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:                     Registrant is making a filing for 10 of its series, Wells Fargo Advantage 100% Treasury Money Market Fund, Wells Fargo Advantage California Municipal Money Market Fund, Wells Fargo Advantage Cash Investment Money Market Fund, Wells Fargo Advantage Government Money Market Fund, Wells Fargo Advantage Heritage Money Market Fund, Wells Fargo Advantage Money Market Fund, Wells Fargo Advantage Municipal Cash Management Money Market Fund, Wells Fargo Advantage Municipal Money Market Fund, Wells Fargo Advantage National Tax-Free Money Market Fund, and Wells Fargo Advantage Treasury Plus Money Market Fund. Each series has a January 31 fiscal year end.

Date of reporting period: July 31, 2013

ITEM 1. REPORT TO STOCKHOLDERS

Wells Fargo Advantage 

Cash Investment Money Market Fund

Semi-Annual Report

July 31, 2013

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Contents

Letter to shareholders	2
Performance highlights	4
Fund expenses	6
Portfolio of investments	7
Financial statements
Statement of assets and liabilities	22
Statement of operations	23
Statement of changes in net assets	24
Financial highlights	25
Notes to financial statements	29
Other information	32
List of abbreviations	38

The views expressed and any forward-looking statements are as of July 31, 2013, unless otherwise noted, and are those of the Fund managers and/or Wells Fargo Funds Management, LLC. Discussions of individual securities, or the markets generally, or any Wells Fargo Advantage Fund are not intended as individual recommendations. Future events or results may vary significantly from those expressed in any forward-looking statements; the views expressed are subject to change at any time in response to changing circumstances in the market. Wells Fargo Funds Management, LLC, disclaims any obligation to publicly update or revise any views expressed or forward-looking statements.

NOT FDIC INSURED  ¡  NO BANK GUARANTEE  ¡   MAY LOSE VALUE

Wells Fargo investment history

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

Wells Fargo Advantage Funds^®

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

Strength

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

Expertise

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

Partnership

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

Carefully consider the investment objectives, risks, charges, and expenses before investing. For a current prospectus and, if available, a summary prospectus, for Wells Fargo Advantage Funds, containing this and other information, visit wellsfargoadvantagefunds.com. Read it carefully before investing.

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

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

NOT FDIC INSURED  ¡  NO BANK GUARANTEE  ¡  MAY LOSE VALUE

Not part of the semi-annual report.

Wells Fargo Advantage Funds offers more than 100 mutual funds across a wide range of asset classes, representing over $226 billion in assets under management, as of July 31, 2013.

Equity funds
Asia Pacific Fund	Enterprise Fund†	Opportunity Fund†
C&B Large Cap Value Fund	Global Opportunities Fund	Precious Metals Fund
C&B Mid Cap Value Fund	Growth Fund	Premier Large Company Growth Fund
Capital Growth Fund	Index Fund	Small Cap Opportunities Fund
Common Stock Fund	International Equity Fund	Small Cap Value Fund
Disciplined U.S. Core Fund	International Value Fund	Small Company Growth Fund
Discovery Fund†	Intrinsic Small Cap Value Fund	Small Company Value Fund
Diversified Equity Fund	Intrinsic Value Fund	Small/Mid Cap Value Fund
Diversified International Fund	Intrinsic World Equity Fund	Special Mid Cap Value Fund
Emerging Growth Fund	Large Cap Core Fund	Special Small Cap Value Fund
Emerging Markets Equity Fund	Large Cap Growth Fund	Specialized Technology Fund
Emerging Markets Equity Income Fund	Large Company Value Fund	Traditional Small Cap Growth Fund
Endeavor Select Fund†	Omega Growth Fund	Utility and Telecommunications Fund
Bond funds
Adjustable Rate Government Fund	High Yield Municipal Bond Fund	Short-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 Cash Investment Money Market Fund Letter to shareholders (unaudited)

Karla M. Rabusch

President

Wells Fargo Advantage Funds

We continue to believe that most investors can benefit from adhering to a well-diversified, high-quality investment strategy that is focused on liquidity and capital preservation.

As we gain clarity in the coming months regarding potential changes to the regulation of money market funds, we will provide further communications to you about them.

Dear Valued Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Advantage Cash Investment Money Market Fund for the six-month period that ended July 31, 2013. The past six months were marked by accommodative central bank policies, low interest rates, and regulatory uncertainty. Despite the challenges of a changing market landscape, we continue to believe that most investors can benefit from adhering to a well-diversified, high-quality investment strategy that is focused on liquidity and capital preservation.

Short-term interest rates remained low.

Monetary policy remained accommodative. The Federal Open Market Committee (FOMC) did not make any changes to its policy of keeping the target for the federal funds rate near zero or its asset purchase program of buying agency mortgage-backed securities and Treasury securities. However, Federal Reserve (Fed) Chairman Ben Bernanke roiled bond markets on June 19, after the previous day’s FOMC’s meeting, by indicating that tapering of its bond-buying program could begin later this year and that it could end as soon as mid-2014. Despite Chairman Bernanke’s comments on the potential for tapering of the bond-buying program, the Fed’s official statement reaffirmed its program of buying agency mortgage-backed securities at a pace of $40 billion per month and longer-term Treasury securities at a pace of $45 billion per month to “maintain downward pressure on longer-term interest rates, support mortgage markets, and help make broader financial conditions more accommodative.”

Anchored by the Fed’s accommodative monetary policy of holding its targeted federal funds rate near zero, short-term interest rates remained ultra low during the period. While longer-term interest rates rose late in the period, the combination of strong demand and limited supply of money market securities further exacerbated the low level of short-term interest rates throughout the period. A main reason that overall supply of money-market-eligible securities continued to decrease was due to issuers choosing to issue long-term debt to take advantage of low interest rates.

Despite interest rates remaining low, investors remained involved in money markets because yield was only one component driving their investment choices. More often, safety, diversification¹, and liquidity have been higher-value propositions to these investors, factors that were not diminished by Fed policy or technical developments.

Money market regulations remained under review.

Regulators remained concerned about potential systemic risk from money market funds in the event of another financial crisis and sought further revisions to regulations governing money market funds in order to mitigate that risk. In June, the U.S. Security and Exchange Commission (SEC) proposed the following changes: 1) a floating net asset value (NAV) rather than a $1.00 stable NAV for prime institutional money market funds (prime retail money market funds and government money market funds could continue to maintain a stable $1.00 NAV under the proposal); 2) liquidity fees and redemption gates for money market funds other than government funds; or 3) a combination of these two measures. The SEC is also considering changes to portfolio diversification, stress testing, and disclosure requirements for all money market funds. Wells Fargo Funds Management, LLC intends to submit a comment letter on the proposals to the SEC. As we gain clarity in the coming months regarding potential changes to the regulation of money market funds, we will provide further communications to you about them.

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

Letter to shareholders (unaudited) Wells Fargo Advantage Cash Investment Money Market Fund 3

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

Periods of uncertainty can present challenges, but experience has taught us that maintaining long-term investment goals can be an effective way to plan for the future. To help you create a sound strategy based on your personal goals and risk tolerance, Wells Fargo Advantage Funds offers more than 100 mutual funds and other investments spanning a wide range of asset classes and investment styles.

Although diversification cannot guarantee an investment profit or prevent losses, we believe it can be an effective way to manage investment risk and potentially smooth out overall portfolio performance. We encourage investors to know their investments and to understand that appropriate levels of risk-taking may unlock opportunities.

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

Sincerely,

Karla M. Rabusch

President

Wells Fargo Advantage Funds

4 Wells Fargo Advantage Cash Investment Money Market Fund Performance highlights (unaudited)

Investment objective

The Fund seeks current income, while preserving capital and liquidity.

Adviser

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

David D. Sylvester

Laurie White

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

								Expense ratios2 (%)
	Inception date	1 year		5 year		10 year		Gross		Net3
Administrator Class (WFAXX)	7-31-2003		0.01		0.28		1.72		0.35		0.35
Institutional Class (WFIXX)	10-14-1987		0.07		0.37		1.84		0.23		0.20
Select Class (WFQXX)	6-29-2007		0.14		0.44		1.88		0.19		0.13
Service Class (NWIXX)	10-14-1987		0.01		0.23		1.62		0.52		0.50

Fund yield summary3 (%) as of July 31, 2013	Administrator Class	Institutional Class		Select Class		Service Class
7-day current yield	0.01		0.01		0.08		0.01
7-day compound yield	0.01		0.01		0.08		0.01
30-day simple yield	0.01		0.02		0.08		0.01
30-day compound yield	0.01		0.02		0.08		0.01

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 returns will fluctuate. The Fund’s yield figures more closely reflect the current earnings of the Fund than the total return figures. 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 at the Fund’s website, wellsfargoadvantagefunds.com.

Each class is sold without a front-end sales charge or contingent deferred sales charge. Other fees and expenses apply to an investment in the Fund and are described in the Fund’s current prospectuses.

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 Fund seeks 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.

Please see footnotes on page 5.

Performance highlights (unaudited) Wells Fargo Advantage Cash Investment Money Market Fund 5

Portfolio composition⁴ as of July 31, 2013

Effective maturity distribution⁵ as of July 31, 2013

Weighted average maturity⁶ as of July 31, 2013

35 days

Weighted average final maturity⁷ as of July 31, 2013

43 days

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

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

3. The Adviser has committed through May 31, 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. Without waived fees and/or reimbursed expenses, the Fund’s 7-day current yield would have been (0.13)%, (0.01)%, 0.03%, and (0.30)% for Administrator Class, Institutional Class, Select Class, and Service Class, respectively.

4. Portfolio composition is subject to change and is calculated based on the total investments of the Fund.

5. Effective maturity distribution is subject to change and is calculated based on the total investments of the Fund.

6. Weighted Average Maturity (WAM): WAM is an average of the effective maturities of all securities held in the portfolio, weighted by each security’s percentage of total investments. The maturity of a portfolio security is the period remaining until the date on which the principal amount is unconditionally required to be paid, or in the case of a security called for redemption, the date on which the redemption payment is unconditionally required to be made. WAM calculations allow for the maturities of certain securities with demand features or periodic interest rate resets to be shortened. WAM is a way to measure a fund’s sensitivity to potential interest rate changes.

7. Weighted Average Final Maturity (WAFM): WAFM is an average of the final maturities of all securities held in the portfolio, weighted by their percentage of total investments. The maturity of a portfolio security is the period remaining until the date on which the principal amount is unconditionally required to be paid, or in the case of a security called for redemption, the date on which the redemption payment is unconditionally required to be made. In contrast to WAM, the calculation of WAFM allows for the maturities of certain securities with demand features to be shortened, but not the periodic interest rate resets. WAFM is a way to measure a fund’s potential sensitivity to credit spread changes.

6 Wells Fargo Advantage Cash Investment Money Market Fund Fund expenses (unaudited)

As a shareholder of the Fund, you incur ongoing costs, including management fees, 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 February 1, 2013 to July 31, 2013.

Actual expenses

The “Actual” line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the “Actual” line under the heading entitled “Expenses paid during period” for your applicable class of shares to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The “Hypothetical” line of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only. 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 2-1-2013		Ending account value 7-31-2013		Expenses paid during the period1		Net annual expense ratio
Administrator Class
Actual	$	1,000.00	$	1,000.05	$	1.19		0.24	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.60	$	1.20		0.24	%
Institutional Class
Actual	$	1,000.00	$	1,000.23	$	0.99		0.20	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.80	$	1.00		0.20	%
Select Class
Actual	$	1,000.00	$	1,000.57	$	0.64		0.13	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.15	$	0.65		0.13	%
Service Class
Actual	$	1,000.00	$	1,000.05	$	1.19		0.24	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.60	$	1.20		0.24	%

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

Portfolio of investments—July 31, 2013 (unaudited) Wells Fargo Advantage Cash Investment Money Market Fund 7

Security name	Interest rate			Maturity date		Principal		Value
Certificates of Deposit: 29.20%
ANZ Banking Group London		0.10	%		8-1-2013	$	54,000,000	$	54,000,000
Banco del Estado de Chile		0.22			8-8-2013		35,000,000		35,000,000
Banco del Estado de Chile ±		0.26			10-7-2013		35,000,000		35,000,000
Bank of Montreal		0.18			8-28-2013		60,000,000		60,000,000
Bank of Montreal		0.18			9-12-2013		20,000,000		20,000,000
Bank of Montreal		0.19			8-9-2013		110,000,000		110,000,000
Bank of Montreal		0.19			8-14-2013		65,000,000		65,000,000
Bank of Montreal		0.19			10-11-2013		64,000,000		64,000,000
Bank of Montreal		0.20			10-17-2013		52,000,000		52,000,000
Bank of Nova Scotia		0.21			11-1-2013		52,000,000		52,000,000
Bank of Tokyo-Mitsubishi LLC		0.26			9-11-2013		23,000,000		23,000,256
Barclays Bank plc ±		0.77			12-12-2013		122,000,000		122,000,000
Barclays Bank plc ±		0.88			9-30-2013		45,000,000		45,000,000
China Construction Bank Corporation		0.30			8-6-2013		96,000,000		96,000,000
China Construction Bank Corporation ±		0.44			3-25-2015		91,000,000		91,000,000
Credit Agricole CIB		0.11			8-1-2013		143,000,000		143,000,000
Credit Industriel & Commercial New York		0.11			8-1-2013		82,000,000		82,000,000
Credit Industriel & Commercial New York		0.15			8-2-2013		120,000,000		120,000,000
Credit Suisse New York ±		0.99			8-5-2013		7,000,000		7,000,625
DBS Bank Limited		0.19			8-1-2013		200,000,000		200,000,000
DNB Nor Bank ASA		0.09			8-1-2013		50,000,000		50,000,000
DNB Nor Bank ASA		0.23			8-6-2013		50,000,000		50,000,000
Mitsubishi UFJ Trust and Banking Corporation		0.21			10-28-2013		64,000,000		64,000,000
Mizuho Corporate Bank Limited		0.16			8-9-2013		35,000,000		35,000,000
National Australia Bank Limited ±		1.47			1-30-2014		46,000,000		46,266,298
National Australia Bank Limited ±		1.52			1-17-2014		45,000,000		45,252,896
Natixis Corporation		0.10			8-1-2013		205,200,000		205,200,000
Natixis Corporation		0.14			8-1-2013		92,000,000		92,000,000
Natixis Corporation		0.23			8-2-2013		35,000,000		35,000,000
Natixis Corporation		0.23			8-2-2013		35,000,000		35,000,000
Nordea Bank plc		0.18			9-17-2013		44,000,000		44,000,000
Nordea Bank plc		0.18			10-2-2013		20,000,000		20,000,000
Nordea Bank plc		0.20			11-15-2013		50,000,000		50,000,000
Nordea Bank plc ±		1.12			8-7-2013		30,000,000		30,004,762
Norinchukin Bank		0.12			8-5-2013		78,000,000		78,000,000
Norinchukin Bank		0.19			8-27-2013		56,000,000		56,000,000
Norinchukin Bank		0.23			10-16-2013		80,000,000		80,000,000
Norinchukin Bank		0.23			10-23-2013		50,000,000		50,000,000
Norinchukin Bank		0.23			10-24-2013		40,000,000		40,000,000
Norinchukin Bank		0.25			8-5-2013		10,000,000		10,000,000
Oversea-Chinese Banking Corporation Limited		0.18			10-24-2013		4,000,000		3,999,813
Royal Bank of Canada ±		0.30			6-24-2014		35,000,000		35,000,000
Royal Bank of Canada ±		0.32			8-6-2013		30,000,000		30,000,000
Royal Bank of Canada ±		0.33			8-12-2013		80,000,000		80,000,000
Skandinaviska Enskilda Banken AG		0.08			8-1-2013		50,000,000		50,000,000
Skandinaviska Enskilda Banken AG		0.29			12-20-2013		14,000,000		14,000,270
Skandinaviska Enskilda Banken AG ±		0.54			12-3-2013		145,000,000		145,000,000
Societe Generale		0.13			8-1-2013		67,000,000		67,000,000
Standard Chartered Bank		0.22			8-29-2013		50,000,000		50,000,000
Standard Chartered Bank		0.22			9-19-2013		10,000,000		10,000,271

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

8 Wells Fargo Advantage Cash Investment Money Market Fund Portfolio of investments—July 31, 2013 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Certificates of Deposit (continued)
Standard Chartered Bank		0.22	%		9-30-2013	$	58,000,000	$	58,000,000
Sumitomo Mitsui Banking Corporation		0.17			8-7-2013		60,000,000		60,000,000
Sumitomo Mitsui Banking Corporation		0.22			10-10-2013		40,000,000		40,000,000
Sumitomo Mitsui Banking Corporation		0.22			10-17-2013		55,000,000		55,000,000
Sumitomo Mitsui Banking Corporation		0.23			8-16-2013		48,000,000		48,000,000
Sumitomo Mitsui Banking Corporation		0.23			8-20-2013		30,000,000		30,000,000
Sumitomo Mitsui Banking Corporation		0.23			9-6-2013		15,000,000		14,999,999
Sumitomo Mitsui Banking Corporation ±		0.23			8-19-2013		48,000,000		48,000,000
Sumitomo Trust & Banking Corporation		0.16			8-14-2013		70,000,000		70,000,000
Svenska Handelsbanken		0.19			8-30-2013		23,000,000		23,000,093
Svenska Handelsbanken		0.19			8-22-2013		50,000,000		50,000,000
Svenska Handelsbanken		0.22			11-8-2013		40,000,000		40,000,550
Svenska Handelsbanken		0.22			11-15-2013		40,000,000		40,000,588
Svenska Handelsbanken		0.24			12-20-2013		48,000,000		48,000,939
Svenska Handelsbanken ±		0.78			8-30-2013		30,000,000		30,014,388
Svenska Handelsbanken		0.82			9-16-2013		13,000,000		13,010,514
Toronto-Dominion Bank		0.16			8-21-2013		53,000,000		53,000,000
Toronto-Dominion Bank		0.17			9-23-2013		59,000,000		59,000,000
Toronto-Dominion Bank ±		0.27			10-21-2013		50,000,000		50,000,000
Toronto-Dominion Bank		0.27			9-13-2013		45,000,000		45,000,000
Total Certificates of Deposit (Cost $3,951,752,262)									3,951,752,262
Commercial Paper: 46.08%
Asset-Backed Commercial Paper: 19.59%
Alpine Securitization Corporation 144A(z)		0.15			8-14-2013		40,000,000		39,997,833
Alpine Securitization Corporation 144A(z)		0.15			8-19-2013		50,000,000		49,996,250
Alpine Securitization Corporation 144A(z)		0.15			8-20-2013		25,000,000		24,998,021
Alpine Securitization Corporation 144A(z)		0.15			8-21-2013		30,000,000		29,997,500
Alpine Securitization Corporation 144A(z)		0.17			8-5-2013		20,000,000		19,999,622
Anglesea Funding LLC 144A(z)		0.30			8-7-2013		36,000,000		35,998,200
Anglesea Funding LLC 144A(z)		0.30			8-9-2013		20,000,000		19,998,667
Anglesea Funding LLC 144A(z)		0.30			8-28-2013		21,000,000		20,995,275
Antalis US Funding Corporation 144A(z)		0.15			8-2-2013		63,000,000		62,999,660
Antalis US Funding Corporation 144A(z)		0.23			8-30-2013		11,000,000		10,997,873
Antalis US Funding Corporation 144A(z)		0.26			8-1-2013		37,000,000		37,000,000
Antalis US Funding Corporation 144A(z)		0.29			9-5-2013		48,000,000		47,988,334
Bedford Row Funding Corporation 144A(z)		0.35			8-1-2013		35,000,000		35,000,000
CAFCO LLC 144A(z)		0.21			8-6-2013		40,000,000		39,998,833
Charta LLC 144A(z)		0.19			8-27-2013		50,000,000		49,993,139
Ciesco LLC 144A(z)		0.18			8-19-2013		10,000,000		9,999,100
Ciesco LLC 144A(z)		0.21			8-5-2013		50,000,000		49,998,833
Collateralized Commercial Paper Company LLC (z)		0.24			9-10-2013		45,000,000		44,988,000
Concord Minutemen Capital Company 144A(z)		0.19			8-23-2013		26,000,000		25,996,981
Concord Minutemen Capital Company 144A(z)		0.19			8-26-2013		10,000,000		9,998,681
Concord Minutemen Capital Company 144A(z)		0.20			8-7-2013		16,000,000		15,999,467
Concord Minutemen Capital Company 144A(z)		0.20			8-13-2013		5,000,000		4,999,667
Concord Minutemen Capital Company 144A(z)		0.24			9-3-2013		14,000,000		13,996,920
CRC Funding LLC 144A(z)		0.19			8-23-2013		10,000,000		9,998,839
CRC Funding LLC 144A(z)		0.19			8-27-2013		25,000,000		24,996,569
CRC Funding LLC 144A(z)		0.25			8-2-2013		1,000,000		999,993

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

Portfolio of investments—July 31, 2013 (unaudited) Wells Fargo Advantage Cash Investment Money Market Fund 9

Security name	Interest rate			Maturity date		Principal		Value
Asset-Backed Commercial Paper (continued)
Crown Point Capital Company 144A(z)		0.19	%		8-23-2013	$	19,000,000	$	18,997,794
Crown Point Capital Company 144A(z)		0.19			8-26-2013		10,000,000		9,998,681
Crown Point Capital Company 144A(z)		0.22			9-18-2013		5,000,000		4,998,533
Crown Point Capital Company 144A(z)		0.22			9-20-2013		30,000,000		29,990,833
Gemini Securitization Corporation 144A(z)		0.11			8-1-2013		9,000,000		9,000,000
Gotham Funding Corporation 144A(z)		0.19			8-13-2013		40,000,000		39,997,467
Gotham Funding Corporation 144A(z)		0.21			8-2-2013		13,000,000		12,999,924
Gotham Funding Corporation 144A(z)		0.21			8-6-2013		23,000,000		22,999,329
Gotham Funding Corporation 144A(z)		0.21			8-9-2013		10,000,000		9,999,533
Gotham Funding Corporation 144A(z)		0.21			8-21-2013		15,000,000		14,998,250
Gotham Funding Corporation 144A(z)		0.21			9-9-2013		18,000,000		17,995,905
Gotham Funding Corporation 144A(z)		0.21			9-11-2013		12,000,000		11,997,130
Govco LLC 144A(z)		0.18			8-12-2013		25,000,000		24,998,625
Govco LLC 144A(z)		0.18			8-15-2013		40,000,000		39,997,200
Govco LLC 144A(z)		0.18			8-21-2013		30,000,000		29,997,000
Govco LLC 144A(z)		0.18			8-22-2013		30,000,000		29,996,850
Govco LLC 144A(z)		0.19			8-9-2013		12,000,000		11,999,493
Govco LLC 144A(z)		0.21			8-7-2013		22,000,000		21,999,230
Hannover Funding Company LLC 144A(z)		0.20			8-19-2013		41,000,000		40,995,900
Hannover Funding Company LLC 144A(z)		0.20			8-26-2013		15,000,000		14,997,917
Hannover Funding Company LLC 144A(z)		0.21			8-1-2013		5,000,000		5,000,000
Institutional Secured Funding LLC 144A(z)		0.37			8-6-2013		17,000,000		16,999,126
Institutional Secured Funding LLC 144A(z)		0.37			8-2-2013		12,000,000		11,999,877
Kells Funding LLC 144A(z)		0.21			10-22-2013		30,000,000		29,985,650
Kells Funding LLC 144A(z)		0.21			10-25-2013		3,000,000		2,998,513
Kells Funding LLC 144A(z)		0.22			11-7-2013		10,000,000		9,994,011
Kells Funding LLC 144A(z)		0.22			11-18-2013		15,000,000		14,990,008
Kells Funding LLC 144A(z)		0.22			11-25-2013		21,000,000		20,985,113
Legacy Capital Company 144A(z)		0.23			8-13-2013		30,000,000		29,997,700
Legacy Capital Company 144A(z)		0.23			9-11-2013		40,000,000		39,989,522
Lexington Parker Capital Company LLC 144A(z)		0.22			9-18-2013		5,000,000		4,998,533
Lexington Parker Capital Company LLC 144A(z)		0.22			9-20-2013		20,000,000		19,993,889
Lexington Parker Capital Company LLC 144A(z)		0.23			8-13-2013		40,000,000		39,996,933
Lexington Parker Capital Company LLC 144A(z)		0.23			9-11-2013		8,000,000		7,997,904
Lexington Parker Capital Company LLC 144A(z)		0.23			9-13-2013		50,000,000		49,986,264
Liberty Street Funding LLC 144A(z)		0.16			8-7-2013		18,000,000		17,999,520
Liberty Street Funding LLC 144A(z)		0.17			8-15-2013		40,000,000		39,997,356
Liberty Street Funding LLC 144A(z)		0.17			8-19-2013		9,000,000		8,999,235
Liberty Street Funding LLC 144A(z)		0.18			9-23-2013		40,000,000		39,989,400
Liberty Street Funding LLC 144A(z)		0.19			8-16-2013		9,000,000		8,999,288
Liberty Street Funding LLC 144A(z)		0.20			8-1-2013		9,000,000		9,000,000
Liberty Street Funding LLC 144A(z)		0.20			8-12-2013		24,000,000		23,998,533
Liberty Street Funding LLC 144A(z)		0.20			8-22-2013		10,000,000		9,998,833
Liberty Street Funding LLC 144A(z)		0.20			9-3-2013		20,000,000		19,996,333
Liberty Street Funding LLC 144A(z)		0.20			9-20-2013		5,000,000		4,998,611
Liberty Street Funding LLC 144A(z)		0.20			10-10-2013		20,000,000		19,992,222
LMA Americas LLC 144A(z)		0.21			8-15-2013		2,000,000		1,999,837
LMA Americas LLC 144A(z)		0.21			8-19-2013		5,000,000		4,999,475
LMA Americas LLC 144A(z)		0.29			10-18-2013		14,000,000		13,991,203
Manhattan Asset Funding Company LLC 144A(z)		0.22			9-24-2013		20,000,000		19,993,400

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

10 Wells Fargo Advantage Cash Investment Money Market Fund Portfolio of investments—July 31, 2013 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Asset-Backed Commercial Paper (continued)
MetLife Short Term Funding LLC 144A(z)		0.18	%		8-12-2013	$	24,000,000	$	23,998,680
MetLife Short Term Funding LLC 144A(z)		0.19			9-10-2013		9,000,000		8,998,100
MetLife Short Term Funding LLC 144A(z)		0.19			9-17-2013		10,000,000		9,997,519
MetLife Short Term Funding LLC 144A(z)		0.20			9-23-2013		5,000,000		4,998,528
Mountcliff Funding LLC 144A(z)		0.32			8-8-2013		20,000,000		19,998,756
Mountcliff Funding LLC 144A(z)		0.32			8-22-2013		10,000,000		9,998,133
Mountcliff Funding LLC 144A(z)		0.32			9-6-2013		5,000,000		4,998,400
Newport Funding Corporation 144A(z)		0.12			8-1-2013		14,000,000		14,000,000
Nieuw Amsterdam Receivables Corporation 144A(z)		0.19			9-3-2013		10,000,000		9,998,258
Nieuw Amsterdam Receivables Corporation 144A(z)		0.20			10-16-2013		80,000,000		79,966,222
Old Line Funding LLC 144A(z)		0.20			8-23-2013		20,000,000		19,997,556
Old Line Funding LLC 144A(z)		0.20			9-9-2013		19,000,000		18,995,883
Old Line Funding LLC 144A(z)		0.20			9-13-2013		20,000,000		19,995,222
Old Line Funding LLC 144A(z)		0.20			9-19-2013		10,000,000		9,997,278
Old Line Funding LLC 144A(z)		0.21			8-2-2013		26,000,000		25,999,848
Old Line Funding LLC 144A(z)		0.26			9-5-2013		40,000,000		39,990,122
Regency Markets No.1 LLC 144A(z)		0.15			8-14-2013		41,000,000		40,997,779
Regency Markets No.1 LLC 144A(z)		0.15			8-20-2013		100,000,000		99,992,083
Regency Markets No.1 LLC 144A(z)		0.16			8-28-2013		33,000,000		32,996,040
Ridgefield Funding LLC 144A(z)		0.28			8-29-2013		25,000,000		24,994,556
Ridgefield Funding LLC 144A±		0.29			11-7-2013		43,000,000		42,997,252
Scaldis Capital LLC 144A(z)		0.25			8-1-2013		5,000,000		5,000,000
Sydney Capital Corporation 144A(z)		0.25			9-12-2013		16,000,000		15,995,333
Sydney Capital Corporation 144A(z)		0.25			9-24-2013		2,000,000		1,999,250
Sydney Capital Corporation 144A(z)		0.26			9-16-2013		16,000,000		15,994,684
Sydney Capital Corporation 144A(z)		0.27			8-14-2013		9,000,000		8,999,123
Thunder Bay Funding LLC 144A(z)		0.20			8-23-2013		20,000,000		19,997,556
Thunder Bay Funding LLC 144A(z)		0.20			9-6-2013		30,000,000		29,994,000
Thunder Bay Funding LLC 144A(z)		0.20			10-3-2013		15,000,000		14,994,750
Victory Receivables 144A(z)		0.18			8-8-2013		20,000,000		19,999,300
Victory Receivables 144A(z)		0.18			8-12-2013		20,000,000		19,998,900
Victory Receivables 144A(z)		0.18			8-13-2013		30,000,000		29,998,200
Victory Receivables 144A(z)		0.18			8-21-2013		32,000,000		31,996,800
Victory Receivables 144A(z)		0.18			9-4-2013		39,000,000		38,993,087
Victory Receivables 144A(z)		0.21			8-1-2013		5,000,000		5,000,000
Victory Receivables 144A(z)		0.21			8-2-2013		38,000,000		37,999,792
Victory Receivables 144A(z)		0.21			9-10-2013		14,000,000		13,996,733
Victory Receivables 144A(z)		0.21			9-11-2013		34,000,000		33,991,869
Victory Receivables 144A(z)		0.21			9-16-2013		30,000,000		29,991,950
White Point Funding Incorporated 144A(z)		0.33			8-15-2013		5,000,000		4,999,358
									2,651,601,040
Financial Company Commercial Paper: 22.24%
ABN AMRO Funding LLC 144A(z)		0.20			9-10-2013		30,000,000		29,993,333
ASB Finance Limited 144A(z)		0.22			9-10-2013		25,000,000		24,993,889
ASB Finance Limited 144A±		0.40			9-5-2013		30,000,000		30,000,000
ASB Finance Limited 144A±		0.41			8-29-2013		20,000,000		20,000,000
ASB Finance Limited 144A±		0.42			9-3-2013		20,000,000		20,000,000
Australia & New Zealand Banking Group 144A(z)		0.17			8-29-2013		30,000,000		29,996,033
Australia & New Zealand Banking Group 144A(z)		0.17			8-30-2013		40,000,000		39,994,522

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

Portfolio of investments—July 31, 2013 (unaudited) Wells Fargo Advantage Cash Investment Money Market Fund 11

Security name	Interest rate			Maturity date		Principal		Value
Financial Company Commercial Paper (continued)
Australia & New Zealand Banking Group 144A±		0.32	%		11-18-2013	$	35,000,000	$	35,000,000
Banco de Credito e Inversiones 144A(z)		0.45			8-2-2013		49,000,000		48,999,388
Bank of Nova Scotia (z)		0.17			9-20-2013		20,000,000		19,995,278
Bank of Nova Scotia (z)		0.18			10-9-2013		45,000,000		44,984,475
Barclays Bank plc 144A(z)		0.20			9-19-2013		15,000,000		14,995,917
Barclays Bank plc 144A(z)		0.25			8-6-2013		40,000,000		39,998,611
Barclays Bank plc 144A(z)		0.25			8-27-2013		59,000,000		58,989,347
BNZ International Funding Limited 144A±		0.37			10-2-2013		45,000,000		45,000,000
BNZ International Funding Limited 144A±		0.37			11-1-2013		45,000,000		45,000,000
Caisse Centrale Desjardins du Quebec 144A(z)		0.20			8-20-2013		7,000,000		6,999,261
Caisse Centrale Desjardins du Quebec 144A(z)		0.20			8-22-2013		18,000,000		17,997,900
Caisse Centrale Desjardins du Quebec 144A(z)		0.20			9-6-2013		50,000,000		49,990,000
Caisse Centrale Desjardins du Quebec 144A(z)		0.21			8-5-2013		4,000,000		3,999,907
Caisse Centrale Desjardins du Quebec 144A(z)		0.21			8-9-2013		80,000,000		79,996,267
Caisse Centrale Desjardins du Quebec 144A(z)		0.21			8-12-2013		11,000,000		10,999,294
Caisse Centrale Desjardins du Quebec 144A(z)		0.22			11-8-2013		15,000,000		14,990,925
Caisse Centrale Desjardins du Quebec 144A(z)		0.24			9-12-2013		15,000,000		14,995,800
Caisse Centrale Desjardins du Quebec 144A(z)		0.24			9-13-2013		30,000,000		29,991,400
Caisse Centrale Desjardins du Quebec 144A(z)		0.24			9-16-2013		31,000,000		30,990,493
Commonwealth Bank of Australia 144A(z)		0.17			8-30-2013		34,000,000		33,995,344
Commonwealth Bank of Australia 144A±		0.32			11-29-2013		25,000,000		24,999,164
Commonwealth Bank of Australia 144A±		0.32			11-14-2013		50,000,000		50,000,000
CPPIB Capital Incorporated 144A(z)		0.15			8-26-2013		25,000,000		24,997,396
DBS Bank Limited 144A(z)		0.21			11-12-2013		10,000,000		9,993,992
DBS Bank Limited 144A(z)		0.21			11-13-2013		20,000,000		19,987,867
DBS Bank Limited 144A(z)		0.25			9-4-2013		33,000,000		32,992,208
Dexia Credit Local Societe Anonyme (z)		0.35			11-27-2013		50,000,000		49,942,639
Dexia Credit Local Societe Anonyme (z)		0.47			2-21-2014		50,000,000		49,866,833
Dexia Credit Local Societe Anonyme (z)		0.47			2-26-2014		40,000,000		39,890,856
DNB Nor Bank ASA 144A(z)		0.18			8-9-2013		65,000,000		64,997,400
DNB Nor Bank ASA 144A(z)		0.19			10-9-2013		28,000,000		27,989,803
DNB Nor Bank ASA 144A(z)		0.22			11-13-2013		20,000,000		19,987,578
DNB Nor Bank ASA 144A±		0.42			9-20-2013		70,000,000		70,000,000
HSBC Bank plc 144A±		0.40			10-15-2013		60,000,000		60,000,000
HSBC Bank plc 144A±		0.40			10-1-2013		60,000,000		60,000,000
Macquarie Bank Limited 144A(z)		0.22			8-16-2013		20,000,000		19,998,167
Macquarie Bank Limited 144A(z)		0.25			9-16-2013		40,000,000		39,987,222
Mitsubishi UFJ Trust and Banking Corporation 144A(z)		0.18			8-30-2013		20,000,000		19,997,100
Mitsubishi UFJ Trust and Banking Corporation 144A(z)		0.19			9-24-2013		20,000,000		19,994,300
National Australia Bank Limited 144A(z)		0.17			9-10-2013		39,000,000		38,992,633
Nationwide Building Society 144A(z)		0.25			9-25-2013		23,000,000		22,991,215
Nationwide Building Society 144A(z)		0.30			8-5-2013		57,000,000		56,998,100
Nationwide Building Society 144A(z)		0.30			8-12-2013		50,000,000		49,995,417
Nordea Bank AB 144A(z)		0.18			8-20-2013		25,000,000		24,997,625
Nordea Bank AB 144A(z)		0.19			10-17-2013		25,000,000		24,990,108
Nordea Bank AB 144A(z)		0.21			9-13-2013		25,000,000		24,993,878
Nordea Bank AB 144A(z)		0.23			12-17-2013		50,000,000		49,956,875
Nordea Bank AB 144A(z)		0.26			2-3-2014		34,000,000		33,955,205
NV Bank Nederlandse Gemeenten 144A(z)		0.20			12-2-2013		65,000,000		64,956,694
Oversea-Chinese Banking Corporation Limited (z)		0.20			9-3-2013		15,000,000		14,997,250

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

12 Wells Fargo Advantage Cash Investment Money Market Fund Portfolio of investments—July 31, 2013 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Financial Company Commercial Paper (continued)
Oversea-Chinese Banking Corporation Limited (z)		0.22	%		10-21-2013	$	3,000,000	$	2,998,515
Oversea-Chinese Banking Corporation Limited (z)		0.22			8-29-2013		25,000,000		24,995,722
Prudential plc 144A(z)		0.24			8-2-2013		28,500,000		28,499,810
PSP Capital Incorporated 144A(z)		0.15			9-4-2013		15,000,000		14,997,875
PSP Capital Incorporated 144A(z)		0.16			8-20-2013		6,000,000		5,999,493
SBAB Bank AB 144A(z)		0.24			8-2-2013		50,000,000		49,999,667
SBAB Bank AB 144A(z)		0.29			9-12-2013		16,000,000		15,994,587
SBAB Bank AB 144A(z)		0.30			9-17-2013		10,000,000		9,996,083
SBAB Bank AB 144A(z)		0.30			9-26-2013		22,000,000		21,989,733
Skandinaviska Enskilda Banken AG 144A(z)		0.26			12-17-2013		117,000,000		116,883,390
Sumitomo Mitsui Banking Corporation 144A(z)		0.23			9-5-2013		18,000,000		17,995,975
Sumitomo Trust and Banking Corporation 144A(z)		0.16			8-15-2013		75,000,000		74,995,333
Sumitomo Trust and Banking Corporation 144A(z)		0.16			8-16-2013		70,000,000		69,995,333
Sumitomo Trust and Banking Corporation 144A(z)		0.16			8-22-2013		20,000,000		19,998,133
Suncorp Group Limited 144A(z)		0.37			9-12-2013		2,000,000		1,999,137
Suncorp Group Limited 144A(z)		0.37			9-18-2013		25,000,000		24,987,667
Suncorp Group Limited 144A(z)		0.37			9-19-2013		12,000,000		11,993,957
Suncorp Group Limited 144A(z)		0.38			8-6-2013		24,000,000		23,998,733
Suncorp Group Limited 144A(z)		0.41			12-2-2013		11,000,000		10,984,591
Svenska Handelsbanken Incorporated 144A(z)		0.19			8-20-2013		13,000,000		12,998,696
Svenska Handelsbanken Incorporated 144A(z)		0.22			8-5-2013		45,000,000		44,998,900
Swedbank (z)		0.34			8-1-2013		20,000,000		20,000,000
Toyota Credit Canada Incorporated (z)		0.19			9-18-2013		14,000,000		13,996,453
United Overseas Bank Limited 144A(z)		0.18			9-10-2013		26,000,000		25,994,800
United Overseas Bank Limited 144A(z)		0.19			9-18-2013		16,000,000		15,995,947
United Overseas Bank Limited 144A(z)		0.22			11-14-2013		10,000,000		9,993,583
United Overseas Bank Limited 144A(z)		0.23			11-12-2013		7,000,000		6,995,394
UOB Funding LLC (z)		0.16			8-20-2013		43,000,000		42,996,369
UOB Funding LLC (z)		0.21			9-18-2013		10,000,000		9,997,200
UOB Funding LLC (z)		0.25			8-12-2013		8,000,000		7,999,389
Westpac Banking Corporation 144A±		0.32			1-16-2014		55,000,000		54,997,412
Westpac Banking Corporation 144A±		0.33			11-8-2013		50,000,000		49,998,602
Westpac Securities NZ Limited 144A(z)		0.18			8-8-2013		10,000,000		9,999,650
Westpac Securities NZ Limited 144A(z)		0.19			9-9-2013		41,000,000		40,990,749
Westpac Securities NZ Limited 144A(z)		0.20			9-23-2013		21,000,000		20,993,971
Westpac Securities NZ Limited 144A(z)		0.22			9-10-2013		25,000,000		24,993,889
Westpac Securities NZ Limited 144A±		0.27			11-19-2013		44,000,000		44,002,928
Westpac Securities NZ Limited 144A±		0.36			10-25-2013		46,000,000		46,000,000
									3,009,582,575
Other Commercial Paper: 4.25%
ACTS Retirement Life Communities Incorporated (z)		0.32			8-19-2013		12,000,000		11,998,080
ACTS Retirement Life Communities Incorporated (z)		0.32			8-19-2013		12,000,000		11,998,080
Caisse des Depots et Consignations 144A(z)		0.20			8-5-2013		2,000,000		1,999,956
Catholic Health Initiatives (z)		0.19			9-4-2013		7,000,000		6,998,744
China International Marine Containers Company Limited (z)		0.35			8-9-2013		4,000,000		3,999,689
China International Marine Containers Company Limited (z)		0.35			8-1-2013		21,000,000		21,000,000
China International Marine Containers Company Limited (z)		0.35			8-5-2013		20,000,000		19,999,222
China International Marine Containers Company Limited (z)		0.35			8-8-2013		10,000,000		9,999,319
CNPC Finance 144A(z)		0.29			8-7-2013		22,000,000		21,998,937

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

Portfolio of investments—July 31, 2013 (unaudited) Wells Fargo Advantage Cash Investment Money Market Fund 13

Security name	Interest rate			Maturity date		Principal		Value
Other Commercial Paper (continued)
CNPC Finance 144A(z)		0.32	%		8-15-2013	$	5,000,000	$	4,999,378
CNPC Finance 144A(z)		0.32			8-20-2013		26,000,000		25,995,609
CNPC Finance 144A(z)		0.32			8-23-2013		50,000,000		49,990,222
CNPC Finance 144A(z)		0.32			8-1-2013		10,000,000		10,000,000
CNPC Finance 144A(z)		0.32			8-12-2013		49,000,000		48,995,209
CNPC Finance 144A(z)		0.33			8-28-2013		17,000,000		16,995,793
CNPC Finance 144A(z)		0.36			9-6-2013		45,000,000		44,983,800
COFCO Capital Corporation (z)		0.16			8-13-2013		29,000,000		28,998,453
COFCO Capital Corporation (z)		0.21			8-8-2013		3,000,000		2,999,878
Deer Park Refining Limited 144A(z)		0.20			9-16-2013		32,000,000		31,991,822
Sinochem Company Limited (z)		0.01			9-4-2013		25,000,000		24,996,222
Sinochem Company Limited (z)		0.16			8-30-2013		25,000,000		24,996,778
Sinochem Company Limited (z)		0.18			8-1-2013		12,000,000		12,000,000
Sinopec Century Bright Capital Investments Limited 144A(z)		0.32			8-1-2013		15,000,000		15,000,000
Sinopec Century Bright Capital Investments Limited 144A(z)		0.36			9-5-2013		24,000,000		23,991,600
Sinopec Century Bright Capital Investments Limited 144A(z)		0.36			9-9-2013		10,000,000		9,996,100
Sinopec Century Bright Capital Investments Limited 144A(z)		0.36			9-12-2013		19,000,000		18,992,020
Sinopec Century Bright Capital Investments Limited 144A(z)		0.36			9-13-2013		43,000,000		42,981,510
Toyota Credit de Puerto Rico (z)		0.18			9-5-2013		5,000,000		4,999,125
Toyota Motor Credit Corporation (z)		0.20			10-23-2013		10,000,000		9,995,389
Toyota Motor Credit Corporation		0.24			9-12-2013		12,000,000		12,000,000
									575,890,935
Total Commercial Paper (Cost $6,237,074,550)									6,237,074,550
Government Agency Debt: 0.26%
Overseas Private Investment Corporation ±§(i)		0.14			7-9-2026		35,000,000		35,000,000
Total Government Agency Debt (Cost $35,000,000)									35,000,000
Municipal Obligations: 11.29%
Alabama: 0.21%
Variable Rate Demand Notes ø: 0.21%
Birmingham AL Special Care Facilities Finance Authority Ascension Health Series C (Miscellaneous Revenue, Morgan Stanley Bank LIQ) 144A		0.09			11-15-2046		12,625,000		12,625,000
Homewood AL Educational Building Authority Samford University Series A (Education Revenue, Branch Banking & Trust LOC)		0.06			12-1-2043		15,768,000		15,768,000
									28,393,000
Arizona: 0.12%
Variable Rate Demand Notes ø: 0.12%
Glendale AZ IDA Midwestern University (Education Revenue, JPMorgan Chase & Company LOC)		0.07			5-1-2041		5,000,000		5,000,000
Phoenix AZ IDA Del Mar Terrace Series A (Housing Revenue, FHLMC LIQ)		0.06			10-1-2029		11,500,000		11,500,000
									16,500,000
California: 0.85%
Other Municipal Debt: 0.32%
California Commercial Paper Notes Series B2 (GO)		0.17			8-27-2013		10,000,000		10,000,000

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

14 Wells Fargo Advantage Cash Investment Money Market Fund Portfolio of investments—July 31, 2013 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Other Municipal Debt (continued)
California Commercial Paper Notes Series B5 (GO)		0.15	%		8-28-2013	$	8,000,000	$	8,000,000
Los Angeles County CA Metropolitan Transportation Authority Series ATSM (Transportation Revenue)		0.21			10-1-2013		5,000,000		5,000,000
Los Angeles County CA Metropolitan Transportation Authority Series ATUB (Transportation Revenue)		0.28			10-2-2013		3,000,000		3,000,000
Orange County CA Pension Obligation Series A (Miscellaneous Revenue)		0.61			11-1-2013		4,000,000		4,000,000
San Francisco CA City & County Public Utilities Commission Series A1T (GO)		0.20			8-7-2013		9,000,000		9,000,000
San Francisco CA City & County Public Utilities Commission Series A2T (GO)		0.19			8-8-2013		4,000,000		4,000,000
									43,000,000
Variable Rate Demand Notes ø: 0.53%
JPMorgan Chase PUTTER/DRIVER Trust Series 3164 (GO, JPMorgan Chase & Company LIQ) 144A		0.07			8-1-2031		14,000,000		14,000,000
Los Angeles CA Beverly Park Apartments Series A (Housing Revenue, FHLMC LIQ)		0.07			8-1-2018		12,000,000		12,000,000
Los Angeles CA Unified School District 2012-2013 TRAN Series B JPMorgan PUTTER Series 4289 (GO, JPMorgan Chase & Company LIQ) 144A		0.06			11-28-2013		10,000,000		10,000,000
San Francisco CA City & County COP Series B001 (Miscellaneous Revenue, Morgan Stanley Bank LIQ) 144A		0.23			11-1-2041		2,000,000		2,000,000
San Francisco CA City & County RDA Community Facilities District #4 (Tax Revenue, Bank of America NA LOC)		0.09			8-1-2032		14,000,000		14,000,000
San Francisco CA City & County RDA Notre Dame Apartments Series G (Housing Revenue, Citibank NA LOC)		0.09			12-1-2033		7,920,000		7,920,000
San Leandro CA Carlton Plaza Series A (Housing Revenue, FNMA Insured, FNMA LIQ)		0.09			9-15-2032		5,800,000		5,800,000
San Mateo County CA Community College CAB Series B (Tax Revenue, National Insured)		0.16			9-1-2036		7,000,000		7,000,000
									72,720,000
Colorado: 0.60%
Variable Rate Demand Notes ø: 0.60%
Colorado HFA Class I Series A-2 (Housing Revenue, Royal Bank of Canada SPA)		0.06			11-1-2026		6,000,000		6,000,000
Colorado HFA Class I Series B-2 (Housing Revenue, Royal Bank of Canada SPA)		0.06			5-1-2038		18,000,000		18,000,000
Colorado HFA MFHR Project B-2 (Housing Revenue, FHLB SPA)		0.12			5-1-2050		34,415,000		34,415,000
Royal Bank of Canada Municipal Products Incorporated Trust Series E-25 (Miscellaneous Revenue, Royal Bank of Canada LOC, Royal Bank of Canada LIQ) 144A		0.09			11-15-2025		10,000,000		10,000,000
Southern Ute Indian Tribe Reservation Colorado Series 2001 (IDR)		0.06			11-1-2031		13,300,000		13,300,000
									81,715,000
Connecticut: 0.20%
Variable Rate Demand Notes ø: 0.20%
Connecticut HFA Series C-2 (Housing Revenue, Bank of Tokyo-Mitsubishi SPA)		0.06			5-15-2034		5,000,000		5,000,000
New Britain CT Taxable Pension Series C (GO, JPMorgan Chase & Company LOC)		0.26			2-1-2026		21,800,000		21,800,000
									26,800,000
District of Columbia: 0.04%
Other Municipal Debt: 0.04%
District of Columbia Water & Sewer Authority Series C (Water & Sewer Revenue)		0.19			8-12-2013		5,000,000		5,000,000

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

Portfolio of investments—July 31, 2013 (unaudited) Wells Fargo Advantage Cash Investment Money Market Fund 15

Security name	Interest rate			Maturity date		Principal		Value
Florida: 0.21%
Variable Rate Demand Notes ø: 0.21%
Hillsborough County FL School Board Master Lease Program JPMorgan PUTTER Series 4128 (Miscellaneous Revenue, JPMorgan Chase & Company LOC, JPMorgan Chase & Company LIQ) 144A		0.10	%		4-22-2014	$	12,700,000	$	12,700,000
Miami Dade County FL Building Better Community Program Series 2005 US Bank Solar Eclipse Series 2006-0049 (GO, U.S. Bank NA LOC, U.S. Bank NA LIQ)		0.07			1-1-2015		7,355,000		7,355,000
Volusia County FL Eclipse Funding Trust Series 0036 (Miscellaneous Revenue, U.S. Bank NA LOC, AGM Insured, U.S. Bank NA LIQ) 144A		0.06			8-1-2032		8,565,000		8,565,000
									28,620,000
Georgia: 0.12%
Variable Rate Demand Notes ø: 0.12%
Columbus GA Housing Development Authority Puttable Floating Option Taxable Notes Series TN-024 (Housing Revenue, ACA Insured) 144A		0.44			10-1-2039		12,860,000		12,860,000
Wayne County GA IDA Solid Waste Disposal Rayonier Project Series 2000 (IDR, Bank of America NA LOC)		0.11			5-1-2020		3,000,000		3,000,000
									15,860,000
Illinois: 0.62%
Variable Rate Demand Notes ø: 0.62%
Chicago IL Water District Solar Eclipse Funding Trust Various States Project Series A (Water & Sewer Revenue, U.S. Bank NA LOC, U.S. Bank NA LIQ)		0.06			5-1-2014		8,955,000		8,955,000
Cook County IL Various Projects Series D (Tax Revenue)		0.16			11-1-2030		31,000,000		31,000,000
Illinois Development Finance Authority McCormick Theological Seminary Project Series B (Education Revenue, Northern Trust Company LOC)		0.07			6-1-2035		22,435,000		22,435,000
Illinois Development Finance Authority YMCA Metropolitan Chicago Project Series 2001 (Miscellaneous Revenue, Harris NA LOC)		0.06			6-1-2029		5,000,000		5,000,000
Illinois Finance Authority Carle Foundation Series E (Health Revenue, JPMorgan Chase & Company LOC)		0.07			2-15-2033		8,000,000		8,000,000
Illinois Finance Authority Hospital Sister Services Series G (Health Revenue, Bank of Montreal LOC)		0.05			8-1-2040		4,000,000		4,000,000
Illinois Housing Development Authority Homeowner Mortgage Series A3 (Housing Revenue, FHLB SPA)		0.07			8-1-2035		4,000,000		4,000,000
									83,390,000
Iowa: 0.16%
Variable Rate Demand Note ø: 0.16%
Iowa Finance Authority Student Housing Des Moines LLC Project A (Miscellaneous Revenue, Citibank NA LOC)		0.08			6-1-2039		21,885,000		21,885,000
Kentucky: 0.19%
Variable Rate Demand Notes ø: 0.19%
Kentucky EDFA Goodwill Industries Incorporated Project (IDR, PNC Bank NA LOC)		0.08			12-1-2037		9,750,000		9,750,000
Kentucky Housing Corporation Series M (Housing Revenue, PNC Bank NA SPA)		0.06			1-1-2033		16,000,000		16,000,000
									25,750,000

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

16 Wells Fargo Advantage Cash Investment Money Market Fund Portfolio of investments—July 31, 2013 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Maryland: 0.50%
Variable Rate Demand Notes ø: 0.50%
Maryland CDA Housing & Community Residential Series B (Housing Revenue)		0.14	%		9-1-2033	$	42,000,000	$	42,000,000
Maryland CDA Series G (Housing Revenue, State Street Bank & Trust Company SPA)		0.08			9-1-2040		13,700,000		13,700,000
Maryland Health & HEFAR Series D (Miscellaneous Revenue, Bank of America NA LOC)		0.13			1-1-2029		12,135,000		12,135,000
									67,835,000
Michigan: 1.50%
Variable Rate Demand Notes ø: 1.50%
Michigan Higher Education Student Loan Royal Bank of Canada Municipal Products Incorporated Series L-28 (Education Revenue, Royal Bank of Canada LOC, Royal Bank of Canada LIQ)		0.11			9-1-2033		37,000,000		37,000,000
Michigan Higher Education Student Loan Royal Bank of Canada Municipal Products Incorporated Series L-31 (Education Revenue, Royal Bank of Canada LOC, Royal Bank of Canada LIQ)		0.11			9-1-2032		27,000,000		27,000,000
Michigan Housing Development Authority Series A (Housing Revenue, Bank of Tokyo-Mitsubishi SPA)		0.06			4-1-2040		9,820,000		9,820,000
Michigan Housing Development Authority Series A (Housing Revenue, JPMorgan Chase & Company SPA)		0.08			10-1-2037		12,880,000		12,880,000
Michigan Housing Development Authority Series D (Housing Revenue, Bank of Tokyo-Mitsubishi SPA)		0.07			12-1-2038		25,000,000		25,000,000
Puttable Floating Option Taxable Notes Series TNP-1005 (Miscellaneous Revenue, Bank of America NA LIQ) 144A		0.45			10-1-2046		90,895,000		90,895,000
									202,595,000
Minnesota: 0.04%
Variable Rate Demand Note ø: 0.04%
Minnesota Office of Higher Education Supplemental Student Loan Project Series B (Education Revenue, State Street Bank & Trust Company LOC)		0.06			9-1-2046		6,000,000		6,000,000
Nebraska: 0.35%
Variable Rate Demand Note ø: 0.35%
Nebraska Central Plains Gas Project #2 (Utilities Revenue, Royal Bank of Canada SPA)		0.06			8-1-2039		47,415,000		47,415,000
Nevada: 0.17%
Variable Rate Demand Notes ø: 0.17%
Las Vegas NV EDFA Andre Agassi Foundation Project (Miscellaneous Revenue, Bank of America NA LOC)		0.11			10-1-2035		12,695,000		12,695,000
Las Vegas NV EDFA Keep Memory Alive Project Series 2007A (Miscellaneous Revenue, PNC Bank NA LOC)		0.05			5-1-2037		10,000,000		10,000,000
									22,695,000
New Jersey: 0.18%
Variable Rate Demand Notes ø: 0.18%
New Jersey TTFA Clipper Tax-Exempt Certificates Trust Series 2009-70 (Transportation Revenue, State Street Bank & Trust Company LIQ)		0.06			12-15-2023		21,050,000		21,050,000
Salem County NJ PCFA Atlantic City Electric Company Project Series A (Utilities Revenue, JPMorgan Chase & Company LOC)		0.07			4-15-2014		4,000,000		4,000,000
									25,050,000

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

Portfolio of investments—July 31, 2013 (unaudited) Wells Fargo Advantage Cash Investment Money Market Fund 17

Security name	Interest rate			Maturity date		Principal		Value
New Mexico: 0.21%
Variable Rate Demand Note ø: 0.21%
New Mexico Municipal Energy Acquisition Authority Gas Supply (Utilities Revenue, Royal Bank of Canada SPA)		0.06	%		11-1-2039	$	28,100,000	$	28,100,000
New York: 0.30%
Variable Rate Demand Notes ø: 0.30%
New York Energy R&D Authority Series A-2 (IDR, Scotia Bank LOC)		0.07			6-1-2036		4,000,000		4,000,000
New York HFA Remeeder Houses Project Series A (Housing Revenue, Citibank NA LOC)		0.09			5-1-2039		8,485,000		8,485,000
New York Liberty Development Corporation JPMorgan Chase PUTTER/DRIVER Trust Series 4011Z (Port Authority Revenue, JPMorgan Chase & Company LIQ) 144A		0.07			6-15-2019		6,975,000		6,975,000
New York Mortgage Agency Homeowner ROC RR-II-R-11703 (Housing Revenue, Citibank NA LIQ) 144A		0.21			10-1-2031		3,750,000		3,750,000
New York NY Municipal Water Finance Authority (Water & Sewer Revenue, Citibank NA LIQ) 144A		0.17			6-15-2044		8,000,000		8,000,000
Puttable Floating Option Taxable Notes Series TNP-39 (Miscellaneous Revenue, Bank of America NA LIQ) 144A		0.44			7-27-2014		10,100,000		10,100,000
									41,310,000
North Carolina: 0.06%
Variable Rate Demand Note ø: 0.06%
Roanoke Rapids NC Music & Entertainment District Project (Tax Revenue, Bank of America NA LOC)		0.30			7-1-2027		7,675,000		7,675,000
Ohio: 1.18%
Variable Rate Demand Notes ø: 1.18%
Franklin County OH HCFR Presbyterian Retirement Services Series A (Health Revenue, PNC Bank NA LOC)		0.05			7-1-2036		5,000,000		5,000,000
Lancaster OH Port Authority Gas (Utilities Revenue, Royal Bank of Canada SPA)		0.06			5-1-2038		23,335,000		23,335,000
Ohio HFA Residential Management Series I (Housing Revenue, GNMA/FNMA/FHLMC Insured, FHLB SPA)		0.19			9-1-2039		23,017,000		23,017,000
Ohio HFA Residential Mortgage Backed Series B (Housing Revenue, GNMA/FNMA Insured, JPMorgan Chase & Company SPA)		0.08			9-1-2038		33,000,000		33,000,000
Ohio HFA Residential Mortgage Backed Series D (Housing Revenue, FHLB SPA)		0.07			9-1-2036		20,850,000		20,850,000
Ohio HFA Residential Mortgage Backed Series E (Housing Revenue, GNMA/FNMA Insured, JPMorgan Chase & Company SPA)		0.08			9-1-2038		40,000,000		40,000,000
Ohio Housing Finance Agency Residential Mortgage Backed Series F (Housing Revenue, GNMA/FNMA Insured, JPMorgan Chase & Company SPA)		0.08			3-1-2037		10,000,000		10,000,000
Parma OH Community General Hospital Association Series 2006-A (Health Revenue, PNC Bank NA LOC)		0.05			11-1-2029		5,000,000		5,000,000
									160,202,000
Pennsylvania: 0.11%
Variable Rate Demand Notes ø: 0.11%
Montgomery County PA IDA Series 3238 (Health Revenue, FHA Insured) 144A		0.06			8-1-2030		6,000,000		6,000,000
Pennsylvania Public School Building Authority (Education Revenue, AGM Insured) 144A		0.06			6-1-2032		8,765,000		8,765,000
									14,765,000

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

18 Wells Fargo Advantage Cash Investment Money Market Fund Portfolio of investments—July 31, 2013 (unaudited)

Security name	Interest rate			Maturity date		Principal			Value
Puerto Rico: 0.14%
Variable Rate Demand Note ø: 0.14%
Puerto Rico Sales Tax Financing Corporation Series 3036 (Tax Revenue)		0.06	%		8-1-2057	$	19,000,000		$	19,000,000
South Carolina: 0.30%
Other Municipal Debt: 0.19%
South Carolina Public Service Authority Series A (GO)		0.20			9-11-2013		6,000,000			6,000,000
South Carolina Public Service Authority Series C (GO)		0.18			8-15-2013		4,000,000			4,000,000
South Carolina Public Service Authority Series D (GO)		0.20			8-19-2013		8,000,000			8,000,000
York County SC Electric Membership Corporation Project Series B (Utilities Revenue)		0.25			9-3-2013		4,000,000			4,000,000
York County SC PCR Series 2000-B1 (Utilities Revenue)		0.25			9-3-2013		3,000,000			3,000,000
										25,000,000
Variable Rate Demand Note ø: 0.11%
South Carolina Public Service Authority (Miscellaneous Revenue, Citibank NA LIQ) 144A		0.17			1-1-2050		15,000,000			15,000,000
South Dakota: 0.04%								��
Variable Rate Demand Note ø: 0.04%
South Dakota Housing Development Authority Series C (Housing Revenue, FHLB SPA)		0.05			5-1-2037		5,000,000			5,000,000
Tennessee: 0.48%
Other Municipal Debt: 0.05%
Tennessee Baptist Memorial Healthcare Corporation (Health Revenue)		0.18			9-10-2013		7,000,000			6,999,847
Variable Rate Demand Notes ø: 0.43%
Clarksville TN Public Building Authority Tennessee Municipal Building Fund (Miscellaneous Revenue, Bank of America NA LOC)		0.13			11-1-2035		14,130,000			14,130,000
Montgomery County TN Public Building Authority Tennessee County Loan Pool (Miscellaneous Revenue, Bank of America NA LOC)		0.13			7-1-2034		30,815,000			30,815,000
Montgomery County TN Public Building Authority Tennessee County Loan Pool (Miscellaneous Revenue, Bank of America NA LOC)		0.13			2-1-2036		4,545,000			4,545,000
Nashville & Davidson Counties TN Metropolitan Government Stewarts Ferry Apartments Project (IDR, FHLMC LIQ)		0.08			1-1-2034		5,000,000			5,000,000
Nashville & Davidson Counties TN Metropolitan Government Weatherly Ridge Apartments Project Series A (Housing Revenue, U.S. Bank NA LOC)		0.07			12-1-2041		3,000,000			3,000,000
										57,490,000
Texas: 1.83%
Variable Rate Demand Notes ø: 1.83%
Austin TX Airport Systems Series 3 (Airport Revenue, State Street Bank & Trust Company LOC, AGM Insured)		0.06			11-15-2025		4,000,000			4,000,000
Bexar County TX Health Facilities El Centro Del Barrio Series A (Health Revenue, JPMorgan Chase & Company LOC)		0.08			12-1-2032		2,340,000			2,340,000
Calhoun County TX Formosa Plastics Corporation Project Series B (IDR, Sumitomo Mitsui Banking LOC) 144A		0.07			9-1-2041		7,200,000			7,200,000
Calhoun County TX Formosa Plastics Corporation Project Series C (IDR, Sumitomo Mitsui Banking LOC) 144A		0.07			9-1-2031		10,000,000			10,000,000

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

Portfolio of investments—July 31, 2013 (unaudited) Wells Fargo Advantage Cash Investment Money Market Fund 19

Security name	Interest rate			Maturity date		Principal		Value
Variable Rate Demand Notes ø (continued)
Mission TX Economic Development Corporation Solid Waste Disposal Project (Solid Waste Revenue, Bank of America NA LOC)		0.11	%		4-1-2022	$	6,000,000	$	6,000,000
Pasadena TX Independent School District Series 2005-B (GO, AGM Insured, JPMorgan Chase & Company SPA)		0.22			2-1-2035		33,095,000		33,095,000
Port Arthur TX Navigation District Industrial Development Corporation Total Petrochemicals USA Incorporated Project Series 2012 (IDR)		0.07			3-1-2042		10,000,000		10,000,000
Port Corpus Christi TX Flint Hills Resources Project Series 2007 (Resource Recovery Revenue)		0.07			1-1-2032		6,800,000		6,800,000
Royal Bank of Canada Municipal Products Incorporated Trust Certificates Series E-18 (Miscellaneous Revenue, Royal Bank of Canada LOC) 144A		0.06			6-1-2032		25,395,000		25,395,000
Texas JPMorgan Chase PUTTER Trust Series 4262 (Miscellaneous Revenue, JPMorgan Chase & Company LIQ) 144A		0.06			8-30-2013		91,000,000		91,000,000
Texas Municipal Gas Acquisition & Supply Corporation Series 2848 (Miscellaneous Revenue, Morgan Stanley Bank LIQ)		0.36			12-15-2026		32,815,211		32,815,211
Texas Taxable Product Development Program Series A (Miscellaneous Revenue, National Australia Bank SPA)		0.12			6-1-2045		13,500,000		13,500,000
Texas Veterans Housing Assistance Program Fund II Series C-2 (Housing Revenue, State Street Bank & Trust Company SPA)		0.08			12-1-2033		5,000,000		5,000,000
									247,145,211
Utah: 0.04%
Variable Rate Demand Note ø: 0.04%
Utah Board of Regents Student Loan Series A (Education Revenue, Royal Bank of Canada LOC)		0.08			11-1-2045		5,237,000		5,237,000
Virginia: 0.09%
Variable Rate Demand Note ø: 0.09%
Fairfax County VA Morgan Stanley Solar Eclipse Series 2012-0001 (Water & Sewer Revenue, U.S. Bank NA LOC) 144A		0.06			7-1-2019		11,795,000		11,795,000
Washington: 0.17%
Other Municipal Debt: 0.04%
Port of Seattle WA Series D1 (Airport Revenue)		0.26			8-7-2013		5,000,000		5,000,000
Variable Rate Demand Notes ø: 0.13%
Washington HEFAR Whitman College Project (Education Revenue, Bank of America NA SPA)		0.10			1-1-2038		14,650,000		14,650,000
Washington Housing Finance Commission Series 1430-R (Housing Revenue, GNMA/FNMA/FHLMC Insured, Bank of America NA SPA)		0.22			6-1-2037		3,775,000		3,775,000
									18,425,000
West Virginia: 0.22%
Variable Rate Demand Notes ø: 0.22%
Fayette County WV Solid Waste Disposal Facility Commission Georgia-Pacific Corporation Project Series 1995 (IDR, U.S. Bank NA LOC)		0.07			5-1-2018		11,100,000		11,100,000
West Virginia EDA Morgantown Energy (IDR, Union Bank NA LOC)		0.07			4-1-2027		9,300,000		9,300,000
West Virginia EDA Solid Waste Disposal Appalachian Power Company (Utilities Revenue, Mizuho Corporate Bank LOC)		0.06			2-1-2036		10,000,000		10,000,000
									30,400,000

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

20 Wells Fargo Advantage Cash Investment Money Market Fund Portfolio of investments—July 31, 2013 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Wisconsin: 0.06%
Variable Rate Demand Notes ø: 0.06%
Wisconsin Housing & EDA Home Ownership Series D (Housing Revenue, FNMA LOC)		0.07	%		9-1-2035	$	2,625,000	$	2,625,000
Wisconsin Public Power PUTTER Series 1232 (Utilities Revenue, BHAC/Ambac Insured, JPMorgan Chase & Company LIQ)		0.09			1-1-2015		5,955,000		5,955,000
									8,580,000
Total Municipal Obligations (Cost $1,528,347,058)									1,528,347,058
Other Instruments: 0.78%
Australia & New Zealand Banking Group 144A±		1.01			1-10-2014		21,000,000		21,064,575
Australia & New Zealand Banking Group 144A±		1.27			12-20-2013		24,000,000		24,093,889
GBG LLC Custody Receipts 144A±§		0.10			9-1-2027		11,242,000		11,242,000
National Australia Bank Limited 144A±		1.02			8-20-2013		22,000,000		22,009,795
Oakland-Alameda County CA Series A-2 Municipal Commercial Paper		0.19			8-7-2013		11,000,000		11,000,000
Puttable Floating Option Taxable Receipts Series TNP-004 144A±§		0.90			5-15-2051		11,080,000		11,080,000
Westpac Banking Corporation 144A±		1.52			1-30-2014		5,000,000		5,030,142
Total Other Instruments (Cost $105,520,401)									105,520,401
Other Notes: 1.46%
Corporate Bonds and Notes: 1.46%
ACTS Retirement Life Communities Incorporated ±§		0.19			11-15-2029		11,658,000		11,658,000
LTF Real Estate LLC 144A±§		0.25			6-1-2033		14,890,000		14,890,000
Providence Health & Services ±§		0.19			10-1-2042		12,000,000		12,000,000
Racetrac Capital LLC ±§		0.18			9-1-2020		12,000,000		12,000,000
Toronto-Dominion Bank ±		0.24			11-15-2013		50,000,000		50,000,000
Toyota Motor Credit Corporation ±		0.27			2-24-2014		44,000,000		44,000,000
Toyota Motor Credit Corporation ±		0.27			12-9-2013		53,000,000		53,000,000
Total Other Notes (Cost $197,548,000)									197,548,000
Repurchase Agreements ^^: 6.09%
Deutsche Bank Securities, dated 7-31-2013, maturity value $24,500,068 (1)		0.10			8-1-2013		24,500,000		24,500,000
Goldman Sachs & Company, dated 7-1-2013, maturity value $168,063,653 (2)±§¢(i)		0.22			9-1-2013		168,000,000		168,000,000
GX Clarke & Company, dated 7-31-2013, maturity value $51,000,269 (3)		0.19			8-1-2013		51,000,000		51,000,000
JPMorgan Securities, dated 7-1-2013, maturity value $19,002,781 (5)±§¢		0.17			8-1-2013		19,000,000		19,000,000
JPMorgan Securities, dated 7-1-2013, maturity value $193,111,511 (4)±§¢(i)		0.32			9-4-2013		193,000,000		193,000,000
RBC Capital Markets, dated 7-31-2013, maturity value $39,000,087 (6)		0.08			8-1-2013		39,000,000		39,000,000
Societe Generale NY, dated 7-31-2013, maturity value $330,030,069 (7)		0.09			8-1-2013		330,029,244		330,029,244
Total Repurchase Agreements (Cost $824,529,244)									824,529,244
Treasury Debt: 4.91%
U.S. Treasury Bill (z)		0.08			12-12-2013		67,000,000		66,980,106
U.S. Treasury Bill (z)		0.08			12-19-2013		48,000,000		47,985,067
U.S. Treasury Bill (z)		0.08			12-5-2013		66,000,000		65,981,419
U.S. Treasury Bill (z)		0.08			11-29-2013		67,000,000		66,981,575
U.S. Treasury Bill (z)		0.10			9-19-2013		20,000,000		19,997,278
U.S. Treasury Bill (z)		0.11			9-26-2013		25,000,000		24,995,800
U.S. Treasury Bill (z)		0.12			9-12-2013		26,000,000		25,996,512

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

Portfolio of investments—July 31, 2013 (unaudited) Wells Fargo Advantage Cash Investment Money Market Fund 21

Security name	Interest rate			Maturity date		Principal		Value
Treasury Debt (continued)
U.S. Treasury Bill (z)		0.12	%		8-15-2013	$	26,000,000	$	25,998,807
U.S. Treasury Bill (z)		0.13			9-5-2013		41,000,000		40,994,918
U.S. Treasury Bill (z)		0.13			8-22-2013		51,000,000		50,996,058
U.S. Treasury Bill (z)		0.14			8-29-2013		19,000,000		18,998,005
U.S. Treasury Note		0.25			11-30-2013		39,000,000		39,020,294
U.S. Treasury Note		0.75			12-15-2013		49,000,000		49,117,888
U.S. Treasury Note		1.00			5-15-2014		6,000,000		6,038,619
U.S. Treasury Note		4.75			5-15-2014		110,000,000		113,951,943
Total Treasury Debt (Cost $664,034,289)									664,034,289

Total investments in securities
(Cost $13,543,805,804) *	100.07	%		13,543,805,804
Other assets and liabilities, net	(0.07	)		(9,755,465	)
Total net assets	100.00	%	$	13,534,050,339

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

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.

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

§ Securities is subject to a demand feature which reduces the effective maturity.

ø Variable rate demand notes are subject to a demand feature which reduces the effective maturity. The interest rate is determined and reset by the issuer daily, weekly, or monthly depending upon the terms of the security. The interest rate shown is the rate in effect at period end.

¢ Represents a long-dated and extendible repurchase agreement which automatically renews on previously set terms. The maturity date represents the next put date.

(i) Illiquid security

^^ Collateralized by:

(1) U.S. government securities, 3.50% to 5.50%, 2-1-2037 to 10-1-2042, fair value including accrued interest is $25,235,000.

(2) U.S. government securities, 0.00% to 1.88%, 8-2-2013 to 7-15-2022, fair value including accrued interest is $171,360,008.

(3) U.S. government securities, 0.00% to 11.25%, 8-15-2013 to 5-15-2043, fair value including accrued interest is $52,020,575.

(4) U.S. government securities, 0.00% to 0.54%, 8-1-2013 to 4-29-2014, fair value including accrued interest is $196,860,846.

(5) U.S. government security, 0.00%, 10-1-2013, fair value is $19,380,357.

(6) U.S. government securities, 0.00% to 3.67%, 5-1-2035 to 8-1-2043, fair value including accrued interest is $40,170,000.

(7) U.S. government securities, 0.00% to 6.25%, 1-2-2014 to 8-15-2023, fair value including accrued interest is $336,629,832.

* Cost for federal income tax purposes is substantially the same as for financial reporting purposes.

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

22 Wells Fargo Advantage Cash Investment Money Market Fund Statement of assets and liabilities—July 31, 2013 (unaudited)

Assets
Investments in unaffiliated securities, at amortized cost	$	13,543,805,804
Receivable for investments sold		82,351,470
Receivable for Fund shares sold		1,492,514
Receivable for interest		3,409,515
Prepaid expenses and other assets		36,282
Total assets		13,631,095,585
Liabilities
Dividends payable		128,445
Payable for investments purchased		83,982,429
Payable for Fund shares redeemed		785,627
Due to custodian bank		10,011,386
Advisory fee payable		285,249
Due to other related parties		1,244,703
Accrued expenses and other liabilities		607,407
Total liabilities		97,045,246
Total net assets	$	13,534,050,339
NET ASSETS CONSIST OF
Paid-in capital	$	13,536,692,405
Overdistributed net investment income		(2,651	)
Accumulated net realized losses on investments		(2,639,415	)
Total net assets	$	13,534,050,339
COMPUTATION OF NET ASSET VALUE PER SHARE1
Net assets – Administrator Class	$	446,054,931
Shares outstanding – Administrator Class		446,034,246
Net asset value per share – Administrator Class		$1.00
Net assets – Institutional Class	$	4,989,525,118
Shares outstanding – Institutional Class		4,989,270,778
Net asset value per share – Institutional Class		$1.00
Net assets – Select Class	$	6,683,183,614
Shares outstanding – Select Class		6,682,934,553
Net asset value per share – Select Class		$1.00
Net assets – Service Class	$	1,415,286,676
Shares outstanding – Service Class		1,415,225,263
Net asset value per share – Service Class		$1.00

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 July 31, 2013 (unaudited) Wells Fargo Advantage Cash Investment Money Market Fund 23

Investment income
Interest	$	17,524,996
Expenses
Advisory fee		7,116,676
Administration fees
Fund level		2,878,838
Administrator Class		244,550
Institutional Class		2,300,971
Select Class		1,306,156
Service Class		876,626
Shareholder servicing fees
Administrator Class		244,061
Service Class		1,822,673
Custody and accounting fees		331,972
Professional fees		17,584
Registration fees		27,782
Shareholder report expenses		13,483
Trustees’ fees and expenses		4,454
Other fees and expenses		90,198
Total expenses		17,276,024
Less: Fee waivers and/or expense reimbursements		(4,979,294	)
Net expenses		12,296,730
Net investment income		5,228,266
Net realized gains on investments		340,211
Net increase in net assets resulting from operations	$	5,568,477

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

24 Wells Fargo Advantage Cash Investment Money Market Fund Statement of changes in net assets

	Six months ended July 31, 2013 (unaudited)						Year ended January 31, 2013
Operations
Net investment income				$	5,228,266					$	12,565,914
Net realized gains on investments					340,211						808,860
Net increase in net assets resulting from operations					5,568,477						13,374,774
Distributions to shareholders from
Net investment income
Administrator Class					(24,454	)					(54,838	)
Institutional Class					(1,371,439	)					(4,143,365	)
Select Class					(3,760,097	)					(8,178,059	)
Service Class					(73,050	)					(185,054	)
Total distributions to shareholders					(5,229,040	)					(12,561,316	)
		Shares						Shares
Capital share transactions
Proceeds from shares sold
Administrator Class		342,977,444			342,977,444			1,265,644,977			1,265,644,977
Institutional Class		12,371,653,211			12,371,653,211			34,003,109,986			34,003,109,986
Select Class		39,530,275,026			39,530,275,026			49,834,781,149			49,834,781,149
Service Class		3,237,056,310			3,237,056,310			8,375,698,266			8,375,698,266
					55,481,961,991						93,479,234,378
Reinvestment of distributions
Administrator Class		17,168			17,168			39,177			39,177
Institutional Class		596,397			596,397			1,961,293			1,961,293
Select Class		2,974,228			2,974,228			6,987,451			6,987,451
Service Class		35,213			35,213			83,328			83,328
					3,623,006						9,071,249
Payment for shares redeemed
Administrator Class		(446,696,043	)		(446,696,043	)		(1,316,696,867	)		(1,316,696,867	)
Institutional Class		(14,569,493,551	)		(14,569,493,551	)		(33,064,978,536	)		(33,064,978,536	)
Select Class		(39,257,252,182	)		(39,257,252,182	)		(48,760,737,607	)		(48,760,737,607	)
Service Class		(3,416,229,984	)		(3,416,229,984	)		(8,781,769,218	)		(8,781,769,218	)
					(57,689,671,760	)					(91,924,182,228	)
Net increase (decrease) in net assets resulting from capital share transactions					(2,204,086,763	)					1,564,123,399
Total increase (decrease) in net assets					(2,203,747,326	)					1,564,936,857
Net assets
Beginning of period					15,737,797,665						14,172,860,808
End of period				$	13,534,050,339					$	15,737,797,665
Overdistributed net investment income				$	(2,651	)				$	(1,877	)

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

Financial highlights Wells Fargo Advantage Cash Investment Money Market Fund 25

(For a share outstanding throughout each period)

	Six months ended July 31, 2013 (unaudited)			Year ended January 31									Year ended February 28
ADMINISTRATOR CLASS				2013			2012			20111			2010			2009			20082
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.00	3		0.00	3		0.00	3		0.00	3		0.00	3		0.02			0.05
Net realized gains on investments		0.00	3		0.00	3		0.00	3		0.00	3		0.00	3		0.00			0.00
Total from investment operations		0.00	3		0.00	3		0.00	3		0.00	3		0.00	3		0.02			0.05
Distributions to shareholders from
Net investment income		(0.00	)3		(0.00	)3		(0.00	)3		(0.00	)3		(0.00	)3		(0.02	)		(0.05	)
Net realized gains		0.00			0.00			(0.00	)3		(0.00	)3		(0.00	)3		0.00			0.00
Total distributions to shareholders		(0.00	)3		(0.00	)3		(0.00	)3		(0.00	)3		(0.00	)3		(0.02	)		(0.05	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return4		0.00	%		0.01	%		0.01	%		0.03	%		0.24	%		2.19	%		4.92	%
Ratios to average net assets (annualized)
Gross expenses		0.35	%		0.34	%		0.35	%		0.35	%		0.38	%		0.38	%		0.37	%
Net expenses		0.24	%		0.26	%		0.25	%		0.32	%		0.34	%		0.34	%		0.33	%
Net investment income		0.01	%		0.01	%		0.01	%		0.04	%		0.25	%		2.23	%		4.77	%
Supplemental data
Net assets, end of period (000s omitted)		$446,055			$549,744			$600,737			$764,595			$1,013,058			$1,415,264			$2,249,470

1. For the eleven months ended January 31, 2011. The Fund changed its fiscal year end from February 28 to January 31, effective January 31, 2011.

