board considered not only the specific information presented in connection with the Meeting, but also the knowledge gained over time through interaction with Funds Management and the Sub-Adviser about various topics. In this regard, the Board reviewed reports of Funds Management at each of its quarterly meetings, which included, among other things, portfolio reviews and performance reports. In addition, the Board and the teams mentioned above confer with portfolio managers at various times throughout the year. The Board did not identify any particular information or consideration that was all-important or controlling, and each individual Trustee may have attributed different weights to various factors.

After its deliberations, the Board unanimously determined that the continuation of the Advisory Agreements is in the best interests of the Fund and its shareholders, and that the compensation payable to Funds Management and the Sub-Adviser is reasonable. The Board considered the continuation of the Advisory Agreements for the Fund as part of its consideration of the continuation of advisory agreements for funds across the complex, but each decision was made on a fund-by-fund basis. The following summarizes a number of important, but not necessarily all, factors considered by the Board in reaching its determination.

Nature, extent and quality of services

The Board received and considered various information regarding the nature, extent and quality of services provided to the Fund by Funds Management and the Sub-Adviser under the Advisory Agreements. This information included, among other things, a summary of the background and experience of senior management of Funds Management, and the qualifications, background, tenure and responsibilities of each of the portfolio managers primarily responsible for the day-to-day portfolio management of the Fund.

The Board evaluated the ability of Funds Management and the Sub-Adviser, based on attributes such as their financial condition, resources and reputation, to attract and retain qualified investment professionals, including research, advisory and supervisory personnel. The Board further considered the compliance programs and compliance records of Funds Management and the Sub-Adviser. In addition, the Board took into account the administrative and other services provided to the Fund by Funds Management and its affiliates and Funds Management’s oversight of the Fund’s various service providers.

Fund performance and expenses

The Board considered the performance results for the Fund over various time periods ended December 31, 2012. The Board also considered these results in comparison to the performance of funds in a universe that was determined by Lipper Inc. (“Lipper”) to be similar to the Fund (the “Universe”), and in comparison to the Fund’s benchmark index and to other comparative data. Lipper is an independent provider of investment company data. The Board received a description of the methodology used by Lipper to select the mutual funds in the performance Universe. The Board noted

32 Wells Fargo Advantage Small Cap Value Fund Other information (unaudited)

that the performance of the Fund (Class A) was higher than or in range of the median performance of the Universe for the five- and ten-year periods under review, and lower than the median performance of the Universe for the one- and three-year periods under review. The Board also noted that the performance of the Fund was higher than or in range of its benchmark, the Russell 2000^® Value Index, for the five- and ten-year periods under review, and lower than its benchmark for the one- and three-year periods under review.

The Board received information concerning, and discussed factors contributing to, the underperformance of the Fund relative to the Universe and the benchmark for the one- and three-year periods under review. Funds Management advised the Board about the market conditions and investment decisions that it believed contributed to the underperformance during that period. Funds Management advised the Board that the Fund’s performance was affected by underperformance in the consumer discretionary sector, and market and performance volatility. The Board also noted that the Lipper category for the Fund was changed from Mid-Cap Core to Small-Cap Core. The Board was satisfied with the explanation it received.

The Board received and considered information regarding the Fund’s net operating expense ratios and their various components, including actual management fees (which reflect fee waivers, if any, and include advisory, administration and transfer agent fees), custodian and other non-management fees, Rule 12b-1 and non-Rule 12b-1 service fees and fee waiver and expense reimbursement arrangements. The Board also considered these ratios in comparison to the median ratios of funds in class-specific expense groups that were determined by Lipper to be similar to the Fund (the “Groups”). The Board received a description of the methodology used by Lipper to select the mutual funds in the expense Groups. Based on the Lipper reports, the Board noted that the net operating expense ratios of the Fund were lower than or in range of the median net operating expense ratios of the expense Groups for all classes of the Fund except for the Investor Class. However, the Board viewed favorably the agreed-upon reduction in the operating expense ratio cap of the Fund’s Investor Class.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board concluded that the overall performance and expense structure of the Fund supported the re-approval of the Advisory Agreements.

Investment advisory and sub-advisory fee rates

The Board reviewed and considered the contractual investment advisory fee rates that are payable by the Fund to Funds Management for investment advisory services (the “Advisory Agreement Rates”), both on a stand-alone basis and on a combined basis with the Fund’s fund-level and class-level contractual administration fee rates (the “Management Rates”). The Board noted that the administration fees include transfer agency costs. The Board also reviewed and considered the contractual investment sub-advisory fee rates that are payable by Funds Management to the Sub-Adviser for investment sub-advisory services (the “Sub-Advisory Agreement Rates”).

Among other information reviewed by the Board was a comparison of the Management Rates of the Fund with those of other funds in the expense Groups at a common asset level. The Board noted that the Management Rates of the Fund were higher than the median rates for the Fund’s expense Groups. The Board and Funds Management agreed to revise the advisory fee schedule for the Fund by adding an additional breakpoint. The Board also viewed favorably the agreed-upon reduction in the net operating expense ratio cap of the Fund’s Investor Class.

The Board also received and considered information about the portion of the total advisory fee that was retained by Funds Management after payment of the fee to the Sub-Adviser for sub-advisory services. In assessing the reasonableness of this amount, the Board received and evaluated information concerning the nature and extent of responsibilities retained and risks assumed by Funds Management and not delegated to or assumed by the Sub-Adviser, and about Funds Management’s on-going oversight services. In recognition of the fact that the Wells Fargo enterprise provides a suite of combined advisory and sub-advisory services to the Fund through affiliated entities, the Board ascribed limited relevance to the allocation of the total advisory fee between Funds Management and the Sub-Adviser.

The Board also received and considered information about the nature and extent of services offered and fee rates charged by Funds Management and the Sub-Adviser to other types of clients. In this regard, the Board received information about the significantly greater scope of services, and compliance, reporting and other legal burdens and risks of managing mutual funds compared with those associated with managing assets of non-mutual fund clients such as collective funds or institutional separate accounts.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board determined that the Advisory Agreement Rates and the Sub-Advisory Agreement Rates were reasonable in light of the services covered by the Advisory Agreements.

Other information (unaudited) Wells Fargo Advantage Small Cap Value Fund 33

Profitability

The Board received and considered information concerning the profitability of Funds Management, as well as the profitability of Wells Fargo as a whole, from providing services to the Fund. The Board did not receive or consider to be necessary separate profitability information with respect to the Sub-Adviser, because, as an affiliate of Funds Management, its profitability information was subsumed in the collective Wells Fargo profitability analysis provided by Funds Management.

Funds Management explained the methodologies and estimates that it used in calculating the profitability from the Fund and the fund family as a whole. Among other things, the Board noted that the levels of profitability reported on a fund-by-fund basis varied widely, depending on factors such as the size and type of fund. Based on its review, the Board did not deem the profits reported by Funds Management to be at a level that would prevent it from approving the continuation of the Advisory Agreements.

Economies of scale

With respect to possible economies of scale, the Board reviewed the breakpoints in the Fund’s advisory fee and administration fee structure, which operate generally to reduce the Fund’s expense ratios as the Fund grows in size. It considered that, for a small fund or a fund that shrinks in size, breakpoints conversely can result in higher fee levels. The Board also considered fee waiver and expense reimbursement arrangements as a means of sharing potential economies of scale with the Fund. The Board also took into account the agreed-upon revision to the advisory fee schedule for the Fund that adds an additional breakpoint. The Board acknowledged the inherent limitations of any analysis of potential economies of scale and of any attempt to correlate breakpoints with such economies. Nonetheless, the Board concluded that the breakpoints and net operating expense ratio caps appeared to be a reasonable approach to sharing potential economies of scale with the Fund.

Other benefits to Funds Management and the Sub-Adviser

The Board received and considered information regarding potential “fall-out” or ancillary benefits received by Funds Management and its affiliates, including the Sub-Adviser, as a result of their relationship with the Fund. Ancillary benefits could include, among others, benefits directly attributable to other relationships with the Fund and benefits potentially derived from an increase in Funds Management’s and the Sub-Adviser’s business as a result of their relationship with the Fund (such as the ability to market to shareholders other financial products and services offered by Funds Management and its affiliates, including the Sub-Adviser, or to operate other products and services that follow investment strategies similar to those of the Fund).

The Board considered that Wells Fargo Funds Distributor, LLC, an affiliate of Funds Management, serves as distributor to the Fund and receives certain compensation for those services. The Board noted that various financial institutions, including affiliates of Funds Management, may receive distribution-related fees, shareholder servicing payments (including amounts derived from payments under Rule 12b-1 plans) and sub-transfer agency fees in respect of shares sold or held through them and services provided.

The Board also reviewed information about whether and to what extent soft dollar credits are sought and how any such credits are utilized, and any benefits that might be realized by an affiliated broker that handles portfolio transactions for the Fund.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board did not find that any ancillary benefits received by Funds Management and its affiliates, including the Sub-Adviser, were unreasonable.

Conclusion

After considering the above-described factors and based on its deliberations and its evaluation of the information described above, the Board unanimously approved the continuation of the Advisory Agreements for an additional one-year period.

34 Wells Fargo Advantage Small Cap Value Fund List of abbreviations

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

ACA —  ACA Financial Guaranty Corporation

ADR —  American depositary receipt

ADS —  American depositary shares

AGC —  Assured Guaranty Corporation

AGM —  Assured Guaranty Municipal

Ambac —  Ambac Financial Group Incorporated

AMT —  Alternative minimum tax

AUD —  Australian dollar

BAN —  Bond anticipation notes

BHAC —  Berkshire Hathaway Assurance Corporation

BRL —  Brazilian real

CAB —  Capital appreciation bond

CAD —  Canadian dollar

CCAB —  Convertible capital appreciation bond

CDA —  Community Development Authority

CDO —  Collateralized debt obligation

CHF —  Swiss franc

COP —  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.

216839 06-13 SA244/SAR244 4-13

Wells Fargo Advantage

Small/Mid Cap Value Fund

Semi-Annual Report

April 30, 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	13
Statement of operations	14
Statement of changes in net assets	15
Financial highlights	16
Notes to financial statements	21
Other information	26
List of abbreviations	32

The views expressed and any forward-looking statements are as of April 30, 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 100 mutual funds across a wide range of asset classes, representing over $228 billion in assets under management, as of April 30, 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-Term Bond Fund
California Limited-Term Tax-Free Fund	Income Plus Fund	Short-Term High Yield Bond Fund
California Tax-Free Fund	Inflation-Protected Bond Fund	Short-Term Municipal Bond Fund
Colorado Tax-Free Fund	Intermediate Tax/AMT-Free Fund	Strategic Income Fund
Conservative Income Fund	International Bond Fund	Strategic Municipal Bond Fund
Core Bond Fund	Minnesota Tax-Free Fund	Ultra Short-Term Income Fund
Emerging Markets Local Bond Fund	Municipal Bond Fund	Ultra Short-Term Municipal Income Fund
Government Securities Fund	North Carolina Tax-Free Fund	Wisconsin Tax-Free Fund
High Income Fund	Pennsylvania Tax-Free Fund
High Yield Bond Fund	Short Duration Government Bond Fund
Asset allocation funds
Absolute Return Fund	WealthBuilder Equity Portfolio†	Target 2020 Fund†
Asset Allocation Fund	WealthBuilder Growth Allocation Portfolio†	Target 2025 Fund†
Diversified Capital Builder Fund	WealthBuilder Growth Balanced Portfolio†	Target 2030 Fund†
Diversified Income Builder Fund	WealthBuilder Moderate Balanced Portfolio†	Target 2035 Fund†
Growth Balanced Fund	WealthBuilder Tactical Equity Portfolio†	Target 2040 Fund†
Index Asset Allocation Fund	Target Today Fund†	Target 2045 Fund†
Moderate Balanced Fund	Target 2010 Fund†	Target 2050 Fund†
WealthBuilder Conservative Allocation Portfolio†	Target 2015 Fund†	Target 2055 Fund†
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 Small/Mid Cap Value Fund Letter to shareholders (unaudited)

Karla M. Rabusch

President

Wells Fargo Advantage Funds

Relatively improving 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.

Dear Valued Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Advantage Small/Mid Cap Value Fund for the six-month period that ended April 30, 2013. Much of the six-month 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 improving 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. This backdrop enabled most equity asset classes to generate positive returns. For the six-month period, the small-cap-oriented Russell 2000^® Index¹ returned 16.58%, while the mid-cap-focused Russell Midcap^® Index² posted an 18.90% total return.

The U.S. economy improved with the support of accommodative monetary policy.

The U.S. economy grew modestly, but the recovery remained weak compared with previous business cycles. Curtailed government spending and weak household income expectations were economic headwinds. However, the unemployment rate continued to decline, reaching 7.5% in April 2013, and housing market activity, as measured by many metrics—sales, building permits, and prices—continued to improve from its recessionary levels.

Citing its dual mandate of fostering maximum employment and price stability, the U.S. Federal Reserve (Fed) reaffirmed its commitment to highly accommodative monetary policy. In addition, the Fed formally announced that exceptionally low interest rates would be appropriate at least as long as the unemployment rate remains above 6.5% and inflation remains no more than half a percentage point above its 2.0% inflation target.

The Fed also continued its quantitative easing program. Just prior to the beginning of the reporting period, the Federal Open Market Committee 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.

The global economy continues to be affected by bouts of uncertainty, including political questions in the U.S., Europe, and China.

Global economic growth varied across countries. Eurozone economies remained in recession. However, the European Central Bank (ECB) and several key members of the eurozone, including France and Germany, continued their commitment to maintaining a single currency. Subsequently, investor fears about a sovereign debt crisis in Europe abated. Furthermore, the ECB maintained its accommodative monetary policy by lowering its key rate at a historic low of 0.75%.

For most of the six-month period, uncertainty about political outcomes was a constant. U.S. presidential elections in November 2012, the debate over the fiscal

1. The Russell 2000^® Index measures the performance of the 2,000 smallest companies in the Russell 3000^® Index, which represents approximately 8% of the total market capitalization of the Russell 3000 Index. You cannot invest directly in an index.

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

Letter to shareholders (unaudited) Wells Fargo Advantage Small/Mid Cap Value Fund 3

cliff and tax rates at year-end, and speculation about the effects of sequestration at the end of February 2013 weighed on business leaders and investors. Elections in eurozone countries such as Greece, France, and Italy sparked speculation about the future of the eurozone. New leadership in China also figured into the political landscape. In the end, investors managed around these concerns, and capital markets generally advanced during this time period.

Our goal is to meet the financial needs of our shareholders.

We are committed to providing our shareholders long-term investment strategies and focusing on appropriate risk while seeking to deliver consistent returns. We know that your ability to meet your long-term investment goals depends on the investment decisions you make today. Despite economic uncertainties and investment challenges, staying invested and adapting to emerging opportunities and threats will help you manage investment 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

Despite economic uncertainties and investment challenges, staying invested and adapting to emerging opportunities and threats will help you manage investment risk.

4 Wells Fargo Advantage Small/Mid Cap Value Fund Performance highlights (unaudited)

Investment objective

The Fund seeks long-term capital appreciation.

Adviser

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Erik C. Astheimer

I. Charles Rinaldi

Michael Schneider, CFA

Average annual total returns¹ (%) as of April 30, 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 (WFVAX)	7-31-2007		0.23		1.71		9.42		6.35		2.92		10.07		1.42		1.41
Class C (WFCVX)	7-31-2007		4.54		2.18		9.41		5.54		2.18		9.41		2.17		2.16
Administrator Class (WWMDX)	4-8-2005		–		–		–		6.63		3.19		10.34		1.26		1.16
Institutional Class (WWMSX)	8-31-2006		–		–		–		6.90		3.40		10.48		0.99		0.96
Investor Class (SMMVX)	3-28-2002		–		–		–		6.33		2.86		10.03		1.48		1.47
Russell 2500™ Value Index4	–		–		–		–		22.25		7.90		11.20		–		–

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, which assumes the reinvestment of dividends and capital gains. Current month-end performance is available on the Fund’s website, wellsfargoadvantagefunds.com.

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

For Class A shares, the maximum front-end sales charge is 5.75%. For Class C shares, the maximum contingent deferred sales charge is 1.00%. Performance including 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. Smaller-company stocks tend to be more volatile and less liquid than those of larger companies. 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 Small/Mid Cap Value Fund 5

Sector distribution⁶ as of April 30, 2013

Ten largest equity holdings5 (%) as of April 30, 2013
InterOil Corporation	8.40
Randgold Resources Limited ADR	5.26
Chimera Investment Corporation	4.09
Trilogy Energy Corporation	2.09
UMH Properties Incorporated	2.05
Argo Group International Holdings Limited	1.86
Gentex Corporation	1.80
Official Payments Holdings Incorporated	1.73
Newpark Resources Incorporated	1.55
Micron Technology Incorporated	1.53

1. Historical performance shown for Class A and 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 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 February 28, 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 1.40% for Class A, 2.15% for Class C, 1.15% for Administrator Class, 0.95% for Institutional Class, and 1.46% 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 2500^TM Value Index measures the performance of those Russell 2500^TM 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 Small/Mid Cap 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 November 1, 2012 to April 30, 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 11-1-2012		Ending account value 4-30-2013		Expenses paid during the period¹		Net annual expense ratio
Class A
Actual	$	1,000.00	$	1,012.88	$	6.99		1.40	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.85	$	7.00		1.40	%
Class C
Actual	$	1,000.00	$	1,009.47	$	10.71		2.15	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,014.13	$	10.74		2.15	%
Administrator Class
Actual	$	1,000.00	$	1,014.46	$	5.74		1.15	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.09	$	5.76		1.15	%
Institutional Class
Actual	$	1,000.00	$	1,015.97	$	4.75		0.95	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.08	$	4.76		0.95	%
Investor Class
Actual	$	1,000.00	$	1,013.50	$	7.29		1.46	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.55	$	7.30		1.46	%

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

Portfolio of investments—April 30, 2013 (unaudited) Wells Fargo Advantage Small/Mid Cap Value Fund 7

Security name	Shares		Value
Common Stocks: 98.30%
Consumer Discretionary: 7.03%
Auto Components: 1.80%
Gentex Corporation		161,500	$	3,633,750
Hotels, Restaurants & Leisure: 1.56%
Century Casinos Incorporated †		947,900		2,767,868
Empire Resorts Incorporated †		204,800		391,168
				3,159,036
Household Durables: 1.32%
Cavco Industries Incorporated †		58,600		2,673,332
Leisure Equipment & Products: 0.37%
Black Diamond Incorporated †		77,300		757,540
Media: 1.98%
Cinemark Holdings Incorporated		26,400		815,496
Entravision Communications Corporation Class A		511,300		1,973,618
Interpublic Group of Companies Incorporated		88,200		1,220,688
				4,009,802
Consumer Staples: 0.41%
Household Products: 0.41%
WD-40 Company		15,100		814,343
Energy: 20.38%
Energy Equipment & Services: 5.53%
Cal Dive International Incorporated †		697,000		1,163,990
Helix Energy Solutions Group Incorporated †		109,250		2,517,120
Helmerich & Payne Incorporated		12,495		732,457
Key Energy Services Incorporated †		136,200		809,028
Newpark Resources Incorporated †		299,576		3,145,548
Parker Drilling Company †		177,300		730,476
Willbros Group Incorporated †		220,400		2,093,800
				11,192,419
Oil, Gas & Consumable Fuels: 14.85%
Canadian Natural Resources Limited		69,100		2,027,394
Clean Energy Fuels Corporation †		19,300		254,567
Comstock Resources Incorporated †		17,000		266,220
Gulfport Energy Corporation †		17,100		892,449
InterOil Corporation †		214,800		16,994,976
James River Coal Company †		380,600		627,990
Penn West Petroleum Limited		96,735		892,864
PostRock Energy Corporation †		442,400		641,480
Range Resources Corporation		34,900		2,565,848
Triangle Petroleum Corporation †		122,478		672,404
Trilogy Energy Corporation		144,700		4,229,902
				30,066,094