2. Year ended February 29

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.

26 Wells Fargo Advantage Cash Investment Money Market Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended July 31, 2013 (unaudited)			Year ended January 31									Year ended February 28
INSTITUTIONAL CLASS				2013			2012			20111			2010			2009			20082
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.00	3		0.00	3		0.00	3		0.00	3		0.00	3		0.02			0.05
Net realized gains on investments		0.00	3		0.00	3		0.00	3		0.00	3		0.00	3		0.00			0.00
Total from investment operations		0.00	3		0.00	3		0.00	3		0.00	3		0.00	3		0.02			0.05
Distributions to shareholders from
Net investment income		(0.00	)3		(0.00	)3		(0.00	)3		(0.00	)3		(0.00	)3		(0.02	)		(0.05	)
Net realized gains		0.00			0.00			(0.00	)3		(0.00	)3		(0.00	)3		0.00			0.00
Total distributions to shareholders		(0.00	)3		(0.00	)3		(0.00	)3		(0.00	)3		(0.00	)3		(0.02	)		(0.05	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return4		0.02	%		0.07	%		0.06	%		0.15	%		0.36	%		2.32	%		5.06	%
Ratios to average net assets (annualized)
Gross expenses		0.23	%		0.23	%		0.23	%		0.23	%		0.26	%		0.26	%		0.25	%
Net expenses		0.20	%		0.20	%		0.20	%		0.20	%		0.22	%		0.21	%		0.20	%
Net investment income		0.05	%		0.07	%		0.06	%		0.16	%		0.37	%		2.28	%		4.94	%
Supplemental data
Net assets, end of period (000s omitted)		$4,989,525			$7,186,632			$6,246,114			$8,268,232			$8,887,844			$10,132,093			$9,194,540

1. For the eleven months ended January 31, 2011. The Fund changed its fiscal year end from February 28 to January 31, effective January 31, 2011.

2. Year ended February 29

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 Cash Investment Money Market Fund 27

(For a share outstanding throughout each period)

	Six months ended July 31, 2013 (unaudited)			Year ended January 31									Year ended February 28
SELECT CLASS				2013			2012			20111			2010			2009			20082
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.00	3		0.00	3		0.00	3		0.00	3		0.00	3		0.02			0.03
Net realized gains on investments		0.00	3		0.00	3		0.00	3		0.00	3		0.00	3		0.00			0.00
Total from investment operations		0.00	3		0.00	3		0.00	3		0.00	3		0.00	3		0.02			0.03
Distributions to shareholders from
Net investment income		(0.00	)3		(0.00	)3		(0.00	)3		(0.00	)3		(0.00	)3		(0.02	)		(0.03	)
Net realized gains		0.00			0.00			(0.00	)3		(0.00	)3		(0.00	)3		0.00			0.00
Total distributions to shareholders		(0.00	)3		(0.00	)3		(0.00	)3		(0.00	)3		(0.00	)3		(0.02	)		(0.03	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return4		0.06	%		0.14	%		0.13	%		0.21	%		0.43	%		2.40	%		3.31	%
Ratios to average net assets (annualized)
Gross expenses		0.19	%		0.19	%		0.19	%		0.19	%		0.22	%		0.23	%		0.20	%
Net expenses		0.13	%		0.13	%		0.13	%		0.13	%		0.15	%		0.15	%		0.13	%
Net investment income		0.12	%		0.14	%		0.13	%		0.22	%		0.41	%		2.29	%		4.81	%
Supplemental data
Net assets, end of period (000s omitted)		$6,683,184			$6,407,032			$5,325,713			$7,593,851			$4,897,725			$3,733,381			$3,025,485

1. For the eleven months ended January 31, 2011. The Fund changed its fiscal year end from February 28 to January 31, effective January 31, 2011.

2. For the period from June 29, 2007 (commencement of class operations) to February 29, 2008

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.

28 Wells Fargo Advantage Cash Investment Money Market Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended July 31, 2013 (unaudited)			Year ended January 31									Year ended February 28
SERVICE CLASS				2013			2012			20111			2010			2009			20082
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.00	3		0.00	3		0.00	3		0.00	3		0.00	3		0.02			0.05
Net realized gains on investments		0.00	3		0.00	3		0.00	3		0.00	3		0.00	3		0.00			0.00
Total from investment operations		0.00	3		0.00	3		0.00	3		0.00	3		0.00	3		0.02			0.05
Distributions to shareholders from
Net investment income		(0.00	)3		(0.00	)3		(0.00	)3		(0.00	)3		(0.00	)3		(0.02	)		(0.05	)
Net realized gains		0.00			0.00			(0.00	)3		(0.00	)3		(0.00	)3		0.00			0.00
Total distributions to shareholders		(0.00	)3		(0.00	)3		(0.00	)3		(0.00	)3		(0.00	)3		(0.02	)		(0.05	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return4		0.00	%		0.01	%		0.01	%		0.01	%		0.14	%		2.02	%		4.75	%
Ratios to average net assets (annualized)
Gross expenses		0.52	%		0.52	%		0.52	%		0.52	%		0.56	%		0.56	%		0.54	%
Net expenses		0.24	%		0.26	%		0.25	%		0.35	%		0.46	%		0.52	%		0.50	%
Net investment income		0.01	%		0.01	%		0.01	%		0.01	%		0.16	%		1.99	%		4.64	%
Supplemental data
Net assets, end of period (000s omitted)		$1,415,287			$1,594,389			$2,000,296			$2,284,605			$4,015,237			$6,358,514			$7,374,749

1. For the eleven months ended January 31, 2011. The Fund changed its fiscal year end from February 28 to January 31, effective January 31, 2011.

2. Year ended February 29

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 Cash Investment Money Market Fund 29

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 Cash Investment Money Market 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

As permitted under Rule 2a-7 of the 1940 Act, portfolio securities 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 which are not valued using the method 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.

Repurchase agreements

The Fund may invest in repurchase agreements and may participate in pooled repurchase agreement transactions with other funds advised by Funds Management. The repurchase agreements must be fully collateralized based on values that are marked-to- market daily. The collateral may be held by an agent bank under a tri-party agreement. It is the custodian’s responsibility to value collateral daily and to take action to obtain additional collateral as necessary to maintain market value equal to or greater than the resale price. The repurchase agreements are collateralized by instruments such as U.S. Treasury, federal agency, or high-grade corporate obligations. There could be potential loss to the Fund in the event that the Fund is delayed or prevented from exercising its rights to dispose of the collateral, including the risk of a possible decline in the value of the underlying obligations during the period in which the Fund seeks to assert its rights.

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.

30 Wells Fargo Advantage Cash Investment Money Market Fund Notes to financial statements (unaudited)

Distributions to shareholders

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

Federal and other taxes

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 January 31, 2013, the Fund had capital loss carryforwards available to offset future net realized capital gains in the amount of $2,979,626 expiring in 2018.

Class allocations

The separate classes of shares offered by the Fund differ principally in 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 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.

At July 31, 2013, all of the Fund’s investments in securities were valued using Level 2 inputs since the primary inputs include the credit quality of the issuer and short-term interest rates (both of which are observable) in addition to the use of amortized cost.

Transfers in and transfers out are recognized at the end of the reporting period. For the six months ended July 31, 2013, the Fund did not have any transfers into/out of Level 1, Level 2, or Level 3.

4. TRANSACTIONS WITH AFFILIATES AND OTHER EXPENSES

Advisory fee

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

Notes to financial statements (unaudited) Wells Fargo Advantage Cash Investment Money Market Fund 31

Pursuant to the contract, Funds Management is entitled to receive an annual advisory fee of 0.10% of the Fund’s average daily net assets.

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Funds Management. Wells Capital Management Incorporated, an affiliate of Funds Management, is the subadviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.05% and declining to 0.01% 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
Administrator Class		0.10	%
Institutional Class		0.08
Select Class		0.04
Service Class		0.12

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 May 31, 2014 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 0.35% for Administrator Class shares, 0.20% for Institutional Class shares, 0.13% for Select Class shares, and 0.50% for Service Class shares.

Shareholder servicing fees

The Trust has entered into contracts with one or more shareholder servicing agents, whereby Service Class of the Fund is charged a fee at an annual rate of 0.25% of its average daily net assets. Administrator Class is charged a fee at an annual rate of 0.10% of its average daily net assets.

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

5. 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.

32 Wells Fargo Advantage Cash Investment Money Market 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, seven-day 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 Cash Investment Money Market Fund 33

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

34 Wells Fargo Advantage Cash Investment Money Market 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 Cash Investment Money Market Fund 35

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 Cash Investment Money Market 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 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 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 in range of the median performance of the Universe for all periods under review.

36 Wells Fargo Advantage Cash Investment Money Market Fund Other information (unaudited)

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 operating expense ratios of the Fund were higher than the median net operating expense ratios of the expense Groups for all classes except the Select Class. Funds Management advised the Board that the expense Group medians reflected voluntary waivers, whereas the Fund’s expense ratios did not reflect voluntary waivers. The Board noted that when the Fund’s expense ratios were adjusted to reflect voluntary waivers, the Fund’s net operating expense ratios were in range of the median net operating expense ratios of the expense Groups for the Service Class, Administrator Class, and Select Class. The Board and Funds Management agreed to maintain the net operating expense caps for all of the Fund’s share classes.

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 for the Administrator Class. However, the Board viewed favorably the fact that when the Funds’ expense ratios were adjusted to reflect voluntary waivers, the net operating expense ratio of the Administrator Class was in range of the median net operating expense ratio of its respective expense Group.

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

Other information (unaudited) Wells Fargo Advantage Cash Investment Money Market Fund 37

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 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.

38 Wells Fargo Advantage Cash Investment Money Market 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.

218826 09-13 SA302/SAR302 7-13

Wells Fargo Advantage

100% Treasury Money Market Fund

Semi-Annual Report

July 31, 2013

Reduce clutter. Save trees.

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

Contents

Letter to shareholders	2
Performance highlights	4
Fund expenses	6
Portfolio of investments	7
Financial statements
Statement of assets and liabilities	8
Statement of operations	9
Statement of changes in net assets	10
Financial highlights	11
Notes to financial statements	15
Other information	18
List of abbreviations	24

The views expressed and any forward-looking statements are as of July 31, 2013, unless otherwise noted, and are those of the Fund managers and/or Wells Fargo Funds Management, LLC. Discussions of individual securities, or the markets generally, or any Wells Fargo Advantage Fund are not intended as individual recommendations. Future events or results may vary significantly from those expressed in any forward-looking statements; the views expressed are subject to change at any time in response to changing circumstances in the market. Wells Fargo Funds Management, LLC, disclaims any obligation to publicly update or revise any views expressed or forward-looking statements.

NOT FDIC INSURED  ¡  NO BANK GUARANTEE  ¡   MAY LOSE VALUE

Wells Fargo investment history

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

Wells Fargo Advantage Funds^®

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

Strength

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

Expertise

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

Partnership

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

Carefully consider the investment objectives, risks, charges, and expenses before investing. For a current prospectus and, if available, a summary prospectus, for Wells Fargo Advantage Funds, containing this and other information, visit wellsfargoadvantagefunds.com. Read it carefully before investing.

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

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

NOT FDIC INSURED  ¡  NO BANK GUARANTEE  ¡  MAY LOSE VALUE

Not part of the semi-annual report.

Wells Fargo Advantage Funds offers more than 100 mutual funds across a wide range of asset classes, representing over $226 billion in assets under management, as of July 31, 2013.

Equity funds
Asia Pacific Fund	Enterprise Fund†	Opportunity Fund†
C&B Large Cap Value Fund	Global Opportunities Fund	Precious Metals Fund
C&B Mid Cap Value Fund	Growth Fund	Premier Large Company Growth Fund
Capital Growth Fund	Index Fund	Small Cap Opportunities Fund
Common Stock Fund	International Equity Fund	Small Cap Value Fund
Disciplined U.S. Core Fund	International Value Fund	Small Company Growth Fund
Discovery Fund†	Intrinsic Small Cap Value Fund	Small Company Value Fund
Diversified Equity Fund	Intrinsic Value Fund	Small/Mid Cap Value Fund
Diversified International Fund	Intrinsic World Equity Fund	Special Mid Cap Value Fund
Emerging Growth Fund	Large Cap Core Fund	Special Small Cap Value Fund
Emerging Markets Equity Fund	Large Cap Growth Fund	Specialized Technology Fund
Emerging Markets Equity Income Fund	Large Company Value Fund	Traditional Small Cap Growth Fund
Endeavor Select Fund†	Omega Growth Fund	Utility and Telecommunications Fund
Bond funds
Adjustable Rate Government Fund	High Yield Municipal Bond Fund	Short-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 100% Treasury Money Market Fund Letter to shareholders (unaudited)

Karla M. Rabusch

President

Wells Fargo Advantage Funds

We continue to believe that most investors can benefit from adhering to a well-diversified, high-quality investment strategy that is focused on liquidity and capital preservation.

As we gain clarity in the coming months regarding potential changes to the regulation of money market funds, we will provide further communications to you about them.

Dear Valued Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Advantage 100% Treasury Money Market Fund for the six-month period that ended July 31, 2013. The past six months were marked by accommodative central bank policies, low interest rates, and regulatory uncertainty. Despite the challenges of a changing market landscape, we continue to believe that most investors can benefit from adhering to a well-diversified, high-quality investment strategy that is focused on liquidity and capital preservation.

Short-term interest rates remained low.

Monetary policy remained accommodative. The Federal Open Market Committee (FOMC) did not make any changes to its policy of keeping the target for the federal funds rate near zero or its asset purchase program of buying agency mortgage-backed securities and Treasury securities. However, Federal Reserve (Fed) Chairman Ben Bernanke roiled bond markets on June 19, after the previous day’s FOMC’s meeting, by indicating that tapering of its bond-buying program could begin later this year and that it could end as soon as mid-2014. Despite Chairman Bernanke’s comments on the potential for tapering of the bond-buying program, the Fed’s official statement reaffirmed its program of buying agency mortgage-backed securities at a pace of $40 billion per month and longer-term Treasury securities at a pace of $45 billion per month to “maintain downward pressure on longer-term interest rates, support mortgage markets, and help make broader financial conditions more accommodative.”

Anchored by the Fed’s accommodative monetary policy of holding its targeted federal funds rate near zero, short-term interest rates remained ultra low during the period. While longer-term interest rates rose late in the period, the combination of strong demand and limited supply of money market securities further exacerbated the low level of short-term interest rates throughout the period. A main reason that overall supply of money-market-eligible securities continued to decrease was due to issuers choosing to issue long-term debt to take advantage of low interest rates.

Despite interest rates remaining low, investors remained involved in money markets because yield was only one component driving their investment choices. More often, safety, diversification¹, and liquidity have been higher-value propositions to these investors, factors that were not diminished by Fed policy or technical developments.

Money market regulations remained under review.

Regulators remained concerned about potential systemic risk from money market funds in the event of another financial crisis and sought further revisions to regulations governing money market funds in order to mitigate that risk. In June, the U.S. Security and Exchange Commission (SEC) proposed the following changes: 1) a floating net asset value (NAV) rather than a $1.00 stable NAV for prime institutional money market funds (prime retail money market funds and government money market funds could continue to maintain a stable $1.00 NAV under the proposal); 2) liquidity fees and redemption gates for money market funds other than government funds; or 3) a combination of these two measures. The SEC is also considering changes to portfolio diversification, stress testing, and disclosure requirements for all money market funds. Wells Fargo Funds Management, LLC intends to submit a comment letter on the proposals to the SEC. As we gain clarity in the coming months regarding potential changes to the regulation of money market funds, we will provide further communications to you about them.

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

Letter to shareholders (unaudited) Wells Fargo Advantage 100% Treasury Money Market Fund 3

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

Periods of uncertainty can present challenges, but experience has taught us that maintaining long-term investment goals can be an effective way to plan for the future. To help you create a sound strategy based on your personal goals and risk tolerance, Wells Fargo Advantage Funds offers more than 100 mutual funds and other investments spanning a wide range of asset classes and investment styles.

Although diversification cannot guarantee an investment profit or prevent losses, we believe it can be an effective way to manage investment risk and potentially smooth out overall portfolio performance. We encourage investors to know their investments and to understand that appropriate levels of risk-taking may unlock opportunities.

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

Sincerely,

Karla M. Rabusch

President

Wells Fargo Advantage Funds

4 Wells Fargo Advantage 100% Treasury Money Market Fund Performance highlights (unaudited)

Investment objective

The Fund seeks current income exempt from most state and local individual income taxes, while preserving capital and liquidity.

Adviser

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

David D. Sylvester

Laurie White

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

								Expense ratios2 (%)
	Inception date	1 year		5 year		10 year		Gross		Net3
Class A (WFTXX)	11-8-1999		0.00		0.06		1.24		0.79		0.65
Administrator Class (WTRXX)	6-30-2010		0.00		0.07		1.33		0.52		0.30
Service Class (NWTXX)	12-3-1990		0.00		0.07		1.33		0.69		0.50
Sweep Class	6-30-2010		0.00		0.07		1.33		1.14		1.00

Fund yield summary3 (%) as of July 31, 2013	Class A	Administrator Class		Service Class		Sweep Class
7-day current yield	0.00		0.00		0.00		0.00
7-day compound yield	0.00		0.00		0.00		0.00
30-day simple yield	0.00		0.00		0.00		0.00
30-day compound yield	0.00		0.00		0.00		0.00

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 returns will fluctuate. The Fund’s yield figures more closely reflect the current earnings of the Fund than the total return figures. 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 at the Fund’s website – wellsfargoadvantagefunds.com.

Each class is sold without a front-end sales charge or contingent deferred sales charge. Other fees and expenses apply to an investment in the Fund and are described in the Fund’s current prospectuses.

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 Fund seeks 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. The U.S. government guarantee applies to certain underlying securities and not to shares of the Fund.

Please see footnotes on page 5.

Performance highlights (unaudited) Wells Fargo Advantage 100% Treasury Money Market Fund 5

Portfolio composition⁴ as of July 31, 2013

Weighted average maturity⁶ as of July 31, 2013

51 days

Weighted average final maturity⁷ as of July 31, 2013

51 days

Effective maturity distribution⁵ as of July 31, 2013

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

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

3. The Adviser has committed through May 31, 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. Without waived fees and/or reimbursed expenses, the Fund’s 7-day current yield would have been (0.74)%, (0.47)%, (0.64)%, and (1.09)% for Class A, Administrator Class, Service Class, and Sweep Class, respectively.

4. Portfolio composition is subject to change and is calculated based on the total investments of the Fund.

5. Effective maturity distribution is subject to change and is calculated based on the total investments of the Fund.

6. Weighted Average Maturity (WAM): WAM is an average of the effective maturities of all securities held in the portfolio, weighted by each security’s percentage of total investments. The maturity of a portfolio security is the period remaining until the date on which the principal amount is unconditionally required to be paid, or in the case of a security called for redemption, the date on which the redemption payment is unconditionally required to be made. WAM calculations allow for the maturities of certain securities with demand features or periodic interest rate resets to be shortened. WAM is a way to measure a fund’s sensitivity to potential interest rate changes.

7. Weighted Average Final Maturity (WAFM): WAFM is an average of the final maturities of all securities held in the portfolio, weighted by their percentage of total investments. The maturity of a portfolio security is the period remaining until the date on which the principal amount is unconditionally required to be paid, or in the case of a security called for redemption, the date on which the redemption payment is unconditionally required to be made. In contrast to WAM, the calculation of WAFM allows for the maturities of certain securities with demand features to be shortened, but not the periodic interest rate resets. WAFM is a way to measure a fund’s potential sensitivity to credit spread changes.

6 Wells Fargo Advantage 100% Treasury Money Market Fund Fund expenses (unaudited)

As a shareholder of the Fund, you incur 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 February 1, 2013 to July 31, 2013.

Actual expenses

The “Actual” line of the table below provides information about actual account values and actual expenses. You may use

the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the “Actual” line under the heading entitled “Expenses paid during period” for your applicable class of shares to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The “Hypothetical” line of the table below provides information about hypothetical account values and hypothetical

expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which

is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual

ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs

of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only. 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 2-1-2013		Ending account value 7-31-2013		Expenses paid during the period1		Net annual expense ratio
Class A
Actual	$	1,000.00	$	1,000.00	$	0.35		0.07	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.45	$	0.35		0.07	%
Administrator Class
Actual	$	1,000.00	$	1,000.00	$	0.40		0.08	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.40	$	0.40		0.08	%
Service Class
Actual	$	1,000.00	$	1,000.00	$	0.40		0.08	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.40	$	0.40		0.08	%
Sweep Class
Actual	$	1,000.00	$	1,000.00	$	0.40		0.08	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.40	$	0.40		0.08	%

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—July 31, 2013 (unaudited) Wells Fargo Advantage 100% Treasury Money Market Fund 7

Security name	Interest rate			Maturity date		Principal		Value
Treasury Debt: 109.59%
U.S. Treasury Bill (z)		0.00	%		10-31-2013	$	800,000,000	$	799,936,249
U.S. Treasury Bill (z)		0.01			8-1-2013		60,000,000		60,000,000
U.S. Treasury Bill (z)		0.03			8-29-2013		800,000,000		799,975,484
U.S. Treasury Bill (z)		0.04			8-15-2013		273,895,000		273,890,985
U.S. Treasury Bill (z)		0.04			8-1-2013		788,000,000		788,000,000
U.S. Treasury Bill (z)		0.04			10-17-2013		859,350,000		859,276,610
U.S. Treasury Bill (z)		0.04			10-24-2013		850,000,000		849,921,367
U.S. Treasury Bill (z)		0.04			8-8-2013		653,105,000		653,099,690
U.S. Treasury Bill (z)		0.04			9-19-2013		950,000,000		949,942,493
U.S. Treasury Bill (z)		0.05			9-5-2013		652,710,000		652,680,809
U.S. Treasury Bill (z)		0.05			10-10-2013		750,000,000		749,931,094
U.S. Treasury Bill (z)		0.05			8-22-2013		834,800,000		834,776,607
U.S. Treasury Bill (z)		0.05			10-3-2013		1,000,000,000		999,911,100
U.S. Treasury Bill (z)		0.05			9-12-2013		650,000,000		649,960,799
U.S. Treasury Bill (z)		0.06			9-26-2013		800,000,000		799,928,445
U.S. Treasury Bill (z)		0.10			12-26-2013		50,000,000		49,979,583
U.S. Treasury Note		0.25			10-31-2013		100,000,000		100,039,507
U.S. Treasury Note		0.50			10-15-2013		70,000,000		70,060,021
U.S. Treasury Note		0.50			11-15-2013		50,000,000		50,057,255
U.S. Treasury Note		0.75			8-15-2013		50,000,000		50,013,323
U.S. Treasury Note		0.75			9-15-2013		100,000,000		100,082,824
U.S. Treasury Note		0.75			12-15-2013		120,000,000		120,288,726
U.S. Treasury Note		2.00			11-30-2013		130,000,000		130,813,879
U.S. Treasury Note		2.75			10-31-2013		50,000,000		50,329,757
U.S. Treasury Note		3.13			8-31-2013		100,000,000		100,249,284
U.S. Treasury Note		4.25			8-15-2013		370,000,000		370,596,161
U.S. Treasury Note		4.25			11-15-2013		50,000,000		50,599,310
Total Treasury Debt (Cost $11,964,341,362)									11,964,341,362

Total investments in securities (Cost $11,964,341,362) *	109.59	%		11,964,341,362
Other assets and liabilities, net	(9.59	)		(1,047,406,368	)
Total net assets	100.00	%	$	10,916,934,994

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

* Cost for federal income tax purposes is substantially the same as for financial reporting purposes.

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

8 Wells Fargo Advantage 100% Treasury Money Market Fund Statement of assets and liabilities—July 31, 2013 (unaudited)

Assets
Investments in unaffiliated securities, at amortized cost	$	11,964,341,362
Cash		7,723
Receivable for Fund shares sold		358,838
Receivable for interest		10,591,891
Receivable from adviser		3,167,711
Prepaid expenses and other assets		108,078
Total assets		11,978,575,603
Liabilities
Payable for investments purchased		1,049,929,428
Payable for Fund shares redeemed		7,946,264
Distribution fees payable		122,751
Due to other related parties		1,547,261
Accrued expenses and other liabilities		2,094,905
Total liabilities		1,061,640,609
Total net assets	$	10,916,934,994
NET ASSETS CONSIST OF
Paid-in capital	$	10,916,783,010
Accumulated net investment loss		(8,088	)
Accumulated net realized gains on investments		160,072
Total net assets	$	10,916,934,994
COMPUTATION OF NET ASSET VALUE PER SHARE1
Net assets – Class A	$	1,002,018,644
Shares outstanding – Class A		1,001,996,463
Net asset value per share – Class A		$1.00
Net assets – Administrator Class	$	2,232,170,599
Shares outstanding – Administrator Class		2,232,019,777
Net asset value per share – Administrator Class		$1.00
Net assets – Service Class	$	7,294,623,541
Shares outstanding – Service Class		7,294,159,960
Net asset value per share – Service Class		$1.00
Net assets – Sweep Class	$	388,122,210
Shares outstanding – Sweep Class		388,095,515
Net asset value per share – Sweep Class		$1.00

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 July 31, 2013 (unaudited) Wells Fargo Advantage 100% Treasury Money Market Fund 9

Investment income
Interest	$	4,270,573
Expenses
Advisory fee		14,349,787
Administration fees
Fund level		2,376,550
Class A		636,397
Administrator Class		1,126,582
Service Class		4,583,792
Sweep Class		454,739
Shareholder servicing fees
Class A		722,696
Administrator Class		1,078,880
Service Class		9,385,527
Sweep Class		516,749
Distribution fees
Sweep Class		723,448
Custody and accounting fees		263,960
Professional fees		22,605
Registration fees		103,563
Shareholder report expenses		20,538
Trustees’ fees and expenses		3,430
Other fees and expenses		93,224
Total expenses		36,462,467
Less: Fee waivers and/or expense reimbursements		(32,191,894	)
Net expenses		4,270,573
Net investment income		0
Net realized gains on investments		118,183
Net increase in net assets resulting from operations	$	118,183

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

10 Wells Fargo Advantage 100% Treasury Money Market Fund Statement of changes in net assets

	Six months ended July 31, 2013 (unaudited)						Year ended January 31, 2013
Operations
Net investment income				$	0					$	0
Net realized gains on investments					118,183						206,698
Net increase in net assets resulting from operations					118,183						206,698
Distributions to shareholders from
Net investment income
Class A					(80	)					0
Administrator Class					(417	)					(767	)
Service Class					(1,409	)					(2,821	)
Sweep Class					(76	)					(148	)
Net realized gains
Class A					0						(3,103	)
Administrator Class					0						(29,875	)
Service Class					0						(121,675	)
Sweep Class					0						(7,047	)
Total distributions to shareholders					(1,982	)					(165,436	)
		Shares						Shares
Capital share transactions
Proceeds from shares sold
Class A		1,389,446,483			1,389,446,483			382,080,878			382,080,878
Administrator Class		3,991,595,941			3,991,595,941			5,307,450,223			5,307,450,223
Service Class		15,096,006,608			15,096,006,608			28,575,507,445			28,575,507,445
Sweep Class		1,829,759,238			1,829,759,238			3,870,316,236			3,870,316,236
					22,306,808,270						38,135,354,782
Reinvestment of distributions
Class A		80			80			3,103			3,103
Administrator Class		200			200			17,108			17,108
Service Class		555			555			43,595			43,595
Sweep Class		76			76			7,195			7,195
					911						71,001
Payment for shares redeemed
Class A		(678,179,090	)		(678,179,090	)		(321,925,336	)		(321,925,336	)
Administrator Class		(4,391,522,953	)		(4,391,522,953	)		(4,312,303,113	)		(4,312,303,113	)
Service Class		(15,603,931,101	)		(15,603,931,101	)		(29,275,694,412	)		(29,275,694,412	)
Sweep Class		(1,888,875,569	)		(1,888,875,569	)		(3,732,388,110	)		(3,732,388,110	)
					(22,562,508,713	)					(37,642,310,971	)
Net increase (decrease) in net assets resulting from capital share transactions					(255,699,532	)					493,114,812
Total increase (decrease) in net assets					(255,583,331	)					493,156,074
Net assets
Beginning of period					11,172,518,325						10,679,362,251
End of period				$	10,916,934,994					$	11,172,518,325
Overdistributed (accumulated) net investment income (loss)				$	(8,088	)				$	(6,106	)

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

Financial highlights Wells Fargo Advantage 100% Treasury Money Market Fund 11

(For a share outstanding throughout each period)

	Six months ended July 31, 2013 (unaudited)			Year ended January 31									Year ended February 28
CLASS A				2013			2012			20111			2010			2009			20082
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.00			0.00			0.00	3		0.00	3		0.00	3		0.01			0.04
Net realized gains (losses) on investments		0.00	3		0.00	3		0.00	3		0.00	3		0.00	3		(0.00	)3		0.00	3
Total from investment operations		0.00	3		0.00	3		0.00	3		0.00	3		0.00	3		0.01			0.04
Distributions to shareholders from
Net investment income		(0.00	)3		0.00			(0.00	)3		(0.00	)3		(0.00	)3		(0.01	)		(0.04	)
Net realized gains		0.00			(0.00	)3		(0.00	)3		(0.00	)3		(0.00	)3		0.00			0.00
Total distributions to shareholders		(0.00	)3		(0.00	)3		(0.00	)3		(0.00	)3		(0.00	)3		(0.01	)		(0.04	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return4		0.00	%		0.00	%		0.02	%		0.01	%		0.03	%		0.74	%		3.81	%
Ratios to average net assets (annualized)
Gross expenses		0.79	%		0.77	%		0.69	%		0.75	%		0.80	%		0.83	%		0.83	%
Net expenses		0.07	%		0.09	%		0.05	%		0.14	%		0.18	%		0.58	%		0.65	%
Net investment income		0.00	%		0.00	%		0.01	%		0.01	%		0.01	%		0.68	%		3.75	%
Supplemental data
Net assets, end of period (000s omitted)		$1,002,019			$290,743			$230,582			$225,499			$272,399			$306,451			$298,220

1. For the eleven months ended January 31, 2011. The Fund changed its fiscal year end from February 28 to January 31, effective January 31, 2011.

2. Year ended February 29

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.

12 Wells Fargo Advantage 100% Treasury Money Market Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended July 31, 2013 (unaudited)			Year ended January 31
ADMINISTRATOR CLASS				2013			2012			20111
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.00			0.00			0.00	2		0.00	2
Net realized gains on investments		0.00	2		0.00	2		0.00	2		0.00	2
Total from investment operations		0.00	2		0.00	2		0.00	2		0.00	2
Distributions to shareholders from
Net investment income		(0.00	)2		(0.00	)2		(0.00	)2		(0.00	)2
Net realized gains		0.00			(0.00	)2		(0.00	)2		(0.00	)2
Total distributions to shareholders		(0.00	)2		(0.00	)2		(0.00	)2		(0.00	)2
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00
Total return3		0.00	%		0.00	%		0.02	%		0.01	%
Ratios to average net assets (annualized)
Gross expenses		0.51	%		0.52	%		0.51	%		0.52	%
Net expenses		0.08	%		0.09	%		0.04	%		0.14	%
Net investment income		0.00	%		0.00	%		0.01	%		0.01	%
Supplemental data
Net assets, end of period (000s omitted)		$2,232,171			$2,632,074			$1,636,769			$662,873

1. For the period from June 30, 2010 (commencement of class operations) to January 31, 2011

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 100% Treasury Money Market Fund 13

(For a share outstanding throughout each period)

	Six months ended July 31, 2013 (unaudited)			Year ended January 31									Year ended February 28
SERVICE CLASS				2013			2012			20111			2010			2009			20082
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.00			0.00			0.00	3		0.00	3		0.00	3		0.01			0.04
Net realized gains (losses) on investments		0.00	3		0.00	3		0.00	3		0.00	3		0.00	3		(0.00	)3		0.00	3
Total from investment operations		0.00	3		0.00	3		0.00	3		0.00	3		0.00	3		0.01			0.04
Distributions to shareholders from
Net investment income		(0.00	)3		(0.00	)3		(0.00	)3		(0.00	)3		(0.00	)3		(0.01	)		(0.04	)
Net realized gains		0.00			(0.00	)3		(0.00	)3		(0.00	)3		(0.00	)3		0.00			0.00
Total distributions to shareholders		(0.00	)3		(0.00	)3		(0.00	)3		(0.00	)3		(0.00	)3		(0.01	)		(0.04	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return4		0.00	%		0.00	%		0.02	%		0.01	%		0.03	%		0.86	%		3.97	%
Ratios to average net assets (annualized)
Gross expenses		0.68	%		0.69	%		0.68	%		0.70	%		0.73	%		0.73	%		0.73	%
Net expenses		0.08	%		0.09	%		0.05	%		0.14	%		0.17	%		0.46	%		0.50	%
Net investment income		0.00	%		0.00	%		0.01	%		0.01	%		0.01	%		0.74	%		3.85	%
Supplemental data
Net assets, end of period (000s omitted)		$7,294,624			$7,802,468			$8,502,741			$8,435,170			$8,161,612			$7,641,351			$6,039,209

1. For the eleven months ended January 31, 2011. The Fund changed its fiscal year end from February 28 to January 31, effective January 31, 2011.

2. Year ended February 29

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.

14 Wells Fargo Advantage 100% Treasury Money Market Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended July 31, 2013 (unaudited)			Year ended January 31
SWEEP CLASS				2013			2012			20111
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.00			0.00			0.00	2		0.00	2
Net realized gains on investments		0.00	2		0.00	2		0.00	2		0.00	2
Total from investment operations		0.00	2		0.00	2		0.00	2		0.00	2
Distributions to shareholders from
Net investment income		(0.00	)2		(0.00	)2		(0.00	)2		(0.00	)2
Net realized gains		0.00			(0.00	)2		(0.00	)2		(0.00	)2
Total distributions to shareholders		(0.00	)2		(0.00	)2		(0.00	)2		(0.00	)2
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00
Total return3		0.00	%		0.00	%		0.02	%		0.01	%
Ratios to average net assets (annualized)
Gross expenses		1.14	%		1.14	%		1.14	%		1.14	%
Net expenses		0.08	%		0.09	%		0.04	%		0.14	%
Net investment income		0.00	%		0.00	%		0.01	%		0.01	%
Supplemental data
Net assets, end of period (000s omitted)		$388,122			$447,234			$309,270			$112,648

1. For the period from June 30, 2010 (commencement of class operations) to January 31, 2011

2. Amount is less than $0.005.

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

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

Notes to financial statements (unaudited) Wells Fargo Advantage 100% Treasury Money Market Fund 15

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 100% Treasury Money Market 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

As permitted under Rule 2a-7 of the 1940 Act, portfolio securities 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 which are not valued using the method 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 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.

Distributions to shareholders

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

Federal and other taxes

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.

16 Wells Fargo Advantage 100% Treasury Money Market 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 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.

At July 31, 2013, all of the Fund’s investments in securities were valued using Level 2 inputs since the primary inputs include the credit quality of the issuer and short-term interest rates (both of which are observable) in addition to the use of amortized cost.

Transfers in and transfers out are recognized at the end of the reporting period. For the six months ended July 31, 2013, the Fund did not have any transfers into/out of Level 1, Level 2, or Level 3.

4. TRANSACTIONS WITH AFFILIATES AND OTHER EXPENSES

Advisory fee

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

Pursuant to the contract, Funds Management is entitled to receive an annual advisory fee starting at 0.30% and declining to 0.20% as the average daily net assets of the Fund increase. For the six months ended July 31, 2013, the advisory fee was equivalent to an annual rate of 0.26% 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 0.05% and declining to 0.01% 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

Notes to financial statements (unaudited) Wells Fargo Advantage 100% Treasury Money Market Fund 17

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, Sweep Class		0.22	%
Administrator Class		0.10
Service Class		0.12

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 May 31, 2014 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 0.65% for Class A shares, 0.30% for Administrator Class shares, 0.50% for Service Class shares, and 1.00% for Sweep Class shares.

Distribution fees

The Trust has adopted a Distribution Plan for Sweep Class shares of the Fund pursuant to Rule 12b-1 under the 1940 Act. Distribution fees are charged to Sweep Class shares and paid to Wells Fargo Funds Distributor, LLC, the principal underwriter, at an annual rate of 0.35% of the average daily net assets for Sweep Class shares.

Shareholder servicing fees

The Trust has entered into contracts with one or more shareholder servicing agents, whereby Class A, Service Class, and Sweep Class of the Fund is charged a fee at an annual rate of 0.25% of the respective average daily net assets of each class. Administrator Class is charged a fee at an annual rate of 0.10% of its average daily net assets.

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

5. 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.

18 Wells Fargo Advantage 100% Treasury Money Market 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, seven-day 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 100% Treasury Money Market Fund 19

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

20 Wells Fargo Advantage 100% Treasury Money Market 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 100% Treasury Money Market Fund 21

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 100% Treasury Money Market 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 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 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 (Service Class) was in range of the median performance of the Universe for all periods under review.

22 Wells Fargo Advantage 100% Treasury Money Market Fund Other information (unaudited)

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 operating expense ratios of the Fund were higher than the median net operating expense ratios of the expense Groups. Funds Management advised the Board that the expense Group medians reflected voluntary waivers, whereas the Fund’s expense ratios did not reflect voluntary waivers. The Board noted that when the Fund’s expense ratios were adjusted to reflect voluntary waivers, the Fund’s net operating expense ratios were in range of the median net operating expense ratios of the expense Groups. The Board also viewed favorably the fact that the net operating expense cap of the Fund’s Sweep Class was lowered by five basis points in 2012. The Board and Funds Management agreed to extend the net operating expense caps for all of the Fund’s share classes until 2014.

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 of the Fund’s expense Groups for all classes. However, the Board viewed favorably the fact that when the Fund’s expense ratios were adjusted to reflect voluntary waivers, the Fund’s net operating expense ratios were in range of the median net operating expense ratios of the 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.

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 100% Treasury Money Market Fund 23

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.

24 Wells Fargo Advantage 100% Treasury Money Market 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.

218824 09-13 SA300/SAR300 7-13

Wells Fargo Advantage 

Government Money Market Fund

Semi-Annual Report

July 31, 2013

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Contents

Letter to shareholders	2
Performance highlights	4
Fund expenses	6
Portfolio of investments	7
Financial statements
Statement of assets and liabilities	12
Statement of operations	13
Statement of changes in net assets	14
Financial highlights	15
Notes to financial statements	20
Other information	23
List of abbreviations	29

The views expressed and any forward-looking statements are as of July 31, 2013, unless otherwise noted, and are those of the Fund managers and/or Wells Fargo Funds Management, LLC. Discussions of individual securities, or the markets generally, or any Wells Fargo Advantage Fund are not intended as individual recommendations. Future events or results may vary significantly from those expressed in any forward-looking statements; the views expressed are subject to change at any time in response to changing circumstances in the market. Wells Fargo Funds Management, LLC, disclaims any obligation to publicly update or revise any views expressed or forward-looking statements.

NOT FDIC INSURED  ¡  NO BANK GUARANTEE  ¡   MAY LOSE VALUE

Wells Fargo investment history

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

Wells Fargo Advantage Funds^®

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

Strength

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

Expertise

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

Partnership

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

Carefully consider the investment objectives, risks, charges, and expenses before investing. For a current prospectus and, if available, a summary prospectus, for Wells Fargo Advantage Funds, containing this and other information, visit wellsfargoadvantagefunds.com. Read it carefully before investing.

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

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

NOT FDIC INSURED  ¡  NO BANK GUARANTEE  ¡  MAY LOSE VALUE

Not part of the semi-annual report.

Wells Fargo Advantage Funds offers more than 100 mutual funds across a wide range of asset classes, representing over $226 billion in assets under management, as of July 31, 2013.

Equity funds
Asia Pacific Fund	Enterprise Fund†	Opportunity Fund†
C&B Large Cap Value Fund	Global Opportunities Fund	Precious Metals Fund
C&B Mid Cap Value Fund	Growth Fund	Premier Large Company Growth Fund
Capital Growth Fund	Index Fund	Small Cap Opportunities Fund
Common Stock Fund	International Equity Fund	Small Cap Value Fund
Disciplined U.S. Core Fund	International Value Fund	Small Company Growth Fund
Discovery Fund†	Intrinsic Small Cap Value Fund	Small Company Value Fund
Diversified Equity Fund	Intrinsic Value Fund	Small/Mid Cap Value Fund
Diversified International Fund	Intrinsic World Equity Fund	Special Mid Cap Value Fund
Emerging Growth Fund	Large Cap Core Fund	Special Small Cap Value Fund
Emerging Markets Equity Fund	Large Cap Growth Fund	Specialized Technology Fund
Emerging Markets Equity Income Fund	Large Company Value Fund	Traditional Small Cap Growth Fund
Endeavor Select Fund†	Omega Growth Fund	Utility and Telecommunications Fund
Bond funds
Adjustable Rate Government Fund	High Yield Municipal Bond Fund	Short-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 Government Money Market Fund Letter to shareholders (unaudited)

Karla M. Rabusch

President

Wells Fargo Advantage Funds

We continue to believe that most investors can benefit from adhering to a well-diversified, high-quality investment strategy that is focused on liquidity and capital preservation.

As we gain clarity in the coming months regarding potential changes to the regulation of money market funds, we will provide further communications to you about them.

Dear Valued Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Advantage Government Money Market Fund for the six-month period that ended July 31, 2013. The past six months were marked by accommodative central bank policies, low interest rates, and regulatory uncertainty. Despite the challenges of a changing market landscape, we continue to believe that most investors can benefit from adhering to a well-diversified, high-quality investment strategy that is focused on liquidity and capital preservation.

Short-term interest rates remained low.

Monetary policy remained accommodative. The Federal Open Market Committee (FOMC) did not make any changes to its policy of keeping the target for the federal funds rate near zero or its asset purchase program of buying agency mortgage-backed securities and Treasury securities. However, Federal Reserve (Fed) Chairman Ben Bernanke roiled bond markets on June 19, after the previous day’s FOMC’s meeting, by indicating that tapering of its bond-buying program could begin later this year and that it could end as soon as mid-2014. Despite Chairman Bernanke’s comments on the potential for tapering of the bond-buying program, the Fed’s official statement reaffirmed its program of buying agency mortgage-backed securities at a pace of $40 billion per month and longer-term Treasury securities at a pace of $45 billion per month to “maintain downward pressure on longer-term interest rates, support mortgage markets, and help make broader financial conditions more accommodative.”

Anchored by the Fed’s accommodative monetary policy of holding its targeted federal funds rate near zero, short-term interest rates remained ultra low during the period. While longer-term interest rates rose late in the period, the combination of strong demand and limited supply of money market securities further exacerbated the low level of short-term interest rates throughout the period. A main reason that overall supply of money-market-eligible securities continued to decrease was due to issuers choosing to issue long-term debt to take advantage of low interest rates.

Despite interest rates remaining low, investors remained involved in money markets because yield was only one component driving their investment choices. More often, safety, diversification¹, and liquidity have been higher-value propositions to these investors, factors that were not diminished by Fed policy or technical developments.

Money market regulations remained under review.

Regulators remained concerned about potential systemic risk from money market funds in the event of another financial crisis and sought further revisions to regulations governing money market funds in order to mitigate that risk. In June, the U.S. Security and Exchange Commission (SEC) proposed the following changes: 1) a floating net asset value (NAV) rather than a $1.00 stable NAV for prime institutional money market funds (prime retail money market funds and government money market funds could continue to maintain a stable $1.00 NAV under the proposal); 2) liquidity fees and redemption gates for money market funds other than government funds; or 3) a combination of these two measures. The SEC is also considering changes to portfolio diversification, stress testing, and disclosure requirements for all money market funds. Wells Fargo Funds Management, LLC intends to submit a comment letter on the proposals to the SEC. As we gain clarity in the coming months regarding potential changes to the regulation of money market funds, we will provide further communications to you about them.

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

Letter to shareholders (unaudited) Wells Fargo Advantage Government Money Market Fund 3

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

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

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

Sincerely,

Karla M. Rabusch

President

Wells Fargo Advantage Funds

4 Wells Fargo Advantage Government Money Market Fund Performance highlights (unaudited)

Investment objective

The Fund seeks current income, while preserving capital and liquidity.

Adviser

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

David D. Sylvester

Laurie White

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

								Expense ratios2 (%)
	Inception date	1 year		5 year		10 year		Gross		Net3
Class A (WFGXX)	11-8-1999		0.01		0.10		1.43		0.61		0.61
Administrator Class (WGAXX)	7-31-2003		0.01		0.14		1.59		0.34		0.34
Institutional Class (GVIXX)	7-28-2003		0.01		0.17		1.69		0.22		0.20
Service Class (NWGXX)	11-16-1987		0.01		0.12		1.51		0.51		0.50
Sweep Class	6-30-2010		0.01		0.12		1.51		0.96		0.96

Fund yield summary3 (%) as of July 31, 2013	Class A	Administrator Class		Institutional Class		Service Class		Sweep Class
7-day current yield	0.01		0.01		0.01		0.01		0.01
7-day compound yield	0.01		0.01		0.01		0.01		0.01
30-day simple yield	0.01		0.01		0.01		0.01		0.01
30-day compound yield	0.01		0.01		0.01		0.01		0.01

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 returns will fluctuate. The Fund’s yield figures more closely reflect the current earnings of the Fund than the total return figures. 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 at the Fund’s website, wellsfargoadvantagefunds.com.

Each class is sold without a front-end sales charge or contingent deferred sales charge. Other fees and expenses apply to an investment in the Fund and are described in the Fund’s current prospectuses.

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 Fund seeks 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. The U.S. government guarantee applies to certain underlying securities and not to shares of the Fund.

Please see footnotes on page 5.

Performance highlights (unaudited) Wells Fargo Advantage Government Money Market Fund 5

Portfolio composition⁴ as of July 31, 2013

Effective maturity distribution⁵ as of July 31, 2013

Weighted average maturity⁶ as of July 31, 2013

27 days

Weighted average final maturity⁷ as of July 31, 2013

70 days

1. Historical performance shown for Sweep Class shares prior to their inception reflects the performance of Service Class shares, and has not been adjusted to reflect the higher expenses applicable to Sweep Class shares. If these expenses had been adjusted, returns would be lower.

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

3. The Adviser has committed through May 31, 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 0.65% for Class A, 0.35% for Administrator Class, 0.20% for Institutional Class, 0.50% for Service Class, and 1.00% for Sweep 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. Without waived fees and/or reimbursed expenses, the Fund’s 7-day current yield would have been (0.53)%, (0.26)%, (0.14)%, (0.43)%, and (0.88)% for Class A, Administrator Class, Institutional Class, Service Class, and Sweep Class, respectively.

4. Portfolio composition is subject to change and is calculated based on the total investments of the Fund.

5. Effective maturity distribution is subject to change and is calculated based on the total investments of the Fund.

6. Weighted Average Maturity (WAM): WAM is an average of the effective maturities of all securities held in the portfolio, weighted by each security’s percentage of total investments. The maturity of a portfolio security is the period remaining until the date on which the principal amount is unconditionally required to be paid, or in the case of a security called for redemption, the date on which the redemption payment is unconditionally required to be made. WAM calculations allow for the maturities of certain securities with demand features or periodic interest rate resets to be shortened. WAM is a way to measure a fund’s sensitivity to potential interest rate changes.

7. Weighted Average Final Maturity (WAFM): WAFM is an average of the final maturities of all securities held in the portfolio, weighted by their percentage of total investments. The maturity of a portfolio security is the period remaining until the date on which the principal amount is unconditionally required to be paid, or in the case of a security called for redemption, the date on which the redemption payment is unconditionally required to be made. In contrast to WAM, the calculation of WAFM allows for the maturities of certain securities with demand features to be shortened, but not the periodic interest rate resets. WAFM is a way to measure a fund’s potential sensitivity to credit spread changes.

6 Wells Fargo Advantage Government Money Market Fund Fund expenses (unaudited)

As a shareholder of the Fund, you incur 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 February 1, 2013 to July 31, 2013.

Actual expenses

The “Actual” line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the “Actual” line under the heading entitled “Expenses paid during period” for your applicable class of shares to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The “Hypothetical” line of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only. 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 2-1-2013		Ending account value 7-31-2013		Expenses paid during the period1		Net annual expense ratio
Class A
Actual	$	1,000.00	$	1,000.05	$	0.60		0.12	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.20	$	0.60		0.12	%
Administrator Class
Actual	$	1,000.00	$	1,000.05	$	0.55		0.11	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.25	$	0.55		0.11	%
Institutional Class
Actual	$	1,000.00	$	1,000.05	$	0.60		0.12	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.20	$	0.60		0.12	%
Service Class
Actual	$	1,000.00	$	1,000.05	$	0.60		0.12	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.20	$	0.60		0.12	%
Sweep Class
Actual	$	1,000.00	$	1,000.05	$	0.55		0.11	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.25	$	0.55		0.11	%

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—July 31, 2013 (unaudited) Wells Fargo Advantage Government Money Market Fund 7

Security name	Interest rate			Maturity date		Principal		Value
Government Agency Debt: 52.60%
FFCB (z)		0.03	%		8-29-2013	$	10,000,000	$	9,999,767
FFCB (z)		0.05			10-11-2013		10,000,000		9,999,053
FFCB ±		0.06			8-15-2013		45,000,000		44,999,744
FFCB (z)		0.07			8-7-2013		150,000,000		149,998,250
FFCB (z)		0.08			8-5-2013		20,000,000		19,999,822
FFCB (z)		0.09			9-17-2013		45,000,000		44,994,713
FFCB (z)		0.09			9-18-2013		90,000,000		89,989,200
FFCB (z)		0.09			9-26-2013		100,000,000		99,986,000
FFCB (z)		0.09			1-27-2014		25,000,000		24,988,813
FFCB (z)		0.10			10-1-2013		15,000,000		14,997,458
FFCB ±		0.10			9-13-2013		147,670,000		147,665,774
FFCB (z)		0.11			12-17-2013		25,000,000		24,989,458
FFCB (z)		0.11			10-15-2013		25,000,000		24,994,271
FFCB ±		0.12			4-11-2014		35,000,000		34,996,351
FFCB (z)		0.12			8-9-2013		15,000,000		14,999,600
FFCB (z)		0.12			8-14-2013		100,000,000		99,995,667
FFCB ±		0.12			5-13-2014		125,000,000		124,991,099
FFCB ±		0.13			5-1-2014		175,000,000		174,989,877
FFCB ±		0.13			8-28-2013		100,000,000		99,998,565
FFCB ±		0.14			1-6-2014		35,000,000		34,998,096
FFCB (z)		0.15			8-6-2013		50,000,000		49,998,958
FFCB ±		0.16			4-16-2014		50,000,000		50,011,026
FFCB ±		0.16			4-2-2014		150,000,000		149,994,926
FFCB ±		0.17			10-28-2013		15,000,000		15,001,324
FFCB ±		0.18			1-28-2015		71,000,000		71,021,742
FFCB ±		0.18			12-23-2013		41,715,000		41,721,033
FFCB ±		0.18			1-13-2015		250,000,000		249,926,752
FFCB ±		0.18			7-23-2015		155,000,000		154,992,628
FFCB ±		0.20			5-4-2015		70,500,000		70,531,691
FFCB ±		0.21			2-24-2014		142,000,000		142,041,285
FFCB ±		0.21			8-22-2013		95,775,000		95,778,577
FFCB ±		0.22			3-20-2015		132,500,000		132,621,935
FFCB ±		0.23			10-15-2013		35,000,000		34,994,182
FFCB		0.92			11-26-2013		12,000,000		12,030,844
FFCB		1.30			12-23-2013		9,000,000		9,042,393
FFCB		3.88			10-7-2013		15,000,000		15,103,235
FHLB ±		0.03			11-18-2013		25,000,000		24,996,232
FHLB (z)		0.05			10-7-2013		50,000,000		49,995,347
FHLB ±		0.06			8-28-2013		250,000,000		249,997,174
FHLB (z)		0.07			9-11-2013		100,000,000		99,992,028
FHLB ±		0.07			9-6-2013		250,000,000		250,000,000
FHLB ±		0.08			9-4-2013		115,000,000		114,994,675
FHLB (z)		0.08			8-16-2013		109,000,000		108,996,594
FHLB (z)		0.08			9-20-2013		151,846,000		151,828,956
FHLB ±		0.08			6-20-2014		96,750,000		96,718,360
FHLB ±		0.09			1-23-2014		200,000,000		199,979,536
FHLB ±		0.09			2-20-2014		200,000,000		199,953,706
FHLB ±		0.09			6-12-2014		150,000,000		150,000,000
FHLB (z)		0.10			9-18-2013		108,300,000		108,285,672
FHLB		0.10			11-6-2013		250,000,000		249,986,755

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

8 Wells Fargo Advantage Government Money Market Fund Portfolio of investments—July 31, 2013 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Government Agency Debt (continued)
FHLB		0.10	%		11-8-2013	$	150,000,000	$	149,992,920
FHLB		0.10			11-13-2013		100,000,000		99,996,510
FHLB		0.10			11-21-2013		100,000,000		99,996,985
FHLB		0.10			11-22-2013		250,000,000		249,988,485
FHLB		0.10			12-3-2013		150,000,000		149,991,408
FHLB (z)		0.11			11-18-2013		47,000,000		46,985,058
FHLB		0.11			8-1-2013		33,620,000		33,620,000
FHLB		0.11			10-22-2013		150,000,000		149,995,967
FHLB		0.11			10-25-2013		229,000,000		228,998,930
FHLB (z)		0.12			12-18-2013		15,000,000		14,993,050
FHLB ±		0.12			2-12-2014		150,000,000		149,991,935
FHLB		0.13			9-18-2013		200,000,000		199,993,739
FHLB		0.13			10-9-2013		100,000,000		100,001,498
FHLB		0.13			10-16-2013		250,000,000		249,993,770
FHLB ±		0.13			5-7-2014		250,000,000		249,990,084
FHLB ±		0.14			5-1-2014		200,000,000		200,000,000
FHLB ±		0.14			5-8-2014		250,000,000		249,990,048
FHLB		0.14			8-28-2013		150,000,000		149,997,494
FHLB		0.14			9-5-2013		200,000,000		199,996,727
FHLB ±		0.15			12-3-2014		250,000,000		249,966,091
FHLB		0.15			9-11-2013		10,000,000		10,001,090
FHLB		0.22			8-8-2013		17,315,000		17,315,458
FHLB		0.24			8-9-2013		5,000,000		5,000,041
FHLB		0.27			9-12-2013		66,000,000		66,012,564
FHLB		0.28			9-16-2013		30,000,000		30,006,659
FHLB		0.29			12-6-2013		22,000,000		22,014,974
FHLB		0.38			11-27-2013		53,500,000		53,549,178
FHLB		0.50			8-28-2013		24,000,000		24,007,462
FHLB		5.13			8-14-2013		10,000,000		10,017,793
FHLMC (z)		0.05			10-28-2013		105,700,000		105,687,080
FHLMC (z)		0.06			10-21-2013		50,000,000		49,993,250
FHLMC (z)		0.07			8-22-2013		100,000,000		99,995,917
FHLMC (z)		0.07			8-23-2013		20,000,000		19,999,144
FHLMC (z)		0.07			9-17-2013		100,000,000		99,990,861
FHLMC (z)		0.07			9-9-2013		122,780,000		122,770,631
FHLMC (z)		0.08			9-3-2013		40,385,000		40,382,224
FHLMC (z)		0.08			9-16-2013		99,498,000		99,487,829
FHLMC (z)		0.08			10-23-2013		200,000,000		199,963,111
FHLMC (z)		0.09			11-7-2013		50,000,000		49,987,750
FHLMC (z)		0.10			11-12-2013		200,000,000		199,945,638
FHLMC (z)		0.10			12-2-2013		210,000,000		209,931,838
FHLMC (z)		0.10			11-25-2013		131,568,000		131,526,310
FHLMC (z)		0.10			12-20-2013		250,000,000		249,902,083
FHLMC (z)		0.11			10-22-2013		24,000,000		23,993,987
FHLMC (z)		0.11			10-15-2013		72,050,000		72,033,290
FHLMC (z)		0.12			8-12-2013		389,803,000		389,788,884
FHLMC (z)		0.12			8-2-2013		114,000,000		113,999,612
FHLMC (z)		0.13			8-1-2013		100,000,000		100,000,000
FHLMC (z)		0.13			9-4-2013		145,000,000		144,982,197
FHLMC ±		0.13			9-13-2013		173,080,000		173,080,458

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

Portfolio of investments—July 31, 2013 (unaudited) Wells Fargo Advantage Government Money Market Fund 9

Security name	Interest rate			Maturity date		Principal		Value
Government Agency Debt (continued)
FHLMC (z)		0.14	%		8-5-2013	$	153,330,000	$	153,327,630
FHLMC (z)		0.15			9-5-2013		100,000,000		99,985,416
FHLMC (z)		0.16			8-19-2013		50,000,000		49,996,125
FHLMC		0.38			10-15-2013		69,535,000		69,568,871
FHLMC		0.38			10-30-2013		268,098,000		268,278,130
FHLMC		0.38			11-27-2013		121,667,000		121,770,704
FHLMC		0.50			10-15-2013		30,825,000		30,846,846
FHLMC		0.63			12-23-2013		28,000,000		28,057,868
FHLMC		4.88			11-15-2013		49,851,000		50,534,927
FNMA (z)		0.07			9-4-2013		27,466,000		27,464,184
FNMA		1.00			10-21-2013		200,000,000		199,964,000
FNMA		0.00			10-30-2013		86,538,000		86,526,642
FNMA %%±		0.15			8-5-2015		150,000,000		149,939,024
FNMA (z)		0.04			9-16-2013		25,000,000		24,998,722
FNMA (z)		0.04			9-25-2013		19,038,000		19,036,837
FNMA (z)		0.08			8-19-2013		300,000,000		299,988,350
FNMA (z)		0.08			9-11-2013		50,000,000		49,995,444
FNMA (z)		0.09			11-6-2013		15,000,000		14,996,363
FNMA (z)		0.10			11-27-2013		45,613,000		45,598,797
FNMA (z)		0.10			11-20-2013		139,656,000		139,614,016
FNMA (z)		0.10			11-13-2013		102,000,000		101,970,533
FNMA (z)		0.10			12-4-2013		100,000,000		99,965,278
FNMA (z)		0.12			12-11-2013		92,500,000		92,460,996
FNMA (z)		0.12			10-16-2013		25,000,000		24,993,667
FNMA (z)		0.12			8-15-2013		100,000,000		99,995,333
FNMA (z)		0.13			8-7-2013		265,000,000		264,994,179
FNMA (z)		0.14			12-26-2013		50,000,000		49,971,417
FNMA (z)##		0.15			8-14-2013		215,590,000		215,578,452
FNMA (z)		0.15			9-3-2013		100,000,000		99,986,250
FNMA ±		0.16			11-14-2013		50,000,000		50,007,461
FNMA ±		0.17			6-20-2014		325,000,000		324,954,234
FNMA		0.50			8-9-2013		57,368,000		57,372,970
FNMA		0.75			12-18-2013		185,785,000		186,236,952
FNMA		0.80			11-18-2013		23,100,000		23,147,137
FNMA		1.00			9-23-2013		290,026,000		290,399,588
FNMA		1.00			10-15-2013		13,000,000		13,024,526
FNMA		1.05			10-22-2013		15,000,000		15,031,433
FNMA		1.13			10-8-2013		10,000,000		10,019,361
FNMA		1.25			8-20-2013		387,184,000		387,412,225
FNMA		4.63			10-15-2013		28,061,000		28,320,065
Overseas Private Investment Corporation ±§(i)		0.14			10-15-2027		90,000,000		90,000,000
Total Government Agency Debt (Cost $15,259,288,109)									15,259,288,109
Repurchase Agreements ^^: 48.60%
Bank of America Corporation, dated 7-31-2013, maturity value $2,000,004,444 (1)		0.08			8-1-2013		2,000,000,000		2,000,000,000
Bank of Nova Scotia, dated 7-31-2013, maturity value $1,415,003,538 (2)		0.09			8-1-2013		1,415,000,000		1,415,000,000
Bank of Nova Scotia, dated 7-31-2013, maturity value $431,900,840 (3)		0.07			8-1-2013		431,900,000		431,900,000
Barclays Capital Incorporated, dated 7-31-2013, maturity value $1,350,003,375 (4)		0.09			8-1-2013		1,350,000,000		1,350,000,000

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

10 Wells Fargo Advantage Government Money Market Fund Portfolio of investments—July 31, 2013 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Repurchase Agreements ^^ (continued)
BNP Paribas Securities Corporation, dated 7-31-2013, maturity value $500,001,111 (5)		0.08	%		8-1-2013	$	500,000,000	$	500,000,000
Citibank NA, dated 7-31-2013, maturity value $500,001,250 (6)		0.09			8-1-2013		500,000,000		500,000,000
Citigroup Global Markets, dated 7-31-2013, maturity value $1,000,000,833 (7)		0.03			8-1-2013		1,000,000,000		1,000,000,000
Citigroup Global Markets, dated 7-31-2013, maturity value $1,000,002,500 (8)		0.09			8-1-2013		1,000,000,000		1,000,000,000
Citigroup Global Markets, dated 7-31-2013, maturity value $200,000,111 (9)		0.02			8-1-2013		200,000,000		200,000,000
Credit Agricole, dated 7-25-2013, maturity value $250,001,944 (10)		0.04			8-1-2013		250,000,000		250,000,000
Credit Agricole, dated 7-26-2013, maturity value $250,001,944 (11)		0.04			8-2-2013		250,000,000		250,000,000
Credit Agricole, dated 7-31-2013, maturity value $250,003,403 (12)		0.07			8-7-2013		250,000,000		250,000,000
Credit Agricole, dated 7-31-2013, maturity value $750,001,875 (13)		0.09			8-1-2013		750,000,000		750,000,000
Deutsche Bank Securities, dated 7-29-2013, maturity value $250,001,944 (14)		0.04			8-5-2013		250,000,000		250,000,000
Deutsche Bank Securities, dated 7-30-2013, maturity value $250,002,431 (15)		0.05			8-6-2013		250,000,000		250,000,000
Deutsche Bank Securities, dated 7-31-2013, maturity value $25,500,071 (16)		0.10			8-1-2013		25,500,000		25,500,000
Deutsche Bank Securities, dated 7-31-2013, maturity value $300,000,333 (17)		0.04			8-1-2013		300,000,000		300,000,000
Deutsche Bank Securities, dated 7-31-2013, maturity value $700,001,944 (18)		0.10			8-1-2013		700,000,000		700,000,000
Goldman Sachs & Company, dated 7-31-2013, maturity value $300,000,750 (19)		0.09			8-1-2013		300,000,000		300,000,000
Goldman Sachs & Company, dated 7-31-2013, maturity value $69,200,173 (20)		0.09			8-1-2013		69,200,000		69,200,000
HSBC Securities, dated 7-31-2013, maturity value $125,000,243 (21)		0.07			8-1-2013		125,000,000		125,000,000
Merrill Pierce Fenner Smith Incorporated, dated 7-31-2013, maturity value $100,000,194 (22)		0.07			8-1-2013		100,000,000		100,000,000
Morgan Stanley & Company, dated 7-31-2013, maturity value $100,000,222 (23)		0.08			8-1-2013		100,000,000		100,000,000
Royal Bank of Canada, dated 7-31-2013, maturity value $625,001,389 (24)		0.08			8-1-2013		625,000,000		625,000,000
RBS Securities Incorporated, dated 7-31-2013, maturity value $500,001,250 (25)		0.09			8-1-2013		500,000,000		500,000,000
Societe Generale New York, dated 7-31-2013, maturity value $860,002,150 (26)		0.09			8-1-2013		860,000,000		860,000,000
Total Repurchase Agreements (Cost $14,101,600,000)									14,101,600,000

Total investments in securities (Cost $29,360,888,109) *	101.20	%		29,360,888,109
Other assets and liabilities, net	(1.20	)		(346,870,839	)
Total net assets	100.00	%	$	29,014,017,270

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

Portfolio of investments—July 31, 2013 (unaudited) Wells Fargo Advantage Government Money Market Fund 11

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

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

%% Security issued on a when-issued basis.

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

(i) Illiquid security

§ Security is subject to a demand feature which reduces the effective maturity.

^^ Collateralized by:

(1) U.S. government securities, 3.50% to 4.50%, 4-20-2041 to 6-20-2042, fair value including accrued interest is $2,060,000,001.

(2) U.S. government securities, 0.25% to 8.13%, 8-15-2013 to 7-1-2043, fair value including accrued interest is $1,447,572,753.

(3) U.S. government securities, 0.13% to 4.63%, 2-15-2015 to 2-15-2043, fair value including accrued interest is $440,538,012.

(4) U.S. government securities, 0.00% to 5.26%, 9-1-2019 to 4-1-2044, fair value including accrued interest is $1,390,500,000.

(5) U.S. government securities, 3.00% to 5.00%, 7-1-2027 to 10-1-2042, fair value including accrued interest is $515,000,000.

(6) U.S. government securities, 1.61% to 10.00%, 3-15-2015 to 10-1-2047, fair value including accrued interest is $515,000,000.

(7) U.S. government securities, 0.00% to 8.88%, 8-8-2013 to 5-15-2043, fair value including accrued interest is $1,020,000,016.

(8) U.S. government securities, 2.00% to 7.00%, 4-1-2017 to 7-1-2043, fair value including accrued interest is $1,030,000,001.

(9) U.S. government securities, 0.25% to 0.75%, 7-31-2015 to 2-28-2018, fair value including accrued interest is $204,000,062.

(10) U.S. government securities, 2.50% to 5.00%, 10-1-2025 to 5-1-2042, fair value including accrued interest is $257,500,001.

(11) U.S. government securities, 3.50% to 6.50%, 8-1-2030 to 5-1-2042, fair value including accrued interest is $257,500,001.

(12) U.S. government securities, 4.00% to 5.50%, 3-1-2036 to 2-1-2042, fair value including accrued interest is $257,500,000.

(13) U.S. government securities, 1.81% to 4.61%, 5-1-2035 to 6-1-2043, fair value including accrued interest is $772,500,000.

(14) U.S. government securities, 2.57% to 7.50%, 7-1-2018 to 7-1-2043, fair value including accrued interest is $257,500,000.

(15) U.S. government securities, 1.75% to 7.50%, 7-1-2019 to 7-1-2043, fair value including accrued interest is $257,495,601.

(16) U.S. government securities, 3.50% to 5.50%, 2-1-2037 to 10-1-2042, fair value including accrued interest is $26,265,000.

(17) U.S. government securities, 0.88% to 1.38%, 11-30-2015 to 7-31-2019, fair value including accrued interest is $306,000,045.

(18) U.S. government securities, 2.25% to 4.00%, 3-20-2042 to 6-15-2053, fair value including accrued interest is $721,000,000.

(19) U.S. government securities, 3.00% to 4.50%, 9-1-2025 to 8-1-2042, fair value including accrued interest is $309,000,001.

(20) U.S. government securities, 3.50% to 5.50%, 8-20-2038 to 6-20-2043, fair value including accrued interest is $71,276,001.

(21) U.S. government security, 3.00%, 7-1-2043, fair value including accrued interest is $128,754,767.

(22) U.S. government securities, 3.50% to 4.00%, 8-15-2041 to 5-20-2042, fair value including accrued interest is $103,000,000.

(23) U.S. government securities, 2.45% to 5.50%, 4-1-2018 to 7-1-2043, fair value including accrued interest is $103,000,000.

(24) U.S. government securities, 0.00% to 3.67%, 5-1-2035 to 8-1-2043, fair value including accrued interest is $643,750,000.

(25) U.S. government securities, 0.11% to 7.25%, 8-9-2013 to 9-7-2032, fair value including accrued interest is $510,000,153.

(26) U.S. government securities, 0.00% to 6.25%, 1-2-2014 to 8-15-2023, fair value including accrued interest is $877,200,009.

* Cost for federal income tax purposes is substantially the same as for financial reporting purposes.

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

12 Wells Fargo Advantage Government Money Market Fund Statement of assets and liabilities—July 31, 2013 (unaudited)

Assets
Investments
Investments in unaffiliated securities, at amortized cost	$	15,259,288,109
Investments in repurchase agreements, at amortized cost		14,101,600,000
Total investments, at amortized cost		29,360,888,109
Cash		6,807
Receivable for Fund shares sold		877,494
Receivable for interest		6,959,361
Receivable from adviser		2,519,364
Total assets		29,371,251,135
Liabilities
Dividends payable		140,390
Payable for investments purchased		351,867,833
Payable for Fund shares redeemed		517,199
Distribution fees payable		8,877
Due to other related parties		2,955,825
Accrued expenses and other liabilities		1,743,741
Total liabilities		357,233,865
Total net assets	$	29,014,017,270
NET ASSETS CONSIST OF
Paid-in capital	$	29,014,039,396
Overdistributed net investment income		(32,091	)
Accumulated net realized gains on investments		9,965
Total net assets	$	29,014,017,270
COMPUTATION OF NET ASSET VALUE PER SHARE1
Net assets – Class A	$	384,993,004
Shares outstanding – Class A		384,994,661
Net asset value per share – Class A		$1.00
Net assets – Administrator Class	$	490,281,050
Shares outstanding – Administrator Class		490,282,300
Net asset value per share – Administrator Class		$1.00
Net assets – Institutional Class	$	23,322,694,123
Shares outstanding – Institutional Class		23,322,757,068
Net asset value per share – Institutional Class		$1.00
Net assets – Service Class	$	4,796,291,151
Shares outstanding – Service Class		4,796,309,265
Net asset value per share – Service Class		$1.00
Net assets – Sweep Class	$	19,757,942
Shares outstanding – Sweep Class		19,758,006
Net asset value per share – Sweep Class		$1.00

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 July 31, 2013 (unaudited) Wells Fargo Advantage Government Money Market Fund 13

Investment income
Interest	$	18,950,386
Expenses
Advisory fee		15,068,959
Administration fees
Fund level		5,264,523
Class A		536,969
Administrator Class		252,298
Institutional Class		9,441,492
Service Class		3,306,895
Sweep Class		32,941
Shareholder servicing fees
Class A		610,192
Administrator Class		251,653
Service Class		6,872,449
Sweep Class		37,433
Distribution fees
Sweep Class		52,406
Custody and accounting fees		744,871
Professional fees		23,487
Registration fees		67,270
Shareholder report expenses		88,245
Trustees’ fees and expenses		6,959
Other fees and expenses		264,101
Total expenses		42,923,143
Less: Fee waivers and/or expense reimbursements		(25,479,659	)
Net expenses		17,443,484
Net investment income		1,506,902
Net realized gains on investments		9,965
Net increase in net assets resulting from operations	$	1,516,867

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

14 Wells Fargo Advantage Government Money Market Fund Statement of changes in net assets

	Six months ended July 31, 2013 (unaudited)						Year ended January 31, 2013
Operations
Net investment income				$	1,506,902					$	3,082,674
Net realized gains on investments					9,965						0
Net increase in net assets resulting from operations					1,516,867						3,082,674
Distributions to shareholders from
Net investment income
Class A					(24,409	)					(67,798	)
Administrator Class					(25,230	)					(52,036	)
Institutional Class					(1,180,190	)					(2,386,806	)
Service Class					(275,576	)					(572,932	)
Sweep Class					(1,497	)					(3,102	)
Total distributions to shareholders					(1,506,902	)					(3,082,674	)
		Shares						Shares
Capital share transactions
Proceeds from shares sold
Class A		606,364,814			606,364,814			1,709,289,262			1,709,289,262
Administrator Class		2,516,536,302			2,516,536,302			3,338,492,206			3,338,492,206
Institutional Class		95,550,185,949			95,550,185,949			157,730,470,093			157,730,470,093
Service Class		23,706,383,433			23,706,383,433			41,998,294,119			41,998,294,119
Sweep Class		64,407,585			64,407,585			103,647,746			103,647,746
					122,443,878,083						204,880,193,426
Reinvestment of distributions
Class A		23,041			23,041			64,709			64,709
Administrator Class		12,998			12,998			24,508			24,508
Institutional Class		554,328			554,328			1,137,817			1,137,817
Service Class		20,885			20,885			50,492			50,492
Sweep Class		1,497			1,497			3,102			3,102
					612,749						1,280,628
Payment for shares redeemed
Class A		(786,070,958	)		(786,070,958	)		(2,081,855,065	)		(2,081,855,065	)
Administrator Class		(2,434,678,983	)		(2,434,678,983	)		(3,539,053,850	)		(3,539,053,850	)
Institutional Class		(94,990,543,366	)		(94,990,543,366	)		(161,381,744,033	)		(161,381,744,033	)
Service Class		(25,350,674,714	)		(25,350,674,714	)		(40,814,540,147	)		(40,814,540,147	)
Sweep Class		(67,648,858	)		(67,648,858	)		(182,563,056	)		(182,563,056	)
					(123,629,616,879	)					(207,999,756,151	)
Net decrease in net assets resulting from capital share transactions					(1,185,126,047	)					(3,118,282,097	)
Total decrease in net assets					(1,185,116,082	)					(3,118,282,097	)
Net assets
Beginning of period					30,199,133,352						33,317,415,449
End of period				$	29,014,017,270					$	30,199,133,352
Overdistributed net investment income				$	(32,091	)				$	(32,091	)

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

Financial highlights Wells Fargo Advantage Government Money Market Fund 15

(For a share outstanding throughout each period)

	Six months ended July 31, 2013 (unaudited)			Year ended January 31									Year ended February 28
CLASS A				2013			2012			20111			2010			2009			20082
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.00	3		0.00	3		0.00	3		0.00	3		0.00	3		0.01			0.04
Net realized gains (losses) on investments		0.00	3		0.00			0.00	3		(0.00	)3		0.00	3		0.00			0.00
Total from investment operations		0.00	3		0.00	3		0.00	3		0.00	3		0.00	3		0.01			0.04
Distributions to shareholders from
Net investment income		(0.00	)3		(0.00	)3		(0.00	)3		(0.00	)3		(0.00	)3		(0.01	)		(0.04	)
Net realized gains		0.00			0.00			(0.00	)3		(0.00	)3		(0.00	)3		0.00			0.00
Total distributions to shareholders		(0.00	)3		(0.00	)3		(0.00	)3		(0.00	)3		(0.00	)3		(0.01	)		(0.04	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return4		0.00	%		0.01	%		0.01	%		0.01	%		0.01	%		1.22	%		4.38	%
Ratios to average net assets (annualized)
Gross expenses		0.61	%		0.61	%		0.60	%		0.58	%		0.65	%		0.64	%		0.64	%
Net expenses		0.12	%		0.17	%		0.12	%		0.22	%		0.28	%		0.64	%		0.64	%
Net investment income		0.01	%		0.01	%		0.01	%		0.01	%		0.01	%		1.29	%		4.39	%
Supplemental data
Net assets, end of period (000s omitted)		$384,993			$564,676			$937,172			$1,078,873			$777,462			$1,101,904			$1,921,647

1. For the eleven months ended January 31, 2011. The Fund changed its fiscal year end from February 28 to January 31, effective January 31, 2011.