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

8 Wells Fargo Advantage Small/Mid Cap Value Fund Portfolio of investments—April 30, 2013 (unaudited)

Security name	Shares		Value
Financials: 20.33%
Capital Markets: 0.79%
Artio Global Investors Incorporated		234,500	$	642,530
Safeguard Scientifics Incorporated †		59,100		953,874
				1,596,404
Commercial Banks: 5.43%
1st United Bancorp Incorporated		157,600		1,044,888
American River Bankshares †		112,100		874,380
Bancorp Incorporated †		95,400		1,240,200
BBCN Bancorp Incorporated		25,906		333,669
First Niagara Financial Group Incorporated		132,600		1,261,026
IBERIABANK Corporation		12,298		561,035
Midsouth Bancorp Incorporated		33,200		521,572
Pacific Premier Bancorp Incorporated †		229,300		2,785,995
Sierra Bancorp		111,700		1,443,164
Sterling Bancorp		41,155		464,228
Univest Corporation of Pennsylvania		26,700		468,051
				10,998,208
Insurance: 3.75%
Argo Group International Holdings Limited		91,000		3,771,950
First Acceptance Corporation †		755,600		929,388
Health Insurance Innovations Incorporated Class A †		75,512		1,132,680
Hilltop Holdings Incorporated †		69,386		929,079
Mercury General Corporation		18,100		827,351
				7,590,448
REITs: 10.23%
Capstead Mortgage Corporation		80,500		1,069,040
Chimera Investment Corporation		2,505,900		8,269,470
Hatteras Financial Corporation		23,100		631,323
MFA Mortgage Investments Incorporated		121,820		1,129,271
Origen Financial Incorporated		779,190		1,168,785
Redwood Trust Incorporated		93,700		2,138,234
Sun Communities Incorporated		41,798		2,137,968
UMH Properties Incorporated		376,100		4,155,905
				20,699,996
Thrifts & Mortgage Finance: 0.13%
Northwest Bancshares Incorporated		22,200		271,950
Health Care: 7.30%
Biotechnology: 1.35%
Amarin Corporation plc ADR †		154,400		1,144,104
Discovery Laboratories Incorporated †		942,100		1,592,149
				2,736,253

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

Portfolio of investments—April 30, 2013 (unaudited) Wells Fargo Advantage Small/Mid Cap Value Fund 9

Security name	Shares		Value
Health Care Equipment & Supplies: 2.64%
Allied Healthcare Products Incorporated †**		422,897	$	1,137,593
EnteroMedics Incorporated †		953,400		915,264
OraSure Technologies Incorporated †		553,090		2,466,781
Stryker Corporation		12,490		819,094
				5,338,732
Health Care Providers & Services: 1.13%
Accretive Health Incorporated †		66,600		701,964
Cross Country Healthcare Incorporated †		121,300		606,500
Ensign Group Incorporated		28,000		976,360
				2,284,824
Health Care Technology: 2.18%
Computer Programs & Systems Incorporated		34,950		1,833,477
Merge Healthcare Incorporated †		570,300		1,779,336
Omnicell Incorporated †		44,700		805,494
				4,418,307
Industrials: 13.25%
Aerospace & Defense : 0.92%
Orbital Sciences Corporation †		103,170		1,859,123
Airlines: 1.34%
JetBlue Airways Corporation †		295,000		2,032,550
US Airways Group Incorporated †		39,800		672,620
				2,705,170
Building Products: 1.32%
Patrick Industries Incorporated †		132,300		2,680,398
Commercial Services & Supplies: 4.50%
ABM Industries Incorporated		88,698		2,000,140
ACCO Brands Corporation †		283,800		1,915,650
Avery Dennison Corporation		34,300		1,421,735
Cintas Corporation		15,350		688,755
GEO Group Incorporated		32,400		1,213,380
Healthcare Services Group Incorporated		44,123		983,502
Standard Parking Corporation †		41,700		896,133
				9,119,295
Construction & Engineering: 2.43%
Integrated Electrical Services Incorporated †		376,000		2,192,080
Primoris Services Corporation		123,500		2,721,940
				4,914,020
Electrical Equipment: 0.53%
GrafTech International Limited †		148,100		1,063,358

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

10 Wells Fargo Advantage Small/Mid Cap Value Fund Portfolio of investments—April 30, 2013 (unaudited)

Security name	Shares		Value
Machinery: 1.40%
Actuant Corporation Class A		37,300	$	1,167,490
Kaydon Corporation		22,800		543,552
Kennametal Incorporated		28,200		1,127,718
				2,838,760
Professional Services: 0.81%
Hill International Incorporated †		597,500		1,643,125
Information Technology: 13.04%
Communications Equipment: 3.34%
Brocade Communications Systems Incorporated †		263,800		1,535,316
Research In Motion Limited †		147,500		2,402,775
Sandvine Corporation †		1,359,600		2,833,950
				6,772,041
Computers & Peripherals: 2.30%
Cray Incorporated †		127,000		2,687,320
Intermec Incorporated †		200,084		1,968,827
				4,656,147
Electronic Equipment, Instruments & Components: 0.48%
GSI Group Incorporated †		114,100		974,416
IT Services: 2.93%
Henry Jack & Associates Incorporated		8,000		371,200
Official Payments Holdings Incorporated †		624,500		3,509,690
Western Union Company		138,570		2,052,222
				5,933,112
Semiconductors & Semiconductor Equipment: 3.09%
Advanced Micro Devices Incorporated †		521,800		1,471,476
FormFactor Incorporated †		340,100		1,683,495
Micron Technology Incorporated †		328,400		3,093,528
				6,248,499
Software: 0.90%
Accelrys Incorporated †		73,760		726,536
Informatica Corporation †		33,000		1,086,690
				1,813,226
Materials: 15.36%
Containers & Packaging: 0.35%
Intertape Polymer Group Incorporated		64,075		710,912
Metals & Mining: 15.01%
Agnico-Eagle Mines Limited		42,500		1,372,325
Endeavour Mining Corporation †		1,111,300		1,202,359
Goldcorp Incorporated		46,300		1,369,554

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

Portfolio of investments—April 30, 2013 (unaudited) Wells Fargo Advantage Small/Mid Cap Value Fund 11

Security name			Shares		Value
Metals & Mining (continued)
Goldgroup Mining Incorporated †				1,030,800	$	163,708
Goldgroup Mining Incorporated - Legend Shares †				1,041,000		165,328
Lucara Diamond Corporation †				1,249,800		749,880
McEwen Mining Incorporated †				1,044,000		2,432,520
Newmont Mining Corporation				51,300		1,662,120
Randgold Resources Limited ADR				130,100		10,639,578
Rockwell Diamonds Incorporated †				442,400		80,074
Rockwell Diamonds Incorporated - Canada Exchange †				193,750		32,694
Rockwell Diamonds Incorporated - Legend Shares †				500,000		84,371
Rockwell Diamonds Incorporated - Legend Shares †(i)				672,000		113,395
Royal Gold Incorporated				43,900		2,439,962
Sandstorm Gold Limited †				191,243		1,545,206
Sandstorm Gold Limited - Legend Shares †(i)				331,400		2,677,648
Sandstorm Metals & Energy Limited †				3,985,100		1,325,136
Silver Standard Resources Incorporated †				176,068		1,257,126
United States Steel Corporation				59,685		1,062,393
						30,375,377
Telecommunication Services: 1.20%
Diversified Telecommunication Services: 1.20%
Cincinnati Bell Incorporated †				689,600		2,427,392
Total Common Stocks (Cost $155,639,787)						198,975,809
Investment Companies: 1.36%
Market Vectors Junior Gold Miners ETF				215,468		2,762,300
Total Investment Companies (Cost $5,156,084)						2,762,300
	Expiration date
Warrants: 0.50%
Health Care: 0.06%
Health Care Equipment & Supplies: 0.06%
EnteroMedics Incorporated †(a)(i)		5-14-2016		270,908		96,741
EnteroMedics Incorporated †(a)(i)		9-28-2016		13,680		5,867
EnteroMedics Incorporated †(a)(i)		2-27-2018		48,280		11,944
						114,552
Materials: 0.44%
Metals & Mining: 0.44%
Sandstorm Gold Limited †(i)		4-23-2014		904,067		897,382
Total Warrants (Cost $15,993)						1,011,934

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

12 Wells Fargo Advantage Small/Mid Cap Value Fund Portfolio of investments—April 30, 2013 (unaudited)

Security name	Yield			Shares		Value
Short-Term Investments: 0.28%
Investment Companies: 0.28%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)		0.13	%		560,381	$	560,381
Total Short-Term Investments (Cost $560,381)							560,381

Total investments in securities (Cost $161,372,245) *	100.44	%		203,310,424
Other assets and liabilities, net	(0.44	)		(882,759	)
Total net assets	100.00	%	$	202,427,665

† Non-income-earning security

** 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.

(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.

* Cost for federal income tax purposes is $169,433,127 and unrealized appreciation (depreciation) consists of:

Gross unrealized appreciation	$	67,628,765
Gross unrealized depreciation		(33,751,468	)
Net unrealized appreciation	$	33,877,297

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

Statement of assets and liabilities—April 30, 2013 (unaudited) Wells Fargo Advantage Small/Mid Cap Value Fund 13

Assets
Investments
In unaffiliated securities, at value (see cost below)	$	201,612,450
In affiliated securities, at value (see cost below)		1,697,974
Total investments, at value (see cost below)		203,310,424
Receivable for investments sold		379,941
Receivable for Fund shares sold		378,764
Receivable for dividends		33,278
Prepaid expenses and other assets		42,463
Total assets		204,144,870
Liabilities
Payable for investments purchased		101,998
Payable for Fund shares redeemed		1,387,509
Advisory fee payable		120,262
Distribution fees payable		5,734
Due to other related parties		39,762
Accrued expenses and other liabilities		61,940
Total liabilities		1,717,205
Total net assets	$	202,427,665
NET ASSETS CONSIST OF
Paid-in capital	$	169,808,719
Undistributed net investment income		262,026
Accumulated net realized losses on investments		(9,581,299	)
Net unrealized gains on investments		41,938,219
Total net assets	$	202,427,665
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE1
Net assets – Class A	$	22,248,361
Shares outstanding – Class A		1,361,219
Net asset value per share – Class A		$16.34
Maximum offering price per share – Class A2		$17.34
Net assets – Class C	$	9,258,681
Shares outstanding – Class C		579,035
Net asset value per share – Class C		$15.99
Net assets – Administrator Class	$	64,379,960
Shares outstanding – Administrator Class		3,875,557
Net asset value per share – Administrator Class		$16.61
Net assets – Institutional Class	$	44,745,498
Shares outstanding – Institutional Class		2,683,283
Net asset value per share – Institutional Class		$16.68
Net assets – Investor Class	$	61,795,165
Shares outstanding – Investor Class		3,766,335
Net asset value per share – Investor Class		$16.41
Investments in unaffiliated securities, at cost	$	159,016,852
Investments in affiliated securities, at cost	$	2,355,393
Total investments, at cost	$	161,372,245

1. The Fund has an unlimited number of authorized shares.

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

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

14 Wells Fargo Advantage Small/Mid Cap Value Fund Statement of operations—six months ended April 30, 2013 (unaudited)

Investment income
Dividends*	$	2,609,192
Income from affiliated securities		1,285
Total investment income		2,610,477
Expenses
Advisory fee		796,223
Administration fees
Fund level		53,082
Class A		31,095
Class C		12,803
Administrator Class		33,069
Institutional Class		18,778
Investor Class		104,761
Shareholder servicing fees
Class A		29,899
Class C		12,311
Administrator Class		78,209
Investor Class		81,713
Distribution fees
Class C		36,932
Custody and accounting fees		13,212
Professional fees		16,029
Registration fees		40,917
Shareholder report expenses		18,051
Trustees’ fees and expenses		6,465
Other fees and expenses		3,072
Total expenses		1,386,621
Less: Fee waivers and/or expense reimbursements		(32,136	)
Net expenses		1,354,485
Net investment income		1,255,992
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains (losses) on:
Unaffiliated securities		5,215,062
Affiliated securities		(86,940	)
Net realized gains on investments		5,128,122
Net change in unrealized gains (losses) on:
Unaffiliated securities		(3,701,619	)
Affiliated securities		58,743
Net change in unrealized gains (losses) on investments		(3,642,876	)
Net realized and unrealized gains (losses) on investments		1,485,246
Net increase in net assets resulting from operations	$	2,741,238
* Net of foreign dividend withholding taxes of		$20,734

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

Statement of changes in net assets Wells Fargo Advantage Small/Mid Cap Value Fund 15

	Six months ended April 30, 2013 (unaudited)						Year ended October 31, 2012
Operations
Net investment income				$	1,255,992					$	985,214
Net realized gains on investments					5,128,122						13,474,636
Net change in unrealized gains (losses) on investments					(3,642,876	)					9,336,762
Net increase in net assets resulting from operations					2,741,238						23,796,612
Distributions to shareholders from
Net investment income
Class A					(56,717	)					(126,295	)
Administrator Class					(348,872	)					(547,916	)
Institutional Class					(341,385	)					(281,177	)
Investor Class					(118,474	)					(266,567	)
Total distributions to shareholders					(865,448	)					(1,221,955	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		129,018			2,058,157			179,302			2,730,973
Class C		19,428			297,948			74,001			1,098,745
Administrator Class		187,471			3,064,248			994,230			15,338,130
Institutional Class		281,050			4,607,579			1,510,723			23,919,067
Investor Class		159,835			2,573,755			447,236			7,022,404
					12,601,687						50,109,319
Reinvestment of distributions
Class A		3,589			56,210			9,119			124,748
Administrator Class		18,852			299,730			34,536			479,706
Institutional Class		15,067			240,313			9,441			131,603
Investor Class		7,332			115,265			18,909			259,615
					711,518						995,672
Payment for shares redeemed
Class A		(355,654	)		(5,710,695	)		(974,938	)		(14,704,216	)
Class C		(119,964	)		(1,887,345	)		(244,095	)		(3,609,215	)
Administrator Class		(514,305	)		(8,461,200	)		(1,992,730	)		(31,214,045	)
Institutional Class		(498,855	)		(8,202,442	)		(629,935	)		(9,957,101	)
Investor Class		(908,699	)		(14,606,422	)		(1,350,765	)		(20,581,962	)
					(38,868,104	)					(80,066,539	)
Net decrease in net assets resulting from capital share transactions					(25,554,899	)					(28,961,548	)
Total decrease in net assets					(23,679,109	)					(6,386,891	)
Net assets
Beginning of period					226,106,774						232,493,665
End of period				$	202,427,665					$	226,106,774
Undistributed (overdistributed) net investment income				$	262,026					$	(128,518	)

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

16 Wells Fargo Advantage Small/Mid Cap Value Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended April 30, 2013 (unaudited)			Year ended October 31
CLASS A				2012			2011			2010			2009			2008
Net asset value, beginning of period	$	16.17		$	14.61		$	14.33		$	11.78		$	8.78		$	18.19
Net investment income		0.08	1		0.07			0.06			0.08			0.11	1		0.11	1
Net realized and unrealized gains (losses) on investments		0.13			1.55			0.35			2.56			2.89			(7.84	)
Total from investment operations		0.21			1.62			0.41			2.64			3.00			(7.73	)
Distributions to shareholders from
Net investment income		(0.04	)		(0.06	)		(0.13	)		(0.09	)		0.00			(0.09	)
Net realized gains		0.00			0.00			0.00			0.00			0.00			(1.59	)
Total distributions to shareholders		(0.04	)		(0.06	)		(0.13	)		(0.09	)		0.00			(1.68	)
Net asset value, end of period	$	16.34		$	16.17		$	14.61		$	14.33		$	11.78		$	8.78
Total return2		1.29	%		11.13	%		2.76	%		22.63	%		34.17	%		(46.09	)%
Ratios to average net assets (annualized)
Gross expenses		1.40	%		1.41	%		1.40	%		1.47	%		1.57	%		1.55	%
Net expenses		1.40	%		1.40	%		1.40	%		1.40	%		1.40	%		1.40	%
Net investment income		1.07	%		0.37	%		0.37	%		0.77	%		1.12	%		0.83	%
Supplemental data
Portfolio turnover rate		15	%		32	%		34	%		41	%		35	%		43	%
Net assets, end of period (000s omitted)		$22,248			$25,612			$34,642			$41,491			$27,370			$12,859

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 Small/Mid Cap Value Fund 17

(For a share outstanding throughout each period)

	Six months ended April 30, 2013 (unaudited)			Year ended October 31
CLASS C				2012			2011			2010			2009			2008
Net asset value, beginning of period	$	15.84		$	14.36		$	14.10		$	11.62		$	8.72		$	18.15
Net investment income (loss)		0.00	1		(0.08	)		(0.06	)		0.00	1		0.04	2		0.02	2
Net realized and unrealized gains (losses) on investments		0.15			1.56			0.35			2.51			2.86			(7.81	)
Total from investment operations		0.15			1.48			0.29			2.51			2.90			(7.79	)
Distributions to shareholders from
Net investment income		0.00			0.00			(0.03	)		(0.03	)		0.00			(0.05	)
Net realized gains		0.00			0.00			0.00			0.00			0.00			(1.59	)
Total distributions to shareholders		0.00			0.00			(0.03	)		(0.03	)		0.00			(1.64	)
Net asset value, end of period	$	15.99		$	15.84		$	14.36		$	14.10		$	11.62		$	8.72
Total return3		0.95	%		10.31	%		2.05	%		21.62	%		33.26	%		(46.46	)%
Ratios to average net assets (annualized)
Gross expenses		2.15	%		2.16	%		2.15	%		2.22	%		2.26	%		2.30	%
Net expenses		2.15	%		2.15	%		2.15	%		2.15	%		2.11	%		2.15	%
Net investment income (loss)		0.34	%		(0.40	)%		(0.38	)%		0.00	%		0.40	%		0.16	%
Supplemental data
Portfolio turnover rate		15	%		32	%		34	%		41	%		35	%		43	%
Net assets, end of period (000s omitted)		$9,259			$10,763			$12,204			$12,379			$9,052			$4,700

1. Amount is less than $0.005.

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 Small/Mid Cap Value Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended April 30, 2013 (unaudited)			Year ended October 31
ADMINISTRATOR CLASS				2012			2011			2010			2009			2008
Net asset value, beginning of period	$	16.46		$	14.89		$	14.60		$	11.99		$	8.92		$	18.37
Net investment income		0.11			0.10			0.09			0.13			0.13	1		0.12	1
Net realized and unrealized gains (losses) on investments		0.12			1.58			0.36			2.59			2.94			(7.91	)
Total from investment operations		0.23			1.68			0.45			2.72			3.07			(7.79	)
Distributions to shareholders from
Net investment income		(0.08	)		(0.11	)		(0.16	)		(0.11	)		0.00			(0.07	)
Net realized gains		0.00			0.00			0.00			0.00			0.00			(1.59	)
Total distributions to shareholders		(0.08	)		(0.11	)		(0.16	)		(0.11	)		0.00			(1.66	)
Net asset value, end of period	$	16.61		$	16.46		$	14.89		$	14.60		$	11.99		$	8.92
Total return2		1.45	%		11.33	%		3.13	%		22.82	%		34.42	%		(45.89	)%
Ratios to average net assets (annualized)
Gross expenses		1.23	%		1.24	%		1.24	%		1.29	%		1.39	%		1.43	%
Net expenses		1.15	%		1.15	%		1.15	%		1.15	%		1.15	%		1.15	%
Net investment income		1.30	%		0.59	%		0.61	%		1.00	%		1.34	%		0.86	%
Supplemental data
Portfolio turnover rate		15	%		32	%		34	%		41	%		35	%		43	%
Net assets, end of period (000s omitted)		$64,380			$68,857			$76,668			$71,246			$55,463			$35,489

1. Calculated based upon average shares outstanding

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

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

Financial highlights Wells Fargo Advantage Small/Mid Cap Value Fund 19

(For a share outstanding throughout each period)

	Six months ended April 30, 2013 (unaudited)			Year ended October 31
INSTITUTIONAL CLASS				2012			2011			2010			2009			2008
Net asset value, beginning of period	$	16.54		$	14.97		$	14.67		$	12.04		$	8.93		$	18.40
Net investment income		0.13			0.11			0.11			0.17	1		0.15	1		0.15	1
Net realized and unrealized gains (losses) on investments		0.13			1.60			0.38			2.59			2.96			(7.93	)
Total from investment operations		0.26			1.71			0.49			2.76			3.11			(7.78	)
Distributions to shareholders from
Net investment income		(0.12	)		(0.14	)		(0.19	)		(0.13	)		0.00			(0.10	)
Net realized gains		0.00			0.00			0.00			0.00			0.00			(1.59	)
Total distributions to shareholders		(0.12	)		(0.14	)		(0.19	)		(0.13	)		0.00			(1.69	)
Net asset value, end of period	$	16.68		$	16.54		$	14.97		$	14.67		$	12.04		$	8.93
Total return2		1.60	%		11.61	%		3.28	%		23.08	%		34.83	%		(45.83	)%
Ratios to average net assets (annualized)
Gross expenses		0.97	%		0.98	%		0.97	%		1.02	%		1.12	%		1.16	%
Net expenses		0.95	%		0.95	%		0.95	%		0.95	%		0.95	%		0.95	%
Net investment income		1.49	%		0.74	%		0.79	%		1.22	%		1.58	%		1.07	%
Supplemental data
Portfolio turnover rate		15	%		32	%		34	%		41	%		35	%		43	%
Net assets, end of period (000s omitted)		$44,745			$47,737			$29,881			$19,005			$9,895			$6,679

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 Small/Mid Cap Value Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended April 30, 2013 (unaudited)			Year ended October 31
INVESTOR CLASS				2012			2011			2010			2009			2008
Net asset value, beginning of period	$	16.22		$	14.67		$	14.38		$	11.81		$	8.81		$	18.18
Net investment income		0.08	1		0.03			0.05	1		0.09			0.10	1		0.06	1
Net realized and unrealized gains (losses) on investments		0.14			1.57			0.35			2.56			2.90			(7.82	)
Total from investment operations		0.22			1.60			0.40			2.65			3.00			(7.76	)
Distributions to shareholders from
Net investment income		(0.03	)		(0.05	)		(0.11	)		(0.08	)		0.00			(0.02	)
Net realized gains		0.00			0.00			0.00			0.00			0.00			(1.59	)
Total distributions to shareholders		(0.03	)		(0.05	)		(0.11	)		(0.08	)		0.00			(1.61	)
Net asset value, end of period	$	16.41		$	16.22		$	14.67		$	14.38		$	11.81		$	8.81
Total return2		1.35	%		10.97	%		2.73	%		22.49	%		34.05	%		(46.14	)%
Ratios to average net assets (annualized)
Gross expenses		1.46	%		1.47	%		1.47	%		1.56	%		1.67	%		1.69	%
Net expenses		1.46	%		1.47	%		1.47	%		1.48	%		1.49	%		1.49	%
Net investment income		1.02	%		0.27	%		0.30	%		0.67	%		1.02	%		0.44	%
Supplemental data
Portfolio turnover rate		15	%		32	%		34	%		41	%		35	%		43	%
Net assets, end of period (000s omitted)		$61,795			$73,138			$79,099			$99,424			$94,728			$75,324

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 Small/Mid Cap Value 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 Small/Mid Cap 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.

Securities denominated in foreign currencies are translated into U.S. dollars using the rates of exchange in effect on the day of valuation at a time specified by the Management Valuation Team of Wells Fargo Funds Management, LLC (“Funds Management”).

Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange and therefore may not fully reflect trading or events that occur after the close of the principal exchange in which the foreign securities are traded, but before the close of the New York Stock Exchange. If such trading or events are expected to materially affect the value of such securities, then fair value pricing procedures approved by the Board of Trustees are applied. These procedures take into account multiple factors including movements in U.S. securities markets after foreign exchanges close. Foreign securities that are fair valued under these procedures are categorized as Level 2 and the application of these procedures may result in transfers between Level 1 and Level 2. Depending on market activity, such fair valuations may be frequent. Such fair value pricing may result in NAVs that are higher or lower than NAVs based on the last reported sales price or latest quoted bid price. On April 30, 2013, fair value pricing was not used in pricing foreign securities.

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

Investments which are not valued using any of the methods discussed above are valued at their fair value, as determined 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. 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.

22 Wells Fargo Advantage Small/Mid Cap Value Fund Notes to financial statements (unaudited)

Foreign currency translation

The accounting records of the Fund are maintained in U.S. dollars. Assets, including investment securities, and liabilities denominated in foreign currency are translated into U.S. dollars at the rates of exchange at a time specified by the Management Valuation Team on the date of valuation. Purchases and sales of securities, and income and expenses are converted at the rate of exchange on the respective dates of such transactions. Reported net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded and the U.S. dollar equivalent of the amounts actually paid or received. Net unrealized foreign exchange gains and losses arise from changes in the fair value of assets and liabilities other than investments in securities resulting in changes in exchange rates.

The changes in net assets arising from changes in exchange rates and the changes in net assets resulting from changes in market prices of securities are not separately presented. Such changes are recorded with net realized and unrealized gains or losses from investments. Gains and losses from certain foreign currency transactions are treated as ordinary income for U.S. federal income tax purposes.

Options

The Fund may be subject to equity price risk in the normal course of pursuing its investment objectives. The Fund may write covered call options or secured put options on individual securities and/or indexes. When the Fund writes an option, an amount equal to the premium received is recorded as a liability and is subsequently adjusted to the current market value of the written option. Premiums received from written options that expire unexercised are recognized as realized gains from investments on the expiration date. The difference between the premium received and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is treated as a realized gain or loss. If a call option is exercised, the premium is added to the proceeds from the sale of the underlying security in calculating the realized gain or loss on the sale. If a put option is exercised, the premium reduces the cost of the security purchased. The Fund, as a writer of an option, bears the market risk of an unfavorable change in the price of the security and/or index underlying the written option.

The Fund may also purchase call or put options. The premium is included in the Statement of Assets and Liabilities as an investment, the value of which is subsequently adjusted based on to the current market value of the option. Premiums paid for purchased options that expire are recognized as realized losses from investments on the expiration date. Premiums paid for purchased options that are exercised or closed are added to the amount paid or offset against the proceeds received for the underlying security to determine the realized gain or loss. The risk of loss associated with purchased options is limited to the premium paid.

Options traded on an exchange are regulated and terms of the options are standardized. Options traded over the counter expose the Fund to counterparty risk in the event the counterparty does not perform. This risk is mitigated by having a master netting arrangement between the Fund and the counterparty and by having the counterparty post collateral to cover the Fund’s exposure to the counterparty.

Security transactions and income recognition

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

Dividend income is recognized on the ex-dividend date, except for certain dividends from foreign securities, which are recorded as soon as the Fund is informed of the ex-dividend date. Dividend income from foreign securities is recorded net of foreign taxes withheld where recovery of such taxes is not assured.

Distributions to shareholders

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

Federal and other taxes

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

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

Notes to financial statements (unaudited) Wells Fargo Advantage Small/Mid Cap Value Fund 23

As of October 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 $7,105,980 expiring in 2017.

Class allocations

The separate classes of shares offered by the Fund differ principally in applicable sales charges, distribution, shareholder servicing, and administration fees. Shareholders of each class bear certain expenses that pertain to that particular class. All shareholders bear the common expenses of the Fund, earn income from the portfolio, and are allocated 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.

As of April 30, 2013, the inputs used in valuing investments in securities 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	$	198,975,809	$	0	$	0	$	198,975,809
Investment companies		2,762,300		0		0		2,762,300
Warrants		0		1,011,934		0		1,011,934
Short-term investments
Investment companies		560,381		0		0		560,381
	$	202,298,490	$	1,011,934	$	0	$	203,310,424

Transfers in and transfers out are recognized at the end of the reporting period. For the six months ended April 30, 2013, the Fund did not have any significant 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 April 30, 2013, the advisory fee was equivalent to an annual rate of 0.75% of the Fund’s average daily net assets.

24 Wells Fargo Advantage Small/Mid Cap Value Fund Notes to financial statements (unaudited)

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Funds Management. Wells Capital Management Incorporated, 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 0.35% 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

Funds Management has contractually waived and/or reimbursed advisory and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. Waiver of fees and/or reimbursement of expenses by Funds Management were made first from fund level expenses on a proportionate basis and then from class specific expenses. Funds Management has committed through February 28, 2014 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.40% for Class A shares, 2.15% for Class C shares, 1.15% for Administrator Class shares, 0.95% for Institutional Class shares, and 1.46% 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 April 30, 2013, Wells Fargo Funds Distributor, LLC received $2,023 from the sale of Class A shares and $261 in contingent deferred sales charges from redemptions of Class C shares.

Shareholder servicing fees

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

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended April 30, 2013 were $30,905,137 and $55,684,018, 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 (losses)
Allied Healthcare Products Incorporated		453,100		0		30,203		422,897	$	1,137,593	$	0	$	(74,079	)
Evans & Sutherland Computer Corporation		104,000		0		104,000		0		0		0		(12,861	)

Notes to financial statements (unaudited) Wells Fargo Advantage Small/Mid Cap Value Fund 25

7. BANK BORROWINGS

The Trust (excluding the money market funds and certain other funds in the Trust) and Wells Fargo Variable Trust are parties to a $150,000,000 revolving credit agreement 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 April 30, 2013, the Fund paid $187 in commitment fees.

For the six months ended April 30, 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.

26 Wells Fargo Advantage Small/Mid Cap 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 Small/Mid Cap 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 131 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

28 Wells Fargo Advantage Small/Mid Cap 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.
Nancy Wiser1 (Born 1967)	Treasurer, since 2012	Executive Vice President of Wells Fargo Funds Management, LLC since 2011. Chief Operating Officer and Chief Compliance Officer at LightBox Capital Management LLC, from 2008 to 2011. Owned and operated a consulting business providing services to various hedge funds including acting as Chief Operating Officer and Chief Compliance Officer for a hedge fund from 2007 to 2008. Chief Operating Officer and Chief Compliance Officer of GMN Capital LLC from 2006 to 2007.
C. David Messman (Born 1960)	Secretary, since 2000; Chief Legal Officer, since 2003	Senior Vice President and Secretary of Wells Fargo Funds Management, LLC since 2001. 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.
Jeremy DePalma1 (Born 1974)	Assistant Treasurer, since 2009	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Vice President, Evergreen Investment Services, Inc. from 2004 to 2007. Head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.

1. Nancy Wiser acts as Treasurer of 73 funds in the Fund Complex. Jeremy DePalma acts as Treasurer of 58 funds and Assistant Treasurer of 73 funds in the Fund Complex.

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

Other information (unaudited) Wells Fargo Advantage Small/Mid Cap Value Fund 29

BOARD CONSIDERATION OF INVESTMENT ADVISORY AND SUBADVISORY AGREEMENTS:

Under Section 15 of the Investment Company Act of 1940 (the “1940 Act”), the Board of Trustees (the “Board”) of Wells Fargo Funds Trust (the “Trust”), all the members of which have no direct or indirect interest in the investment advisory and sub-advisory agreements and are not “interested persons” of the Trust, as defined in the 1940 Act (the “Independent Trustees”), must determine whether to approve the continuation of the Trust’s investment advisory and sub-advisory agreements. In this regard, at an in-person meeting held on March 28-29, 2013 (the “Meeting”), the Board reviewed: (i) an investment advisory agreement with Wells Fargo Funds Management, LLC (“Funds Management”) for Wells Fargo Advantage Small/Mid Cap Value Fund (the “Fund”) and (ii) an investment sub-advisory agreement with Wells Capital Management Incorporated (the “Sub-Adviser”), an affiliate of Funds Management, for the Fund. The investment advisory agreement with Funds Management and the investment sub-advisory agreement with the Sub-Adviser are collectively referred to as the “Advisory Agreements.”

At the Meeting, the Board considered the factors and reached the conclusions described below relating to the selection of Funds Management and the Sub-Adviser and the continuation of the Advisory Agreements. Prior to the Meeting, the Trustees conferred extensively among themselves and with representatives of Funds Management about these matters. The Board has adopted a team-based approach, with each team consisting of a sub-set of Trustees, to assist the Board in the discharge of its duties in reviewing performance and other matters throughout the year. The Independent Trustees were assisted in their evaluation of the Advisory Agreements by independent legal counsel, from whom they received separate legal advice and with whom they met separately.

In providing information to the Board, Funds Management and the Sub-Adviser were guided by a detailed set of requests for information submitted to them by independent legal counsel on behalf of the Independent Trustees at the start of the Board’s annual contract renewal process earlier in 2013. In considering and approving the Advisory Agreements, the Trustees considered the information they believed relevant, including but not limited to the information discussed below. The Board considered not only the specific information presented in connection with the Meeting, but also the knowledge gained over time through interaction with Funds Management and the Sub-Adviser about various topics. In this regard, the Board reviewed reports of Funds Management at each of its quarterly meetings, which included, among other things, portfolio reviews and performance reports. In addition, the Board and the teams mentioned above confer with portfolio managers at various times throughout the year. The Board did not identify any particular information or consideration that was all-important or controlling, and each individual Trustee may have attributed different weights to various factors.

After its deliberations, the Board unanimously determined that the continuation of the Advisory Agreements is in the best interests of the Fund and its shareholders, and that the compensation payable to Funds Management and the Sub-Adviser is reasonable. The Board considered the continuation of the Advisory Agreements for the Fund as part of its consideration of the continuation of advisory agreements for funds across the complex, but each decision was made on a fund-by-fund basis. The following summarizes a number of important, but not necessarily all, factors considered by the Board in reaching its determination.

Nature, extent and quality of services

The Board received and considered various information regarding the nature, extent and quality of services provided to the Fund by Funds Management and the Sub-Adviser under the Advisory Agreements. This information included, among other things, a summary of the background and experience of senior management of Funds Management, and the qualifications, background, tenure and responsibilities of each of the portfolio managers primarily responsible for the day-to-day portfolio management of the Fund.

The Board evaluated the ability of Funds Management and the Sub-Adviser, based on attributes such as their financial condition, resources and reputation, to attract and retain qualified investment professionals, including research, advisory and supervisory personnel. The Board further considered the compliance programs and compliance records of Funds Management and the Sub-Adviser. In addition, the Board took into account the administrative and other services provided to the Fund by Funds Management and its affiliates and Funds Management’s oversight of the Fund’s various service providers.

Fund performance and expenses

The Board considered the performance results for the Fund over various time periods ended December 31, 2012. The Board also considered these results in comparison to the performance of funds in a universe that was determined by Lipper Inc. (“Lipper”) to be similar to the Fund (the “Universe”), and in comparison to the Fund’s benchmark index and to other comparative data. Lipper is an independent provider of investment company data. The Board received a

30 Wells Fargo Advantage Small/Mid Cap Value Fund Other information (unaudited)

description of the methodology used by Lipper to select the mutual funds in the performance Universe. The Board noted that the performance of the Fund (Administrator Class) was higher than the median performance of the Universe for the ten-year period under review, but lower than the median performance of the Universe for the one-, three- and five-year periods under review. The Board also noted that the performance of the Fund was in range of its benchmark, the Russell 2500™ Value Index, for the ten-year period under review, but lower than its benchmark for the one-, three- and five-year periods under review.

The Board received information concerning, and discussed factors contributing to, the underperformance of the Fund relative to the Universe and benchmark for the one-, three- and five-year periods under review. Funds Management advised the Board about the market conditions and investment decisions that it believed contributed to the underperformance during those periods. Funds Management advised the Board that the three-year performance of the Fund was affected by allocations in the information technology and financial sectors, while the five-year performance of the Fund was affected by the 2008 credit crisis and market volatility. The Board was satisfied with the explanation it received.

The Board received and considered information regarding the Fund’s net operating expense ratios and their various components, including actual management fees (which reflect fee waivers, if any, and include advisory, administration and transfer agent fees), custodian and other non-management fees, Rule 12b-1 and non-Rule 12b-1 service fees and fee waiver and expense reimbursement arrangements. The Board also considered these ratios in comparison to the median ratios of funds in class-specific expense groups that were determined by Lipper to be similar to the Fund (the “Groups”). The Board received a description of the methodology used by Lipper to select the mutual funds in the expense Groups. Based on the Lipper reports, the Board noted that the net operating expense ratios of the Fund were in range of the median net operating expense ratios of the expense Groups, except for the net operating expense ratio of the Investor Class which was higher than the median of its expense Group. The Board and Funds Management agreed to reduce the operating expense ratio caps for the Fund’s Investor Class, Class A and Class C.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board concluded that the overall performance and expense structure of the Fund supported the re-approval of the Advisory Agreements.

Investment advisory and sub-advisory fee rates

The Board reviewed and considered the contractual investment advisory fee rates that are payable by the Fund to Funds Management for investment advisory services (the “Advisory Agreement Rates”), both on a stand-alone basis and on a combined basis with the Fund’s fund-level and class-level contractual administration fee rates (the “Management Rates”). The Board noted that the administration fees include transfer agency costs. The Board also reviewed and considered the contractual investment sub-advisory fee rates that are payable by Funds Management to the Sub-Adviser for investment sub-advisory services (the “Sub-Advisory Agreement Rates”).

Among other information reviewed by the Board was a comparison of the Management Rates of the Fund with those of other funds in the expense Groups at a common asset level. The Board noted that the Management Rates of the Fund were in range of or equal to the median rates for the Fund’s expense Groups for all classes except the Class A. The Board viewed favorably the agreed-upon reduction in the operating expense ratio caps for the Investor Class, Class A and Class C.

The Board also received and considered information about the portion of the total advisory fee that was retained by Funds Management after payment of the fee to the Sub-Adviser for sub-advisory services. In assessing the reasonableness of this amount, the Board received and evaluated information concerning the nature and extent of responsibilities retained and risks assumed by Funds Management and not delegated to or assumed by the Sub-Adviser, and about Funds Management’s on-going oversight services. In recognition of the fact that the Wells Fargo enterprise provides a suite of combined advisory and sub-advisory services to the Fund through affiliated entities, the Board ascribed limited relevance to the allocation of the total advisory fee between Funds Management and the Sub-Adviser.