2. Year ended February 29

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.

16 Wells Fargo Advantage Government Money Market Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended July 31, 2013 (unaudited)			Year ended January 31									Year ended February 28
ADMINISTRATOR CLASS				2013			2012			20111			2010			2009			20082
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.00	3		0.00	3		0.00	3		0.00	3		0.00	3		0.01			0.04
Net realized gains (losses) on investments		0.00	3		0.00			0.00	3		(0.00	)3		0.00	3		0.00			0.00
Total from investment operations		0.00	3		0.00	3		0.00	3		0.00	3		0.00	3		0.01			0.04
Distributions to shareholders from
Net investment income		(0.00	)3		(0.00	)3		(0.00	)3		(0.00	)3		(0.00	)3		(0.01	)		(0.04	)
Net realized gains		0.00			0.00			(0.00	)3		(0.00	)3		(0.00	)3		0.00			0.00
Total distributions to shareholders		(0.00	)3		(0.00	)3		(0.00	)3		(0.00	)3		(0.00	)3		(0.01	)		(0.04	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return4		0.00	%		0.01	%		0.01	%		0.01	%		0.02	%		1.50	%		4.68	%
Ratios to average net assets (annualized)
Gross expenses		0.34	%		0.34	%		0.34	%		0.35	%		0.39	%		0.37	%		0.37	%
Net expenses		0.11	%		0.17	%		0.12	%		0.21	%		0.28	%		0.36	%		0.35	%
Net investment income		0.01	%		0.01	%		0.01	%		0.01	%		0.03	%		1.42	%		4.55	%
Supplemental data
Net assets, end of period (000s omitted)		$490,281			$408,411			$608,948			$547,278			$788,478			$1,780,294			$1,944,435

1. For the eleven months ended January 31, 2011. The Fund changed its fiscal year end from February 28 to January 31, effective January 31, 2011.

2. Year ended February 29

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 Government Money Market Fund 17

(For a share outstanding throughout each period)

	Six months ended July 31, 2013 (unaudited)			Year ended January 31									Year ended February 28
INSTITUTIONAL CLASS				2013			2012			20111			2010			2009			20082
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.00	3		0.00	3		0.00	3		0.00	3		0.00	3		0.01			0.04
Net realized gains (losses) on investments		0.00	3		0.00			0.00	3		(0.00	)3		0.00	3		0.00			0.00
Total from investment operations		0.00	3		0.00	3		0.00	3		0.00	3		0.00	3		0.01			0.04
Distributions to shareholders from
Net investment income		(0.00	)3		(0.00	)3		(0.00	)3		(0.00	)3		(0.00	)3		(0.01	)		(0.04	)
Net realized gains		0.00			0.00			(0.00	)3		(0.00	)3		(0.00	)3		0.00			0.00
Total distributions to shareholders		(0.00	)3		(0.00	)3		(0.00	)3		(0.00	)3		(0.00	)3		(0.01	)		(0.04	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return4		0.00	%		0.01	%		0.01	%		0.03	%		0.08	%		1.65	%		4.83	%
Ratios to average net assets (annualized)
Gross expenses		0.22	%		0.22	%		0.22	%		0.23	%		0.27	%		0.26	%		0.25	%
Net expenses		0.12	%		0.17	%		0.12	%		0.20	%		0.21	%		0.22	%		0.20	%
Net investment income		0.01	%		0.01	%		0.01	%		0.03	%		0.10	%		1.42	%		4.54	%
Supplemental data
Net assets, end of period (000s omitted)		$23,322,694			$22,762,489			$26,412,568			$19,760,296			$20,661,470			$42,393,921			$23,265,323

1. For the eleven months ended January 31, 2011. The Fund changed its fiscal year end from February 28 to January 31, effective January 31, 2011.

2. Year ended February 29

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.

18 Wells Fargo Advantage Government Money Market Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended July 31, 2013 (unaudited)			Year ended January 31									Year ended February 28
SERVICE CLASS				2013			2012			20111			2010			2009			20082
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.00	3		0.00	3		0.00	3		0.00	3		0.00	3		0.01			0.04
Net realized gains (losses) on investments		0.00	3		0.00			0.00	3		(0.00	)3		0.00	3		0.00			0.00
Total from investment operations		0.00	3		0.00	3		0.00	3		0.00	3		0.00	3		0.01			0.04
Distributions to shareholders from
Net investment income		(0.00	)3		(0.00	)3		(0.00	)3		(0.00	)3		(0.00	)3		(0.01	)		(0.04	)
Net realized gains		0.00			0.00			(0.00	)3		(0.00	)3		(0.00	)3		0.00			0.00
Total distributions to shareholders		(0.00	)3		(0.00	)3		(0.00	)3		(0.00	)3		(0.00	)3		(0.01	)		(0.04	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return4		0.00	%		0.01	%		0.01	%		0.01	%		0.01	%		1.35	%		4.52	%
Ratios to average net assets (annualized)
Gross expenses		0.51	%		0.51	%		0.51	%		0.52	%		0.56	%		0.54	%		0.54	%
Net expenses		0.12	%		0.17	%		0.12	%		0.22	%		0.28	%		0.51	%		0.50	%
Net investment income		0.01	%		0.01	%		0.01	%		0.01	%		0.01	%		1.31	%		4.42	%
Supplemental data
Net assets, end of period (000s omitted)		$4,796,291			$6,440,560			$5,256,816			$5,820,697			$4,595,307			$6,342,777			$6,350,025

1. For the eleven months ended January 31, 2011. The Fund changed its fiscal year end from February 28 to January 31, effective January 31, 2011.

2. Year ended February 29

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 Government Money Market Fund 19

(For a share outstanding throughout each period)

	Six months ended July 31, 2013 (unaudited)			Year ended January 31
SWEEP CLASS				2013			2012			20111
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.00	2		0.00	2		0.00	2		0.00	2
Net realized gains (losses) on investments		0.00	2		0.00			0.00	2		(0.00	)2
Total from investment operations		0.00	2		0.00	2		0.00	2		0.00	2
Distributions to shareholders from
Net investment income		(0.00	)2		(0.00	)2		(0.00	)2		(0.00	)2
Net realized gains		0.00			0.00			(0.00	)2		(0.00	)2
Total distributions to shareholders		(0.00	)2		(0.00	)2		(0.00	)2		(0.00	)2
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00
Total return3		0.00	%		0.01	%		0.01	%		0.01	%
Ratios to average net assets (annualized)
Gross expenses		0.96	%		0.96	%		0.96	%		0.94	%
Net expenses		0.11	%		0.17	%		0.12	%		0.22	%
Net investment income		0.01	%		0.01	%		0.01	%		0.01	%
Supplemental data
Net assets, end of period (000s omitted)		$19,758			$22,998			$101,911			$127,791

1. For the period from June 30, 2010 (commencement of class operations) to January 31, 2011

2. Amount is less than $0.005.

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

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

20 Wells Fargo Advantage Government Money Market 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 Government Money Market 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

As permitted under Rule 2a-7 of the 1940 Act, portfolio securities 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 which are not valued using the method 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.

Repurchase agreements

The Fund may invest in repurchase agreements and may participate in pooled repurchase agreement transactions with other funds advised by Funds Management. The repurchase agreements must be fully collateralized based on values that are marked-to-market daily. The collateral may be held by an agent bank under a tri-party agreement. It is the custodian’s responsibility to value collateral daily and to take action to obtain additional collateral as necessary to maintain market value equal to or greater than the resale price. The repurchase agreements are collateralized by instruments such as U.S. Treasury, federal agency, or high-grade corporate obligations. There could be potential loss to the Fund in the event that the Fund is delayed or prevented from exercising its rights to dispose of the collateral, including the risk of a possible decline in the value of the underlying obligations during the period in which the Fund seeks to assert its rights.

When-issued transactions

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

Security transactions and income recognition

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

Notes to financial statements (unaudited) Wells Fargo Advantage Government Money Market Fund 21

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

Distributions to shareholders

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

Federal and other taxes

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 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.

At July 31, 2013, all of the Fund’s investments in securities were valued using Level 2 inputs since the primary inputs include the credit quality of the issuer and short-term interest rates (both of which are observable) in addition to the use of amortized cost.

Transfers in and transfers out are recognized at the end of the reporting period. For the six months ended July 31, 2013, the Fund did not have any transfers into/out of Level 1, Level 2, or Level 3.

22 Wells Fargo Advantage Government Money Market Fund Notes to financial statements (unaudited)

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 0.10% of the Fund’s average daily net assets.

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Funds Management. Wells Capital Management Incorporated, an affiliate of Funds Management, is the subadviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.05% and declining to 0.01% 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, Sweep Class		0.22	%
Administrator Class		0.10
Institutional Class		0.08
Service Class		0.12

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 May 31, 2014 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 0.65% for Class A shares, 0.35% for Administrator Class shares, 0.20% for Institutional Class shares, 0.50% for Service Class shares and 1.00% for Sweep Class shares.

Distribution fees

The Trust has adopted a Distribution Plan for Sweep Class shares of the Fund pursuant to Rule 12b-1 under the 1940 Act. Distribution fees are charged to Sweep Class shares and paid to Wells Fargo Funds Distributor, LLC, the principal underwriter, at an annual rate of 0.35% of the average daily net assets for Sweep Class shares.

Shareholder servicing fees

The Trust has entered into contracts with one or more shareholder servicing agents, whereby Class A, Service Class and Sweep Class of the Fund is charged a fee at an annual rate of 0.25% of the respective average daily net assets of each class. Administrator Class is charged a fee at an annual rate of 0.10% of its average daily net assets.

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

5. 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.

Other information (unaudited) Wells Fargo Advantage Government Money Market 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, seven-day 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 Government Money Market 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 Government Money Market 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 Government Money Market Fund Other information (unaudited)

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 Government Money Market 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 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 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 in range of the median performance of the Universe for all periods under review.

Other information (unaudited) Wells Fargo Advantage Government Money Market Fund 27

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 operating expense ratios of the Fund were higher than the median net operating expense ratios of the expense Groups. Funds Management advised the Board that voluntary fee waivers across the money market fund industry had resulted in significantly lower median net operating expense ratio for the expense Groups. The Board noted that when the Fund’s expense ratios were adjusted to reflect voluntary waivers, the Fund’s net operating expense ratios were higher than the median net operating expense ratios of the expense Groups. However, the Board viewed favorably the fact that the net operating expense cap of the Fund’s Sweep Class was lowered by five basis points in 2012 and the Board and Funds Management agreed to extend the net operating expense caps for all of the Fund’s share classes until 2014.

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 Institutional Class and Service Class were in range of the median rates for their respective expense Groups, but also noted that the Management Rates of the Administrator Class, Class A, and Sweep Class were higher than the median rates for their respective 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.

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

28 Wells Fargo Advantage Government Money Market Fund Other information (unaudited)

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 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 Government Money Market 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.

218827 09-13 SA303/SAR303 7-13

Wells Fargo Advantage

National Tax-Free Money Market Fund

Semi-Annual Report

July 31, 2013

Reduce clutter. Save trees.

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

Contents

Letter to shareholders	2
Performance highlights	4
Fund expenses	6
Summary portfolio of investments	7
Financial statements
Statement of assets and liabilities	17
Statement of operations	18
Statement of changes in net assets	19
Financial highlights	20
Notes to financial statements	25
Other information	28
List of abbreviations	34

The views expressed and any forward-looking statements are as of July 31, 2013, unless otherwise noted, and are those of the Fund managers and/or Wells Fargo Funds Management, LLC. Discussions of individual securities, or the markets generally, or any Wells Fargo Advantage Fund are not intended as individual recommendations. Future events or results may vary significantly from those expressed in any forward-looking statements; the views expressed are subject to change at any time in response to changing circumstances in the market. Wells Fargo Funds Management, LLC, disclaims any obligation to publicly update or revise any views expressed or forward-looking statements.

NOT FDIC INSURED  ¡  NO BANK GUARANTEE  ¡   MAY LOSE VALUE

Wells Fargo investment history

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

Wells Fargo Advantage Funds^®

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

Strength

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

Expertise

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

Partnership

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

Carefully consider the investment objectives, risks, charges, and expenses before investing. For a current prospectus and, if available, a summary prospectus, for Wells Fargo Advantage Funds, containing this and other information, visit wellsfargoadvantagefunds.com. Read it carefully before investing.

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

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

NOT FDIC INSURED  ¡  NO BANK GUARANTEE  ¡  MAY LOSE VALUE

Not part of the semi-annual report.

Wells Fargo Advantage Funds offers more than 100 mutual funds across a wide range of asset classes, representing over $226 billion in assets under management, as of July 31, 2013.

Equity funds
Asia Pacific Fund	Enterprise Fund†	Opportunity Fund†
C&B Large Cap Value Fund	Global Opportunities Fund	Precious Metals Fund
C&B Mid Cap Value Fund	Growth Fund	Premier Large Company Growth Fund
Capital Growth Fund	Index Fund	Small Cap Opportunities Fund
Common Stock Fund	International Equity Fund	Small Cap Value Fund
Disciplined U.S. Core Fund	International Value Fund	Small Company Growth Fund
Discovery Fund†	Intrinsic Small Cap Value Fund	Small Company Value Fund
Diversified Equity Fund	Intrinsic Value Fund	Small/Mid Cap Value Fund
Diversified International Fund	Intrinsic World Equity Fund	Special Mid Cap Value Fund
Emerging Growth Fund	Large Cap Core Fund	Special Small Cap Value Fund
Emerging Markets Equity Fund	Large Cap Growth Fund	Specialized Technology Fund
Emerging Markets Equity Income Fund	Large Company Value Fund	Traditional Small Cap Growth Fund
Endeavor Select Fund†	Omega Growth Fund	Utility and Telecommunications Fund
Bond funds
Adjustable Rate Government Fund	High Yield Municipal Bond Fund	Short-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 National Tax-Free Money Market Fund Letter to shareholders (unaudited)

Karla M. Rabusch

President

Wells Fargo Advantage Funds

We continue to believe that most investors can benefit from adhering to a well-diversified, high-quality investment strategy that is focused on liquidity and capital preservation.

As we gain clarity in the coming months regarding potential changes to the regulation of money market funds, we will provide further communications to you about them.

Dear Valued Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Advantage National Tax-Free Money Market Fund for the six-month period that ended July 31, 2013. The past six months were marked by accommodative central bank policies, low interest rates, and regulatory uncertainty. Despite the challenges of a changing market landscape, we continue to believe that most investors can benefit from adhering to a well-diversified, high-quality investment strategy that is focused on liquidity and capital preservation.

Short-term interest rates remained low.

Monetary policy remained accommodative. The Federal Open Market Committee (FOMC) did not make any changes to its policy of keeping the target for the federal funds rate near zero or its asset purchase program of buying agency mortgage-backed securities and Treasury securities. However, Federal Reserve (Fed) Chairman Ben Bernanke roiled bond markets on June 19, after the previous day’s FOMC’s meeting, by indicating that tapering of its bond-buying program could begin later this year and that it could end as soon as mid-2014. Despite Chairman Bernanke’s comments on the potential for tapering of the bond-buying program, the Fed’s official statement reaffirmed its program of buying agency mortgage-backed securities at a pace of $40 billion per month and longer-term Treasury securities at a pace of $45 billion per month to “maintain downward pressure on longer-term interest rates, support mortgage markets, and help make broader financial conditions more accommodative.”

Anchored by the Fed’s accommodative monetary policy of holding its targeted federal funds rate near zero, short-term interest rates remained ultra low during the period. While longer-term interest rates rose late in the period, the combination of strong demand and limited supply of money market securities further exacerbated the low level of short-term interest rates throughout the period. A main reason that overall supply of money-market-eligible securities continued to decrease was due to issuers choosing to issue long-term debt to take advantage of low interest rates.

Despite interest rates remaining low, investors remained involved in money markets because yield was only one component driving their investment choices. More often, safety, diversification¹, and liquidity have been higher-value propositions to these investors, factors that were not diminished by Fed policy or technical developments.

Money market regulations remained under review.

Regulators remained concerned about potential systemic risk from money market funds in the event of another financial crisis and sought further revisions to regulations governing money market funds in order to mitigate that risk. In June, the U.S. Security and Exchange Commision (SEC) proposed the following changes: 1) a floating net asset value (NAV) rather than a $1.00 stable NAV for prime institutional money market funds (prime retail money market funds and government money market funds could continue to maintain a stable $1.00 NAV under the proposal); 2) liquidity fees and redemption gates for money market funds other than government funds; or 3) a combination of these two measures. The SEC is also considering changes to portfolio diversification, stress testing, and disclosure requirements for all money market funds. Wells Fargo Funds Management, LLC intends to submit a comment letter on the proposals to the SEC. As we gain clarity in the coming months regarding potential changes to the regulation of money market funds, we will provide further communications to you about them.

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

Letter to shareholders (unaudited) Wells Fargo Advantage National Tax-Free Money Market Fund 3

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

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

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

Sincerely,

Karla M. Rabusch

President

Wells Fargo Advantage Funds

4 Wells Fargo Advantage National Tax-Free Money Market Fund Performance highlights (unaudited)

Investment objective

The Fund seeks current income exempt from federal income tax, while preserving capital and liquidity.

Adviser

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

David D. Sylvester

James Randazzo

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

								Expense ratios2 (%)
	Inception date	1 year		5 year		10 year		Gross		Net3
Class A (NWMXX)	7-28-2003		0.02		0.16		1.02		0.63		0.63
Administrator Class (WNTXX)	4-8-2005		0.02		0.23		1.20		0.36		0.30
Institutional Class (WFNXX)	11-8-1999		0.02		0.29		1.31		0.24		0.20
Service Class (MMIXX)	8-3-1993		0.02		0.20		1.13		0.53		0.45
Sweep Class	6-30-2010		0.02		0.16		1.02		0.98		0.98

Fund yield summary3 (%) as of July 31, 2013	Class A	Administrator Class		Institutional Class		Service Class		Sweep Class
7-day current yield	0.01		0.01		0.01		0.01		0.01
7-day compound yield	0.01		0.01		0.01		0.01		0.01
30-day simple yield	0.01		0.01		0.01		0.01		0.01
30-day compound yield	0.01		0.01		0.01		0.01		0.01

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 returns will fluctuate. The Fund’s yield figures more closely reflect the current earnings of the Fund than the total return figures. 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 at the Fund’s website, wellsfargoadvantagefunds.com.

Each class is sold without a front-end sales charge or contingent deferred sales charge. Other fees and expenses apply to an investment in the Fund and are described in the Fund’s current prospectuses.

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 Fund seeks 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. A portion of the Fund’s income may be subject to federal, state, and/or local income taxes or the alternative minimum tax (AMT).

Please see footnotes on page 5.

Performance highlights (unaudited) Wells Fargo Advantage National Tax-Free Money Market Fund 5

Revenue source distribution⁴ as of July 31, 2013

Weighted average maturity⁶ as of July 31, 2013

16 days

Weighted average final maturity⁷ as of July 31, 2013

16 days

Effective maturity distribution⁵ as of July 31, 2013

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

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

3. The Adviser has committed through May 31, 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 0.65% for Class A, 0.30% for Administrator Class, 0.20% for Institutional Class, 0.45% for Service Class, and 1.00% for Sweep 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. Without waived fees and/or reimbursed expenses, the Fund’s 7-day current yield would have been (0.53)%, (0.26)%, (0.14)%, (0.43)%, and (0.88)% for Class A, Administrator Class, Institutional Class, Service Class, and Sweep Class, respectively.

4. Revenue source distribution is subject to change and is calculated based on the total investments of the Fund.

5. Effective maturity distribution is subject to change and is calculated based on the total investments of the Fund.

6. Weighted Average Maturity (WAM): WAM is an average of the effective maturities of all securities held in the portfolio, weighted by each security’s percentage of total investments. The maturity of a portfolio security is the period remaining until the date on which the principal amount is unconditionally required to be paid, or in the case of a security called for redemption, the date on which the redemption payment is unconditionally required to be made. WAM calculations allow for the maturities of certain securities with demand features or periodic interest rate resets to be shortened. WAM is a way to measure a fund’s sensitivity to potential interest rate changes.

7. Weighted Average Final Maturity (WAFM): WAFM is an average of the final maturities of all securities held in the portfolio, weighted by their percentage of total investments. The maturity of a portfolio security is the period remaining until the date on which the principal amount is unconditionally required to be paid, or in the case of a security called for redemption, the date on which the redemption payment is unconditionally required to be made. In contrast to WAM, the calculation of WAFM allows for the maturities of certain securities with demand features to be shortened, but not the periodic interest rate resets. WAFM is a way to measure a fund’s potential sensitivity to credit spread changes.

6 Wells Fargo Advantage National Tax-Free Money Market Fund Fund expenses (unaudited)

As a shareholder of the Fund, you incur 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 February 1, 2013 to July 31, 2013.

Actual expenses

The “Actual” line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the “Actual” line under the heading entitled “Expenses paid during period” for your applicable class of shares to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The “Hypothetical” line of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only. 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 2-1-2013		Ending account value 7-31-2013		Expenses paid during the period¹		Net annual expense ratio
Class A
Actual	$	1,000.00	$	1,000.05	$	0.64		0.13	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.15	$	0.65		0.13	%
Administrator Class
Actual	$	1,000.00	$	1,000.05	$	0.64		0.13	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.15	$	0.65		0.13	%
Institutional Class
Actual	$	1,000.00	$	1,000.06	$	0.64		0.13	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.15	$	0.65		0.13	%
Service Class
Actual	$	1,000.00	$	1,000.05	$	0.69		0.14	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.10	$	0.70		0.14	%
Sweep Class
Actual	$	1,000.00	$	1,000.05	$	0.64		0.13	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.15	$	0.65		0.13	%

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).

Summary portfolio of investments—July 31, 2013 (unaudited) Wells Fargo Advantage National Tax-Free Money Market Fund 7

The Summary Portfolio of Investments shows the 50 largest portfolio holdings in unaffiliated issuers and any holdings exceeding 1% of the total net assets as of the report date. The remaining securities held are grouped as “Other securities” in each category. You can request a complete schedule of portfolio holdings as of the report date, free of charge, by accessing the following website:

http://a584.g.akamai.net/f/584/1326/1d/www.wellsfargoadvantagefunds.com/pdf/semi/holdings/nationaltaxfreemoneymarket.pdf or by calling Wells Fargo Advantage Funds at 1-800-222-8222. This complete schedule, filed on the Form N-CSR, is also available on the SEC’s website at sec.gov.

Security name	Interest rate			Maturity date		Principal		Value		Percent of net assets
Municipal Obligations: 101.03%
Alabama: 2.10%
Variable Rate Demand Notes ø: 2.10%
Tuscaloosa County AL IDA Gulf Opportunity Zone Hunt Refining Project Series 2008-C (IDR, Bank of Nova Scotia LOC)		0.06	%		12-1-2027	$	10,000,000	$	10,000,000		0.30	%
Tuscaloosa County AL IDA Gulf Opportunity Zone Hunt Refining Project Series 2011-G (IDR, Bank of Nova Scotia LOC)		0.06			4-1-2028		20,000,000		20,000,000		0.61
Tuscaloosa County AL IDA Gulf Opportunity Zone Hunt Refining Project Series 2011-J (IDR, Bank of Nova Scotia LOC)		0.06			4-1-2028		15,000,000		15,000,000		0.46
Other securities									23,950,000		0.73
									68,950,000		2.10
Arizona: 0.93%
Variable Rate Demand Notes ø: 0.93%
Mesa AZ Utility System Clipper Tax-Exempt Certificate Trust Series 2009-33 (Miscellaneous Revenue, State Street Bank & Trust Company LIQ)		0.06			7-1-2024		20,055,000		20,055,000		0.61
Other securities									10,400,000		0.32
									30,455,000		0.93
California: 15.16%
Other Municipal Debt: 1.82%
Los Angeles County CA Schools Pooled Financing Program TRAN (Miscellaneous Revenue )		2.00			11-29-2013 to 1-31-2014		17,900,000		18,018,486		0.54
Los Angeles County CA Schools Pooled Financing Program TRAN Series C-8 (Miscellaneous Revenue)		2.00			1-31-2014		16,500,000		16,634,578		0.51
Other securities									25,226,156		0.77
									59,879,220		1.82
Variable Rate Demand Notes ø: 13.34%
ABAG Finance Authority for Nonprofit Corporation California Branson School Series 2008 (Education Revenue, Northern Trust Company LOC)		0.06			7-1-2038		12,605,000		12,605,000		0.38
ABAG Finance Authority for Nonprofit Corporation California San Francisco University High School Series A (Education Revenue, Northern Trust Company LOC)		0.06			4-1-2036		6,480,000		6,480,000		0.20
ABAG Finance Authority for Nonprofit Corporations California Menlo School Series 2003 (Education Revenue, Northern Trust Company LOC)		0.06			9-1-2033		15,000,000		15,000,000		0.46
California CDA Gas Supply Series 2010 (Utilities Revenue, Royal Bank of Canada SPA)		0.05			11-1-2040		81,225,000		81,225,000		2.47

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

8 Wells Fargo Advantage National Tax-Free Money Market Fund Summary portfolio of investments—July 31, 2013 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value		Percent of net assets
Variable Rate Demand Notes ø (continued)
California CDA Sutter Health ROC RR-II-R-11621 (Health Revenue, AGM Insured, Citibank NA LIQ) 144A		0.07	%		8-15-2032	$	10,200,000	$	10,200,000		0.31	%
California HFFA Catholic Healthcare West Series 2004-K (Health Revenue, Mizuho Corporate Bank LOC)		0.05			7-1-2033		18,000,000		18,000,000		0.55
California HFFA Catholic Healthcare West Series 2005-H (Health Revenue, Sumitomo Mitsui Banking LOC)		0.04			7-1-2035		12,265,000		12,265,000		0.37
California HFFA Presbyterian Homes & Services Incorporated Series 2004 (Health Revenue, Union Bank NA LOC)		0.06			7-1-2034		20,300,000		20,300,000		0.62
California Infrastructure & Economic Development Bank (Various Revenue) µ		0.04-0.06			11-1-2026 to 9-1-2036		32,940,000		32,940,000		1.00
Los Angeles CA International Airport Royal Bank of Canada Municipal Products Incorporated Trust Certificates Series 0-30 (Airport Revenue, Royal Bank of Canada LIQ) 144A		0.06			5-15-2040		10,060,000		10,060,000		0.31
Morgan Hill CA RDA Tax Allocation Ojo de Agua Redevelopment Project Area Series 2008-A (Tax Revenue, Scotia Bank LOC)		0.07			9-1-2033		37,535,000		37,535,000		1.14
San Diego County CA Regional Transportation Community Limited Tax Series 2008-C (Tax Revenue, Mizuho Corporate Bank SPA)		0.05			4-1-2038		15,600,000		15,600,000		0.48
Santa Clara Valley CA Transportation Authority 2000 Measure A (Tax Revenue, Sumitomo Mitsui Banking SPA)		0.06			4-1-2036		20,710,000		20,710,000		0.63
Other securities									145,140,000		4.42
									438,060,000		13.34
Colorado: 0.83%
Variable Rate Demand Notes ø: 0.83%
Other securities									27,140,000		0.83
Connecticut: 0.18%
Variable Rate Demand Notes ø: 0.18%
Connecticut Municipal Electric Energy Cooperative Power Supply System Series 2013-A Deutsche Bank Spears Series DBE-1164 (Utilities Revenue) 144A		0.11			1-1-2038		6,000,000		6,000,000		0.18
Delaware: 0.30%
Variable Rate Demand Notes ø: 0.30%
Other securities									10,000,000		0.30
District of Columbia: 1.27%
Other Municipal Debt: 0.93%
District of Columbia (GO)		2.00			9-30-2013		30,500,000		30,591,999		0.93
Variable Rate Demand Notes ø: 0.34%
Other securities									10,985,000		0.34
Florida: 6.99%
Other Municipal Debt: 1.37%
JEA Florida Electric System Series 00-A (Utilities Revenue)		0.13			8-14-2013		24,400,000		24,400,000		0.74
JEA Florida Electric System Series F-1 (Utilities Revenue)		0.12			8-29-2013		11,550,000		11,550,000		0.35

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

Summary portfolio of investments—July 31, 2013 (unaudited) Wells Fargo Advantage National Tax-Free Money Market Fund 9

Security name	Interest rate			Maturity date		Principal		Value		Percent of net assets
Other Municipal Debt (continued)
JEA Florida Electric System Series F-2 (Utilities Revenue)		0.12	%		8-15-2013	$	9,140,000	$	9,140,000		0.28	%
									45,090,000		1.37
Variable Rate Demand Notes ø: 5.62%
Hillsborough County FL School Board Master Lease Program JPMorgan PUTTER Series 4128 (Miscellaneous Revenue, JPMorgan Chase & Company LOC, JPMorgan Chase & Company LIQ) 144A		0.10			4-22-2014		44,425,000		44,425,000		1.35
Orange County FL Sales Tax Revenue Series 2012-B Royal Bank of Canada Municipal Products Incorporated Trust Certificates Series O-43 (Tax Revenue, Royal Bank of Canada LIQ) 144A		0.06			1-1-2020		5,115,000		5,115,000		0.16
West Palm Beach FL Utilities Systems Series 2008-C (Water & Sewer Revenue, AGM Insured, JPMorgan Chase & Company SPA)		0.30			10-1-2038		43,990,000		43,990,000		1.34
Other securities									91,030,000		2.77
									184,560,000		5.62
Georgia: 1.25%
Variable Rate Demand Notes ø: 1.25%
Gwinnett County GA Development Authority COP Public School Project Series 2006 Clipper Tax-Exempt Certified Trust Series 2009-41 (Miscellaneous Revenue, State Street Bank & Trust Company LIQ)		0.07			1-1-2016		8,795,000		8,795,000		0.27
Other securities									32,280,000		0.98
									41,075,000		1.25
Hawaii: 0.51%
Variable Rate Demand Notes ø: 0.51%
Hawaii Bonds Series 2007 Clipper Tax-Exempt Certified Trust Series 2009-62 (GO, State Street Bank & Trust Company LIQ)		0.06			4-1-2018		9,995,000		9,995,000		0.31
Honolulu City & County HI Royal Bank of Canada Municipal Products Incorporated Trust Certificates Series O-62 (GO, Royal Bank of Canada LIQ) 144A		0.06			11-1-2020		6,665,000		6,665,000		0.20
									16,660,000		0.51
Idaho: 0.59%
Variable Rate Demand Notes ø: 0.59%
Jerome County ID Economic Development Corporation Davisco Foods International Project Series 2009 (IDR, Bank of Montreal LOC)		0.06			12-1-2029		19,420,000		19,420,000		0.59
Illinois: 7.92%
Other Municipal Debt: 0.65%
Illinois Educational Facilities Authority NorthShore Health System & Other Instructions Series 1995 (Education Revenue)		0.14			8-6-2013		21,400,000		21,400,000		0.65
Variable Rate Demand Notes ø: 7.27%
Chicago IL Waterworks Revenue Sub Series 2001-1 (Water & Sewer Revenue, JPMorgan Chase & Company SPA)		0.27			11-1-2030		20,200,000		20,200,000		0.61
Chicago IL Waterworks Revenue Sub Series 2001-2 (Water & Sewer Revenue, JPMorgan Chase & Company SPA)		0.27			11-1-2030		14,250,000		14,250,000		0.43

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

10 Wells Fargo Advantage National Tax-Free Money Market Fund Summary portfolio of investments—July 31, 2013 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value		Percent of net assets
Variable Rate Demand Notes ø (continued)
DuPage & Will Counties IL Community School District #204 Indian Prairie School Building Series A Royal Bank of Canada Municipal Products Incorporated Trust Certificates Series 0-26 (GO, Royal Bank of Canada LIQ) 144A		0.08	%		6-30-2016	$	5,765,000	$	5,765,000		0.18	%
Illinois ECFA National Louis University Project Series 1999-B (Education Revenue, JPMorgan Chase & Company LOC)		0.07			6-1-2029		9,950,000		9,950,000		0.30
Illinois Educational Facilities Authority Chicago Zoological Society Brookfield Zoo Project Series 1995-B (Miscellaneous Revenue, Northern Trust Company LOC)		0.07			12-15-2025		5,000,000		5,000,000		0.15
Illinois Finance Authority (Various Revenue) µ		0.05-0.18			1-1-2037 to 4-1-2051		38,270,000		38,270,000		1.17
Illinois Finance Authority Resurrection Health Care Series 2005-B (Health Revenue, JPMorgan Chase & Company LOC)		0.06			5-15-2035		35,000,000		35,000,000		1.07
Metropolitan Pier & Exposition Authority Illinois McCormick Place Expansion Project (Various Revenue) 144A µ		0.06-0.09			6-15-2020 to 6-15-2050		38,380,000		38,380,000		1.17
Other securities									71,880,000		2.19
									238,695,000		7.27
Indiana: 2.03%
Variable Rate Demand Notes ø: 2.03%
Clipper Tax-Exempt Certified Trust Series 2009-34 (Miscellaneous Revenue, State Street Bank & Trust Company LIQ)		0.09			7-1-2023		26,140,000		26,140,000		0.80
Indiana Finance Authority University Health Obligated Group Royal Bank of Canada Municipal Products Incorporated Trust Certificates Series 2011 E-23 (Miscellaneous Revenue, Royal Bank of Canada LOC, Royal Bank of Canada LIQ) 144A		0.06			3-1-2036		10,000,000		10,000,000		0.30
Other securities									30,520,000		0.93
									66,660,000		2.03
Iowa: 1.31%
Variable Rate Demand Notes ø: 1.31%
Iowa Finance Authority Midwestern Cargill Incorporated Project Series 2012-A (IDR)		0.08			6-1-2039		34,000,000		34,000,000		1.03
Iowa Finance Authority Midwestern Disaster Area Chrisbro III Incorporated Project Series 2011 (IDR, Great Western Bank LOC)		0.07			8-1-2041		9,130,000		9,130,000		0.28
									43,130,000		1.31
Kansas: 0.27%
Variable Rate Demand Notes ø: 0.27%
Kansas Development Finance Authority Adventist Health Sunbelt Obligated Group Series 2009-C Royal Bank of Canada Municipal Products Incorporated Trust Certificates Series 0-11 (Health Revenue, Royal Bank of Canada LIQ) 144A		0.06			11-15-2038		9,000,000		9,000,000		0.27

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

Summary portfolio of investments—July 31, 2013 (unaudited) Wells Fargo Advantage National Tax-Free Money Market Fund 11

Security name	Interest rate			Maturity date		Principal		Value		Percent of net assets
Kentucky: 1.05%
Other Municipal Debt: 0.17%
Other securities								$	5,506,237		0.17	%
Variable Rate Demand Notes ø: 0.88%
Other securities									29,100,000		0.88
Louisiana: 0.77%
Variable Rate Demand Notes ø: 0.77%
Louisiana Series A-1 Royal Bank of Canada Municipal Products Incorporated Trust Certificates Series O-31 (Tax Revenue, Royal Bank of Canada LIQ) 144A		0.06	%		5-1-2034	$	1,140,000		1,140,000		0.03
Other securities									24,285,000		0.74
									25,425,000		0.77
Maryland: 1.12%
Variable Rate Demand Notes ø: 1.12%
Maryland Health & HEFAR Ascension Health Alliance Senior Credit Group Series 2012-B Royal Bank of Canada Municipal Products Incorporated PFOTER Series O-29 (Health Revenue, Royal Bank of Canada LIQ) 144A		0.06			11-15-2051		4,800,000		4,800,000		0.15
Other securities									32,025,000		0.97
									36,825,000		1.12
Massachusetts: 1.31%
Variable Rate Demand Notes ø: 1.31%
Other securities									43,045,000		1.31
Michigan: 0.75%
Other Municipal Debt: 0.37%
Other securities									12,205,371		0.37
Variable Rate Demand Notes ø: 0.38%
Michigan Hospital Finance Authority Trinity Health Credit Group Series 2011 Royal Bank of Canada Municipal Products Incorporated Trust Certificates Series O-32 (Health Revenue, Royal Bank of Canada LIQ) 144A		0.06			6-1-2020		2,000,000		2,000,000		0.06
Other securities									10,360,000		0.32
									12,360,000		0.38
Minnesota: 3.29%
Other Municipal Debt: 0.21%
Other securities									6,758,773		0.21
Variable Rate Demand Notes ø: 3.08%
Other securities									101,225,000		3.08

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

12 Wells Fargo Advantage National Tax-Free Money Market Fund Summary portfolio of investments—July 31, 2013 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value		Percent of net assets
Mississippi: 0.96%
Variable Rate Demand Notes ø: 0.96%
Mississippi Series A Clipper Tax-Exempt Certificate Trust Series 2009-60 (Miscellaneous Revenue, State Street Bank & Trust Company LIQ)		0.06	%		11-1-2018	$	31,560,000	$	31,560,000		0.96	%
Missouri: 4.07%
Variable Rate Demand Notes ø: 4.07%
Missouri Development Finance Board Ewing Marion Kauffman Foundation Project Series 2007-A (Miscellaneous Revenue)		0.07			6-1-2037		9,525,000		9,525,000		0.29
Missouri Development Finance Board Kauffman Center Performing Arts Project Series 2007-A (Miscellaneous Revenue, Northern Trust Company SPA)		0.06			6-1-2037		31,500,000		31,500,000		0.96
Missouri HEFA Series 2005-D-4 (Health Revenue, JPMorgan Chase & Company SPA)		0.08			6-1-2033		49,425,000		49,425,000		1.51
Missouri HEFA Series 2008-A (Health Revenue, U.S. Bank NA SPA)		0.05			5-15-2038		16,200,000		16,200,000		0.49
St. Louis County MO IDA Heatherbrook Gardens Apartment Project Series 1992 (Housing Revenue, U.S. Bank NA LOC)		0.25			3-1-2022		1,765,000		1,765,000		0.05
St. Louis County MO IDA The Pelican Cove Project Series 2004 (Housing Revenue, FNMA Insured, FNMA LIQ)		0.06			3-15-2034		18,000,000		18,000,000		0.55
Other securities									7,265,000		0.22
									133,680,000		4.07
Nevada: 0.09%
Variable Rate Demand Notes ø: 0.09%
Other securities									3,000,000		0.09
New Hampshire : 0.74%
Variable Rate Demand Notes ø: 0.74%
Other securities									24,195,000		0.74
New Jersey: 0.95%
Variable Rate Demand Notes ø: 0.95%
New Jersey TTFA Clipper Tax-Exempt Certificates Trust Series 2009-70 (Transportation Revenue, State Street Bank & Trust Company LIQ)		0.06			12-15-2023		3,600,000		3,600,000		0.11
Other securities									27,485,000		0.84
									31,085,000		0.95
New York: 4.07%
Other Municipal Debt: 0.45%
Other securities									14,825,000		0.45
Variable Rate Demand Notes ø: 3.62%
New York Convention Center Development Corporation New York Hotel Unit Fee Secured Series 3095 (Tax Revenue, BHAC/Ambac Insured) 144A		0.06			11-15-2044		35,335,000		35,335,000		1.08
New York Dormitory Authority Series 12 Clipper Tax-Exempt Certificate Trust Series 2009-35 (Miscellaneous Revenue, State Street Bank & Trust Company LIQ)		0.09			11-15-2026		23,300,000		23,300,000		0.71

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

Summary portfolio of investments—July 31, 2013 (unaudited) Wells Fargo Advantage National Tax-Free Money Market Fund 13

Security name	Interest rate			Maturity date		Principal		Value		Percent of net assets
Variable Rate Demand Notes ø (continued)
New York Dormitory Authority Series 14 Clipper Tax-Exempt Certificate Trust Series 2009-45 (Miscellaneous Revenue, State Street Bank & Trust Company LIQ)		0.06	%		7-1-2025	$	19,800,000	$	19,800,000		0.60	%
Other securities									40,400,000		1.23
									118,835,000		3.62
North Carolina: 1.64%
Variable Rate Demand Notes ø: 1.64%
North Carolina Medical Care Commission Health Care Facilities University Health Systems of Eastern Carolina Series 2008 B-1 (Health Revenue, Branch Banking & Trust LOC)		0.11			12-1-2036		30,250,000		30,250,000		0.92
North Carolina Medical Care Commission Hospice Alamance-Caswell Project Series 2008 (Health Revenue, Branch Banking & Trust LOC)		0.06			12-1-2033		4,700,000		4,700,000		0.14
Other securities									18,965,000		0.58
									53,915,000		1.64
North Dakota: 1.45%
Other Municipal Debt: 1.27%
Mercer County ND PCR Series 2009-1 (Utilities Revenue)		0.18			8-7-2013		38,800,000		38,800,000		1.18
Other securities									3,017,867		0.09
									41,817,867		1.27
Variable Rate Demand Notes ø: 0.18%
Other securities									5,815,000		0.18
Ohio: 2.88%
Variable Rate Demand Notes ø: 2.88%
Deutsche Bank Spears/Lifers Series 2013 DBE-1151 (Education Revenue) 144A		0.11			12-1-2043		4,400,000		4,400,000		0.14
JobsOhio Beverage Systems Statewide Liquor Profits Senior Lien Series 2013-A Deutsche Bank Spears Series DBE-1157 (Miscellaneous Revenue) 144A		0.09			1-1-2038		64,165,000		64,165,000		1.96
Other securities									25,890,000		0.78
									94,455,000		2.88
Oregon: 0.16%
Variable Rate Demand Notes ø: 0.16%
Other securities									5,100,000		0.16
Other: 2.39%
Variable Rate Demand Notes ø: 2.39%
Clipper Tax-Exempt Certificate Trust Series 2009-54 (Miscellaneous Revenue, State Street Bank & Trust Company LIQ)		0.11			2-15-2028		73,616,000		73,616,000		2.24
Other securities									4,690,000		0.15
									78,306,000		2.39

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

14 Wells Fargo Advantage National Tax-Free Money Market Fund Summary portfolio of investments—July 31, 2013 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value		Percent of net assets
Pennsylvania: 6.11%
Variable Rate Demand Notes ø: 6.11%
Allegheny County PA Hospital Development Authority University of Pittsburgh Medical Center (Health Revenue) 144Aµ		0.06	%		4-25-2014 to 3-1-2016	$	19,300,000	$	19,300,000		0.59	%
Allegheny County PA Hospital Development Authority University of Pittsburgh Medical Center Project Series 2007 B-2 Royal Bank of Canada Municipal Products Incorporated Trust Certificates Series E-16 (Health Revenue, Royal Bank of Canada LOC, Royal Bank of Canada LIQ) 144A		0.06			4-15-2039		28,630,000		28,630,000		0.87
Berks County PA The Reading Hospital & Medical Center Project Series 2012-D Royal Bank of Canada Municipal Products Incorporated Trust Certificates Series E36 (Health Revenue, Royal Bank of Canada LOC, Royal Bank of Canada LIQ) 144A		0.06			11-1-2035		15,000,000		15,000,000		0.46
Upper St. Clair Township PA Series 2008 (GO)		0.07			6-1-2038		29,475,000		29,475,000		0.90
Other securities									108,103,000		3.29
									200,508,000		6.11
Puerto Rico: 0.56%
Variable Rate Demand Notes ø: 0.56%
Other securities									18,375,000		0.56
Rhode Island: 0.18%
Variable Rate Demand Notes ø: 0.18%
Narragansett Bay RI Commission Wastewater System Royal Bank of Canada Municipal Products Incorporated Trust Certificates Series 2013-0-60 (Water & Sewer Revenue, Royal Bank of Canada LIQ) 144A		0.11			9-1-2020		5,800,000		5,800,000		0.18
South Carolina: 1.48%
Other Municipal Debt: 1.06%
York County SC PCR Series 2000-B1 (Utilities Revenue )		0.25			9-3-2013		13,600,000		13,600,000		0.41
York County SC PCR Series 2000-B2 (Utilities Revenue)		0.25			9-3-2013		21,400,000		21,400,000		0.65
									35,000,000		1.06
Variable Rate Demand Notes ø: 0.42%
South Carolina Jobs EDA Bon Secours Health System Incorporated Series 2013 Deutsche Bank Spears Series DBE-1141 (Health Revenue) 144A		0.11			11-1-2029		4,505,000		4,505,000		0.14
Other securities									9,195,000		0.28
									13,700,000		0.42
South Dakota: 0.50%
Variable Rate Demand Notes ø: 0.50%
Other securities									16,385,000		0.50
Tennessee: 0.70%
Variable Rate Demand Notes ø: 0.70%
Other securities									23,030,000		0.70

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

Summary portfolio of investments—July 31, 2013 (unaudited) Wells Fargo Advantage National Tax-Free Money Market Fund 15

Security name	Interest rate			Maturity date		Principal		Value		Percent of net assets
Texas: 14.29%
Other Municipal Debt: 3.31%
Texas TRAN Series 2012 (Miscellaneous Revenue)		2.50	%		8-30-2013	$	82,000,000	$	82,150,165		2.50	%
Other securities									26,490,000		0.81
									108,640,165		3.31
Variable Rate Demand Notes ø: 10.98%
Clipper Tax-Exempt Certified Trust Series 2007-44 (Miscellaneous Revenue, State Street Bank & Trust Company LIQ)		0.11			9-1-2014		28,780,000		28,780,000		0.88
Dallas TX Waterworks & Sewer System Clipper Tax Exempt Certificate Trust 2009-52 (Miscellaneous Revenue, State Street Bank & Trust Company LIQ)		0.06			10-1-2018		15,000,000		15,000,000		0.46
Harris County TX Industrial Development Corporation Deer Park Refining LP Series 2004-A (Resource Recovery Revenue) ##		0.06			3-1-2023		41,850,000		41,850,000		1.27
Port Arthur TX Navigation District Industrial Development Corporation Total Petrochemicals USA Incorporated Project Series 2011 (IDR)		0.07			6-1-2041		45,000,000		45,000,000		1.37
Port Arthur TX Navigation District Industrial Development Corporation Total Petrochemicals USA Incorporated Project Series 2012 (IDR)		0.07			3-1-2042		32,500,000		32,500,000		0.99
Port of Port Arthur TX Navigation District Jefferson County Environmental Facilities Motiva Enterprises LLC Project Series 2010 Sub Series 2010A (IDR)		0.06			4-1-2040		42,200,000		42,200,000		1.28
Port of Port Arthur TX Navigation District Jefferson County Environmental Facilities Motiva Enterprises LLC Project Series 2010 Sub Series 2010D (IDR)		0.06			11-1-2040		14,155,000		14,155,000		0.43
Port of Port Arthur TX Navigation District of Jefferson County Total Petrochemicals Project (Resource Recovery Revenue)		0.07			3-1-2039		9,000,000		9,000,000		0.27
Other securities									132,276,953		4.03
									360,761,953		10.98
Utah: 0.30%
Variable Rate Demand Notes ø: 0.30%
Other securities									9,675,000		0.30
Vermont: 1.55%
Variable Rate Demand Notes ø: 1.55%
Vermont Educational & Health Buildings Financing Agency Brattleboro Memorial Hospital Project Series 2008-A (Health Revenue, TD Bank NA LOC)		0.04			10-1-2028		1,990,000		1,990,000		0.06
Vermont Educational & Health Buildings Financing Agency Landmark College Project Series 2008-A (Education Revenue, TD Bank NA LOC)		0.04			7-1-2033		3,140,000		3,140,000		0.10
Vermont Educational & Health Buildings Financing Agency North County Hospital Project Series 2007-A (Health Revenue, TD Bank NA LOC)		0.04			10-1-2034		9,725,000		9,725,000		0.30
Vermont Educational & Health Buildings Financing Agency Northeastern Vermont Regional Hospital Project Series 2004-A (Health Revenue, TD Bank NA LOC)		0.04			10-1-2029		1,880,000		1,880,000		0.06
Vermont Educational & Health Buildings Financing Agency Norwich University Projects Series 2008 (Education Revenue, TD Bank NA LOC)		0.04			9-1-2038		34,000,000		34,000,000		1.03
									50,735,000		1.55

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

16 Wells Fargo Advantage National Tax-Free Money Market Fund Summary portfolio of investments—July 31, 2013 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value			Percent of net assets
Virginia: 0.94%
Variable Rate Demand Notes ø: 0.94%
Fairfax County VA IDA Inova Health System Project Series 2012-C (Health Revenue) (i)		0.14	%		5-15-2042	$	18,335,000	$	18,335,000			0.56	%
Other securities									12,635,000			0.38
									30,970,000			0.94
Washington: 1.28%
Variable Rate Demand Notes ø: 1.28%
King County WA Sewer Morgan Stanley Series 3090 (Water & Sewer Revenue, AGM Insured) 144A		0.06			1-1-2039		17,890,000		17,890,000			0.54
Other securities									24,145,000			0.74
									42,035,000			1.28
Wisconsin: 3.81%
Other Municipal Debt: 0.09%
Other securities									3,003,350			0.09
Variable Rate Demand Notes ø: 3.72%
Appleton WI Recovery Zone Facilities Foremost Farms Project Series 2010 (IDR, CoBank LOC)		0.07			5-1-2037		30,000,000		30,000,000			0.91
Wisconsin Clipper Tax-Exempt Certificate Trust Series 2009-36 (Miscellaneous Revenue, State Street Bank & Trust Company LIQ)		0.06			5-1-2020		21,755,000		21,755,000			0.66
Wisconsin Housing & EDA (Housing Revenue) µ		0.06-0.15			5-1-2043 to 5-1-2055		30,715,000		30,715,000			0.94
Wisconsin Housing & EDA Series 2012-A (Housing Revenue, FHLB LIQ)		0.06			5-1-2055		19,100,000		19,100,000			0.58
Other securities									20,670,000			0.63
									122,240,000			3.72
Total Municipal Obligations (Cost $3,317,648,935)									3,317,648,935			101.03
Total investments in securities (Cost $3,317,648,935) *									3,317,648,935			101.03
Other assets and liabilities, net									(33,730,521	)		(1.03	)
Total net assets								$	3,283,918,414			100.00	%

ø Variable rate demand notes are subject to a demand feature which reduces the effective maturity. The interest rate is determined and reset by the issuer daily, weekly, or monthly depending upon the terms of the security. The interest rate shown is the rate in effect at period end.

µ All or some of these obligations have credit enhancements or liquidity features that may, under certain circumstances, provide for repayment of principal and interest.

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 has been segregated for when-issued, delayed delivery securities and/or unfunded loans.

(i) Illiquid security

* Cost for federal income tax purposes is substantially the same as for financial reporting purposes.

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

Statement of assets and liabilities—July 31, 2013 (unaudited) Wells Fargo Advantage National Tax-Free Money Market Fund 17

Assets
Investments in unaffiliated securities, at amortized cost	$	3,317,648,935
Cash		21,272
Receivable for investments sold		44,305,289
Receivable for Fund shares sold		17,242
Receivable for interest		3,659,981
Receivable from adviser		715,545
Prepaid expenses and other assets		58,745
Total assets		3,366,427,009
Liabilities
Dividends payable		17,968
Payable for investments purchased		81,411,069
Payable for Fund shares redeemed		38,027
Distribution fees payable		178,931
Due to other related parties		492,196
Accrued expenses and other liabilities		370,404
Total liabilities		82,508,595
Total net assets	$	3,283,918,414
NET ASSETS CONSIST OF
Paid-in capital	$	3,283,883,608
Undistributed net investment income		18
Accumulated net realized gains on investments		34,788
Total net assets	$	3,283,918,414
COMPUTATION OF NET ASSET VALUE PER SHARE1
Net assets – Class A	$	262,810,167
Shares outstanding – Class A		262,791,703
Net asset value per share – Class A		$1.00
Net assets – Administrator Class	$	213,554,806
Shares outstanding – Administrator Class		213,539,551
Net asset value per share – Administrator Class		$1.00
Net assets – Institutional Class	$	2,035,291,018
Shares outstanding – Institutional Class		2,035,140,154
Net asset value per share – Institutional Class		$1.00
Net assets – Service Class	$	195,946,546
Shares outstanding – Service Class		195,929,349
Net asset value per share – Service Class		$1.00
Net assets – Sweep Class	$	576,315,877
Shares outstanding – Sweep Class		576,275,291
Net asset value per share – Sweep Class		$1.00

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

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

18 Wells Fargo Advantage National Tax-Free Money Market Fund Statement of operations—six months ended July 31, 2013 (unaudited)

Investment income
Interest	$	2,392,236
Expenses
Advisory fee		1,671,587
Administration fees
Fund level		835,794
Class A		284,134
Administrator Class		111,820
Institutional Class		823,700
Service Class		138,489
Sweep Class		628,282
Shareholder servicing fees
Class A		322,879
Administrator Class		108,218
Service Class		283,252
Sweep Class		713,958
Distribution fees
Sweep Class		999,540
Custody and accounting fees		75,443
Professional fees		15,637
Registration fees		34,491
Shareholder report expenses		31,141
Trustees’ fees and expenses		4,939
Other fees and expenses		27,282
Total expenses		7,110,586
Less: Fee waivers and/or expense reimbursements		(4,907,045	)
Net expenses		2,203,541
Net investment income		188,695
Net realized gains on investments		33,170
Net increase in net assets resulting from operations	$	221,865

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

Statement of changes in net assets Wells Fargo Advantage National Tax-Free Money Market Fund 19

	Six months ended July 31, 2013 (unaudited)						Year ended January 31, 2013
Operations
Net investment income				$	188,695					$	563,831
Net realized gains on investments					33,170						236,425
Net increase in net assets resulting from operations					221,865						800,256
Distributions to shareholders from
Net investment income
Class A					(12,914	)					(38,671	)
Administrator Class					(11,181	)					(25,965	)
Institutional Class					(124,504	)					(391,890	)
Service Class					(11,540	)					(50,489	)
Sweep Class					(28,556	)					(56,816	)
Net realized gains
Class A					0						(32,184	)
Administrator Class					0						(29,199	)
Institutional Class					0						(265,452	)
Service Class					0						(33,722	)
Sweep Class					0						(70,458	)
Total distributions to shareholders					(188,695	)					(994,846	)
		Shares						Shares
Capital share transactions
Proceeds from shares sold
Class A		211,127,289			211,127,289			248,151,531			248,151,531
Administrator Class		69,205,423			69,205,423			119,679,528			119,679,528
Institutional Class		4,678,113,416			4,678,113,416			10,744,876,640			10,744,876,640
Service Class		121,353,056			121,353,056			747,042,100			747,042,100
Sweep Class		1,130,285,932			1,130,285,932			2,007,681,824			2,007,681,824
					6,210,085,116						13,867,431,623
Reinvestment of distributions
Class A		12,798			12,798			70,341			70,341
Administrator Class		9,997			9,997			49,433			49,433
Institutional Class		20,638			20,638			145,456			145,456
Service Class		3,307			3,307			18,147			18,147
Sweep Class		28,556			28,556			127,274			127,274
					75,296						410,651
Payment for shares redeemed
Class A		(232,373,286	)		(232,373,286	)		(483,073,761	)		(483,073,761	)
Administrator Class		(81,746,178	)		(81,746,178	)		(174,757,279	)		(174,757,279	)
Institutional Class		(4,755,045,953	)		(4,755,045,953	)		(11,668,997,525	)		(11,668,997,525	)
Service Class		(189,474,800	)		(189,474,800	)		(1,156,368,847	)		(1,156,368,847	)
Sweep Class		(1,153,527,492	)		(1,153,527,492	)		(1,974,813,919	)		(1,974,813,919	)
					(6,412,167,709	)					(15,458,011,331	)
Net decrease in net assets resulting from capital share transactions					(202,007,297	)					(1,590,169,057	)
Total decrease in net assets					(201,974,127	)					(1,590,363,647	)
Net assets
Beginning of period					3,485,892,541						5,076,256,188
End of period				$	3,283,918,414					$	3,485,892,541
Undistributed net investment income				$	18					$	18

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

20 Wells Fargo Advantage National Tax-Free Money Market Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended July 31, 2013 (unaudited)			Year ended January 31									Year ended February 28
CLASS A				2013			2012			20111			2010			2009			20082
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.00	3		0.00	3		0.00	3		0.00	3		0.00	3		0.01			0.03
Net realized gains on investments		0.00	3		0.00	3		0.00	3		0.00	3		0.00	3		0.00	3		0.00	3
Total from investment operations		0.00	3		0.00	3		0.00	3		0.00	3		0.00	3		0.01			0.03
Distributions to shareholders from
Net investment income		(0.00	)3		(0.00	)3		(0.00	)3		(0.00	)3		(0.00	)3		(0.01	)		(0.03	)
Net realized gains		0.00			(0.00	)3		(0.00	)3		(0.00	)3		(0.00	)3		(0.00	)3		0.00
Total distributions to shareholders		(0.00	)3		(0.00	)3		(0.00	)3		(0.00	)3		(0.00	)2		(0.01	)		(0.03	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return4		0.00	%		0.02	%		0.02	%		0.01	%		0.05	%		1.32	%		2.91	%
Ratios to average net assets (annualized)
Gross expenses		0.63	%		0.63	%		0.62	%		0.61	%		0.67	%		0.67	%		0.65	%
Net expenses		0.13	%		0.18	%		0.19	%		0.32	%		0.46	%		0.67	%		0.65	%
Net investment income		0.01	%		0.01	%		0.01	%		0.01	%		0.05	%		1.27	%		2.86	%
Supplemental data
Net assets, end of period (000s omitted)		$262,810			$284,041			$518,949			$945,917			$1,018,470			$1,568,362			$1,562,483

1. For the eleven months ended January 31, 2011. The Fund changed its fiscal year end from February 28 to January 31, effective January 31, 2011.

2. Year ended February 29

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 National Tax-Free Money Market Fund 21

(For a share outstanding throughout each period)

	Six months ended July 31, 2013 (unaudited)			Year ended January 31									Year ended February 28
ADMINISTRATOR CLASS				2013			2012			20111			2010			2009			20082
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.00	3		0.00	3		0.00	3		0.00	3		0.00	3		0.02			0.03
Net realized gains on investments		0.00	3		0.00	3		0.00	3		0.00	3		0.00	3		0.00	3		0.00	3
Total from investment operations		0.00	3		0.00	3		0.00	3		0.00	3		0.00	3		0.02			0.03
Distributions to shareholders from
Net investment income		(0.00	)3		(0.00	)3		(0.00	)3		(0.00	)3		(0.00	)3		(0.02	)		(0.03	)
Net realized gains		0.00			(0.00	)3		(0.00	)3		(0.00	)3		(0.00	)3		(0.00	)3		0.00
Total distributions to shareholders		(0.00	)3		(0.00	)3		(0.00	)3		(0.00	)3		(0.00	)3		(0.02	)		(0.03	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return4		0.00	%		0.02	%		0.02	%		0.04	%		0.18	%		1.68	%		3.27	%
Ratios to average net assets (annualized)
Gross expenses		0.36	%		0.36	%		0.36	%		0.36	%		0.40	%		0.40	%		0.38	%
Net expenses		0.13	%		0.18	%		0.18	%		0.29	%		0.31	%		0.32	%		0.30	%
Net investment income		0.01	%		0.01	%		0.01	%		0.04	%		0.18	%		1.63	%		3.24	%
Supplemental data
Net assets, end of period (000s omitted)		$213,555			$226,083			$281,128			$361,735			$419,954			$517,520			$517,666

1. For the eleven months ended January 31, 2011. The Fund changed its fiscal year end from February 28 to January 31, effective January 31, 2011.

2. Year ended February 29

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 National Tax-Free Money Market Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended July 31, 2013 (unaudited)			Year ended January 31									Year ended February 28
INSTITUTIONAL CLASS				2013			2012			20111			2010			2009			20082
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.00	3		0.00	3		0.00	3		0.00	3		0.00	3		0.02			0.03
Net realized gains on investments		0.00	3		0.00	3		0.00	3		0.00	3		0.00	3		0.00	3		0.00	3
Total from investment operations		0.00	3		0.00	3		0.00	3		0.00	3		0.00	3		0.02			0.03
Distributions to shareholders from
Net investment income		(0.00	)3		(0.00	)3		(0.00	)3		(0.00	)3		(0.00	)3		(0.02	)		(0.03	)
Net realized gains		0.00			(0.00	)3		(0.00	)3		(0.00	)3		(0.00	)3		(0.00	)3		0.00
Total distributions to shareholders		(0.00	)3		(0.00	)3		(0.00	)3		(0.00	)3		(0.00	)3		(0.02	)		(0.03	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return4		0.01	%		0.03	%		0.04	%		0.12	%		0.27	%		1.78	%		3.37	%
Ratios to average net assets (annualized)
Gross expenses		0.24	%		0.24	%		0.24	%		0.25	%		0.29	%		0.28	%		0.26	%
Net expenses		0.13	%		0.17	%		0.16	%		0.20	%		0.23	%		0.22	%		0.20	%
Net investment income		0.01	%		0.02	%		0.03	%		0.13	%		0.28	%		1.77	%		3.31	%
Supplemental data
Net assets, end of period (000s omitted)		$2,035,291			$2,112,183			$3,036,275			$2,888,542			$2,048,774			$2,381,083			$1,403,838

1. For the eleven months ended January 31, 2011. The Fund changed its fiscal year end from February 28 to January 31, effective January 31, 2011.

2. Year ended February 29

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 National Tax-Free Money Market Fund 23

(For a share outstanding throughout each period)

	Six months ended July 31, 2013 (unaudited)			Year ended January 31									Year ended February 28
SERVICE CLASS				2013			2012			20111			2010			2009			20082
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.00	3		0.00	3		0.00	3		0.00	3		0.00	3		0.01			0.03
Net realized gains on investments		0.00	3		0.00	3		0.00	3		0.00	3		0.00	3		0.00	3		0.00	3
Total from investment operations		0.00	3		0.00	3		0.00	3		0.00	3		0.00	3		0.01			0.03
Distributions to shareholders from
Net investment income		(0.00	)3		(0.00	)3		(0.00	)3		(0.00	)3		(0.00	)3		(0.01	)		(0.03	)
Net realized gains		0.00			(0.00	)3		(0.00	)3		(0.00	)3		(0.00	)3		(0.00	)3		0.00
Total distributions to shareholders		(0.00	)3		(0.00	)3		(0.00	)3		(0.00	)3		(0.00	)3		(0.01	)		(0.03	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return4		0.00	%		0.02	%		0.02	%		0.01	%		0.10	%		1.52	%		3.12	%
Ratios to average net assets (annualized)
Gross expenses		0.53	%		0.53	%		0.53	%		0.53	%		0.58	%		0.57	%		0.55	%
Net expenses		0.14	%		0.19	%		0.18	%		0.32	%		0.40	%		0.47	%		0.45	%
Net investment income		0.02	%		0.01	%		0.01	%		0.01	%		0.12	%		1.47	%		3.07	%
Supplemental data
Net assets, end of period (000s omitted)		$195,947			$264,063			$673,405			$651,984			$1,055,420			$1,875,018			$1,674,047

1. For the eleven months ended January 31, 2011. The Fund changed its fiscal year end from February 28 to January 31, effective January 31, 2011.

2. Year ended February 29

3. Amount is less than $0.005.

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

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

24 Wells Fargo Advantage National Tax-Free Money Market Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended July 31, 2013 (unaudited)			Year ended January 31
SWEEP CLASS				2013			2012			20111
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.00	2		0.00	2		0.00	2		0.00	2
Net realized gains on investments		0.00	2		0.00	2		0.00	2		0.00	2
Total from investment operations		0.00	2		0.00	2		0.00	2		0.00	2
Distributions to shareholders from
Net investment income		(0.00	)2		(0.00	)2		(0.00	)2		(0.00	)2
Net realized gains		0.00			(0.00	)2		(0.00	)2		(0.00	)2
Total distributions to shareholders		(0.00	)2		(0.00	)2		(0.00	)2		(0.00	)2
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00
Total return3		0.00	%		0.02	%		0.02	%		0.01	%
Ratios to average net assets (annualized)
Gross expenses		0.98	%		0.98	%		0.98	%		0.98	%
Net expenses		0.13	%		0.18	%		0.14	%		0.32	%
Net investment income		0.01	%		0.01	%		0.01	%		0.01	%
Supplemental data
Net assets, end of period (000s omitted)		$576,316			$599,523			$566,501			$4,992

1. For the period from June 30, 2010 (commencement of class operations) to January 31, 2011

2. Amount is less than $0.005.

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

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

Notes to financial statements (unaudited) Wells Fargo Advantage National Tax-Free Money Market Fund 25

1. ORGANIZATION

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

As permitted under Rule 2a-7 of the 1940 Act, portfolio securities 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 which are not valued using the method 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 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.

Distributions to shareholders

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

Federal and other taxes

The Fund intends to continue to qualify as a regulated investment company by distributing substantially all of its investment company taxable and tax-exempt 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.

26 Wells Fargo Advantage National Tax-Free Money Market 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 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.

At July 31, 2013, all of the Fund’s investments in securities were valued using Level 2 inputs since the primary inputs include the credit quality of the issuer and short-term interest rates (both of which are observable) in addition to the use of amortized cost.

Transfers in and transfers out are recognized at the end of the reporting period. For the six months ended July 31, 2013, the Fund did not have any transfers into/out of Level 1, Level 2, or Level 3.

4. TRANSACTIONS WITH AFFILIATES AND OTHER EXPENSES

Advisory fee

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

Pursuant to the contract, Funds Management is entitled to receive an annual advisory fee of 0.10% of the Fund’s average daily net assets.

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Funds Management. Wells Capital Management Incorporated, an affiliate of Funds Management, is the subadviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.05% and declining to 0.01% 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

Notes to financial statements (unaudited) Wells Fargo Advantage National Tax-Free Money Market Fund 27

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, Sweep Class		0.22	%
Administrator Class		0.10
Institutional Class		0.08
Service Class		0.12

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 May 31, 2014 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 0.65% for Class A shares, 0.30% for Administrator Class shares, 0.20% for Institutional Class shares, 0.45% for Service Class shares, and 1.00% for Sweep Class shares.

Distribution fees

The Trust has adopted a Distribution Plan for Sweep Class shares of the Fund pursuant to Rule 12b-1 under the 1940 Act. Distribution fees are charged to Sweep Class and paid to Wells Fargo Funds Distributor, LLC, the principal underwriter, at an annual rate of 0.35% of its average daily net assets.

Shareholder servicing fees

The Trust has entered into contracts with one or more shareholder servicing agents, whereby Class A, Service Class, and Sweep 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. Administrator Class is charged a fee at an annual rate of 0.10% of its average daily net assets.

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

5. 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.

28 Wells Fargo Advantage National Tax-Free Money Market 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, seven-day 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 National Tax-Free Money Market 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 National Tax-Free Money Market 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 National Tax-Free Money Market Fund 31

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 National Tax-Free Money Market 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 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 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 in range of the median performance of the Universe for all periods under review.

32 Wells Fargo Advantage National Tax-Free Money Market Fund Other information (unaudited)

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 operating expense ratios of the Fund were higher than the median net operating expense ratios of the respective expense Groups for all share classes except the Institutional Class. Funds Management advised the Board that the expense Group medians reflected voluntary waivers, whereas the Fund’s expense ratios did not reflect voluntary waivers. The Board noted that when the Fund’s expense ratios were adjusted to reflect voluntary waivers, the Fund’s net operating expense ratios were lower than or in range of the median net operating expense ratios of the expense Groups. The Board viewed favorably the fact that the net operating expense cap of the Fund’s Sweep Class was lowered by five basis points in 2012. The Board and Funds Management agreed to maintain the net operating expense caps for all of the Fund’s share classes.

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 Class A, Institutional Class, and Service Class, but higher than the median rates for the Fund’s expense Groups for the Administrator Class and Sweep Class. However, the Board viewed favorably the fact that when the Fund’s expense ratios were adjusted to reflect voluntary waivers, the net operating expense ratios of the Administrator Class and Sweep Class were lower than or in range of the median net operating expense ratios of their respective 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.

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 National Tax-Free Money Market Fund 33

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 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.

34 Wells Fargo Advantage National Tax-Free Money Market 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.

218832 09-13 SA309/SAR309 7-13

Wells Fargo Advantage

Treasury Plus Money Market Fund

Semi-Annual Report

July 31, 2013

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

Contents

Letter to shareholders	2
Performance highlights	4
Fund expenses	6
Portfolio of investments	7
Financial statements
Statement of assets and liabilities	9
Statement of operations	10
Statement of changes in net assets	11
Financial highlights	12
Notes to financial statements	17
Other information	20
List of abbreviations	26

The views expressed and any forward-looking statements are as of July 31, 2013, unless otherwise noted, and are those of the Fund managers and/or Wells Fargo Funds Management, LLC. Discussions of individual securities, or the markets generally, or any Wells Fargo Advantage Fund are not intended as individual recommendations. Future events or results may vary significantly from those expressed in any forward-looking statements; the views expressed are subject to change at any time in response to changing circumstances in the market. Wells Fargo Funds Management, LLC, disclaims any obligation to publicly update or revise any views expressed or forward-looking statements.

NOT FDIC INSURED  ¡  NO BANK GUARANTEE  ¡   MAY LOSE VALUE

Wells Fargo investment history

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

Wells Fargo Advantage Funds^®

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

Strength

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

Expertise

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

Partnership

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

Carefully consider the investment objectives, risks, charges, and expenses before investing. For a current prospectus and, if available, a summary prospectus, for Wells Fargo Advantage Funds, containing this and other information, visit wellsfargoadvantagefunds.com. Read it carefully before investing.

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

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

NOT FDIC INSURED  ¡  NO BANK GUARANTEE  ¡  MAY LOSE VALUE

Not part of the semi-annual report.

Wells Fargo Advantage Funds offers more than 100 mutual funds across a wide range of asset classes, representing over $226 billion in assets under management, as of July 31, 2013.

Equity funds
Asia Pacific Fund	Enterprise Fund†	Opportunity Fund†
C&B Large Cap Value Fund	Global Opportunities Fund	Precious Metals Fund
C&B Mid Cap Value Fund	Growth Fund	Premier Large Company Growth Fund
Capital Growth Fund	Index Fund	Small Cap Opportunities Fund
Common Stock Fund	International Equity Fund	Small Cap Value Fund
Disciplined U.S. Core Fund	International Value Fund	Small Company Growth Fund
Discovery Fund†	Intrinsic Small Cap Value Fund	Small Company Value Fund
Diversified Equity Fund	Intrinsic Value Fund	Small/Mid Cap Value Fund
Diversified International Fund	Intrinsic World Equity Fund	Special Mid Cap Value Fund
Emerging Growth Fund	Large Cap Core Fund	Special Small Cap Value Fund
Emerging Markets Equity Fund	Large Cap Growth Fund	Specialized Technology Fund
Emerging Markets Equity Income Fund	Large Company Value Fund	Traditional Small Cap Growth Fund
Endeavor Select Fund†	Omega Growth Fund	Utility and Telecommunications Fund
Bond funds
Adjustable Rate Government Fund	High Yield Municipal Bond Fund	Short-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 Treasury Plus Money Market Fund Letter to shareholders (unaudited)

Karla M. Rabusch

President

Wells Fargo Advantage Funds

We continue to believe that most investors can benefit from adhering to a well-diversified, high-quality investment strategy that is focused on liquidity and capital preservation.

As we gain clarity in the coming months regarding potential changes to the regulation of money market funds, we will provide further communications to you about them.

Dear Valued Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Advantage Treasury Plus Money Market Fund for the six-month period that ended July 31, 2013. The past six months were marked by accommodative central bank policies, low interest rates, and regulatory uncertainty. Despite the challenges of a changing market landscape, we continue to believe that most investors can benefit from adhering to a well-diversified, high-quality investment strategy that is focused on liquidity and capital preservation.

Short-term interest rates remained low.

Monetary policy remained accommodative. The Federal Open Market Committee (FOMC) did not make any changes to its policy of keeping the target for the federal funds rate near zero or its asset purchase program of buying agency mortgage-backed securities and Treasury securities. However, Federal Reserve (Fed) Chairman Ben Bernanke roiled bond markets on June 19, after the previous day’s FOMC’s meeting, by indicating that tapering of its bond-buying program could begin later this year and that it could end as soon as mid-2014. Despite Chairman Bernanke’s comments on the potential for tapering of the bond-buying program, the Fed’s official statement reaffirmed its program of buying agency mortgage-backed securities at a pace of $40 billion per month and longer-term Treasury securities at a pace of $45 billion per month to “maintain downward pressure on longer-term interest rates, support mortgage markets, and help make broader financial conditions more accommodative.”

Anchored by the Fed’s accommodative monetary policy of holding its targeted federal funds rate near zero, short-term interest rates remained ultra low during the period. While longer-term interest rates rose late in the period, the combination of strong demand and limited supply of money market securities further exacerbated the low level of short-term interest rates throughout the period. A main reason that overall supply of money-market-eligible securities continued to decrease was due to issuers choosing to issue long-term debt to take advantage of low interest rates.

Despite interest rates remaining low, investors remained involved in money markets because yield was only one component driving their investment choices. More often, safety, diversification¹, and liquidity have been higher-value propositions to these investors, factors that were not diminished by Fed policy or technical developments.

Money market regulations remained under review.

Regulators remained concerned about potential systemic risk from money market funds in the event of another financial crisis and sought further revisions to regulations governing money market funds in order to mitigate that risk. In June, the U.S. Security and Exchange Commission (SEC) proposed the following changes: 1) a floating net asset value (NAV) rather than a $1.00 stable NAV for prime institutional money market funds (prime retail money market funds and government money market funds could continue to maintain a stable $1.00 NAV under the proposal); 2) liquidity fees and redemption gates for money market funds other than government funds; or 3) a combination of these two measures. The SEC is also considering changes to portfolio diversification, stress testing, and disclosure requirements for all money market funds. Wells Fargo Funds Management, LLC intends to submit a comment letter on the proposals to the SEC. As we gain clarity in the coming months regarding potential changes to the regulation of money market funds, we will provide further communications to you about them.

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

Letter to shareholders (unaudited) Wells Fargo Advantage Treasury Plus Money Market Fund 3

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

Periods of uncertainty can present challenges, but experience has taught us that maintaining long-term investment goals can be an effective way to plan for the future. To help you create a sound strategy based on your personal goals and risk tolerance, Wells Fargo Advantage Funds offers more than 100 mutual funds and other investments spanning a wide range of asset classes and investment styles.

Although diversification cannot guarantee an investment profit or prevent losses, we believe it can be an effective way to manage investment risk and potentially smooth out overall portfolio performance. We encourage investors to know their investments and to understand that appropriate levels of risk-taking may unlock opportunities.

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

Sincerely,

Karla M. Rabusch

President

Wells Fargo Advantage Funds

4 Wells Fargo Advantage Treasury Plus Money Market Fund Performance highlights (unaudited)

Investment objective

The Fund seeks current income, while preserving capital and liquidity.

Adviser

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

David D. Sylvester

Laurie White

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

								Expense ratios2 (%)
	Inception date	1 year		5 year		10 year		Gross		Net3
Class A (PIVXX)	7-28-2003		0.01		0.05		1.32		0.62		0.62
Administrator Class (WTPXX)	3-31-2008		0.01		0.07		1.47		0.35		0.35
Institutional Class (PISXX)	8-11-1995		0.01		0.08		1.55		0.23		0.20
Service Class (PRVXX)	10-1-1985		0.01		0.06		1.39		0.52		0.45
Sweep Class	6-30-2010		0.01		0.05		1.32		0.97		0.97

Fund yield summary3 (%) as of July 31, 2013	Class A	Administrator Class		Institutional Class		Service Class		Sweep Class
7-day current yield	0.01		0.01		0.01		0.01		0.01
7-day compound yield	0.01		0.01		0.01		0.01		0.01
30-day simple yield	0.01		0.01		0.01		0.01		0.01
30-day compound yield	0.01		0.01		0.01		0.01		0.01

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 returns will fluctuate. The Fund’s yield figures more closely reflect the current earnings of the Fund than the total return figures. 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 at the Fund’s website, wellsfargoadvantagefunds.com.

Each class is sold without a front-end sales charge or contingent deferred sales charge. Other fees and expenses apply to an investment in the Fund and are described in the Fund’s current prospectuses.

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 Fund seeks 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. The U.S. government guarantee applies to certain underlying securities and not to shares of the Fund.