The Board also received and considered information about the nature and extent of services offered and fee rates charged by Funds Management and the Sub-Adviser to other types of clients. In this regard, the Board received information about the significantly greater scope of services, and compliance, reporting and other legal burdens and risks of managing mutual funds compared with those associated with managing assets of non-mutual fund clients such as collective funds or institutional separate accounts.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board determined that the Advisory Agreement Rates and the Sub-Advisory Agreement Rates were reasonable in light of the services covered by the Advisory Agreements.

Other information (unaudited) Wells Fargo Advantage Small/Mid Cap Value Fund 31

Profitability

The Board received and considered information concerning the profitability of Funds Management, as well as the profitability of Wells Fargo as a whole, from providing services to the Fund. The Board did not receive or consider to be necessary separate profitability information with respect to the Sub-Adviser, because, as an affiliate of Funds Management, its profitability information was subsumed in the collective Wells Fargo profitability analysis provided by Funds Management.

Funds Management explained the methodologies and estimates that it used in calculating the profitability from the Fund and the fund family as a whole. Among other things, the Board noted that the levels of profitability reported on a fund-by-fund basis varied widely, depending on factors such as the size and type of fund. Based on its review, the Board did not deem the profits reported by Funds Management to be at a level that would prevent it from approving the continuation of the Advisory Agreements.

Economies of scale

With respect to possible economies of scale, the Board reviewed the breakpoints in the Fund’s advisory fee and administration fee structure, which operate generally to reduce the Fund’s expense ratios as the Fund grows in size. It considered that, for a small fund or a fund that shrinks in size, breakpoints conversely can result in higher fee levels. The Board also considered fee waiver and expense reimbursement arrangements as a means of sharing potential economies of scale with the Fund. The Board acknowledged the inherent limitations of any analysis of potential economies of scale and of any attempt to correlate breakpoints with such economies. Nonetheless, the Board concluded that the breakpoints and net operating expense ratio caps appeared to be a reasonable approach to sharing potential economies of scale with the Fund.

Other benefits to Funds Management and the Sub-Adviser

The Board received and considered information regarding potential “fall-out” or ancillary benefits received by Funds Management and its affiliates, including the Sub-Adviser, as a result of their relationship with the Fund. Ancillary benefits could include, among others, benefits directly attributable to other relationships with the Fund and benefits potentially derived from an increase in Funds Management’s and the Sub-Adviser’s business as a result of their relationship with the Fund (such as the ability to market to shareholders other financial products and services offered by Funds Management and its affiliates, including the Sub-Adviser, or to operate other products and services that follow investment strategies similar to those of the Fund).

The Board considered that Wells Fargo Funds Distributor, LLC, an affiliate of Funds Management, serves as distributor to the Fund and receives certain compensation for those services. The Board noted that various financial institutions, including affiliates of Funds Management, may receive distribution-related fees, shareholder servicing payments (including amounts derived from payments under Rule 12b-1 plans) and sub-transfer agency fees in respect of shares sold or held through them and services provided.

The Board also reviewed information about whether and to what extent soft dollar credits are sought and how any such credits are utilized, and any benefits that might be realized by an affiliated broker that handles portfolio transactions for the Fund.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board did not find that any ancillary benefits received by Funds Management and its affiliates, including the Sub-Adviser, were unreasonable.

Conclusion

After considering the above-described factors and based on its deliberations and its evaluation of the information described above, the Board unanimously approved the continuation of the Advisory Agreements for an additional one-year period.

32 Wells Fargo Advantage Small/Mid Cap Value Fund List of abbreviations

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

ACA —  ACA Financial Guaranty Corporation

ADR —  American depositary receipt

ADS —  American depositary shares

AGC —  Assured Guaranty Corporation

AGM —  Assured Guaranty Municipal

Ambac —  Ambac Financial Group Incorporated

AMT —  Alternative minimum tax

AUD —  Australian dollar

BAN —  Bond anticipation notes

BHAC —  Berkshire Hathaway Assurance Corporation

BRL —  Brazilian real

CAB —  Capital appreciation bond

CAD —  Canadian dollar

CCAB —  Convertible capital appreciation bond

CDA —  Community Development Authority

CDO —  Collateralized debt obligation

CHF —  Swiss franc

COP —  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.

216840 06-13 SA245/SAR245 4-13

Wells Fargo Advantage

Special Small Cap Value Fund

Semi-Annual Report

April 30, 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	13
Statement of operations	14
Statement of changes in net assets	15
Financial highlights	16
Notes to financial statements	21
Other information	25
List of abbreviations	31

The views expressed and any forward-looking statements are as of April 30, 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 100 mutual funds across a wide range of asset classes, representing over $228 billion in assets under management, as of April 30, 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
Conservative Income Fund	International Bond Fund	Strategic Income Fund
Core Bond Fund	Minnesota Tax-Free Fund	Strategic Municipal Bond Fund
Emerging Markets Local Bond Fund	Municipal Bond Fund	Ultra Short-Term Income Fund
Government Securities Fund	North Carolina Tax-Free Fund	Ultra Short-Term Municipal Income Fund
High Income Fund	Pennsylvania Tax-Free Fund	Wisconsin Tax-Free Fund
High Yield Bond Fund
Asset allocation funds
Absolute Return Fund	WealthBuilder Equity Portfolio†	Target 2020 Fund†
Asset Allocation Fund	WealthBuilder Growth Allocation Portfolio†	Target 2025 Fund†
Diversified Capital Builder Fund	WealthBuilder Growth Balanced Portfolio†	Target 2030 Fund†
Diversified Income Builder Fund	WealthBuilder Moderate Balanced Portfolio†	Target 2035 Fund†
Growth Balanced Fund	WealthBuilder Tactical Equity Portfolio†	Target 2040 Fund†
Index Asset Allocation Fund	Target Today Fund†	Target 2045 Fund†
Moderate Balanced Fund	Target 2010 Fund†	Target 2050 Fund†
WealthBuilder Conservative Allocation Portfolio†	Target 2015 Fund†	Target 2055 Fund†
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 Special Small Cap Value Fund Letter to shareholders (unaudited)

Karla M. Rabusch

President

Wells Fargo Advantage Funds

Relatively improving 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.

Dear Valued Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Advantage Special Small Cap Value Fund for the six-month period that ended April 30, 2013. Much of the six-month 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 improving 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. This backdrop enabled most equity asset classes to generate positive returns. For the six-month period, the small-cap-oriented Russell 2000^® Index¹ returned 16.58%, while the mid-cap-focused Russell Midcap^® Index² posted an 18.90% total return.

The U.S. economy improved with the support of accommodative monetary policy.

The U.S. economy grew modestly, but the recovery remained weak compared with previous business cycles. Curtailed government spending and weak household income expectations were economic headwinds. However, the unemployment rate continued to decline, reaching 7.5% in April 2013, and housing market activity, as measured by many metrics—sales, building permits, and prices—continued to improve from its recessionary levels.

Citing its dual mandate of fostering maximum employment and price stability, the U.S. Federal Reserve (Fed) reaffirmed its commitment to highly accommodative monetary policy. In addition, the Fed formally announced that exceptionally low interest rates would be appropriate at least as long as the unemployment rate remains above 6.5% and inflation remains no more than half a percentage point above its 2.0% inflation target.

The Fed also continued its quantitative easing program. Just prior to the beginning of the reporting period, the Federal Open Market Committee 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.

The global economy continues to be affected by bouts of uncertainty, including political questions in the U.S., Europe, and China.

Global economic growth varied across countries. Eurozone economies remained in recession. However, the European Central Bank (ECB) and several key members of the eurozone, including France and Germany, continued their commitment to maintaining a single currency. Subsequently, investor fears about a sovereign debt crisis in Europe abated. Furthermore, the ECB maintained its accommodative monetary policy by lowering its key rate at a historic low of 0.75%.

For most of the six-month period, uncertainty about political outcomes was a constant. U.S. presidential elections in November 2012, the debate over the fiscal cliff and tax rates at year-end, and speculation about the effects of sequestration at the end of February 2013 weighed on business leaders and investors. Elections in eurozone countries such as Greece, France, and Italy sparked speculation about the future of the eurozone. New leadership in China also figured into the political

1. The Russell 2000^® Index measures the performance of the 2,000 smallest companies in the Russell 3000^® Index, which represents approximately 8% of the total market capitalization of the Russell 3000 Index. You cannot invest directly in an index.

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

Letter to shareholders (unaudited) Wells Fargo Advantage Special Small Cap Value Fund 3

landscape. In the end, investors managed around these concerns, and capital markets generally advanced during this time period.

Our goal is to meet the financial needs of our shareholders.

We are committed to providing our shareholders long-term investment strategies and focusing on appropriate risk while seeking to deliver consistent returns. We know that your ability to meet your long-term investment goals depends on the investment decisions you make today. Despite economic uncertainties and investment challenges, staying invested and adapting to emerging opportunities and threats will help you manage investment 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

Despite economic uncertainties and investment challenges, staying invested and adapting to emerging opportunities and threats will help you manage investment risk.

4 Wells Fargo Advantage Special Small Cap Value Fund Performance highlights (unaudited)

Investment objective

The Fund seeks long-term capital appreciation.

Adviser

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Robert Rifkin, CFA

James M. Tringas, CFA, CPA

Average annual total returns¹ (%) as of April 30, 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 (ESPAX)	5-7-1993		3.78		4.57		9.19		10.10		5.81		9.84		1.39		1.35
Class B (ESPBX)*	3-26-1999		4.28		4.67		9.27		9.28		5.00		9.27		2.14		2.10
Class C (ESPCX)	12-12-2000		8.29		5.01		9.03		9.29		5.01		9.03		2.14		2.10
Administrator Class (ESPIX)	7-23-1996		–		–		–		10.40		6.07		10.13		1.23		1.10
Institutional Class (ESPNX)	7-30-2010		–		–		–		10.56		6.16		10.17		0.96		0.95
Russell 2000® Value Index4	–		–		–		–		19.71		6.60		10.28		–		–

* 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, which assumes the reinvestment of dividends and capital gains. Current month-end performance is available on the Fund’s website, wellsfargoadvantagefunds.com.

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

For Class A shares, the maximum front-end sales charge is 5.75%. For Class B shares, the maximum contingent deferred sales charge is 5.00%. For Class C shares, the maximum contingent deferred sales charge is 1.00%. Performance including 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. Smaller-company stocks tend to be more volatile and less liquid than those of larger companies. 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 Special Small Cap Value Fund 5

Ten largest equity holdings5 (%) as of April 30, 2013
First Citizens BancShares Incorporated	4.12
Kadant Incorporated	3.28
Matthews International Corporation Class A	2.17
UMB Financial Corporation	2.04
ATMI Incorporated	1.95
Franklin Electric Company Incorporated	1.94
Mueller Industries Incorporated	1.66
TreeHouse Foods Incorporated	1.65
Simpson Manufacturing Company Incorporated	1.58
ACI Worldwide Incorporated	1.56

Sector distribution⁶ as of April 30, 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 Special Values Fund.

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

3. The Adviser has committed through February 28, 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 1.34% for Class A, 2.09% for Class B, 2.09% for Class C, 1.09% for Administrator Class, and 0.94% 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 2000^® Value Index measures the performance of those Russell 2000 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 Special Small Cap 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 November 1, 2012 to April 30, 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 11-1-2012		Ending account value 4-30-2013		Expenses paid during the period¹		Net annual expense ratio
Class A
Actual	$	1,000.00	$	1,134.09	$	7.09		1.34	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.15	$	6.71		1.34	%
Class B
Actual	$	1,000.00	$	1,129.75	$	11.04		2.09	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,014.43	$	10.44		2.09	%
Class C
Actual	$	1,000.00	$	1,129.73	$	11.04		2.09	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,014.43	$	10.44		2.09	%
Administrator Class
Actual	$	1,000.00	$	1,135.78	$	5.77		1.09	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.39	$	5.46		1.09	%
Institutional Class
Actual	$	1,000.00	$	1,136.37	$	4.98		0.94	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.13	$	4.71		0.94	%

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

Portfolio of investments—April 30, 2013 (unaudited) Wells Fargo Advantage Special Small Cap Value Fund 7

Security name	Shares		Value
Common Stocks: 96.30%
Consumer Discretionary: 14.18%
Auto Components: 0.61%
Modine Manufacturing Company †		505,798	$	4,622,991
Diversified Consumer Services: 3.60%
Hillenbrand Incorporated		428,902		10,778,307
Matthews International Corporation Class A «		445,622		16,403,346
				27,181,653
Hotels, Restaurants & Leisure: 1.92%
Denny’s Corporation †		1,691,844		9,592,755
The Wendy’s Company		851,900		4,847,311
				14,440,066
Household Durables: 1.96%
Blyth Incorporated		194,070		3,198,274
Cavco Industries Incorporated †		117,967		5,381,655
Dixie Group Incorporated †**		733,977		4,389,182
Helen of Troy Limited †		52,700		1,838,176
				14,807,287
Media: 0.90%
AH Belo Corporation **		1,171,760		6,796,208
Specialty Retail: 3.16%
Christopher & Banks Corporation †		711,645		4,945,933
Guess? Incorporated «		346,400		9,588,352
The Men’s Wearhouse Incorporated		277,400		9,292,900
				23,827,185
Textiles, Apparel & Luxury Goods: 2.03%
Delta Apparel Incorporated †		304,839		4,078,746
Maidenform Brands Incorporated †		623,300		11,219,400
				15,298,146
Consumer Staples: 4.62%
Food & Staples Retailing: 0.52%
Casey’s General Stores Incorporated «		68,300		3,955,253
Food Products: 2.11%
Seneca Foods Corporation Class A «†		104,892		3,418,430
TreeHouse Foods Incorporated †		195,800		12,474,418
				15,892,848
Household Products: 1.99%
Central Garden & Pet Company †		256,792		2,246,930
Central Garden & Pet Company Class A †		218,702		1,924,578

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

8 Wells Fargo Advantage Special Small Cap Value Fund Portfolio of investments—April 30, 2013 (unaudited)

Security name	Shares		Value
Household Products (continued)
WD-40 Company «		201,536	$	10,868,836
				15,040,344
Energy: 6.90%
Energy Equipment & Services: 2.72%
Atwood Oceanics Incorporated †		104,800		5,140,440
Carbo Ceramics Incorporated «		70,400		4,973,760
Steel Excel Incorporated †		382,959		10,416,485
				20,530,685
Oil, Gas & Consumable Fuels: 4.18%
Bill Barrett Corporation Ǡ		188,886		3,751,276
Comstock Resources Incorporated †		696,263		10,903,479
Penn Virginia Corporation «		723,300		2,914,899
Stone Energy Corporation †		478,737		9,445,481
Swift Energy Company Ǡ		350,147		4,530,902
				31,546,037
Financials: 15.99%
Capital Markets: 2.41%
CIFC Corporation †		253,585		1,985,571
Investment Technology Group Incorporated †		678,651		7,390,509
Westwood Holdings Group Incorporated «		201,612		8,810,444
				18,186,524
Commercial Banks: 8.03%
BBCN Bancorp Incorporated		189,200		2,436,896
First Citizens BancShares Incorporated		166,550		31,048,251
First Niagara Financial Group Incorporated		718,450		6,832,460
TCF Financial Corporation «		331,200		4,818,960
UMB Financial Corporation «		306,161		15,412,145
				60,548,712
Insurance: 3.45%
Brown & Brown Incorporated		288,000		8,925,120
Endurance Specialty Holdings Limited		151,100		7,399,367
Fortegra Financial Corporation †		289,220		2,328,221
Stewart Information Services Corporation		183,974		4,980,176
Tower Group International Limited «		127,700		2,416,084
				26,048,968
REITs: 1.48%
Pebblebrook Hotel Trust «		64,300		1,746,388
Post Properties Incorporated		139,581		6,899,489
Select Income REIT		88,266		2,518,229
				11,164,106

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

Portfolio of investments—April 30, 2013 (unaudited) Wells Fargo Advantage Special Small Cap Value Fund 9

Security name	Shares		Value
Thrifts & Mortgage Finance: 0.62%
Provident New York Bancorp		517,116	$	4,674,729
Health Care: 7.77%
Health Care Equipment & Supplies: 4.10%
Haemonetics Corporation †		178,400		6,868,400
ICU Medical Incorporated †		114,103		6,874,706
Steris Corporation		127,700		5,311,043
Thoratec Corporation †		124,100		4,492,420
West Pharmaceutical Services Incorporated		115,300		7,363,058
				30,909,627
Health Care Providers & Services: 1.17%
Owens & Minor Incorporated «		141,000		4,592,370
VCA Antech Incorporated †		174,600		4,207,860
				8,800,230
Health Care Technology: 0.67%
Omnicell Incorporated †		281,700		5,076,234
Life Sciences Tools & Services: 1.54%
Bio-Rad Laboratories Incorporated Class A †		41,300		4,945,675
Cambrex Corporation †		531,648		6,640,284
				11,585,959
Pharmaceuticals: 0.29%
Impax Laboratories Incorporated †		126,500		2,213,750
Industrials: 21.73%
Air Freight & Logistics: 2.00%
Atlas Air Worldwide Holdings Incorporated †		97,853		3,659,702
Forward Air Corporation «		310,409		11,450,988
				15,110,690
Building Products: 2.58%
Quanex Building Products Corporation		461,999		7,516,724
Simpson Manufacturing Company Incorporated «		414,600		11,915,604
				19,432,328
Commercial Services & Supplies: 2.81%
ACCO Brands Corporation Ǡ		910,969		6,149,041
Courier Corporation		248,912		3,584,333
Viad Corporation		441,344		11,497,011
				21,230,385
Electrical Equipment: 1.94%
Franklin Electric Company Incorporated		451,274		14,607,739

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

10 Wells Fargo Advantage Special Small Cap Value Fund Portfolio of investments—April 30, 2013 (unaudited)

Security name	Shares		Value
Machinery: 6.95%
Commercial Vehicle Group Incorporated †		325,670	$	2,282,947
Douglas Dynamics Incorporated «		538,748		7,537,085
John Bean Technologies Corporation		256,200		5,313,588
Kadant Incorporated **		894,680		24,755,796
Mueller Industries Incorporated		242,320		12,547,330
				52,436,746
Professional Services: 4.14%
FTI Consulting Incorporated Ǡ		208,800		6,915,456
Heidrick & Struggles International Incorporated		272,500		3,602,450
Insperity Incorporated «		179,800		4,967,874
Korn/Ferry International †		487,500		8,068,125
Towers Watson & Company Class A		105,600		7,700,352
				31,254,257
Road & Rail: 0.36%
Arkansas Best Corporation		256,525		2,696,078
Transportation Infrastructure: 0.95%
Macquarie Infrastructure Company LLC		122,765		7,154,744
Information Technology: 17.58%
Communications Equipment: 1.09%
Aviat Networks Incorporated †		1,005,347		3,217,110
Black Box Corporation		130,300		2,830,116
NETGEAR Incorporated †		72,400		2,156,796
				8,204,022
Computers & Peripherals: 1.36%
Imation Corporation †**		2,781,521		10,235,997
Electronic Equipment, Instruments & Components: 3.63%
AVX Corporation		698,448		7,899,447
Celestica Incorporated †		270,314		2,335,513
Orbotech Limited †		613,815		6,291,604
ScanSource Incorporated †		96,700		2,801,399
Vishay Intertechnology Incorporated Ǡ		574,721		8,069,083
				27,397,046
Internet Software & Services: 0.74%
EarthLink Incorporated		985,975		5,610,198
IT Services: 2.09%
CACI International Incorporated Class A «†		71,000		4,152,790
Global Payments Incorporated		122,400		5,679,360
Sykes Enterprises Incorporated Ǡ		383,000		5,894,370
				15,726,520

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

Portfolio of investments—April 30, 2013 (unaudited) Wells Fargo Advantage Special Small Cap Value Fund 11

Security name			Shares		Value
Semiconductors & Semiconductor Equipment: 4.54%
ATMI Incorporated †				676,233	$	14,708,068
DSP Group Incorporated †				716,964		5,785,899
Exar Corporation Ǡ				533,172		5,747,594
Lattice Semiconductor Corporation †				1,720,881		8,002,097
						34,243,658
Software: 4.13%
ACI Worldwide Incorporated †				250,332		11,768,107
NetScout Systems Incorporated †				256,743		5,856,308
Progress Software Corporation Ǡ				318,897		7,197,505
TIBCO Software Incorporated †				327,500		6,356,775
						31,178,695
Materials: 6.28%
Chemicals: 2.18%
A. Schulman Incorporated				302,105		7,845,667
American Pacific Corporation †				120,433		2,951,813
Plastec Technologies Limited Ǡ(a)(i)				152,638		961,619
Sensient Technologies Corporation				120,000		4,722,000
						16,481,099
Metals & Mining: 0.84%
Royal Gold Incorporated				113,400		6,302,772
Paper & Forest Products: 3.26%
Clearwater Paper Corporation †				57,894		2,664,282
Neenah Paper Incorporated				397,168		11,422,552
Schweitzer Manduit International Incorporated				260,424		10,492,483
						24,579,317
Utilities: 1.25%
Electric Utilities: 1.25%
ALLETE Incorporated				184,302		9,463,907
Total Common Stocks (Cost $688,272,095)						726,493,740
	Expiration date
Warrants: 0.00%
Aerospace & Defense: 0.00%
Plastec Technologies Limited †(a)(i)		11-18-2014		145,800		0
Total Warrants (Cost $0)						0

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

12 Wells Fargo Advantage Special Small Cap Value Fund Portfolio of investments—April 30, 2013 (unaudited)

Security name	Yield			Shares		Value
Short-Term Investments: 12.50%
Investment Companies: 12.50%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)		0.13	%		23,370,599	$	23,370,599
Wells Fargo Securities Lending Cash Investments, LLC (l)(u)(r)(v)		0.18			70,878,799		70,878,799
Total Short-Term Investments (Cost $94,249,398)							94,249,398

Total investments in securities (Cost $782,521,493) *	108.80	%		820,743,138
Other assets and liabilities, net	(8.80	)		(66,363,661	)
Total net assets	100.00	%	$	754,379,477

† 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.

(l) Investment in an affiliate

(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.

(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 $792,957,682 and unrealized appreciation (depreciation) consists of:

Gross unrealized appreciation	$	147,327,497
Gross unrealized depreciation		(119,542,041	)
Net unrealized appreciation	$	27,785,456

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

Statement of assets and liabilities—April 30, 2013 (unaudited) Wells Fargo Advantage Special Small Cap Value Fund 13

Assets
Investments
In unaffiliated securities (including securities on loan), at value (see cost below)	$	680,316,557
In affiliated securities, at value (see cost below)		140,426,581
Total investments, at value (see cost below)		820,743,138
Receivable for investments sold		5,833,059
Receivable for Fund shares sold		270,836
Receivable for dividends		355,642
Receivable for securities lending income		7,927
Prepaid expenses and other assets		45,585
Total assets		827,256,187
Liabilities
Payable for investments purchased		530,653
Payable for Fund shares redeemed		564,411
Payable upon receipt of securities loaned		70,878,799
Advisory fee payable		439,211
Distribution fees payable		23,904
Due to other related parties		144,826
Accrued expenses and other liabilities		294,906
Total liabilities		72,876,710
Total net assets	$	754,379,477
NET ASSETS CONSIST OF
Paid-in capital	$	757,869,809
Undistributed net investment income		87,892
Accumulated net realized losses on investments		(41,799,869	)
Net unrealized gains on investments		38,221,645
Total net assets	$	754,379,477
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE1
Net assets – Class A	$	372,455,373
Shares outstanding – Class A		14,298,838
Net asset value per share – Class A		$26.05
Maximum offering price per share – Class A2		$27.64
Net assets – Class B	$	5,028,038
Shares outstanding – Class B		206,223
Net asset value per share – Class B		$24.38
Net assets – Class C	$	33,842,067
Shares outstanding – Class C		1,382,975
Net asset value per share – Class C		$24.47
Net assets – Administrator Class	$	232,964,193
Shares outstanding – Administrator Class		8,812,212
Net asset value per share – Administrator Class		$26.44
Net assets – Institutional Class	$	110,089,806
Shares outstanding – Institutional Class		4,155,864
Net asset value per share – Institutional Class		$26.49
Investments in unaffiliated securities (including securities on loan), at cost	$	588,037,875
Investments in affiliated securities, at cost	$	194,483,618
Total investments, at cost	$	782,521,493
Securities on loan, at value	$	69,091,148

1. The Fund has an unlimited number of authorized shares.

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

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

14 Wells Fargo Advantage Special Small Cap Value Fund Statement of operations—six months ended April 30, 2013 (unaudited)

Investment income
Dividends	$	5,052,302
Income from affiliated securities		551,167
Securities lending income, net		144,882
Interest		11,267
Total investment income		5,759,618
Expenses
Advisory fee		2,960,531
Administration fees
Fund level		187,003
Class A		486,674
Class B		9,110
Class C		43,910
Administrator Class		113,095
Institutional Class		42,669
Shareholder servicing fees
Class A		467,956
Class B		8,760
Class C		42,221
Administrator Class		281,444
Distribution fees
Class B		26,279
Class C		126,663
Custody and accounting fees		31,141
Professional fees		8,969
Registration fees		38,343
Shareholder report expenses		77,987
Trustees’ fees and expenses		6,854
Other fees and expenses		7,138
Total expenses		4,966,747
Less: Fee waivers and/or expense reimbursements		(298,365	)
Net expenses		4,668,382
Net investment income		1,091,236
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on:
Unaffiliated securities		19,178,825
Affiliated securities		290,030
Net realized gains on investments		19,468,855
Net change in unrealized gains (losses) on:
Unaffiliated securities		71,901,798
Affiliated securities		2,809,020
Net change in unrealized gains (losses) on investments		74,710,818
Net realized and unrealized gains (losses) on investments		94,179,673
Net increase in net assets resulting from operations	$	95,270,909

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

Statement of changes in net assets Wells Fargo Advantage Special Small Cap Value Fund 15

	Six months ended April 30, 2013 (unaudited)						Year ended October 31, 2012
Operations
Net investment income (loss)				$	1,091,236					$	(673,295	)
Net realized gains on investments					19,468,855						27,228,632
Net change in unrealized gains (losses) on investments					74,710,818						43,238,994
Net increase in net assets resulting from operations					95,270,909						69,794,331
Distributions to shareholders from
Net investment income
Administrator Class					(8,070	)					0
Institutional Class					(231,386	)					0
Total distributions to shareholders					(239,456	)					0
	Shares						Shares
Capital share transactions
Proceeds from shares sold
Class A		679,357			16,805,640			2,091,715			47,245,601
Class B		327			7,567			11,587			258,982
Class C		57,879			1,355,010			124,491			2,676,874
Administrator Class		449,414			11,532,283			931,468			21,315,513
Institutional Class		1,298,877			31,765,466			2,983,669			66,616,552
					61,465,966						138,113,522
Reinvestment of distributions
Administrator Class		332			7,912			0			0
Institutional Class		5,226			124,733			0			0
					132,645						0
Payment for shares redeemed
Class A		(2,330,420	)		(58,101,163	)		(4,631,572	)		(104,361,770	)
Class B		(219,098	)		(5,074,838	)		(697,355	)		(14,889,685	)
Class C		(220,768	)		(5,171,333	)		(298,688	)		(6,382,861	)
Administrator Class		(1,614,259	)		(39,547,206	)		(3,851,721	)		(86,359,235	)
Institutional Class		(918,383	)		(23,674,319	)		(494,829	)		(11,412,744	)
					(131,568,859	)					(223,406,295	)
Net decrease in net assets resulting from capital share transactions					(69,970,248	)					(85,292,773	)
Total increase (decrease) in net assets					25,061,205						(15,498,442	)
Net assets
Beginning of period					729,318,272						744,816,714
End of period				$	754,379,477					$	729,318,272
Undistributed net investment income (loss)				$	87,892					$	(763,888	)

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

16 Wells Fargo Advantage Special Small Cap Value Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended April 30, 2013 (unaudited)			Year ended October 31									Year ended July 31
CLASS A				2012			2011			20101			20102			20092			20082
Net asset value, beginning of period	$	22.97		$	20.97		$	19.78		$	18.50		$	15.51		$	18.78		$	27.25
Net investment income (loss)		0.02			(0.05	)		(0.05	)		(0.01	)		(0.02	)		0.11			0.15
Net realized and unrealized gains (losses) on investments		3.06			2.05			1.24			1.29			3.07			(3.19	)		(3.83	)
Total from investment operations		3.08			2.00			1.19			1.28			3.05			(3.08	)		(3.68	)
Distributions to shareholders from
Net investment income		0.00			0.00			0.00			0.00			(0.01	)		(0.19	)		(0.27	)
Net realized gains		0.00			0.00			0.00			0.00			0.00			(0.00	)3		(4.52	)
Tax basis return of capital		0.00			0.00			0.00			0.00			(0.05	)4		0.00			0.00
Total distributions to shareholders		0.00			0.00			0.00			0.00			(0.06	)		(0.19	)		(4.79	)
Net asset value, end of period	$	26.05		$	22.97		$	20.97		$	19.78		$	18.50		$	15.51		$	18.78
Total return5		13.41	%		9.54	%		6.02	%		6.92	%		19.72	%		(16.17	)%		(15.22	)%
Ratios to average net assets (annualized)
Gross expenses		1.40	%		1.38	%		1.37	%		1.46	%		1.43	%		1.43	%		1.36	%
Net expenses		1.34	%		1.34	%		1.34	%		1.34	%		1.39	%		1.33	%		1.31	%
Net investment income (loss)		0.20	%		(0.16	)%		(0.14	)%		(0.19	)%		(0.07	)%		0.69	%		0.73	%
Supplemental data
Portfolio turnover rate		30	%		69	%		54	%		7	%		45	%		43	%		48	%
Net assets, end of period (000s omitted)		$372,455			$366,320			$387,767			$477,079			$472,903			$442,973			$598,656

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

2. After the close of business on July 16, 2010, the Fund acquired the net assets of Evergreen Special Values Fund and Evergreen Small Cap Value Fund. Evergreen Special Values 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 Special Values Fund.

3. Amount is less than $0.005.

4. Calculated based upon average shares outstanding

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

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

Financial highlights Wells Fargo Advantage Special Small Cap Value Fund 17

(For a share outstanding throughout each period)

	Six months ended April 30, 2013 (unaudited)			Year ended October 31									Year ended July 31
CLASS B				2012			2011			20101			20102			20092			20082
Net asset value, beginning of period	$	21.58		$	19.85		$	18.87		$	17.68		$	14.88		$	17.92		$	26.17
Net investment income (loss)		(0.06	)3		(0.19	)3		(0.18	)3		(0.08	)		(0.14	)3		0.00	3,4		(0.00	)3,4
Net realized and unrealized gains (losses) on investments		2.86			1.92			1.16			1.27			2.94			(3.02	)		(3.67	)
Total from investment operations		2.80			1.73			0.98			1.19			2.80			(3.02	)		(3.67	)
Distributions to shareholders from
Net investment income		0.00			0.00			0.00			0.00			0.00			(0.02	)		(0.06	)
Net realized gains		0.00			0.00			0.00			0.00			0.00			(0.00	)4		(4.52	)
Total distributions to shareholders		0.00			0.00			0.00			0.00			0.00			(0.02	)		(4.58	)
Net asset value, end of period	$	24.38		$	21.58		$	19.85		$	18.87		$	17.68		$	14.88		$	17.92
Total return5		12.97	%		8.72	%		5.19	%		6.73	%		18.82	%		(16.83	)%		(15.80	)%
Ratios to average net assets (annualized)
Gross expenses		2.15	%		2.12	%		2.13	%		2.21	%		2.18	%		2.17	%		2.11	%
Net expenses		2.09	%		2.09	%		2.09	%		2.09	%		2.15	%		2.07	%		2.06	%
Net investment income (loss)		(0.49	)%		(0.89	)%		(0.88	)%		(0.93	)%		(0.82	)%		0.01	%		(0.02	)%
Supplemental data
Portfolio turnover rate		30	%		69	%		54	%		7	%		45	%		43	%		48	%
Net assets, end of period (000s omitted)		$5,028			$9,171			$22,053			$36,922			$36,654			$41,008			$91,409

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

2. After the close of business on July 16, 2010, the Fund acquired the net assets of Evergreen Special Values Fund and Evergreen Small Cap Value Fund. Evergreen Special Values 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 Special Values Fund.

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 Special Small Cap Value Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended April 30, 2013 (unaudited)			Year ended October 31									Year ended July 31
CLASS C				2012			2011			20101			20102			20092			20082
Net asset value, beginning of period	$	21.66		$	19.92		$	18.94		$	17.74		$	14.93		$	17.98		$	26.24
Net investment loss		(0.06	)3		(0.19	)3		(0.18	)3		(0.07	)		(0.18	)		(0.00	)3,4		(0.00	)3,4
Net realized and unrealized gains (losses) on investments		2.87			1.93			1.16			1.27			2.99			(3.03	)		(3.69	)
Total from investment operations		2.81			1.74			0.98			1.20			2.81			(3.03	)		(3.69	)
Distributions to shareholders from
Net investment income		0.00			0.00			0.00			0.00			0.00			(0.02	)		(0.05	)
Net realized gains		0.00			0.00			0.00			0.00			0.00			(0.00	)4		(4.52	)
Total distributions to shareholders		0.00			0.00			0.00			0.00			0.00			(0.02	)		(4.57	)
Net asset value, end of period	$	24.47		$	21.66		$	19.92		$	18.94		$	17.74		$	14.93		$	17.98
Total return5		12.97	%		8.73	%		5.17	%		6.76	%		18.82	%		(16.79	)%		(15.86	)%
Ratios to average net assets (annualized)
Gross expenses		2.15	%		2.13	%		2.13	%		2.21	%		2.18	%		2.17	%		2.11	%
Net expenses		2.09	%		2.09	%		2.09	%		2.09	%		2.12	%		2.07	%		2.06	%
Net investment loss		(0.55	)%		(0.91	)%		(0.89	)%		(0.93	)%		(0.80	)%		(0.03	)%		(0.02	)%
Supplemental data
Portfolio turnover rate		30	%		69	%		54	%		7	%		45	%		43	%		48	%
Net assets, end of period (000s omitted)		$33,842			$33,478			$34,270			$40,850			$40,968			$38,744			$61,307

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

2. After the close of business on July 16, 2010, the Fund acquired the net assets of Evergreen Special Values Fund and Evergreen Small Cap Value Fund. Evergreen Special Values 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 Special Values Fund.

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 Special Small Cap Value Fund 19

(For a share outstanding throughout each period)

	Six months ended April 30, 2013 (unaudited)			Year ended October 31									Year ended July 31
ADMINISTRATOR CLASS				2012			2011			20101			20102			20092			20082
Net asset value, beginning of period	$	23.28		$	21.21		$	19.96		$	18.65		$	15.63		$	18.95		$	27.46
Net investment income		0.06	3		0.02	3		0.02	3		0.01			0.04	3		0.16			0.21
Net realized and unrealized gains (losses) on investments		3.10			2.05			1.23			1.30			3.04			(3.23	)		(3.87	)
Total from investment operations		3.16			2.07			1.25			1.31			3.08			(3.07	)		(3.66	)
Distributions to shareholders from
Net investment income		(0.00	)4		0.00			0.00			0.00			(0.01	)		(0.25	)		(0.33	)
Net realized gains		0.00			0.00			0.00			0.00			0.00			(0.00	)4		(4.52	)
Tax basis return of capital		0.00			0.00			0.00			0.00			(0.05	)3		0.00			0.00
Total distributions to shareholders		0.00			0.00			0.00			0.00			(0.06	)		(0.25	)		(4.85	)
Net asset value, end of period	$	26.44		$	23.28		$	21.21		$	19.96		$	18.65		$	15.63		$	18.95
Total return5		13.58	%		9.76	%		6.26	%		7.02	%		20.02	%		(15.96	)%		(15.00	)%
Ratios to average net assets (annualized)
Gross expenses		1.24	%		1.22	%		1.22	%		1.30	%		1.17	%		1.18	%		1.11	%
Net expenses		1.09	%		1.09	%		1.09	%		1.09	%		1.13	%		1.08	%		1.06	%
Net investment income		0.45	%		0.10	%		0.12	%		0.05	%		0.21	%		0.95	%		0.98	%
Supplemental data
Portfolio turnover rate		30	%		69	%		54	%		7	%		45	%		43	%		48	%
Net assets, end of period (000s omitted)		$232,964			$232,283			$273,510			$335,766			$320,814			$525,865			$722,786

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

2. After the close of business on July 16, 2010, the Fund acquired the net assets of Evergreen Special Values Fund and Evergreen Small Cap Value Fund. Evergreen Special Values 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 Special Values Fund.

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.

20 Wells Fargo Advantage Special Small Cap Value Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended April 30, 2013 (unaudited)			Year ended October 31									Year ended July 31, 20122
INSTITUTIONAL CLASS				2012			2011			20101
Net asset value, beginning of period	$	23.36		$	21.24		$	19.96		$	18.66		$	18.66
Net Investment income (loss)		0.07	3		0.05	3		0.04			(0.02	)3		0.00	3,4
Net realized and unrealized gains (losses) on investments		3.11			2.07			1.24			1.32			0.00	4
Total from investment operations		3.18			2.12			1.28			1.30			0.00	4
Distributions to shareholders from
Net investment income		(0.05	)		0.00			0.00			0.00			0.00
Net asset value, end of period	$	26.49		$	23.36		$	21.24		$	19.96		$	18.66
Total return5		13.64	%		9.98	%		6.41	%		7.02	%		0.00	%
Ratios to average net assets (annualized)
Gross expenses		0.97	%		0.95	%		0.94	%		1.10	%		0.00	%
Net expenses		0.94	%		0.94	%		0.93	%		0.94	%		0.00	%
Net investment income (loss)		0.58	%		0.21	%		0.19	%		(0.38	)%		0.00	%
Supplemental data
Portfolio turnover rate		30	%		69	%		54	%		7	%		45	%
Net assets, end of period (000s omitted)		$110,090			$88,067			$27,217			$3,106			$10

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

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

Notes to financial statements (unaudited) Wells Fargo Advantage Special Small Cap Value 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 Special Small Cap 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.

22 Wells Fargo Advantage Special Small Cap 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.

Distributions to shareholders

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

Federal and other taxes

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

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

As of October 31, 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 $44,690,351 with $44,328,219 expiring in 2017 and $362,132 expiring in 2018.