Please see footnotes on page 5.

Performance highlights (unaudited) Wells Fargo Advantage Treasury Plus Money Market Fund 5

Portfolio composition⁴ as of July 31, 2013

Effective maturity distribution⁵ as of July 31, 2013

Weighted average maturity⁶ as of July 31, 2013

35 days

Weighted average final maturity⁷ as of July 31, 2013

35 days

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

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

3. The Adviser has committed through May 31, 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 0.65% for Class A, 0.35% for Administrator Class, 0.20% for Institutional Class, 0.45% for Service Class, and 1.00% for Sweep 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. Without waived fees and/or reimbursed expenses, the Fund’s 7-day current yield would have been (0.57)%, (0.30)%, (0.18)%, (0.47)%, and (0.92)% for Class A, Administrator Class, Institutional Class, Service Class, and Sweep Class, respectively.

4. Portfolio composition is subject to change and is calculated based on the total investments of the Fund.

5. Effective maturity distribution is subject to change and is calculated based on the total investments of the Fund.

6. Weighted Average Maturity (WAM): WAM is an average of the effective maturities of all securities held in the portfolio, weighted by each security’s percentage of total investments. The maturity of a portfolio security is the period remaining until the date on which the principal amount is unconditionally required to be paid, or in the case of a security called for redemption, the date on which the redemption payment is unconditionally required to be made. WAM calculations allow for the maturities of certain securities with demand features or periodic interest rate resets to be shortened. WAM is a way to measure a fund’s sensitivity to potential interest rate changes.

7. Weighted Average Final Maturity (WAFM): WAFM is an average of the final maturities of all securities held in the portfolio, weighted by their percentage of total investments. The maturity of a portfolio security is the period remaining until the date on which the principal amount is unconditionally required to be paid, or in the case of a security called for redemption, the date on which the redemption payment is unconditionally required to be made. In contrast to WAM, the calculation of WAFM allows for the maturities of certain securities with demand features to be shortened, but not the periodic interest rate resets. WAFM is a way to measure a fund’s potential sensitivity to credit spread changes.

6 Wells Fargo Advantage Treasury Plus Money Market Fund Fund expenses (unaudited)

As a shareholder of the Fund, you incur 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 February 1, 2013 to July 31, 2013.

Actual expenses

The “Actual” line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the “Actual” line under the heading entitled “Expenses paid during period” for your applicable class of shares to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The “Hypothetical” line of the table below provides information about hypothetical account values and hypothetical

expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which

is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual

ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs

of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only. 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 2-1-2013		Ending account value 7-31-2013		Expenses paid during the period1		Net annual expense ratio
Class A
Actual	$	1,000.00	$	1,000.05	$	0.35		0.07	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.45	$	0.35		0.07	%
Administrator Class
Actual	$	1,000.00	$	1,000.05	$	0.40		0.08	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.40	$	0.40		0.08	%
Institutional Class
Actual	$	1,000.00	$	1,000.05	$	0.35		0.07	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.45	$	0.35		0.07	%
Service Class
Actual	$	1,000.00	$	1,000.05	$	0.40		0.08	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.40	$	0.40		0.08	%
Sweep Class
Actual	$	1,000.00	$	1,000.05	$	0.40		0.08	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.40	$	0.40		0.08	%

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—July 31, 2013 (unaudited) Wells Fargo Advantage Treasury Plus Money Market Fund 7

Security name	Interest rate			Maturity date		Principal		Value
Repurchase Agreements ^^: 49.33%
Bank of Nova Scotia, dated 7-31-2013, maturity value $568,101,105 (1)		0.07	%		8-1-2013	$	568,100,000	$	568,100,000
Barclays Capital Incorporated, dated 7-1-2013, maturity value $100,002,194 (2) ¢±§		0.07			8-1-2013		100,000,000		100,000,000
Barclays Capital Incorporated, dated 7-31-2013, maturity value $750,001,458 (3)		0.07			8-1-2013		750,000,000		750,000,000
BNP Paribas Securities Corporation, dated 7-31-2013, maturity value $250,000,417 (4)		0.06			8-1-2013		250,000,000		250,000,000
Citigroup Global Markets, dated 7-31-2013, maturity value $350,000,583 (5)		0.06			8-1-2013		350,000,000		350,000,000
Credit Agricole, dated 7-26-2013, maturity value $250,000,972 (6)		0.02			8-2-2013		250,000,000		250,000,000
Credit Agricole, dated 7-29-2013, maturity value $250,001,458 (7)		0.03			8-5-2013		250,000,000		250,000,000
Credit Agricole, dated 7-30-2013, maturity value $100,000,583 (8)		0.03			8-6-2013		100,000,000		100,000,000
Credit Agricole, dated 7-31-2013, maturity value $500,000,833 (9)		0.06			8-1-2013		500,000,000		500,000,000
Deutsche Bank Securities, dated 7-31-2013, maturity value $550,001,222 (10)		0.08			8-1-2013		550,000,000		550,000,000
Goldman Sachs & Company, dated 7-31-2013, maturity value $100,000,083 (11)		0.03			8-1-2013		100,000,000		100,000,000
JPMorgan Securities, dated 7-1-2013, maturity value $1,625,034,531 (12) ¢±§		0.07			8-1-2013		1,625,000,000		1,625,000,000
Merrill Pierce Fenner Smith Incorporated, dated 7-31-2013, maturity value $125,000,208 (13)		0.06			8-1-2013		125,000,000		125,000,000
Morgan Stanley & Company, dated 7-31-2013, maturity value $150,000,250 (14)		0.06			8-1-2013		150,000,000		150,000,000
Royal Bank of Scotland Securities Incorporated, dated 7-31-2013, maturity value $150,000,250 (15)		0.06			8-1-2013		150,000,000		150,000,000
SG Americas Securities LLC, dated 7-31-2013, maturity value $350,000,681 (16)		0.07			8-1-2013		350,000,000		350,000,000
Societe Generale NY, dated 7-25-2013, maturity value $250,001,458 (17)		0.03			8-1-2013		250,000,000		250,000,000
Societe Generale NY, dated 7-31-2013, maturity value $350,004,083 (18)		0.06			8-7-2013		350,000,000		350,000,000
Total Repurchase Agreements (Cost $6,768,100,000)									6,768,100,000
Treasury Debt: 53.16%
U.S. Treasury Bill (z)		0.00			10-31-2013		300,000,000		299,975,708
U.S. Treasury Bill (z)		0.04			8-29-2013		350,000,000		349,988,912
U.S. Treasury Bill (z)		0.05			10-17-2013		600,000,000		599,931,609
U.S. Treasury Bill (z)		0.05			10-24-2013		400,000,000		399,954,208
U.S. Treasury Bill (z)		0.06			8-8-2013		450,000,000		449,994,488
U.S. Treasury Bill (z)		0.06			9-5-2013		400,000,000		399,975,767
U.S. Treasury Bill (z)		0.07			10-10-2013		550,000,000		549,929,733
U.S. Treasury Bill (z)		0.08			8-22-2013		450,000,000		449,980,225
U.S. Treasury Bill (z)		0.08			9-26-2013		350,000,000		349,956,911
U.S. Treasury Bill (z)		0.08			10-3-2013		300,000,000		299,955,988
U.S. Treasury Bill (z)		0.08			11-21-2013		150,000,000		149,961,733
U.S. Treasury Bill (z)		0.08			12-5-2013		100,000,000		99,971,843
U.S. Treasury Bill (z)		0.08			12-12-2013		50,000,000		49,985,152
U.S. Treasury Bill (z)		0.08			1-9-2014		100,000,000		99,965,117
U.S. Treasury Bill (z)		0.09			8-1-2013		250,000,000		250,000,000
U.S. Treasury Bill (z)		0.09			11-7-2013		100,000,000		99,976,861
U.S. Treasury Bill (z)		0.10			9-19-2013		200,000,000		199,972,948
U.S. Treasury Bill (z)		0.10			12-26-2013		150,000,000		149,938,750
U.S. Treasury Bill (z)		0.11			9-12-2013		150,000,000		149,980,896

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

8 Wells Fargo Advantage Treasury Plus Money Market Fund Portfolio of investments—July 31, 2013 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Treasury Debt (continued)
U.S. Treasury Bill (z)		0.12	%		8-15-2013	$	100,000,000	$	99,995,411
U.S. Treasury Note		0.25			10-31-2013		100,000,000		100,039,507
U.S. Treasury Note		0.25			11-30-2013		150,000,000		150,078,075
U.S. Treasury Note		0.50			10-15-2013		77,000,000		77,066,028
U.S. Treasury Note		0.50			11-15-2013		200,000,000		200,229,020
U.S. Treasury Note		0.75			8-15-2013		50,000,000		50,013,323
U.S. Treasury Note		0.75			9-15-2013		200,000,000		200,165,647
U.S. Treasury Note		0.75			12-15-2013		263,000,000		263,632,793
U.S. Treasury Note		2.00			11-30-2013		268,000,000		269,682,341
U.S. Treasury Note		2.75			10-31-2013		100,000,000		100,659,514
U.S. Treasury Note		3.13			8-31-2013		150,000,000		150,373,926
U.S. Treasury Note		4.25			8-15-2013		157,000,000		157,254,419
U.S. Treasury Note		4.25			11-15-2013		75,000,000		75,898,965
Total Treasury Debt (Cost $7,294,485,818)									7,294,485,818

Total investments in securities (Cost $14,062,585,818) *	102.49	%		14,062,585,818
Other assets and liabilities, net	(2.49	)		(342,220,601	)
Total net assets	100.00	%	$	13,720,365,217

^^ Collateralized by:

(1) U.S. government securities, 0.13% to 4.63%, 2-15-2015 to 2-15-2043, fair value including accrued interest is $579,462,016.

(2) U.S. government securities, 0.00% to 3.00%, 1-31-2014 to 2-15-2022, fair value including accrued interest is $102,000,041.

(3) U.S. government securities, 0.00% to 3.13%, 8-31-2013 to 4-30-2017, fair value including accrued interest is $765,465,528.

(4) U.S. government securities, 2.00% to 4.63%, 11-15-2016 to 11-15-2021, fair value including accrued interest is $255,181,386.

(5) U.S. government securities, 0.63% to 3.88%, 2-15-2018 to 2-15-2041, fair value including accrued interest is $357,000,020.

(6) U.S. government securities, 0.13% to 3.63%, 12-31-2013 to 4-15-2028, fair value including accrued interest is $255,000,052.

(7) U.S. government securities, 0.13% to 3.88%, 8-15-2013 to 4-15-2029, fair value including accrued interest is $255,000,047.

(8) U.S. government securities, 0.38% to 1.88%, 6-30-2015 to 7-15-2015, fair value including accrued interest is $102,000,112.

(9) U.S. government securities, 0.13% to 2.63%, 4-15-2015 to 2-15-2043, fair value including accrued interest is $510,000,064.

(10) U.S. government securities, 0.00% to 4.25%, 11-15-2013 to 1-15-2026, fair value including accrued interest is $561,000,108.

(11) U.S. government securities, 0.75% to 0.88%, 6-15-2014 to 2-28-2017, fair value including accrued interest is $102,000,077.

(12) U.S. government securities, 0.38% to 2.38%, 8-31-2014 to 5-15-2043, fair value including accrued interest is $1,657,500,050.

(13) U.S. government securities, 0.75% to 0.88%, 4-30-2017 to 12-31-2017, fair value including accrued interest is $127,500,037.

(14) U.S. government securities, 0.00% to 1.50%, 8-15-2015 to 5-15-2023, fair value including accrued interest is $153,000,000.

(15) U.S. government security, 1.00%, 5-31-2018, fair value including accrued interest is $153,003,648.

(16) U.S. government securities, 3.63% to 6.25%, 8-15-2019 to 8-15-2023, fair value including accrued interest is $357,000,108.

(17) U.S. government securities, 0.00% to 6.50%, 8-15-2013 to 2-15-2043, fair value including accrued interest is $255,000,077.

(18) U.S. government securities, 0.13% to 2.50%, 4-15-2014 to 2-15-2043, fair value including accrued interest is $357,000,101.

¢ Represents a long-dated and extendible repurchase agreement which automatically renews on previously set terms. The maturity date represents the next put date.

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

§ Security is subject to a demand feature which reduces the effective maturity.

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

* Cost for federal income tax purposes is substantially the same as for financial reporting purposes

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

Statement of assets and liabilities—July 31, 2013 (unaudited) Wells Fargo Advantage Treasury Plus Money Market Fund 9

Assets
Investments
Investments in unaffiliated securities, at amortized cost	$	7,294,485,818
Investments in repurchase agreements, at amortized cost		6,768,100,000
Total investments, at amortized cost		14,062,585,818
Cash		24,351
Receivable for Fund shares sold		275,499
Receivable for interest		8,811,113
Receivable from adviser		1,969,251
Prepaid expenses and other assets		68,415
Total assets		14,073,734,447
Liabilities
Dividends payable		69,618
Payable for investments purchased		349,974,537
Payable for Fund shares redeemed		417,798
Distribution fees payable		7,523
Due to other related parties		1,612,870
Accrued expenses and other liabilities		1,286,884
Total liabilities		353,369,230
Total net assets	$	13,720,365,217
NET ASSETS CONSIST OF
Paid-in capital	$	13,720,452,549
Overdistributed net investment income		(398,857	)
Accumulated net realized gains on investments		311,525
Total net assets	$	13,720,365,217
COMPUTATION OF NET ASSET VALUE PER SHARE1
Net assets – Class A	$	1,763,530,537
Shares outstanding – Class A		1,763,248,102
Net asset value per share – Class A		$1.00
Net assets – Administrator Class	$	153,042,698
Shares outstanding – Administrator Class		153,005,307
Net asset value per share – Administrator Class		$1.00
Net assets – Institutional Class	$	9,887,024,138
Shares outstanding – Institutional Class		9,885,666,321
Net asset value per share – Institutional Class		$1.00
Net assets – Service Class	$	1,892,833,146
Shares outstanding – Service Class		1,892,484,890
Net asset value per share – Service Class		$1.00
Net assets – Sweep Class	$	23,934,698
Shares outstanding – Sweep Class		23,929,331
Net asset value per share – Sweep Class		$1.00

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

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

10 Wells Fargo Advantage Treasury Plus Money Market Fund Statement of operations—six months ended July 31, 2013 (unaudited)

Investment income
Interest	$	4,856,522
Expenses
Advisory fee		5,899,003
Administration fees
Fund level		2,513,037
Class A		1,748,572
Administrator Class		74,960
Institutional Class		3,245,243
Service Class		1,151,348
Sweep Class		29,097
Shareholder servicing fees
Class A		1,987,013
Administrator Class		66,709
Service Class		2,380,243
Sweep Class		33,065
Distribution fees
Sweep Class		46,291
Custody and accounting fees		290,032
Professional fees		19,702
Registration fees		27,574
Shareholder report expenses		19,009
Trustees’ fees and expenses		5,785
Other fees and expenses		99,118
Total expenses		19,635,801
Less: Fee waivers and/or expense reimbursements		(15,351,539	)
Net expenses		4,284,262
Net investment income		572,260
Net realized gains on investments		331,095
Net increase in net assets resulting from operations	$	903,355

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

Statement of changes in net assets Wells Fargo Advantage Treasury Plus Money Market Fund 11

	Six months ended July 31, 2013 (unaudited)						Year ended January 31, 2013
Operations
Net investment income				$	572,260					$	1,123,365
Net realized gains on investments					331,095						2,108,439
Net increase in net assets resulting from operations					903,355						3,231,804
Distributions to shareholders from
Net investment income
Class A					(79,467	)					(161,854	)
Administrator Class					(7,495	)					(19,978	)
Institutional Class					(405,592	)					(741,946	)
Service Class					(95,929	)					(196,322	)
Sweep Class					(1,322	)					(3,265	)
Total distributions to shareholders					(589,805	)					(1,123,365	)
		Shares						Shares
Capital share transactions
Proceeds from shares sold
Class A		4,478,797,958			4,478,797,958			8,355,349,358			8,355,349,358
Administrator Class		734,517,301			734,517,301			821,027,399			821,027,399
Institutional Class		29,642,223,010			29,642,223,010			41,556,896,102			41,556,896,102
Service Class		3,552,241,472			3,552,241,472			7,108,418,025			7,108,418,025
Sweep Class		12,305,715			12,305,715			31,352,869			31,352,869
					38,420,085,456						57,873,043,753
Reinvestment of distributions
Class A		26,946			26,946			56,462			56,462
Administrator Class		7,164			7,164			19,614			19,614
Institutional Class		173,464			173,464			329,528			329,528
Service Class		6,058			6,058			16,770			16,770
Sweep Class		1,322			1,322			3,265			3,265
					214,954						425,639
Payment for shares redeemed
Class A		(4,305,068,740	)		(4,305,068,740	)		(8,458,111,206	)		(8,458,111,206	)
Administrator Class		(785,750,735	)		(785,750,735	)		(826,333,873	)		(826,333,873	)
Institutional Class		(27,312,716,945	)		(27,312,716,945	)		(40,395,370,045	)		(40,395,370,045	)
Service Class		(3,592,150,180	)		(3,592,150,180	)		(7,061,625,563	)		(7,061,625,563	)
Sweep Class		(15,525,424	)		(15,525,424	)		(47,072,520	)		(47,072,520	)
					(36,011,212,024	)					(56,788,513,207	)
Net increase in net assets resulting from capital share transactions					2,409,088,386						1,084,956,185
Total increase in net assets					2,409,401,936						1,087,064,624
Net assets
Beginning of period					11,310,963,281						10,223,898,657
End of period				$	13,720,365,217					$	11,310,963,281
Overdistributed net investment income				$	(398,857	)				$	(381,312	)

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

12 Wells Fargo Advantage Treasury Plus Money Market Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended July 31, 2013 (unaudited)			Year ended January 31									Year ended February 28
CLASS A				2013			2012			20111			2010			2009			20082
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.00	3		0.00	3		0.00	3		0.00	3		0.00	3		0.01			0.04
Net realized gains on investments		0.00	3		0.00	3		0.00	3		0.00	3		0.00			0.00			0.00
Total from investment operations		0.00	3		0.00	3		0.00	3		0.00	3		0.00	3		0.01			0.04
Distributions to shareholders from
Net investment income		(0.00	)3		(0.00	)3		(0.00	)3		(0.00	)3		(0.00	)3		(0.01	)		(0.04	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return4		0.00	%		0.01	%		0.01	%		0.01	%		0.01	%		0.79	%		3.99	%
Ratios to average net assets (annualized)
Gross expenses		0.62	%		0.62	%		0.62	%		0.62	%		0.65	%		0.66	%		0.65	%
Net expenses		0.07	%		0.12	%		0.06	%		0.18	%		0.17	%		0.48	%		0.65	%
Net investment income		0.01	%		0.01	%		0.01	%		0.01	%		0.01	%		0.75	%		3.95	%
Supplemental data
Net assets, end of period (000s omitted)		$1,763,531			$1,589,730			$1,692,131			$1,906,066			$1,600,619			$2,482,147			$2,636,076

1. For the eleven months ended January 31, 2011. The Fund changed its fiscal year end from February 28 to January 31, effective January 31, 2011.

2. Year ended February 29

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 Treasury Plus Money Market Fund 13

(For a share outstanding throughout each period)

	Six months ended July 31, 2013 (unaudited)			Year ended January 31									Year ended February 28
ADMINISTRATOR CLASS				2013			2012			20111			2010			20092
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.00	3		0.00	3		0.00	3		0.00	3		0.00	3		0.01
Net realized gains on investments		0.00	3		0.00	3		0.00	3		0.00	3		0.00			0.00
Total from investment operations		0.00	3		0.00	3		0.00	3		0.00	3		0.00	3		0.01
Distributions to shareholders from
Net investment income		(0.00	)3		(0.00	)3		(0.00	)3		(0.00	)3		(0.00	)3		(0.01	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return4		0.00	%		0.01	%		0.01	%		0.01	%		0.01	%		0.84	%
Ratios to average net assets (annualized)
Gross expenses		0.34	%		0.35	%		0.35	%		0.36	%		0.38	%		0.39	%
Net expenses		0.08	%		0.13	%		0.05	%		0.18	%		0.16	%		0.30	%
Net investment income		0.01	%		0.01	%		0.01	%		0.01	%		0.01	%		0.73	%
Supplemental data
Net assets, end of period (000s omitted)		$153,043			$204,264			$209,513			$135,001			$180,021			$132,423

1. For the eleven months ended January 31, 2011. The Fund changed its fiscal year end from February 28 to January 31, effective January 31, 2011.

2. For the period from March 31, 2008 (commencement of class operations) to February 28, 2009

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.

14 Wells Fargo Advantage Treasury Plus Money Market Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended July 31, 2013 (unaudited)			Year ended January 31									Year ended February 28
INSTITUTIONAL CLASS				2013			2012			20111			2010			2009			20082
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.00	3		0.00	3		0.00	3		0.00	3		0.00	3		0.01			0.04
Net realized gains on investments		0.00	3		0.00	3		0.00	3		0.00	3		0.00			0.00			0.00
Total from investment operations		0.00	3		0.00	3		0.00	3		0.00	3		0.00	3		0.01			0.04
Distributions to shareholders from
Net investment income		(0.00	)3		(0.00	)3		(0.00	)3		(0.00	)3		(0.00	)3		(0.01	)		(0.04	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return4		0.00	%		0.01	%		0.01	%		0.01	%		0.02	%		1.08	%		4.45	%
Ratios to average net assets (annualized)
Gross expenses		0.23	%		0.23	%		0.23	%		0.24	%		0.26	%		0.28	%		0.26	%
Net expenses		0.07	%		0.12	%		0.06	%		0.18	%		0.15	%		0.20	%		0.20	%
Net investment income		0.01	%		0.01	%		0.01	%		0.01	%		0.02	%		0.81	%		4.19	%
Supplemental data
Net assets, end of period (000s omitted)		$9,887,024			$7,557,137			$6,393,891			$5,307,359			$4,091,490			$5,092,437			$2,951,408

1. For the eleven months ended January 31, 2011. The Fund changed its fiscal year end from February 28 to January 31, effective January 31, 2011.

2. Year ended February 29

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 Treasury Plus Money Market Fund 15

(For a share outstanding throughout each period)

	Six months ended July 31, 2013 (unaudited)			Year ended January 31									Year ended February 28
SERVICE CLASS				2013			2012			20111			2010			2009			20082
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.00	3		0.00	3		0.00	3		0.00	3		0.00	3		0.01			0.04
Net realized gains on investments		0.00	3		0.00	3		0.00	3		0.00	3		0.00			0.00			0.00
Total from investment operations		0.00	3		0.00	3		0.00	3		0.00	3		0.00	3		0.01			0.04
Distributions to shareholders from
Net investment income		(0.00	)3		(0.00	)3		(0.00	)3		(0.00	)3		(0.00	)3		(0.01	)		(0.04	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return4		0.00	%		0.01	%		0.01	%		0.01	%		0.01	%		0.88	%		4.14	%
Ratios to average net assets (annualized)
Gross expenses		0.52	%		0.52	%		0.52	%		0.52	%		0.55	%		0.56	%		0.55	%
Net expenses		0.08	%		0.12	%		0.06	%		0.19	%		0.17	%		0.41	%		0.50	%
Net investment income		0.01	%		0.01	%		0.01	%		0.01	%		0.01	%		0.93	%		4.11	%
Supplemental data
Net assets, end of period (000s omitted)		$1,892,833			$1,932,680			$1,885,503			$2,226,264			$702,363			$862,686			$1,187,468

1. For the eleven months ended January 31, 2011. The Fund changed its fiscal year end from February 28 to January 31, effective January 31, 2011.

2. Year ended February 29

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.

16 Wells Fargo Advantage Treasury Plus Money Market Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended July 31, 2013 (unaudited)			Year ended January 31
SWEEP CLASS				2013			2012			20111
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.00	2		0.00	2		0.00	2		0.00	2
Net realized gains on investments		0.00	2		0.00	2		0.00	2		0.00	2
Total from investment operations		0.00	2		0.00	2		0.00	2		0.00	2
Distributions to shareholders from
Net investment income		(0.00	)2		(0.00	)2		(0.00	)2		(0.00	)2
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00
Total return3		0.00	%		0.01	%		0.01	%		0.01	%
Ratios to average net assets (annualized)
Gross expenses		0.97	%		0.97	%		0.97	%		0.97	%
Net expenses		0.08	%		0.12	%		0.07	%		0.19	%
Net investment income		0.01	%		0.01	%		0.01	%		0.01	%
Supplemental data
Net assets, end of period (000s omitted)		$23,935			$27,152			$42,861			$91,299

1. For the period from June 30, 2010 (commencement of class operations) to January 31, 2011

2. Amount is less than $0.005.

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

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

Notes to financial statements (unaudited) Wells Fargo Advantage Treasury Plus Money Market 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 Treasury Plus Money Market 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

As permitted under Rule 2a-7 of the 1940 Act, portfolio securities 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 which are not valued using the method 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.

Repurchase agreements

The Fund may invest in repurchase agreements and may participate in pooled repurchase agreement transactions with other funds advised by Funds Management. The repurchase agreements must be fully collateralized based on values that are marked-to-market daily. The collateral may be held by an agent bank under a tri-party agreement. It is the custodian’s responsibility to value collateral daily and to take action to obtain additional collateral as necessary to maintain market value equal to or greater than the resale price. The repurchase agreements are collateralized by instruments such as U.S. Treasury, federal agency, or high-grade corporate obligations. There could be potential loss to the Fund in the event that the Fund is delayed or prevented from exercising its rights to dispose of the collateral, including the risk of a possible decline in the value of the underlying obligations during the period in which the Fund seeks to assert its rights.

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.

18 Wells Fargo Advantage Treasury Plus Money Market Fund Notes to financial statements (unaudited)

Distributions to shareholders

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

Federal and other taxes

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 January 31, 2013, the Fund had capital loss carryforwards available to offset future net realized capital gains, in the amount of $19,570 expiring in 2017.

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

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.

At July 31, 2013, all of the Fund’s investments in securities were valued using Level 2 inputs since the primary inputs include the credit quality of the issuer and short-term interest rates (both of which are observable) in addition to the use of amortized cost.

Transfers in and transfers out are recognized at the end of the reporting period. For the six months ended July 31, 2013, the Fund did not have any transfers into/out of Level 1, Level 2, or Level 3.

4. TRANSACTIONS WITH AFFILIATES AND OTHER EXPENSES

Advisory fee

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

Notes to financial statements (unaudited) Wells Fargo Advantage Treasury Plus Money Market Fund 19

Pursuant to the contract, Funds Management is entitled to receive an annual advisory fee of 0.10% of the Fund’s average daily net assets.

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Funds Management. Wells Capital Management Incorporated, an affiliate of Funds Management, is the subadviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.05% and declining to 0.01% 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, Sweep Class		0.22	%
Administrator Class		0.10
Institutional Class		0.08
Service Class		0.12

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 May 31, 2014 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 0.65% for Class A shares, 0.35% for Administrator Class shares, 0.20% for Institutional Class shares, 0.45% for Service Class shares, and 1.00% for Sweep Class shares.

Distribution fees

The Trust has adopted a Distribution Plan for Sweep Class shares of the Fund pursuant to Rule 12b-1 under the 1940 Act. Distribution fees are charged to Sweep Class shares and paid to Wells Fargo Funds Distributor, LLC, the principal underwriter, at an annual rate of 0.35% of the average daily net assets for Sweep Class shares.

Shareholder servicing fees

The Trust has entered into contracts with one or more shareholder servicing agents, whereby Class A, Service Class, and Sweep Class of the Fund is charged a fee at an annual rate of 0.25% of the respective average daily net assets of each class. Administrator Class is charged a fee at an annual rate of 0.10% of its average daily net assets.

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

5. 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.

20 Wells Fargo Advantage Treasury Plus Money Market 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, seven-day 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 Treasury Plus Money Market Fund 21

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

22 Wells Fargo Advantage Treasury Plus Money Market 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 Treasury Plus Money Market Fund 23

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 Treasury Plus Money Market 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 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 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 (Institutional Class) was in range of the median performance of the Universe for all periods under review.

24 Wells Fargo Advantage Treasury Plus Money Market Fund Other information (unaudited)

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 operating expense ratios of the Fund were higher than the median net operating expense ratios of the expense Groups. Funds Management advised the Board that the expense Group medians reflected voluntary waivers, whereas the Fund’s expense ratios did not reflect voluntary waivers. The Board noted that when the Fund’s expense ratios were adjusted to reflect voluntary waivers, the Fund’s net operating expense ratios were in range of the median net operating expense ratios of the expense Groups. The Board viewed favorably the fact that the net operating expense cap of the Fund’s Sweep Class was lowered by five basis points in 2012. The Board and Funds Management agreed to extend the net operating expense caps for all of the Fund’s share classes until 2014.

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 except for Class A and Service Class. However, the Board viewed favorably the fact that when the Fund’s expense ratios were adjusted to reflect voluntary waivers, the Fund’s net operating expense ratios were in range of the median net operating expense ratios of the 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.

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 Treasury Plus Money Market Fund 25

Economies of scale

With respect to possible economies of scale, the Board reviewed the breakpoints in the Fund’s 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.

26 Wells Fargo Advantage Treasury Plus Money Market 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.

218833 09-13 SA314/SAR314 7-13

Wells Fargo Advantage Money Market Fund

Semi-Annual Report

July 31, 2013

Reduce clutter. Save trees.

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

Contents

Letter to shareholders	2
Performance highlights	4
Fund expenses	6
Summary 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	23
Other information	26
List of abbreviations	32

The views expressed and any forward-looking statements are as of July 31, 2013, unless otherwise noted, and are those of the Fund managers and/or Wells Fargo Funds Management, LLC. Discussions of individual securities, or the markets generally, or any Wells Fargo Advantage Fund are not intended as individual recommendations. Future events or results may vary significantly from those expressed in any forward-looking statements; the views expressed are subject to change at any time in response to changing circumstances in the market. Wells Fargo Funds Management, LLC, disclaims any obligation to publicly update or revise any views expressed or forward-looking statements.

NOT FDIC INSURED  ¡  NO BANK GUARANTEE  ¡   MAY LOSE VALUE

Wells Fargo investment history

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

Wells Fargo Advantage Funds^®

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

Strength

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

Expertise

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

Partnership

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

Carefully consider the investment objectives, risks, charges, and expenses before investing. For a current prospectus and, if available, a summary prospectus, for Wells Fargo Advantage Funds, containing this and other information, visit wellsfargoadvantagefunds.com. Read it carefully before investing.

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

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

NOT FDIC INSURED  ¡  NO BANK GUARANTEE  ¡  MAY LOSE VALUE

Not part of the semi-annual report.

Wells Fargo Advantage Funds offers more than 100 mutual funds across a wide range of asset classes, representing over $226 billion in assets under management, as of July 31, 2013.

Equity funds
Asia Pacific Fund	Enterprise Fund†	Opportunity Fund†
C&B Large Cap Value Fund	Global Opportunities Fund	Precious Metals Fund
C&B Mid Cap Value Fund	Growth Fund	Premier Large Company Growth Fund
Capital Growth Fund	Index Fund	Small Cap Opportunities Fund
Common Stock Fund	International Equity Fund	Small Cap Value Fund
Disciplined U.S. Core Fund	International Value Fund	Small Company Growth Fund
Discovery Fund†	Intrinsic Small Cap Value Fund	Small Company Value Fund
Diversified Equity Fund	Intrinsic Value Fund	Small/Mid Cap Value Fund
Diversified International Fund	Intrinsic World Equity Fund	Special Mid Cap Value Fund
Emerging Growth Fund	Large Cap Core Fund	Special Small Cap Value Fund
Emerging Markets Equity Fund	Large Cap Growth Fund	Specialized Technology Fund
Emerging Markets Equity Income Fund	Large Company Value Fund	Traditional Small Cap Growth Fund
Endeavor Select Fund†	Omega Growth Fund	Utility and Telecommunications Fund
Bond funds
Adjustable Rate Government Fund	High Yield Municipal Bond Fund	Short-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 Money Market Fund Letter to shareholders (unaudited)

Karla M. Rabusch

President

Wells Fargo Advantage Funds

We continue to believe that most investors can benefit from adhering to a well-diversified, high-quality investment strategy that is focused on liquidity and capital preservation.

As we gain clarity in the coming months regarding potential changes to the regulation of money market funds, we will provide further communications to you about them.

Dear Valued Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Advantage Money Market Fund for the six-month period that ended July 31, 2013. The past six months were marked by accommodative central bank policies, low interest rates, and regulatory uncertainty. Despite the challenges of a changing market landscape, we continue to believe that most investors can benefit from adhering to a well-diversified, high-quality investment strategy that is focused on liquidity and capital preservation.

Short-term interest rates remained low.

Monetary policy remained accommodative. The Federal Open Market Committee (FOMC) did not make any changes to its policy of keeping the target for the federal funds rate near zero or its asset purchase program of buying agency mortgage-backed securities and Treasury securities. However, Federal Reserve (Fed) Chairman Ben Bernanke roiled bond markets on June 19, after the previous day’s FOMC’s meeting, by indicating that tapering of its bond-buying program could begin later this year and that it could end as soon as mid-2014. Despite Chairman Bernanke’s comments on the potential for tapering of the bond-buying program, the Fed’s official statement reaffirmed its program of buying agency mortgage-backed securities at a pace of $40 billion per month and longer-term Treasury securities at a pace of $45 billion per month to “maintain downward pressure on longer-term interest rates, support mortgage markets, and help make broader financial conditions more accommodative.”

Anchored by the Fed’s accommodative monetary policy of holding its targeted federal funds rate near zero, short-term interest rates remained ultra low during the period. While longer-term interest rates rose late in the period, the combination of strong demand and limited supply of money market securities further exacerbated the low level of short-term interest rates throughout the period. A main reason that overall supply of money-market-eligible securities continued to decrease was due to issuers choosing to issue long-term debt to take advantage of low interest rates.

Despite interest rates remaining low, investors remained involved in money markets because yield was only one component driving their investment choices. More often, safety, diversification¹, and liquidity have been higher-value propositions to these investors, factors that were not diminished by Fed policy or technical developments.

Money market regulations remained under review.

Regulators remained concerned about potential systemic risk from money market funds in the event of another financial crisis and sought further revisions to regulations governing money market funds in order to mitigate that risk. In June, the U.S. Security and Exchange Commision (SEC) proposed the following changes: 1) a floating net asset value (NAV) rather than a $1.00 stable NAV for prime institutional money market funds (prime retail money market funds and government money market funds could continue to maintain a stable $1.00 NAV under the proposal); 2) liquidity fees and redemption gates for money market funds other than government funds; or 3) a combination of these two measures. The SEC is also considering changes to portfolio diversification, stress testing, and disclosure requirements for all money market funds. Wells Fargo Funds Management, LLC intends to submit a comment letter on the proposals to the SEC. As we gain clarity in the coming months regarding potential changes to the regulation of money market funds, we will provide further communications to you about them.

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

Letter to shareholders (unaudited) Wells Fargo Advantage Money Market Fund 3

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

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

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

Sincerely,

Karla M. Rabusch

President

Wells Fargo Advantage Funds

4 Wells Fargo Advantage Money Market Fund Performance highlights (unaudited)

Investment objective

The Fund seeks current income, while preserving capital and liquidity.

Adviser

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

David D. Sylvester

Laurie White

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

		Including sales charge								Excluding sales charge						Expense ratios2 (%)
	Inception date	1 year			5 year			10 year		1 year		5 year		10 year		Gross		Net3
Class A (STGXX)	7-1-1992		–			–			–		0.01		0.18		1.47		0.80		0.70
Class B*	7-1-1992		(4.99	)		(0.30	)		1.09		0.01		0.10		1.09		1.55		1.45
Class C	6-30-2010		(0.99	)		0.10			1.09		0.01		0.10		1.09		1.55		1.45
Daily Class	6-30-2010		–			–			–		0.01		0.18		1.47		1.05		1.00
Investor Class (WMMXX)	4-8-2005		–			–			–		0.01		0.20		1.51		0.83		0.65
Service Class (WMOXX)	6-30-2010		–			–			–		0.01		0.20		1.51		0.70		0.50

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

Fund yield summary3 (%) as of July 31, 2013	Class A	Class B		Class C		Daily Class		Investor Class		Service Class
7-day current yield	0.01		0.01		0.01		0.01		0.01		0.01
7-day compound yield	0.01		0.01		0.01		0.01		0.01		0.01
30-day simple yield	0.01		0.01		0.01		0.01		0.01		0.01
30-day compound yield	0.01		0.01		0.01		0.01		0.01		0.01

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 returns will fluctuate. The Fund’s yield figures more closely reflect the current earnings of the Fund than the total return figures. 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 at the Fund’s website – wellsfargoadvantagefunds.com.

Class A shares, Daily Class shares, Investor Class, and Service Class shares are sold without a front-end sales charge or contingent deferred sales charge. For Class B shares, the maximum contingent deferred sales charge (CDSC) is 5.00%. For Class C shares, the maximum CDSC is 1.00%. Performance including sales charge assumes the sales charge for the corresponding time period. Other fees and expenses apply to an investment in the Fund and are described in the Fund’s current prospectuses.

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 Fund seeks 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.

Please see footnotes on page 5.

Performance highlights (unaudited) Wells Fargo Advantage Money Market Fund 5

Portfolio composition⁴ as of July 31, 2013

Effective maturity distribution⁵ as of July 31, 2013

Weighted average maturity⁶ as of July 31, 2013

36 days

Weighted average final maturity⁷ as of July 31, 2013

43 days

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

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

3. The Adviser has committed through May 31, 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. Without waived fees and/or reimbursed expenses, the Fund’s 7-day current yield would have been (0.61)%, (1.36)%, (1.36)%, (0.86)%, (0.64)%, and (0.51)% for Class A, Class B, Class C, Daily Class, Investor Class, and Service Class, respectively.

4. Portfolio composition is subject to change and is calculated based on the total investments of the Fund.

5. Effective maturity distribution is subject to change and is calculated based on the total investments of the Fund.

6. Weighted Average Maturity (WAM): WAM is an average of the effective maturities of all securities held in the portfolio, weighted by each security’s percentage of total investments. The maturity of a portfolio security is the period remaining until the date on which the principal amount is unconditionally required to be paid, or in the case of a security called for redemption, the date on which the redemption payment is unconditionally required to be made. WAM calculations allow for the maturities of certain securities with demand features or periodic interest rate resets to be shortened. WAM is a way to measure a fund’s sensitivity to potential interest rate changes.

7. Weighted Average Final Maturity (WAFM): WAFM is an average of the final maturities of all securities held in the portfolio, weighted by their percentage of total investments. The maturity of a portfolio security is the period remaining until the date on which the principal amount is unconditionally required to be paid, or in the case of a security called for redemption, the date on which the redemption payment is unconditionally required to be made. In contrast to WAM, the calculation of WAFM allows for the maturities of certain securities with demand features to be shortened, but not the periodic interest rate resets. WAFM is a way to measure a fund’s potential sensitivity to credit spread changes.

6 Wells Fargo Advantage Money Market Fund Fund expenses (unaudited)

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including 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 February 1, 2013 to July 31, 2013.

Actual expenses

The “Actual” line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the “Actual” line under the heading entitled “Expenses paid during period” for your applicable class of shares to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The “Hypothetical” line of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as any 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 2-1-2013		Ending account value 7-31-2013		Expenses paid during the period1		Net annual expense ratio
Class A
Actual	$	1,000.00	$	1,000.05	$	1.19		0.24	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.60	$	1.20		0.24	%
Class B
Actual	$	1,000.00	$	1,000.05	$	1.19		0.24	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.60	$	1.20		0.24	%
Class C
Actual	$	1,000.00	$	1,000.05	$	1.19		0.24	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.60	$	1.20		0.24	%
Daily Class
Actual	$	1,000.00	$	1,000.05	$	1.19		0.24	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.60	$	1.20		0.24	%
Investor Class
Actual	$	1,000.00	$	1,000.05	$	1.19		0.24	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.60	$	1.20		0.24	%
Service Class
Actual	$	1,000.00	$	1,000.05	$	1.19		0.24	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.60	$	1.20		0.24	%

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

Summary portfolio of investments—July 31, 2013 (unaudited) Wells Fargo Advantage Money Market Fund 7

The summary portfolio of investments shows the 50 largest portfolio holdings in unaffiliated issuers and any holdings exceeding 1% of the total net assets as of the report date. The remaining securities held are grouped as “Other securities” in each category. You can request a complete schedule of portfolio holdings as of the report date, free of charge, by accessing the following website: http://a584.g.akamai.net/f/584/1326/1d/www.wellsfargoadvantagefunds.com/pdf/semi/holdings/moneymarket.pdf or by calling Wells Fargo Advantage Funds at 1-800-222-8222. This complete schedule, filed on the Form N-CSR, is also available on the SEC’s website at sec.gov.

Security name	Interest rate			Maturity date		Principal		Value		Percent of net assets
Certificates of Deposit: 27.82%
ANZ Banking Group London		0.10	%		8-1-2013	$	20,000,000	$	20,000,000		0.53	%
Bank of Montreal		0.18			8-28-2013		20,000,000		20,000,000		0.53
Bank of Montreal		0.18			9-12-2013		20,000,000		20,000,000		0.53
Bank of Montreal		0.19			10-11-2013		41,000,000		41,000,000		1.08
Bank of Montreal		0.20			10-17-2013		15,000,000		15,000,000		0.39
Barclays Bank plc ±		0.77			12-12-2013		38,000,000		38,000,000		1.00
Barclays Bank plc ±		0.88			9-30-2013		13,000,000		13,000,000		0.34
China Construction Bank Corporation		0.30			8-6-2013		26,000,000		26,000,000		0.68
China Construction Bank Corporation		0.30			8-7-2013		20,000,000		20,000,000		0.53
China Construction Bank Corporation ±		0.44			8-26-2013		26,000,000		26,000,000		0.68
Credit Agricole		0.11			8-1-2013		60,000,000		60,000,000		1.58
Credit Agricole		0.23			8-2-2013		7,000,000		7,000,000		0.18
Credit Industriel & Commercial New York		0.11			8-1-2013		34,000,000		34,000,000		0.89
Credit Industriel & Commercial New York		0.15			8-2-2013		25,000,000		25,000,000		0.66
DBS Bank Limited		0.19			8-1-2013		50,000,000		50,000,000		1.31
DNB Nor Bank ASA		0.09			8-1-2013		21,000,000		21,000,000		0.55
DNB Nor Bank ASA		0.23			8-6-2013		7,000,000		7,000,000		0.18
Mitsubishi Trust & Bank Corporation		0.21			10-28-2013		24,000,000		24,000,000		0.63
National Australia Bank Limited ±		1.47-1.52			1-17-2014 to 1-30-2014		24,000,000		24,137,246		0.64
National Bank of Kuwait		0.14			8-1-2013		25,000,000		25,000,000		0.66
Natixis Corporation		0.14			8-1-2013		20,000,000		20,000,000		0.53
Natixis Corporation		0.23			8-2-2013		21,000,000		21,000,000		0.55
Nordea Bank plc		0.18			9-17-2013		16,000,000		16,000,000		0.42
Nordea Bank plc		0.18-1.12			8-7-2013 to 11-15-2013		23,000,000		23,000,794		0.60
Norinchukin Bank		0.12			8-5-2013		21,000,000		21,000,000		0.55
Norinchukin Bank		0.19			8-27-2013		15,000,000		15,000,000		0.39
Norinchukin Bank		0.23			10-7-2013 to 10-24-2013		17,000,000		17,000,000		0.44
Norinchukin Bank		0.23			10-16-2013		18,000,000		18,000,000		0.47
Royal Bank of Canada ±		0.30-0.32			8-6-2013 to 6-24-2014		17,000,000		17,000,000		0.44
Royal Bank of Canada ±		0.33			8-12-2013		16,000,000		16,000,000		0.42
Skandinaviska Enskilda Banken AG		0.29			12-20-2013		9,000,000		9,000,174		0.24
Skandinaviska Enskilda Banken AG ±		0.54			12-3-2013		40,000,000		40,000,000		1.05
Societe Generale		0.13			8-1-2013		27,000,000		27,000,000		0.71
Sumitomo Trust & Banking Corporation		0.16-0.24			8-1-2013 to 10-17-2013		83,000,000		83,000,100		2.18
Svenska Handelsbanken		0.19			8-30-2013		30,000,000		30,000,121		0.79
Svenska Handelsbanken		0.19-0.82			8-22-2013 to 11-15-2013		33,000,000		33,009,015		0.86
Toronto-Dominion Bank		0.16-0.27			8-21-2013 to 9-13-2013		25,000,000		25,000,000		0.65
Toronto-Dominion Bank		0.17			9-23-2013		19,000,000		19,000,000		0.50
Toronto-Dominion Bank ±		0.27			10-21-2013		20,000,000		20,000,000		0.53
Other securities									74,000,240		1.93
Total Certificates of Deposit (Cost $1,060,147,690)									1,060,147,690		27.82
Commercial Paper: 44.27%
Asset-Backed Commercial Paper: 16.46%
Anglesea Funding LLC 144A(z)		0.30			8-7-2013		18,000,000		17,999,100		0.47
Antalis US Funding Corporation 144A(z)		0.21-0.26			8-1-2013 to 8-30-2013		29,000,000		28,998,763		0.76

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

8 Wells Fargo Advantage Money Market Fund Summary portfolio of investments—July 31, 2013 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value		Percent of net assets
Asset-Backed Commercial Paper (continued)
Antalis US Funding Corporation 144A(z)		0.24	%		9-5-2013	$	16,000,000	$	15,996,111		0.42	%
Gotham Funding Corporation 144A(z)		0.19-0.21			8-2-2013 to 9-11-2013		50,000,000		49,993,040		1.30
Liberty Street Funding LLC 144A(z)		0.16-0.20			8-1-2013 to 10-10-2013		58,000,000		57,991,040		1.53
Regency Markets No.1 LLC 144A(z)		0.15-0.16			8-8-2013 to 8-28-2013		39,000,000		38,997,341		1.02
Regency Markets No.1 LLC 144A(z)		0.15			8-20-2013		23,000,000		22,998,179		0.60
Victory Receivables 144A(z)		0.18-0.21			8-1-2013 to 9-11-2013		37,000,000		36,995,310		0.96
Victory Receivables 144A(z)		0.20			9-4-2013		22,000,000		21,995,920		0.58
Other securities									335,305,392		8.82
									627,270,196		16.46
Financial Company Commercial Paper: 23.05%
Australia & New Zealand Banking Group 144A		0.17-0.32			8-29-2013 to 11-18-2013		27,000,000		26,997,573		0.71
Banco De Credito E Inversiones 144A(z)		0.45			8-2-2013		17,000,000		16,999,788		0.45
Barclays Bank plc 144A(z)		0.20			9-19-2013		5,000,000		4,998,639		0.13
Barclays Bank plc 144A(z)		0.25			8-27-2013		20,000,000		19,996,389		0.53
Caisse Centrale Desjardins du Quebec 144A(z)		0.20-0.24			8-12-2013 to 11-8-2013		53,000,000		52,988,236		1.38
CPPIB Capital Incorporated 144A(z)		0.15			8-26-2013		20,000,000		19,997,917		0.53
CPPIB Capital Incorporated 144A(z)		0.15			9-5-2013		20,000,000		19,997,083		0.53
DBS Bank Limited 144A(z)		0.21-0.25			9-4-2013 to 11-12-2013		11,000,000		10,995,579		0.29
DNB Nor Bank ASA 144A(z)		0.18			8-9-2013		21,000,000		20,999,160		0.55
DNB Nor Bank ASA 144A(z)		0.19-0.22			10-9-2013 to 11-13-2013		7,000,000		6,996,937		0.18
DNB Nor Bank ASA 144A±		0.42			9-20-2013		24,000,000		24,000,000		0.63
National Australia Bank Limited 144A(z)		0.17			9-10-2013		15,000,000		14,997,167		0.39
Nationwide Building Society 144A(z)		0.25-0.30			8-12-2013 to 9-25-2013		22,000,000		21,995,951		0.57
Nationwide Building Society 144A(z)		0.30			8-5-2013		17,000,000		16,999,433		0.45
Nordea Bank AB 144A(z)		0.18-0.26			8-20-2013 to 2-3-2014		39,000,000		38,966,919		1.02
NV Bank Nederlandse Gemeeten 144A(z)		0.20			12-2-2013		18,000,000		17,988,008		0.47
Skandinaviska Enskilda Banken AG 144A(z)		0.26			12-17-2013		59,000,000		58,941,197		1.55
Sumitomo Trust and Banking Corporation 144A(z)		0.16-0.23			8-15-2013 to 9-5-2013		25,000,000		24,997,327		0.65
Sumitomo Trust and Banking Corporation 144A(z)		0.16			8-16-2013		18,000,000		17,998,800		0.47
Svenska Handelsbanken Incorporated 144A(z)		0.19-0.22			8-5-2013 to 8-20-2013		18,000,000		17,999,332		0.47
Westpac Securities NZ Limited 144A(z)		0.18-0.22			8-8-2013 to 9-23-2013		31,000,000		30,992,639		0.81
Westpac Securities NZ Limited 144A±		0.27			11-19-2013		15,000,000		15,000,913		0.41
Westpac Securities NZ Limited 144A±		0.36			10-25-2013		17,000,000		17,000,000		0.45
Other securities									359,858,675		9.43
									878,703,662		23.05
Other Commercial Paper: 4.76%
CNPC Finance (z)		0.29-0.36			8-1-2013 to 9-6-2013		64,000,000		63,990,092		1.67
Sinopec Century Bright Capital Investments Limited 144A(z)		0.36			9-13-2013		16,000,000		15,993,120		0.42
Other securities									101,383,889		2.67
									181,367,101		4.76
Total Commercial Paper (Cost $1,687,340,959)									1,687,340,959		44.27
Government Agency Debt: 0.29%
Other securities									11,000,000		0.29
Total Government Agency Debt (Cost $11,000,000)									11,000,000		0.29

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

Summary portfolio of investments—July 31, 2013 (unaudited) Wells Fargo Advantage Money Market Fund 9

Security name	Interest rate			Maturity date		Principal		Value		Percent of net assets
Municipal Obligations: 12.67%
Alabama: 0.39%
Variable Rate Demand Notes ø: 0.39%
Other securities								$	14,928,000		0.39	%
California: 1.40%
Other Municipal Debt: 0.81%
Other securities									31,000,000		0.81
Variable Rate Demand Notes ø: 0.59%
JPMorgan Chase PUTTER/DRIVER Trust Series 3164 (GO, JPMorgan Chase & Company LIQ) 144A		0.07	%		8-1-2031	$	4,145,000		4,145,000		0.13
Other securities									18,155,000		0.46
									22,300,000		0.59
Colorado: 0.88%
Variable Rate Demand Notes ø: 0.88%
Colorado HFA (Housing Revenue, FHLB SPA)		0.12			5-1-2050		15,425,000		15,425,000		0.41
Royal Bank of Canada Municipal Products Incorporated Trust Series E-25 (Miscellaneous Revenue, Royal Bank of Canada LOC, Royal Bank of Canada LIQ) 144A		0.09			11-15-2025		10,000,000		10,000,000		0.26
Other securities									8,000,000		0.21
									33,425,000		0.88
Connecticut: 0.13%
Variable Rate Demand Notes ø: 0.13%
Other securities									5,000,000		0.13
District of Columbia: 0.03%
Other Municipal Debt: 0.03%
Other securities									1,000,000		0.03
Florida: 0.18%
Variable Rate Demand Notes ø: 0.18%
Other securities									6,980,000		0.18
Georgia: 0.32%
Variable Rate Demand Notes ø: 0.32%
Other securities									12,180,000		0.32
Illinois: 0.23%
Variable Rate Demand Notes ø: 0.23%
Other securities									8,905,000		0.23
Iowa: 0.36%
Variable Rate Demand Notes ø: 0.36%
Other securities									13,815,000		0.36
Kentucky: 0.08%
Variable Rate Demand Notes ø: 0.08%
Other securities									3,000,000		0.08

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

10 Wells Fargo Advantage Money Market Fund Summary portfolio of investments—July 31, 2013 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value		Percent of net assets
Maryland: 0.23%
Variable Rate Demand Notes ø: 0.23%
Other securities								$	8,855,000		0.23	%
Massachusetts: 0.06%
Variable Rate Demand Notes ø: 0.06%
Other securities									2,260,000		0.06
Michigan: 1.19%
Variable Rate Demand Notes ø: 1.19%
Michigan Higher Education Student Loan Royal Bank of Canada Municipal Products Incorporated Series L-31 (Education Revenue, Royal Bank of Canada LOC, Royal Bank of Canada LIQ)		0.11	%		9-1-2032 to 9-1-2033	$	13,000,000		13,000,000		0.34
Puttable Floating Option Taxable Notes Series TNP-1005 (Miscellaneous Revenue, Bank of America NA LIQ) 144A		0.45			10-1-2046		23,345,000		23,345,000		0.61
Other securities									8,905,000		0.24
									45,250,000		1.19
Nebraska: 0.26%
Variable Rate Demand Notes ø: 0.26%
Other securities									9,850,000		0.26
Nevada: 0.26%
Variable Rate Demand Notes ø: 0.26%
Other securities									9,905,000		0.26
New Jersey: 0.53%
Variable Rate Demand Notes ø: 0.53%
Other securities									20,200,000		0.53
New Mexico: 0.10%
Variable Rate Demand Notes ø: 0.10%
Other securities									3,970,000		0.10
New York: 0.50%
Variable Rate Demand Notes ø: 0.50%
Other securities									19,130,000		0.50
North Carolina: 0.08%
Variable Rate Demand Notes ø: 0.08%
Other securities									2,880,000		0.08
Ohio: 0.73%
Variable Rate Demand Notes ø: 0.73%
Other securities									27,749,000		0.73

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

Summary portfolio of investments—July 31, 2013 (unaudited) Wells Fargo Advantage Money Market Fund 11

Security name	Interest rate			Maturity date		Principal		Value		Percent of net assets
Oregon: 0.13%
Variable Rate Demand Notes ø: 0.13%
Other securities								$	5,000,000		0.13	%
Pennsylvania: 0.05%
Variable Rate Demand Notes ø: 0.05%
Other securities									2,000,000		0.05
Puerto Rico: 0.11%
Variable Rate Demand Notes ø: 0.11%
Other securities									4,000,000		0.11
South Carolina: 0.45%
Other Municipal Debt: 0.45%
Other securities									17,000,000		0.45
South Dakota: 0.05%
Variable Rate Demand Notes ø: 0.05%
Other securities									2,000,000		0.05
Tennessee: 0.84%
Other Municipal Debt: 0.08%
Other securities									2,999,934		0.08
Variable Rate Demand Notes ø: 0.76%
Montgomery County TN Public Building Authority Tennessee County Loan Pool (Miscellaneous Revenue, Bank of America NA LOC)		0.13	%		7-1-2034	$	16,975,000		16,975,000		0.44
Other securities									12,205,000		0.32
									29,180,000		0.76
Texas: 2.18%
Variable Rate Demand Notes ø: 2.18%
Royal Bank of Canada Municipal Products Incorporated Trust Certificates Series E-18 (Miscellaneous Revenue, Royal Bank of Canada LOC) 144A		0.06			6-1-2032		8,000,000		8,000,000		0.21
Texas JPMorgan Chase PUTTER Trust Series 4262 (Miscellaneous Revenue, JPMorgan Chase & Company LIQ) 144A		0.06			8-30-2013		27,000,000		27,000,000		0.71
Other securities									48,196,234		1.26
									83,196,234		2.18
Utah: 0.06%
Variable Rate Demand Notes ø: 0.06%
Other securities									2,243,000		0.06

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

12 Wells Fargo Advantage Money Market Fund Summary portfolio of investments—July 31, 2013 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value		Percent of net assets
Washington: 0.36%
Other Municipal Debt: 0.05%
Other securities								$	2,000,000		0.05	%
Variable Rate Demand Notes ø: 0.31%
Other securities									11,595,000		0.31
West Virginia: 0.05%
Variable Rate Demand Notes ø: 0.05%
Other securities									1,940,000		0.05
Wisconsin: 0.45%
Variable Rate Demand Notes ø: 0.45%
Other securities									17,040,000		0.45
Total Municipal Obligations (Cost $482,776,168)									482,776,168		12.67
Other Instruments: 0.98%
Australia & New Zealand Banking Group Floating Rate Note 144A±		1.01-1.27	%		12-20-2013 to 1-10-2014	$	12,000,000		12,042,915		0.32
National Australia Bank Limited Floating Rate Note 144A±		1.02			8-20-2013		7,000,000		7,003,117		0.18
Other securities									18,345,028		0.48
Total Other Instruments (Cost $37,391,060)									37,391,060		0.98
Other Notes: 1.62%
Corporate Bonds and Notes: 1.62%
Toronto-Dominion Bank ±		0.24			11-15-2013		18,000,000		18,000,000		0.47
Other securities									43,692,022		1.15
Total Other Notes (Cost $61,692,022)									61,692,022		1.62
Repurchase Agreements ^^: 7.24%
Goldman Sachs & Company, dated 7-1-2013, maturity value $47,742,889 (1) ±(i)§¢		0.22			9-1-2013		46,000,000		46,000,000		1.21
GX Clarke & Company, dated 7-31-2013, maturity value $14,000,074 (2)		0.19			8-1-2013		14,000,000		14,000,000		0.37
JPMorgan Securities, dated 7-1-2013, maturity value $5,073,194 (3) ±§¢		0.17			8-1-2013		5,000,000		5,000,000		0.13
JPMorgan Securities, dated 7-1-2013, maturity value $57,120,000 (4) ±(i)§¢		0.32			9-4-2013		54,000,000		54,000,000		1.41
Royal Bank of Canada, dated 7-31-13, maturity value $30,000,067 (5)		0.08			8-1-2013		30,000,000		30,000,000		0.79
Societe Generale, dated 7-31-2013, maturity value $126,844,723 (6)		0.09			8-1-2013		126,844,406		126,844,406		3.33
Total Repurchase Agreements (Cost $275,844,406)									275,844,406		7.24
Treasury Debt: 4.78%
U.S. Treasury Bill (z)		0.08-0.14			8-15-2013 to 12-19-2013		72,000,000		71,989,581		1.90
U.S. Treasury Bill (z)		0.08			12-5-2013		18,000,000		17,994,932		0.47

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

Summary portfolio of investments—July 31, 2013 (unaudited) Wells Fargo Advantage Money Market Fund 13

Security name	Interest rate			Maturity date		Principal		Value		Percent of net assets
Treasury Debt (continued)
U.S. Treasury Bill (z)		0.08	%		12-12-2013	$	18,000,000	$	17,994,654		0.47	%
U.S. Treasury Bill (z)		0.08			11-29-2013		18,000,000		17,995,050		0.47
U.S. Treasury Note		0.25-1.00			11-30-2013 to 5-15-2014		25,000,000		25,049,353		0.65
U.S. Treasury Note		4.75			5-15-2014		30,000,000		31,077,806		0.82
Total Treasury Debt (Cost $182,101,376)									182,101,376		4.78
Total investments in securities (Cost $3,798,293,681) *									3,798,293,681		99.67	%
Other assets and liabilities, net									12,522,697		0.33
Total net assets								$	3,810,816,378		100.00	%

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

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.

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

ø Variable rate demand notes are subject to a demand feature which reduces the effective maturity. The interest rate is determined and reset by the issuer daily, weekly, or monthly depending upon the terms of the security. The interest rate shown is the rate in effect at period end.

^^ Collateralized by:

(1) U.S. government securities, 0.00% to 1.88%, 8-2-2013 to 7-15-2022, fair value including accrued interest is $46,920,002.

(2) U.S. government securities, 0.00% to 11.25%, 8-15-2013 to 5-15-2043, fair value including accrued interest is $14,280,158.

(3) U.S. government security, 0.00%, 10-1-2013, fair value is $5,100,094.

(4) U.S. government securities, 0.00% to 0.54%, 8-1-2013 to 4-29-2014, fair value including accrued interest is $55,080,237.

(5) U.S. government securities, 0.00% to 3.67%, 5-1-2035 to 8-1-2043, fair value including accrued interest is $30,900,000.

(6) U.S. government securities, 0.00% to 6.25%, 1-2-2014 to 8-15-2023, fair value including accrued interest is $129,381,295.

(i) Illiquid security

§ Security is subject to a demand feature which reduces the effective maturity.

¢ Represents a long-dated and extendible repurchase agreement which automatically renews on previously set terms. The maturity date represents the next put date.

* Cost for federal income tax purposes is substantially the same as for financial reporting purposes.

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

14 Wells Fargo Advantage Money Market Fund Statement of assets and liabilities—July 31, 2013 (unaudited)

Assets
Investments in unaffiliated securities, at amortized cost	$	3,798,293,681
Receivable for investments sold		38,305,691
Receivable for Fund shares sold		621,649
Receivable for interest		926,911
Receivable from adviser		1,317,663
Prepaid expenses and other assets		226,575
Total assets		3,839,692,170
Liabilities
Dividends payable		52,673
Payable for investments purchased		21,994,951
Payable for Fund shares redeemed		987,172
Due to custodian bank		3,100,000
Distribution fees payable		283,622
Due to other related parties		841,094
Accrued expenses and other liabilities		1,616,280
Total liabilities		28,875,792
Total net assets	$	3,810,816,378
NET ASSETS CONSIST OF
Paid-in capital	$	3,815,332,363
Overdistributed net investment income		(498,836	)
Accumulated net realized losses on investments		(4,017,149	)
Total net assets	$	3,810,816,378
COMPUTATION OF NET ASSET VALUE PER SHARE1
Net assets – Class A	$	1,536,614,647
Shares outstanding – Class A		1,536,585,709
Net asset value per share – Class A		$1.00
Net assets – Class B	$	10,581,421
Shares outstanding – Class B		10,581,220
Net asset value per share – Class B		$1.00
Net assets – Class C	$	16,505,744
Shares outstanding – Class C		16,505,527
Net asset value per share – Class C		$1.00
Net assets – Daily Class	$	1,289,203,967
Shares outstanding – Daily Class		1,289,185,599
Net asset value per share – Daily Class		$1.00
Net assets – Investor Class	$	556,323,848
Shares outstanding – Investor Class		556,314,485
Net asset value per share – Investor Class		$1.00
Net assets – Service Class	$	401,586,751
Shares outstanding – Service Class		401,581,430
Net asset value per share – Service Class		$1.00

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 July 31, 2013 Wells Fargo Advantage Money Market Fund 15

Investment income
Interest	$	4,972,572
Expenses
Advisory fee		5,604,150
Administration fees
Fund level		996,396
Class A		1,946,582
Class B		13,263
Class C		15,636
Daily Class		1,344,674
Investor Class		757,301
Service Class		216,852
Shareholder servicing fees
Class A		2,212,026
Class B		7,402
Class C		17,768
Daily Class		1,528,039
Investor Class		735,213
Service Class		451,572
Distribution fees
Class B		45,216
Class C		53,303
Daily Class		1,528,039
Custody and accounting fees		127,558
Professional fees		17,217
Registration fees		59,797
Shareholder report expenses		165,937
Trustees’ fees and expenses		3,930
Other fees and expenses		29,582
Total expenses		17,877,453
Less: Fee waivers and/or expense reimbursements		(13,087,903	)
Net expenses		4,789,550
Net investment income		183,022
Net realized gains on investments		57,526
Net increase in net assets resulting from operations	$	240,548

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

16 Wells Fargo Advantage Money Market Fund Statement of changes in net assets

	Six months ended July 31, 2013 (unaudited)						Year ended January 31, 2013
Operations
Net investment income				$	183,022					$	523,121
Net realized gains on investments					57,526						292,676
Net increase in net assets resulting from operations					240,548						815,797
Distributions to shareholders from
Net investment income
Class A					(88,479	)					(261,938	)
Class B					(603	)					(22,957	)
Class C					(711	)					(1,589	)
Daily Class					(61,121	)					(127,311	)
Investor Class					(30,291	)					(64,269	)
Service Class					(18,071	)					(45,057	)
Total distributions to shareholders					(199,276	)					(523,121	)
		Shares						Shares
Capital share transactions
Proceeds from shares sold
Class A		995,514,111			995,514,111			3,088,275,827			3,088,275,827
Class B		595,213			595,213			246,345,412			246,345,412
Class C		6,992,289			6,992,289			9,011,251			9,011,251
Daily Class		2,236,130,144			2,236,130,144			3,818,056,122			3,818,056,122
Investor Class		133,520,120			133,520,120			406,140,406			406,140,406
Service Class		1,154,453,233			1,154,453,233			2,686,456,886			2,686,456,886
					4,527,205,110						10,254,285,904
Reinvestment of distributions
Class A		85,030			85,030			254,479			254,479
Class B		579			579			22,847			22,847
Class C		672			672			1,487			1,487
Daily Class		35,181			35,181			77,252			77,252
Investor Class		24,521			24,521			52,787			52,787
Service Class		1,066			1,066			4,606			4,606
					147,049						413,458
Payment for shares redeemed
Class A		(1,499,721,812	)		(1,499,721,812	)		(4,157,999,375	)		(4,157,999,375	)
Class B		(4,376,924	)		(4,376,924	)		(632,698,536	)		(632,698,536	)
Class C		(4,977,917	)		(4,977,917	)		(13,433,112	)		(13,433,112	)
Daily Class		(2,217,144,745	)		(2,217,144,745	)		(4,112,855,643	)		(4,112,855,643	)
Investor Class		(218,544,560	)		(218,544,560	)		(395,582,592	)		(395,582,592	)
Service Class		(1,151,031,113	)		(1,151,031,113	)		(2,761,083,376	)		(2,761,083,376	)
					(5,095,797,071	)					(12,073,652,634	)
Net decrease in net assets resulting from capital share transactions					(568,444,912	)					(1,818,953,272	)
Total decrease in net assets					(568,403,640	)					(1,818,660,596	)
Net assets
Beginning of period					4,379,220,018						6,197,880,614
End of period				$	3,810,816,378					$	4,379,220,018
Overdistributed net investment income				$	(498,836	)				$	(482,582	)

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

Financial highlights Wells Fargo Advantage Money Market Fund 17

(For a share outstanding throughout each period)

	Six months ended July 31, 2013 (unaudited)			Year ended January 31									Year ended February 28
CLASS A				2013			2012			20111			2010			2009			20082
Net asset value, beginning of period	$	1.00			$1.00			$1.00			$1.00			$1.00			$1.00			$1.00
Net investment income		0.00	3		0.00	3		0.00	3		0.00	3		0.00	3		0.02			0.04
Net realized gains on investments		0.00	3		0.00	3		0.00	3		0.00	3		0.00	3		0.00			0.00
Total from investment operations		0.00	3		0.00	3		0.00	3		0.00	3		0.00	3		0.02			0.04
Distributions to shareholders from
Net investment income		(0.00	)3		(0.00	)3		(0.00	)3		(0.00	)3		(0.00	)3		(0.02	)		(0.04	)
Net realized gains		0.00			0.00			0.00			0.00			0.00			(0.00	)3		0.00
Total distributions to shareholders		(0.00	)3		(0.00	)3		(0.00	)3		(0.00	)3		(0.00	)3		(0.02	)		(0.04	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return4		0.00	%		0.01	%		0.01	%		0.01	%		0.04	%		1.74	%		4.48	%
Ratios to average net assets (annualized)
Gross expenses		0.82	%		0.80	%		0.80	%		0.79	%		0.88	%		0.83	%		0.81	%
Net expenses		0.24	%		0.25	%		0.26	%		0.35	%		0.58	%		0.79	%		0.76	%
Net investment income		0.01	%		0.01	%		0.01	%		0.01	%		0.05	%		1.75	%		4.37	%
Supplemental data
Net assets, end of period (000s omitted)		$1,536,615			$2,040,718			$3,110,020			$4,908,741			$5,218,601			$8,894,795			$11,659,129

1. For the eleven months ended January 31, 2011. The Fund changed its fiscal year end from February 28 to January 31, effective January 31, 2011.

2. Year ended February 29

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.

18 Wells Fargo Advantage Money Market Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended July 31, 2013 (unaudited)			Year ended January 31									Year ended February 28
CLASS B				2013			2012			20111			2010			2009			20082
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.00	3		0.00	3		0.00	3		0.00	3		0.00	3		0.01			0.04
Net realized gains on investments		0.00	3		0.00	3		0.00	3		0.00	3		0.00	3		0.00			0.00
Total from investment operations		0.00	3		0.00	3		0.00	3		0.00	3		0.00	3		0.01			0.04
Distributions to shareholders from
Net investment income		(0.00	)3		(0.00	)3		(0.00	)3		(0.00	)3		(0.00	)3		(0.01	)		(0.04	)
Net realized gains		0.00			0.00			0.00			0.00			0.00			(0.00	)3		0.00
Total distributions to shareholders	��	(0.00	)3		(0.00	)3		(0.00	)3		(0.00	)3		(0.00	)3		(0.01	)		(0.04	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return4		0.00	%		0.01	%		0.01	%		0.01	%		0.01	%		1.03	%		3.71	%
Ratios to average net assets (annualized)
Gross expenses		1.44	%		1.55	%		1.55	%		1.56	%		1.62	%		1.58	%		1.57	%
Net expenses		0.24	%		0.24	%		0.26	%		0.35	%		0.62	%		1.49	%		1.51	%
Net investment income		0.01	%		0.01	%		0.01	%		0.01	%		0.01	%		1.04	%		3.66	%
Supplemental data
Net assets, end of period (000s omitted)		$10,581			$14,362			$400,677			$542,695			$628,445			$1,238,714			$1,438,346

1. For the eleven months ended January 31, 2011. The Fund changed its fiscal year end from February 28 to January 31, effective January 31, 2011.

2. Year ended February 29

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 Money Market Fund 19

(For a share outstanding throughout each period)

	Six months ended July 31, 2013 (unaudited)			Year ended January 31
CLASS C				2013			2012			20111
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.00	2		0.00	2		0.00	2		0.00	2
Net realized gains on investments		0.00	2		0.00	2		0.00	2		0.00	2
Total from investment operations		0.00	2		0.00	2		0.00	2		0.00	2
Distributions to shareholders from
Net investment income		(0.00	)2		(0.00	)2		(0.00	)2		(0.00	)2
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00
Total return3		0.00	%		0.01	%		0.01	%		0.01	%
Ratios to average net assets (annualized)
Gross expenses		1.57	%		1.55	%		1.51	%		1.52	%
Net expenses		0.24	%		0.25	%		0.26	%		0.36	%
Net investment income		0.01	%		0.01	%		0.01	%		0.01	%
Supplemental data
Net assets, end of period (000s omitted)		$16,506			$14,491			$18,910			$19,984

1. For the period from June 30, 2010 (commencement of class operations) to January 31, 2011

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.

20 Wells Fargo Advantage Money Market Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended July 31, 2013 (unaudited)			Year ended January 31
DAILY CLASS				2013			2012			20111
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.00	2		0.00	2		0.00	2		0.00	2
Net realized gains on investments		0.00	2		0.00	2		0.00	2		0.00	2
Total from investment operations		0.00	2		0.00	2		0.00	2		0.00	2
Distributions to shareholders from
Net investment income		(0.00	)2		(0.00	)2		(0.00	)2		(0.00	)2
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00
Total return3		0.00	%		0.01	%		0.01	%		0.01	%
Ratios to average net assets (annualized)
Gross expenses		1.07	%		1.05	%		1.06	%		1.04	%
Net expenses		0.24	%		0.25	%		0.26	%		0.36	%
Net investment income		0.01	%		0.01	%		0.01	%		0.01	%
Supplemental data
Net assets, end of period (000s omitted)		$1,289,204			$1,270,171			$1,564,827			$2,097,990

1. For the period from June 30, 2010 (commencement of class operations) to January 31, 2011

2. Amount is less than $0.005.

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

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

Financial highlights Wells Fargo Advantage Money Market Fund 21

(For a share outstanding throughout each period)

	Six months ended July 31, 2013 (unaudited)			Year ended January 31									Year ended February 28
INVESTOR CLASS				2013			2012			20111			2010			2009			20082
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.00	3		0.00	3		0.00	3		0.00	3		0.00	3		0.02			0.05
Net realized gains on investments		0.00	3		0.00	3		0.00	3		0.00	3		0.00	3		0.00	3		0.00
Total from investment operations		0.00	3		0.00	3		0.00	3		0.00	3		0.00	3		0.02			0.05
Distributions to shareholders from
Net investment income		(0.00	)3		(0.00	)3		(0.00	)3		(0.00	)3		(0.00	)3		(0.02	)		(0.05	)
Net realized gains		0.00			0.00			0.00			0.00			0.00			(0.00	)3		0.00
Total distributions to shareholders		(0.00	)3		(0.00	)3		(0.00	)3		(0.00	)3		(0.00	)3		(0.02	)		(0.05	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return4		0.00	%		0.01	%		0.01	%		0.01	%		0.08	%		1.85	%		4.60	%
Ratios to average net assets (annualized)
Gross expenses		0.84	%		0.83	%		0.84	%		0.84	%		0.92	%		0.90	%		0.94	%
Net expenses		0.24	%		0.25	%		0.26	%		0.35	%		0.52	%		0.68	%		0.65	%
Net investment income		0.01	%		0.01	%		0.01	%		0.01	%		0.08	%		1.82	%		4.50	%
Supplemental data
Net assets, end of period (000s omitted)		$556,324			$641,318			$630,684			$668,894			$731,932			$921,649			$926,851

1. For the eleven months ended January 31, 2011. The Fund changed its fiscal year end from February 28 to January 31, effective January 31, 2011.

2. Year ended February 29

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 Money Market Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended July 31, 2013 (unaudited)			Year ended January 31
SERVICE CLASS				2013			2012			20111
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.00	2		0.00	2		0.00	2		0.00	2
Net realized gains on investments		0.00	2		0.00	2		0.00	2		0.00	2
Total from investment operations		0.00	2		0.00	2		0.00	2		0.00	2
Distributions to shareholders from
Net investment income		(0.00	)2		(0.00	)2		(0.00	)2		(0.00	)2
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00
Total return3		0.00	%		0.01	%		0.01	%		0.01	%
Ratios to average net assets (annualized)
Gross expenses		0.72	%		0.70	%		0.71	%		0.69	%
Net expenses		0.24	%		0.25	%		0.26	%		0.35	%
Net investment income		0.01	%		0.01	%		0.01	%		0.01	%
Supplemental data
Net assets, end of period (000s omitted)		$401,587			$398,160			$472,761			$576,714

1. For the period from June 30, 2010 (commencement of class operations) to January 31, 2011

2. Amount is less than $0.005.

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

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

Notes to financial statements (unaudited) Wells Fargo Advantage Money Market 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 Money Market 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

As permitted under Rule 2a-7 of the 1940 Act, portfolio securities 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 which are not valued using the method 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.

Repurchase agreements

The Fund may invest in repurchase agreements and may participate in pooled repurchase agreement transactions with other funds advised by Funds Management. The repurchase agreements must be fully collateralized based on values that are marked-to- market daily. The collateral may be held by an agent bank under a tri-party agreement. It is the custodian’s responsibility to value collateral daily and to take action to obtain additional collateral as necessary to maintain market value equal to or greater than the resale price. The repurchase agreements are collateralized by instruments such as U.S. Treasury, federal agency, or high-grade corporate obligations. There could be potential loss to the Fund in the event that the Fund is delayed or prevented from exercising its rights to dispose of the collateral, including the risk of a possible decline in the value of the underlying obligations during the period in which the Fund seeks to assert its rights.

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.

24 Wells Fargo Advantage Money Market Fund Notes to financial statements (unaudited)

Distributions to shareholders

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

Federal and other taxes

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 January 31, 2013, the Fund had pre-enactment capital loss carryforwards available to offset future net realized capital gains in the amount of $4,074,675 with $3,666,389 expiring in 2017 and $408,286 expiring in 2019.

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

At July 31, 2013, all of the Fund’s investments in securities were valued using Level 2 inputs since the primary inputs include the credit quality of the issuer and short-term interest rates (both of which are observable) in addition to the use of amortized cost.

Transfers in and transfers out are recognized at the end of the reporting period. For the six months ended July 31, 2013, the Fund did not have any transfers into/out of Level 1, Level 2, or Level 3.

Notes to financial statements (unaudited) Wells Fargo Advantage Money Market 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 0.30% and declining to 0.20% as the average daily net assets of the Fund increase. For the six months ended July 31, 2013, the advisory fee was equivalent to an annual rate of 0.28% 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 0.05% and declining to 0.01% 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, Daily Class		0.22	%
Investor Class		0.25
Service Class		0.12

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 May 31, 2014 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 0.70% for Class A shares, 1.45% for Class B shares, 1.45% for Class C shares, 1.00% for Daily Class shares, 0.65% for Investor Class shares, and 0.50% for Service Class shares.