As of October 31, 2012, the Fund had a qualified late-year ordinary loss of $325,905 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

Notes to financial statements (unaudited) Wells Fargo Advantage Special Small Cap Value Fund 23

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 April 30, 2013, the inputs used in valuing investments in securities 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	$	725,532,121	$	0	$	961,619	$	726,493,740
Short-term investments
Investment companies		23,370,599		70,878,799		0		94,249,398
	$	748,902,720	$	70,878,799	$	961,619	$	820,743,138

Transfers in and transfers out are recognized at the end of the reporting period. For the six months ended April 30, 2013, the Fund did not have any significant 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 0.80% and declining to 0.70% as the average daily net assets of the Fund increase. For the six months ended April 30, 2013, the advisory fee was equivalent to an annual rate of 0.79% 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 0.55% and declining to 0.40% 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 February 28, 2014 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.34% for Class A shares, 2.09% for Class B shares, 2.09% for Class C shares, 1.09% for Administrator Class shares, and 0.94% for Institutional Class shares.

24 Wells Fargo Advantage Special Small Cap Value Fund Notes to financial statements (unaudited)

Distribution fees

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

For the six months ended April 30, 2013, Wells Fargo Funds Distributor, LLC received $2,462 from the sale of Class A shares and $192 and $153 in contingent deferred sales charges from redemptions of Class B and Class C shares, respectively.

Shareholder servicing fees

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

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended April 30, 2013 were $220,163,654 and $283,914,470, 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)
AH Belo Corporation		1,165,260		6,500		0		1,171,760	$	6,796,208	$	419,884	$	0
Dixie Group Incorporated		728,577		5,400		0		733,977		4,389,182		0		0
Imation Corporation		2,708,521		73,000		0		2,781,521		10,235,997		0		0
Kadant Incorporated		986,302		13,500		105,122		894,680		24,755,796		111,835		290,030
										$46,177,183	$	531,719	$	290,030

7. BANK BORROWINGS

The Trust (excluding the money market funds) and Wells Fargo Variable Trust are parties to a $150,000,000 revolving credit agreement with State Street Bank and Trust Company, whereby the Fund is permitted to use bank borrowings for temporary or emergency purposes, such as to fund shareholder redemption requests. Interest under the credit agreement is charged to the Fund based on a borrowing rate equal to the higher of the Federal Funds rate in effect on that day plus 1.25% or the overnight LIBOR rate in effect on that day plus 1.25%. In addition, an annual commitment fee equal to 0.10% of the unused balance is allocated to each participating fund. For the six months ended April 30, 2013, the Fund paid $638 in commitment fees.

For the six months ended April 30, 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 Special Small Cap Value 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 Special Small Cap Value 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 131 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 Special Small Cap Value 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.
Nancy Wiser1 (Born 1967)	Treasurer, since 2012	Executive Vice President of Wells Fargo Funds Management, LLC since 2011. Chief Operating Officer and Chief Compliance Officer at LightBox Capital Management LLC, from 2008 to 2011. Owned and operated a consulting business providing services to various hedge funds including acting as Chief Operating Officer and Chief Compliance Officer for a hedge fund from 2007 to 2008. Chief Operating Officer and Chief Compliance Officer of GMN Capital LLC from 2006 to 2007.
C. David Messman (Born 1960)	Secretary, since 2000; Chief Legal Officer, since 2003	Senior Vice President and Secretary of Wells Fargo Funds Management, LLC since 2001. 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.
Jeremy DePalma1 (Born 1974)	Assistant Treasurer, since 2009	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Vice President, Evergreen Investment Services, Inc. from 2004 to 2007. Head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.

1. Nancy Wiser acts as Treasurer of 73 funds in the Fund Complex. Jeremy DePalma acts as Treasurer of 58 funds and Assistant Treasurer of 73 funds in the Fund Complex.

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

28 Wells Fargo Advantage Special Small Cap Value Fund Other information (unaudited)

BOARD CONSIDERATION OF INVESTMENT ADVISORY AND SUBADVISORY AGREEMENTS:

Under Section 15 of the Investment Company Act of 1940 (the “1940 Act”), the Board of Trustees (the “Board”) of Wells Fargo Funds Trust (the “Trust”), all the members of which have no direct or indirect interest in the investment advisory and sub-advisory agreements and are not “interested persons” of the Trust, as defined in the 1940 Act (the “Independent Trustees”), must determine whether to approve the continuation of the Trust’s investment advisory and sub-advisory agreements. In this regard, at an in-person meeting held on March 28-29, 2013 (the “Meeting”), the Board reviewed: (i) an investment advisory agreement with Wells Fargo Funds Management, LLC (“Funds Management”) for Wells Fargo Advantage Special Small Cap Value Fund (the “Fund”) and (ii) an investment sub-advisory agreement with Wells Capital Management Incorporated (the “Sub-Adviser”), an affiliate of Funds Management, for the Fund. The investment advisory agreement with Funds Management and the investment sub-advisory agreement with the Sub-Adviser are collectively referred to as the “Advisory Agreements.”

At the Meeting, the Board considered the factors and reached the conclusions described below relating to the selection of Funds Management and the Sub-Adviser and the continuation of the Advisory Agreements. Prior to the Meeting, the Trustees conferred extensively among themselves and with representatives of Funds Management about these matters. The Board has adopted a team-based approach, with each team consisting of a sub-set of Trustees, to assist the Board in the discharge of its duties in reviewing performance and other matters throughout the year. The Independent Trustees were assisted in their evaluation of the Advisory Agreements by independent legal counsel, from whom they received separate legal advice and with whom they met separately.

In providing information to the Board, Funds Management and the Sub-Adviser were guided by a detailed set of requests for information submitted to them by independent legal counsel on behalf of the Independent Trustees at the start of the Board’s annual contract renewal process earlier in 2013. In considering and approving the Advisory Agreements, the Trustees considered the information they believed relevant, including but not limited to the information discussed below. The Board considered not only the specific information presented in connection with the Meeting, but also the knowledge gained over time through interaction with Funds Management and the Sub-Adviser about various topics. In this regard, the Board reviewed reports of Funds Management at each of its quarterly meetings, which included, among other things, portfolio reviews and performance reports. In addition, the Board and the teams mentioned above confer with portfolio managers at various times throughout the year. The Board did not identify any particular information or consideration that was all-important or controlling, and each individual Trustee may have attributed different weights to various factors.

After its deliberations, the Board unanimously determined that the continuation of the Advisory Agreements is in the best interests of the Fund and its shareholders, and that the compensation payable to Funds Management and the Sub-Adviser is reasonable. The Board considered the continuation of the Advisory Agreements for the Fund as part of its consideration of the continuation of advisory agreements for funds across the complex, but each decision was made on a fund-by-fund basis. The following summarizes a number of important, but not necessarily all, factors considered by the Board in reaching its determination.

Nature, extent and quality of services

The Board received and considered various information regarding the nature, extent and quality of services provided to the Fund by Funds Management and the Sub-Adviser under the Advisory Agreements. This information included, among other things, a summary of the background and experience of senior management of Funds Management, and the qualifications, background, tenure and responsibilities of each of the portfolio managers primarily responsible for the day-to-day portfolio management of the Fund.

The Board evaluated the ability of Funds Management and the Sub-Adviser, based on attributes such as their financial condition, resources and reputation, to attract and retain qualified investment professionals, including research, advisory and supervisory personnel. The Board further considered the compliance programs and compliance records of Funds Management and the Sub-Adviser. In addition, the Board took into account the administrative and other services provided to the Fund by Funds Management and its affiliates and Funds Management’s oversight of the Fund’s various service providers.

Fund performance and expenses

The Board considered the performance results for the Fund over various time periods ended December 31, 2012. The Board also considered these results in comparison to the performance of funds in a universe that was determined by Lipper Inc. (“Lipper”) to be similar to the Fund (the “Universe”), and in comparison to the Fund’s benchmark index and to other comparative data. Lipper is an independent provider of investment company data. The Board received a description of the methodology used by Lipper to select the mutual funds in the performance Universe.

Other information (unaudited) Wells Fargo Advantage Special Small Cap Value Fund 29

The Board noted that while the performance of the Fund (Administrator Class) was lower than the median performance of the Universe for the one-year period under review, the performance of the Fund was in range of the median performance of the Universe for the three-, five- and ten-year periods under review. The Board also noted that while the performance of the Fund was lower than its benchmark, the Russell 2000^® Value Index, for the one-year period under review, the performance of the Fund was higher than or in range of its benchmark for the three-, five- and ten-year periods under review.

The Board received information concerning, and discussed factors contributing to, the underperformance of the Fund relative to the Universe and benchmark for the one-year period under review. Funds Management advised the Board about the market conditions and investment decisions that it believed contributed to the underperformance during that period. The Board was satisfied with the explanation of the factors contributing to underperformance and with the steps being taken by Funds Management and the Sub-Adviser to address the Fund’s investment performance.

The Board received and considered information regarding the Fund’s net operating expense ratios and their various components, including actual management fees (which reflect fee waivers, if any, and include advisory, administration and transfer agent fees), custodian and other non-management fees, Rule 12b-1 and non-Rule 12b-1 service fees and fee waiver and expense reimbursement arrangements. The Board also considered these ratios in comparison to the median ratios of funds in class-specific expense groups that were determined by Lipper to be similar to the Fund (the “Groups”). The Board received a description of the methodology used by Lipper to select the mutual funds in the expense Groups. Based on the Lipper reports, the Board noted that the net operating expense ratios of the Fund were lower than or in range of the median net operating expense ratios of the expense Groups.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board concluded that the overall performance and expense structure of the Fund supported the re-approval of the Advisory Agreements.

Investment advisory and sub-advisory fee rates

The Board reviewed and considered the contractual investment advisory fee rates that are payable by the Fund to Funds Management for investment advisory services (the “Advisory Agreement Rates”), both on a stand-alone basis and on a combined basis with the Fund’s fund-level and class-level contractual administration fee rates (the “Management Rates”). The Board noted that the administration fees include transfer agency costs. The Board also reviewed and considered the contractual investment sub-advisory fee rates that are payable by Funds Management to the Sub-Adviser for investment sub-advisory services (the “Sub-Advisory Agreement Rates”).

Among other information reviewed by the Board was a comparison of the Management Rates of the Fund with those of other funds in the expense Groups at a common asset level. The Board noted that the Management Rates of the Fund were in range of the median rate for the Fund’s expense Groups for all classes except Class A. The Board and Funds Management agreed to revise the advisory fee schedule for the Fund by adding an additional breakpoint. The Board also viewed favorably the fact that the net operating expense ratios of the Fund were lower than or in range of the median net operating expense ratios of the expense Groups.

The Board also received and considered information about the portion of the total advisory fee that was retained by Funds Management after payment of the fee to the Sub-Adviser for sub-advisory services. In assessing the reasonableness of this amount, the Board received and evaluated information concerning the nature and extent of responsibilities retained and risks assumed by Funds Management and not delegated to or assumed by the Sub-Adviser, and about Funds Management’s on-going oversight services. In recognition of the fact that the Wells Fargo enterprise provides a suite of combined advisory and sub-advisory services to the Fund through affiliated entities, the Board ascribed limited relevance to the allocation of the total advisory fee between Funds Management and the Sub-Adviser.

The Board also received and considered information about the nature and extent of services offered and fee rates charged by Funds Management and the Sub-Adviser to other types of clients. In this regard, the Board received information about the significantly greater scope of services, and compliance, reporting and other legal burdens and risks of managing mutual funds compared with those associated with managing assets of non-mutual fund clients such as collective funds or institutional separate accounts.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board determined that the Advisory Agreement Rates and the Sub-Advisory Agreement Rates were reasonable in light of the services covered by the Advisory Agreements.

30 Wells Fargo Advantage Special Small Cap Value Fund Other information (unaudited)

Profitability

The Board received and considered information concerning the profitability of Funds Management, as well as the profitability of Wells Fargo as a whole, from providing services to the Fund. The Board did not receive or consider to be necessary separate profitability information with respect to the Sub-Adviser, because, as an affiliate of Funds Management, its profitability information was subsumed in the collective Wells Fargo profitability analysis provided by Funds Management.

Funds Management explained the methodologies and estimates that it used in calculating the profitability from the Fund and the fund family as a whole. Among other things, the Board noted that the levels of profitability reported on a fund-by-fund basis varied widely, depending on factors such as the size and type of fund. Based on its review, the Board did not deem the profits reported by Funds Management to be at a level that would prevent it from approving the continuation of the Advisory Agreements.

Economies of scale

With respect to possible economies of scale, the Board reviewed the breakpoints in the Fund’s advisory fee and administration fee structure, which operate generally to reduce the Fund’s expense ratios as the Fund grows in size. It considered that, for a small fund or a fund that shrinks in size, breakpoints conversely can result in higher fee levels. The Board also considered fee waiver and expense reimbursement arrangements as a means of sharing potential economies of scale with the Fund. The Board also took into account the agreed-upon revision to the advisory fee schedule for the Fund that adds an additional breakpoint. The Board acknowledged the inherent limitations of any analysis of potential economies of scale and of any attempt to correlate breakpoints with such economies. Nonetheless, the Board concluded that the breakpoints and net operating expense ratio caps appeared to be a reasonable approach to sharing potential economies of scale with the Fund.

Other benefits to Funds Management and the Sub-Adviser

The Board received and considered information regarding potential “fall-out” or ancillary benefits received by Funds Management and its affiliates, including the Sub-Adviser, as a result of their relationship with the Fund. Ancillary benefits could include, among others, benefits directly attributable to other relationships with the Fund and benefits potentially derived from an increase in Funds Management’s and the Sub-Adviser’s business as a result of their relationship with the Fund (such as the ability to market to shareholders other financial products and services offered by Funds Management and its affiliates, including the Sub-Adviser, or to operate other products and services that follow investment strategies similar to those of the Fund).

The Board considered that Wells Fargo Funds Distributor, LLC, an affiliate of Funds Management, serves as distributor to the Fund and receives certain compensation for those services. The Board noted that various financial institutions, including affiliates of Funds Management, may receive distribution-related fees, shareholder servicing payments (including amounts derived from payments under Rule 12b-1 plans) and sub-transfer agency fees in respect of shares sold or held through them and services provided.

The Board also reviewed information about whether and to what extent soft dollar credits are sought and how any such credits are utilized, and any benefits that might be realized by an affiliated broker that handles portfolio transactions for the Fund.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board did not find that any ancillary benefits received by Funds Management and its affiliates, including the Sub-Adviser, were unreasonable.

Conclusion

After considering the above-described factors and based on its deliberations and its evaluation of the information described above, the Board unanimously approved the continuation of the Advisory Agreements for an additional one-year period.

List of abbreviations Wells Fargo Advantage Special Small Cap Value Fund 31

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.

216841 06-13 SA246/SAR246 4-13

Wells Fargo Advantage

Traditional Small Cap Growth Fund

Semi-Annual Report

April 30, 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	12
Statement of operations	13
Statement of changes in net assets	14
Financial highlights	15
Notes to financial statements	19
Other information	23
List of abbreviations	29

The views expressed and any forward-looking statements are as of April 30, 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 100 mutual funds across a wide range of asset classes, representing over $228 billion in assets under management, as of April 30, 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-Term Bond Fund
California Limited-Term Tax-Free Fund	Income Plus Fund	Short-Term High Yield Bond Fund
California Tax-Free Fund	Inflation-Protected Bond Fund	Short-Term Municipal Bond Fund
Colorado Tax-Free Fund	Intermediate Tax/AMT-Free Fund	Strategic Income Fund
Conservative Income Fund	International Bond Fund	Strategic Municipal Bond Fund
Core Bond Fund	Minnesota Tax-Free Fund	Ultra Short-Term Income Fund
Emerging Markets Local Bond Fund	Municipal Bond Fund	Ultra Short-Term Municipal Income Fund
Government Securities Fund	North Carolina Tax-Free Fund	Wisconsin Tax-Free Fund
High Income Fund	Pennsylvania Tax-Free Fund
High Yield Bond Fund	Short Duration Government Bond Fund
Asset allocation funds
Absolute Return Fund	WealthBuilder Equity Portfolio†	Target 2020 Fund†
Asset Allocation Fund	WealthBuilder Growth Allocation Portfolio†	Target 2025 Fund†
Diversified Capital Builder Fund	WealthBuilder Growth Balanced Portfolio†	Target 2030 Fund†
Diversified Income Builder Fund	WealthBuilder Moderate Balanced Portfolio†	Target 2035 Fund†
Growth Balanced Fund	WealthBuilder Tactical Equity Portfolio†	Target 2040 Fund†
Index Asset Allocation Fund	Target Today Fund†	Target 2045 Fund†
Moderate Balanced Fund	Target 2010 Fund†	Target 2050 Fund†
WealthBuilder Conservative Allocation Portfolio†	Target 2015 Fund†	Target 2055 Fund†
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 Traditional Small Cap Growth Fund Letter to shareholders (unaudited)

Karla M. Rabusch

President

Wells Fargo Advantage Funds

Relatively improving 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.

Dear Valued Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Advantage Traditional Small Cap Growth Fund for the six-month period that ended April 30, 2013. Much of the six-month 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 improving 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. This backdrop enabled most equity asset classes to generate positive returns. For the six-month period, the small-cap-oriented Russell 2000^® Index¹ returned 16.58%, while the mid-cap-focused Russell Midcap^® Index² posted an 18.90% total return.

The U.S. economy improved with the support of accommodative monetary policy.

The U.S. economy grew modestly, but the recovery remained weak compared with previous business cycles. Curtailed government spending and weak household income expectations were economic headwinds. However, the unemployment rate continued to decline, reaching 7.5% in April 2013, and housing market activity, as measured by many metrics—sales, building permits, and prices—continued to improve from its recessionary levels.

Citing its dual mandate of fostering maximum employment and price stability, the U.S. Federal Reserve (Fed) reaffirmed its commitment to highly accommodative monetary policy. In addition, the Fed formally announced that exceptionally low interest rates would be appropriate at least as long as the unemployment rate remains above 6.5% and inflation remains no more than half a percentage point above its 2.0% inflation target.

The Fed also continued its quantitative easing program. Just prior to the beginning of the reporting period, the Federal Open Market Committee 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.

The global economy continues to be affected by bouts of uncertainty, including political questions in the U.S., Europe, and China.

Global economic growth varied across countries. Eurozone economies remained in recession. However, the European Central Bank (ECB) and several key members of the eurozone, including France and Germany, continued their commitment to maintaining a single currency. Subsequently, investor fears about a sovereign debt crisis in Europe abated. Furthermore, the ECB maintained its accommodative monetary policy by lowering its key rate at a historic low of 0.75%.

For most of the six-month period, uncertainty about political outcomes was a constant. U.S. presidential elections in November 2012, the debate over the fiscal cliff and tax rates at year-end, and speculation about the effects of sequestration at the end of February 2013 weighed on business leaders and investors. Elections in eurozone countries such as Greece, France, and Italy sparked speculation about the future of the eurozone. New leadership in China also figured into the political landscape. In the end, investors managed around these concerns, and capital markets generally advanced during this time period.

1. The Russell 2000^® Index measures the performance of the 2,000 smallest companies in the Russell 3000^® Index, which represents approximately 8% of the total market capitalization of the Russell 3000 Index. You cannot invest directly in an index.

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

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

Our goal is to meet the financial needs of our shareholders.

We are committed to providing our shareholders long-term investment strategies and focusing on appropriate risk while seeking to deliver consistent returns. We know that your ability to meet your long-term investment goals depends on the investment decisions you make today. Despite economic uncertainties and investment challenges, staying invested and adapting to emerging opportunities and threats will help you manage investment 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

Despite economic uncertainties and investment challenges, staying invested and adapting to emerging opportunities and threats will help you manage investment risk.