Distribution fees

The Trust has adopted a Distribution Plan for Class B, Class C, and Daily Class shares of the Fund pursuant to Rule 12b-1 under the 1940 Act. Distribution fees are charged to Class B, Class C, and Daily Class shares and paid to Wells Fargo Funds Distributor, LLC, the principal underwriter, at an annual rate of 0.75% of the average daily net assets of Class B and Class C shares and 0.25% of the average daily net assets for Daily Class shares.

For the six months ended July 31, 2013, Wells Fargo Funds Distributor, LLC received $854, and $100 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 each class of the Fund is charged a fee at an annual rate of 0.25% of the respective average daily net assets of each class.

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

5. INDEMNIFICATION

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

26 Wells Fargo Advantage Money Market 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, seven-day 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 Money Market 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 Money Market 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 Money Market 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 Money Market 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 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 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 (Class A) was equal to or in range of the median performance of the Universe for all periods under review.

30 Wells Fargo Advantage Money Market Fund Other information (unaudited)

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 operating expense ratios of the Fund were higher than the median net operating expense ratios of the expense Groups. Funds Management advised the Board that the expense Group medians reflected voluntary waivers, whereas the Fund’s expense ratios did not reflect voluntary waivers. The Board noted that when the Fund’s expense ratios were adjusted to reflect voluntary waivers, the Fund’s net operating expense ratios were in range of the median net operating expense ratios of the expense Groups. The Board also viewed favorably the fact that the net operating expense cap of the Fund’s Daily Class was lowered by three basis points in 2012. The Board and Funds Management agreed to extend the net operating expense caps for all of the Fund’s share classes until 2014.

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. However, the Board viewed favorably the fact that when the Fund’s expense ratios were adjusted to reflect voluntary fee waivers, the Fund’s net operating expense ratios were 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.

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 Money Market Fund 31

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 Money Market 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.

218829 09-13 SA306/SAR306 7-13

Wells Fargo Advantage 

California Municipal Money Market Fund

Semi-Annual Report

July 31, 2013

Reduce clutter. Save trees.

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

Contents

Letter to shareholders	2
Performance highlights	4
Fund expenses	6
Portfolio of investments	7
Financial statements
Statement of assets and liabilities	14
Statement of operations	15
Statement of changes in net assets	16
Financial highlights	17
Notes to financial statements	22
Other information	25
List of abbreviations	31

The views expressed and any forward-looking statements are as of July 31, 2013, unless otherwise noted, and are those of the Fund managers and/or Wells Fargo Funds Management, LLC. Discussions of individual securities, or the markets generally, or any Wells Fargo Advantage Fund are not intended as individual recommendations. Future events or results may vary significantly from those expressed in any forward-looking statements; the views expressed are subject to change at any time in response to changing circumstances in the market. Wells Fargo Funds Management, LLC, disclaims any obligation to publicly update or revise any views expressed or forward-looking statements.

NOT FDIC INSURED  ¡  NO BANK GUARANTEE  ¡   MAY LOSE VALUE

Wells Fargo investment history

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

Wells Fargo Advantage Funds^®

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

Strength

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

Expertise

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

Partnership

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

Carefully consider the investment objectives, risks, charges, and expenses before investing. For a current prospectus and, if available, a summary prospectus, for Wells Fargo Advantage Funds, containing this and other information, visit wellsfargoadvantagefunds.com. Read it carefully before investing.

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

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

NOT FDIC INSURED  ¡  NO BANK GUARANTEE  ¡  MAY LOSE VALUE

Not part of the semi-annual report.

Wells Fargo Advantage Funds offers more than 100 mutual funds across a wide range of asset classes, representing over $226 billion in assets under management, as of July 31, 2013.

Equity funds
Asia Pacific Fund	Enterprise Fund†	Opportunity Fund†
C&B Large Cap Value Fund	Global Opportunities Fund	Precious Metals Fund
C&B Mid Cap Value Fund	Growth Fund	Premier Large Company Growth Fund
Capital Growth Fund	Index Fund	Small Cap Opportunities Fund
Common Stock Fund	International Equity Fund	Small Cap Value Fund
Disciplined U.S. Core Fund	International Value Fund	Small Company Growth Fund
Discovery Fund†	Intrinsic Small Cap Value Fund	Small Company Value Fund
Diversified Equity Fund	Intrinsic Value Fund	Small/Mid Cap Value Fund
Diversified International Fund	Intrinsic World Equity Fund	Special Mid Cap Value Fund
Emerging Growth Fund	Large Cap Core Fund	Special Small Cap Value Fund
Emerging Markets Equity Fund	Large Cap Growth Fund	Specialized Technology Fund
Emerging Markets Equity Income Fund	Large Company Value Fund	Traditional Small Cap Growth Fund
Endeavor Select Fund†	Omega Growth Fund	Utility and Telecommunications Fund
Bond funds
Adjustable Rate Government Fund	High Yield Municipal Bond Fund	Short-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 California Municipal Money Market Fund Letter to shareholders (unaudited)

Karla M. Rabusch

President

Wells Fargo Advantage Funds

We continue to believe that most investors can benefit from adhering to a well-diversified, high-quality investment strategy that is focused on liquidity and capital preservation.

As we gain clarity in the coming months regarding potential changes to the regulation of money market funds, we will provide further communications to you about them.

Dear Valued Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Advantage California Municipal Money Market Fund for the six-month period that ended July 31, 2013. The past six months were marked by accommodative central bank policies, low interest rates, and regulatory uncertainty. Despite the challenges of a changing market landscape, we continue to believe that most investors can benefit from adhering to a well-diversified, high-quality investment strategy that is focused on liquidity and capital preservation.

Short-term interest rates remained low.

Monetary policy remained accommodative. The Federal Open Market Committee (FOMC) did not make any changes to its policy of keeping the target for the federal funds rate near zero or its asset purchase program of buying agency mortgage-backed securities and Treasury securities. However, Federal Reserve (Fed) Chairman Ben Bernanke roiled bond markets on June 19, after the previous day’s FOMC’s meeting, by indicating that tapering of its bond-buying program could begin later this year and that it could end as soon as mid-2014. Despite Chairman Bernanke’s comments on the potential for tapering of the bond-buying program, the Fed’s official statement reaffirmed its program of buying agency mortgage-backed securities at a pace of $40 billion per month and longer-term Treasury securities at a pace of $45 billion per month to “maintain downward pressure on longer-term interest rates, support mortgage markets, and help make broader financial conditions more accommodative.”

Anchored by the Fed’s accommodative monetary policy of holding its targeted federal funds rate near zero, short-term interest rates remained ultra low during the period. While longer-term interest rates rose late in the period, the combination of strong demand and limited supply of money market securities further exacerbated the low level of short-term interest rates throughout the period. A main reason that overall supply of money-market-eligible securities continued to decrease was due to issuers choosing to issue long-term debt to take advantage of low interest rates.

Despite interest rates remaining low, investors remained involved in money markets because yield was only one component driving their investment choices. More often, safety, diversification¹, and liquidity have been higher-value propositions to these investors, factors that were not diminished by Fed policy or technical developments.

Money market regulations remained under review.

Regulators remained concerned about potential systemic risk from money market funds in the event of another financial crisis and sought further revisions to regulations governing money market funds in order to mitigate that risk. In June, the U.S. Security and Exchange Commission (SEC) proposed the following changes: 1) a floating net asset value (NAV) rather than a $1.00 stable NAV for prime institutional money market funds (prime retail money market funds and government money market funds could continue to maintain a stable $1.00 NAV under the proposal); 2) liquidity fees and redemption gates for money market funds other than government funds; or 3) a combination of these two measures. The SEC is also considering changes to portfolio diversification, stress testing, and disclosure requirements for all money market funds. Wells Fargo Funds Management, LLC intends to submit a comment letter on the proposals to the SEC. As we gain clarity in the coming months regarding potential changes to the regulation of money market funds, we will provide further communications to you about them.

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

Letter to shareholders (unaudited) Wells Fargo Advantage California Municipal Money Market Fund 3

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

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

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

Sincerely,

Karla M. Rabusch

President

Wells Fargo Advantage Funds

4 Wells Fargo Advantage California Municipal Money Market Fund Performance highlights (unaudited)

Investment objective

The Fund seeks current income exempt from regular federal income tax and California individual income tax, while preserving capital and liquidity.

Adviser

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

David D. Sylvester

James Randazzo

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

								Expense ratios2 (%)
	Inception date	1 year		5 year		10 year		Gross		Net3
Class A (SGCXX)	1-1-1992		0.01		0.14		0.98		0.64		0.64
Administrator Class (WCMXX)	6-30-2010		0.02		0.24		1.14		0.37		0.30
Institutional Class (WCTXX)	3-31-2008		0.02		0.26		1.14		0.25		0.20
Service Class (WFCXX)	11-8-1999		0.01		0.18		1.09		0.54		0.45
Sweep Class	6-30-2010		0.01		0.18		1.09		0.99		0.99

Fund yield summary3 (%) as of July 31, 2013	Class A	Administrator Class		Institutional Class		Service Class		Sweep Class
7-day current yield	0.01		0.01		0.01		0.01		0.01
7-day compound yield	0.01		0.01		0.01		0.01		0.01
30-day simple yield	0.01		0.01		0.01		0.01		0.01
30-day compound yield	0.01		0.01		0.01		0.01		0.01

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 returns will fluctuate. The Fund’s yield figures more closely reflect the current earnings of the Fund than the total return figures. 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 at the Fund’s website, wellsfargoadvantagefunds.com.

Each class is sold without a front-end sales charge or contingent deferred sales charge. Other fees and expenses apply to an investment in the Fund and are described in the Fund’s current prospectuses.

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 Fund seeks 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. A portion of the Fund’s income may be subject to federal, state, and/or local income taxes or the alternative minimum tax (AMT).

Please see footnotes on page 5.

Performance highlights (unaudited) Wells Fargo Advantage California Municipal Money Market Fund 5

Revenue source distribution⁴ as of July 31, 2013

Weighted average maturity6 as of July 31, 2013
	16 days

Weighted average final maturity7 as of July 31, 2013
	16 days

Effective maturity distribution⁵ as of July 31, 2013

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

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

3. The Adviser has committed through May 31, 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 0.65% for Class A, 0.30% for Administrator Class, 0.20% for Institutional Class, 0.45% for Service Class, and 1.00% for Sweep 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. Without waived fees and/or reimbursed expenses, the Fund’s 7-day current yield would have been (0.55)%, (0.28)%, (0.16)%, (0.45)%, and (0.90)% for Class A, Administrator Class, Institutional Class, Service Class, and Sweep Class, respectively.

4. Revenue source distribution is subject to change and is calculated based on the total investments of the Fund.

5. Effective maturity distribution is subject to change and is calculated based on the total investments of the Fund.

6. Weighted Average Maturity (WAM): WAM is an average of the effective maturities of all securities held in the portfolio, weighted by each security’s percentage of total investments. The maturity of a portfolio security is the period remaining until the date on which the principal amount is unconditionally required to be paid, or in the case of a security called for redemption, the date on which the redemption payment is unconditionally required to be made. WAM calculations allow for the maturities of certain securities with demand features or periodic interest rate resets to be shortened. WAM is a way to measure a fund’s sensitivity to potential interest rate changes.

7. Weighted Average Final Maturity (WAFM): WAFM is an average of the final maturities of all securities held in the portfolio, weighted by their percentage of total investments. The maturity of a portfolio security is the period remaining until the date on which the principal amount is unconditionally required to be paid, or in the case of a security called for redemption, the date on which the redemption payment is unconditionally required to be made. In contrast to WAM, the calculation of WAFM allows for the maturities of certain securities with demand features to be shortened, but not the periodic interest rate resets. WAFM is a way to measure a fund’s potential sensitivity to credit spread changes.

6 Wells Fargo Advantage California Municipal Money Market Fund Fund expenses (unaudited)

As a shareholder of the Fund, you incur 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 February 1, 2013 to July 31, 2013.

Actual expenses

The “Actual” line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the “Actual” line under the heading entitled “Expenses paid during period” for your applicable class of shares to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The “Hypothetical” line of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only. 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 2-1-2013		Ending account value 7-31-2013		Expenses paid during the period1		Net annual expense ratio
Class A
Actual	$	1,000.00	$	1,000.05	$	0.64		0.13	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.15	$	0.65		0.13	%
Administrator Class
Actual	$	1,000.00	$	1,000.05	$	0.60		0.12	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.20	$	0.60		0.12	%
Institutional Class
Actual	$	1,000.00	$	1,000.06	$	0.60		0.12	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.20	$	0.60		0.12	%
Service Class
Actual	$	1,000.00	$	1,000.05	$	0.60		0.12	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.20	$	0.60		0.12	%
Sweep Class
Actual	$	1,000.00	$	1,000.05	$	0.60		0.12	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.20	$	0.60		0.12	%

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—July 31, 2013 (unaudited) Wells Fargo Advantage California Municipal Money Market Fund 7

Security name	Interest rate			Maturity date		Principal		Value
Municipal Obligations: 99.91%
California: 95.94%
Other Municipal Debt: 12.26%
California DWR Series 1 (Water & Sewer Revenue)		0.11	%		8-6-2013	$	10,000,000	$	10,000,000
California DWR Series 1 (Water & Sewer Revenue)		0.13			8-6-2013		8,531,000		8,531,000
California DWR Series 1 (Water & Sewer Revenue)		0.16			8-6-2013		3,772,000		3,772,000
California School Cash Reserve Program Series X (Miscellaneous Revenue)		2.00			10-1-2013		4,000,000		4,012,064
Los Angeles County CA Capital Asset Leasing Corporation Series B (Lease Revenue)		0.09			9-10-2013		10,000,000		10,000,000
Los Angeles County CA Capital Asset Leasing Corporation Series B (Lease Revenue)		0.11			10-3-2013		15,000,000		15,000,000
Los Angeles County CA Capital Asset Leasing Corporation Series B (Lease Revenue)		0.12			8-7-2013		15,000,000		15,000,000
Los Angeles County CA Municipal Improvement Corporation Series A-4 (Lease Revenue)		0.12			8-7-2013		11,000,000		11,000,000
Los Angeles County CA Schools Pooled Financing Program TRAN Series A-2 (Miscellaneous Revenue)		2.00			2-28-2014		9,700,000		9,801,370
Los Angeles County CA Schools Pooled Financing Program TRAN Series B-2 (Miscellaneous Revenue)		2.00			9-30-2013		3,000,000		3,008,950
Los Angeles County CA Schools Pooled Financing Program TRAN Series B-2 (Miscellaneous Revenue)		2.00			11-29-2013		7,000,000		7,035,952
Los Angeles County CA Schools Pooled Financing Program TRAN Series B-3 (Miscellaneous Revenue)		2.00			11-29-2013		3,000,000		3,015,902
Los Angeles County CA Schools Pooled Financing Program TRAN Series C-2 (Miscellaneous Revenue)		2.00			1-31-2014		5,000,000		5,044,854
Los Angeles County CA Schools Pooled Financing Program TRAN Series C-3 (Miscellaneous Revenue)		2.00			12-31-2013		2,000,000		2,014,177
Los Angeles County CA Schools Pooled Financing Program TRAN Series C-5 (Miscellaneous Revenue)		2.00			11-29-2013		3,000,000		3,017,369
Los Angeles County CA Schools Pooled Financing Program TRAN Series C-6 (Miscellaneous Revenue)		2.00			12-31-2013		1,000,000		1,007,257
Los Angeles County CA Schools Pooled Financing Program TRAN Series C-8 (Miscellaneous Revenue)		2.00			1-31-2014		3,000,000		3,024,469
Los Angeles County CA Schools Pooled Financing Program TRAN Series C-9 (Miscellaneous Revenue)		2.00			1-31-2014		3,000,000		3,023,246
Los Angeles County CA TAN Series A (Miscellaneous Revenue)		2.00			2-28-2014		15,000,000		15,158,250
Orange County CA Sanitation District COP (Water & Sewer Revenue, National/FGIC Insured)		5.00			8-1-2013		7,800,000		7,800,000
San Diego County CA Unified School District TRAN Series A-1 (Miscellaneous Revenue)		2.00			1-31-2014		16,000,000		16,147,037
San Diego County CA Water Authority Series 7 (Water & Sewer Revenue)		0.11			8-7-2013		10,000,000		10,000,000
San Diego County CA Water Authority Series 7 (Water & Sewer Revenue)		0.13			9-5-2013		6,250,000		6,250,000
San Francisco CA City & County Airport Commission Series A-3 (Airport Revenue)		0.11			8-1-2013		1,150,000		1,150,000
San Francisco CA City & County Airport Commission Series A-3 (Airport Revenue)		0.12			8-1-2013		2,210,000		2,210,000
San Francisco CA City & County Airport Commission Series B-1 (Airport Revenue)		0.10			8-1-2013		3,500,000		3,500,000
									179,523,897
Variable Rate Demand Notes ø: 83.68%
ABAG Finance Authority for Nonprofit Corporation California Branson School (Education Revenue, Northern Trust Company LOC)		0.06			7-1-2038		2,845,000		2,845,000
ABAG Finance Authority for Nonprofit Corporation California Jewish Community Center Orange Project (Miscellaneous Revenue, Bank of America NA LOC)		0.11			6-1-2029		4,260,000		4,260,000
ABAG Finance Authority for Nonprofit Corporation California MFHR Fine Arts Building Projects Series A (Housing Revenue, FNMA Insured, FNMA LIQ)		0.07			7-15-2035		9,100,000		9,100,000

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

8 Wells Fargo Advantage California Municipal Money Market Fund Portfolio of investments—July 31, 2013 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Variable Rate Demand Notes ø (continued)
ABAG Finance Authority for Nonprofit Corporation California San Francisco University High School Series A (Education Revenue, Northern Trust Company LOC)		0.06	%		4-1-2035	$	2,185,000	$	2,185,000
Alameda CA PFA MFHR Eagle Parrot Project Series A (Housing Revenue, FNMA LOC, FNMA Insured)		0.09			5-15-2035		1,535,000		1,535,000
Anaheim CA Public Financing Authority ROCS-RR-II-R-781PB (Utilities Revenue, National Insured) 144A		0.13			10-1-2014		18,725,000		18,725,000
Arcadia County CA Unified School District Series 2679 (GO, AGM Insured, JPMorgan Chase & Company LIQ) 144A		0.09			8-1-2013		8,680,000		8,680,000
Bay Area Toll Authority California Toll Bridge Series C2 (Transportation Revenue, Union Bank NA LOC)		0.05			4-1-2047		20,810,000		20,810,000
California Alternative Energy Source Financing Authority GE Capital Corporation Series A (Utilities Revenue)		0.08			10-1-2020		25,330,000		25,330,000
California CDA Aegis Pleasant Hill Series H (Housing Revenue, FNMA Insured, FNMA LIQ)		0.05			7-1-2027		6,270,000		6,270,000
California CDA Arbor Ridge Apartments Series B (Housing Revenue, FHLMC LIQ)		0.09			11-1-2036		9,500,000		9,500,000
California CDA Charter Court Apartments Series L (Housing Revenue, FHLMC LIQ)		0.09			9-1-2040		3,555,000		3,555,000
California CDA Gas Supply Series 2010 (Utilities Revenue, Royal Bank of Canada SPA)		0.05			11-1-2040		33,950,000		33,950,000
California CDA La Puente Apartments Series JJ (Housing Revenue, U.S. Bank NA LOC)		0.10			11-1-2031		6,775,000		6,775,000
California CDA Livermore Valley Arts Center Project (Miscellaneous Revenue, Bank of New York Mellon LOC)		0.05			12-1-2036		11,680,000		11,680,000
California CDA MFHR Desert Palms Series A (Housing Revenue, FHLMC LOC)		0.06			8-1-2045		7,000,000		7,000,000
California CDA MFHR Glen Haven Apartments Series 2002 (Housing Revenue, FNMA Insured, FNMA LIQ)		0.05			4-15-2035		7,000,000		7,000,000
California CDA MFHR Granite Oaks Apartments Series R (Housing Revenue, FNMA Insured, FNMA LIQ)		0.06			10-15-2030		3,985,000		3,985,000
California CDA MFHR Imperial Park Apartments Series OO (Housing Revenue, FHLMC LIQ)		0.08			11-1-2040		10,620,000		10,620,000
California CDA MFHR Seasons at Lakewood Series A (Housing Revenue, FNMA Insured, FNMA LIQ)		0.06			5-15-2037		3,200,000		3,200,000
California CDA Motion Picture & Television Fund Series A (Health Revenue, Northern Trust Company LOC)		0.07			3-1-2031		23,285,000		23,285,000
California CDA Olympus Park Apartments Series Y (Housing Revenue, FNMA Insured, FNMA LIQ)		0.05			10-15-2030		6,440,000		6,440,000
California CDA Seasons Senior Apartments Series B (Housing Revenue, FNMA Insured, FNMA LIQ)		0.05			5-15-2037		5,265,000		5,265,000
California CDA Sunrise of Danville Project Series A (Housing Revenue, FNMA Insured, FNMA LIQ)		0.06			5-1-2027		6,165,000		6,165,000
California CDA Sutter Health Series A (Health Revenue, Ambac Insured) 144A		0.06			8-15-2038		6,000,000		6,000,000
California CDA Sutter Health Series B (Health Revenue, Credit Suisse LIQ) 144A		0.06			11-15-2048		25,422,423		25,422,423
California CDA Sutter Health Series C (Health Revenue, AGM Insured, Citibank NA LIQ) 144A		0.07			8-15-2032		2,625,000		2,625,000
California CDA Tyrella Gardens Apartments Series B (Housing Revenue, Citibank NA LOC)		0.12			6-1-2036		1,145,000		1,145,000
California CDA Villa Paseo Senior Project MM (Housing Revenue, East West Bank LOC)		0.06			11-1-2035		4,000,000		4,000,000
California CDA Village at Hesperia Series CCC (Housing Revenue, FNMA Insured, FNMA LIQ)		0.06			11-15-2039		2,300,000		2,300,000
California CDA Village at Ninth Apartments Series D (Housing Revenue, FNMA Insured, FNMA LIQ)		0.05			11-15-2035		4,375,000		4,375,000

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

Portfolio of investments—July 31, 2013 (unaudited) Wells Fargo Advantage California Municipal Money Market Fund 9

Security name	Interest rate			Maturity date		Principal		Value
Variable Rate Demand Notes ø (continued)
California CDA Village at Shaw Apartments Series E (Housing Revenue, FNMA Insured, FNMA LIQ)		0.06	%		11-15-2035	$	3,605,000	$	3,605,000
California Educational Facilities Authority Series 3336 (Education Revenue) 144A		0.06			6-1-2043		7,400,000		7,400,000
California Educational Facilities Authority Stanford University Series L (Education Revenue)		0.04			10-1-2022		2,000,000		2,000,000
California Enterprise Development Authority Pocino Foods Company Project Series A (IDR, City National Bank LOC)		0.07			11-1-2033		7,665,000		7,665,000
California Finance Authority Kehillah Jewish High School Series 2009 (Education Revenue, California Bank & Trust LOC)		0.05			8-1-2039		13,790,000		13,790,000
California HFFA Catholic Healthcare West Series 2004-K (Health Revenue, Mizuho Corporate Bank LOC)		0.05			7-1-2033		8,000,000		8,000,000
California HFFA Catholic Healthcare West Series B (Health Revenue, Bank of Montreal LOC)		0.05			3-1-2047		6,725,000		6,725,000
California HFFA Catholic Healthcare West Series I (Health Revenue, Mizuho Corporate Bank LOC)		0.05			7-1-2035		12,600,000		12,600,000
California HFFA Northern California Presbyterian Homes and Services Incorporated Series 2004 (Health Revenue, Union Bank NA LOC)		0.06			7-1-2034		5,185,000		5,185,000
California HFFA Scripps Health Series C (Health Revenue, Northern Trust Company LOC)		0.04			10-1-2040		8,000,000		8,000,000
California HFFA Scripps Health Series C (Health Revenue)		0.04			10-1-2042		18,500,000		18,500,000
California HFFA Scripps Health Series G (Health Revenue, Bank of America NA LOC)		0.05			10-1-2019		19,625,000		19,625,000
California HFFA St. Joseph Health System Series B (Health Revenue, U.S. Bank NA LOC)		0.05			7-1-2041		900,000		900,000
California Infrastructure & Economic Development Bank Le Lycee Francias de Los Angeles Project Series 2006 (Education Revenue, U.S. Bank NA LOC)		0.06			9-1-2036		2,815,000		2,815,000
California Infrastructure & Economic Development Bank Loyola High School Project (Miscellaneous Revenue)		0.07			12-1-2035		1,400,000		1,400,000
California Infrastructure & Economic Development Bank ROC RR-II-R-11527 (Transportation Revenue, Ambac Insured, Citibank NA LIQ) 144A		0.08			7-1-2030		9,900,000		9,900,000
California Infrastructure & Economic Development Bank Saddleback Valley Christian Schools Project Series A (Miscellaneous Revenue, East West Bank LOC)		0.06			12-1-2040		14,940,000		14,940,000
California Infrastructure & Economic Development Bank Society For The Blind Project (Miscellaneous Revenue, U.S. Bank NA LOC)		0.09			1-1-2037		2,115,000		2,115,000
California Infrastructure & Economic Development Bank The Bay Institute Aquarium Foundation (Miscellaneous Revenue, Pacific Capital Bank NA LOC)		0.05			6-1-2025		6,195,000		6,195,000
California Kindergarten Series B-1 (GO, Citibank NA LOC)		0.04			5-1-2034		8,600,000		8,600,000
California Kindergarten Series B-2 (GO, Citibank NA LOC)		0.04			5-1-2034		8,300,000		8,300,000
California Municipal Finance Authority Chevron USA Recovery Zone Project Series A (IDR)		0.04			11-1-2035		5,700,000		5,700,000
California Municipal Finance Authority High Desert Partnership (Education Revenue, Union Bank NA LOC)		0.09			4-1-2042		1,240,000		1,240,000
California Municipal Finance Authority Pacific Institute Series 2007-A (Housing Revenue, California Bank & Trust LOC)		0.04			8-1-2037		15,610,000		15,610,000
California Municipal Finance Authority San Francisco Planning Project Series 2008A (IDR, Pacific Capital Bank NA LOC)		0.05			12-1-2042		4,500,000		4,500,000
California PCFA Solid Waste John B. & Ann M. Verwey Project (Resource Recovery Revenue, CoBank LOC)		0.10			5-1-2028		3,400,000		3,400,000
California PCFA Solid Waste Milk Time Dairy Farms Project (Resource Recovery Revenue, CoBank LOC)		0.10			11-1-2027		6,000,000		6,000,000
California PCFA Waste Connection Incorporated Project (Resource Recovery Revenue, Bank of America NA LOC)		0.11			8-1-2018		10,100,000		10,100,000
California Public Improvements Series A Sub Series A-1-2 Refunding Notes (Miscellaneous Revenue, Royal Bank of Canada LOC)		0.04			5-1-2040		30,850,000		30,850,000

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

10 Wells Fargo Advantage California Municipal Money Market Fund Portfolio of investments—July 31, 2013 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Variable Rate Demand Notes ø (continued)
California Statewide Communities Concord Green Apartments Project (Housing Revenue, East West Bank LOC)		0.08	%		6-1-2028	$	8,700,000	$	8,700,000
California University Revenue Systemwide Series A (Education Revenue, AGM Insured) 144A		0.21			11-1-2033		3,000,000		3,000,000
California University Revenue Systemwide Series C (Education Revenue, National Insured, JPMorgan Chase & Company LIQ) 144A		0.14			11-1-2014		10,000,000		10,000,000
Central Basin CA Municipal Water Distribution Series B (Water & Sewer Revenue, U.S. Bank NA LOC)		0.07			8-1-2037		11,885,000		11,885,000
Clipper Tax Exempt Certificate Trust Series 2012-04AX (Utilities Revenue, State Street Bank & Trust Company LIQ) 144A		0.07			10-1-2031		16,975,000		16,975,000
Clipper Tax Exempt Certificate Trust Series 2013-4A (Water & Sewer Revenue, State Street Bank & Trust Company LIQ) 144A		0.07			11-1-2043		4,130,000		4,130,000
Corona CA Household Bank Project B (Housing Revenue, FNMA Insured, FNMA LIQ)		0.08			2-1-2023		11,000,000		11,000,000
Deutsche Bank Spears/Lifers Trust Series DBE-1188 (Tax Revenue) 144A		0.08			8-1-2047		10,230,000		10,230,000
Deutsche Bank Spears/Lifers Trust Series DBE-247 (Tax Revenue, FGIC Insured)		0.14			12-1-2030		1,115,000		1,115,000
Deutsche Bank Spears/Lifers Trust Series DBE-296 (Tax Revenue, AGM Insured)		0.13			8-1-2031		3,885,000		3,885,000
Eclipse Funding Trust 2006-00018 Solar Eclipse Los Angeles (Tax Revenue, U.S. Bank NA LOC, U.S. Bank NA LIQ)		0.06			7-1-2030		10,000		10,000
Eclipse Funding Trust 2006-0065 Solar Eclipse Pepperdine University (Education Revenue, U.S. Bank NA LOC, U.S. Bank NA LIQ) 144A		0.06			12-1-2013		2,160,000		2,160,000
Eclipse Funding Trust 2007-0079 Solar Eclipse Vacaville Unified School District (Tax Revenue, U.S. Bank NA LOC, U.S. Bank NA LIQ) 144A		0.06			8-1-2032		10,135,000		10,135,000
Elsinore Valley CA Municipal Water District COP Series B (Water & Sewer Revenue, U.S. Bank NA LOC)		0.07			7-1-2035		2,925,000		2,925,000
Golden State Tobacco Securitization Corporation California Series 2040 (Tobacco Revenue, Morgan Stanley Bank LIQ) 144A		0.14			6-1-2045		8,000,000		8,000,000
Golden State Tobacco Securitization Corporation California Series 3123 (Tobacco Revenue, Morgan Stanley Bank LIQ) 144A		0.14			6-1-2045		21,290,000		21,290,000
Hartnell CA Community College District PUTTER Series 2966 (GO, AGM Insured, JPMorgan Chase & Company LIQ) 144A		0.12			6-1-2014		4,800,000		4,800,000
Hesperia CA COP Civic Plaza Financing (Miscellaneous Revenue, Bank of America NA LOC)		0.15			10-1-2034		12,415,000		12,415,000
Highland CA RDA Jeffrey Court Senior Apartments (Housing Revenue, East West Bank LOC)		0.08			3-1-2028		6,620,000		6,620,000
JPMorgan Chase PUTTER/DRIVER Trust Series 3927Z San Marcos CA Unified School District (GO, JPMorgan Chase & Company LIQ) 144A		0.09			2-1-2019		5,340,000		5,340,000
JPMorgan Chase PUTTER/DRIVER Trust Series 3974Z Arcadia CA Unified School District (GO, AGM Insured, JPMorgan Chase & Company LIQ) 144A		0.09			8-1-2015		3,960,000		3,960,000
JPMorgan Chase PUTTER/DRIVER Trust Series 4002Z El Dorado CA Union High School (Tax Revenue, JPMorgan Chase & Company LIQ) 144A		0.09			8-1-2018		5,010,000		5,010,000
JPMorgan Chase PUTTER/DRIVER Trust Series 4071 Sacramento CA MUD (Utilities Revenue, BHAC/AGM/Ambac Insured, JPMorgan Chase & Company LIQ) 144A		0.06			11-15-2013		7,140,000		7,140,000
JPMorgan Chase PUTTER/DRIVER Trust Series 4289 Los Angeles CA Unified School District (Tax Revenue, JPMorgan Chase & Company LIQ) 144A		0.06			11-28-2013		30,500,000		30,500,000
Kings County CA Housing Authority Edgewater Isle Apartments Series A (Housing Revenue, FNMA Insured, FNMA LIQ)		0.07			2-15-2031		5,900,000		5,900,000
Las Virgenes CA Unified School District Series A (GO, AGM Insured, Bank of America NA LIQ) 144A		0.09			8-1-2031		6,665,000		6,665,000
Los Angeles CA Airport PUTTER Series 2000-A (Airport Revenue, JPMorgan Chase & Company LIQ) 144A		0.11			11-15-2025		8,000,000		8,000,000

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

Portfolio of investments—July 31, 2013 (unaudited) Wells Fargo Advantage California Municipal Money Market Fund 11

Security name	Interest rate			Maturity date		Principal			Value
Variable Rate Demand Notes ø (continued)
Los Angeles CA Community College District Royal Bank of Canada Municipal Products Incorporated Trust Certificates Series O-4 (GO, Royal Bank of Canada LIQ) 144A		0.06	%		8-1-2033	$	5,000,000		$	5,000,000
Los Angeles CA Community RDA Security Building Project Series A (Housing Revenue, FNMA Insured, FNMA LIQ)		0.09			12-15-2034		6,290,000			6,290,000
Los Angeles CA COP Samuel A. Fryer Yavney Series A (Education Revenue, California Bank & Trust LOC)		0.05			8-1-2038		7,150,000			7,150,000
Los Angeles CA DW&P Sub Series A3 (Utilities Revenue)		0.03			7-1-2035		18,775,000			18,775,000
Los Angeles CA DW&P Sub Series B-5 (Utilities Revenue, Royal Bank of Canada SPA)		0.04			7-1-2034		14,000,000			14,000,000
Los Angeles CA IDA Megatoys Project (IDR, East West Bank LOC)		0.10			7-1-2031		3,000,000			3,000,000
Los Angeles CA Mission Village Terrace Apartments (Housing Revenue, East West Bank LOC)		0.06			7-1-2027		3,540,000	��		3,540,000
Los Angeles CA Watts Athens Apartments Series A (Housing Revenue, Citibank NA LOC)		0.05			8-15-2030		4,300,000			4,300,000
Manteca CA RDA Amended Merger Project (Tax Revenue, State Street Bank & Trust Company LOC)		0.06			10-1-2042		10,375,000			10,375,000
Menlo Park CA CDA Las Pulgas Community Development (Tax Revenue, State Street Bank & Trust Company LOC, Ambac Insured)		0.06			1-1-2031		28,220,000			28,220,000
Metropolitan Water District of Southern California Refunding Bond Series D (Water & Sewer Revenue)		0.04			7-1-2035		13,500,000			13,500,000
Modesto CA MFHR Live Oak Apartments Project (Housing Revenue, FNMA Insured, FNMA LIQ)		0.07			9-15-2024		1,400,000			1,400,000
Morgan Hill CA RDA Tax Allocation Ojo de Agua Redevelopment Project Area Series 2008-A (Tax Revenue, Scotia Bank LOC)		0.07			9-1-2033		29,400,000			29,400,000
Oakland CA Joint Powers Financing Authority Series A (Housing Revenue, Citibank NA LOC)		0.09			7-1-2033		14,985,000			14,985,000
Oceanside CA MFHR Ace-Shadow Way Apartments Project Series 2009 (Housing Revenue, FHLMC LOC)		0.06			3-1-2049		2,350,000			2,350,000
Orange County CA Improvement Bond Act of 1915 Irvine Coast Assessment District #88 (Miscellaneous Revenue, Sumitomo Mitsui Banking LOC)		0.06			9-2-2018		13,100,000			13,100,000
Petaluma CA Community Development Commission MFHR Oakmont at Petaluma Series A (Health Revenue, U.S. Bank NA LOC)		0.08			4-1-2026		500,000			500,000
Sacramento County CA Housing Authority Logan Park Apartments Series E (Housing Revenue, FHLMC LIQ)		0.09			5-1-2042		10,000,000			10,000,000
Sacramento County CA Housing Authority MFHR Cascades Series D (Housing Revenue, FNMA Insured, FNMA LIQ)		0.05			9-15-2035		6,535,000			6,535,000
Sacramento County CA Housing Authority MFHR Normandy Park Apartments Series A (Housing Revenue, FNMA Insured, FNMA LIQ)		0.05			2-15-2033		6,000,000			6,000,000
Sacramento County CA Housing Authority Seasons at Winter Series C2 (Housing Revenue, FHLMC LIQ)		0.07			8-1-2034		2,900,000			2,900,000
Sacramento County CA Housing Authority Shadowood Apartments Project Issue A (Housing Revenue, FHLMC LIQ)		0.06			12-1-2022		18,400,000			18,400,000
Sacramento County CA Housing Authority Shenandoah Apartments Series F (Housing Revenue, FNMA Insured, FNMA LIQ)		0.06			9-15-2036		5,205,000			5,205,000
Sacramento County CA Sanitation District Royal Bank of Canada Municipal Poducts Incorporated Series E-44 (Water & Sewer Revenue, Royal Bank of Canada LOC, Royal Bank of Canada LIQ) 144A		0.05			10-1-2015		12,500,000			12,500,000
Sacramento County CA Sanitation Districts Financing Authority PUTTER Series 2821 (Water & Sewer Revenue, AGM/FGIC Insured, JPMorgan Chase & Company LIQ) 144A		0.09			5-16-2015		6,620,000			6,620,000
San Bernardino County CA MFHR Green Valley Apartments Project Series A (Housing Revenue, FNMA Insured, FNMA LIQ)		0.07			5-15-2029		6,115,000			6,115,000

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

12 Wells Fargo Advantage California Municipal Money Market Fund Portfolio of investments—July 31, 2013 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Variable Rate Demand Notes ø (continued)
San Bernardino County CA Parkview Series A (Housing Revenue, FNMA Insured, FNMA LIQ)		0.10	%		2-15-2027	$	1,500,000	$	1,500,000
San Bernardino County CA RDA Silver Woods Apartments Project (Housing Revenue, FNMA Insured, FNMA LIQ)		0.08			5-1-2026		7,000,000		7,000,000
San Diego County CA Community College District Royal Bank of Canada Municipal Products Incorporated Series O-8 (GO, Royal Bank of Canada LIQ) 144A		0.06			8-1-2019		11,000,000		11,000,000
San Diego County CA Housing Authority MFHR Studio 15 Series B (Housing Revenue, Citibank NA LOC)		0.06			10-1-2039		5,250,000		5,250,000
San Diego County CA Regional Transportation Commission Limited Tax Series C (Tax Revenue, Mizuho Corporate Bank SPA)		0.05			4-1-2038		6,800,000		6,800,000
San Francisco CA City & County Airports Commission Series 36A (Airport Revenue, U.S. Bank NA LOC)		0.05			5-1-2026		13,800,000		13,800,000
San Francisco CA City & County Public Utilities Commission PFOTER PT-4723 (Water & Sewer Revenue, Bank of America NA LIQ) 144A		0.06			11-1-2036		18,660,000		18,660,000
San Francisco CA City & County Public Utilities Commission Series 3153X (Water & Sewer Revenue, Morgan Stanley Bank LIQ) 144A		0.09			11-1-2039		6,500,000		6,500,000
San Francisco CA City & County RDA Community Facilities District #4 (Tax Revenue, Bank of America NA LOC)		0.09			8-1-2032		2,840,000		2,840,000
San Francisco CA City & County RDA Community Facilities District Hunters Point Series A (Tax Revenue, JPMorgan Chase & Company LOC)		0.08			8-1-2036		9,450,000		9,450,000
San Francisco CA City & County RDA Fillmore Center 1999 Issue B-1 (Housing Revenue, FHLMC LIQ)		0.07			12-1-2017		37,500,000		37,500,000
San Francisco CA City & County RDA Maria Manor Apartments Series F (Housing Revenue, Citibank NA LOC)		0.09			12-1-2033		1,325,000		1,325,000
San Francisco CA City & County RDA Orlando Cepeda Place Series D (Housing Revenue, Citibank NA LOC)		0.12			11-1-2033		7,525,000		7,525,000
San Jose CA MFHR Villa Monterey Apartments Series F (Housing Revenue, FNMA Insured, FNMA LIQ)		0.07			7-15-2035		8,000,000		8,000,000
San Leandro CA Carlton Plaza Series A (Housing Revenue, FNMA Insured, FNMA LIQ)		0.09			9-15-2032		1,120,000		1,120,000
San Marcos CA Unified School District Series 3269 (GO, Morgan Stanley Bank LIQ) 144A		0.11			8-1-2031		5,000,000		5,000,000
Santa Clara County CA Financing Authority Multiple Facilities Projects Series M (Miscellaneous Revenue, Bank of America NA LOC)		0.06			5-15-2035		8,600,000		8,600,000
Santa Clara County CA Refunding Bond Sub Series B (Utilities Revenue, Bank of Tokyo-Mitsubishi LOC)		0.04			7-1-2027		11,530,000		11,530,000
Santa Clara County CA Valley Transportation Authority Series C (Tax Revenue, State Street Bank & Trust Company SPA)		0.04			6-1-2026		11,770,000		11,770,000
Santa Clara County CA Valley Transportation Authority Series D (Tax Revenue, Sumitomo Mitsui Banking SPA)		0.04			4-1-2036		20,325,000		20,325,000
Tahoe Forest California Hospital District (Health Revenue, U.S. Bank NA LOC)		0.06			7-1-2033		2,345,000		2,345,000
Tustin CA Unified School District Special Tax Community Facilities District # 07-1 (Tax Revenue, Bank of America NA LOC)		0.08			9-1-2050		18,850,000		18,850,000
Whittier CA Whittier College Series 2008 (Education Revenue, U.S. Bank NA LOC)		0.06			12-1-2038		7,340,000		7,340,000
									1,225,667,423
Other: 0.81%
Variable Rate Demand Notes ø: 0.81%
FHLMC Multi-Family Certificates (Housing Revenue)		0.12			11-15-2034		9,934,038		9,934,038
FHLMC Multi-Family Certificates (Housing Revenue)		0.12			8-15-2045		2,014,305		2,014,305
									11,948,343

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

Portfolio of investments—July 31, 2013 (unaudited) Wells Fargo Advantage California Municipal Money Market Fund 13

Security name	Interest rate			Maturity date		Principal		Value
Puerto Rico: 3.16%
Variable Rate Demand Notes ø: 3.16%
Puerto Rico Commonwealth Highway & Transportation Authority Series A (Tax Revenue, Scotia Bank LOC)		0.04	%		7-1-2028	$	10,000,000	$	10,000,000
Puerto Rico Sales Tax Financing Corporation ROC RR-II-R-11763 (Tax Revenue, Citibank NA LIQ) 144A		0.08			12-1-2047		12,750,000		12,750,000
Puerto Rico Sales Tax Financing Corporation ROC RR-II-R-11779 (Tax Revenue, Citibank NA LIQ) 144A		0.08			12-1-2047		6,000,000		6,000,000
Puerto Rico Sales Tax Financing Corporation ROC RR-II-R-11851 (Tax Revenue, BHAC/FGIC Insured, Citibank NA LIQ) 144A		0.08			2-1-2016		7,500,000		7,500,000
Puerto Rico Sales Tax Financing Corporation Series 3033 (Tax Revenue, Credit Suisse LIQ) 144A		0.06			8-1-2057		9,995,000		9,995,000
									46,245,000
Total Municipal Obligations (Cost $1,463,384,663)									1,463,384,663

Total investments in securities
(Cost $1,463,384,663) *	99.91	%		1,463,384,663
Other assets and liabilities, net	0.09			1,252,894
Total net assets	100.00	%	$	1,464,637,557

ø Variable rate demand notes are subject to a demand feature which reduces the effective maturity. The interest rate is determined and reset by the issuer daily, weekly, or monthly depending upon the terms of the security. The interest rate shown is the rate in effect at period end.

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.

* Cost for federal income tax purposes is substantially the same as for financial reporting purposes.

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

14 Wells Fargo Advantage California Municipal Money Market Fund Statement of assets and liabilities—July 31, 2013 (unaudited)

Assets
Investments in unaffiliated securities, at amortized cost	$	1,463,384,663
Cash		47,960
Receivable for investments sold		840,022
Receivable for Fund shares sold		1,117
Receivable for interest		752,542
Receivable from adviser		361,310
Prepaid expenses and other assets		7,956
Total assets		1,465,395,570
Liabilities
Dividends payable		8,011
Payable for Fund shares redeemed		202,742
Distribution fees payable		19,757
Due to other related parties		249,584
Shareholder servicing fees payable		155,874
Accrued expenses and other liabilities		122,045
Total liabilities		758,013
Total net assets	$	1,464,637,557
NET ASSETS CONSIST OF
Paid-in capital	$	1,464,606,864
Overdistributed net investment income		(152	)
Accumulated net realized gains on investments		30,845
Total net assets	$	1,464,637,557
COMPUTATION OF NET ASSET VALUE PER SHARE1
Net assets – Class A	$	600,717,359
Shares outstanding – Class A		600,699,987
Net asset value per share – Class A		$1.00
Net assets – Administrator Class	$	100,057
Shares outstanding – Administrator Class		100,053
Net asset value per share – Administrator Class		$1.00
Net assets – Institutional Class	$	733,664,329
Shares outstanding – Institutional Class		733,643,528
Net asset value per share – Institutional Class		$1.00
Net assets – Service Class	$	64,538,839
Shares outstanding – Service Class		64,536,908
Net asset value per share – Service Class		$1.00
Net assets – Sweep Class	$	65,616,973
Shares outstanding – Sweep Class		65,614,919
Net asset value per share – Sweep Class		$1.00

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 July 31, 2013 (unaudited) Wells Fargo Advantage California Municipal Money Market Fund 15

Investment income
Interest	$	995,025
Expenses
Advisory fee		749,614
Administration fees
Fund level		374,807
Class A		690,414
Administrator Class		49
Institutional Class		293,775
Service Class		40,083
Sweep Class		77,262
Shareholder servicing fees
Class A		784,561
Administrator Class		49
Service Class		81,205
Sweep Class		87,797
Distribution fees
Sweep Class		122,916
Custody and accounting fees		28,793
Professional fees		14,004
Registration fees		13,381
Shareholder report expenses		14,585
Trustees’ fees and expenses		3,593
Other fees and expenses		18,969
Total expenses		3,395,857
Less: Fee waivers and/or expense reimbursements		(2,480,697	)
Net expenses		915,160
Net investment income		79,865
Net realized gains on investments		29,075
Net increase in net assets resulting from operations	$	108,940

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

16 Wells Fargo Advantage California Municipal Money Market Fund Statement of changes in net assets

				Six months ended July 31, 2013 (unaudited)						Year ended January 31, 2013
Operations
Net investment income				$	79,865					$	215,229
Net realized gains on investments					29,075						83,162
Net increase in net assets resulting from operations					108,940						298,391
Distributions to shareholders from
Net investment income
Class A					(31,382	)					(89,467	)
Administrator Class					(5	)					(10	)
Institutional Class					(41,626	)					(106,964	)
Service Class					(3,340	)					(9,265	)
Sweep Class					(3,512	)					(9,523	)
Net realized gains
Class A					0						(38,169	)
Administrator Class					0						(5	)
Institutional Class					0						(38,088	)
Service Class					0						(3,889	)
Sweep Class					0						(4,043	)
Total distributions to shareholders					(79,865	)					(299,423	)
	Shares						Shares
Capital share transactions
Proceeds from shares sold
Class A		817,053,047			817,053,047			1,535,128,493			1,535,128,493
Administrator Class		0			0			24,028			24,028
Institutional Class		859,738,731			859,738,731			1,923,231,073			1,923,231,073
Service Class		40,465,408			40,465,408			111,081,003			111,081,003
Sweep Class		152,004			152,004			1,566,899			1,566,899
					1,717,409,190						3,571,031,496
Reinvestment of distributions
Class A		29,533			29,533			118,849			118,849
Administrator Class		5			5			15			15
Institutional Class		3,975			3,975			17,544			17,544
Service Class		2,091			2,091			8,125			8,125
Sweep Class		3,512			3,512			13,566			13,566
					39,116						158,099
Payment for shares redeemed
Class A		(840,275,570	)		(840,275,570	)		(2,039,679,039	)		(2,039,679,039	)
Administrator Class		0			0			(24,028	)		(24,028	)
Institutional Class		(906,161,211	)		(906,161,211	)		(2,027,965,866	)		(2,027,965,866	)
Service Class		(43,654,008	)		(43,654,008	)		(149,597,158	)		(149,597,158	)
Sweep Class		(10,567,610	)		(10,567,610	)		(46,455,639	)		(46,455,639	)
					(1,800,658,399	)					(4,263,721,730	)
Net decrease in net assets resulting from capital share transactions					(83,210,093	)					(692,532,135	)
Total decrease in net assets					(83,181,018	)					(692,533,167	)
Net assets
Beginning of period					1,547,818,575						2,240,351,742
End of period				$	1,464,637,557					$	1,547,818,575
Overdistributed net investment income				$	(152	)				$	(152	)

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

Financial highlights Wells Fargo Advantage California Municipal Money Market Fund 17

(For a share outstanding throughout each period)

	Six months ended July 31, 2013 (unaudited)			Year ended January 31									Year ended February 28
CLASS A				2013			2012			20111			2010			2009			20082
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.00	3		0.00	3		0.00	3		0.00	3		0.00	3		0.01			0.03
Net realized gains (losses) on investments		0.00	3		0.00	3		0.00	3		0.00	3		(0.00	)3		0.00	3		0.00	3
Total from investment operations		0.00	3		0.00	3		0.00	3		0.00	3		0.00	3		0.01			0.03
Distributions to shareholders from
Net investment income		(0.00	)3		(0.00	)3		(0.00	)3		(0.00	)3		(0.00	)3		(0.01	)		(0.03	)
Net realized gains		0.00			(0.00	)3		(0.00	)3		0.00			(0.00	)3		(0.00	)3		0.00
Total distributions to shareholders		(0.00	)3		(0.00	)3		(0.00	)3		(0.00	)3		(0.00	)3		(0.01	)		(0.03	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return4		0.00	%		0.02	%		0.02	%		0.01	%		0.02	%		1.22	%		2.85	%
Ratios to average net assets (annualized)
Gross expenses		0.63	%		0.64	%		0.63	%		0.69	%		0.87	%		0.85	%		0.83	%
Net expenses		0.13	%		0.17	%		0.16	%		0.32	%		0.44	%		0.66	%		0.65	%
Net investment income		0.01	%		0.01	%		0.01	%		0.01	%		0.01	%		1.19	%		2.79	%
Supplemental data
Net assets, end of period (000s omitted)		$600,717			$623,898			$1,128,321			$1,486,876			$1,948,313			$3,291,922			$3,837,463

1. For the eleven months ended January 31, 2011. The Fund changed its fiscal year end from February 28 to January 31, effective January 31, 2011.

2. Year ended February 29

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.

18 Wells Fargo Advantage California Municipal Money Market Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended July 31, 2013 (unaudited)			Year ended January 31
ADMINISTRATOR CLASS				2013			2012			20111
Net asset value, beginning of period		$1.00			$1.00			$1.00			$1.00
Net investment income		0.00	2		0.00	2		0.00	2		0.00	2
Net realized gains on investments		0.00	2		0.00	2		0.00	2		0.00	2
Total from investment operations		0.00	2		0.00	2		0.00	2		0.00	2
Distributions to shareholders from
Net investment income		(0.00	)2		(0.00	)2		(0.00	)2		(0.00	)2
Net realized gains		0.00			(0.00	)2		(0.00	)2		0.00
Total distributions to shareholders		(0.00	)2		(0.00	)2		(0.00	)2		(0.00	)2
Net asset value, end of period		$1.00			$1.00			$1.00			$1.00
Total return3		0.01	%		0.02	%		0.02	%		0.01	%
Ratios to average net assets (annualized)
Gross expenses		0.36	%		0.36	%		0.36	%		0.37	%
Net expenses		0.12	%		0.17	%		0.15	%		0.30	%
Net investment income		0.01	%		0.01	%		0.01	%		0.03	%
Supplemental data
Net assets, end of period (000s omitted)		$100			$100			$100			$100

1. For the period from June 30, 2010 (commencement of class operations) to January 31, 2011

2. Amount is less than $0.005.

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

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

Financial highlights Wells Fargo Advantage California Municipal Money Market Fund 19

(For a share outstanding throughout each period)

	Six months ended July 31, 2013 (unaudited)			Year ended January 31									Year ended February 28
INSTITUTIONAL CLASS				2013			2012			20111			2010			20092
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.00	3		0.00	3		0.00	3		0.00	3		0.00	3		0.01
Net realized gains (losses) on investments		0.00	3		0.00	3		0.00	3		0.00	3		(0.00	)3		0.00	3
Total from investment operations		0.00	3		0.00	3		0.00	3		0.00	3		0.00	3		0.01
Distributions to shareholders from
Net investment income		(0.00	)3		(0.00	)3		(0.00	)3		(0.00	)3		(0.00	)3		(0.01	)
Net realized gains		0.00			(0.00	)3		(0.00	)3		0.00			(0.00	)3		(0.00	)3
Total distributions to shareholders		(0.00	)3		(0.00	)3		(0.00	)3		(0.00	)3		(0.00	)3		(0.01	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return4		0.01	%		0.02	%		0.03	%		0.12	%		0.20	%		1.47	%
Ratios to average net assets (annualized)
Gross expenses		0.24	%		0.25	%		0.24	%		0.28	%		0.48	%		0.46	%
Net expenses		0.12	%		0.16	%		0.14	%		0.20	%		0.24	%		0.22	%
Net investment income		0.01	%		0.01	%		0.02	%		0.12	%		0.23	%		1.59	%
Supplemental data
Net assets, end of period (000s omitted)		$733,664			$780,069			$884,793			$831,108			$236,353			$370,572

1. For the eleven months ended January 31, 2011. The Fund changed its fiscal year end from February 28 to January 31, effective January 31, 2011.

2. For the period from March 31, 2008 (commencement of class operations) to February 28, 2009

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 California Municipal Money Market Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended July 31, 2013 (unaudited)			Year ended January 31									Year ended February 28
SERVICE CLASS				2013			2012			20111			2010			2009			20082
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.00	3		0.00	3		0.00	3		0.00	3		0.00	3		0.01			0.03
Net realized gains on investments		0.00	3		0.00	3		0.00	3		0.00			0.00			0.00	3		0.00
Total from investment operations		0.00	3		0.00	3		0.00	3		0.00	3		0.00	3		0.01			0.03
Distributions to shareholders from
Net investment income		(0.00	)3		(0.00	)3		(0.00	)3		(0.00	)3		(0.00	)3		(0.01	)		(0.03	)
Net realized gains		0.00			(0.00	)3		(0.00	)3		0.00			(0.00	)3		(0.00	)3		0.00
Total distributions to shareholders		(0.00	)3		(0.00	)3		(0.00	)3		(0.00	)3		(0.00	)3		(0.01	)		(0.03	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return4		0.00	%		0.02	%		0.02	%		0.01	%		0.06	%		1.42	%		3.05	%
Ratios to average net assets (annualized)
Gross expenses		0.53	%		0.53	%		0.53	%		0.62	%		0.77	%		0.75	%		0.73	%
Net expenses		0.12	%		0.17	%		0.15	%		0.32	%		0.38	%		0.47	%		0.45	%
Net investment income		0.01	%		0.01	%		0.01	%		0.01	%		0.07	%		1.43	%		2.94	%
Supplemental data
Net assets, end of period (000s omitted)		$64,539			$67,724			$106,229			$101,301			$397,508			$709,029			$970,945

1. For the eleven months ended January 31, 2011. The Fund changed its fiscal year end from February 28 to January 31, effective January 31, 2011.

2. Year ended February 29

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 California Municipal Money Market Fund 21

(For a share outstanding throughout each period)

	Six months ended July 31, 2013 (unaudited)			Year ended January 31
SWEEP CLASS				2013			2012			20111
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.00	2		0.00	2		0.00	2		0.00	2
Net realized gains on investments		0.00	2		0.00	2		0.00	2		0.00	2
						��
Total from investment operations		0.00	2		0.00	2		0.00	2		0.00	2
Distributions to shareholders from
Net investment income		(0.00	)2		(0.00	)2		(0.00	)2		(0.00	)2
Net realized gains		0.00			(0.00	)2		(0.00	)2		0.00
Total distributions to shareholders		(0.00	)2		(0.00	)2		(0.00	)2		(0.00	)2
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00
Total return3		0.00	%		0.02	%		0.02	%		0.01	%
Ratios to average net assets (annualized)
Gross expenses		0.98	%		0.99	%		0.98	%		0.98	%
Net expenses		0.12	%		0.17	%		0.17	%		0.29	%
Net investment income		0.01	%		0.01	%		0.01	%		0.01	%
Supplemental data
Net assets, end of period (000s omitted)		$65,617			$76,028			$120,909			$402,840

1. For the period from June 30, 2010 (commencement of class operations) to January 31, 2011

2. Amount is less than $0.005.

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

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

22 Wells Fargo Advantage California Municipal Money Market 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 California Municipal Money Market 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

As permitted under Rule 2a-7 of the 1940 Act, portfolio securities 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 which are not valued using the method 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 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.

Distributions to shareholders

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

Federal and other taxes

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

Notes to financial statements (unaudited) Wells Fargo Advantage California Municipal Money Market Fund 23

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 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.

At July 31, 2013, all of the Fund’s investments in securities were valued using Level 2 inputs since the primary inputs include the credit quality of the issuer and short-term interest rates (both of which are observable) in addition to the use of amortized cost.

Transfers in and transfers out are recognized at the end of the reporting period. For the six months ended July 31, 2013, the Fund did not have any transfers into/out of Level 1, Level 2, or Level 3.

4. TRANSACTIONS WITH AFFILIATES AND OTHER EXPENSES

Advisory fee

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

Pursuant to the contract, Funds Management is entitled to receive an annual advisory fee of 0.10% of the Fund’s average daily net assets.

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Funds Management. Wells Capital Management Incorporated, an affiliate of Funds Management, is the subadviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.05% and declining to 0.01% as the average daily net assets of the Fund increase.

24 Wells Fargo Advantage California Municipal Money Market Fund Notes to financial statements (unaudited)

Administration and transfer agent fees

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

	Class level administration fee
Class A, Sweep Class		0.22	%
Administrator Class		0.10
Institutional Class		0.08
Service Class		0.12

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 May 31, 2014 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 0.65% for Class A shares, 0.30% for Administrator Class shares, 0.20% for Institutional Class shares, 0.45% for Service Class shares, and 1.00% for Sweep Class shares.

Distribution fees

The Trust has adopted a Distribution Plan for Sweep Class shares of the Fund pursuant to Rule 12b-1 under the 1940 Act. Distribution fees are charged to Sweep Class shares and paid to Wells Fargo Funds Distributor, LLC, the principal underwriter, at an annual rate of 0.35% of its average daily net assets.

Shareholder servicing fees

The Trust has entered into contracts with one or more shareholder servicing agents, whereby Class A, Service Class, and Sweep Class of the Fund is charged a fee at an annual rate of 0.25% of the respective average daily net assets of each class. Administrator Class is charged a fee at an annual rate of 0.10% of its average daily net assets.

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

5. CONCENTRATION RISK

The Fund invests a substantial portion of its assets in issuers of municipal debt securities located in a single state or territories of the U.S. , therefore, it may be more affected by economic and political developments in that state or region than would be a comparable general tax-exempt mutual fund.

6. 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.

Other information (unaudited) Wells Fargo Advantage California Municipal Money Market 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, seven-day 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 California Municipal Money Market 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 California Municipal Money Market 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 California Municipal Money Market Fund Other information (unaudited)

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 California Municipal Money Market 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 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 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 (Class A) was in range of the median performance of the Universe for all periods under review.

Other information (unaudited) Wells Fargo Advantage California Municipal Money Market Fund 29

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 operating expense ratios of the Fund were higher than the median net operating expense ratios of the expense Groups except for Class A. Funds Management advised the Board that the expense Group medians reflected voluntary waivers, whereas the Fund’s expense ratios did not reflect voluntary waivers. The Board noted that when the Fund’s expense ratios were adjusted to reflect voluntary waivers, the Fund’s net operating expense ratios were lower than the median net operating expense ratios of the expense Groups. The Board also viewed favorably the fact that the net operating expense cap of the Fund’s Sweep Class was lowered by five basis points in 2012 and the Board and Funds Management agreed to extend the net operating expense caps for all of the Fund’s share classes until 2014.

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 lower than or in range of the median rates of 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.

30 Wells Fargo Advantage California Municipal Money Market 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 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 California Municipal Money Market 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.

218825 09-13 SA301/SAR301 7-13

Wells Fargo Advantage

Heritage Money Market Fund^SM

Semi-Annual Report

July 31, 2013

Reduce clutter. Save trees.

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

Contents

Letter to shareholders	2
Performance highlights	4
Fund expenses	6
Portfolio of investments	7
Financial statements
Statement of assets and liabilities	23
Statement of operations	24
Statement of changes in net assets	25
Financial highlights	26
Notes to financial statements	30
Other information	34
List of abbreviations	40

The views expressed and any forward-looking statements are as of July 31, 2013, unless otherwise noted, and are those of the Fund managers and/or Wells Fargo Funds Management, LLC. Discussions of individual securities, or the markets generally, or any Wells Fargo Advantage Fund are not intended as individual recommendations. Future events or results may vary significantly from those expressed in any forward-looking statements; the views expressed are subject to change at any time in response to changing circumstances in the market. Wells Fargo Funds Management, LLC, disclaims any obligation to publicly update or revise any views expressed or forward-looking statements.

NOT FDIC INSURED  ¡  NO BANK GUARANTEE  ¡   MAY LOSE VALUE

Wells Fargo investment history

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

Wells Fargo Advantage Funds^®

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

Strength

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

Expertise

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

Partnership

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

Carefully consider the investment objectives, risks, charges, and expenses before investing. For a current prospectus and, if available, a summary prospectus, for Wells Fargo Advantage Funds, containing this and other information, visit wellsfargoadvantagefunds.com. Read it carefully before investing.

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

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

NOT FDIC INSURED  ¡  NO BANK GUARANTEE  ¡  MAY LOSE VALUE

Not part of the semi-annual report.

Wells Fargo Advantage Funds offers more than 100 mutual funds across a wide range of asset classes, representing over $226 billion in assets under management, as of July 31, 2013.

Equity funds
Asia Pacific Fund	Enterprise Fund†	Opportunity Fund†
C&B Large Cap Value Fund	Global Opportunities Fund	Precious Metals Fund
C&B Mid Cap Value Fund	Growth Fund	Premier Large Company Growth Fund
Capital Growth Fund	Index Fund	Small Cap Opportunities Fund
Common Stock Fund	International Equity Fund	Small Cap Value Fund
Disciplined U.S. Core Fund	International Value Fund	Small Company Growth Fund
Discovery Fund†	Intrinsic Small Cap Value Fund	Small Company Value Fund
Diversified Equity Fund	Intrinsic Value Fund	Small/Mid Cap Value Fund
Diversified International Fund	Intrinsic World Equity Fund	Special Mid Cap Value Fund
Emerging Growth Fund	Large Cap Core Fund	Special Small Cap Value Fund
Emerging Markets Equity Fund	Large Cap Growth Fund	Specialized Technology Fund
Emerging Markets Equity Income Fund	Large Company Value Fund	Traditional Small Cap Growth Fund
Endeavor Select Fund†	Omega Growth Fund	Utility and Telecommunications Fund
Bond funds
Adjustable Rate Government Fund	High Yield Municipal Bond Fund	Short-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 Heritage Money Market Fund Letter to shareholders (unaudited)

Karla M. Rabusch

President

Wells Fargo Advantage Funds

We continue to believe that most investors can benefit from adhering to a well-diversified, high-quality investment strategy that is focused on liquidity and capital preservation.

As we gain clarity in the coming months regarding potential changes to the regulation of money market funds, we will provide further communications to you about them.

Dear Valued Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Advantage Heritage Money Market Fund for the six-month period that ended July 31, 2013. The past six months were marked by accommodative central bank policies, low interest rates, and regulatory uncertainty. Despite the challenges of a changing market landscape, we continue to believe that most investors can benefit from adhering to a well-diversified, high-quality investment strategy that is focused on liquidity and capital preservation.

Short-term interest rates remained low.

Monetary policy remained accommodative. The Federal Open Market Committee (FOMC) did not make any changes to its policy of keeping the target for the federal funds rate near zero or its asset purchase program of buying agency mortgage-backed securities and Treasury securities. However, Federal Reserve (Fed) Chairman Ben Bernanke roiled bond markets on June 19, after the previous day’s FOMC’s meeting, by indicating that tapering of its bond-buying program could begin later this year and that it could end as soon as mid-2014. Despite Chairman Bernanke’s comments on the potential for tapering of the bond-buying program, the Fed’s official statement reaffirmed its program of buying agency mortgage-backed securities at a pace of $40 billion per month and longer-term Treasury securities at a pace of $45 billion per month to “maintain downward pressure on longer-term interest rates, support mortgage markets, and help make broader financial conditions more accommodative.”

Anchored by the Fed’s accommodative monetary policy of holding its targeted federal funds rate near zero, short-term interest rates remained ultra low during the period. While longer-term interest rates rose late in the period, the combination of strong demand and limited supply of money market securities further exacerbated the low level of short-term interest rates throughout the period. A main reason that overall supply of money-market-eligible securities continued to decrease was due to issuers choosing to issue long-term debt to take advantage of low interest rates.

Despite interest rates remaining low, investors remained involved in money markets because yield was only one component driving their investment choices. More often, safety, diversification¹, and liquidity have been higher-value propositions to these investors, factors that were not diminished by Fed policy or technical developments.

Money market regulations remained under review.

Regulators remained concerned about potential systemic risk from money market funds in the event of another financial crisis and sought further revisions to regulations governing money market funds in order to mitigate that risk. In June, the U.S. Security and Exchange Commission (SEC) proposed the following changes: 1) a floating net asset value (NAV) rather than a $1.00 stable NAV for prime institutional money market funds (prime retail money market funds and government money market funds could continue to maintain a stable $1.00 NAV under the proposal); 2) liquidity fees and redemption gates for money market funds other than government funds; or 3) a combination of these two measures. The SEC is also considering changes to portfolio diversification, stress testing, and disclosure requirements for all money market funds. Wells Fargo Funds Management, LLC intends to submit a comment letter on the proposals to the SEC. As we gain clarity in the coming months regarding potential changes to the regulation of money market funds, we will provide further communications to you about them.

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

Letter to shareholders (unaudited) Wells Fargo Advantage Heritage Money Market Fund 3

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

Periods of uncertainty can present challenges, but experience has taught us that maintaining long-term investment goals can be an effective way to plan for the future. To help you create a sound strategy based on your personal goals and risk tolerance, Wells Fargo Advantage Funds offers more than 100 mutual funds and other investments spanning a wide range of asset classes and investment styles.

Although diversification cannot guarantee an investment profit or prevent losses, we believe it can be an effective way to manage investment risk and potentially smooth out overall portfolio performance. We encourage investors to know their investments and to understand that appropriate levels of risk-taking may unlock opportunities.

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

Sincerely,

Karla M. Rabusch

President

Wells Fargo Advantage Funds

4 Wells Fargo Advantage Heritage Money Market Fund Performance highlights (unaudited)

Investment objective

The Fund seeks current income, while preserving capital and liquidity.

Adviser

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

David D. Sylvester

Laurie White

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

								Expense ratios2 (%)
	Inception date	1 year		5 year		10 year		Gross		Net3
Administrator Class (SHMXX)	6-29-1995		0.01		0.27		1.70		0.34		0.34
Institutional Class (SHIXX)	3-31-2000		0.05		0.35		1.84		0.22		0.20
Select Class (WFJXX)	6-29-2007		0.12		0.42		1.88		0.18		0.13
Service Class (WHTXX)	6-30-2010		0.01		0.27		1.70		0.51		0.43

Fund yield summary3 (%) as of July 31, 2013	Administrator Class	Institutional Class		Select Class		Service Class
7-day current yield	0.01		0.01		0.07		0.01
7-day compound yield	0.01		0.01		0.07		0.01
30-day simple yield	0.01		0.01		0.07		0.01
30-day compound yield	0.01		0.01		0.07		0.01

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 returns will fluctuate. The Fund’s yield figures more closely reflect the current earnings of the Fund than the total return figures. 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 at the Fund’s website, wellsfargoadvantagefunds.com.

Each class is sold without a front-end sales charge or contingent deferred sales charge. Other fees and expenses apply to an investment in the Fund and are described in the Fund’s current prospectuses.

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 Fund seeks 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.

Please see footnotes on page 5.

Performance highlights (unaudited) Wells Fargo Advantage Heritage Money Market Fund 5

Portfolio composition⁴ as of July 31, 2013

Effective maturity distribution⁵ as of July 31, 2013

Weighted average maturity⁶ as of July 31, 2013

35 days

Weighted average final maturity⁷ as of July 31, 2013

41 days

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

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

3. The Adviser has committed through May 31, 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 0.35% for Administrator Class, 0.20% for Institutional Class, 0.13% for Select Class, and 0.43% for Service 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. Without waived fees and/or reimbursed expenses, the Fund’s 7-day current yield would have been (0.14)%, (0.02)%, 0.02%, and (0.31)% for Administrator Class, Institutional Class, Select Class, and Service Class, respectively.

4. Portfolio composition is subject to change and is calculated based on the total investments of the Fund.

5. Effective maturity distribution is subject to change and is calculated based on the total investments of the Fund.

6. Weighted Average Maturity (WAM): WAM is an average of the effective maturities of all securities held in the portfolio, weighted by each security’s percentage of total investments. The maturity of a portfolio security is the period remaining until the date on which the principal amount is unconditionally required to be paid, or in the case of a security called for redemption, the date on which the redemption payment is unconditionally required to be made. WAM calculations allow for the maturities of certain securities with demand features or periodic interest rate resets to be shortened. WAM is a way to measure a fund’s sensitivity to potential interest rate changes.

7. Weighted Average Final Maturity (WAFM): WAFM is an average of the final maturities of all securities held in the portfolio, weighted by their percentage of total investments. The maturity of a portfolio security is the period remaining until the date on which the principal amount is unconditionally required to be paid, or in the case of a security called for redemption, the date on which the redemption payment is unconditionally required to be made. In contrast to WAM, the calculation of WAFM allows for the maturities of certain securities with demand features to be shortened, but not the periodic interest rate resets. WAFM is a way to measure a fund’s potential sensitivity to credit spread changes.

6 Wells Fargo Advantage Heritage Money Market Fund Fund expenses (unaudited)

As a shareholder of the Fund, you incur ongoing costs, including management fees, 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 February 1, 2013 to July 31, 2013.

Actual expenses

The “Actual” line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the “Actual” line under the heading entitled “Expenses paid during period” for your applicable class of shares to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The “Hypothetical” line of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only. 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 2-1-2013		Ending account value 7-31-2013		Expenses paid during the period1		Net annual expense ratio
Administrator Class
Actual	$	1,000.00	$	1,000.05	$	1.09		0.22	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.70	$	1.10		0.22	%
Institutional Class
Actual	$	1,000.00	$	1,000.16	$	0.99		0.20	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.80	$	1.00		0.20	%
Select Class
Actual	$	1,000.00	$	1,000.50	$	0.64		0.13	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.15	$	0.65		0.13	%
Service Class
Actual	$	1,000.00	$	1,000.05	$	1.09		0.22	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.70	$	1.10		0.22	%

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

Portfolio of investments—July 31, 2013 (unaudited) Wells Fargo Advantage Heritage Money Market Fund 7

Security name	Interest rate			Maturity date		Principal		Value
Certificates of Deposit: 36.64%
ANZ Banking Group (London)		0.10	%		8-1-2013	$	646,000,000	$	646,000,000
Banco del Estado de Chile		0.22			8-8-2013		157,000,000		157,000,000
Banco del Estado de Chile ±		0.26			10-7-2013		117,000,000		117,000,000
Bank of Montreal		0.18			8-28-2013		180,000,000		180,000,000
Bank of Montreal		0.18			9-12-2013		133,000,000		133,000,000
Bank of Montreal		0.19			8-9-2013		280,000,000		280,000,000
Bank of Montreal		0.19			8-14-2013		132,000,000		132,000,000
Bank of Montreal		0.19			10-11-2013		113,000,000		113,000,000
Bank of Montreal		0.20			10-17-2013		89,000,000		89,000,000
Bank of Nova Scotia		0.21			11-1-2013		117,000,000		117,000,000
Bank of Nova Scotia		0.24			10-11-2013		20,000,000		20,001,572
Bank of Nova Scotia ±		0.47			10-18-2013		15,000,000		15,006,598
Bank of Nova Scotia ±		0.47			9-12-2013		25,000,000		25,006,254
Bank of Nova Scotia ±		0.52			1-3-2014		25,000,000		25,024,576
Bank of Tokyo-Mitsubishi LLC		0.26			9-11-2013		58,000,000		58,000,647
Barclays Bank plc ±		0.77			12-12-2013		293,000,000		293,000,000
Barclays Bank plc ±		0.88			9-30-2013		94,000,000		94,000,000
China Construction Bank Corporation		0.30			8-6-2013		260,000,000		260,000,000
China Construction Bank Corporation		0.30			8-7-2013		371,000,000		371,000,000
China Construction Bank Corporation ±		0.44			9-28-2013		245,000,000		245,000,000
Credit Agricole CIB		0.11			8-1-2013		939,000,000		939,000,000
Credit Agricole CIB		0.23			8-2-2013		149,000,000		149,000,000
Credit Industriel & Commercial (New York)		0.11			8-1-2013		663,000,000		663,000,000
Credit Industriel & Commercial (New York)		0.15			8-2-2013		419,000,000		419,000,000
Credit Suisse (New York) ±		0.99			8-5-2013		24,000,000		24,002,142
DBS Bank Limited		0.19			1-1-2050		500,000,000		500,000,000
DNB Nor Bank ASA		0.09			8-1-2013		404,000,000		404,000,000
DNB Nor Bank ASA		0.23			8-6-2013		137,000,000		137,000,000
Mitsubishi UFJ Trust and Banking Corporation		0.21			10-28-2013		172,000,000		172,000,000
Mizuho Corporate Bank Limited		0.16			8-9-2013		150,000,000		150,000,000
National Australia Bank Limited ±		1.47			1-30-2014		100,000,000		100,578,909
National Australia Bank Limited ±		1.52			1-17-2014		97,000,000		97,545,133
National Bank of Kuwait		0.14			8-1-2013		342,000,000		342,000,000
Natixis Corporation		0.14			8-1-2013		263,000,000		263,000,000
Natixis Corporation		0.23			8-2-2013		110,000,000		110,000,000
Natixis Corporation		0.23			8-2-2013		111,000,000		111,000,000
Nordea Bank plc		0.18			9-17-2013		122,000,000		122,000,000
Nordea Bank plc		0.18			10-2-2013		130,000,000		130,000,000
Nordea Bank plc		0.20			11-15-2013		138,000,000		138,000,000
Nordea Bank plc ±		1.12			8-7-2013		42,000,000		42,006,667
Norinchukin Bank		0.12			8-5-2013		271,000,000		271,000,000
Norinchukin Bank		0.19			8-27-2013		107,000,000		107,000,000
Norinchukin Bank		0.23			10-7-2013		208,000,000		208,000,000
Norinchukin Bank		0.23			10-16-2013		23,000,000		23,000,000
Norinchukin Bank		0.23			10-23-2013		48,000,000		48,000,000
Norinchukin Bank		0.23			10-24-2013		61,000,000		61,000,000
Norinchukin Bank		0.25			8-5-2013		75,000,000		75,000,000
Oversea-Chinese Banking Corporation Limited		0.18			10-24-2013		12,000,000		11,999,440
Royal Bank of Canada ±		0.30			6-24-2014		112,000,000		112,000,000
Royal Bank of Canada ±		0.32			8-6-2013		62,000,000		62,000,000

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

8 Wells Fargo Advantage Heritage Money Market Fund Portfolio of investments—July 31, 2013 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Certificates of Deposit (continued)
Royal Bank of Canada ±		0.33	%		8-12-2013	$	138,000,000	$	138,000,000
Skandinaviska Enskilda Banken AG		0.08			8-1-2013		450,000,000		450,000,000
Skandinaviska Enskilda Banken AG		0.29			12-20-2013		21,000,000		21,000,405
Skandinaviska Enskilda Banken AG ±		0.54			12-3-2013		309,000,000		309,000,000
Societe Generale		0.13			8-1-2013		537,000,000		537,000,000
Standard Chartered Bank		0.22			8-29-2013		242,000,000		242,000,000
Standard Chartered Bank		0.22			9-19-2013		97,000,000		97,002,631
Standard Chartered Bank		0.22			9-30-2013		163,000,000		163,000,000
Sumitomo Mitsui Banking Corporation		0.17			8-7-2013		77,000,000		77,000,000
Sumitomo Mitsui Banking Corporation		0.22			10-10-2013		142,000,000		142,000,000
Sumitomo Mitsui Banking Corporation		0.23			8-16-2013		130,000,000		130,000,000
Sumitomo Mitsui Banking Corporation		0.23			8-20-2013		58,000,000		58,000,000
Sumitomo Mitsui Banking Corporation		0.23			8-21-2013		35,000,000		35,000,592
Sumitomo Mitsui Banking Corporation		0.23			9-6-2013		87,000,000		87,000,656
Sumitomo Mitsui Banking Corporation ±		0.23			8-19-2013		133,000,000		133,000,000
Sumitomo Trust & Banking Corporation		0.16			8-14-2013		142,000,000		142,000,000
Svenska Handelsbanken		0.19			8-30-2013		108,000,000		108,000,434
Svenska Handelsbanken		0.19			8-22-2013		138,000,000		138,000,000
Svenska Handelsbanken		0.22			11-8-2013		150,000,000		150,002,061
Svenska Handelsbanken		0.22			11-15-2013		30,270,000		30,270,445
Svenska Handelsbanken		0.24			12-20-2013		144,000,000		144,002,817
Svenska Handelsbanken ±		0.78			8-30-2013		33,000,000		33,015,827
Svenska Handelsbanken		0.82			9-16-2013		17,000,000		17,013,748
Toronto-Dominion Bank		0.16			8-21-2013		122,000,000		122,000,000
Toronto-Dominion Bank		0.17			9-23-2013		94,000,000		94,000,000
Toronto-Dominion Bank ±		0.27			10-21-2013		124,000,000		124,000,000
Toronto-Dominion Bank		0.27			9-13-2013		154,000,000		154,000,000
Total Certificates of Deposit (Cost $13,237,481,554)									13,237,481,554
Commercial Paper: 44.60%
Asset-Backed Commercial Paper: 19.63%
Alpine Securitization Corporation 144A(z)		0.15			8-14-2013		64,800,000		64,796,490
Alpine Securitization Corporation 144A(z)		0.15			8-19-2013		48,000,000		47,996,400
Alpine Securitization Corporation 144A(z)		0.15			8-20-2013		90,000,000		89,992,875
Alpine Securitization Corporation 144A(z)		0.15			8-21-2013		44,000,000		43,996,333
Alpine Securitization Corporation 144A(z)		0.17			8-5-2013		55,000,000		54,998,961
Anglesea Funding LLC 144A(z)		0.30			8-7-2013		59,000,000		58,997,050
Anglesea Funding LLC 144A(z)		0.30			8-9-2013		89,000,000		88,994,067
Anglesea Funding LLC 144A(z)		0.30			8-28-2013		52,000,000		51,988,300
Antalis US Funding Corporation 144A(z)		0.15			8-2-2013		158,000,000		157,999,162
Antalis US Funding Corporation 144A(z)		0.23			8-30-2013		47,960,000		47,950,728
Antalis US Funding Corporation 144A(z)		0.24			9-5-2013		128,250,000		128,218,828
Antalis US Funding Corporation 144A(z)		0.26			8-1-2013		109,000,000		109,000,000
Antalis US Funding Corporation 144A(z)		0.32			11-4-2013		100,000,000		99,913,833
Atlantic Asset Securitization LLC 144A(z)		0.11			8-1-2013		105,285,000		105,285,000
Bedford Row Funding Corporation 144A(z)		0.35			8-1-2013		70,300,000		70,300,000
CAFCO LLC 144A(z)		0.21			8-6-2013		18,000,000		17,999,475
Ciesco LLC 144A(z)		0.18			8-5-2013		71,000,000		70,998,580
Ciesco LLC 144A(z)		0.18			8-19-2013		25,000,000		24,997,750

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

Portfolio of investments—July 31, 2013 (unaudited) Wells Fargo Advantage Heritage Money Market Fund 9

Security name	Interest rate			Maturity date		Principal		Value
Asset-Backed Commercial Paper (continued)
Collateralized Commercial Paper Company LLC (z)		0.24	%		9-10-2013	$	65,000,000	$	64,982,667
Concord Minutemen Capital Company 144A(z)		0.19			8-23-2013		62,750,000		62,742,714
Concord Minutemen Capital Company 144A(z)		0.19			8-26-2013		27,250,000		27,246,405
Concord Minutemen Capital Company 144A(z)		0.20			8-7-2013		60,000,000		59,998,000
Concord Minutemen Capital Company 144A(z)		0.20			8-13-2013		89,000,000		88,994,067
Concord Minutemen Capital Company 144A(z)		0.23			9-4-2013		70,000,000		69,984,794
Concord Minutemen Capital Company 144A(z)		0.24			9-3-2013		22,000,000		21,995,160
CRC Funding LLC 144A(z)		0.19			8-23-2013		24,000,000		23,997,213
CRC Funding LLC 144A(z)		0.19			8-27-2013		74,000,000		73,989,846
Crown Point Capital Company 144A(z)		0.19			8-23-2013		52,000,000		51,993,962
Crown Point Capital Company 144A(z)		0.19			8-26-2013		28,000,000		27,996,306
Crown Point Capital Company 144A(z)		0.22			9-18-2013		36,000,000		35,989,440
Crown Point Capital Company 144A(z)		0.22			9-20-2013		55,000,000		54,983,194
Fairway Finance Corporation 144A(z)		0.17			8-5-2013		36,552,000		36,551,310
Gemini Securitization Corporation 144A(z)		0.11			8-1-2013		27,000,000		27,000,000
Gotham Funding Corporation 144A(z)		0.19			8-13-2013		112,000,000		111,992,907
Gotham Funding Corporation 144A(z)		0.21			8-2-2013		19,000,000		18,999,889
Gotham Funding Corporation 144A(z)		0.21			8-6-2013		40,000,000		39,998,833
Gotham Funding Corporation 144A(z)		0.21			8-9-2013		15,644,000		15,643,270
Gotham Funding Corporation 144A(z)		0.21			8-21-2013		65,148,000		65,140,400
Gotham Funding Corporation 144A(z)		0.21			9-9-2013		28,000,000		27,993,630
Gotham Funding Corporation 144A(z)		0.21			9-11-2013		6,000,000		5,998,565
Govco LLC 144A(z)		0.18			8-12-2013		49,000,000		48,997,305
Govco LLC 144A(z)		0.18			8-21-2013		35,000,000		34,996,500
Govco LLC 144A(z)		0.18			8-22-2013		35,000,000		34,996,325
Govco LLC 144A(z)		0.21			8-7-2013		44,000,000		43,998,460
Hannover Funding Company LLC 144A(z)		0.20			8-13-2013		25,000,000		24,998,333
Hannover Funding Company LLC 144A(z)		0.20			8-19-2013		86,000,000		85,991,400
Hannover Funding Company LLC 144A(z)		0.20			8-22-2013		49,000,000		48,994,283
Hannover Funding Company LLC 144A(z)		0.20			8-26-2013		7,000,000		6,999,028
Hannover Funding Company LLC 144A(z)		0.21			8-1-2013		8,000,000		8,000,000
Institutional Secured Funding LLC 144A(z)		0.37			8-6-2013		47,000,000		46,997,585
Institutional Secured Funding LLC 144A(z)		0.37			8-2-2013		44,000,000		43,999,548
Kells Funding LLC 144A(z)		0.21			10-22-2013		79,000,000		78,962,212
Kells Funding LLC 144A(z)		0.21			10-25-2013		16,000,000		15,992,067
Kells Funding LLC 144A(z)		0.22			11-7-2013		96,000,000		95,942,507
Kells Funding LLC 144A(z)		0.22			11-18-2013		64,000,000		63,957,369
Kells Funding LLC 144A(z)		0.22			11-25-2013		50,000,000		49,964,556
Legacy Capital Company 144A(z)		0.23			8-13-2013		125,000,000		124,990,417
Legacy Capital Company 144A(z)		0.23			9-11-2013		132,000,000		131,965,423
Lexington Parker Capital Company LLC 144A(z)		0.22			9-18-2013		36,000,000		35,989,440
Lexington Parker Capital Company LLC 144A(z)		0.22			9-20-2013		30,000,000		29,990,833
Lexington Parker Capital Company LLC 144A(z)		0.23			8-13-2013		145,000,000		144,988,883
Lexington Parker Capital Company LLC 144A(z)		0.23			9-11-2013		55,000,000		54,985,593
Lexington Parker Capital Company LLC 144A(z)		0.23			9-13-2013		196,000,000		195,946,154
Liberty Street Funding LLC 144A(z)		0.16			8-2-2013		11,500,000		11,499,949
Liberty Street Funding LLC 144A(z)		0.16			8-7-2013		42,000,000		41,998,880
Liberty Street Funding LLC 144A(z)		0.17			8-19-2013		15,000,000		14,998,725
Liberty Street Funding LLC 144A(z)		0.18			9-23-2013		77,641,000		77,620,425
Liberty Street Funding LLC 144A(z)		0.19			8-16-2013		49,000,000		48,996,121

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

10 Wells Fargo Advantage Heritage Money Market Fund Portfolio of investments—July 31, 2013 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Asset-Backed Commercial Paper (continued)
Liberty Street Funding LLC 144A(z)		0.20	%		8-1-2013	$	27,000,000	$	27,000,000
Liberty Street Funding LLC 144A(z)		0.20			8-12-2013		25,000,000		24,998,472
Liberty Street Funding LLC 144A(z)		0.20			8-22-2013		24,000,000		23,997,200
Liberty Street Funding LLC 144A(z)		0.20			9-3-2013		67,000,000		66,987,717
Liberty Street Funding LLC 144A(z)		0.20			9-20-2013		17,000,000		16,995,278
Liberty Street Funding LLC 144A(z)		0.20			10-10-2013		74,000,000		73,971,222
LMA Americas LLC 144A(z)		0.20			8-8-2013		54,900,000		54,897,865
LMA Americas LLC 144A(z)		0.20			8-13-2013		29,000,000		28,998,067
LMA Americas LLC 144A(z)		0.21			8-15-2013		6,000,000		5,999,510
LMA Americas LLC 144A(z)		0.21			8-19-2013		12,000,000		11,998,740
LMA Americas LLC 144A(z)		0.29			10-18-2013		19,000,000		18,988,062
Manhattan Asset Funding Company LLC 144A(z)		0.22			9-10-2013		15,000,000		14,996,333
Manhattan Asset Funding Company LLC 144A(z)		0.22			9-11-2013		35,000,000		34,991,230
Manhattan Asset Funding Company LLC 144A(z)		0.22			9-24-2013		43,000,000		42,985,810
MetLife Short Term Funding LLC 144A(z)		0.18			8-12-2013		23,000,000		22,998,735
MetLife Short Term Funding LLC 144A(z)		0.19			9-10-2013		15,000,000		14,996,833
MetLife Short Term Funding LLC 144A(z)		0.19			9-17-2013		21,000,000		20,994,791
MetLife Short Term Funding LLC 144A(z)		0.20			9-23-2013		6,000,000		5,998,233
Mountcliff Funding LLC 144A(z)		0.32			8-8-2013		52,000,000		51,996,764
Mountcliff Funding LLC 144A(z)		0.32			8-22-2013		42,000,000		41,992,160
Mountcliff Funding LLC 144A(z)		0.32			9-3-2013		30,000,000		29,991,200
Mountcliff Funding LLC 144A(z)		0.32			9-6-2013		9,500,000		9,496,960
Newport Funding Corporation 144A(z)		0.12			8-1-2013		39,338,000		39,338,000
Nieuw Amsterdam Receivables Corporation 144A(z)		0.19			9-3-2013		67,945,000		67,933,166
Nieuw Amsterdam Receivables Corporation 144A(z)		0.19			9-4-2013		30,000,000		29,994,617
Nieuw Amsterdam Receivables Corporation 144A(z)		0.19			9-9-2013		65,486,000		65,472,521
Nieuw Amsterdam Receivables Corporation 144A(z)		0.20			10-16-2013		85,000,000		84,964,111
Old Line Funding LLC 144A(z)		0.20			8-23-2013		54,000,000		53,993,400
Old Line Funding LLC 144A(z)		0.20			9-3-2013		98,112,000		98,094,013
Old Line Funding LLC 144A(z)		0.20			9-5-2013		16,000,000		15,996,889
Old Line Funding LLC 144A(z)		0.20			9-9-2013		80,103,000		80,085,644
Old Line Funding LLC 144A(z)		0.20			9-13-2013		10,000,000		9,997,611
Old Line Funding LLC 144A(z)		0.20			9-19-2013		24,000,000		23,993,467
Old Line Funding LLC 144A(z)		0.21			8-2-2013		67,000,000		66,999,609
Regency Markets No.1 LLC 144A(z)		0.15			8-8-2013		178,000,000		177,994,808
Regency Markets No.1 LLC 144A(z)		0.15			8-14-2013		60,000,000		59,996,750
Regency Markets No.1 LLC 144A(z)		0.15			8-15-2013		50,000,000		49,997,083
Regency Markets No.1 LLC 144A(z)		0.15			8-19-2013		53,000,000		52,996,025
Regency Markets No.1 LLC 144A(z)		0.15			8-20-2013		242,000,000		241,980,842
Regency Markets No.1 LLC 144A(z)		0.16			8-28-2013		44,000,000		43,994,720
Ridgefield Funding LLC 144A(z)		0.28			8-29-2013		47,500,000		47,489,655
Ridgefield Funding LLC 144A±		0.29			11-7-2013		123,000,000		122,992,139
Scaldis Capital LLC 144A(z)		0.25			8-1-2013		8,500,000		8,500,000
Sydney Capital Corporation 144A(z)		0.25			9-24-2013		19,400,000		19,392,725
Sydney Capital Corporation 144A(z)		0.26			9-12-2013		74,300,000		74,277,944
Sydney Capital Corporation 144A(z)		0.26			9-16-2013		44,600,000		44,585,183
Sydney Capital Corporation 144A(z)		0.27			8-14-2013		19,000,000		18,998,147
Thunder Bay Funding LLC 144A(z)		0.20			8-23-2013		54,000,000		53,993,400
Thunder Bay Funding LLC 144A(z)		0.20			9-6-2013		80,000,000		79,984,000
Thunder Bay Funding LLC 144A(z)		0.20			10-3-2013		32,334,000		32,322,683

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

Portfolio of investments—July 31, 2013 (unaudited) Wells Fargo Advantage Heritage Money Market Fund 11

Security name	Interest rate			Maturity date		Principal		Value
Asset-Backed Commercial Paper (continued)
Victory Receivables 144A(z)		0.18	%		8-8-2013	$	68,018,000	$	68,015,619
Victory Receivables 144A(z)		0.18			8-12-2013		88,000,000		87,995,160
Victory Receivables 144A(z)		0.18			8-21-2013		25,657,000		25,654,434
Victory Receivables 144A(z)		0.21			8-1-2013		10,168,000		10,168,000
Victory Receivables 144A(z)		0.21			8-2-2013		38,000,000		37,999,789
Victory Receivables 144A(z)		0.21			8-20-2013		30,000,000		29,996,675
Victory Receivables 144A(z)		0.21			9-4-2013		120,308,000		120,286,556
Victory Receivables 144A(z)		0.21			9-10-2013		52,000,000		51,987,866
Victory Receivables 144A(z)		0.21			9-11-2013		49,424,000		49,412,180
Victory Receivables 144A(z)		0.21			9-16-2013		100,000,000		99,973,167
White Point Funding Incorporated 144A(z)		0.33			8-15-2013		17,791,000		17,788,717
Working Capital Management Company 144A(z)		0.20			8-9-2013		84,234,000		84,230,256
									7,092,533,478
Financial Company Commercial Paper: 21.04%
ABN AMRO Funding LLC 144A(z)		0.20			9-10-2013		100,000,000		99,977,778
ASB Finance Limited 144A(z)		0.22			9-10-2013		38,000,000		37,990,711
ASB Finance Limited 144A±		0.40			9-5-2013		69,000,000		69,000,000
ASB Finance Limited 144A±		0.41			8-29-2013		70,000,000		70,000,000
ASB Finance Limited 144A±		0.42			9-3-2013		70,000,000		70,000,000
Australia & New Zealand Banking Group 144A(z)		0.17			8-29-2013		81,000,000		80,989,290
Australia & New Zealand Banking Group 144A(z)		0.17			8-30-2013		105,000,000		104,985,621
Australia & New Zealand Banking Group 144A±		0.32			11-18-2013		67,000,000		67,000,000
Banco de Credito e Inversiones 144A(z)		0.45			8-2-2013		176,000,000		175,997,801
Bank of Nova Scotia (z)		0.17			9-20-2013		130,000,000		129,969,306
Bank of Nova Scotia (z)		0.18			10-9-2013		103,000,000		102,964,465
Barclays Bank plc 144A(z)		0.20			9-19-2013		49,000,000		48,986,661
Barclays Bank plc 144A(z)		0.25			8-6-2013		111,000,000		110,996,146
Barclays Bank plc 144A(z)		0.25			8-27-2013		105,000,000		104,981,042
BNZ International Funding Limited 144A±		0.37			10-2-2013		92,000,000		92,000,000
BNZ International Funding Limited 144A±		0.37			11-1-2013		90,000,000		90,000,000
Caisse Centrale Desjardins du Quebec 144A(z)		0.20			8-20-2013		9,000,000		8,999,050
Caisse Centrale Desjardins du Quebec 144A(z)		0.20			8-22-2013		53,000,000		52,993,817
Caisse Centrale Desjardins du Quebec 144A(z)		0.20			8-26-2013		71,000,000		70,990,139
Caisse Centrale Desjardins du Quebec 144A(z)		0.20			9-6-2013		38,000,000		37,992,400
Caisse Centrale Desjardins du Quebec 144A(z)		0.20			9-9-2013		157,000,000		156,965,983
Caisse Centrale Desjardins du Quebec 144A(z)		0.21			8-5-2013		17,000,000		16,999,603
Caisse Centrale Desjardins du Quebec 144A(z)		0.21			8-9-2013		120,000,000		119,994,400
Caisse Centrale Desjardins du Quebec 144A(z)		0.21			8-12-2013		10,000,000		9,999,358
Caisse Centrale Desjardins du Quebec 144A(z)		0.22			11-8-2013		127,000,000		126,923,165
Caisse Centrale Desjardins du Quebec 144A(z)		0.24			9-12-2013		13,000,000		12,996,360
Caisse Centrale Desjardins du Quebec 144A(z)		0.24			9-13-2013		17,000,000		16,995,127
Caisse Centrale Desjardins du Quebec 144A(z)		0.24			9-16-2013		17,000,000		16,994,787
Commonwealth Bank of Australia 144A(z)		0.17			8-30-2013		95,000,000		94,986,990
Commonwealth Bank of Australia 144A±		0.32			11-29-2013		85,000,000		84,997,159
Commonwealth Bank of Australia 144A±		0.32			11-14-2013		99,000,000		99,000,000
CPPIB Capital Incorporated 144A(z)		0.15			8-26-2013		113,000,000		112,988,229
CPPIB Capital Incorporated 144A(z)		0.15			9-5-2013		46,000,000		45,993,292
DBS Bank Limited 144A(z)		0.21			11-12-2013		10,000,000		9,993,992

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

12 Wells Fargo Advantage Heritage Money Market Fund Portfolio of investments—July 31, 2013 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Financial Company Commercial Paper (continued)
DBS Bank Limited 144A(z)		0.21	%		11-13-2013	$	20,000,000	$	19,987,867
DBS Bank Limited 144A(z)		0.25			9-4-2013		107,000,000		106,974,736
Dexia Credit Local SA(z)		0.35			11-27-2013		131,000,000		130,849,714
Dexia Credit Local SA(z)		0.35			12-3-2013		150,000,000		149,819,167
Dexia Credit Local SA(z)		0.35			12-3-2013		68,500,000		68,417,419
Dexia Credit Local SA(z)		0.47			2-21-2014		131,000,000		130,651,103
Dexia Credit Local SA(z)		0.47			2-26-2014		105,000,000		104,713,496
DNB Nor Bank ASA 144A(z)		0.18			8-9-2013		170,950,000		170,943,162
DNB Nor Bank ASA 144A(z)		0.19			10-9-2013		109,500,000		109,460,124
DNB Nor Bank ASA 144A(z)		0.22			11-13-2013		41,000,000		40,974,534
DNB Nor Bank ASA 144A±		0.42			9-20-2013		134,000,000		134,000,000
HSBC Bank plc 144A±		0.40			10-15-2013		116,000,000		116,000,000
HSBC Bank plc 144A±		0.40			10-1-2013		114,000,000		114,000,000
Macquarie Bank Limited 144A(z)		0.22			8-16-2013		92,000,000		91,991,567
Macquarie Bank Limited 144A(z)		0.25			9-16-2013		107,000,000		106,965,819
Mitsubishi UFJ Trust and Banking Corporation 144A(z)		0.18			8-30-2013		54,341,000		54,333,121
Mitsubishi UFJ Trust and Banking Corporation 144A(z)		0.19			9-24-2013		54,337,000		54,321,514
National Australia Bank Limited 144A(z)		0.17			9-10-2013		152,000,000		151,971,289
Nationwide Building Society 144A(z)		0.25			9-25-2013		42,000,000		41,983,958
Nationwide Building Society 144A(z)		0.30			8-5-2013		50,000,000		49,998,333
Nationwide Building Society 144A(z)		0.30			8-12-2013		33,000,000		32,996,975
Nordea Bank AB 144A(z)		0.18			8-20-2013		42,000,000		41,996,010
Nordea Bank AB 144A(z)		0.19			10-17-2013		36,700,000		36,685,478
Nordea Bank AB 144A(z)		0.21			9-13-2013		42,000,000		41,989,716
Nordea Bank AB 144A(z)		0.23			12-17-2013		81,000,000		80,930,138
Nordea Bank AB 144A(z)		0.26			2-3-2014		110,000,000		109,855,075
NV Bank Nederlandse Gemeenten 144A(z)		0.20			12-2-2013		149,000,000		148,900,729
Oversea-Chinese Banking Corporation Limited (z)		0.20			8-2-2013		88,000,000		87,999,511
Oversea-Chinese Banking Corporation Limited (z)		0.20			9-3-2013		109,000,000		108,980,017
Oversea-Chinese Banking Corporation Limited (z)		0.22			10-21-2013		25,000,000		24,987,625
Oversea-Chinese Banking Corporation Limited (z)		0.22			8-29-2013		63,000,000		62,989,220
PSP Capital Incorporated 144A(z)		0.15			9-4-2013		44,000,000		43,993,767
PSP Capital Incorporated 144A(z)		0.16			8-20-2013		18,000,000		17,998,480
SBAB Bank AB 144A(z)		0.24			8-2-2013		102,000,000		101,999,320
SBAB Bank AB 144A(z)		0.29			9-12-2013		43,000,000		42,985,452
SBAB Bank AB 144A(z)		0.30			9-17-2013		35,000,000		34,986,292
SBAB Bank AB 144A(z)		0.30			9-26-2013		43,000,000		42,979,933
Skandinaviska Enskilda Banken AG 144A(z)		0.26			12-17-2013		120,000,000		119,880,400
Sumitomo Mitsui Banking Corporation 144A(z)		0.23			9-5-2013		153,000,000		152,965,787
Sumitomo Trust and Banking Corporation 144A(z)		0.16			8-15-2013		132,000,000		131,991,787
Sumitomo Trust and Banking Corporation 144A(z)		0.16			8-16-2013		145,000,000		144,990,333
Sumitomo Trust and Banking Corporation 144A(z)		0.16			8-22-2013		164,000,000		163,984,693
Suncorp Group Limited 144A(z)		0.37			9-12-2013		31,000,000		30,986,618
Suncorp Group Limited 144A(z)		0.37			9-18-2013		65,000,000		64,967,933
Suncorp Group Limited 144A(z)		0.37			9-19-2013		30,000,000		29,984,892
Suncorp Group Limited 144A(z)		0.41			12-2-2013		24,000,000		23,966,380
Svenska Handelsbanken Incorporated 144A(z)		0.19			8-20-2013		36,500,000		36,496,340
Svenska Handelsbanken Incorporated 144A(z)		0.22			8-5-2013		140,000,000		139,996,578
Swedbank (z)		0.34			8-1-2013		117,090,000		117,090,000
United Overseas Bank Limited 144A(z)		0.18			9-10-2013		29,000,000		28,994,200

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

Portfolio of investments—July 31, 2013 (unaudited) Wells Fargo Advantage Heritage Money Market Fund 13

Security name	Interest rate			Maturity date		Principal		Value
Financial Company Commercial Paper (continued)
United Overseas Bank Limited 144A(z)		0.19	%		9-18-2013	$	51,000,000	$	50,987,080
United Overseas Bank Limited 144A(z)		0.22			11-14-2013		62,000,000		61,960,217
United Overseas Bank Limited 144A(z)		0.23			11-12-2013		61,000,000		60,959,859
UOB Funding LLC (z)		0.21			9-18-2013		57,550,000		57,533,886
UOB Funding LLC (z)		0.25			8-12-2013		20,450,000		20,448,438
Westpac Banking Corporation 144A±		0.32			1-16-2014		121,000,000		120,994,305
Westpac Banking Corporation 144A±		0.32			11-8-2013		82,000,000		81,997,707
Westpac Securities NZ Limited 144A(z)		0.18			8-8-2013		30,000,000		29,998,950
Westpac Securities NZ Limited 144A(z)		0.20			9-23-2013		33,000,000		32,990,526
Westpac Securities NZ Limited 144A(z)		0.22			9-9-2013		86,500,000		86,480,830
Westpac Securities NZ Limited 144A(z)		0.22			9-10-2013		42,000,000		41,989,733
Westpac Securities NZ Limited 144A±		0.27			11-19-2013		91,000,000		91,006,840
Westpac Securities NZ Limited 144A±		0.36			10-25-2013		115,000,000		115,000,000
									7,602,897,645
Other Commercial Paper: 3.93%
Caisse des Depots et Consignations 144A(z)		0.20			8-5-2013		6,000,000		5,999,867
Caisse des Depots et Consignations 144A(z)		0.20			8-8-2013		8,300,000		8,299,677
Catholic Health Initiatives (z)		0.19			9-4-2013		20,150,000		20,146,384
China International Marine Containers Company Limited (z)		0.35			8-1-2013		20,000,000		20,000,000
China International Marine Containers Company Limited (z)		0.35			8-5-2013		93,000,000		92,996,383
China International Marine Containers Company Limited (z)		0.35			8-8-2013		20,500,000		20,498,605
China International Marine Containers Company Limited (z)		0.35			8-9-2013		11,000,000		10,999,144
China International Marine Containers Company Limited (z)		0.35			8-14-2013		82,000,000		81,989,636
CNPC Finance 144A(z)		0.29			8-7-2013		33,000,000		32,998,405
CNPC Finance 144A(z)		0.32			8-15-2013		22,250,000		22,247,231
CNPC Finance 144A(z)		0.32			8-20-2013		88,000,000		87,985,138
CNPC Finance 144A(z)		0.32			8-23-2013		116,000,000		115,977,316
CNPC Finance 144A(z)		0.32			8-1-2013		64,000,000		64,000,000
CNPC Finance 144A(z)		0.32			8-12-2013		68,000,000		67,993,351
CNPC Finance 144A(z)		0.33			8-28-2013		22,000,000		21,994,555
CNPC Finance 144A(z)		0.36			9-6-2013		84,545,000		84,514,564
COFCO Capital Corporation (z)		0.16			8-6-2013		36,500,000		36,499,189
COFCO Capital Corporation (z)		0.21			8-8-2013		11,900,000		11,899,514
Sinochem Company Limited (z)		0.16			8-30-2013		85,000,000		84,989,044
Sinochem Company Limited (z)		0.16			9-4-2013		25,000,000		24,996,222
Sinochem Company Limited (z)		0.18			8-1-2013		32,000,000		32,000,000
Sinopec Century Bright Capital Investments Limited 144A(z)		0.32			8-1-2013		157,350,000		157,350,000
Sinopec Century Bright Capital Investments Limited 144A(z)		0.36			9-5-2013		38,000,000		37,986,700
Sinopec Century Bright Capital Investments Limited 144A(z)		0.36			9-9-2013		13,000,000		12,994,930
Sinopec Century Bright Capital Investments Limited 144A(z)		0.36			9-12-2013		51,000,000		50,978,580
Sinopec Century Bright Capital Investments Limited 144A(z)		0.36			9-13-2013		109,000,000		108,953,130
Toyota Credit de Puerto Rico (z)		0.18			9-5-2013		13,000,000		12,997,725
Toyota Motor Credit Corporation (z)		0.20			10-23-2013		64,000,000		63,970,489
Toyota Motor Credit Corporation±		0.24			9-12-2013		24,000,000		24,000,000
									1,418,255,779
Total Commercial Paper (Cost $16,113,686,902)									16,113,686,902

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

14 Wells Fargo Advantage Heritage Money Market Fund Portfolio of investments—July 31, 2013 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Municipal Obligations: 8.94%
Alabama: 0.01%
Variable Rate Demand Note ø: 0.01%
Homewood AL Educational Building Authority Samford University Series A (Education Revenue, Branch Banking & Trust LOC)		0.06	%		12-1-2043	$	3,602,000	$	3,602,000
Arizona: 0.15%
Variable Rate Demand Notes ø: 0.15%
Arizona Health Facilities Authority Catholic West Series B (Health Revenue, PNC Bank NA LOC)		0.06			7-1-2035		29,000,000		29,000,000
Glendale AZ IDA Midwestern University (Education Revenue, JPMorgan Chase & Company LOC)		0.07			5-1-2041		19,725,000		19,725,000
Glendale AZ IDA Thunderbird Garvin School Series A (IDR, JPMorgan Chase & Company LOC)		0.17			7-1-2035		6,435,000		6,435,000
									55,160,000
California: 0.99%
Other Municipal Debt: 0.33%
California Commercial Paper Notes Series B2 (GO)		0.17			8-27-2013		21,615,000		21,615,000
California Commercial Paper Notes Series B5 (GO)		0.15			8-28-2013		22,000,000		22,000,000
Los Angeles County CA Metropolitan Transportation Authority Series ATSM (Transportation Revenue)		0.21			10-1-2013		11,500,000		11,500,000
Los Angeles County CA Metropolitan Transportation Authority Series ATUB (Transportation Revenue)		0.28			10-2-2013		8,000,000		8,000,000
Orange County CA Pension Obligation Series A (Miscellaneous Revenue)		0.61			11-1-2013		11,000,000		11,000,000
San Francisco CA City & County Public Utilities Commission Series A1T (GO)		0.20			8-7-2013		13,000,000		13,000,000
San Francisco CA City & County Public Utilities Commission Series A2T (GO)		0.19			8-8-2013		31,000,000		31,000,000
									118,115,000
Variable Rate Demand Notes ø: 0.66%
Golden State Tobacco Securitization Corporation California Series 3107 (Tobacco Revenue, BHAC/Ambac Insured, Morgan Stanley Bank LIQ) 144A		0.09			12-1-2045		25,710,000		25,710,000
Los Angeles CA Unified School District 2012-2013 TRAN Series B JPMorgan PUTTER Series 4289 (GO, JPMorgan Chase & Company LIQ) 144A		0.06			11-28-2013		39,900,000		39,900,000
Sacramento CA MUD Series K (Utilities Revenue, Bank of America NA LOC)		0.06			8-15-2028		48,900,000		48,900,000
San Bernardino County CA Flood Control District (Miscellaneous Revenue, Bank of America NA LOC)		0.07			8-1-2037		35,795,000		35,795,000
San Francisco CA City & County COP Series B001 (Miscellaneous Revenue, Morgan Stanley Bank LIQ) 144A		0.23			11-1-2041		5,000,000		5,000,000
San Francisco CA City & County RDA Notre Dame Apartments Series G (Housing Revenue, Citibank NA LOC)		0.09			12-1-2033		930,000		930,000
San Jose CA Financing Authority Hayes Mansion Series D (Miscellaneous Revenue, U.S. Bank NA LOC)		0.16			6-1-2025		36,020,000		36,020,000
San Luis Obispo County CA Financing Authority Series 3030 Nacimiento Water Project Series A (Water & Sewer Revenue, BHAC/MBIA Insured, Morgan Stanley Bank LIQ) 144A		0.09			9-1-2038		23,570,000		23,570,000
San Mateo County CA Community College CAB Series B (Tax Revenue, National Insured)		0.16			9-1-2036		24,790,000		24,790,000
									240,615,000

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

Portfolio of investments—July 31, 2013 (unaudited) Wells Fargo Advantage Heritage Money Market Fund 15

Security name	Interest rate			Maturity date		Principal		Value
Colorado: 1.06%
Variable Rate Demand Notes ø: 1.06%
Colorado ECFA Nature Conservancy Project Series 2012 (Miscellaneous Revenue)		0.05	%		7-1-2033	$	31,010,000	$	31,010,000
Colorado HFA Class I Series A-1 (Housing Revenue, FHLB SPA)		0.19			10-1-2033		13,420,000		13,420,000
Colorado HFA Class I Series A-1 (Housing Revenue, FHLB SPA)		0.22			11-1-2036		395,000		395,000
Colorado HFA Class I Series A-2 (Housing Revenue, Royal Bank of Canada SPA)		0.06			11-1-2026		14,240,000		14,240,000
Colorado HFA Class I Series B-1 (Housing Revenue, JPMorgan Chase & Company SPA)		0.12			10-1-2038		49,420,000		49,420,000
Colorado HFA Class I Series B-2 (Housing Revenue, JPMorgan Chase & Company SPA)		0.11			4-1-2038		12,490,000		12,490,000
Colorado HFA Class I Series B-3 (Housing Revenue, FHLB SPA)		0.06			11-1-2036		25,445,000		25,445,000
Colorado HFA Class II Series B-3 (Housing Revenue, Royal Bank of Canada SPA)		0.07			5-1-2038		10,750,000		10,750,000
Colorado HFA MFHR Project B-2 (Housing Revenue, FHLB SPA)		0.12			5-1-2050		90,535,000		90,535,000
Southern Ute Indian Tribe Reservation Colorado (Miscellaneous Revenue) 144A		0.06			4-1-2040		62,735,000		62,735,000
Southern Ute Indian Tribe Reservation Colorado Series 2001 (IDR)		0.06			11-1-2031		34,000,000		34,000,000
Southern Ute Indian Tribe Reservation Colorado Series 2007 (Miscellaneous Revenue)		0.22			1-1-2027		37,910,000		37,910,000
									382,350,000
Connecticut: 0.08%
Variable Rate Demand Note ø: 0.08%
Connecticut HFA Series C-2 (Housing Revenue, Bank of Tokyo-Mitsubishi SPA)		0.06			5-15-2034		28,205,000		28,205,000
District of Columbia: 0.04%
Other Municipal Debt: 0.04%
District of Columbia Water & Sewer Authority Series C (Water & Sewer Revenue)		0.19			8-12-2013		14,200,000		14,200,000
Florida: 0.15%
Variable Rate Demand Note ø: 0.15%
Gainesville FL Utilities System Series A (Utilities Revenue, State Street Bank & Trust Company SPA)		0.06			10-1-2036		53,175,000		53,175,000
Georgia: 0.13%
Variable Rate Demand Notes ø: 0.13%
Savannah GA College of Art & Design Series 2004-BD (Education Revenue, Bank of America NA LOC)		0.20			4-1-2024		37,100,000		37,100,000
Wayne County GA IDA Solid Waste Disposal Rayonier Project Series 2000 (IDR, Bank of America NA LOC)		0.11			5-1-2020		10,000,000		10,000,000
									47,100,000
Illinois: 0.79%
Variable Rate Demand Notes ø: 0.79%
Chicago IL Midway Airport 2nd Lien Series A-2 (Airport Revenue, JPMorgan Chase & Company LOC)		0.09			1-1-2025		5,135,000		5,135,000
Chicago IL Midway Airport 2nd Lien Series C-1 (Airport Revenue, Bank of Montreal LOC)		0.08			1-1-2035		23,925,000		23,925,000
Chicago IL Water District Solar Eclipse Funding Trust Various States Project Series A (Water & Sewer Revenue, U.S. Bank NA LOC, U.S. Bank NA LIQ)		0.06			5-1-2014		24,700,000		24,700,000

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

16 Wells Fargo Advantage Heritage Money Market Fund Portfolio of investments—July 31, 2013 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Variable Rate Demand Notes ø (continued)
Cook County IL Various Projects Series D (Tax Revenue)		0.16	%		11-1-2030	$	67,000,000	$	67,000,000
Illinois Development Finance Authority YMCA Metropolitan Chicago Project Series 2001 (Miscellaneous Revenue, Harris NA LOC)		0.06			6-1-2029		17,100,000		17,100,000
Illinois Finance Authority Carle Foundation Series E (Health Revenue, JPMorgan Chase & Company LOC)		0.07			2-15-2033		28,900,000		28,900,000
Illinois Finance Authority Hospital Sister Services Series G (Health Revenue, Bank of Montreal LOC)		0.05			8-1-2040		14,300,000		14,300,000
Illinois Housing Development Authority Homeowners Mortgage Revenue Bonds 2005 Subseries A-3 (Housing Revenue, FHLB SPA)		0.07			8-1-2035		15,000,000		15,000,000
Illinois Housing Development Authority Larkin Village Project Series A (Housing Revenue, JPMorgan Chase & Company LOC)		0.11			1-1-2027		12,730,000		12,730,000
Springfield IL PUTTER Senior Lien Electric Series 1314 (Utilities Revenue, BHAC/MBIA Insured, JPMorgan Chase & Company LIQ)		0.09			3-1-2014		7,510,000		7,510,000
University of Illinois Utility Infrastructure Projects (Education Revenue, Bank of New York Mellon SPA)		0.06			8-15-2021		71,070,000		71,070,000
									287,370,000
Indiana: 0.14%
Variable Rate Demand Notes ø: 0.14%
Indiana Finance Authority Indiana University Health Series K (Health Revenue, JPMorgan Chase & Company LOC)		0.09			3-1-2033		39,515,000		39,515,000
Madison IN Arvin Sango Incorporated Project (IDR, Bank of Tokyo-Mitsubishi LOC)		0.09			8-1-2017		9,600,000		9,600,000
									49,115,000
Iowa: 0.04%
Variable Rate Demand Notes ø: 0.04%
Iowa Finance Authority SFHR Series 2006-F (Housing Revenue, GNMA/FNMA Insured, State Street Bank & Trust Company SPA)		0.07			7-1-2036		4,755,000		4,755,000
Iowa Financial Authority SFMR Series C (Housing Revenue, GNMA/FNMA/FHLMC Insured, FHLB SPA)		0.12			1-1-2039		9,110,000		9,110,000
									13,865,000
Kentucky: 0.02%
Variable Rate Demand Notes ø: 0.02%
Kentucky Housing Corporation Series M (Housing Revenue, PNC Bank NA SPA)		0.06			1-1-2033		2,000,000		2,000,000
Logan County KY Solid Waste Disposal Waste Management LLC Project (Resource Recovery Revenue, PNC Bank NA LOC)		0.10			3-1-2021		6,000,000		6,000,000
									8,000,000
Louisiana: 0.04%
Variable Rate Demand Note ø: 0.04%
East Baton Rouge Parish LA Sewerage Commission Revenue Series B005 (Water & Sewer Revenue, Morgan Stanley Bank LIQ) 144A		0.23			2-1-2045		16,280,000		16,280,000
Maryland: 0.32%
Variable Rate Demand Notes ø: 0.32%
Baltimore MD Package Systems Facilities (Transportation Revenue, Bank of America NA LOC)		0.16			7-1-2032		49,140,000		49,140,000

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

Portfolio of investments—July 31, 2013 (unaudited) Wells Fargo Advantage Heritage Money Market Fund 17

Security name	Interest rate			Maturity date		Principal		Value
Variable Rate Demand Notes ø (continued)
Maryland CDA Series D (Housing Revenue, PNC Bank NA LOC)		0.06	%		9-1-2038	$	18,890,000	$	18,890,000
Maryland Health & HEFA Anne Arundel Health System B (Health Revenue, Bank of America NA LOC)		0.08			7-1-2043		44,500,000		44,500,000
Maryland Health & HEFAR Series D (Miscellaneous Revenue, Bank of America NA LOC)		0.13			1-1-2029		2,375,000		2,375,000
									114,905,000
Massachusetts: 0.07%
Variable Rate Demand Note ø: 0.07%
Massachusetts Development Finance Agency Babson College Series B (Education Revenue, Citizens Bank LOC)		0.10			10-1-2031		23,840,000		23,840,000
Michigan: 0.73%
Variable Rate Demand Notes ø: 0.73%
Michigan Finance Authority Series A (Miscellaneous Revenue, Bank of America NA LOC)		0.18			9-1-2050		100,000,000		100,000,000
Michigan Finance Authority Series B (Miscellaneous Revenue, PNC Bank NA LOC)		0.16			9-1-2050		25,000,000		25,000,000
Michigan Finance Authority Series C (Miscellaneous Revenue, Bank of Montreal LOC)		0.16			9-1-2050		22,000,000		22,000,000
Michigan Housing Development Authority Series A (Housing Revenue, Bank of Tokyo-Mitsubishi SPA)		0.06			4-1-2040		18,990,000		18,990,000
Michigan Housing Development Authority Series A (Housing Revenue, JPMorgan Chase & Company SPA)		0.08			10-1-2037		36,670,000		36,670,000
Wayne County MI Airport Authority Series E-1 (Airport Revenue, JPMorgan Chase & Company LOC)		0.12			12-1-2028		25,000,000		25,000,000
Wayne County MI Airport Authority Series F (Airport Revenue, JPMorgan Chase & Company LOC)		0.11			12-1-2033		37,320,000		37,320,000
									264,980,000
Minnesota: 0.16%
Variable Rate Demand Notes ø: 0.16%
Minnesota HFA Residential Housing Finance Agency Series C (Housing Revenue, Royal Bank of Canada SPA)		0.07			1-1-2035		11,630,000		11,630,000
Minnesota Office of Higher Education Supplemental Student Loan Project Series A (Education Revenue, U.S. Bank NA LOC)		0.06			9-1-2046		12,500,000		12,500,000
Minnesota Office of Higher Education Supplemental Student Loan Project Series B (Education Revenue, State Street Bank & Trust Company LOC)		0.06			9-1-2046		11,000,000		11,000,000
Minnesota Office of Higher Education Supplemental Student Loan Project Series B (Education Revenue, Royal Bank of Canada LOC)		0.06			8-1-2047		24,000,000		24,000,000
									59,130,000
Nebraska: 0.07%
Variable Rate Demand Note ø: 0.07%
Nebraska Public Power Generation Agency Class A (Utilities Revenue, Citibank NA SPA) 144A		0.07			1-1-2041		24,000,000		24,000,000
Nevada: 0.22%
Variable Rate Demand Notes ø: 0.22%
Clark County NV Southwest Gas Project Series A (Utilities Revenue, JPMorgan Chase & Company LOC)		0.09			3-1-2038		29,000,000		29,000,000

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

18 Wells Fargo Advantage Heritage Money Market Fund Portfolio of investments—July 31, 2013 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Variable Rate Demand Notes ø (continued)
Las Vegas NV EDFA Keep Memory Alive Project Series 2007A (Miscellaneous Revenue, PNC Bank NA LOC)		0.05	%		5-1-2037	$	43,600,000	$	43,600,000
Washoe County NV Eclipse Funding Trust Series 2006-0142 (GO, U.S. Bank NA LOC, U.S. Bank NA LIQ) 144A		0.09			3-1-2036		8,275,000		8,275,000
									80,875,000
New Hampshire: 0.10%
Variable Rate Demand Notes ø: 0.10%
New Hampshire HEFA Phillips Exeter Academy (Education Revenue, JPMorgan Chase & Company SPA)		0.07			9-1-2042		15,000,000		15,000,000
New Hampshire HEFA Taxable Higher Education Corporation Series A (Miscellaneous Revenue, Royal Bank of Canada LOC)		0.15			12-1-2032		22,836,000		22,836,000
									37,836,000
New Jersey: 0.10%
Variable Rate Demand Notes ø: 0.10%
New Jersey Housing & Mortgage Finance Agency Series G (Housing Revenue, Bank of America NA LOC)		0.18			11-1-2039		14,515,000		14,515,000
North Hudson NJ Sewerage Authority Senior Lien Series C (Water & Sewer Revenue, TD Bank NA LOC)		0.16			6-1-2044		20,000,000		20,000,000
									34,515,000
New York: 0.65%
Variable Rate Demand Notes ø: 0.65%
New York Dormitory Authority St. John University Series B-1 (Education Revenue, Bank of America NA LOC)		0.07			7-1-2034		19,245,000		19,245,000
New York Energy R&D Authority Series A-2 (IDR, Scotia Bank LOC)		0.07			6-1-2036		30,700,000		30,700,000
New York HFA 600 W 42nd Street Housing Series A (Housing Revenue, FNMA Insured, FNMA LIQ)		0.07			5-15-2041		55,000,000		55,000,000
New York Liberty Development Corporation JPMorgan Chase PUTTER/DRIVER Trust Series 4011Z (Port Authority Revenue, JPMorgan Chase & Company LIQ) 144A		0.07			6-15-2019		23,665,000		23,665,000
New York NY Series A-5 (GO)		0.05			10-1-2042		20,100,000		20,100,000
New York Urban Development Corporate Revenue Series A3B (Tax Revenue, JPMorgan Chase & Company SPA)		0.07			3-15-2033		74,615,000		74,615,000
Westchester County NY Healthcare Corporation Series 2010-D (Health Revenue, TD Bank NA LOC)		0.10			11-1-2034		13,280,000		13,280,000
									236,605,000
Ohio: 0.17%
Variable Rate Demand Notes ø: 0.17%
Franklin County OH HCFR Presbyterian Retirement Services Series A (Health Revenue, PNC Bank NA LOC)		0.05			7-1-2036		10,750,000		10,750,000
Ohio Air Quality Development Authority AK Steel Corporation Series B (IDR, Bank of America NA LOC)		0.30			6-1-2024		26,000,000		26,000,000
Ohio Higher Education Facilities Ohio Dominican University Project (Education Revenue, JPMorgan Chase & Company LOC)		0.07			12-1-2037		12,200,000		12,200,000
Parma OH Community General Hospital Association Series 2006-A (Health Revenue, PNC Bank NA LOC)		0.05			11-1-2029		11,260,000		11,260,000
									60,210,000

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

Portfolio of investments—July 31, 2013 (unaudited) Wells Fargo Advantage Heritage Money Market Fund 19

Security name	Interest rate			Maturity date		Principal		Value
Oklahoma: 0.02%
Variable Rate Demand Note ø: 0.02%
Oklahoma Development Finance Authority Seaboard Farms Incorporation Project (IDR, Bank of New York Mellon LOC)		0.07	%		3-1-2027	$	8,800,000	$	8,800,000
Pennsylvania: 0.36%
Variable Rate Demand Notes ø: 0.36%
Montgomery County PA IDA New Regional Medical Center PFOTER Project Series 4674 (Health Revenue, FHA Insured, Bank of America NA LIQ) 144A		0.06			8-1-2038		14,000,000		14,000,000
Montgomery County PA IDA Series 3238 (Health Revenue, FHA Insured) 144A		0.06			8-1-2030		9,500,000		9,500,000
Pennsylvania Housing Finance Agency Series 86-B (Housing Revenue, Bank of Tokyo-Mitsubishi SPA)		0.07			4-1-2035		15,600,000		15,600,000
Pennsylvania Housing Finance Agency Series 89 (Housing Revenue, Bank of Tokyo-Mitsubishi SPA)		0.07			10-1-2035		28,885,000		28,885,000
Pennsylvania Housing Finance Agency Series 93-B (Housing Revenue, JPMorgan Chase & Company SPA)		0.08			4-1-2037		35,085,000		35,085,000
Pennsylvania Public School Building Authority (Education Revenue, AGM Insured) 144A		0.06			6-1-2032		10,000,000		10,000,000
Philadelphia PA Airport Refunding Bonds Series 2005 C-2 (Airport Revenue, Royal Bank of Canada LOC)		0.06			6-15-2025		15,540,000		15,540,000
									128,610,000
Puerto Rico: 0.11%
Variable Rate Demand Note ø: 0.11%
Puerto Rico Sales Tax Financing Corporation Series 3036 (Tax Revenue)		0.06			8-1-2057		39,716,933		39,716,933
South Carolina: 0.20%
Other Municipal Debt: 0.20%
South Carolina Public Service Auhority Series EE (GO)		0.20			10-9-2013		15,000,000		15,000,000
South Carolina Public Service Authority Series A (GO)		0.20			9-11-2013		7,986,000		7,986,000
South Carolina Public Service Authority Series C (GO)		0.18			8-15-2013		6,000,000		6,000,000
South Carolina Public Service Authority Series D (GO)		0.20			8-19-2013		20,000,000		20,000,000
York County SC Electric Membership Corporation Project Series B (Utilities Revenue)		0.25			9-3-2013		13,000,000		13,000,000
York County SC PCR Series 2000-B1 (Utilities Revenue)		0.25			9-3-2013		9,000,000		9,000,000
									70,986,000
South Dakota: 0.08%
Variable Rate Demand Notes ø: 0.08%
South Dakota HEFA Sioux Valley Hospital & Health Systems Project Series 2001-C (Health Revenue, U.S. Bank NA LOC)		0.05			11-1-2019		15,000,000		15,000,000
South Dakota Housing Development Authority Series C (Housing Revenue, FHLB SPA)		0.05			5-1-2037		15,800,000		15,800,000
									30,800,000
Tennessee: 0.11%
Other Municipal Debt: 0.03%
Tennessee Baptist Memorial Healthcare Corporation (Health Revenue)		0.18			9-10-2013		10,000,000		9,999,781

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

20 Wells Fargo Advantage Heritage Money Market Fund Portfolio of investments—July 31, 2013 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Variable Rate Demand Notes ø: 0.08%
Chattanooga TN Branch Banking & Trust Series 29 (Utilities Revenue, Branch Banking & Trust LIQ)		0.06	%		3-1-2016	$	12,485,000	$	12,485,000
Johnson City TN Health & Educational Facilities Board Series B1 (Health Revenue, U.S. Bank NA LOC)		0.16			7-1-2033		1,770,000		1,770,000
Nashville & Davidson Counties TN Metropolitan Government Stewarts Ferry Apartments Project (IDR, FHLMC LIQ)		0.08			1-1-2034		13,985,000		13,985,000
									28,240,000
Texas: 1.37%
Variable Rate Demand Notes ø: 1.37%
Austin TX Airport Systems Series 3 (Airport Revenue, State Street Bank & Trust Company LOC, AGM Insured)		0.06			11-15-2025		37,550,000		37,550,000
Calhoun Port Authority TX Formosa Plastics Corporation Project Series 2011A (IDR, Sumitomo Mitsui Banking LOC) 144A		0.07			9-1-2039		13,900,000		13,900,000
Harris County TX Industrial Development Corporation Deer Park Refining LP Series 2004-A (Resource Recovery Revenue)		0.06			3-1-2023		65,800,000		65,800,000
Mission TX Economic Development Corporation Solid Waste Disposal Project (Solid Waste Revenue, Bank of America NA LOC)		0.11			4-1-2022		12,000,000		12,000,000
Port Arthur TX Navigation District Motiva Enterprises LLC Project (IDR)		0.09			12-1-2027		22,035,000		22,035,000
Port Corpus Christi TX Flint Hills Resources Project Series 2006 (Resource Recovery Revenue)		0.07			1-1-2030		20,000,000		20,000,000
Port Corpus Christi TX Flint Hills Resources Project Series 2007 (Resource Recovery Revenue)		0.07			1-1-2032		13,200,000		13,200,000
Texas JPMorgan Chase PUTTER Trust Series 4262 (Miscellaneous Revenue, JPMorgan Chase & Company LIQ) 144A		0.06			8-30-2013		228,000,000		228,000,000
Texas Municipal Gas Acquisition & Supply Corporation Series 2848 (Miscellaneous Revenue, Morgan Stanley Bank LIQ)		0.36			12-15-2026		58,899,095		58,899,095
Texas Taxable Product Development Program Series A (Miscellaneous Revenue, National Australia Bank SPA)		0.12			6-1-2045		5,100,000		5,100,000
Texas Veterans Housing Assistance Program Fund II Series 2004D (Housing Revenue, JPMorgan Chase & Company SPA)		0.12			6-1-2020		4,585,000		4,585,000
Texas Veterans Housing Assistance Program Fund II Series C-2 (Housing Revenue, State Street Bank & Trust Company SPA)		0.08			12-1-2033		13,000,000		13,000,000
									494,069,095
Utah: 0.02%
Variable Rate Demand Note ø: 0.02%
Utah Board of Regents Student Loan Series A (Education Revenue, Royal Bank of Canada LOC)		0.08			11-1-2045		7,481,000		7,481,000
Washington: 0.10%
Other Municipal Debt: 0.03%
Port of Seattle WA Series D1 (Airport Revenue)		0.26			8-7-2013		9,000,000		9,000,000
Variable Rate Demand Notes ø: 0.07%
Seattle WA Municipal Light & Power JPMorgan Chase PUTTER Trust Series T0001 (Utilities Revenue, JPMorgan Chase & Company LIQ) 144A		0.22			2-1-2040		8,000,000		8,000,000
Washington Housing Finance Commission Regency Park Apartments Project Series A (Housing Revenue, FHLMC LIQ)		0.08			6-1-2027		7,805,000		7,805,000

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

Portfolio of investments—July 31, 2013 (unaudited) Wells Fargo Advantage Heritage Money Market Fund 21

Security name	Interest rate			Maturity date		Principal		Value
Variable Rate Demand Notes ø (continued)
Washington PUTTER Series 2640 (Miscellaneous Revenue, JPMorgan Chase & Company LIQ)		0.07	%		1-1-2016	$	9,995,000	$	9,995,000
									25,800,000
West Virginia: 0.02%
Variable Rate Demand Note ø: 0.02%
West Virginia EDA Morgantown Energy (IDR, Union Bank NA LOC)		0.07			4-1-2027		7,750,000		7,750,000
Wisconsin: 0.22%
Variable Rate Demand Notes ø: 0.22%
Wisconsin HEFA Hess Memorial Hospital Incorporated Series 2007 (Health Revenue, U.S. Bank NA LOC)		0.06			5-1-2024		11,390,000		11,390,000
Wisconsin Housing & EDA AMT Series A (Housing Revenue, FHLB SPA)		0.06			9-1-2022		17,020,000		17,020,000
Wisconsin Housing & EDA Home Ownership Series D (Housing Revenue, FNMA LOC)		0.07			9-1-2035		6,120,000		6,120,000
Wisconsin Housing & EDA Series F (Housing Revenue, JPMorgan Chase & Company SPA)		0.14			5-1-2030		14,575,000		14,575,000
Wisconsin Housing & EDA Series F (Housing Revenue, JPMorgan Chase & Company SPA)		0.14			11-1-2030		21,905,000		21,905,000
Wisconsin Public Power PUTTER Series 1232 (Utilities Revenue, BHAC/Ambac Insured, JPMorgan Chase & Company LIQ)		0.09			1-1-2015		9,930,000		9,930,000
									80,940,000
Wyoming: 0.10%
Variable Rate Demand Note ø: 0.10%
Wyoming CDA Variable Single Family Mortgage Series A (Housing Revenue, Bank of America NA SPA)		0.07			12-1-2032		35,000,000		35,000,000
Total Municipal Obligations (Cost $3,231,240,809)									3,231,240,809
Other Instruments: 0.45%
Australia & New Zealand Banking Group 144A±		1.01			1-10-2014		46,000,000		46,141,427
Australia & New Zealand Banking Group 144A±		1.27			12-20-2013		41,300,000		41,462,422
National Australia Bank Limited 144A±		1.02			8-20-2013		43,000,000		43,019,145
Oakland-Alameda County CA Series A-2 Municipal Commercial Paper		0.19			8-7-2013		18,740,000		18,740,000
Westpac Banking Corporation 144A±		1.52			1-30-2014		12,500,000		12,575,355
Total Other Instruments (Cost $161,938,349)									161,938,349
Other Notes: 1.14%
Corporate Bonds and Notes: 1.14%
General Electric Capital Corporation		1.88			9-16-2013		15,000,000		15,030,109
Hartford Healthcare Corporation ±		0.18			9-5-2013		25,000,000		25,000,000
Toronto-Dominion Bank ±		0.24			11-15-2013		177,000,000		177,000,000
Toyota Motor Credit Corporation ±		0.27			2-24-2014		80,000,000		80,000,000
Toyota Motor Credit Corporation ±		0.27			12-9-2013		117,000,000		117,000,000
Total Other Notes (Cost $414,030,109)									414,030,109

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

22 Wells Fargo Advantage Heritage Money Market Fund Portfolio of investments—July 31, 2013 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Repurchase Agreements ^^: 3.29%
Goldman Sachs & Company, dated 7-1-2013, maturity value $353,133,748 (1)±(i)¢§		0.22	%		9-1-2013	$	353,000,000	$	353,000,000
JPMorgan Securities, dated 7-1-2013, maturity value $49,007,173 (2)±¢§		0.17			8-1-2013		49,000,000		49,000,000
JPMorgan Securities, dated 7-1-2013, maturity value $506,292,356 (3)±(i)¢§		0.32			9-4-2013		506,000,000		506,000,000
Royal Bank of Canada, dated 7-31-13, maturity value $93,000,207 (4)		0.08			8-1-2013		93,000,000		93,000,000
Societe Generale New York, dated 7-31-13, maturity value $186,500,466 (5)		0.09			8-1-2013		186,500,000		186,500,000
Total Repurchase Agreements (Cost $1,187,500,000)									1,187,500,000
Treasury Debt: 4.95%
U.S. Treasury Bill (z)		0.08			12-5-2013		186,000,000		185,947,629
U.S. Treasury Bill (z)		0.08			12-12-2013		187,000,000		186,944,472
U.S. Treasury Bill (z)		0.08			12-19-2013		129,000,000		128,959,867
U.S. Treasury Bill (z)		0.08			11-29-2013		185,000,000		184,949,125
U.S. Treasury Bill (z)		0.10			9-19-2013		54,000,000		53,992,650
U.S. Treasury Bill (z)		0.11			9-26-2013		67,000,000		66,988,744
U.S. Treasury Bill (z)		0.12			9-12-2013		66,000,000		65,991,145
U.S. Treasury Bill (z)		0.12			8-15-2013		64,000,000		63,997,063
U.S. Treasury Bill (z)		0.13			9-5-2013		103,000,000		102,987,232
U.S. Treasury Bill (z)		0.13			8-22-2013		131,000,000		130,989,874
U.S. Treasury Bill (z)		0.14			8-29-2013		51,000,000		50,994,645
U.S. Treasury Note		0.25			11-30-2013		106,000,000		106,055,159
U.S. Treasury Note		0.75			12-15-2013		131,000,000		131,315,169
U.S. Treasury Note		1.00			5-15-2014		19,000,000		19,122,295
U.S. Treasury Note		4.75			5-15-2014		299,000,000		309,742,059
Total Treasury Debt (Cost $1,788,977,128)									1,788,977,128

Total investments in securities
(Cost $36,134,854,851) *	100.01	%		36,134,854,851
Other assets and liabilities, net	(0.01	)		(4,576,799	)
Total net assets	100.00	%	$	36,130,278,052

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

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.

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

ø Variable rate demand notes are subject to a demand feature which reduces the effective maturity. The interest rate is determined and reset by the issuer daily, weekly, or monthly depending upon the terms of the security. The interest rate shown is the rate in effect at period end.

(i) Illiquid security

¢ Represents a long-dated and extendible repurchase agreement which automatically renews on previously set terms. The maturity date represents the next put date.

§ Security is subject to a demand feature which reduces the effective maturity.

^^ Collateralized by:

(1) U.S. government securities, 0.00% to 1.88%, 8-2-2013 to 7-15-2022, fair value including accrued interest is $360,060,017.

(2) U.S. government securities, 0.00%, 10-1-2013, fair value is $49,980,921.

(3) U.S. government securities, 0.00% to 0.54%, 8-1-2013 to 4-29-2014, fair value including accrued interest is $516,122,217.

(4) U.S. government securities, 0.00% to 3.67%, 5-1-2035 to 8-1-2043, fair value including accrued interest is $95,790,000.

(5) U.S. government securities, 0.00% to 6.25%, 1-2-2014 to 8-15-2023, fair value including accrued interest is $190,230,002.

* Cost for federal income tax purposes is substantially the same as for financial reporting purposes.

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

Statement of assets and liabilities—July 31, 2013 (unaudited) Wells Fargo Advantage Heritage Money Market Fund 23

Assets
Investments in unaffiliated securities, at amortized cost	$	36,134,854,851
Cash		23,787
Receivable for investments sold		293,240,172
Receivable for Fund shares sold		1,138,101
Receivable for interest		8,412,395
Prepaid expenses and other assets		92,106
Total assets		36,437,761,412
Liabilities
Dividends payable		847,261
Payable for investments purchased		301,079,611
Payable for Fund shares redeemed		267,129
Advisory fee payable		1,401,124
Due to other related parties		2,705,683
Accrued expenses and other liabilities		1,182,552
Total liabilities		307,483,360
Total net assets	$	36,130,278,052
NET ASSETS CONSIST OF
Paid-in capital	$	36,138,084,072
Overdistributed net investment income		(528,643	)
Accumulated net realized losses on investments		(7,277,377	)
Total net assets	$	36,130,278,052
COMPUTATION OF NET ASSET VALUE PER SHARE1
Net assets – Administrator Class	$	303,623,632
Shares outstanding – Administrator Class		303,618,582
Net asset value per share – Administrator Class		$1.00
Net assets – Institutional Class	$	9,693,880,348
Shares outstanding – Institutional Class		9,693,750,273
Net asset value per share – Institutional Class		$1.00
Net assets – Select Class	$	24,937,681,968
Shares outstanding – Select Class		24,937,219,231
Net asset value per share – Select Class		$1.00
Net assets – Service Class	$	1,195,092,104
Shares outstanding – Service Class		1,195,077,713
Net asset value per share – Service Class		$1.00

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

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

24 Wells Fargo Advantage Heritage Money Market Fund Statement of operations—six months ended July 31, 2013 (unaudited)

Investment income
Interest	$	43,445,660
Expenses
Advisory fee		18,836,170
Administration fees
Fund level		6,394,687
Administrator Class		144,681
Institutional Class		3,862,148
Select Class		5,304,607
Service Class		722,742
Shareholder servicing fees
Administrator Class		144,681
Service Class		1,461,527
Custody and accounting fees		853,070
Professional fees		25,126
Registration fees		43,867
Shareholder report expenses		53,353
Trustees’ fees and expenses		603
Other fees and expenses		170,752
Total expenses		38,018,014
Less: Fee waivers and/or expense reimbursements		(9,591,079	)
Net expenses		28,426,935
Net investment income		15,018,725
Net realized gains on investments		122,305
Net increase in net assets resulting from operations	$	15,141,030

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

Statement of changes in net assets Wells Fargo Advantage Heritage Money Market Fund 25

	Six months ended July 31, 2013 (unaudited)						Year ended January 31, 2013
Operations
Net investment income				$	15,018,725					$	25,223,806
Net realized gains on investments					122,305						1,306,659
Net increase in net assets resulting from operations					15,141,030						26,530,465
Distributions to shareholders from
Net investment income
Administrator Class					(14,468	)					(32,577	)
Institutional Class					(1,553,185	)					(4,337,852	)
Select Class					(13,413,935	)					(20,758,334	)
Service Class					(60,228	)					(81,585	)
Total distributions to shareholders					(15,041,816	)					(25,210,348	)
		Shares						Shares
Capital share transactions
Proceeds from shares sold
Administrator Class		515,644,492			515,644,492			989,827,889			989,827,889
Institutional Class		29,160,236,215			29,160,236,215			48,965,708,419			48,965,708,419
Select Class		125,828,594,734			125,828,594,734			132,226,851,581			132,226,851,581
Service Class		12,655,024,855			12,655,024,855			3,247,868,458			3,247,868,458
					168,159,500,296						185,430,256,347
Reinvestment of distributions
Administrator Class		7,099			7,099			15,633			15,633
Institutional Class		417,742			417,742			1,072,541			1,072,541
Select Class		6,334,498			6,334,498			8,753,419			8,753,419
Service Class		10,943			10,943			16,749			16,749
					6,770,282						9,858,342
Payment for shares redeemed
Administrator Class		(490,569,986	)		(490,569,986	)		(1,085,698,056	)		(1,085,698,056	)
Institutional Class		(29,147,785,293	)		(29,147,785,293	)		(52,241,433,917	)		(52,241,433,917	)
Select Class		(128,251,572,028	)		(128,251,572,028	)		(120,235,972,167	)		(120,235,972,167	)
Service Class		(12,538,054,509	)		(12,538,054,509	)		(3,579,004,917	)		(3,579,004,917	)
					(170,427,981,816	)					(177,142,109,057	)
Net asset value of shares issued in acquisition
Institutional Class		1,865,706,266			1,865,692,888			0			0
Service Class		415,853,250			415,854,257			0			0
					2,281,547,145						0
Net increase in net assets resulting from capital share transactions					19,835,907						8,298,005,632
Total increase in net assets					19,935,121						8,299,325,749
Net assets
Beginning of period					36,110,342,931						27,811,017,182
End of period				$	36,130,278,052					$	36,110,342,931
Overdistributed net investment income				$	(528,643	)				$	(505,552	)

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

26 Wells Fargo Advantage Heritage Money Market Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended July 31, 2013 (unaudited)			Year ended January 31									Year ended February 28
ADMINISTRATOR CLASS				2013			2012			20111			2010			2009			20082
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.00	3		0.00	3		0.00	3		0.00	3		0.00	3		0.02			0.05
Net realized gains on investments		0.00	3		0.00	3		0.00	3		0.00	3		0.00	3		0.00			0.00
Total from investment operations		0.00	3		0.00	3		0.00	3		0.00	3		0.00	3		0.02			0.05
Distributions to shareholders from
Net investment income		(0.00	)3		(0.00	)3		(0.00	)3		(0.00	)3		(0.00	)3		(0.02	)		(0.05	)
Net realized gains		0.00			0.00			(0.00	)3		(0.00	)3		(0.00	)3		(0.00	)3		0.00
Total distributions to shareholders		(0.00	)3		(0.00	)3		(0.00	)3		(0.00	)3		(0.00	)3		(0.02	)		(0.05	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return4		0.00	%		0.01	%		0.01	%		0.03	%		0.21	%		2.19	%		4.90	%
Ratios to average net assets (annualized)
Gross expenses		0.34	%		0.34	%		0.34	%		0.34	%		0.37	%		0.38	%		0.38	%
Net expenses		0.22	%		0.24	%		0.24	%		0.31	%		0.33	%		0.34	%		0.34	%
Net investment income		0.01	%		0.01	%		0.01	%		0.03	%		0.17	%		2.09	%		4.68	%
Supplemental data
Net assets, end of period (000s omitted)		$303,624			$278,541			$374,371			$694,823			$1,201,158			$918,595			$608,865

1. For the eleven months ended January 31, 2011. The Fund changed its fiscal year end from February 28 to January 31, effective January 31, 2011.

2. Year ended February 29

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 Heritage Money Market Fund 27

(For a share outstanding throughout each period)

	Six months ended July 31, 2013 (unaudited)			Year ended January 31										Year ended February 28
INSTITUTIONAL CLASS				2013			2012				20111			2010			2009			20082
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00			$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.00	3		0.00	3		0.00	3			0.00	3		0.00	3		0.02			0.05
Net realized gains on investments		0.00	3		0.00	3		0.00	3			0.00	3		0.00	3		0.00			0.00
Total from investment operations		0.00	3		0.00	3		0.00	3			0.00	3		0.00	3		0.02			0.05
Distributions to shareholders from										��
Net investment income		(0.00	)3		(0.00	)3		(0.00	)3			(0.00	)3		(0.00	)3		(0.02	)		(0.05	)
Net realized gains		0.00			0.00			(0.00	)3			(0.00	)3		(0.00	)3		(0.00	)3		0.00
Total distributions to shareholders		(0.00	)3		(0.00	)3		(0.00	)3			(0.00	)3		(0.00	)3		(0.02	)		(0.05	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00			$	1.00		$	1.00		$	1.00		$	1.00
Total return4		0.02	%		0.05	%		0.05	%			0.13	%		0.33	%		2.32	%		5.06	%
Ratios to average net assets (annualized)
Gross expenses		0.22	%		0.22	%		0.22	%			0.22	%		0.25	%		0.27	%		0.26	%
Net expenses		0.20	%		0.20	%		0.20	%			0.20	%		0.21	%		0.22	%		0.20	%
Net investment income		0.03	%		0.05	%		0.05	%			0.14	%		0.31	%		2.09	%		4.77	%
Supplemental data
Net assets, end of period (000s omitted)		$9,693,880			$7,815,293			$11,089,557				$14,944,657			$7,795,659			$5,862,075			$1,579,225

1. For the eleven months ended January 31, 2011. The Fund changed its fiscal year end from February 28 to January 31, effective January 31, 2011.

2. Year ended February 29

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.

28 Wells Fargo Advantage Heritage Money Market Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended July 31, 2013 (unaudited)			Year ended January 31									Year ended February 28
SELECT CLASS				2013			2012			20111			2010			2009			20082
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.00	3		0.00	3		0.00	3		0.00	3		0.00	3		0.02			0.03
Net realized gains on investments		0.00	3		0.00	3		0.00	3		0.00	3		0.00	3		0.00			0.00
Total from investment operations		0.00	3		0.00	3		0.00	3		0.00	3		0.00	3		0.02			0.03
Distributions to shareholders from
Net investment income		(0.00	)3		(0.00	)3		(0.00	)3		(0.00	)3		(0.00	)3		(0.02	)		(0.03	)
Net realized gains		0.00			0.00			(0.00	)3		(0.00	)3		(0.00	)3		0.00			0.00
Total distributions to shareholders		(0.00	)3		(0.00	)3		(0.00	)3		(0.00	)3		(0.00	)3		(0.02	)		(0.03	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return4		0.05	%		0.12	%		0.12	%		0.19	%		0.40	%		2.40	%		3.30	%
Ratios to average net assets (annualized)
Gross expenses		0.18	%		0.18	%		0.18	%		0.18	%		0.20	%		0.23	%		0.22	%
Net expenses		0.13	%		0.13	%		0.13	%		0.13	%		0.14	%		0.15	%		0.13	%
Net investment income		0.10	%		0.12	%		0.12	%		0.21	%		0.30	%		2.14	%		4.58	%
Supplemental data
Net assets, end of period (000s omitted)		$24,937,682			$27,354,255			$15,353,756			$26,630,573			$22,489,644			$6,066,768			$1,368,330

1. For the eleven months ended January 31, 2011. The Fund changed its fiscal year end from February 28 to January 31, effective January 31, 2011.

2. For the period from June 29, 2007 (commencement of class operations) to February 29, 2008

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 Heritage Money Market Fund 29

(For a share outstanding throughout each period)

	Six months ended July 31, 2013 (unaudited)			Year ended January 31
SERVICE CLASS				2013			2012			20111
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.00	2		0.00	2		0.00	2		0.00	2
Net realized gains on investments		0.00	2		0.00	2		0.00	2		0.00	2
Total from investment operations		0.00	2		0.00	2		0.00	2		0.00	2
Distributions to shareholders from
Net investment income		(0.00	)2		(0.00	)2		(0.00	)2		(0.00	)2
Net realized gains		0.00			0.00			(0.00	)2		(0.00	)2
Total distributions to shareholders		(0.00	)2		(0.00	)2		(0.00	)2		(0.00	)2
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00
Total return3		0.00	%		0.01	%		0.01	%		0.01	%
Ratios to average net assets (annualized)
Gross expenses		0.50	%		0.50	%		0.51	%		0.51	%
Net expenses		0.22	%		0.24	%		0.24	%		0.34	%
Net investment income		0.01	%		0.01	%		0.01	%		0.01	%
Supplemental data
Net assets, end of period (000s omitted)		$1,195,092			$662,253			$993,333			$1,231,527

1. For the period from June 30, 2010 (commencement of class operations) to January 31, 2011

2. Amount is less than $0.005.

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

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

30 Wells Fargo Advantage Heritage Money Market 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 Heritage Money Market 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

As permitted under Rule 2a-7 of the 1940 Act, portfolio securities 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 which are not valued using the method 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.

Repurchase agreements

The Fund may invest in repurchase agreements and may participate in pooled repurchase agreement transactions with other funds advised by Funds Management. The repurchase agreements must be fully collateralized based on values that are marked-to-market daily. The collateral may be held by an agent bank under a tri-party agreement. It is the custodian’s responsibility to value collateral daily and to take action to obtain additional collateral as necessary to maintain market value equal to or greater than the resale price. The repurchase agreements are collateralized by instruments such as U.S. Treasury, federal agency, or high-grade corporate obligations. There could be potential loss to the Fund in the event that the Fund is delayed or prevented from exercising its rights to dispose of the collateral, including the risk of a possible decline in the value of the underlying obligations during the period in which the Fund seeks to assert its rights.

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.

Notes to financial statements (unaudited) Wells Fargo Advantage Heritage Money Market Fund 31

Distributions to shareholders

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

Federal and other taxes

The Fund intends to continue to qualify as a regulated investment company by distributing substantially all of its investment company taxable and tax-exempt 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 January 31, 2013, the Fund had capital loss carryforwards available to offset future net realized capital gains in the amount of $7,399,682 expiring in 2017.

Class allocations

The separate classes of shares offered by the Fund differ principally in 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 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.

At July 31, 2013, all of the Fund’s investments in securities were valued using Level 2 inputs since the primary inputs include the credit quality of the issuer and short-term interest rates (both of which are observable) in addition to the use of amortized cost.

Transfers in and transfers out are recognized at the end of the reporting period. For the six months ended July 31, 2013, the Fund did not have any transfers into/out of Level 1, Level 2, or Level 3.

4. TRANSACTIONS WITH AFFILIATES AND OTHER EXPENSES

Advisory fee

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

32 Wells Fargo Advantage Heritage Money Market Fund Notes to financial statements (unaudited)

Pursuant to the contract, Funds Management is entitled to receive an annual advisory fee of 0.10% of the Fund’s average daily net assets.

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Funds Management. Wells Capital Management Incorporated, an affiliate of Funds Management, is the subadviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.05% and declining to 0.01% 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
Administrator Class		0.10	%
Institutional Class		0.08
Select Class		0.04
Service Class		0.12

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 May 31, 2014 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 0.35% for Administrator Class shares, 0.20% for Institutional Class shares, 0.13% for Select Class shares, and 0.43% for Service Class shares.

Shareholder servicing fees

The Trust has entered into contracts with one or more shareholder servicing agents, whereby Service Class of the Fund is charged a fee at an annual rate of 0.25% of the its average daily net assets. Administrator Class is charged a fee at an annual rate of 0.10% of its average daily net assets.

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

5. ACQUISITION

After the close of business on March 1, 2013, the Fund acquired the net assets of Wells Fargo Advantage Prime Investment Money Market Fund. The purpose of the transaction was to combine two funds with similar investment objectives and strategies. Shareholders holding Institutional Class and Service Class shares of Wells Fargo Advantage Prime Investment Money Market Fund received Institutional Class and Service Class shares, respectively, of the Fund in the reorganization. The acquisition was accomplished by a tax-free exchange of all of the shares of Wells Fargo Advantage Prime Investment Money Market Fund for 2,281,559,516 shares of the Fund valued at $2,281,547,145 at an exchange ratio of 1.00 and 1.00 for Institutional Class and Service Class shares, respectively. The investment portfolio of Wells Fargo Advantage Prime Investment Money Market Fund with an amortized cost of $2,281,613,031 at March 1, 2013 were the principal assets acquired by the Fund. The aggregate net assets of Wells Fargo Advantage Prime Investment Money Market Fund and the Fund immediately prior to the acquisition were $2,281,547,145 and $36,688,932,750, respectively. The aggregate net assets of the Fund immediately after the acquisition were $38,970,479,895. For financial reporting purposes, assets received and shares issued by the Fund were recorded at fair value; however, the cost basis of the investments received from Wells Fargo Advantage Prime Investment Money Market Fund was carried forward to align ongoing reporting of the Fund’s realized gains and losses with amounts distributable to shareholders for tax purposes.

Assuming the acquisition had been completed February 1, 2013, the beginning of the annual reporting period for the Fund, the pro forma results of operations for the six months ended July 31, 2013 would have been:

Net investment income	$	15,177,013
Net realized gains on investments	$	135,176
Net increase in net assets resulting from operations	$	15,312,189

Notes to financial statements (unaudited) Wells Fargo Advantage Heritage Money Market Fund 33

Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of Wells Fargo Advantage Prime Investment Money Market Fund that have been included in the Fund’s Statement of Operations since March 4, 2013.

6. 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.

34 Wells Fargo Advantage Heritage Money Market 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, seven-day 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 Heritage Money Market Fund 35

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

36 Wells Fargo Advantage Heritage Money Market 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 Heritage Money Market Fund 37

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 Heritage Money Market 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 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 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 in range of the median performance of the Universe for all periods under review.