4 Wells Fargo Advantage Traditional Small 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

Paul Carder, CFA

Jeffrey S. Drummond, CFA

Linda Freeman, CFA

Jeffrey Harrison, CFA

Average annual total returns¹ (%) as of April 30, 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 (EGWAX)	6-5-1995		1.13		5.29		8.43		7.29		6.54		9.07		1.48		1.33
Class C (EGWCX)	7-30-2010		5.51		5.76		8.26		6.51		5.76		8.26		2.23		2.08
Administrator Class (EGWDX)	7-30-2010		–		–		–		7.44		6.64		9.17		1.32		1.20
Institutional Class (EGRYX)	11-19-1997		–		–		–		7.63		6.87		9.40		1.05		0.98
Russell 2000® Growth Index4	–		–		–		–		15.67		7.81		10.53		–		–

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, which assumes the reinvestment of dividends and capital gains. Current month-end performance is available on the Fund’s website, wellsfargoadvantagefunds.com.

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

For Class A shares, the maximum front-end sales charge is 5.75%. For Class C shares, the maximum contingent deferred sales charge is 1.00%. Performance including 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. Smaller-company stocks tend to be more volatile and less liquid than those of larger companies. 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 Traditional Small Cap Growth Fund 5

Ten largest equity holdings5 (%) as of April 30, 2013
Cogent Communications Group Incorporated	2.91
Cavium Incorporated	2.48
Financial Engines Incorporated	2.40
Concur Technologies Incorporated	2.36
DexCom Incorporated	2.28
Hexcel Corporation	2.26
Shutterfly Incorporated	2.05
Barnes Group Incorporated	2.04
ExamWorks Group Incorporated	1.93
Ultimate Software Group Incorporated	1.84

Sector distribution⁶ as of April 30, 2013

1. Historical performance shown for Class C shares prior to their inception reflects the performance of Class A shares, adjusted to reflect the higher expenses applicable to Class C shares. 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 Growth Fund.

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

3. The Adviser has committed through February 28, 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 2000^® Growth Index measures the performance of those Russell 2000 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 Traditional Small 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 November 1, 2012 to April 30, 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 11-1-2012		Ending account value 4-30-2013		Expenses paid during the period1		Net annual expense ratio
Class A
Actual	$	1,000.00	$	1,092.38	$	6.90		1.33	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.20	$	6.66		1.33	%
Class C
Actual	$	1,000.00	$	1,088.53	$	10.77		2.08	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,014.48	$	10.39		2.08	%
Administrator Class
Actual	$	1,000.00	$	1,093.54	$	6.02		1.16	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.04	$	5.81		1.16	%
Institutional Class
Actual	$	1,000.00	$	1,094.18	$	5.09		0.98	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.93	$	4.91		0.98	%

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

Portfolio of investments—April 30, 2013 (unaudited) Wells Fargo Advantage Traditional Small Cap Growth Fund 7

Security name	Shares		Value
Common Stocks: 97.67%
Consumer Discretionary: 18.86%
Auto Components: 0.75%
Dana Holding Corporation		63,300	$	1,091,925
Diversified Consumer Services: 0.68%
Sotheby’s Holdings Incorporated		28,000		993,440
Hotels, Restaurants & Leisure: 1.95%
BJ’s Restaurants Incorporated †		32,400		1,111,320
SHFL entertainment Incorporated †		108,900		1,720,620
				2,831,940
Household Durables: 2.55%
Ethan Allen Interiors Incorporated «		62,318		1,824,671
SodaStream International Limited Ǡ		35,000		1,884,400
				3,709,071
Internet & Catalog Retail: 2.05%
Shutterfly Incorporated †		67,100		2,987,963
Media: 1.65%
Pandora Media Incorporated Ǡ		138,900		1,934,877
Shutterstock Incorporated Ǡ		11,382		474,629
				2,409,506
Specialty Retail: 8.29%
Francescas Holdings Corporation †		24,800		708,288
Group 1 Automotive Incorporated «		39,200		2,370,816
Lumber Liquidators Holdings Incorporated †		20,900		1,712,964
Pier 1 Imports Incorporated «		96,900		2,249,049
Ulta Salon Cosmetics & Fragrance Incorporated †		28,000		2,454,200
Vitamin Shoppe Incorporated †		52,338		2,572,413
				12,067,730
Textiles, Apparel & Luxury Goods: 0.94%
Oxford Industries Incorporated		23,100		1,365,903
Consumer Staples: 2.05%
Food Products: 0.92%
Annie’s Incorporated «†		35,500		1,341,545
Personal Products: 1.13%
Elizabeth Arden Incorporated †		40,100		1,642,095
Energy: 3.98%
Energy Equipment & Services: 1.45%
ION Geophysical Corporation Ǡ		168,800		1,053,312
Lufkin Industries Incorporated		12,000		1,059,480
				2,112,792

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

8 Wells Fargo Advantage Traditional Small Cap Growth Fund Portfolio of investments—April 30, 2013 (unaudited)

Security name	Shares		Value
Oil, Gas & Consumable Fuels: 2.53%
Comstock Resources Incorporated †		60,900	$	953,694
Energy XXI (Bermuda) Limited		59,400		1,350,756
Oasis Petroleum Incorporated †		40,200		1,376,046
				3,680,496
Financials: 11.06%
Capital Markets: 3.48%
Financial Engines Incorporated		96,000		3,491,520
Stifel Financial Corporation Ǡ		49,100		1,582,002
				5,073,522
Commercial Banks: 1.41%
SVB Financial Group †		29,000		2,062,190
Consumer Finance: 1.77%
Portfolio Recovery Associates Incorporated Ǡ		21,000		2,577,750
Diversified Financial Services: 1.38%
MarketAxess Holdings Incorporated		47,400		2,005,968
Insurance: 1.36%
First American Financial Corporation		73,800		1,975,626
REITs: 1.66%
Ryman Hospitality Properties Incorporated «		54,387		2,418,046
Health Care: 17.81%
Biotechnology: 3.49%
Achillion Pharmaceuticals Incorporated Ǡ		65,979		497,482
Alnylam Pharmaceuticals Incorporated †		28,300		677,785
Ariad Pharmaceuticals Incorporated †		57,900		1,034,673
Cepheid Incorporated Ǡ		54,400		2,074,272
Exact Sciences Corporation Ǡ		84,800		792,032
				5,076,244
Health Care Equipment & Supplies: 6.78%
Align Technology Incorporated Ǡ		47,000		1,556,640
Cardiovascular Systems Incorporated Ǡ		62,784		1,077,373
DexCom Incorporated Ǡ		202,037		3,315,427
Endologix Incorporated †		176,000		2,643,520
Volcano Corporation Ǡ		63,377		1,285,919
				9,878,879
Health Care Providers & Services: 3.26%
ExamWorks Group Incorporated Ǡ		155,100		2,807,310
HMS Holdings Corporation Ǡ		77,100		1,943,691
				4,751,001

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

Portfolio of investments—April 30, 2013 (unaudited) Wells Fargo Advantage Traditional Small Cap Growth Fund 9

Security name	Shares		Value
Health Care Technology: 1.47%
HealthStream Incorporated †		93,100	$	2,137,576
Pharmaceuticals: 2.81%
Akorn Incorporated Ǡ		158,100		2,379,405
The Medicines Company †		50,600		1,708,256
				4,087,661
Industrials: 16.52%
Aerospace & Defense: 4.60%
Hexcel Corporation †		107,943		3,292,262
KEYW Holding Corporation Ǡ		104,298		1,417,410
TASER International Incorporated †		224,700		1,979,607
				6,689,279
Air Freight & Logistics: 1.05%
Forward Air Corporation		41,561		1,533,185
Building Products: 1.73%
Gibraltar Industries Incorporated †		76,900		1,438,030
USG Corporation †		41,800		1,086,382
				2,524,412
Commercial Services & Supplies: 0.94%
InnerWorkings Incorporated Ǡ		135,349		1,362,964
Electrical Equipment: 0.53%
Polypore International Incorporated Ǡ		18,337		768,870
Machinery: 2.53%
Barnes Group Incorporated		107,100		2,974,167
RBC Bearings Incorporated Ǡ		14,847		714,141
				3,688,308
Professional Services: 1.83%
The Advisory Board Company †		15,400		756,910
Wageworks Incorporated †		74,420		1,905,896
				2,662,806
Trading Companies & Distributors: 3.31%
Beacon Roofing Supply Incorporated Ǡ		66,600		2,539,458
MSC Industrial Direct Company		29,000		2,285,200
				4,824,658
Information Technology: 22.06%
Communications Equipment: 1.91%
Aruba Networks Incorporated †		75,700		1,702,493
Procera Networks Incorporated Ǡ		96,571		1,070,972
				2,773,465
Electronic Equipment, Instruments & Components: 0.84%
IPG Photonics Corporation «		19,300		1,229,024

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

10 Wells Fargo Advantage Traditional Small Cap Growth Fund Portfolio of investments—April 30, 2013 (unaudited)

Security name				Shares		Value
Internet Software & Services: 7.96%
Angie’s List Incorporated «†					70,734	$	1,714,592
Bankrate Incorporated Ǡ					119,600		1,612,208
Demandware Incorporated Ǡ					86,000		2,347,800
LivePerson Incorporated †					124,442		1,595,346
SPS Commerce Incorporated †					41,809		1,970,458
Support.com Incorporated †					588,637		2,348,664
							11,589,068
Semiconductors & Semiconductor Equipment: 4.27%
Cavium Incorporated Ǡ					114,600		3,604,170
Mellanox Technologies Limited Ǡ					17,200		876,856
Power Integrations Incorporated «					41,800		1,730,938
							6,211,964
Software: 7.08%
Concur Technologies Incorporated Ǡ					47,078		3,441,873
Fleetmatics Group plc †					40,800		957,576
Qlik Technologies Incorporated Ǡ					68,300		1,776,483
Sourcefire Incorporated †					30,700		1,466,232
Ultimate Software Group Incorporated †					27,674		2,673,032
							10,315,196
Materials: 2.42%
Chemicals: 0.75%
Rockwood Holdings Incorporated					16,752		1,087,037
Metals & Mining: 1.67%
Materion Corporation «					92,066		2,438,828
Telecommunication Services: 2.91%
Diversified Telecommunication Services: 2.91%
Cogent Communications Group Incorporated					147,800		4,232,992
Total Common Stocks (Cost $109,332,271)							142,210,925
Investment Companies: 0.40%
iShares Russell 2000 Growth Index Fund					5,485		586,895
Total Investment Companies (Cost $584,720)							586,895
	Yield
Short-Term Investments: 35.21%
Investment Companies: 35.21%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (u)(l)		0.13	%		3,343,798		3,343,798
Wells Fargo Securities Lending Cash Investments, LLC (v)(r)(u)(l)		0.18			47,914,521		47,914,521
Total Short-Term Investments (Cost $51,258,319)							51,258,319

Total investments in securities
(Cost $161,175,310) *	133.28	%		194,056,139
Other assets and liabilities, net	(33.28	)		(48,459,204	)
Total net assets	100.00	%	$	145,596,935

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

Portfolio of investments—April 30, 2013 (unaudited) Wells Fargo Advantage Traditional Small Cap Growth Fund 11

† Non-income-earning security

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

(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.

* Cost for federal income tax purposes is $162,461,068 and unrealized appreciation (depreciation) consists of:

Gross unrealized appreciation	$	35,802,897
Gross unrealized depreciation		(4,207,826	)
Net unrealized appreciation	$	31,595,071

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

12 Wells Fargo Advantage Traditional Small Cap Growth Fund Statement of assets and liabilities—April 30, 2013 (unaudited)

Assets
Investments
In unaffiliated securities (including securities on loan), at value (see cost below)	$	142,797,820
In affiliated securities, at value (see cost below)		51,258,319
Total investments, at value (see cost below)		194,056,139
Receivable for investments sold		2,312,148
Receivable for Fund shares sold		7,867
Receivable for dividends		9,261
Receivable for securities lending income		30,725
Prepaid expenses and other assets		23,053
Total assets		196,439,193
Liabilities
Payable for investments purchased		2,265,801
Payable for Fund shares redeemed		466,474
Payable upon receipt of securities loaned		47,914,521
Advisory fee payable		80,518
Distribution fees payable		71
Due to other related parties		33,304
Accrued expenses and other liabilities		81,569
Total liabilities		50,842,258
Total net assets	$	145,596,935
NET ASSETS CONSIST OF
Paid-in capital	$	105,251,608
Accumulated net investment loss		(832,188	)
Accumulated net realized gains on investments		8,296,686
Net unrealized gains on investments		32,880,829
Total net assets	$	145,596,935
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE1
Net assets – Class A	$	118,775,828
Shares outstanding – Class A		6,443,687
Net asset value per share – Class A		$18.43
Maximum offering price per share – Class A2		$19.55
Net assets – Class C	$	117,850
Shares outstanding – Class C		6,526
Net asset value per share – Class C		$18.06
Net assets – Administrator Class	$	3,223,661
Shares outstanding – Administrator Class		166,236
Net asset value per share – Administrator Class		$19.39
Net assets – Institutional Class	$	23,479,596
Shares outstanding – Institutional Class		1,203,831
Net asset value per share – Institutional Class		$19.50
Investments in unaffiliated securities (including securities on loan), at cost	$	109,916,991
Investments in affiliated securities, at cost	$	51,258,319
Total investments, at cost	$	161,175,310
Securities on loan, at value	$	46,717,922

1. The Fund has an unlimited number of authorized shares.

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

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

Statement of operations—six months ended April 30, 2013 (unaudited) Wells Fargo Advantage Traditional Small Cap Growth Fund 13

Investment income
Dividends	$	745,763
Securities lending income, net		228,294
Income from affiliated securities		1,712
Total investment income		975,769
Expenses
Advisory fee		615,744
Administration fees
Fund level		38,484
Class A		152,534
Class C		133
Administrator Class		1,550
Institutional Class		13,360
Shareholder servicing fees
Class A		146,667
Class C		128
Administrator Class		2,531
Distribution fees
Class C		383
Custody and accounting fees		8,879
Professional fees		19,296
Registration fees		30,169
Shareholder report expenses		21,673
Trustees’ fees and expenses		8,032
Other fees and expenses		2,320
Total expenses		1,061,883
Less: Fee waivers and/or expense reimbursements		(98,840	)
Net expenses		963,043
Net investment income		12,726
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on investments		10,108,196
Net change in unrealized gains (losses) on investments		3,402,872
Net realized and unrealized gains (losses) on investments		13,511,068
Net increase in net assets resulting from operations	$	13,523,794

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

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

	Six months ended April 30, 2013 (unaudited)						Year ended October 31, 2012
Operations
Net investment income (loss)				$	12,726					$	(1,103,895	)
Net realized gains on investments					10,108,196						21,234,892
Net change in unrealized gains (losses) on investments					3,402,872						1,779,794
Net increase in net assets resulting from operations					13,523,794						21,910,791
Distributions to shareholders from
Net realized gains
Class A					(1,390,341	)					0
Class C					(1,120	)					0
Administrator Class					(34,634	)					0
Institutional Class					(435,430	)					0
Total distributions to shareholders					(1,861,525	)					0
		Shares						Shares
Capital share transactions
Proceeds from shares sold
Class A		81,511			1,422,107			448,411			7,492,791
Class C		1,150			20,407			3,671			60,566
Administrator Class		8,338			155,529			12,871			224,956
Institutional Class		96,457			1,798,340			323,996			5,718,207
					3,396,383						13,496,520
Reinvestment of distributions
Class A		80,585			1,329,468			0			0
Class C		51			831			0			0
Administrator Class		1,839			31,884			0			0
Institutional Class		12,276			213,954			0			0
					1,576,137						0
Payment for shares redeemed
Class A		(714,172	)		(12,500,446	)		(1,488,763	)		(24,960,878	)
Class C		(1,559	)		(25,183	)		(4,370	)		(71,416	)
Administrator Class		(14,633	)		(269,282	)		(54,670	)		(930,097	)
Institutional Class		(1,298,687	)		(24,071,005	)		(2,368,280	)		(41,700,975	)
					(36,865,916	)					(67,663,366	)
Net decrease in net assets resulting from capital share transactions					(31,893,396	)					(54,166,846	)
Total decrease in net assets					(20,231,127	)					(32,256,055	)
Net assets
Beginning of period					165,828,062						198,084,117
End of period				$	145,596,935					$	165,828,062
Accumulated net investment loss				$	(832,188	)				$	(844,914	)

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

Financial highlights Wells Fargo Advantage Traditional Small Cap Growth Fund 15

(For a share outstanding throughout each period)

	Six months ended April 30, 2013 (unaudited)			Year ended October 31									Year ended September 30
CLASS A				2012			2011			20101			20102			20092			20082
Net asset value, beginning of period	$	17.08		$	15.31		$	14.31		$	13.77		$	12.24		$	12.20		$	18.70
Net investment loss		(0.01	)3		(0.11	)3		(0.16	)3		(0.02	)3		(0.12	)3		(0.04	)3		(0.03	)3
Net realized and unrealized gains (losses) on investments		1.56			1.88			1.16			0.56			1.65			0.10			(3.61	)
Total from investment operations		1.55			1.77			1.00			0.54			1.53			0.06			(3.64	)
Distributions to shareholders from
Net realized gains		(0.20	)		0.00			0.00			0.00			0.00			(0.02	)		(2.84	)
Tax basis return of capital		0.00			0.00			0.00			0.00			0.00			0.00			(0.02	)
Total distributions to shareholders		(0.20	)		0.00			0.00			0.00			0.00			(0.02	)		(2.86	)
Net asset value, end of period		$18.43			$17.08			$15.31			$14.31			$13.77			$12.24			$12.20
Total return4		9.24	%		11.56	%		6.99	%		3.92	%		12.50	%		0.53	%		(22.75	)%
Ratios to average net assets (annualized)
Gross expenses		1.48	%		1.48	%		1.43	%		1.47	%		1.39	%		1.33	%		1.27	%
Net expenses		1.33	%		1.33	%		1.33	%		1.33	%		1.33	%		1.33	%		1.25	%
Net investment loss		(0.09	)%		(0.69	)%		(0.96	)%		(0.64	)%		(0.92	)%		(0.45	)%		(0.24	)%
Supplemental data
Portfolio turnover rate		42	%		57	%		123	%		9	%		80	%		118	%		113	%
Net assets, end of period (000s omitted)		$118,776			$119,490			$123,063			$136,332			$133,166			$48,067			$56,067

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

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

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 Traditional Small Cap Growth Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended April 30, 2013 (unaudited)			Year ended October 31									Year ended September 30 20102
CLASS C				2012			2011			20101
Net asset value, beginning of period	$	16.80		$	15.18		$	14.29		$	13.66		$	13.18
Net investment loss		(0.08	)		(0.25	)		(0.27	)3		(0.02	)3		(0.04	)3
Net realized and unrealized gains (losses) on investments		1.54			1.87			1.16			0.65			0.52
Total from investment operations		1.46			1.62			0.89			0.63			0.48
Distributions to shareholders from
Net realized gains		(0.20	)		0.00			0.00			0.00			0.00
Net asset value, end of period	$	18.06		$	16.80		$	15.18		$	14.29		$	13.66
Total return4		8.85	%		10.74	%		6.16	%		3.93	%		4.32	%
Ratios to average net assets (annualized)
Gross expenses		2.23	%		2.23	%		2.18	%		2.25	%		2.19	%
Net expenses		2.08	%		2.08	%		2.08	%		2.08	%		2.08	%
Net investment loss		(0.82	)%		(1.44	)%		(1.72	)%		(1.31	)%		(1.67	)%
Supplemental data
Portfolio turnover rate		42	%		57	%		123	%		9	%		80	%
Net assets, end of period (000s omitted)		$118			$116			$115			$99			$10

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

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

3. Calculated based upon average shares outstanding

4. 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 Traditional Small Cap Growth Fund 17

(For a share outstanding throughout each period)

	Six months ended April 30, 2013 (unaudited)			Year ended October 31									Year ended September 30 20102
ADMINISTRATOR CLASS				2012			2011			20101
Net asset value, beginning of period	$	17.94		$	16.06		$	14.99		$	14.43		$	13.80
Net investment income (loss)		0.01	3		(0.09	)3		(0.14	)3		(0.01	)3		(0.02	)3
Net realized and unrealized gains (losses) on investments		1.64			1.97			1.21			0.57			0.65
Total from investment operations		1.65			1.88			1.07			0.56			0.63
Distributions to shareholders from
Net realized gains		(0.20	)		0.00			0.00			0.00			0.00
Net asset value, end of period	$	19.39		$	17.94		$	16.06		$	14.99		$	14.43
Total return4		9.35	%		11.71	%		7.14	%		3.95	%		4.49	%
Ratios to average net assets (annualized)
Gross expenses		1.23	%		1.26	%		1.23	%		1.31	%		1.37	%
Net expenses		1.16	%		1.17	%		1.19	%		1.20	%		1.20	%
Net investment income (loss)		0.06	%		(0.54	)%		(0.83	)%		(0.55	)%		(0.77	)%
Supplemental data
Portfolio turnover rate		42	%		57	%		123	%		9	%		80	%
Net assets, end of period (000s omitted)	$	3,224		$	3,063		$	3,413			$11			$10

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

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

3. Calculated based upon average shares outstanding

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

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

18 Wells Fargo Advantage Traditional Small Cap Growth Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended April 30, 2013 (unaudited)			Year ended October 31									Year ended September 30
INSTITUTIONAL CLASS				2012			2011			20101			20102			20092			20082
Net asset value, beginning of period		$18.03			$16.11			$15.01			$14.43			$12.79			$12.75			$19.37
Net investment income (loss)		0.04	3		(0.06	)3		(0.10	)		(0.00	)3,4		(0.10	)3		(0.02	)3		0.01
Net realized and unrealized gains (losses) on investments		1.63			1.98			1.20			0.58			1.74			0.10			(3.77	)
Total from investment operations		1.67			1.92			1.10			0.58			1.64			0.08			(3.76	)
Distributions to shareholders from
Net investment income		0.00			0.00			0.00			0.00			(0.00	)4		(0.02	)		0.00
Net realized gains		(0.20	)		0.00			0.00			0.00			0.00			(0.02	)		(2.84	)
Tax basis return of capital		0.00			0.00			0.00			0.00			0.00			0.00			(0.02	)
Total distributions to shareholders		(0.20	)		0.00			0.00			0.00			(0.00	)4		(0.04	)		(2.86	)
Net asset value, end of period	$	19.50		$	18.03		$	16.11		$	15.01		$	14.43		$	12.79		$	12.75
Total return5		9.42	%		11.92	%		7.33	%		4.02	%		12.87	%		0.74	%		(22.56	)%
Ratios to average net assets (annualized)
Gross expenses		1.04	%		1.05	%		1.00	%		1.04	%		1.06	%		1.08	%		0.99	%
Net expenses		0.98	%		0.98	%		0.98	%		0.98	%		1.05	%		1.08	%		0.99	%
Net investment income (loss)		0.40	%		(0.35	)%		(0.61	)%		(0.29	)%		(0.78	)%		(0.20	)%		0.02	%
Supplemental data
Portfolio turnover rate		42	%		57	%		123	%		9	%		80	%		118	%		113	%
Net assets, end of period (000s omitted)		$23,480			$43,160			$71,493			$105,475			$102,499			$344,313			$395,954

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

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

3. Calculated based upon average shares outstanding

4. Amount is less than $0.005.

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

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

Notes to financial statements (unaudited) Wells Fargo Advantage Traditional Small Cap Growth 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 Traditional Small 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

20 Wells Fargo Advantage Traditional Small Cap Growth Fund Notes to financial statements (unaudited)

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.

Distributions to shareholders

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

Federal and other taxes

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

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

As of October 31, 2012, the Fund had a qualified late-year ordinary loss of $826,973 which will be recognized on the first day of the curent 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 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 Traditional Small Cap Growth 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 April 30, 2013, the inputs used in valuing investments in securities 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	$	142,210,925	$	0	$	0	$	142,210,925
Investment companies		586,895		0		0		586,895
Short-term investments
Investment companies		3,343,798		47,914,521		0		51,258,319
	$	146,141,618	$	47,914,521	$	0	$	194,056,139

Transfers in and transfers out are recognized at the end of the reporting period. For the six months ended April 30, 2013, the Fund did not have any significant 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 0.80% and declining to 0.70% as the average daily net assets of the Fund increase. For the six months ended April 30, 2013, the advisory fee was equivalent to an annual rate of 0.80% of the Fund’s average daily net assets.

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Funds Management. 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 0.55% and declining to 0.40% 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

Funds Management has contractually waived and/or reimbursed advisory and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. Waiver of fees and/or reimbursement of expenses by Funds Management were made first from fund level expenses on a proportionate basis and then from class specific expenses. Funds Management has committed through February 28, 2014 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.33% for Class A shares, 2.08% for Class C shares, 1.20% for Administrator Class shares, and 0.98% for Institutional Class shares.

22 Wells Fargo Advantage Traditional Small Cap 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 April 30, 2013, Wells Fargo Funds Distributor, LLC received $575 from the sale of Class A shares.

Shareholder servicing fees

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

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended April 30, 2013 were $64,742,797 and $95,649,505, 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 April 30, 2013, the Fund paid $137 in commitment fees.

For the six months ended April 30, 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 Traditional Small Cap Growth 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 Traditional Small 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 131 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 Traditional Small Cap Growth 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.
Nancy Wiser1 (Born 1967)	Treasurer, since 2012	Executive Vice President of Wells Fargo Funds Management, LLC since 2011. Chief Operating Officer and Chief Compliance Officer at LightBox Capital Management LLC, from 2008 to 2011. Owned and operated a consulting business providing services to various hedge funds including acting as Chief Operating Officer and Chief Compliance Officer for a hedge fund from 2007 to 2008. Chief Operating Officer and Chief Compliance Officer of GMN Capital LLC from 2006 to 2007.
C. David Messman (Born 1960)	Secretary, since 2000; Chief Legal Officer, since 2003	Senior Vice President and Secretary of Wells Fargo Funds Management, LLC since 2001. 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.
Jeremy DePalma1 (Born 1974)	Assistant Treasurer, since 2009	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Vice President, Evergreen Investment Services, Inc. from 2004 to 2007. Head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.

1. Nancy Wiser acts as Treasurer of 73 funds in the Fund Complex. Jeremy DePalma acts as Treasurer of 58 funds and Assistant Treasurer of 73 funds in the Fund Complex.

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

26 Wells Fargo Advantage Traditional Small Cap Growth Fund Other information (unaudited)

BOARD CONSIDERATION OF INVESTMENT ADVISORY AND SUBADVISORY AGREEMENTS:

Under Section 15 of the Investment Company Act of 1940 (the “1940 Act”), the Board of Trustees (the “Board”) of Wells Fargo Funds Trust (the “Trust”), all the members of which have no direct or indirect interest in the investment advisory and sub-advisory agreements and are not “interested persons” of the Trust, as defined in the 1940 Act (the “Independent Trustees”), must determine whether to approve the continuation of the Trust’s investment advisory and sub-advisory agreements. In this regard, at an in-person meeting held on March 28-29, 2013 (the “Meeting”), the Board reviewed: (i) an investment advisory agreement with Wells Fargo Funds Management, LLC (“Funds Management”) for Wells Fargo Advantage Traditional Small Cap Growth Fund (the “Fund”) and (ii) an investment sub-advisory agreement with Wells Capital Management Incorporated (the “Sub-Adviser”), an affiliate of Funds Management, for the Fund. The investment advisory agreement with Funds Management and the investment sub-advisory agreement with the Sub-Adviser are collectively referred to as the “Advisory Agreements.”

At the Meeting, the Board considered the factors and reached the conclusions described below relating to the selection of Funds Management and the Sub-Adviser and the continuation of the Advisory Agreements. Prior to the Meeting, the Trustees conferred extensively among themselves and with representatives of Funds Management about these matters. The Board has adopted a team-based approach, with each team consisting of a sub-set of Trustees, to assist the Board in the discharge of its duties in reviewing performance and other matters throughout the year. The Independent Trustees were assisted in their evaluation of the Advisory Agreements by independent legal counsel, from whom they received separate legal advice and with whom they met separately.

In providing information to the Board, Funds Management and the Sub-Adviser were guided by a detailed set of requests for information submitted to them by independent legal counsel on behalf of the Independent Trustees at the start of the Board’s annual contract renewal process earlier in 2013. In considering and approving the Advisory Agreements, the Trustees considered the information they believed relevant, including but not limited to the information discussed below. The Board considered not only the specific information presented in connection with the Meeting, but also the knowledge gained over time through interaction with Funds Management and the Sub-Adviser about various topics. In this regard, the Board reviewed reports of Funds Management at each of its quarterly meetings, which included, among other things, portfolio reviews and performance reports. In addition, the Board and the teams mentioned above confer with portfolio managers at various times throughout the year. The Board did not identify any particular information or consideration that was all-important or controlling, and each individual Trustee may have attributed different weights to various factors.

After its deliberations, the Board unanimously determined that the continuation of the Advisory Agreements is in the best interests of the Fund and its shareholders, and that the compensation payable to Funds Management and the Sub-Adviser is reasonable. The Board considered the continuation of the Advisory Agreements for the Fund as part of its consideration of the continuation of advisory agreements for funds across the complex, but each decision was made on a fund-by-fund basis. The following summarizes a number of important, but not necessarily all, factors considered by the Board in reaching its determination.

Nature, extent and quality of services

The Board received and considered various information regarding the nature, extent and quality of services provided to the Fund by Funds Management and the Sub-Adviser under the Advisory Agreements. This information included, among other things, a summary of the background and experience of senior management of Funds Management, and the qualifications, background, tenure and responsibilities of each of the portfolio managers primarily responsible for the day-to-day portfolio management of the Fund.

The Board evaluated the ability of Funds Management and the Sub-Adviser, based on attributes such as their financial condition, resources and reputation, to attract and retain qualified investment professionals, including research, advisory and supervisory personnel. The Board further considered the compliance programs and compliance records of Funds Management and the Sub-Adviser. In addition, the Board took into account the administrative and other services provided to the Fund by Funds Management and its affiliates and Funds Management’s oversight of the Fund’s various service providers.

Fund performance and expenses

The Board considered the performance results for the Fund over various time periods ended December 31, 2012. The Board also considered these results in comparison to the performance of funds in a universe that was determined by Lipper Inc. (“Lipper”) to be similar to the Fund (the “Universe”), and in comparison to the Fund’s benchmark index and to other comparative data. Lipper is an independent provider of investment company data. The Board received a

Other information (unaudited) Wells Fargo Advantage Traditional Small Cap Growth Fund 27

description of the methodology used by Lipper to select the mutual funds in the performance Universe. The Board noted that the performance of the Fund (Class A) was in range of or equal to the median performance of the Universe for all periods under review except the three-year period. The Board also noted that the performance of the Fund was lower than its benchmark, the Russell 2000^® Growth Index, for all periods under review.

The Board received information concerning, and discussed factors contributing to, the underperformance of the Fund relative to the Universe for the three-year period and relative to the benchmark for all periods under review. Funds Management advised the Board about the market conditions and investment decisions that it believed contributed to the underperformance during those periods. The Board noted that market volatility in 2010 and 2011 affected the Fund’s performance during the three-year period under review. The Board was satisfied with the explanation it received.

The Board received and considered information regarding the Fund’s net operating expense ratios and their various components, including actual management fees (which reflect fee waivers, if any, and include advisory, administration and transfer agent fees), custodian and other non-management fees, Rule 12b-1 and non-Rule 12b-1 service fees and fee waiver and expense reimbursement arrangements. The Board also considered these ratios in comparison to the median ratios of funds in class-specific expense groups that were determined by Lipper to be similar to the Fund (the “Groups”). The Board received a description of the methodology used by Lipper to select the mutual funds in the expense Groups. Based on the Lipper reports, the Board noted that the net operating expense ratios of the Fund were lower than or in range of the median net operating expense ratios of the expense Groups. The Board and Funds Management agreed to maintain the current operating expense ratio caps for the Fund.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board concluded that the overall performance and expense structure of the Fund supported the re-approval of the Advisory Agreements.

Investment advisory and sub-advisory fee rates

The Board reviewed and considered the contractual investment advisory fee rates that are payable by the Fund to Funds Management for investment advisory services (the “Advisory Agreement Rates”), both on a stand-alone basis and on a combined basis with the Fund’s fund-level and class-level contractual administration fee rates (the “Management Rates”). The Board noted that the administration fees include transfer agency costs. The Board also reviewed and considered the contractual investment sub-advisory fee rates that are payable by Funds Management to the Sub-Adviser for investment sub-advisory services (the “Sub-Advisory Agreement Rates”).

Among other information reviewed by the Board was a comparison of the Management Rates of the Fund with those of other funds in the expense Groups at a common asset level. The Board noted that the Management Rates of the Fund were in range of the median rate for the Fund’s expense Groups for all classes except Class A. The Board and Funds Management agreed to revise the advisory fee schedule for the Fund by adding an additional breakpoint and to maintain the current operating expense ratio caps for the Fund. The Board also viewed favorably the fact that the net operating expense ratios of the Fund were lower than or in range of the median net operating expense ratios of the expense Groups.

The Board also received and considered information about the portion of the total advisory fee that was retained by Funds Management after payment of the fee to the Sub-Adviser for sub-advisory services. In assessing the reasonableness of this amount, the Board received and evaluated information concerning the nature and extent of responsibilities retained and risks assumed by Funds Management and not delegated to or assumed by the Sub-Adviser, and about Funds Management’s on-going oversight services. In recognition of the fact that the Wells Fargo enterprise provides a suite of combined advisory and sub-advisory services to the Fund through affiliated entities, the Board ascribed limited relevance to the allocation of the total advisory fee between Funds Management and the Sub-Adviser.

The Board also received and considered information about the nature and extent of services offered and fee rates charged by Funds Management and the Sub-Adviser to other types of clients. In this regard, the Board received information about the significantly greater scope of services, and compliance, reporting and other legal burdens and risks of managing mutual funds compared with those associated with managing assets of non-mutual fund clients such as collective funds or institutional separate accounts.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board determined that the Advisory Agreement Rates and the Sub-Advisory Agreement Rates were reasonable in light of the services covered by the Advisory Agreements.

28 Wells Fargo Advantage Traditional Small Cap Growth Fund Other information (unaudited)

Profitability

The Board received and considered information concerning the profitability of Funds Management, as well as the profitability of Wells Fargo as a whole, from providing services to the Fund. The Board did not receive or consider to be necessary separate profitability information with respect to the Sub-Adviser, because, as an affiliate of Funds Management, its profitability information was subsumed in the collective Wells Fargo profitability analysis provided by Funds Management.

Funds Management explained the methodologies and estimates that it used in calculating the profitability from the Fund and the fund family as a whole. Among other things, the Board noted that the levels of profitability reported on a fund-by-fund basis varied widely, depending on factors such as the size and type of fund. Based on its review, the Board did not deem the profits reported by Funds Management to be at a level that would prevent it from approving the continuation of the Advisory Agreements.

Economies of scale

With respect to possible economies of scale, the Board reviewed the breakpoints in the Fund’s advisory fee and administration fee structure, which operate generally to reduce the Fund’s expense ratios as the Fund grows in size. It considered that, for a small fund or a fund that shrinks in size, breakpoints conversely can result in higher fee levels. The Board also considered fee waiver and expense reimbursement arrangements as a means of sharing potential economies of scale with the Fund. The Board also took into account the agreed-upon revision to the advisory fee schedule for the Fund that adds an additional breakpoint. The Board acknowledged the inherent limitations of any analysis of potential economies of scale and of any attempt to correlate breakpoints with such economies. Nonetheless, the Board concluded that the breakpoints and net operating expense ratio caps appeared to be a reasonable approach to sharing potential economies of scale with the Fund.

Other benefits to Funds Management and the Sub-Adviser

The Board received and considered information regarding potential “fall-out” or ancillary benefits received by Funds Management and its affiliates, including the Sub-Adviser, as a result of their relationship with the Fund. Ancillary benefits could include, among others, benefits directly attributable to other relationships with the Fund and benefits potentially derived from an increase in Funds Management’s and the Sub-Adviser’s business as a result of their relationship with the Fund (such as the ability to market to shareholders other financial products and services offered by Funds Management and its affiliates, including the Sub-Adviser, or to operate other products and services that follow investment strategies similar to those of the Fund).

The Board considered that Wells Fargo Funds Distributor, LLC, an affiliate of Funds Management, serves as distributor to the Fund and receives certain compensation for those services. The Board noted that various financial institutions, including affiliates of Funds Management, may receive distribution-related fees, shareholder servicing payments (including amounts derived from payments under Rule 12b-1 plans) and sub-transfer agency fees in respect of shares sold or held through them and services provided.

The Board also reviewed information about whether and to what extent soft dollar credits are sought and how any such credits are utilized, and any benefits that might be realized by an affiliated broker that handles portfolio transactions for the Fund.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board did not find that any ancillary benefits received by Funds Management and its affiliates, including the Sub-Adviser, were unreasonable.

Conclusion

After considering the above-described factors and based on its deliberations and its evaluation of the information described above, the Board unanimously approved the continuation of the Advisory Agreements for an additional one-year period.

List of abbreviations Wells Fargo Advantage Traditional Small Cap Growth 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

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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.

216842 06-13 SA247/SAR247 4-13

ITEM 2. CODE OF ETHICS

Not applicable.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT

Not applicable.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES

Not applicable.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS

Not applicable.

ITEM 6. INVESTMENTS

The Portfolio of investments for each series 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 PURCHASERS

Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s board of trustees that have been implemented since the Registrant’s last provided disclosure in response to the requirements of this Item.

ITEM 11. CONTROLS AND PROCEDURES

(a) The President and Treasurer have concluded that the Wells Fargo Funds Trust (the “Trust”) disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) provide reasonable assurances that material information relating to the Trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing of this report.

(b) There were no significant changes in the Trust’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the fiscal period covered by this report that materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

ITEM 12. EXHIBITS

(a)(1) Not applicable.

(a)(2) Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.

(a)(3) Not applicable.

(b) Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is filed and attached hereto as Exhibit 99.906CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Wells Fargo Funds Trust
By:
	/s/ Karla M. Rabusch
	Karla M. Rabusch
	President
Date:	June 24, 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.

Wells Fargo Funds Trust
By:
	/s/ Karla M. Rabusch
	Karla M. Rabusch
	President
Date:	June 24, 2013
By:
	/s/ Nancy Wiser
	Nancy Wiser
	Treasurer
Date:	June 24, 2013
By:
	/s/ Jeremy DePalma
	Jeremy DePalma
	Treasurer
Date:	June 24, 2013