38 Wells Fargo Advantage Heritage Money Market Fund Other information (unaudited)

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 operating expense ratios of the Fund were higher than the median net operating expense ratios of the expense Groups, except for the Select Class. Funds Management advised the Board that the expense Group medians reflected voluntary waivers, whereas the Fund’s expense ratios did not reflect voluntary waivers. The Board noted that when the Fund’s expense ratios were adjusted to reflect voluntary waivers, the Fund’s net operating expense ratios were lower than or in range of the median net operating expense ratios of the expense Groups for the Service Class, Administrator Class, and Select Class. The Board and Funds Management agreed to extend the net operating expense caps for all of the Fund’s share classes until 2014.

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 the Administrator Class. The Board viewed favorably the fact that when the Fund’s expense ratios were adjusted to reflect voluntary fee waivers, the net operating expense ratio for the Administrator Class was in range of the median net operating expense ratio of its respective expense Group.

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-

Other information (unaudited) Wells Fargo Advantage Heritage Money Market Fund 39

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 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.

40 Wells Fargo Advantage Heritage Money Market 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.

218828 09-13 SA304/SAR304 7-13

Wells Fargo Advantage

Municipal Money Market Fund

Semi-Annual Report

July 31, 2013

Reduce clutter. Save trees.

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

Contents

Letter to shareholders	2
Performance highlights	4
Fund expenses	6
Portfolio of investments	7
Financial statements
Statement of assets and liabilities	19
Statement of operations	20
Statement of changes in net assets	21
Financial highlights	22
Notes to financial statements	27
Other information	30
List of abbreviations	36

The views expressed and any forward-looking statements are as of July 31, 2013, unless otherwise noted, and are those of the Fund managers and/or Wells Fargo Funds Management, LLC. Discussions of individual securities, or the markets generally, or any Wells Fargo Advantage Fund are not intended as individual recommendations. Future events or results may vary significantly from those expressed in any forward-looking statements; the views expressed are subject to change at any time in response to changing circumstances in the market. Wells Fargo Funds Management, LLC, disclaims any obligation to publicly update or revise any views expressed or forward-looking statements.

NOT FDIC INSURED  ¡  NO BANK GUARANTEE  ¡   MAY LOSE VALUE

Wells Fargo investment history

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

Wells Fargo Advantage Funds^®

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

Strength

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

Expertise

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

Partnership

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

Carefully consider the investment objectives, risks, charges, and expenses before investing. For a current prospectus and, if available, a summary prospectus, for Wells Fargo Advantage Funds, containing this and other information, visit wellsfargoadvantagefunds.com. Read it carefully before investing.

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

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

NOT FDIC INSURED  ¡  NO BANK GUARANTEE  ¡  MAY LOSE VALUE

Not part of the semi-annual report.

Wells Fargo Advantage Funds offers more than 100 mutual funds across a wide range of asset classes, representing over $226 billion in assets under management, as of July 31, 2013.

Equity funds
Asia Pacific Fund	Enterprise Fund†	Opportunity Fund†
C&B Large Cap Value Fund	Global Opportunities Fund	Precious Metals Fund
C&B Mid Cap Value Fund	Growth Fund	Premier Large Company Growth Fund
Capital Growth Fund	Index Fund	Small Cap Opportunities Fund
Common Stock Fund	International Equity Fund	Small Cap Value Fund
Disciplined U.S. Core Fund	International Value Fund	Small Company Growth Fund
Discovery Fund†	Intrinsic Small Cap Value Fund	Small Company Value Fund
Diversified Equity Fund	Intrinsic Value Fund	Small/Mid Cap Value Fund
Diversified International Fund	Intrinsic World Equity Fund	Special Mid Cap Value Fund
Emerging Growth Fund	Large Cap Core Fund	Special Small Cap Value Fund
Emerging Markets Equity Fund	Large Cap Growth Fund	Specialized Technology Fund
Emerging Markets Equity Income Fund	Large Company Value Fund	Traditional Small Cap Growth Fund
Endeavor Select Fund†	Omega Growth Fund	Utility and Telecommunications Fund
Bond funds
Adjustable Rate Government Fund	High Yield Municipal Bond Fund	Short-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 Municipal Money Market Fund Letter to shareholders (unaudited)

Karla M. Rabusch

President

Wells Fargo Advantage Funds

We continue to believe that most investors can benefit from adhering to a well-diversified, high-quality investment strategy that is focused on liquidity and capital preservation.

As we gain clarity in the coming months regarding potential changes to the regulation of money market funds, we will provide further communications to you about them.

Dear Valued Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Advantage Municipal Money Market Fund for the six-month period that ended July 31, 2013. The past six months were marked by accommodative central bank policies, low interest rates, and regulatory uncertainty. Despite the challenges of a changing market landscape, we continue to believe that most investors can benefit from adhering to a well-diversified, high-quality investment strategy that is focused on liquidity and capital preservation.

Short-term interest rates remained low.

Monetary policy remained accommodative. The Federal Open Market Committee (FOMC) did not make any changes to its policy of keeping the target for the federal funds rate near zero or its asset purchase program of buying agency mortgage-backed securities and Treasury securities. However, Federal Reserve (Fed) Chairman Ben Bernanke roiled bond markets on June 19, after the previous day’s FOMC’s meeting, by indicating that tapering of its bond-buying program could begin later this year and that it could end as soon as mid-2014. Despite Chairman Bernanke’s comments on the potential for tapering of the bond-buying program, the Fed’s official statement reaffirmed its program of buying agency mortgage-backed securities at a pace of $40 billion per month and longer-term Treasury securities at a pace of $45 billion per month to “maintain downward pressure on longer-term interest rates, support mortgage markets, and help make broader financial conditions more accommodative.”

Anchored by the Fed’s accommodative monetary policy of holding its targeted federal funds rate near zero, short-term interest rates remained ultra low during the period. While longer-term interest rates rose late in the period, the combination of strong demand and limited supply of money market securities further exacerbated the low level of short-term interest rates throughout the period. A main reason that overall supply of money-market-eligible securities continued to decrease was due to issuers choosing to issue long-term debt to take advantage of low interest rates.

Despite interest rates remaining low, investors remained involved in money markets because yield was only one component driving their investment choices. More often, safety, diversification¹, and liquidity have been higher-value propositions to these investors, factors that were not diminished by Fed policy or technical developments.

Money market regulations remained under review.

Regulators remained concerned about potential systemic risk from money market funds in the event of another financial crisis and sought further revisions to regulations governing money market funds in order to mitigate that risk. In June, the U.S. Security and Exchange Commission (SEC) proposed the following changes: 1) a floating net asset value (NAV) rather than a $1.00 stable NAV for prime institutional money market funds (prime retail money market funds and government money market funds could continue to maintain a stable $1.00 NAV under the proposal); 2) liquidity fees and redemption gates for money market funds other than government funds; or 3) a combination of these two measures. The SEC is also considering changes to portfolio diversification, stress testing, and disclosure requirements for all money market funds. Wells Fargo Funds Management, LLC intends to submit a comment letter on the proposals to the SEC. As we gain clarity in the coming months regarding potential changes to the regulation of money market funds, we will provide further communications to you about them.

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

Letter to shareholders (unaudited) Wells Fargo Advantage Municipal Money Market Fund 3

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

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

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

Sincerely,

Karla M. Rabusch

President

Wells Fargo Advantage Funds

4 Wells Fargo Advantage Municipal Money Market Fund Performance highlights (unaudited)

Investment objective

The Fund seeks current income exempt from regular federal income tax, while preserving capital and liquidity.

Adviser

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

David D. Sylvester

James Randazzo

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

								Expense ratios2 (%)
	Inception date	1 year		5 year		10 year		Gross		Net3
Class A (WMUXX)	1-5-1995		0.03		0.20		1.03		0.83		0.65
Institutional Class (WMTXX)*	7-9-2010		0.05		0.28		1.22		0.44		0.20
Investor Class (WMVXX)	7-9-2010		0.03		0.25		1.20		0.86		0.64
Service Class (WMSXX)	11-2-1988		0.03		0.25		1.20		0.73		0.45
Sweep Class	6-30-2000		0.03		0.16		0.86		1.18		1.00

* Institutional Class shares are closed to new investors.

Fund yield summary3 (%) as of July 31, 2013	Class A	Institutional Class		Investor Class		Service Class		Sweep Class
7-day current yield	0.01		0.01		0.01		0.01		0.01
7-day compound yield	0.01		0.01		0.01		0.01		0.01
30-day simple yield	0.01		0.01		0.01		0.01		0.01
30-day compound yield	0.01		0.01		0.01		0.01		0.01

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 returns will fluctuate. The Fund’s yield figures more closely reflect the current earnings of the Fund than the total return figures. 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 at the Fund’s website, wellsfargoadvantagefunds.com.

Each class is sold without a front-end sales charge or contingent deferred sales charge. Other fees and expenses apply to an investment in the Fund and are described in the Fund’s current prospectuses.

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 Fund seeks 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. A portion of the Fund’s income may be subject to federal, state, and/or local income taxes or the alternative minimum tax (AMT).

Please see footnotes on page 5.

Performance highlights (unaudited) Wells Fargo Advantage Municipal Money Market Fund 5

Revenue source distribution⁴ as of July 31, 2013

Effective maturity distribution⁵ as of July 31, 2013

Weighted average maturity⁶ as of July 31, 2013

16 days

Weighted average final maturity⁷ as of July 31, 2013

16 days

1. Historical performance shown for Institutional Class shares prior to their inception reflects the performance of Service Class shares, and includes the higher expenses applicable to Service Class shares. If these expenses had not been included, returns would be higher. Historical performance shown for Investor Class shares prior to their inception reflects the performance of Service Class shares, and has not been adjusted to include the higher expenses applicable to Investor Class shares. If these expenses had been adjusted, returns would be lower. 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 Municipal Money Market Fund.

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

3. The Adviser has committed through May 31, 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. Without waived fees and/or reimbursed expenses, the Fund’s 7-day current yield would have been (0.69)%, (0.30)%, (0.72)%, (0.59)%, and (1.04)% for Class A, Institutional Class, Investor Class, Service Class, and Sweep Class, respectively.

4. Revenue source distribution is subject to change and is calculated based on the total investments of the Fund.

5. Effective maturity distribution is subject to change and is calculated based on the total investments of the Fund.

6. Weighted Average Maturity (WAM): WAM is an average of the effective maturities of all securities held in the portfolio, weighted by each security’s percentage of total investments. The maturity of a portfolio security is the period remaining until the date on which the principal amount is unconditionally required to be paid, or in the case of a security called for redemption, the date on which the redemption payment is unconditionally required to be made. WAM calculations allow for the maturities of certain securities with demand features or periodic interest rate resets to be shortened. WAM is a way to measure a fund’s sensitivity to potential interest rate changes.

7. Weighted Average Final Maturity (WAFM): WAFM is an average of the final maturities of all securities held in the portfolio, weighted by their percentage of total investments. The maturity of a portfolio security is the period remaining until the date on which the principal amount is unconditionally required to be paid, or in the case of a security called for redemption, the date on which the redemption payment is unconditionally required to be made. In contrast to WAM, the calculation of WAFM allows for the maturities of certain securities with demand features to be shortened, but not the periodic interest rate resets. WAFM is a way to measure a fund’s potential sensitivity to credit spread changes.

6 Wells Fargo Advantage Municipal Money Market Fund Fund expenses (unaudited)

As a shareholder of the Fund, you incur 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 February 1, 2013 to July 31, 2013.

Actual expenses

The “Actual” line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the “Actual” line under the heading entitled “Expenses paid during period” for your applicable class of shares to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The “Hypothetical” line of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only. 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 2-1-2013		Ending account value 7-31-2013		Expenses paid during the period1		Net annual expense ratio
Class A
Actual	$	1,000.00	$	1,000.05	$	0.89		0.18	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.90	$	0.90		0.18	%
Institutional Class
Actual	$	1,000.00	$	1,000.09	$	0.79		0.16	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.00	$	0.80		0.16	%
Investor Class
Actual	$	1,000.00	$	1,000.05	$	0.84		0.17	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.95	$	0.85		0.17	%
Service Class
Actual	$	1,000.00	$	1,000.05	$	0.84		0.17	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.95	$	0.85		0.17	%
Sweep Class
Actual	$	1,000.00	$	1,000.05	$	0.84		0.17	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.95	$	0.85		0.17	%

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

Portfolio of investments—July 31, 2013 (unaudited) Wells Fargo Advantage Municipal Money Market Fund 7

Security name	Interest rate			Maturity date		Principal		Value
Municipal Obligations: 100.68%
Alabama: 0.61%
Variable Rate Demand Notes ø: 0.61%
Chatom AL IDA Board Gulf Opportunity Zone Power South Energy Cooperative Projects Series 2011 (IDR)		0.21	%		8-1-2041	$	2,600,000	$	2,600,000
Mobile AL IDA Board High Providence LLC Project Series 2006 (IDR, Whitney National Bank LOC)		0.09			8-1-2031		1,950,000		1,950,000
									4,550,000
Alaska: 0.67%
Variable Rate Demand Note ø: 0.67%
Alaska Student Loan Corporation Series B-1 (Education Revenue, State Street Bank & Trust Company LOC)		0.10			12-1-2043		5,000,000		5,000,000
Arizona: 1.51%
Variable Rate Demand Notes ø: 1.51%
Maricopa County AZ IDA Solid Waste Disposal Ambian Dairy LLC Project Series 2008 (Resource Recovery Revenue, Farm Credit Services America LOC)		0.10			11-1-2033		3,600,000		3,600,000
Maricopa County AZ IDA Solid Waste Disposal Series 2006 (Resource Recovery Revenue, Farm Credit Services America LOC)		0.10			8-1-2026		2,500,000		2,500,000
Maricopa County AZ IDA Trans-Matic Manufacturing Production Project (IDR, PNC Bank NA LOC)		0.13			10-1-2026		2,760,000		2,760,000
Pinal County AZ IDA Solid Waste Disposal Feenstra Investments LLC Project Series 2002 (Resource Recovery Revenue, Farm Credit Services America LOC)		0.10			8-1-2027		1,250,000		1,250,000
Pinal County AZ IDA Solid Waste Disposal Rio Bravo Dairy Farm LLC Series 2002 (IDR, Farm Credit Services America LOC)		0.10			5-1-2027		1,250,000		1,250,000
									11,360,000
California: 9.24%
Other Municipal Debt: 1.62%
California School Cash Reserve Program Authority Series 2013-X (Miscellaneous Revenue)		2.00			10-1-2013		1,000,000		1,003,016
Los Angeles County CA Capital Asset Leasing Corporation Series B (Lease Revenue)		0.09			9-10-2013		1,000,000		1,000,000
Los Angeles County CA Schools Pooled Financing Program TRAN Series B-2 (Miscellaneous Revenue)		2.00			11-29-2013		1,000,000		1,005,136
Los Angeles County CA Schools Pooled Financing Program TRAN Series B-3 (Miscellaneous Revenue)		2.00			11-29-2013		1,000,000		1,005,301
Los Angeles County CA Schools Pooled Financing Program TRAN Series C-6 (Miscellaneous Revenue)		2.00			12-31-2013		1,000,000		1,007,257
Los Angeles County CA Schools Pooled Financing Program TRAN Series C-8 (Miscellaneous Revenue)		2.00			1-31-2014		3,000,000		3,024,469
Los Angeles County CA Schools Pooled Financing Program TRAN Series C-9 (Miscellaneous Revenue)		2.00			1-31-2014		1,900,000		1,914,723
Los Angeles County CA Series A (Miscellaneous Revenue)		2.00			2-28-2014		1,200,000		1,212,660
San Diego CA Unified School District Series A-1 (Miscellaneous Revenue)		2.00			1-31-2014		1,000,000		1,009,190
									12,181,752
Variable Rate Demand Notes ø: 7.62%
California CDA Gas Supply (Utilities Revenue, Royal Bank of Canada SPA)		0.05			11-1-2040		9,300,000		9,300,000

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

8 Wells Fargo Advantage Municipal Money Market Fund Portfolio of investments—July 31, 2013 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Variable Rate Demand Notes ø (continued)
California CDA Olympus Park Apartments Series Y (Housing Revenue, FNMA Insured, FNMA LIQ)		0.05	%		10-15-2030	$	2,200,000	$	2,200,000
California Educational Facillities Authority Series 3336 (Education Revenue) 144A		0.06			6-1-2043		2,600,000		2,600,000
California GO Series B-1 (GO, Citibank NA LOC)		0.04			5-1-2034		2,800,000		2,800,000
California HFFA Catholic Healthcare West Series 2005-H (Health Revenue, Sumitomo Mitsui Banking LOC)		0.04			7-1-2035		9,600,000		9,600,000
California HFFA Scripps Health Series G (Health Revenue, Bank of America NA LOC)		0.05			10-1-2019		10,000,000		10,000,000
Elsinore Valley CA Municipal Water District COP Series 2008-B (Water & Sewer Revenue, U.S. Bank NA LOC)		0.07			7-1-2035		1,700,000		1,700,000
Los Angeles CA Unified School District 2012-2013 TRAN Series B JPMorgan PUTTER Series 4289 (GO, JPMorgan Chase & Company LIQ) 144A		0.06			11-28-2013		10,100,000		10,100,000
Sacramento County CA Housing Authority Arlington Creek Apartment Series I (Housing Revenue, FNMA Insured, FNMA LIQ)		0.05			5-15-2034		2,300,000		2,300,000
San Jose CA Turnleaf Apartments Series A (Housing Revenue, FHLMC LIQ)		0.07			6-1-2036		4,230,000		4,230,000
San Leandro CA Carlton Plaza Series A (Housing Revenue, FNMA Insured, FNMA LIQ)		0.09			9-15-2032		2,500,000		2,500,000
									57,330,000
Colorado: 1.27%
Variable Rate Demand Notes ø: 1.27%
Colorado HFA Ready Foods Incorporated Project Series A (IDR, U.S. Bank NA LOC)		0.11			1-1-2032		3,420,000		3,420,000
Colorado HFA Worldwest LLP Project Series 1999-A (IDR, UMB Bank LOC) 144A		0.42			9-1-2023		3,095,000		3,095,000
Denver CO City & County Western Stock Show Project (IDR, U.S. Bank NA LOC)		0.13			7-1-2029		1,635,000		1,635,000
Town of Hudson CO Series A (IDR, U.S. Bank NA LOC)		0.20			11-1-2020		1,375,000		1,375,000
									9,525,000
District of Columbia: 1.30%
Other Municipal Debt: 0.80%
District of Columbia (GO)		2.00			9-30-2013		6,000,000		6,018,098
Variable Rate Demand Note ø: 0.50%
Metropolitan Washington DC Airport Authority Series 2855 (Airport Revenue, AGM/FGIC Insured, JPMorgan Chase & Company LIQ) 144A		0.16			10-1-2014		3,755,000		3,755,000
Florida: 7.00%
Other Municipal Debt: 1.21%
JEA Florida Electric System Series 00-A (Utilities Revenue)		0.13			8-14-2013		5,000,000		5,000,000
JEA Florida Electric System Series F-1 (Utilities Revenue)		0.12			8-29-2013		2,200,000		2,200,000
JEA Florida Electric System Series F-2 (Utilities Revenue)		0.12			8-15-2013		1,900,000		1,900,000
									9,100,000
Variable Rate Demand Notes ø: 5.79%
Alachua County FL Florida Rock Project (IDR, Bank of America NA LOC)		0.35			11-1-2022		1,850,000		1,850,000
Alachua County FL HFA MFHR University Cove Apartments Project (Housing Revenue, FNMA Insured, FNMA LIQ)		0.09			6-15-2034		1,800,000		1,800,000
Florida Housing Finance Corporation MFHR Mariner’s Cay Apartments Series 2008-M (Housing Revenue, FNMA Insured, FNMA LIQ)		0.06			12-15-2041		1,760,000		1,760,000
Greater Orlando FL Aviation Authority Flight Safety International Project Series A (Airport Revenue)		0.06			10-1-2023		2,800,000		2,800,000

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

Portfolio of investments—July 31, 2013 (unaudited) Wells Fargo Advantage Municipal Money Market Fund 9

Security name	Interest rate			Maturity date		Principal		Value
Variable Rate Demand Notes ø (continued)
Hillsborough County FL School Board Master Lease Program JPMorgan PUTTER Series 4128 (Miscellaneous Revenue, JPMorgan Chase & Company LOC, JPMorgan Chase & Company LIQ) 144A		0.10	%		4-22-2014	$	6,300,000	$	6,300,000
Jacksonville FL HFA MFHR Christine Cove Apartments (Housing Revenue, California Bank & Trust LOC)		0.09			9-15-2038		1,190,000		1,190,000
Lee County FL HFA SFHR Series 2908-Z (Housing Revenue, GNMA/FNMA/FHLMC Insured, JPMorgan Chase & Company LIQ)		0.12			9-1-2015		1,940,000		1,940,000
Lee County FL HFA SFHR Series 2909-Z (Housing Revenue, GNMA/FNMA/FHLMC Insured, JPMorgan Chase & Company LIQ)		0.12			9-1-2015		1,850,000		1,850,000
Miami Dade County FL Building Better Community Program Series 2005 US Bank Solar Eclipse Series 2006-0049 (GO, U.S. Bank NA LOC, U.S. Bank NA LIQ)		0.07			1-1-2015		2,695,000		2,695,000
Orange County FL HFA MFHR Lakeside Pointe Apartments Series B (Housing Revenue, FNMA Insured)		0.09			5-15-2038		6,730,000		6,730,000
Sarasota County FL Planned Parenthood Incorporated Project (Health Revenue, Harris NA LOC)		0.09			10-1-2041		1,700,000		1,700,000
Tampa FL Baycare Health System Series 2012-B (Health Revenue)		0.16			11-15-2033		3,000,000		3,000,000
West Palm Beach FL Utilities Systems Series 2008-C (Water & Sewer Revenue, AGM Insured, JPMorgan Chase & Company SPA)		0.30			10-1-2038		10,000,000		10,000,000
									43,615,000
Georgia: 0.61%
Variable Rate Demand Notes ø: 0.61%
Dekalb County GA Water & Sewer Revenue Series 2006-B ROC RR-II-R-11900 (Water & Sewer Revenue, AGM Insured, Citibank NA LIQ) 144A		0.12			4-1-2023		1,600,000		1,600,000
Metropolitan Atlanta GA Rapid Transportation Authority Sales Tax Series P (Tax Revenue, Societe Generale LOC, Ambac Insured, Societe Generale LIQ) 144A		0.16			7-1-2020		3,005,000		3,005,000
									4,605,000
Illinois: 3.95%
Other Municipal Debt: 0.56%
Illinois Educational Facilities Authority NorthShore Health System & Other Instructions Series 1995 (Education Revenue)		0.14			8-6-2013		4,200,000		4,200,000
Variable Rate Demand Notes ø: 3.39%
Chicago IL Enterprise Zone Gardner Gibson Project (IDR, Harris NA LOC)		0.12			7-1-2033		2,810,000		2,810,000
Chicago IL Waterworks Revenue Sub Series 2001-1 (Water & Sewer Revenue, JPMorgan Chase & Company SPA)		0.27			11-1-2030		4,000,000		4,000,000
Chicago IL Waterworks Revenue Sub Series 2001-2 (Water & Sewer Revenue, JPMorgan Chase & Company SPA)		0.27			11-1-2030		2,150,000		2,150,000
East Peoria IL Commercial Development Kroger Company Project Series 2003 (IDR, Bank of Nova Scotia LOC)		0.13			12-1-2013		3,125,000		3,125,000
Illinois Development Finance Authority MCL Incorporated Project (IDR, GE Capital Corporation LOC)		0.31			6-1-2017		1,415,000		1,415,000
Illinois Finance Authority Merug LLC Series B (IDR, JPMorgan Chase & Company LOC)		0.31			12-1-2018		765,000		765,000
Illinois Toll Highway Authority Series A1 (Transportation Revenue, AGM Insured, JPMorgan Chase & Company SPA)		0.44			1-1-2031		1,000,000		1,000,000
Illinois Toll Highway Authority Series A2 (Transportation Revenue, AGM Insured, PNC Bank NA SPA)		0.44			1-1-2031		2,465,000		2,465,000
Lake County IL Brown Paper Goods Project (IDR, JPMorgan Chase & Company LOC)		0.51			10-1-2021		915,000		915,000
Lake County IL Northpoint Association (IDR, Northern Trust Company LOC)		0.11			7-1-2029		2,600,000		2,600,000

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

10 Wells Fargo Advantage Municipal Money Market Fund Portfolio of investments—July 31, 2013 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Variable Rate Demand Notes ø (continued)
Metropolitan Pier & Exposition Authority Illinois McCormack Expansion Project Series 2010-B-2 (Airport Revenue, Morgan Stanley Bank LIQ) 144A		0.09	%		6-15-2050	$	2,400,000	$	2,400,000
Skokie IL Economic Development Revenue Skokie Fashion Square Project Series 1984 (IDR, Bank of America NA LOC)		0.29			12-1-2014		1,850,000		1,850,000
									25,495,000
Indiana: 1.12%
Variable Rate Demand Notes ø: 1.12%
Indiana Development Finance Authority Shelby Gravel Incorporated Project (IDR, PNC Bank NA LOC)		0.15			10-1-2017		1,170,000		1,170,000
Indiana HFFA Fayette Memorial Hospital Association Series 2002-A (Health Revenue, U.S. Bank NA LOC)		0.08			10-1-2032		920,000		920,000
Noblesville IN Greystone Apartments Project Series B (Housing Revenue, FHLB LOC)		0.08			3-1-2041		1,470,000		1,470,000
St. Joseph County IN Midcorr Land Development LLC Project (IDR, PNC Bank NA LOC)		0.15			10-1-2023		2,180,000		2,180,000
Wabash IN Economic Development Revenue Martin Yale Industries Project Series 1998 (IDR, JPMorgan Chase & Company LOC)		0.31			9-1-2028		2,700,000		2,700,000
									8,440,000
Iowa: 1.20%
Variable Rate Demand Notes ø: 1.20%
Iowa Finance Authority Interwest Project Series 2001 (IDR, CoBank LOC)		0.10			11-1-2016		1,360,000		1,360,000
Iowa Finance Authority Midwestern Cargill Incorporated Project Series 2012-A (IDR)		0.08			6-1-2039		6,000,000		6,000,000
Iowa Finance Authority Powerfilm Incorporated Project (IDR, Bank of America NA LOC)		0.38			6-1-2028		1,700,000		1,700,000
									9,060,000
Kansas: 0.51%
Variable Rate Demand Notes ø: 0.51%
Olathe KS Insulite Glass Company Incorporated Project Series 2000 (IDR, U.S. Bank NA LOC)		0.16			6-1-2020		735,000		735,000
Olathe KS Integral Senior Living LLC Project (IDR, U.S. Bank NA LOC)		0.16			8-1-2027		3,090,000		3,090,000
									3,825,000
Kentucky: 0.99%
Other Municipal Debt: 0.17%
Kentucky Rural Water Finance Corporation Public Project Series 2012-D-1 (Miscellaneous Revenue)		1.00			10-1-2013		1,300,000		1,301,474
Variable Rate Demand Notes ø: 0.82%
Bardstown KY Industrial Building Linpac Materials Handling Project (IDR, U.S. Bank NA LOC)		0.21			10-1-2019		2,480,000		2,480,000
Jefferson County KY Industrial Building Dant Growth LLC Project Series 2002 (IDR, Stock Yards Bank & Trust LOC)		0.15			9-1-2022		2,250,000		2,250,000
Logan County KY Solid Waste Disposal Waste Management LLC Project (Resource Recovery Revenue, PNC Bank NA LOC)		0.10			3-1-2021		1,450,000		1,450,000
									6,180,000

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

Portfolio of investments—July 31, 2013 (unaudited) Wells Fargo Advantage Municipal Money Market Fund 11

Security name	Interest rate			Maturity date		Principal		Value
Louisiana: 2.47%
Variable Rate Demand Notes ø: 2.47%
Calcasieu Parish LA Public Trust Authority WPT Corporation Project (IDR, Bank of America NA LOC)		0.15	%		12-1-2027	$	1,000,000	$	1,000,000
Louisiana HFA Arbor Place Apartments Project Series 2008 (Housing Revenue, FHLMC LIQ)		0.11			3-1-2043		7,910,000		7,910,000
Louisiana Local Government Environmental Facilities CDA Honeywell International Incorporated Project (IDR)		0.26			12-1-2036		4,000,000		4,000,000
Louisiana Series A-1 Royal Bank of Canada Municipal Products Incorporated Trust Certificates Series O-31 (Tax Revenue, Royal Bank of Canada LIQ) 144A		0.06			5-1-2034		655,000		655,000
Louisiana State Gas & Fuels Tax Series 2377 (Utilities Revenue, FGIC Insured)		0.08			11-1-2013		5,000,000		5,000,000
									18,565,000
Michigan: 4.42%
Other Municipal Debt: 0.23%
Michigan Finance Authority Series 2012-B-1 (Miscellaneous Revenue)		2.00			8-20-2013		1,700,000		1,701,470
Variable Rate Demand Notes ø: 4.19%
Green Lake Township MI Economic Development Corporation (Miscellaneous Revenue, Harris NA LOC)		0.05			6-1-2034		800,000		800,000
Michigan Higher Education Authority Student Loan Royal Bank of Canada Municipal Products Incorporated Trust Certificate Series L-33 (Education Revenue, Royal Bank of Canada LOC, Royal Bank of Canada LIQ)		0.11			9-1-2026		20,495,000		20,495,000
Michigan Hospital Finance Authority Ascension Health Group Series 2010-8 (Health Revenue) (i)		0.15			11-15-2049		6,100,000		6,100,000
Michigan Hospital Finance Authority Trinity Health Credit Group Series 2011 Royal Bank of Canada Municipal Products Incorporated Trust Certificates Series O-32 (Health Revenue, Royal Bank of Canada LIQ) 144A		0.06			6-1-2020		1,000,000		1,000,000
Michigan State Housing Development Authority Series A (Housing Revenue, AGM Insured)		0.41			4-1-2042		2,600,000		2,600,000
Michigan Strategic Fund Fitz Land LLC Project (IDR, PNC Bank NA LOC)		0.15			8-1-2025		550,000		550,000
									31,545,000
Minnesota: 4.24%
Other Municipal Debt: 0.13%
Minnesota Rural Water Finance Authority Public Project Construction Notes Series 2013 (Water & Sewer Revenue)		1.00			2-1-2014		1,000,000		1,003,509
Variable Rate Demand Notes ø: 4.11%
Becker MN Plymouth Foam Incorporated Project (IDR, U.S. Bank NA LOC)		0.28			5-1-2019		1,335,000		1,335,000
Bloomington MN Refunding MFHR Norlan Partnership Series A-1 (Housing Revenue, FNMA Insured, FNMA LIQ)		0.09			7-15-2032		5,090,000		5,090,000
Coon Rapids MN Drake Apartments Project A (Housing Revenue, FNMA Insured, FNMA LIQ)		0.09			6-15-2038		2,755,000		2,755,000
Dakota County MN CDA View Pointe Apartments Project Series 2007-A (Housing Revenue, FNMA Insured, FNMA LIQ)		0.09			1-15-2038		1,000,000		1,000,000
Forest Lake MN Kilkenny Court Apartments Project Series 2008 (Housing Revenue, FNMA Insured, FNMA LIQ)		0.07			8-15-2038		400,000		400,000
Hennepin County MN Housing & RDA Stone Arch Apartments Project (Housing Revenue, FNMA Insured, FNMA LIQ)		0.08			4-15-2035		2,800,000		2,800,000
Mahtomedi MN Briarcliff Manor Apartments Series A (Housing Revenue, FNMA Insured, FNMA LIQ)		0.09			6-15-2038		3,645,000		3,645,000

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

12 Wells Fargo Advantage Municipal Money Market Fund Portfolio of investments—July 31, 2013 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Variable Rate Demand Notes ø (continued)
Minneapolis MN MacPhail Center for Music Project (Miscellaneous Revenue, U.S. Bank NA LOC)		0.08	%		8-1-2036	$	890,000	$	890,000
Minneapolis MN Minnehaha Academy Project (Education Revenue, U.S. Bank NA LOC)		0.08			5-1-2026		568,000		568,000
Minnesota Agriculture & EDA Como Partnership Project Series 1996 (IDR, U.S. Bank NA LOC)		0.20			5-1-2016		690,000		690,000
Minnesota Bond Securitization Trust Certificate Carleton Lofts Project Class A (Miscellaneous Revenue, U.S. Bank NA LOC)		0.21			12-1-2048		7,945,000		7,945,000
Minnesota Bond Securitization Trust Certificate Series S-1 (Miscellaneous Revenue, PNC Bank NA LOC)		0.21			2-1-2027		1,380,000		1,380,000
Minnesota HFA Residential Housing Finance Series C (Miscellaneous Revenue, FHLB SPA)		0.07			7-1-2036		300,000		300,000
St. Paul MN Housing & RDA Hampden Square Apartments Series A (Housing Revenue, FNMA Insured, FNMA LIQ)		0.09			6-1-2032		2,140,000		2,140,000
									30,938,000
Mississippi: 0.55%
Variable Rate Demand Notes ø: 0.55%
Mississippi Business Finance Corporation Chevron USA Incorporated Project Series E (IDR)		0.05			12-1-2030		2,250,000		2,250,000
Mississippi Series A Clipper Tax-Exempt Certificate Trust Series 2009-60 (Miscellaneous Revenue, State Street Bank & Trust Company LIQ)		0.06			2-1-2016		1,900,000		1,900,000
									4,150,000
Missouri: 1.81%
Variable Rate Demand Notes ø: 1.81%
Kansas City MO IDA Ewing Marion Kauffman Foundation Series 1997-A (Miscellaneous Revenue)		0.07			4-1-2027		2,495,000		2,495,000
Missouri Environmental Improvement & Energy Resources Authority (Water & Sewer Revenue) 144A		0.10			12-1-2036		4,400,000		4,400,000
Missouri Housing Development Commission Homeowner Loan Program Series C-1 Clipper Tax-Exempt Certificate Trust Series 2009-12 (Miscellaneous Revenue, State Street Bank & Trust Company LIQ)		0.21			3-1-2038		1,000,000		1,000,000
St. Charles County MO IDA Craftsmen Industries Project Series 1998-A (IDR, U.S. Bank NA LOC)		0.18			12-1-2019		3,970,000		3,970,000
St. Charles County MO IDA Kuenz Heating & Sheet Metal Series 2001 (IDR, U.S. Bank NA LOC)		0.23			4-1-2026		1,765,000		1,765,000
									13,630,000
Nebraska: 0.57%
Variable Rate Demand Note ø: 0.57%
Nebraska Investment Finance Authority MFHR Apple Creek Associates Project Series 1985-A (Housing Revenue, Northern Trust Company LOC)		0.16			9-1-2031		4,310,000		4,310,000
Nevada: 0.20%
Variable Rate Demand Note ø: 0.20%
Clark County NV Airport Revenue Deutsche Bank Spears Series DBE-643 (Airport Revenue, Ambac Insured)		0.16			7-1-2025		1,500,000		1,500,000
New Hampshire: 0.80%
Variable Rate Demand Notes ø: 0.80%
New Hampshire HEFA Southern New Hampshire University (Education Revenue, TD Bank NA LOC)		0.04			1-1-2039		4,000,000		4,000,000

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

Portfolio of investments—July 31, 2013 (unaudited) Wells Fargo Advantage Municipal Money Market Fund 13

Security name	Interest rate			Maturity date		Principal		Value
Variable Rate Demand Notes ø (continued)
New Hampshire HFA Single-Family Revenue (Housing Revenue, Bank of America NA SPA) 144A		0.14	%		1-1-2037	$	2,000,000	$	2,000,000
									6,000,000
New Jersey: 2.88%
Variable Rate Demand Notes ø: 2.88%
New Jersey EDA National Gas Company Series C (Utilities Revenue)		0.08			8-1-2041		11,200,000		11,200,000
New Jersey EDA School Facilities Construction Series I Deutsche Bank Spears Series DBE-1151 (Transportation Revenue, Deutsche Bank AG LIQ) 144A		0.11			9-1-2025		2,500,000		2,500,000
New Jersey EDA School Facilities Construction Series NN Deutsche Bank Spears Series DBE-1143X (Miscellaneous Revenue) 144A		0.12			3-1-2029		700,000		700,000
New Jersey TTFA Clipper Tax-Exempt Certificates Trust Series 2009-70 (Transportation Revenue, State Street Bank & Trust Company LIQ)		0.06			12-15-2023		5,750,000		5,750,000
New Jersey Turnpike Authority Series 2013A Deutsche Bank Spears Series DBE-1153X (Transportation Revenue, Deutsche Bank AG LIQ) 144A		0.11			1-1-2038		1,500,000		1,500,000
									21,650,000
New York: 4.07%
Other Municipal Debt: 0.29%
Metropolitan Transportation Authority New York Credit Enhanced Transportation BAN Series CP-2 Sub Series A (Transportation Revenue)		0.10			9-10-2013		2,200,000		2,200,000
Variable Rate Demand Notes ø: 3.78%
New York Dormitory Authority Series 12 Clipper Tax-Exempt Certificate Trust Series 2009-35 (Miscellaneous Revenue, State Street Bank & Trust Company LIQ)		0.09			11-15-2026		1,700,000		1,700,000
New York Dormitory Authority Series 14 Clipper Tax-Exempt Certificate Trust Series 2009-45 (Miscellaneous Revenue, State Street Bank & Trust Company LIQ)		0.06			7-1-2025		6,220,000		6,220,000
New York HFA Rip Van Winkle House Series A (Housing Revenue, FHLMC LIQ)		0.06			11-1-2034		3,700,000		3,700,000
New York Mortgage Agency Series 106 ROC RR-II-R-11708 (Housing Revenue, Citibank NA LIQ) 144A		0.21			10-1-2028		6,340,000		6,340,000
New York NY City Municipal Water Finance Authority (Water & Sewer Revenue, U.S. Bank NA SPA)		0.05			6-15-2043		4,900,000		4,900,000
New York NY Housing Development Corporation MFHR Series 2012-C (Housing Revenue)		0.22			5-1-2045		500,000		500,000
New York NY Municipal Water Finance Authority Residual Interest Bond Trust Series 2013-3WX (Water & Sewer Revenue, Barclays Bank plc LIQ)) 144A		0.07			6-15-2047		1,200,000		1,200,000
New York NY Transitional Finance Authority Revenue Series 2004-B (Tax Revenue)		5.00			8-1-2032		1,600,000		1,600,000
Riverhead NY IDR Central Suffolk Hospital Project Series 2006-A (Health Revenue)		0.09			7-1-2031		1,320,000		1,320,000
Riverhead NY IDR Central Suffolk Hospital Project Series 2006-B (Health Revenue)		0.09			7-1-2031		965,000		965,000
									28,445,000
North Carolina: 1.34%
Variable Rate Demand Notes ø: 1.34%
North Carolina Education Care Community Health Care Facilities University Health Systems of Eastern Carolina Series 2008 B-1 (Health Revenue, Branch Banking & Trust LOC)		0.10			12-1-2036		6,400,000		6,400,000
North Carolina Housing Finance Agency Home Ownership Series 15-C (Housing Revenue, AGM Insured, TD Bank NA SPA)		0.07			7-1-2032		1,025,000		1,025,000

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

14 Wells Fargo Advantage Municipal Money Market Fund Portfolio of investments—July 31, 2013 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Variable Rate Demand Notes ø (continued)
Rockingham County NC Industrial Facilities & PCFA Innofa USA Project Series 2007 (IDR, Branch Banking & Trust LOC)		0.13	%		12-1-2026	$	2,650,000	$	2,650,000
									10,075,000
North Dakota: 4.81%
Other Municipal Debt: 1.43%
Mercer County ND PCR Series 2009-1 (Utilities Revenue)		0.18			8-7-2013		10,300,000		10,300,000
North Dakota Water Finance Corporation Public Projects Construction Series B-2 (Miscellaneous Revenue)		1.00			6-1-2014		500,000		502,978
									10,802,978
Variable Rate Demand Notes ø: 3.38%
North Dakota HFA Home Mortgage Finance Program Series A (Housing Revenue, FHLB SPA)		0.07			1-1-2036		635,000		635,000
North Dakota HFA Home Mortgage Finance Program Series A (Housing Revenue, FHLB SPA)		0.10			7-1-2037		2,735,000		2,735,000
North Dakota HFA Home Mortgage Finance Program Series B (Housing Revenue, FHLB SPA)		0.08			1-1-2030		1,430,000		1,430,000
Traill County ND IDR American Crystal Project (Resource Recovery Revenue, CoBank LOC)		0.11			9-1-2017		20,630,000		20,630,000
									25,430,000
Ohio: 3.57%
Variable Rate Demand Notes ø: 3.57%
Deutsche Bank Spears/Lifers Series 2013 DBE-1151 (Education Revenue) 144A		0.11			12-1-2043		1,100,000		1,100,000
Franklin County OH Lifeline Shelter Systems Project (IDR, Bank One NA LOC)		0.46			10-1-2021		895,000		895,000
JobsOhio Beverage Systems Statewide Liquor Profits Senior Lien Series 2013-A Deutsche Bank Spears Series DBE-1157 (Miscellaneous Revenue) 144A		0.09			1-1-2038		2,800,000		2,800,000
Montgomery County OH Cambridge Commons Apartments Series A (Housing Revenue, FHLB LOC)		0.07			4-1-2038		1,145,000		1,145,000
Ohio Air Quality Development Authority Andersons Marathon Ethanol LLC Project Series 2007 (Resource Recovery Revenue, CoBank LOC)		0.10			3-1-2032		15,000,000		15,000,000
Princeton OH School District MSTR (GO, National Insured, Societe Generale LIQ)		0.11			12-1-2030		1,200,000		1,200,000
Tuscarawas County OH Port Authority Plymouth Incorporated Project (IDR, U.S. Bank NA LOC)		0.13			8-1-2038		4,720,000		4,720,000
									26,860,000
Oklahoma: 1.36%
Variable Rate Demand Notes ø: 1.36%
Oklahoma Development Finance Authority Industrial Development Tracker Marine Project (Miscellaneous Revenue, Bank of America NA LOC)		0.40			3-1-2018		850,000		850,000
Oklahoma Turnpike Authority Series E (Transportation Revenue, JPMorgan Chase & Company SPA)		0.05			1-1-2028		9,400,000		9,400,000
									10,250,000

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

Portfolio of investments—July 31, 2013 (unaudited) Wells Fargo Advantage Municipal Money Market Fund 15

Security name	Interest rate			Maturity date		Principal		Value
Oregon: 0.57%
Variable Rate Demand Note ø: 0.57%
Port of Portland OR Horizon Air Industries Incorporated Project (Airport Revenue, Bank of America NA LOC)		0.08	%		6-15-2027	$	4,300,000	$	4,300,000
Other: 11.02%
Variable Rate Demand Notes ø: 11.02%
Branch Banking and Trust Series 2040 (Airport Revenue, FGIC Insured, Branch Banking & Trust LIQ)		0.10			10-1-2030		2,900,000		2,900,000
Branch Banking and Trust Series 2054 (Airport Revenue, Ambac Insured, Branch Banking & Trust LIQ)		0.10			10-1-2015		3,000,000		3,000,000
Clipper Tax-Exempt Certificate Trust Series 2007-19 (Miscellaneous Revenue, State Street Bank & Trust Company LIQ)		0.21			9-1-2039		5,468,000		5,468,000
Clipper Tax-Exempt Certificate Trust Series 2009-10 (Miscellaneous Revenue, State Street Bank & Trust Company LIQ)		0.21			12-1-2035		264,000		264,000
Clipper Tax-Exempt Certificate Trust Series 2009-26 (Miscellaneous Revenue, State Street Bank & Trust Company LIQ)		0.21			7-1-2037		724,000		724,000
Clipper Tax-Exempt Certificate Trust Series 2009-54 (Miscellaneous Revenue, State Street Bank & Trust Company LIQ)		0.11			5-1-2017		18,002,000		18,002,000
Clipper Tax-Exempt Certified Trust Series 2006-04 (Miscellaneous Revenue, State Street Bank & Trust Company LIQ)		0.06			2-1-2016		4,420,000		4,420,000
FHLMC MFHR Series M019 (Housing Revenue, FHLMC LIQ)		0.10			5-1-2017		17,342,000		17,342,000
FHLMC MFHR Series M021 (Housing Revenue, FHLMC LIQ)		0.10			6-15-2036		22,740,000		22,740,000
FHLMC Multi-Class Mortgage Certificates (Housing Revenue)		0.12			8-15-2045		8,057,220		8,057,220
									82,917,220
Pennsylvania: 5.37%
Variable Rate Demand Notes ø: 5.37%
Allegheny County PA Hospital Development Authority University Pittsburgh Medical Center Revenue Series 2010-B1 Royal Bank of Canada Municipal Products Incorporated Trust Certificates Series E-45 (Health Revenue, Royal Bank of Canada LOC) 144A		0.06			3-1-2016		2,400,000		2,400,000
Allegheny County PA Residential Finance Authority Mortgage SFHR Series 2005-SS (Housing Revenue, GNMA/FNMA Insured, PNC Bank NA SPA)		0.11			5-1-2036		1,965,000		1,965,000
Beaver County PA IDA Daily Corporation Project (IDR)		0.20			9-1-2032		6,300,000		6,300,000
Butler County PA IDA Mine Safety Appliances Series A (Miscellaneous Revenue, JPMorgan Chase & Company LOC)		0.17			5-1-2022		3,000,000		3,000,000
Central Bradford Progress Authority Pennsylvania Robert Packer Hospital Royal Bank of Canada Municipal Products Incorporated Trust Certificates Series 2011-C-14 (Health Revenue, Royal Bank of Canada LOC, Royal Bank of Canada LIQ) 144A		0.06			12-1-2041		970,000		970,000
Clipper Tax-Exempt Certificate Trust Series 2009-32 Certificate Partner (Miscellaneous Revenue, State Street Bank & Trust Company LIQ)		0.11			1-1-2018		7,650,000		7,650,000
Manheim Township PA School District Royal Bank of Canada Municipal Products Incorporated Trust Certificates Series 2011-E-28 (GO, Royal Bank of Canada LOC, Royal Bank of Canada LIQ) 144A		0.06			12-12-2014		1,905,000		1,905,000
Pennsylvania EDFA Series D-7 (IDR, PNC Bank NA LOC)		0.13			8-1-2022		1,100,000		1,100,000
Pennsylvania Public School Building Authority School District of Philadelphia Project Series 2006-B (Miscellaneous Revenue, AGM Insured, JPMorgan Chase & Company LIQ) 144A		0.18			6-1-2015		3,465,000		3,465,000
Pennsylvania Public School Building Authority The School District of Philadelphia Project Series 2003 (Miscellaneous Revenue, AGM Insured)		0.23			6-1-2028		1,000,000		1,000,000
Pennsylvania Turnpike Commission ROC RR-II-R-12259 (Transportation Revenue, BHAC/Ambac Insured, Citibank NA SPA) 144A		0.05			10-1-2013		10,000,000		10,000,000

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

16 Wells Fargo Advantage Municipal Money Market Fund Portfolio of investments—July 31, 2013 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Variable Rate Demand Notes ø (continued)
Philadelphia PA School District Series A Branch Banking & Trust Municipal Trust Series 2004 (GO, Branch Banking & Trust LOC, Branch Banking & Trust LIQ) 144A		0.07	%		1-4-2029	$	680,000	$	680,000
									40,435,000
Rhode Island: 0.27%
Variable Rate Demand Notes ø: 0.27%
Narragansett Bay RI Commission Wastewater System Royal Bank of Canada Municipal Products Incorporated Trust Certificates Series 2013 0-60 (Water & Sewer Revenue, Royal Bank of Canada LIQ) 144A		0.11			9-1-2020		1,400,000		1,400,000
Rhode Island Student Loan Series 3235 (Education Revenue, Morgan Stanley Bank LIQ) 144A		0.13			12-1-2023		625,000		625,000
									2,025,000
South Carolina: 2.59%
Other Municipal Debt: 0.84%
York County SC PCR Series 2000-B1 (Utilities Revenue)		0.25			9-3-2013		2,100,000		2,100,000
York County SC PCR Series 2000-B2 (Utilities Revenue)		0.25			9-3-2013		4,200,000		4,200,000
									6,300,000
Variable Rate Demand Notes ø: 1.75%
South Carolina Educational Facilities Authority for Private Non-Profit Institutions Higher Learning Educational Facilities Spartanburg Methodist Series 2005 (Education Revenue, Branch Banking & Trust LOC)		0.09			8-1-2025		2,385,000		2,385,000
South Carolina Jobs EDA Blue Ridge Log Cabins LLC Series 2007 (IDR, Branch Banking & Trust LOC)		0.13			3-1-2032		5,180,000		5,180,000
South Carolina Jobs EDA Bon Secours Health System Incorporated Series 2013 Deutsche Bank Spears Series DBE-1141 (Health Revenue) 144A		0.11			11-1-2029		1,045,000		1,045,000
South Carolina Jobs EDA South Carolina Generating Company Incorporated Project (IDR, Branch Banking & Trust LOC)		0.10			12-1-2038		4,600,000		4,600,000
									13,210,000
Tennessee: 0.13%
Variable Rate Demand Note ø: 0.13%
Pulaski & Giles County TN Lomar Development Company Project (IDR, U.S. Bank NA LOC)		0.15			1-1-2017		1,010,000		1,010,000
Texas: 12.08%
Other Municipal Debt: 3.06%
Dallas Area Rapid Transit Series I (Tax Revenue)		0.16			9-9-2013		2,000,000		2,000,000
Dallas Area Rapid Transit Series I (Tax Revenue)		0.16			10-16-2013		1,000,000		1,000,000
Texas PFA Series 2003 (Miscellaneous Revenue)		0.16			8-7-2013		3,000,000		3,000,000
Texas TRAN Series 2012 (Miscellaneous Revenue) ##		2.50			8-30-2013		17,000,000		17,031,058
									23,031,058
Variable Rate Demand Notes ø: 9.02%
Brazos River Harbor TX Naval District BASF Corporation Project (IDR)		0.20			5-1-2036		500,000		500,000
Clipper Tax Exempt Certificate Series 2013-9A (Transportation Revenue, State Street Bank & Trust Company LIQ) 144A%%		0.06			4-1-2053		2,500,000		2,500,000

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

Portfolio of investments—July 31, 2013 (unaudited) Wells Fargo Advantage Municipal Money Market Fund 17

Security name	Interest rate			Maturity date		Principal		Value
Variable Rate Demand Notes ø (continued)
Dallam County TX Industrial Development Corporation Economic Development Revenue Dalhart Jersey Ranch Incorporated Series 2008 (Resource Recovery Revenue)		0.09	%		8-1-2039	$	1,700,000	$	1,700,000
First Rio Grande TX Regional Water Authority Economic Development Corporation Rio Grande Valley Sugar Project Series 2010 (IDR, CoBank LOC)		0.07			3-1-2032		845,000		845,000
Gulf Coast TX Waste Disposal Authority American Acryl LP Project (Resource Recovery Revenue, Bank of Tokyo-Mitsubishi LOC)		0.11			5-1-2038		5,000,000		5,000,000
Harris County TX Health Facilities Development Authority Hermann Healthcare Series A-1 Royal Bank of Canada Municipal Products Incorporated Trust Certificates Series E-27 (Health Revenue, Royal Bank of Canada LOC, AGM Insured, Royal Bank of Canada LIQ) 144A		0.06			6-1-2027		1,000,000		1,000,000
Harris County TX Industrial Development Corporation Deer Park Refining LP Series 2002 (Resource Recovery Revenue)		0.08			3-1-2023		3,750,000		3,750,000
Houston TX Water & Sewer System Revenue Series 2001-B P-PA-974-R (Water & Sewer Revenue, National Insured, Bank of America NA SPA)		0.12			12-1-2023		1,800,000		1,800,000
Port Arthur TX Navigation District Environmental Facilities BASF Corporation Project (IDR)		0.20			4-1-2033		5,000,000		5,000,000
Port Arthur TX Navigation District Industrial Development Corporation Total Petrochemicals USA Incorporated Project Series 2011 (IDR)		0.07			6-1-2041		5,000,000		5,000,000
Port Arthur TX Navigation District Industrial Development Corporation Total Petrochemicals USA Incorporated Project Series 2012 (IDR)		0.07			3-1-2042		11,000,000		11,000,000
Port Arthur TX Navigation District Jefferson County Environmental Facilities Motiva Enterprises LLC Project Series 2010 Sub Series 2010A (IDR)		0.06			4-1-2040		850,000		850,000
Port Corpus Christi TX Flint Hills Resources Project Series 2006 (Resource Recovery Revenue)		0.07			1-1-2030		8,500,000		8,500,000
Port Corpus Christi TX Flint Hills Resources Project Series A (Resource Recovery Revenue)		0.07			4-1-2028		5,500,000		5,500,000
San Marcos TX Industrial Development Corporation Butler Manufacturing Company Project (IDR, Bank of America NA LOC)		0.26			4-1-2015		6,250,000		6,250,000
Texas Municipal Gas Acquisition & Supply Corporation Series 2848 (Miscellaneous Revenue, Morgan Stanley Bank LIQ)		0.36			12-15-2026		7,559,689		7,559,689
Texas Turnpike Authority Capital Appreciation 1st Tier Revenue Series 2002-A Deutsche Bank Spears Lifers Trust Series DB-329 (Transportation Revenue, Ambac Insured)		0.14			8-15-2029		1,155,000		1,155,000
									67,909,689
Utah: 0.21%
Variable Rate Demand Note ø: 0.21%
Juab County UT Intermountain Farmers Association Project (IDR, CoBank LOC)		0.10			10-1-2021		1,600,000		1,600,000
Vermont: 0.14%
Variable Rate Demand Note ø: 0.14%
Vermont Educational & Health Buildings Financing Agency North County Hospital Project Series 2007-A (Health Revenue, TD Bank NA LOC)		0.04			10-1-2034		1,065,000		1,065,000
Virginia: 1.43%
Variable Rate Demand Notes ø: 1.43%
Fairfax County VA IDA Inova Health System Project Series 2012-C (Health Revenue) (i)		0.14			5-15-2042		1,980,000		1,980,000
Norfolk VA EDA Sentara Healthcare Series 2010-C (Health Revenue) (i)		0.18			11-1-2034		6,000,000		6,000,000
Salem VA IDA MFHR Oak Park Apartments Project Series 2008 (Housing Revenue, FNMA Insured, FNMA LIQ)		0.07			8-15-2043		2,745,000		2,745,000
									10,725,000

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

18 Wells Fargo Advantage Municipal Money Market Fund Portfolio of investments—July 31, 2013 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Washington: 1.37%
Variable Rate Demand Notes ø: 1.37%
Squaxin Island Tribe A Washington Tribal Infrastructure Revenue Series 2008-B (Miscellaneous Revenue, Bank of America NA LOC)		0.18	%		5-1-2028	$	1,000,000	$	1,000,000
Washington Finance Authority Smith Brothers Farms Incorporated Series 2001 (IDR, Northwest Farm Credit LOC)		0.10			9-1-2021		3,300,000		3,300,000
Washington Housing Finance Commission Whisperwood Apartments Project Series A (Housing Revenue, FNMA Insured, FNMA LIQ)		0.08			5-15-2035		1,590,000		1,590,000
Washington Municipal Securities Trust Receipts Series 1996 SGB-13 (Tax Revenue, Societe Generale LIQ)		0.11			5-1-2018		1,940,000		1,940,000
Yakima County WA Solid Waste Disposal George Deruyter & Son Project Series 2006 (Resource Recovery Revenue, Northwest Farm Credit LOC)		0.10			8-1-2026		2,500,000		2,500,000
									10,330,000
Wisconsin: 2.43%
Other Municipal Debt: 0.13%
Wisconsin Rural Water Construction Loan Program BAN Series 2012 (Water & Sewer Revenue)		1.00			10-1-2013		1,000,000		1,001,116
Variable Rate Demand Notes ø: 2.30%
Belgium WI Trimen Industries Incorporated Project Series 2006 (Miscellaneous Revenue, U.S. Bank NA LOC)		0.18			2-1-2026		3,385,000		3,385,000
Manitowoc WI CDA Regency House Project (Housing Revenue, Bank First National LOC)		0.29			11-1-2020		1,295,000		1,295,000
Newton WI Stecker Machine Company Incorporated Project Series 2001 (IDR, FHLB LOC)		0.13			9-1-2021		1,795,000		1,795,000
Sheboygan WI Alaark Manufacturing Corporation Project Series 2000 (IDR, U.S. Bank NA LOC)		0.14			12-1-2021		1,385,000		1,385,000
Sheboygan WI Vortex Liquid Color Project (IDR, Bank First National LOC)		0.09			11-1-2020		1,240,000		1,240,000
Two Rivers WI Riverside Foods Incorporated Project (IDR, Bank First National LOC)		0.10			12-1-2022		1,640,000		1,640,000
Wisconsin Housing & Economic Development Authority Series C (Housing Revenue)		0.41			9-1-2023		2,000,000		2,000,000
Wisconsin Housing & EDFA Series 2879 (Housing Revenue, JPMorgan Chase & Company LIQ)		0.13			3-1-2015		1,120,000		1,120,000
Wisconsin Housing & EDFA Zero Zone Incorporated Project Series 1999 (IDR, U.S. Bank NA LOC)		0.25			8-1-2019		3,420,000		3,420,000
									17,280,000
Total Municipal Obligations (Cost $757,736,364)									757,736,364

Total investments in securities (Cost $757,736,364) *	100.68	%		757,736,364
Other assets and liabilities, net	(0.68	)		(5,127,610	)
Total net assets	100.00	%	$	752,608,754

ø Variable rate demand notes are subject to a demand feature which reduces the effective maturity. The interest rate is determined and reset by the issuer daily, weekly, or monthly depending upon the terms of the security. The interest rate shown is the rate in effect at period end.

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

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

%% Security issued on a when-issued basis.

* Cost for federal income tax purposes is substantially the same as for financial reporting purposes.

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

Statement of assets and liabilities—July 31, 2013 (unaudited) Wells Fargo Advantage Municipal Money Market Fund 19

Assets
Investments in unaffiliated securities, at amortized cost	$	757,736,364
Cash		62,795
Receivable for investments sold		5,410,048
Receivable for Fund shares sold		184,789
Receivable for interest		797,409
Receivable from adviser		327,651
Prepaid expenses and other assets		89,343
Total assets		764,608,399
Liabilities
Dividends payable		5,568
Payable for investments purchased		10,904,347
Payable for Fund shares redeemed		277,277
Distribution fees payable		104,831
Due to other related parties		148,978
Accrued expenses and other liabilities		558,644
Total liabilities		11,999,645
Total net assets	$	752,608,754
NET ASSETS CONSIST OF
Paid-in capital	$	752,670,202
Overdistributed net investment income		(124,052	)
Accumulated net realized gains on investments		62,604
Total net assets	$	752,608,754
COMPUTATION OF NET ASSET VALUE PRICE PER SHARE1
Net assets – Class A	$	13,757,555
Shares outstanding – Class A		13,776,185
Net asset value per share – Class A		$1.00
Net assets – Institutional Class	$	85,009,653
Shares outstanding – Institutional Class		85,011,103
Net asset value per share – Institutional Class		$1.00
Net assets – Investor Class	$	154,513,476
Shares outstanding – Investor Class		154,528,191
Net asset value per share – Investor Class		$1.00
Net assets – Service Class	$	153,254,562
Shares outstanding – Service Class		153,268,075
Net asset value per share – Service Class		$1.00
Net assets – Sweep Class	$	346,073,508
Shares outstanding – Sweep Class		346,119,066
Net asset value per share – Sweep Class		$1.00

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

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

20 Wells Fargo Advantage Municipal Money Market Fund Statement of operations—six months ended July 31, 2013 (unaudited)

Investment income
Interest	$	735,369
Expenses
Advisory fee		1,210,127
Administration fees
Fund level		201,688
Class A		100,287
Institutional Class		10,003
Investor Class		194,163
Service Class		88,381
Sweep Class		426,735
Shareholder servicing fees
Class A		113,962
Investor Class		193,162
Service Class		183,878
Sweep Class		484,926
Distribution fees
Sweep Class		678,897
Custody and accounting fees		19,933
Professional fees		6,484
Registration fees		5,927
Shareholder report expenses		9,204
Trustees’ fees and expenses		2,388
Other fees and expenses		7,260
Total expenses		3,937,405
Less: Fee waivers and/or expense reimbursements		(3,241,230	)
Net expenses		696,175
Net investment income		39,194
Net realized gains on investments		62,950
Net increase in net assets resulting from operations	$	102,144

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

Statement of changes in net assets Wells Fargo Advantage Municipal Money Market Fund 21

	Six months ended July 31, 2013 (unaudited)						Year ended January 31, 2013
Operations
Net investment income				$	39,194					$	115,325
Net realized gains on investments					62,950						113,431
Net increase in net assets resulting from operations					102,144						228,756
Distributions to shareholders from
Net investment income
Class A					(4,560	)					(10,368	)
Institutional Class					(2,293	)					(10,518	)
Investor Class					(7,768	)					(17,115	)
Service Class					(7,366	)					(13,786	)
Sweep Class					(19,400	)					(63,538	)
Net realized gains
Class A					0						(24,698	)
Institutional Class					0						(5,623	)
Investor Class					0						(35,564	)
Service Class					0						(31,389	)
Sweep Class					0						(110,783	)
Total distributions to shareholders					(41,387	)					(323,382	)
		Shares						Shares
Capital share transactions
Proceeds from shares sold
Class A		115,227,710			115,227,710			380,825,049			380,825,049
Institutional Class		244,705,839			244,705,839			370,760,599			370,760,599
Investor Class		28,782,121			28,782,121			56,000,653			56,000,653
Service Class		47,527,275			47,527,275			116,905,337			116,905,337
Sweep Class		374,501			374,501			5,146,101			5,146,101
					436,617,446						929,637,739
Reinvestment of distributions
Class A		4,427			4,427			33,200			33,200
Institutional Class		2,293			2,293			16,141			16,141
Investor Class		7,347			7,347			50,853			50,853
Service Class		1,629			1,629			11,259			11,259
Sweep Class		19,400			19,400			174,321			174,321
					35,096						285,774
Payment for shares redeemed
Class A		(259,881,914	)		(259,881,914	)		(324,516,581	)		(324,516,581	)
Institutional Class		(179,409,663	)		(179,409,663	)		(368,962,126	)		(368,962,126	)
Investor Class		(33,100,049	)		(33,100,049	)		(77,100,401	)		(77,100,401	)
Service Class		(43,181,360	)		(43,181,360	)		(87,311,550	)		(87,311,550	)
Sweep Class		(98,728,741	)		(98,728,741	)		(481,032,245	)		(481,032,245	)
					(614,301,727	)					(1,338,922,903	)
Net decrease in net assets resulting from capital share transactions					(177,649,185	)					(408,999,390	)
Total decrease in net assets					(177,588,428	)					(409,094,016	)
Net assets
Beginning of period					930,197,182						1,339,291,198
End of period				$	752,608,754					$	930,197,182
Overdistributed net investment income				$	(124,052	)				$	(121,859	)

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

22 Wells Fargo Advantage Municipal Money Market Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended July 31, 2013 (unaudited)			Year ended January 31
CLASS A				2013			2012			20111			20101			20091
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.00	2		0.00	2		0.00	2		0.00	2		0.00	2		0.02
Net realized gains on investments		0.00	2		0.00	2		0.00	2		0.00	2		0.00	2		0.00	2
Total from investment operations		0.00	2		0.00	2		0.00	2		0.00	2		0.00	2		0.02
Distributions to shareholders from
Net investment income		(0.00	)2		(0.00	)2		(0.00	)2		(0.00	)2		(0.00	)2		(0.02	)
Net realized gains		0.00			(0.00	)2		(0.00	)2		(0.00	)2		0.00			0.00
Total distributions to shareholders		(0.00	)2		(0.00	)2		(0.00	)2		(0.00	)2		(0.00	)2		(0.02	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return3		0.00	%		0.03	%		0.02	%		0.01	%		0.08	%		1.63	%
Ratios to average net assets (annualized)
Gross expenses		0.84	%		0.83	%		0.82	%		0.84	%		0.86	%		0.84	%
Net expenses		0.18	%		0.21	%		0.22	%		0.35	%		0.61	%		0.81	%
Net investment income		0.01	%		0.01	%		0.01	%		0.01	%		0.09	%		1.58	%
Supplemental data
Net assets, end of period (000s omitted)		$13,758			$158,400			$102,082			$130,539			$149,162			$329,511

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

2. Amount is less than $0.005.

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

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

Financial highlights Wells Fargo Advantage Municipal Money Market Fund 23

(For a share outstanding throughout each period)

	Six months ended July 31, 2013 (unaudited)			Year ended January 31
INSTITUTIONAL CLASS				2013			2012			20111
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.00	2		0.00	2		0.00	2		0.00	2
Net realized gains on investments		0.00	2		0.00	2		0.00	2		0.00	2
Total from investment operations		0.00	2		0.00	2		0.00	2		0.00	2
Distributions to shareholders from
Net investment income		(0.00	)2		(0.00	)2		(0.00	)2		(0.00	)2
Net realized gains		0.00			(0.00	)2		(0.00	)2		(0.00	)2
Total distributions to shareholders		(0.00	)2		(0.00	)2		(0.00	)2		(0.00	)2
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00
Total return3		0.01	%		0.07	%		0.05	%		0.09	%
Ratios to average net assets (annualized)
Gross expenses		0.44	%		0.44	%		0.44	%		0.45	%
Net expenses		0.16	%		0.19	%		0.19	%		0.20	%
Net investment income		0.02	%		0.04	%		0.06	%		0.16	%
Supplemental data
Net assets, end of period (000s omitted)		$85,010			$19,709			$17,896			$106,186

1. For the period from July 9, 2010 (commencement of class operations) to January 31, 2011

2. Amount is less than $0.005.

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

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

24 Wells Fargo Advantage Municipal Money Market Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended July 31, 2013 (unaudited)			Year ended January 31
INVESTOR CLASS				2013			2012			20111
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.00	2		0.00	2		0.00	2		0.00	2
Net realized gains on investments		0.00	2		0.00	2		0.00	2		0.00	2
Total from investment operations		0.00	2		0.00	2		0.00	2		0.00	2
Distributions to shareholders from
Net investment income		(0.00	)2		(0.00	)2		(0.00	)2		(0.00	)2
Net realized gains		0.00			(0.00	)2		(0.00	)2		(0.00	)2
Total distributions to shareholders		(0.00	)2		(0.00	)2		(0.00	)2		(0.00	)2
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00
Total return3		0.00	%		0.03	%		0.02	%		0.01	%
Ratios to average net assets (annualized)
Gross expenses		0.86	%		0.86	%		0.85	%		0.89	%
Net expenses		0.17	%		0.22	%		0.22	%		0.35	%
Net investment income		0.01	%		0.01	%		0.01	%		0.01	%
Supplemental data
Net assets, end of period (000s omitted)		$154,513			$158,812			$179,884			$209,041

1. For the period from July 9, 2010 (commencement of class operations) to January 31, 2011

2. Amount is less than $0.005.

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

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

Financial highlights Wells Fargo Advantage Municipal Money Market Fund 25

(For a share outstanding throughout each period)

	Six months ended July 31, 2013 (unaudited)			Year ended January 31
SERVICE CLASS				2013			2012			20111			20101			20091
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.00	2		0.00	2		0.00	2		0.00	2		0.00	2		0.02
Net realized gains on investments		0.00	2		0.00	2		0.00	2		0.00	2		0.00	2		0.00	2
Total from investment operations		0.00	2		0.00	2		0.00	2		0.00	2		0.00	2		0.02
Distributions to shareholders from
Net investment income		(0.00	)2		(0.00	)2		(0.00	)2		(0.00	)2		(0.00	)2		(0.02	)
Net realized gains		0.00			(0.00	)2		(0.00	)2		(0.00	)2		0.00			0.00
Total distributions to shareholders		(0.00	)2		(0.00	)2		(0.00	)2		(0.00	)2		(0.00	)2		(0.02	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return3		0.00	%		0.03	%		0.02	%		0.01	%		0.20	%		1.94	%
Ratios to average net assets (annualized)
Gross expenses		0.73	%		0.73	%		0.72	%		0.64	%		0.56	%		0.54	%
Net expenses		0.17	%		0.22	%		0.21	%		0.35	%		0.46	%		0.51	%
Net investment income		0.01	%		0.01	%		0.01	%		0.01	%		0.23	%		1.88	%
Supplemental data
Net assets, end of period (000s omitted)		$153,255			$148,896			$119,313			$96,341			$154,410			$265,743

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

2. Amount is less than $0.005.

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

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

26 Wells Fargo Advantage Municipal Money Market Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended July 31, 2013 (unaudited)			Year ended January 31
SWEEP CLASS				2013			2012			20111			20101			20091
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.00	2		0.00	2		0.00	2		0.00	2		0.00	2		0.01
Net realized gains on investments		0.00	2		0.00	2		0.00	2		0.00	2		0.00	2		0.00	2
Total from investment operations		0.00	2		0.00	2		0.00	2		0.00	2		0.00	2		0.01
Distributions to shareholders from
Net investment income		(0.00	)2		(0.00	)2		(0.00	)2		(0.00	)2		(0.00	)2		(0.01	)
Net realized gains		0.00			(0.00	)2		(0.00	)2		(0.00	)2		0.00			0.00
Total distributions to shareholders		(0.00	)2		(0.00	)2		(0.00	)2		(0.00	)2		(0.00	)2		(0.01	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return3		0.00	%		0.03	%		0.02	%		0.01	%		0.03	%		1.34	%
Ratios to average net assets (annualized)
Gross expenses		1.18	%		1.18	%		1.18	%		1.17	%		1.15	%		1.15	%
Net expenses		0.17	%		0.23	%		0.23	%		0.35	%		0.63	%		1.11	%
Net investment income		0.01	%		0.01	%		0.01	%		0.01	%		0.03	%		1.29	%
Supplemental data
Net assets, end of period (000s omitted)		$346,074			$444,380			$920,116			$3,233,532			$3,527,022			$2,485,601

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

2. Amount is less than $0.005.

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

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

Notes to financial statements (unaudited) Wells Fargo Advantage Municipal Money Market Fund 27

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 Municipal Money Market 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

As permitted under Rule 2a-7 of the 1940 Act, portfolio securities 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 which are not valued using the method 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 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.

Distributions to shareholders

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

Federal and other taxes

The Fund intends to continue to qualify as a regulated investment company by distributing substantially all of its investment company taxable and tax-exempt 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.

28 Wells Fargo Advantage Municipal Money Market 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.

As of January 31, 2013, the Fund had $346 of current year deferred post-October capital losses, which was recognized on the first day of the current fiscal year.

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

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.

At July 31, 2013, all of the Fund’s investments in securities were valued using Level 2 inputs since the primary inputs include the credit quality of the issuer and short-term interest rates (both of which are observable) in addition to the use of amortized cost.

Transfers in and transfers out are recognized at the end of the reporting period. For the six months ended July 31, 2013, the Fund did not have any transfers into/out of Level 1, Level 2, or Level 3.

4. TRANSACTIONS WITH AFFILIATES AND OTHER EXPENSES

Advisory fee

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

Pursuant to the contract, Funds Management is entitled to receive an annual advisory fee starting at 0.30% and declining to 0.20% as the average daily net assets of the Fund increase. For the six months ended July 31, 2013, the advisory fee was equivalent to an annual rate of 0.30% of the Fund’s average daily net assets.

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Funds Management. 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 0.05% and declining to 0.01% as the average daily net assets of the Fund increase.

Notes to financial statements (unaudited) Wells Fargo Advantage Municipal Money Market Fund 29

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, Sweep Class		0.22	%
Institutional Class		0.08
Investor Class		0.25
Service Class		0.12

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 May 31, 2014 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 0.65% for Class A shares, 0.20% for Institutional Class shares, 0.64% for Investor Class shares, and 0.45% for Service Class shares and 1.00% for Sweep Class shares.

Distribution fees

The Trust has adopted a Distribution Plan for Sweep Class shares of the Fund pursuant to Rule 12b-1 under the 1940 Act. Distribution fees are charged to Sweep Class shares and paid to Wells Fargo Funds Distributor, LLC, the principal underwriter, at an annual rate of 0.35% of the average of the average daily net assets for Sweep Class shares.

Shareholder servicing fees

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

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

5. 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.

30 Wells Fargo Advantage Municipal Money Market 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, seven-day 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 Municipal Money Market 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 Municipal Money Market 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 Municipal Money Market 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 Municipal Money Market 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 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 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 (Class A) was in range of the median performance of the Universe for all periods under review.

34 Wells Fargo Advantage Municipal Money Market Fund Other information (unaudited)

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 operating expense ratio of the Fund was in range of the median net operating expense ratios of the expense Group for the Institutional Class, but that the operating expense ratios of the Fund were higher than the median net operating expense ratios of the expense Groups for all other classes. Funds Management advised the Board that the expense Group medians reflected voluntary waivers, whereas the Fund’s expense ratios did not reflect voluntary waivers. The Board noted that when the Fund’s expense ratios were adjusted to reflect voluntary waivers, the Fund’s net operating expense ratios were in range of the median net operating expense ratios of the expense Groups. The Board also viewed favorably the fact that the net operating expense cap of the Fund’s Sweep Class was lowered by five basis points in 2012. The Board and Funds Management agreed to extend the net operating expense caps for all of the Fund’s share classes until 2014.

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 share classes except the Service Class. However, the Board viewed favorably the fact that when the Fund’s expense ratios were adjusted to reflect voluntary waivers, the Fund’s net operating expense ratios were 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.

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 Municipal Money Market Fund 35

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.

36 Wells Fargo Advantage Municipal Money Market 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.

218831 09-13 SA308/SAR308 7-13

Wells Fargo Advantage 

Municipal Cash Management Money Market Fund

Semi-Annual Report

July 31, 2013

Reduce clutter. Save trees.

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

Contents

Letter to shareholders	2
Performance highlights	4
Fund expenses	6
Portfolio of investments	7
Financial statements
Statement of assets and liabilities	20
Statement of operations	21
Statement of changes in net assets	22
Financial highlights	23
Notes to financial statements	26
Other information	29
List of abbreviations	35

The views expressed and any forward-looking statements are as of July 31, 2013, unless otherwise noted, and are those of the Fund managers and/or Wells Fargo Funds Management, LLC. Discussions of individual securities, or the markets generally, or any Wells Fargo Advantage Fund are not intended as individual recommendations. Future events or results may vary significantly from those expressed in any forward-looking statements; the views expressed are subject to change at any time in response to changing circumstances in the market. Wells Fargo Funds Management, LLC, disclaims any obligation to publicly update or revise any views expressed or forward-looking statements.

NOT FDIC INSURED  ¡  NO BANK GUARANTEE  ¡   MAY LOSE VALUE

Wells Fargo investment history

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

Wells Fargo Advantage Funds^®

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

Strength

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

Expertise

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

Partnership

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

Carefully consider the investment objectives, risks, charges, and expenses before investing. For a current prospectus and, if available, a summary prospectus, for Wells Fargo Advantage Funds, containing this and other information, visit wellsfargoadvantagefunds.com. Read it carefully before investing.

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

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

NOT FDIC INSURED  ¡  NO BANK GUARANTEE  ¡  MAY LOSE VALUE

Not part of the semi-annual report.

Wells Fargo Advantage Funds offers more than 100 mutual funds across a wide range of asset classes, representing over $226 billion in assets under management, as of July 31, 2013.

Equity funds
Asia Pacific Fund	Enterprise Fund†	Opportunity Fund†
C&B Large Cap Value Fund	Global Opportunities Fund	Precious Metals Fund
C&B Mid Cap Value Fund	Growth Fund	Premier Large Company Growth Fund
Capital Growth Fund	Index Fund	Small Cap Opportunities Fund
Common Stock Fund	International Equity Fund	Small Cap Value Fund
Disciplined U.S. Core Fund	International Value Fund	Small Company Growth Fund
Discovery Fund†	Intrinsic Small Cap Value Fund	Small Company Value Fund
Diversified Equity Fund	Intrinsic Value Fund	Small/Mid Cap Value Fund
Diversified International Fund	Intrinsic World Equity Fund	Special Mid Cap Value Fund
Emerging Growth Fund	Large Cap Core Fund	Special Small Cap Value Fund
Emerging Markets Equity Fund	Large Cap Growth Fund	Specialized Technology Fund
Emerging Markets Equity Income Fund	Large Company Value Fund	Traditional Small Cap Growth Fund
Endeavor Select Fund†	Omega Growth Fund	Utility and Telecommunications Fund
Bond funds
Adjustable Rate Government Fund	High Yield Municipal Bond Fund	Short-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 Municipal Cash Management Money Market Fund Letter to shareholders (unaudited)

Karla M. Rabusch

President

Wells Fargo Advantage Funds

We continue to believe that most investors can benefit from adhering to a well-diversified, high-quality investment strategy that is focused on liquidity and capital preservation.

As we gain clarity in the coming months regarding potential changes to the regulation of money market funds, we will provide further communications to you about them.

Dear Valued Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Advantage Municipal Cash Management Money Market Fund for the six-month period that ended July 31, 2013. The past six months were marked by accommodative central bank policies, low interest rates, and regulatory uncertainty. Despite the challenges of a changing market landscape, we continue to believe that most investors can benefit from adhering to a well-diversified, high-quality investment strategy that is focused on liquidity and capital preservation.

Short-term interest rates remained low.

Monetary policy remained accommodative. The Federal Open Market Committee (FOMC) did not make any changes to its policy of keeping the target for the federal funds rate near zero or its asset purchase program of buying agency mortgage-backed securities and Treasury securities. However, Federal Reserve (Fed) Chairman Ben Bernanke roiled bond markets on June 19, after the previous day’s FOMC’s meeting, by indicating that tapering of its bond-buying program could begin later this year and that it could end as soon as mid-2014. Despite Chairman Bernanke’s comments on the potential for tapering of the bond-buying program, the Fed’s official statement reaffirmed its program of buying agency mortgage-backed securities at a pace of $40 billion per month and longer-term Treasury securities at a pace of $45 billion per month to “maintain downward pressure on longer-term interest rates, support mortgage markets, and help make broader financial conditions more accommodative.”

Anchored by the Fed’s accommodative monetary policy of holding its targeted federal funds rate near zero, short-term interest rates remained ultra low during the period. While longer-term interest rates rose late in the period, the combination of strong demand and limited supply of money market securities further exacerbated the low level of short-term interest rates throughout the period. A main reason that overall supply of money-market-eligible securities continued to decrease was due to issuers choosing to issue long-term debt to take advantage of low interest rates.

Despite interest rates remaining low, investors remained involved in this money markets because yield was only one component driving their investment choices. More often, safety, diversification¹, and liquidity have been higher-value propositions to these investors, factors that were not diminished by Fed policy or technical developments.

Money market regulations remained under review.

Regulators remained concerned about potential systemic risk from money market funds in the event of another financial crisis and sought further revisions to regulations governing money market funds in order to mitigate that risk. In June, the U.S. Security and Exchange Commission (SEC) proposed the following changes: 1) a floating net asset value (NAV) rather than a $1.00 stable NAV for prime institutional money market funds (prime retail money market funds and government money market funds could continue to maintain a stable $1.00 NAV under the proposal); 2) liquidity fees and redemption gates for money market funds other than government funds; or 3) a combination of these two measures. The SEC is also considering changes to portfolio diversification, stress testing, and disclosure requirements for all money market funds. Wells Fargo Funds Management, LLC intends to submit a comment letter on the proposals to the SEC. As we gain clarity in the coming months regarding potential changes to the regulation of money market funds, we will provide further communications to you about them.

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

Letter to shareholders (unaudited) Wells Fargo Advantage Municipal Cash Management Money Market Fund 3

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

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

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

Sincerely,

Karla M. Rabusch

President

Wells Fargo Advantage Funds

4 Wells Fargo Advantage Municipal Cash Management Money Market Fund Performance highlights (unaudited)

Investment objective

The Fund seeks current income exempt from regular federal income tax, while preserving capital and liquidity.

Adviser

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

David D. Sylvester

James Randazzo

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

								Expense ratios2 (%)
	Inception date	1 year		5 year		10 year		Gross		Net3
Administrator Class (WUCXX)	7-9-2010		0.05		0.36		1.40		0.36		0.30
Institutional Class (EMMXX)	11-20-1996		0.06		0.39		1.42		0.24		0.20
Service Class (EISXX)	11-25-1996		0.05		0.27		1.23		0.53		0.45

Fund yield summary3 (%) as of July 31, 2013	Administrator Class	Institutional Class		Service Class
7-day current yield	0.01		0.01		0.01
7-day compound yield	0.01		0.01		0.01
30-day simple yield	0.01		0.01		0.01
30-day compound yield	0.01		0.01		0.01

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 returns will fluctuate. The Fund’s yield figures more closely reflect the current earnings of the Fund than the total return figures. 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 at the Fund’s website, wellsfargoadvantagefunds.com.

Each class is sold without a front-end sales charge or contingent deferred sales charge. Other fees and expenses apply to an investment in the Fund and are described in the Fund’s current prospectuses.

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 Fund seeks 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. A portion of the Fund’s income may be subject to federal, state, and/or local income taxes or the alternative minimum tax (AMT).

Please see footnotes on page 5.

Performance highlights (unaudited) Wells Fargo Advantage Municipal Cash Management Money Market Fund 5

Revenue source distribution⁴ as of July 31, 2013

Weighted average maturity⁶ as of July 31, 2013

15 days

Weighted average final maturity⁷ as of July 31, 2013

15 days

Effective maturity distribution⁵ as of July 31, 2013

1. Historical performance shown for Administrator Class shares prior to their inception reflects the performance of Institutional Class shares, and has not been adjusted to include the higher expenses applicable to Administrator Class shares. If these expenses had been adjusted, returns would be lower. 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 Institutional Municipal Money Market Fund.

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

3. The Adviser has committed through May 31, 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. Without waived fees and/or reimbursed expenses, the Fund’s 7-day current yield would have been (0.23)%, (0.11)%, and (0.40)% for Administrator Class, Institutional Class, and Service Class, respectively.

4. Revenue source distribution is subject to change and is calculated based on the total investments of the Fund.

5. Effective maturity distribution is subject to change and is calculated based on the total investments of the Fund.

6. Weighted Average Maturity (WAM): WAM is an average of the effective maturities of all securities held in the portfolio, weighted by each security’s percentage of total investments. The maturity of a portfolio security is the period remaining until the date on which the principal amount is unconditionally required to be paid, or in the case of a security called for redemption, the date on which the redemption payment is unconditionally required to be made. WAM calculations allow for the maturities of certain securities with demand features or periodic interest rate resets to be shortened. WAM is a way to measure a fund’s sensitivity to potential interest rate changes.

7. Weighted Average Final Maturity (WAFM): WAFM is an average of the final maturities of all securities held in the portfolio, weighted by their percentage of total investments. The maturity of a portfolio security is the period remaining until the date on which the principal amount is unconditionally required to be paid, or in the case of a security called for redemption, the date on which the redemption payment is unconditionally required to be made. In contrast to WAM, the calculation of WAFM allows for the maturities of certain securities with demand features to be shortened, but not the periodic interest rate resets. WAFM is a way to measure a fund’s potential sensitivity to credit spread changes.

6 Wells Fargo Advantage Municipal Cash Management Money Market Fund Fund expenses (unaudited)

As a shareholder of the Fund, you incur ongoing costs, including management fees, 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 February 1, 2013 to July 31, 2013.

Actual expenses

The “Actual” line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the “Actual” line under the heading entitled “Expenses paid during period” for your applicable class of shares to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The “Hypothetical” line of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only. 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 2-1-2013		Ending account value 7-31-2013		Expenses paid during the period1		Net annual expense ratio
Administrator Class
Actual	$	1,000.00	$	1,000.05	$	0.84		0.17	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.95	$	0.85		0.17	%
Institutional Class
Actual	$	1,000.00	$	1,000.09	$	0.79		0.16	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.00	$	0.80		0.16	%
Service Class
Actual	$	1,000.00	$	1,000.05	$	0.84		0.17	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.95	$	0.85		0.17	%

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

Portfolio of investments—July 31, 2013 (unaudited) Wells Fargo Advantage Municipal Cash Management Money Market Fund 7

Security name	Interest rate			Maturity date		Principal		Value
Municipal Obligations: 100.05%
Alabama: 0.29%
Variable Rate Demand Note ø: 0.29%
Chatom AL IDA Board Gulf Opportunity Zone Power South Energy Cooperative Projects Series 2011 (IDR)		0.21	%		8-1-2041	$	4,500,000	$	4,500,000
Alaska: 1.14%
Variable Rate Demand Note ø: 1.14%
Alaska Student Loan Corporation Series B-1 (Education Revenue, State Street Bank & Trust Company LOC)		0.10			12-1-2043		17,435,000		17,435,000
Arizona: 0.98%
Variable Rate Demand Note ø: 0.98%
Mesa AZ Utility System Clipper Tax-Exempt Certificate Trust Series 2009-33 (Miscellaneous Revenue, State Street Bank & Trust Company LIQ)		0.06			7-1-2024		15,000,000		15,000,000
Arkansas: 0.02%
Variable Rate Demand Note ø: 0.02%
Arkansas Development Finance Authority Stratton Seed Company Project (IDR, Bank of America NA LOC)		0.50			3-1-2014		300,000		300,000
California: 6.72%
Other Municipal Debt: 1.73%
California School Cash Reserve Program Authority Series 2013-X (Miscellaneous Revenue)		2.00			10-1-2013		4,000,000		4,012,064
Los Angeles County CA Capital Asset Leasing Corporation Series B (Lease Revenue)		0.09			9-10-2013		2,100,000		2,100,000
Los Angeles County CA Schools Pooled Financing Program TRAN Series B-2 (Miscellaneous Revenue)		2.00			11-29-2013		2,700,000		2,713,867
Los Angeles County CA Schools Pooled Financing Program TRAN Series B-3 (Miscellaneous Revenue)		2.00			11-29-2013		1,000,000		1,005,301
Los Angeles County CA Schools Pooled Financing Program TRAN Series C-6 (Miscellaneous Revenue)		2.00			12-31-2013		1,000,000		1,007,257
Los Angeles County CA Schools Pooled Financing Program TRAN Series C-8 (Miscellaneous Revenue)		2.00			1-31-2014		7,500,000		7,561,172
Los Angeles County CA Schools Pooled Financing Program TRAN Series C-9 (Miscellaneous Revenue)		2.00			1-31-2014		2,500,000		2,519,372
Los Angeles County CA Series A (Miscellaneous Revenue)		2.00			2-28-2014		2,600,000		2,627,430
San Diego CA Unified School District Series A-1 (Miscellaneous Revenue)		2.00			1-31-2014		3,000,000		3,027,569
									26,574,032
Variable Rate Demand Notes ø: 4.99%
ABAG Finance Authority for Nonprofit Corporation California MFHR Acton Courtyard Series A (Housing Revenue, FHLMC LIQ)		0.06			4-1-2037		1,300,000		1,300,000
ABAG Finance Authority for Nonprofit Corporation California MFHR Fine Arts Building Projects Series A (Housing Revenue, FNMA Insured, FNMA LIQ)		0.07			7-15-2035		100,000		100,000
Anaheim CA Housing Authority Cobblestone Apartments Series B (Housing Revenue, FNMA Insured, FNMA LIQ)		0.08			3-15-2033		3,580,000		3,580,000
California CDA Gas Supply Series 2010 (Utilities Revenue, Royal Bank of Canada SPA)		0.05			11-1-2040		13,635,000		13,635,000
California CDA Grande Apartments Series TT (Housing Revenue, FNMA Insured, FNMA LIQ)		0.06			12-15-2034		1,925,000		1,925,000

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

8 Wells Fargo Advantage Municipal Cash Management Money Market Fund Portfolio of investments—July 31, 2013 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Variable Rate Demand Notes ø (continued)
California CDA MFHR Canyon Country Apartments Series M (Housing Revenue, FHLMC LIQ)		0.05	%		12-1-2034	$	200,000	$	200,000
California CDA Oakmont Senior Living Series Y (Housing Revenue, FNMA Insured, FNMA LIQ)		0.05			8-1-2031		14,340,000		14,340,000
California HFFA Catholic Healthcare West Series 2005-H (Health Revenue, Sumitomo Mitsui Banking LOC)		0.04			7-1-2035		10,000,000		10,000,000
California HFFA Presbyterian Homes & Services Incorporated Series 2004 (Health Revenue, Union Bank NA LOC)		0.06			7-1-2034		3,700,000		3,700,000
Elsinore Valley CA Municipal Water District COP Series 2008-B (Water & Sewer Revenue, U.S. Bank NA LOC)		0.07			7-1-2035		3,100,000		3,100,000
Los Angeles County CA CDA MFHR Met Apartments Project (Housing Revenue, FNMA Insured, FNMA LIQ)		0.05			12-15-2024		635,000		635,000
Modesto CA MFHR Live Oak Apartments Project (Housing Revenue, FNMA Insured, FNMA LIQ)		0.07			9-15-2024		3,775,000		3,775,000
Sacramento County CA Housing Authority Arlington Creek Apartment Series I (Housing Revenue, FNMA Insured, FNMA LIQ)		0.05			5-15-2034		7,700,000		7,700,000
San Francisco CA City & County Airports Commission Series 36A (Airport Revenue, U.S. Bank NA LOC)		0.05			5-1-2026		1,800,000		1,800,000
San Jose CA MFHR Raintree Apartments Series A (Housing Revenue, FHLMC LIQ)		0.08			2-1-2038		10,600,000		10,600,000
									76,390,000
Colorado: 1.04%
Variable Rate Demand Notes ø: 1.04%
Arapahoe County CO Cottrell Printing Project (IDR, KeyBank NA LOC)		0.21			10-1-2019		2,000,000		2,000,000
Colorado Agricultural Development Authority Hunter Ridge Dairy Project (Resource Recovery Revenue, CoBank LOC)		0.10			11-1-2042		4,750,000		4,750,000
Colorado HFA Class II Series B-3 (Housing Revenue, Royal Bank of Canada SPA)		0.07			5-1-2038		9,250,000		9,250,000
									16,000,000
Connecticut: 0.23%
Variable Rate Demand Note ø: 0.23%
Connecticut Municipal Electric Energy Cooperative Power Supply System Series 2013-A Deutsche Bank Spears Series DBE-1164 (Utilities Revenue) 144A		0.11			1-1-2038		3,510,000		3,510,000
Delaware: 0.44%
Variable Rate Demand Notes ø: 0.44%
Delaware Housing Authority ROC RR-II-R-1165 (Housing Revenue, GNMA/FNMA/FHLMC Insured, Citibank NA LIQ) 144A		0.31			1-1-2016		6,735,000		6,735,000
District of Columbia: 0.88%
Other Municipal Debt: 0.88%
District of Columbia (GO)		2.00			9-30-2013		13,500,000		13,540,721
Florida: 9.17%
Other Municipal Debt: 1.30%
JEA Florida Electric System Series 00-A (Utilities Revenue)		0.13			8-14-2013		10,600,000		10,600,000
JEA Florida Electric System Series F-1 (Utilities Revenue)		0.12			8-29-2013		5,000,000		5,000,000
JEA Florida Electric System Series F-2 (Utilities Revenue)		0.12			8-15-2013		4,300,000		4,300,000
									19,900,000

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

Portfolio of investments—July 31, 2013 (unaudited) Wells Fargo Advantage Municipal Cash Management Money Market Fund 9

Security name	Interest rate			Maturity date		Principal		Value
Variable Rate Demand Notes ø: 7.87%
Alachua County FL HFA MFHR University Cove Apartments Project (Housing Revenue, FNMA Insured, FNMA LIQ)		0.09	%		6-15-2034	$	5,395,000	$	5,395,000
Duval County FL HFA Mortgage Camri Green Apartments (Housing Revenue, FNMA Insured, FNMA LIQ)		0.08			11-15-2036		6,700,000		6,700,000
Florida HFA Vizcaya Villas Project Series 1996-M (Housing Revenue, Royal Bank of Canada LIQ) 144A		0.08			7-25-2015		5,420,000		5,420,000
Florida Housing Finance Corporation Brook Haven Apartments Multi-Family Mortgage Project Series 2006-H (Miscellaneous Revenue, FNMA Insured, FNMA LIQ)		0.08			4-15-2039		6,295,000		6,295,000
Florida Municipal Power Agency All Requirements Power Supply Series 2008-C (Utilities Revenue, Bank of America NA LOC)		0.08			10-1-2035		20,100,000		20,100,000
Greater Orlando FL Aviation Authority Flight Safety International Project Series A (Airport Revenue)		0.06			10-1-2023		9,105,000		9,105,000
Greater Orlando FL Aviation Authority Flight Safety International Project Series A (Airport Revenue)		0.06			10-1-2035		2,160,000		2,160,000
Hillsborough County FL School Board Master Lease Program JPMorgan PUTTER Series 4128 (Miscellaneous Revenue, JPMorgan Chase & Company LOC, JPMorgan Chase & Company LIQ) 144A		0.10			4-22-2014		21,285,000		21,285,000
Jacksonville FL HFA MFHR Christine Cove Apartments (Housing Revenue, California Bank & Trust LOC)		0.09			9-15-2038		1,430,000		1,430,000
Miami-Dade County FL IDA Reflectone Incorporated Project Series 2000-A (IDR, Royal Bank of Canada LOC)		0.09			3-1-2024		11,000,000		11,000,000
Orange County FL HFA Landings on Millenia Boulevard Apartments Project Series 2002-A (Housing Revenue, FNMA LOC)		0.09			8-15-2035		7,060,000		7,060,000
Orange County FL HFA MFHR Marbella Pointe Series 2007-A (Housing Revenue, FHLB LOC, JPMorgan Chase & Company LIQ)		0.08			4-15-2040		7,650,000		7,650,000
Tampa FL Baycare Health System Series 2012-B (Health Revenue)		0.16			11-15-2033		1,000,000		1,000,000
West Palm Beach FL Utilities Systems Series 2008-C (Water & Sewer Revenue, AGM Insured, JPMorgan Chase & Company SPA)		0.30			10-1-2038		16,000,000		16,000,000
									120,600,000
Georgia: 1.81%
Variable Rate Demand Notes ø: 1.81%
Atkinson & Coffee Counties GA Joint Development Authority Solid Waste Langboard Incorporated Project Series 2008 (Resource Recovery Revenue, CoBank LOC)		0.10			11-1-2033		16,800,000		16,800,000
Atlanta GA Housing Authority Villages at Carver Project (Housing Revenue, FNMA Insured, FNMA LIQ)		0.06			12-15-2039		3,325,000		3,325,000
Dekalb County GA Water & Sewer Revenue Series 2006-B ROC RR-II-R-11900 (Water & Sewer Revenue, AGM Insured, Citibank NA LIQ) 144A		0.12			4-1-2023		3,000,000		3,000,000
Metropolitan Atlanta GA Rapid Transit Authority Trust Class A (Tax Revenue, Societe Generale LOC, Ambac Insured, Societe Generale LIQ) 144A		0.16			7-1-2020		4,600,000		4,600,000
									27,725,000
Illinois: 5.94%
Other Municipal Debt: 0.62%
Illinois Educational Facilities Authority NorthShore Health System & Other Instructions Series 1995 (Education Revenue)		0.14			8-6-2013		9,400,000		9,400,000
Variable Rate Demand Notes ø: 5.32%
Chicago IL (Tax Revenue, JPMorgan Chase & Company SPA)		0.27			1-1-2034		1,400,000		1,400,000
Chicago IL Enterprise Center Project Series IX (IDR, Bank of America NA LOC)		0.32			6-1-2022		3,146,000		3,146,000

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

10 Wells Fargo Advantage Municipal Cash Management Money Market Fund Portfolio of investments—July 31, 2013 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Variable Rate Demand Notes ø (continued)
Chicago IL Enterprise Center Project Series X (IDR, LaSalle Bank NA LOC)		0.32	%		6-1-2022	$	4,300,000	$	4,300,000
Chicago IL Midway Airport 2nd Lien Series C-1 (Airport Revenue, Bank of Montreal LOC)		0.08			1-1-2035		14,615,000		14,615,000
Chicago IL Royal Bank of Canada Municipal Products Incorporated Trust Series O-6 (Tax Revenue, Royal Bank of Canada LIQ) 144A		0.18			1-1-2041		7,985,000		7,985,000
Chicago IL Sub Series 04-3 (Water & Sewer Revenue, State Street Bank & Trust Company LOC)		0.15			11-1-2031		600,000		600,000
Chicago IL Waterworks Revenue Sub Series 2001-1 (Water & Sewer Revenue, JPMorgan Chase & Company SPA)		0.27			11-1-2030		8,500,000		8,500,000
Chicago IL Waterworks Revenue Sub Series 2001-2 (Water & Sewer Revenue, JPMorgan Chase & Company SPA)		0.27			11-1-2030		5,600,000		5,600,000
Illinois Finance Authority Advocate Health Care Network Series 2011-B (Health Revenue) (i)		0.18			4-1-2051		5,000,000		5,000,000
Illinois Finance Authority Resurrection Health Care Series 2005-B (Health Revenue, JPMorgan Chase & Company LOC)		0.06			5-15-2035		10,100,000		10,100,000
Illinois Finance Authority Toyal America Incorporated Project (IDR, Bank of Tokyo-Mitsubishi LOC)		0.10			6-1-2017		5,200,000		5,200,000
Illinois Toll Highway Authority Series A1 (Transportation Revenue, AGM Insured, JPMorgan Chase & Company SPA)		0.44			1-1-2031		2,000,000		2,000,000
Illinois Toll Highway Authority Series A2 (Transportation Revenue, AGM Insured, PNC Bank NA SPA)		0.44			1-1-2031		10,000,000		10,000,000
Southwestern Illinois IDA Mattingly Lumber Project Series 2005-A (IDR, First Bank LOC)		0.21			12-1-2035		3,080,000		3,080,000
									81,526,000
Indiana: 2.40%
Variable Rate Demand Notes ø: 2.40%
Gary IN Grant Street Project (IDR, JPMorgan Chase & Company LOC)		0.14			7-1-2034		5,555,000		5,555,000
Indiana Finance Authority Midwestern Disaster Relief Revenue Ohio Valley Electric Corporation Project Series B (Utilities Revenue, Sumitomo Mitsui Banking LOC)		0.05			6-1-2040		11,500,000		11,500,000
Indiana HEFA ROC RR-11-R-11460 (Health Revenue, AGM Insured, Citibank NA LIQ)		0.21			5-1-2016		2,850,000		2,850,000
Saint Joseph County IN Grace Christian Schools Project (Miscellaneous Revenue, Bank of New York Mellon LOC)		0.35			12-1-2016		725,000		725,000
Spencer County IN American Iron Oxide Company Project (IDR, Bank of Tokyo-Mitsubishi LOC)		0.26			9-1-2018		8,600,000		8,600,000
Valparaiso IN EDA Task Force Tips Incorporated Project (Miscellaneous Revenue, Harris NA LOC)		0.12			5-1-2033		7,470,000		7,470,000
									36,700,000
Iowa: 0.45%
Variable Rate Demand Notes ø: 0.45%
Des Moines IA Elliot Aviation Project (Airport Revenue, U.S. Bank NA LOC)		0.08			8-1-2027		2,850,000		2,850,000
Iowa HFA SFHR Series N (Housing Revenue, GNMA/FNMA/FHLMC Insured, FHLB SPA)		0.07			1-1-2039		3,780,000		3,780,000
Scott County IA Nichols Aluminum Recycling Project (Resource Recovery Revenue, U.S. Bank NA LOC)		0.71			6-1-2014		200,000		200,000
									6,830,000

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

Portfolio of investments—July 31, 2013 (unaudited) Wells Fargo Advantage Municipal Cash Management Money Market Fund 11

Security name	Interest rate			Maturity date		Principal		Value
Kansas: 0.14%
Variable Rate Demand Note ø: 0.14%
Nemaha County KS Midwest AG Services LLC Project (IDR, CoBank LOC)		0.10	%		11-1-2020	$	2,070,000	$	2,070,000
Kentucky: 0.45%
Other Municipal Debt: 0.17%
Kentucky Rural Water Finance Corporation Public Project Series 2012-D-1 (Miscellaneous Revenue)		1.00			10-1-2013		2,700,000		2,703,062
Variable Rate Demand Note ø: 0.28%
Hopkins County KY Industrial Building J-Lok Corporation Project Series 2007 (IDR, PNC Bank NA LOC)		0.10			10-1-2017		4,250,000		4,250,000
Louisiana: 0.94%
Variable Rate Demand Notes ø: 0.94%
Ascension Parish LA BASF Corporation Project (IDR)		0.20			3-1-2025		7,900,000		7,900,000
Ascension Parish LA BASF Corporation Project (IDR)		0.20			12-1-2028		1,200,000		1,200,000
Calcasieu Parish LA Public Trust Authority WPT Corporation Project (IDR, Bank of America NA LOC)		0.15			12-1-2027		4,600,000		4,600,000
Louisiana Series A-1 Royal Bank of Canada Municipal Products Incorporated Trust Certificates Series O-31 (Tax Revenue, Royal Bank of Canada LIQ) 144A		0.06			5-1-2034		655,000		655,000
									14,355,000
Maryland: 0.06%
Variable Rate Demand Note ø: 0.06%
Baltimore County MD Maryvale Preparatory School Facilities Project Series 2005-A (Education Revenue)		0.11			12-3-2035		970,000		970,000
Massachusetts: 0.10%
Variable Rate Demand Note ø: 0.10%
Massachusetts Industrial Finance Agency Constitution Project (Miscellaneous Revenue, TD Bank NA LOC)		0.24			6-1-2018		1,500,000		1,500,000
Michigan: 5.00%
Other Municipal Debt: 0.41%
Michigan Finance Authority Series 2012-B-1 (Miscellaneous Revenue)		2.00			8-20-2013		6,300,000		6,305,336
Variable Rate Demand Notes ø: 4.59%
Michigan Higher Education Authority Student Loan Royal Bank of Canada Municipal Products Trust Incorporated Certificate Series L-33 (Education Revenue, Royal Bank of Canada LOC, Royal Bank of Canada LIQ)		0.11			9-1-2026		20,000,000		20,000,000
Michigan Hospital Finance Authority Ascension Health Senior Credit Group Series 2010-6 (Health Revenue) (i)		0.15			11-15-2049		5,200,000		5,200,000
Michigan Hospital Finance Authority Ascension Health Senior Credit Group Series 2010-7 (Health Revenue) (i)		0.15			11-15-2049		6,030,000		6,030,000
Michigan Hospital Finance Authority Trinity Health Credit Group Series 2011 Royal Bank of Canada Municipal Products Incorporated Trust Certificates Series O-32 (Health Revenue, Royal Bank of Canada LIQ) 144A		0.06			6-1-2020		2,000,000		2,000,000
Michigan Housing Development Authority AMT Series A (Housing Revenue, AGM Insured)		0.41			4-1-2042		12,255,000		12,255,000

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

12 Wells Fargo Advantage Municipal Cash Management Money Market Fund Portfolio of investments—July 31, 2013 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Variable Rate Demand Notes ø (continued)
Michigan Housing Development Authority AMT Series C (Housing Revenue, JPMorgan Chase & Company SPA)		0.11	%		4-1-2042	$	7,030,000	$	7,030,000
Michigan Housing Development Authority AMT Series C (Housing Revenue, JPMorgan Chase & Company SPA)		0.11			10-1-2042		17,755,000		17,755,000
									70,270,000
Minnesota: 2.99%
Other Municipal Debt: 0.07%
Minnesota Rural Water Finance Authority Public Project Construction Notes Series 2013 (Water & Sewer Revenue)		1.00			2-1-2014		1,100,000		1,103,860
Variable Rate Demand Notes ø: 2.92%
Dakota County MN CDA View Pointe Apartments Project Series 2007-A (Housing Revenue, FNMA Insured, FNMA LIQ)		0.09			1-15-2038		15,865,000		15,865,000
Forest Lake MN Kilkenny Court Apartments Project Series 2008 (Housing Revenue, FNMA Insured, FNMA LIQ)		0.07			8-15-2038		750,000		750,000
Minneapolis MN Minnehaha Academy Project (Education Revenue, U.S. Bank NA LOC)		0.08			5-1-2026		981,000		981,000
Minnesota Bond Securitization Trust Certificate Carleton Lofts Project Class A (Housing Revenue, U.S. Bank NA LOC)		0.21			12-1-2048		300,000		300,000
Minnesota Bond Securitization Trust Certificate Series S-1 (Miscellaneous Revenue, PNC Bank NA LOC)		0.21			2-1-2027		1,420,000		1,420,000
Minnesota HEFAR MacAlester College Series 5-Q (Education Revenue)		0.12			3-1-2033		5,110,000		5,110,000
Minnesota HFA Residential Housing Finance Agency Series C (Miscellaneous Revenue, FHLB SPA)		0.07			7-1-2036		11,700,000		11,700,000
Minnesota HFA Residential Housing Finance Agency Series C (Housing Revenue, FHLB LIQ)		0.07			7-1-2048		6,000,000		6,000,000
Plymouth MN At The Lake Apartments Project (Housing Revenue, FHLMC LIQ)		0.09			8-1-2034		1,900,000		1,900,000
St. Paul MN Housing & RDA Hampden Square Apartments Series A (Housing Revenue, FNMA Insured, FNMA LIQ)		0.09			6-1-2032		700,000		700,000
									44,726,000
Missouri: 1.15%
Variable Rate Demand Notes ø: 1.15%
Kansas City MO IDA Ewing Marion Kauffman Foundation Series 2001 (Miscellaneous Revenue)		0.07			4-1-2027		4,700,000		4,700,000
Missouri Development Finance Board Ewing Marion Kauffman Foundation Project Series 2007-A (Miscellaneous Revenue)		0.07			6-1-2037		3,475,000		3,475,000
Missouri Environmental Improvement & Energy Resources Authority (Water & Sewer Revenue) 144A		0.10			12-1-2036		7,835,000		7,835,000
Missouri Housing Development Commission Homeowner Loan Program Series C-1 Clipper Tax-Exempt Certificate Trust Series 2009-12 (Miscellaneous Revenue, State Street Bank & Trust Company LIQ)		0.21			3-1-2038		1,622,000		1,622,000
									17,632,000
Montana: 0.23%
Variable Rate Demand Note ø: 0.23%
Clipper Tax-Exempt Certified Trust Series 2009-22 (Miscellaneous Revenue, State Street Bank & Trust Company LIQ)		0.18			12-1-2036		3,575,000		3,575,000

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

Portfolio of investments—July 31, 2013 (unaudited) Wells Fargo Advantage Municipal Cash Management Money Market Fund 13

Security name	Interest rate			Maturity date		Principal		Value
Nebraska: 0.40%
Variable Rate Demand Note ø: 0.40%
Nebraska Investment Finance Authority Apple Creek Associates Project Series 1985-A (Housing Revenue, Northern Trust Company LOC)		0.16	%		9-1-2031	$	6,190,000	$	6,190,000
Nevada: 1.00%
Variable Rate Demand Notes ø: 1.00%
Clark County NV Airport Revenue Deutsche Bank Spears Series DBE-643 (Airport Revenue, Ambac Insured)		0.16			7-1-2025		5,660,000		5,660,000
Nevada Housing Development Authority MFHR Vintage at Laughlin Apartments Project (Housing Revenue, East West Bank LOC, FHLB SPA)		0.06			4-15-2041		9,660,000		9,660,000
									15,320,000
New Hampshire: 2.52%
Variable Rate Demand Notes ø: 2.52%
Clipper Tax-Exempt Certified Trust Series 2005-03 (Miscellaneous Revenue, State Street Bank & Trust Company LIQ)		0.18			1-1-2036		6,430,000		6,430,000
New Hampshire HEFA Dartmouth College Project Series 3069 (Education Revenue) 144A		0.06			6-1-2039		139		139
New Hampshire HEFA FHA Healthcare Issue Series 2009 JPMorgan PUTTER Series 3648 (Health Revenue, JPMorgan Chase & Company LIQ) 144A		0.16			10-1-2017		4,950,000		4,950,000
New Hampshire HEFA Southern New Hampshire University (Education Revenue, TD Bank NA LOC)		0.04			1-1-2039		14,200,000		14,200,000
New Hampshire HFA SFHR (Housing Revenue, Bank of America NA SPA) 144A		0.14			1-1-2037		13,045,000		13,045,000
									38,625,139
New Jersey: 1.74%
Variable Rate Demand Notes ø: 1.74%
New Jersey EDA National Gas Company Series C (Utilities Revenue)		0.08			8-1-2041		17,900,000		17,900,000
New Jersey EDA School Facilities Construction Series I Deutsche Bank Spears Series DBE-1151 (Transportation Revenue, Deutsche Bank AG LIQ) 144A		0.11			9-1-2025		4,810,000		4,810,000
New Jersey EDA School Facilities Construction Series NN Deutsche Bank Spears Series DBE-1143X (Miscellaneous Revenue) 144A		0.12			3-1-2029		1,400,000		1,400,000
New Jersey Turnpike Authority Series 2013-A Deutsche Bank Spears Series DBE-1153X (Transportation Revenue, Deutsche Bank AG LIQ) 144A		0.11			1-1-2038		2,500,000		2,500,000
									26,610,000
New York: 3.91%
Other Municipal Debt: 0.28%
Metropolitan Transportation Authority New York Credit Enhanced Transportation BAN Series CP-2 Sub Series A (Transportation Revenue)		0.10			9-10-2013		4,225,000		4,225,000
Variable Rate Demand Notes ø: 3.63%
New York HFA Prospect Plaza Apartments Series A (Housing Revenue, Citibank NA LOC)		0.11			11-1-2039		5,275,000		5,275,000
New York HFA Rip Van Winkle House Series A (Housing Revenue, FHLMC LIQ)		0.06			11-1-2034		7,000,000		7,000,000
New York HFA ROC RR-II-R-11700 Series B (Housing Revenue, Citibank NA LIQ) 144A		0.26			5-1-2038		6,810,000		6,810,000
New York Mortgage Agency Homeowner ROC RR-II-R-11704 (Housing Revenue, Citibank NA LIQ) 144A		0.21			10-1-2031		4,215,000		4,215,000
New York Mortgage Agency Homeowner Series 71 ROC RR-II-R-11706 (Housing Revenue, Citibank NA LIQ) 144A		0.21			10-1-2024		255,000		255,000

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

14 Wells Fargo Advantage Municipal Cash Management Money Market Fund Portfolio of investments—July 31, 2013 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Variable Rate Demand Notes ø (continued)
New York Mortgage Agency Series 106 ROC RR-II-R-11708 (Housing Revenue, Citibank NA LIQ) 144A		0.21	%		10-1-2028	$	8,885,000	$	8,885,000
New York NY City Municipal Water Finance Authority (Water & Sewer Revenue, U.S. Bank NA SPA)		0.05			6-15-2043		10,000,000		10,000,000
New York NY PUTTER/DRIVER Trust Series 3381 (Housing Revenue, JPMorgan Chase & Company LIQ) 144A		0.12			10-1-2023		1,295,000		1,295,000
New York NY Housing Development Corporation MFHR Series 2012-C (Housing Revenue)		0.22			5-1-2045		1,000,000		1,000,000
New York NY Municipal Water Finance Authority Residual Interest Bond Trust Series 2013-3WX (Water & Sewer Revenue, Barclays Bank plc LIQ)) 144A		0.07			6-15-2047		2,300,000		2,300,000
New York NY Transitional Finance Authority Revenue Series 2004-B (Tax Revenue)		5.00			8-1-2032		3,000,000		3,000,000
Riverhead NY IDA Central Suffolk Hospital Project Series 2006-C (Health Revenue)		0.09			7-1-2017		1,595,000		1,595,000
Riverhead NY IDR Central Suffolk Hospital Project Series 2006-A (Health Revenue)		0.09			7-1-2031		2,075,000		2,075,000
Riverhead NY IDR Central Suffolk Hospital Project Series 2006-B (Health Revenue)		0.09			7-1-2031		1,950,000		1,950,000
									55,655,000
North Carolina: 2.58%
Variable Rate Demand Notes ø: 2.58%
North Carolina Housing Finance Agency Home Ownership Series 15-C (Housing Revenue, AGM Insured, TD Bank NA SPA)		0.07			7-1-2032		5,760,000		5,760,000
North Carolina Housing Finance Agency Home Ownership Series 3191 (Housing Revenue, Morgan Stanley Bank LIQ) 144A		0.14			7-1-2039		5,810,000		5,810,000
North Carolina Medical Care Commission Health Care Facilities University Health Systems of Eastern Carolina Series 2008 B-1 (Health Revenue, Branch Banking & Trust LOC)		0.10			12-1-2036		13,500,000		13,500,000
Raleigh-Durham NC Airport Authority JPMorgan PUTTER/DRIVER Trust Series 2012 (Airport Revenue, BHAC/FGIC Insured, JPMorgan Chase & Company LIQ) 144A		0.11			5-1-2015		14,440,000		14,440,000
									39,510,000
North Dakota: 3.88%
Other Municipal Debt: 1.14%
Mercer County ND PCR Series 2009-1 (Utilities Revenue)		0.18	%		8-7-2013	$	15,900,000	$	15,900,000
North Dakota Water Finance Corporation Public Projects Construction Series B-2 (Miscellaneous Revenue)		1.00			6-1-2014		1,500,000		1,508,934
									17,408,934
Variable Rate Demand Notes ø: 2.74%
Mandan ND IDA Cloverdale Foods Company Project (IDR, BNC National Bank LOC)		0.26			12-1-2022		2,035,000		2,035,000
North Dakota HFA Home Mortgage Finance Program Series A (Housing Revenue, FHLB SPA)		0.07			7-1-2024		13,100,000		13,100,000
North Dakota HFA Home Mortgage Finance Program Series A (Housing Revenue, FHLB SPA)		0.07			1-1-2036		1,545,000		1,545,000
North Dakota HFA Home Mortgage Finance Program Series A (Housing Revenue, FHLB SPA)		0.10			7-1-2037		15,690,000		15,690,000
Richland County ND Recovery Zone Project Series 2010-C (IDR, CoBank LOC)		0.07			11-1-2028		3,000,000		3,000,000
Trail County ND IDR American Crystal Project (Resource Recovery Revenue, CoBank LOC)		0.11			9-1-2019		6,700,000		6,700,000
									42,070,000

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

Portfolio of investments—July 31, 2013 (unaudited) Wells Fargo Advantage Municipal Cash Management Money Market Fund 15

Security name	Interest rate			Maturity date		Principal		Value
Ohio: 3.35%
Variable Rate Demand Notes ø: 3.35%
Deutsche Bank Spears/Lifers Series 2013 DBE-1151 (Education Revenue) 144A		0.11	%		12-1-2043	$	2,000,000	$	2,000,000
JobsOhio Beverage Systems Statewide Liquor Profits Senior Lien Series 2013-A Deutsche Bank Spears Series DBE-1157 (Miscellaneous Revenue) 144A		0.09			1-1-2038		12,220,000		12,220,000
Ohio Air Quality Development Authority Andersons Marathon Ethanol LLC Project Series 2007 (Resource Recovery Revenue, CoBank LOC)		0.10			9-1-2037		34,500,000		34,500,000
Princeton OH School District MSTR (GO, National Insured, Societe Generale LIQ)		0.11			12-1-2030		2,600,000		2,600,000
									51,320,000
Oregon: 0.18%
Variable Rate Demand Note ø: 0.18%
Oregon Veterans Welfare Series 85 (Tax Revenue, U.S. Bank NA SPA)		0.05			6-1-2041		2,700,000		2,700,000
Other: 10.16%
Variable Rate Demand Notes ø: 10.16%
Branch Banking & Trust Series 2040 (Airport Revenue, FGIC Insured, Branch Banking & Trust LIQ)		0.10			10-1-2030		7,025,000		7,025,000
Branch Banking & Trust Series 2054 (Airport Revenue, Ambac Insured, Branch Banking & Trust LIQ)		0.10			10-1-2015		7,110,000		7,110,000
Clipper Tax-Exempt Certified Trust Series 2004-10 (Miscellaneous Revenue, State Street Bank & Trust Company LIQ)		0.21			12-1-2035		306,000		306,000
Clipper Tax-Exempt Certified Trust Series 2005-30 (Miscellaneous Revenue, State Street Bank & Trust Company LIQ)		0.21			6-1-2038		6,480,000		6,480,000
Clipper Tax-Exempt Certified Trust Series 2005-31 (Miscellaneous Revenue, State Street Bank & Trust Company LIQ)		0.21			1-1-2036		4,450,000		4,450,000
Clipper Tax-Exempt Certified Trust Series 2006-02 (Miscellaneous Revenue, State Street Bank & Trust Company LIQ)		0.21			10-1-2036		7,435,000		7,435,000
Clipper Tax-Exempt Certified Trust Series 2006-06 (Miscellaneous Revenue, State Street Bank & Trust Company LIQ)		0.21			7-1-2037		4,401,000		4,401,000
Clipper Tax-Exempt Certified Trust Series 2006-10 (Miscellaneous Revenue, State Street Bank & Trust Company LIQ)		0.21			9-1-2013		775,000		775,000
Clipper Tax-Exempt Certified Trust Series 2007-14 (Miscellaneous Revenue, State Street Bank & Trust Company LIQ)		0.21			1-1-2038		8,675,000		8,675,000
Clipper Tax-Exempt Certified Trust Series 2007-40 (Miscellaneous Revenue, State Street Bank & Trust Company LIQ)		0.21			7-1-2036		1,692,000		1,692,000
Clipper Tax-Exempt Certified Trust Series 2009-54 (Miscellaneous Revenue, State Street Bank & Trust Company LIQ)		0.11			5-1-2017		25,242,000		25,242,000
Clipper Tax-Exempt Certified Trust Series 2009-54 (Miscellaneous Revenue, State Street Bank & Trust Company LIQ)		0.11			2-15-2028		2,000,000		2,000,000
FHLMC MFHR Series M019 Class A (Housing Revenue, FHLMC LIQ)		0.10			1-15-2047		981,000		981,000
FHLMC MFHR Series M021 Class A (Housing Revenue, FHLMC LIQ)		0.10			6-15-2036		9,970,000		9,970,000
FHLMC Multi-Class Mortgage Certificates (Housing Revenue)		0.12			8-15-2045		21,485,920		21,485,920
FHLMC Series M002 Class A (Housing Revenue)		0.12			1-15-2047		4,280,964		4,280,964
FHLMC Series M008 Class A (Housing Revenue)		0.12			2-15-2035		19,205,963		19,205,964
FHLMC Series M020 Class A (Housing Revenue, FHLMC LIQ)		0.10			11-15-2036		24,034,000		24,034,000
									155,548,848

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

16 Wells Fargo Advantage Municipal Cash Management Money Market Fund Portfolio of investments—July 31, 2013 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Pennsylvania: 2.81%
Variable Rate Demand Notes ø: 2.81%
Allegheny County PA Hospital Development Authority University of Pittsburgh Medical Center Series 2010-B1 Royal Bank of Canada Municipal Products Incorporated Trust Certificates Series E-45 (Health Revenue, Royal Bank of Canada LOC) 144A		0.06	%		3-1-2016	$	5,300,000	$	5,300,000
Allegheny County PA IDA United Jewish Federation Project Series 1996-A (Health Revenue, PNC Bank NA LOC)		0.07			10-1-2026		2,987,000		2,987,000
Beaver County PA IDA Daily Corporation Project (IDR)		0.20			9-1-2032		2,000,000		2,000,000
Butler County PA IDA Mine Safety Appliances Series B (Miscellaneous Revenue)		0.17			5-1-2022		1,000,000		1,000,000
Central Bradford Progress Authority Pennsylvania Robert Packer Hospital Royal Bank of Canada Municipal Products Incorporated Trust Certificates Series 2011-C-14 (Health Revenue, Royal Bank of Canada LOC, Royal Bank of Canada LIQ) 144A		0.06			12-1-2041		100,000		100,000
Clipper Tax-Exempt Certificate Trust Series 2009-32 Certificate Partner (Miscellaneous Revenue, State Street Bank & Trust Company LIQ)		0.11			1-1-2018		2,400,000		2,400,000
Deutsche Bank Spears Lifers Trust Series DBE-1171 (Miscellaneous Revenue) 144A		0.11			8-15-2037		5,770,000		5,770,000
Franconia Township PA IDA Ashers Chocolate Project Series A (IDR, Commerce Bank NA LOC)		0.21			5-1-2017		985,000		985,000
JPMorgan Chase PUTTERS/DRIVERS Trust Series 4298Z (Housing Revenue, JPMorgan Chase & Company LIQ) 144A		0.12			4-1-2029		2,325,000		2,325,000
Lancaster PA IDA Purple Crow Partners LLC Project (IDR, U.S. Bank NA LOC)		0.09			9-1-2026		2,745,000		2,745,000
Pennsylvania EDFA Fitzpatrick Container Company Project (IDR, PNC Bank NA LOC)		0.13			12-1-2023		1,400,000		1,400,000
Pennsylvania EDFA Ganflec Corporation Project Series E (IDR, PNC Bank NA LOC)		0.15			11-1-2019		1,900,000		1,900,000
Pennsylvania EDFA Series B2 (IDR, PNC Bank NA LOC)		0.19			8-1-2014		100,000		100,000
Pennsylvania EDFA Series G10 (Miscellaneous Revenue, PNC Bank NA LOC)		0.13			12-1-2025		2,000,000		2,000,000
Pennsylvania EDFA Series J1 (IDR, PNC Bank NA LOC)		0.19			5-1-2015		200,000		200,000
Pennsylvania HEFA Association of Independent Colleges & Universities of Pennsylvania Finance Program University of Scranton Project Series 1999-E-3 (Education Revenue, PNC Bank NA LOC)		0.07			11-1-2014		4,150,000		4,150,000
Pennsylvania Public School Building Authority School District of Philadelphia Project Series 2003 (Miscellaneous Revenue, AGM Insured)		0.23			6-1-2028		4,700,000		4,700,000
Pennsylvania Turnpike Commission Series 2011-C-1 Royal Bank of Canada Municipal Products Incorporated Trust Certificates Series E-22 (Miscellaneous Revenue, Royal Bank of Canada LOC, Royal Bank of Canada LIQ) 144A		0.06			12-1-2038		2,500,000		2,500,000
Philadelphia PA IDA 1100 Walnut Street Project (Health Revenue, PNC Bank NA LOC)		0.20			12-1-2014		450,000		450,000
									43,012,000
Rhode Island: 0.18%
Variable Rate Demand Note ø: 0.18%
Narragansett Bay RI Commission Wastewater System Royal Bank of Canada Municipal Products Incorporated Trust Certificates Series 2013-0-60 (Water & Sewer Revenue, Royal Bank of Canada LIQ) 144A		0.11			9-1-2020		2,800,000		2,800,000
South Carolina: 1.11%
Other Municipal Debt: 0.98%
York County SC Electric Membership Corporation Project Series B (Utilities Revenue)		0.25			9-3-2013		1,000,000		1,000,000
York County SC PCR Series 2000-B1 (Utilities Revenue)		0.25			9-3-2013		4,700,000		4,700,000
York County SC PCR Series 2000-B2 (Utilities Revenue)		0.25			9-3-2013		9,400,000		9,400,000
									15,100,000

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

Portfolio of investments—July 31, 2013 (unaudited) Wells Fargo Advantage Municipal Cash Management Money Market Fund 17

Security name	Interest rate			Maturity date		Principal		Value
Variable Rate Demand Note ø: 0.13%
South Carolina Jobs EDA Bon Secours Health System Incorporated Series 2013 Deutsche Bank Spears Series DBE-1141 (Health Revenue) 144A		0.11	%		11-1-2029	$	1,960,000	$	1,960,000
South Dakota: 0.10%
Variable Rate Demand Note ø: 0.10%
Grant County SD Mill Valley LLC Project (IDR, Farm Credit Services America LOC)		0.10			7-1-2037		1,600,000		1,600,000
Texas: 17.78%
Other Municipal Debt: 3.06%
Dallas TX Area Rapid Transit Series I (Tax Revenue)		0.16			9-9-2013		3,000,000		3,000,000
Dallas TX Area Rapid Transit Series I (Tax Revenue)		0.16			10-16-2013		2,000,000		2,000,000
Texas PFA Series 2003 (Miscellaneous Revenue)		0.16			8-7-2013		4,800,000		4,800,000
Texas TRAN Series 2012 (Miscellaneous Revenue)		2.50			8-30-2013		37,000,000		37,067,664
									46,867,664
Variable Rate Demand Notes ø: 14.72%
Clipper Tax Exempt Certificate Series 2013-9A (Transportation Revenue, State Street Bank & Trust Company LIQ) 144A		0.06			4-1-2053		5,500,000		5,500,000
Dallas TX Waterworks & Sewer System Clipper Tax Exempt Certificate Trust 2009-52 (Miscellaneous Revenue, State Street Bank & Trust Company LIQ)		0.06			10-1-2018		1,460,000		1,460,000
Deutsche Bank Spears Lifers Trust Series DBE-1172X (Airport Revenue) 144A		0.11			11-1-2037		11,520,000		11,520,000
First Rio Grande TX Regional Water Authority Economic Development Corporation Rio Grande Valley Sugar Project Series 2010 (IDR, CoBank LOC)		0.07			3-1-2032		2,415,000		2,415,000
Gulf Coast TX Waste Disposal Authority American Acryl LP Project (Resource Recovery Revenue, Bank of Tokyo-Mitsubishi LOC)		0.11			5-1-2038		14,000,000		14,000,000
Harris County TX Industrial Development Corporation Deer Park Refining LP Series 2002 (Resource Recovery Revenue)		0.08			3-1-2023		14,550,000		14,550,000
Harris County TX Industrial Development Corporation Deer Park Refining LP Series 2004-A (Resource Recovery Revenue)		0.06			3-1-2023		6,950,000		6,950,000
Houston TX Water & Sewer System Revenue Series PA-974-R (Water & Sewer Revenue, National Insured, Bank of America NA SPA)		0.12			12-1-2023		3,600,000		3,600,000
Port Arthur TX Navigation District Environmental Facilities BASF Corporation Project (IDR)		0.20			5-1-2033		7,900,000		7,900,000
Port Arthur TX Navigation District Environmental Facilities BASF Corporation Project Class A (IDR)		0.20			4-1-2037		15,000,000		15,000,000
Port Arthur TX Navigation District Industrial Development Corporation Total Petrochemicals USA Incorporated Project Series 2012 (IDR)		0.07			3-1-2042		31,500,000		31,500,000
Port Arthur TX Navigation District Jefferson County Environmental Facilities Motiva Enterprises LLC Project Series 2010 Sub Series 2010B (IDR)		0.06			4-1-2040		7,400,000		7,400,000
Port Arthur TX Navigation District of Jefferson County Total Petrochemicals USA Incorporated Project Series 2003-C (IDR)		0.07			4-1-2027		3,000,000		3,000,000
Port Corpus Christi TX Flint Hills Resources Project Series 2006 (Resource Recovery Revenue)		0.07			1-1-2030		3,500,000		3,500,000
Port Corpus Christi TX Flint Hills Resources Project Series A (Resource Recovery Revenue)		0.07			4-1-2028		14,000,000		14,000,000
Port Corpus Christi TX Solid Waste Disposal Flint Hills Resources Project Series 2005 (Resource Recovery Revenue)		0.07			1-1-2030		15,000,000		15,000,000
Port of Port Arthur TX Navigation District Jefferson County Environmental Facilities Motiva Enterprises LLC Project Series 2010 Sub Series 2010A (IDR)		0.06			4-1-2040		3,225,000		3,225,000

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

18 Wells Fargo Advantage Municipal Cash Management Money Market Fund Portfolio of investments—July 31, 2013 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Variable Rate Demand Notes ø (continued)
Port of Port Arthur TX Navigation District Jefferson County Environmental Facilities Motiva Enterprises LLC Project Series 2010 Sub Series 2010D (IDR)		0.06	%		11-1-2040	$	15,000,000	$	15,000,000
San Antonio TX Education Facilities Corporation St. Anthony Catholic High School (Education Revenue, JPMorgan Chase & Company LOC)		0.08			12-1-2023		1,610,000		1,610,000
Texas Department of Housing & Community Affairs SFHR Series A (Housing Revenue, GNMA/FNMA/FHLMC Insured)		0.08			9-1-2038		29,225,000		29,225,000
Texas Municipal Gas Acquisition & Supply Corporation Series 2848 (Miscellaneous Revenue, Morgan Stanley Bank LIQ)		0.36			12-15-2026		16,197,698		16,197,698
Texas Turnpike Authority 1st Tier Revenue Series 2002-A Deutsche Bank Spears Lifers Trust Series DB-329 (Transportation Revenue, Ambac Insured)		0.14			8-15-2029		3,000,000		3,000,000
									225,552,698
Vermont: 0.63%
Variable Rate Demand Notes ø: 0.63%
Vermont HFA Series A (Housing Revenue, AGM Insured, Bank of New York Mellon SPA)		0.30			5-1-2037		4,200,000		4,200,000
Vermont HFA Series C (Housing Revenue, AGM Insured, Bank of New York Mellon SPA)		0.30			11-1-2037		5,500,000		5,500,000
									9,700,000
Virginia: 1.02%
Variable Rate Demand Notes ø: 1.02%
Chesterfield County VA IDA Super Radiator Coils Project Series A (IDR, Marshall & Ilsley Bank LOC)		0.12			4-1-2026		2,800,000		2,800,000
Fairfax County VA IDA Inova Health System Project Series 2012-C (Health Revenue) (i)		0.14			5-15-2042		6,935,000		6,935,000
Norfolk VA EDA Sentara Healthcare Series 2010-B (Health Revenue) (i)		0.18			11-1-2034		5,875,000		5,875,000
									15,610,000
Washington: 0.70%
Variable Rate Demand Notes ø: 0.70%
Squaxin Island Tribe WA Tribal Infrastructure Revenue Series 2008-B (Miscellaneous Revenue, Bank of America NA LOC)		0.18			5-1-2028		1,500,000		1,500,000
Washington Housing Finance Commission Deer Run West Apartment Project A (Housing Revenue, Mizuho Corporate Bank LOC)		0.12			6-15-2037		5,200,000		5,200,000
Washington MSTR Series 1996 SGB-13 (Tax Revenue, Societe Generale LIQ)		0.11			5-1-2018		4,035,000		4,035,000
									10,735,000
West Virginia: 0.44%
Variable Rate Demand Notes ø: 0.44%
West Virginia EDA Collins Hardwood Company LLC (Miscellaneous Revenue, CoBank LOC)		0.10			10-1-2017		4,000,000		4,000,000
West Virginia EDA Collins Hardwood Company LLC (Miscellaneous Revenue, American AgCredit LOC)		0.10			10-1-2031		2,700,000		2,700,000
									6,700,000

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

Portfolio of investments—July 31, 2013 (unaudited) Wells Fargo Advantage Municipal Cash Management Money Market Fund 19

Security name	Interest rate			Maturity date		Principal		Value
Wisconsin: 1.18%
Other Municipal Debt: 0.10%
Wisconsin Rural Water Construction Loan Program BAN Series 2012 (Water & Sewer Revenue)		1.00	%		10-1-2013	$	1,500,000	$	1,501,675
Variable Rate Demand Notes ø: 1.08%
Menomonee Falls WI Mero Structures Incorporated Project (IDR, U.S. Bank NA LOC)		0.12			9-1-2021		1,310,000		1,310,000
West Bend WI Bestech Tool Corporation Project Series A (IDR, U.S. Bank NA LOC)		0.71			9-1-2019		630,000		630,000
Wisconsin Clipper Tax-Exempt Certificate Trust Series 2009-36 (Miscellaneous Revenue, State Street Bank & Trust Company LIQ)		0.06			5-1-2020		5,000,000		5,000,000
Wisconsin Housing & EDA Series C (Housing Revenue)		0.41			9-1-2035		1,200,000		1,200,000
Wisconsin Housing & EDA Series C (Housing Revenue)		1.00			9-1-2023		8,500,000		8,500,000
									16,640,000
Wyoming: 1.81%
Variable Rate Demand Notes ø: 1.81%
Wyoming CDA AMT Series 2 (Housing Revenue, FNMA LOC, State Street Bank & Trust Company SPA)		0.08			12-1-2037		6,000,000		6,000,000
Wyoming CDA AMT Series 2 (Housing Revenue, Bank of New York Mellon SPA)		0.08			12-1-2038		10,000,000		10,000,000
Wyoming CDA AMT Series 4 (Housing Revenue, FNMA LOC, State Street Bank & Trust Company SPA)		0.08			12-1-2035		4,735,000		4,735,000
Wyoming CDA AMT Series 6 (Housing Revenue, Bank of New York Mellon SPA)		0.08			12-1-2037		7,000,000		7,000,000
									27,735,000
Total Municipal Obligations (Cost $1,532,822,969)									1,532,822,969

Total investments in securities (Cost $1,532,822,969) *	100.05	%		1,532,822,969
Other assets and liabilities, net	(0.05	)		(840,412	)
Total net assets	100.00	%	$	1,531,982,557

ø Variable rate demand notes are subject to a demand feature which reduces the effective maturity. The interest rate is determined and reset by the issuer daily, weekly, or monthly depending upon the terms of the security. The interest rate shown is the rate in effect at period end.

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

* Cost for federal income tax purposes is substantially the same as for financial reporting purposes.

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

20 Wells Fargo Advantage Municipal Cash Management Money Market Fund Statement of assets and liabilities—July 31, 2013 (unaudited)

Assets
Investments in unaffiliated securities, at amortized cost	$	1,532,822,969
Cash		985
Receivable for investments sold		25,354,656
Receivable for interest		1,752,921
Receivable from adviser		61,578
Prepaid expenses and other assets		47,035
Total assets		1,560,040,144
Liabilities
Dividends payable		10,832
Payable for investments purchased		27,517,992
Payable for Fund shares redeemed		13,994
Due to related parties		173,470
Accrued expenses and other liabilities		341,299
Total liabilities		28,057,587
Total net assets	$	1,531,982,557
NET ASSETS CONSIST OF
Paid-in capital	$	1,531,860,494
Accumulated net realized gains on investments		122,063
Total net assets	$	1,531,982,557
COMPUTATION OF NET ASSET VALUE PER SHARE1
Net assets – Administrator Class	$	3,534,631
Shares outstanding – Administrator Class		3,534,360
Net asset value per share – Administrator Class		$1.00
Net assets – Institutional Class	$	1,392,068,641
Shares outstanding – Institutional Class		1,391,954,188
Net asset value per share – Institutional Class		$1.00
Net assets – Service Class	$	136,379,285
Shares outstanding – Service Class		136,368,938
Net asset value per share – Service Class		$1.00

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 July 31, 2013 (unaudited) Wells Fargo Advantage Municipal Cash Management Money Market Fund 21

Investment income
Interest	$	1,325,133
Expenses
Advisory fee		756,363
Administration fees
Fund level		378,182
Administrator Class		1,752
Institutional Class		550,524
Service Class		79,746
Shareholder servicing fees
Administrator Class		1,752
Service Class		124,011
Custody and accounting fees		49,173
Professional fees		3,806
Registration fees		9,919
Shareholder report expenses		400
Trustees’ fees and expenses		103
Other fees and expenses		20,581
Total expenses		1,976,312
Less: Fee waivers and/or expense reimbursements		(776,650	)
Net expenses		1,199,662
Net investment income		125,471
Net realized gains on investments		115,855
Net increase in net assets resulting from operations	$	241,326

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

22 Wells Fargo Advantage Municipal Cash Management Money Market Fund Statement of changes in net assets

	Six months ended July 31, 2013 (unaudited)						Year ended January 31, 2013
Operations
Net investment income				$	125,471					$	793,779
Net realized gains on investments					115,855						437,654
Net increase in net assets resulting from operations					241,326						1,231,433
Distributions to shareholders from
Net investment income
Administrator Class					(175	)					(383	)
Institutional Class					(118,651	)					(775,348	)
Service Class					(6,645	)					(18,048	)
Net realized gains
Administrator Class					0						(1,248	)
Institutional Class					0						(567,204	)
Service Class					0						(56,711	)
Total distributions to shareholders					(125,471	)					(1,418,942	)
		Shares						Shares
Capital share transactions
Proceeds from shares sold
Institutional Class		2,922,497,436			2,922,497,436			6,969,178,814			6,969,178,814
Service Class		309,420,253			309,420,253			413,221,773			413,221,773
					3,231,917,689						7,382,400,587
Reinvestment of distributions
Administrator Class		175			175			1,631			1,631
Institutional Class		17,546			17,546			242,034			242,034
Service Class		3,777			3,777			37,820			37,820
					21,498						281,485
Payment for shares redeemed
Institutional Class		(3,097,267,978	)		(3,097,267,978	)		(7,740,276,264	)		(7,740,276,264	)
Service Class		(313,366,927	)		(313,366,927	)		(486,346,297	)		(486,346,297	)
					(3,410,634,905	)					(8,226,622,561	)
Net decrease in net assets resulting from capital share transactions					(178,695,718	)					(843,940,489	)
Total decrease in net assets					(178,579,863	)					(844,127,998	)
Net assets
Beginning of period					1,710,562,420						2,554,690,418
End of period				$	1,531,982,557					$	1,710,562,420
Undistributed net investment income				$	0					$	0

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

Financial highlights Wells Fargo Advantage Municipal Cash Management Money Market Fund 23

(For a share outstanding throughout each period)

	Six months ended July 31, 2013 (unaudited)			Year ended January 31
ADMINISTRATOR CLASS				2013			2012			20111
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.00	2		0.00	2		0.00	2		0.00	2
Net realized gains on investments		0.00	2		0.00	2		0.00	2		0.00	2
Total from investment operations		0.00	2		0.00	2		0.00	2		0.00	2
Distributions to shareholders from
Net investment income		(0.00	)2		(0.00	)2		(0.00	)2		(0.00	)2
Net realized gains		0.00			(0.00	)2		0.00			0.00
Total distributions to shareholders		(0.00	)2		(0.00	)2		(0.00	)2		(0.00	)2
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00
Total return3		0.00	%		0.05	%		0.02	%		0.03	%
Ratios to average net assets (annualized)
Gross expenses		0.36	%		0.36	%		0.36	%		0.38	%
Net expenses		0.17	%		0.22	%		0.24	%		0.30	%
Net investment income		0.01	%		0.01	%		0.01	%		0.07	%
Supplemental data
Net assets, end of period (000s omitted)		$3,535			$3,534			$3,533			$9,627

1. For the period from July 9, 2010 (commencement of class operations) to January 31, 2011

2. Amount is less than $0.005.

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

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

24 Wells Fargo Advantage Municipal Cash Management Money Market Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended July 31, 2013 (unaudited)			Year ended January 31									Year ended February 28
INSTITUTIONAL CLASS				2013			2012			20111,2			20101			20091			20081,3
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.00	4		0.00	4		0.00	4		0.00	4		0.00	4		0.02			0.03
Net realized gains (losses) on investments		0.00	4		0.00	4		0.00	4		0.00	4		(0.00	)4		0.00	4		0.00	4
Total from investment operations		0.00	4		0.00	4		0.00	4		0.00	4		0.00	4		0.02			0.03
Distributions to shareholders from
Net investment income		(0.00	)4		(0.00	)4		(0.00	)4		(0.00	)4		(0.00	)4		(0.02	)		(0.03	)
Net realized gains		0.00			(0.00	)4		0.00			0.00			0.00			0.00			0.00
Total distributions to shareholders		(0.00	)4		(0.00	)4		(0.00	)4		(0.00	)4		(0.00	)4		(0.02	)		(0.03	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return5		0.01	%		0.08	%		0.05	%		0.16	%		0.40	%		2.20	%		3.49	%
Ratios to average net assets (annualized)
Gross expenses		0.24	%		0.24	%		0.24	%		0.24	%		0.23	%		0.22	%		0.21	%
Net expenses		0.16	%		0.19	%		0.19	%		0.21	%		0.23	%		0.22	%		0.21	%
Net investment income		0.02	%		0.04	%		0.06	%		0.18	%		0.40	%		2.10	%		3.44	%
Supplemental data
Net assets, end of period (000s omitted)		$1,392,069			$1,566,716			$2,337,778			$4,115,192			$4,580,024			$6,154,387			$5,671,591

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

2. For the eleven months ended January 31, 2011. The Fund changed its fiscal year end from February 28 to January 31, effective January 31, 2011.

3. Year ended February 29.

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 Municipal Cash Management Money Market Fund 25

(For a share outstanding throughout each period)

	Six months ended July 31, 2013 (unaudited)			Year ended January 31									Year ended February 28
SERVICE CLASS				2013			2012			20111,2			20101			20091			20081,3
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income (loss)		0.00	4		0.00	4		(0.00	)4		0.00	4		0.00	4		0.02			0.03
Net realized gains (losses) on investments		0.00	4		0.00	4		0.00	4		0.00	4		(0.00	)4		0.00	4		0.00	4
Total from investment operations		0.00	4		0.00	4		0.00	4		0.00	4		0.00	4		0.02			0.03
Distributions to shareholders from
Net investment income		(0.00	)4		(0.00	)4		(0.00	)4		(0.00	)4		(0.00	)4		(0.02	)		(0.03	)
Net realized gains		0.00			(0.00	)4		0.00			0.00			0.00			0.00			0.00
Total distributions to shareholders		(0.00	)4		(0.00	)4		(0.00	)4		(0.00	)4		(0.00	)4		(0.02	)		(0.03	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return5		0.00	%		0.05	%		0.01	%		0.01	%		0.20	%		1.95	%		3.23	%
Ratios to average net assets (annualized)
Gross expenses		0.47	%		0.48	%		0.50	%		0.50	%		0.48	%		0.47	%		0.46	%
Net expenses		0.17	%		0.22	%		0.25	%		0.37	%		0.44	%		0.47	%		0.46	%
Net investment income (loss)		0.01	%		0.01	%		(0.01	)%		0.01	%		0.21	%		1.85	%		3.16	%
Supplemental data
Net assets, end of period (000s omitted)		$136,379			$140,313			$213,380			$312,671			$564,325			$830,779			$732,031

1. After the close of business on July 9, 2010, the Fund acquired the net assets of Evergreen Institutional Municipal Money Market Fund which became the accounting and performance survivor in the transaction. The information for the periods prior to July 12, 2010 is that of Class IS of Evergreen Institutional Municipal Money Market Fund.

2. For the eleven months ended January 31, 2011. The Fund changed its fiscal year end from February 28 to January 31, effective January 31, 2011.

3. Year ended February 29

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.

26 Wells Fargo Advantage Municipal Cash Management Money Market 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 Municipal Cash Management Money Market 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

As permitted under Rule 2a-7 of the 1940 Act, portfolio securities 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 which are not valued using the method 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 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.

Distributions to shareholders

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

Federal and other taxes

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

Notes to financial statements (unaudited) Wells Fargo Advantage Municipal Cash Management Money Market Fund 27

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 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 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.

At July 31, 2013, all of the Fund’s investments in securities were valued using Level 2 inputs since the primary inputs include the credit quality of the issuer and short-term interest rates (both of which are observable) in addition to the use of amortized cost.

Transfers in and transfers out are recognized at the end of the reporting period. For the six months ended July 31, 2013, the Fund did not have any transfers into/out of Level 1, Level 2, or Level 3.

4. TRANSACTIONS WITH AFFILIATES AND OTHER EXPENSES

Advisory fee

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

Pursuant to the contract, Funds Management is entitled to receive an annual advisory fee of 0.10% of the Fund’s average daily net assets.

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Funds Management. Wells Capital Management Incorporated, an affiliate of Funds Management, is the subadviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.05% and declining to 0.01% 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

28 Wells Fargo Advantage Municipal Cash Management Money Market Fund Notes to financial statements (unaudited)

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

	Class level administration fee
Administrator Class		0.10	%
Institutional Class		0.08
Service Class		0.12

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 May 31, 2014 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 0.30% for Administrator Class shares, 0.20% for Institutional Class shares, and 0.45% for Service Class shares.

Shareholder servicing fees

The Trust has entered into contracts with one or more shareholder servicing agents, whereby Service Class of the Fund is charged a fee at an annual rate of 0.25% of its average daily net assets. Administrator Class is charged a fee at an annual rate of 0.10% of its average daily net assets.

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

5. 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.

Other information (unaudited) Wells Fargo Advantage Municipal Cash Management Money Market 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, seven-day 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 Municipal Cash Management Money Market 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 Municipal Cash Management Money Market 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 Municipal Cash Management Money Market Fund Other information (unaudited)

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 Municipal Cash Management Money Market 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 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 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 (Institutional Class) was in range of the median performance of the Universe for all periods under review.

Other information (unaudited) Wells Fargo Advantage Municipal Cash Management Money Market Fund 33

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 operating expense ratios of the Fund were higher than the median net operating expense ratios of the expense Groups except for the Institutional Class. Funds Management advised the Board that the expense Group medians reflected voluntary waivers, whereas the Fund’s expense ratios did not reflect voluntary waivers. The Board noted that when the Fund’s expense ratios were adjusted to reflect voluntary waivers, the Fund’s net operating expense ratios were in range of the median net operating expense ratios of the expense Groups. The Board and Funds Management agreed to extend the net operating expense caps for all of the Fund’s share classes until 2014.

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 of the Fund’s expense Groups for all classes except the Administrator Class whose Management Rate was higher than the median rate of its respective expense Group. The Board viewed favorably the fact that when the Fund’s expense ratios were adjusted to reflect voluntary fee waivers, the net operating expense ratio of the Administrator Class was lower than the median net operating expense ratio of its respective expense Group.

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 Municipal Cash Management Money Market 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 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 Municipal Cash Management Money Market 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.

218830 09-13 SA307/SAR307 7-13

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

Except as noted below, the schedules of investments are included as part of the report to shareholders filed under Item 1 of this Form. The schedules of investments for Wells Fargo Advantage Money Market Fund and Wells Fargo Advantage National Tax-Free Money Market Fund, are filed under this Item.

Portfolio of investments—July 31, 2013 (unaudited) Wells Fargo Advantage Money Market Fund 1

Security name	Interest rate			Maturity date		Principal		Value
Certificates of Deposit: 27.82%
ANZ Banking Group London		0.10	%		8-1-2013	$	20,000,000	$	20,000,000
Banco Del Estado De Chile ±		0.26			10-7-2013		10,000,000		10,000,000
Bank of Montreal		0.18			8-28-2013		20,000,000		20,000,000
Bank of Montreal		0.18			9-12-2013		20,000,000		20,000,000
Bank of Montreal		0.19			10-11-2013		41,000,000		41,000,000
Bank of Montreal		0.20			10-17-2013		15,000,000		15,000,000
Bank of Nova Scotia		0.21			11-1-2013		15,000,000		15,000,000
Bank of Tokyo-Mitsubishi LLC		0.26			9-11-2013		7,000,000		7,000,074
Barclays Bank plc ±		0.77			12-12-2013		38,000,000		38,000,000
Barclays Bank plc ±		0.88			9-30-2013		13,000,000		13,000,000
China Construction Bank Corporation		0.30			8-6-2013		26,000,000		26,000,000
China Construction Bank Corporation		0.30			8-7-2013		20,000,000		20,000,000
China Construction Bank Corporation ±		0.44			8-26-2013		26,000,000		26,000,000
Credit Agricole		0.11			8-1-2013		60,000,000		60,000,000
Credit Agricole		0.23			8-2-2013		7,000,000		7,000,000
Credit Industriel & Commercial New York		0.11			8-1-2013		34,000,000		34,000,000
Credit Industriel & Commercial New York		0.15			8-2-2013		25,000,000		25,000,000
Credit Suisse New York ±		0.99			8-5-2013		2,000,000		2,000,178
DBS Bank Limited		0.19			8-1-2013		50,000,000		50,000,000
DNB Nor Bank ASA		0.09			8-1-2013		21,000,000		21,000,000
DNB Nor Bank ASA		0.23			8-6-2013		7,000,000		7,000,000
Mitsubishi Trust & Bank Corporation		0.21			10-28-2013		24,000,000		24,000,000
Mizuho Bank Limited		0.16			8-9-2013		10,000,000		10,000,000
National Australia Bank Limited ±		1.47			1-30-2014		14,000,000		14,081,047
National Australia Bank Limited ±		1.52			1-17-2014		10,000,000		10,056,199
National Bank of Kuwait		0.14			8-1-2013		25,000,000		25,000,000
Natixis Corporation		0.14			8-1-2013		20,000,000		20,000,000
Natixis Corporation		0.23			8-2-2013		11,000,000		11,000,000
Natixis Corporation		0.23			8-2-2013		10,000,000		10,000,000
Nordea Bank plc		0.18			9-17-2013		16,000,000		16,000,000
Nordea Bank plc		0.18			10-2-2013		10,000,000		10,000,000
Nordea Bank plc		0.20			11-15-2013		8,000,000		8,000,000
Nordea Bank plc ±		1.12			8-7-2013		5,000,000		5,000,794
Norinchukin Bank		0.12			8-5-2013		21,000,000		21,000,000
Norinchukin Bank		0.19			8-27-2013		15,000,000		15,000,000
Norinchukin Bank		0.23			10-7-2013		10,000,000		10,000,000
Norinchukin Bank		0.23			10-16-2013		18,000,000		18,000,000
Norinchukin Bank		0.23			10-23-2013		2,000,000		2,000,000
Norinchukin Bank		0.23			10-24-2013		5,000,000		5,000,000
Oversea-Chinese Banking Corporation Limited		0.18			10-24-2013		2,000,000		1,999,907
Royal Bank of Canada ±		0.30			6-24-2014		10,000,000		10,000,000
Royal Bank of Canada ±		0.32			8-6-2013		7,000,000		7,000,000
Royal Bank of Canada ±		0.33			8-12-2013		16,000,000		16,000,000
Skandinaviska Enskilda Banken AG		0.29			12-20-2013		9,000,000		9,000,174
Skandinaviska Enskilda Banken AG ±		0.54			12-3-2013		40,000,000		40,000,000
Societe Generale		0.13			8-1-2013		27,000,000		27,000,000
Standard Chartered Bank		0.22			8-29-2013		10,000,000		10,000,000
Standard Chartered Bank		0.22			9-19-2013		3,000,000		3,000,081
Standard Chartered Bank		0.22			9-30-2013		15,000,000		15,000,000
Sumitomo Mitsui Banking Corporation		0.22			10-10-2013		14,000,000		14,000,000

2 Wells Fargo Advantage Money Market Fund Portfolio of investments—July 31, 2013 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Certificates of Deposit (continued)
Sumitomo Mitsui Banking Corporation		0.22	%		10-17-2013	$	14,000,000	$	14,000,000
Sumitomo Mitsui Banking Corporation		0.23			8-16-2013		12,000,000		12,000,000
Sumitomo Mitsui Banking Corporation		0.23			8-20-2013		10,000,000		10,000,000
Sumitomo Mitsui Banking Corporation		0.23			9-6-2013		5,000,000		5,000,100
Sumitomo Mitsui Banking Corporation ±		0.23			8-19-2013		15,000,000		15,000,000
Sumitomo Trust & Banking Corporation		0.16			8-14-2013		10,000,000		10,000,000
Sumitomo Trust & Banking Corporation		0.24			8-1-2013		3,000,000		3,000,000
Svenska Handelsbanken		0.19			8-30-2013		30,000,000		30,000,121
Svenska Handelsbanken		0.19			8-22-2013		10,000,000		10,000,000
Svenska Handelsbanken		0.22			11-15-2013		10,000,000		10,000,147
Svenska Handelsbanken ±		0.78			8-30-2013		5,000,000		5,002,398
Svenska Handelsbanken		0.82			9-16-2013		8,000,000		8,006,470
Toronto-Dominion Bank		0.16			8-21-2013		15,000,000		15,000,000
Toronto-Dominion Bank		0.17			9-23-2013		19,000,000		19,000,000
Toronto-Dominion Bank ±		0.27			10-21-2013		20,000,000		20,000,000
Toronto-Dominion Bank		0.27			9-13-2013		10,000,000		10,000,000
Total Certificates of Deposit (Cost $1,060,147,690)									1,060,147,690
Commercial Paper: 44.27%
Asset-Backed Commercial Paper: 16.46%
Alpine Securitization Corporation 144A(z)		0.15			8-14-2013		10,000,000		9,999,458
Alpine Securitization Corporation 144A(z)		0.15			8-20-2013		5,000,000		4,999,604
Alpine Securitization Corporation 144A(z)		0.15			8-21-2013		5,000,000		4,999,583
Alpine Securitization Corporation 144A(z)		0.17			8-5-2013		4,000,000		3,999,924
Anglesea Funding LLC 144A(z)		0.30			8-7-2013		18,000,000		17,999,100
Anglesea Funding LLC 144A(z)		0.30			8-9-2013		8,000,000		7,999,467
Anglesea Funding LLC 144A(z)		0.30			8-28-2013		5,000,000		4,998,875
Antalis US Funding Corporation 144A(z)		0.21			8-30-2013		6,000,000		5,998,840
Antalis US Funding Corporation 144A(z)		0.24			9-5-2013		16,000,000		15,996,111
Antalis US Funding Corporation 144A(z)		0.25			8-2-2013		13,000,000		12,999,923
Antalis US Funding Corporation 144A(z)		0.26			8-1-2013		10,000,000		10,000,000
CAFCO LLC 144A(z)		0.20			8-19-2013		13,000,000		12,998,700
Ciesco LLC 144A(z)		0.18			8-19-2013		5,000,000		4,999,550
Collateralized Commercial Paper Company LLC (z)		0.24			9-10-2013		3,000,000		2,999,200
Concord Minutemen Capital Company 144A(z)		0.19			8-23-2013		9,000,000		8,998,955
Concord Minutemen Capital Company 144A(z)		0.19			8-26-2013		2,000,000		1,999,736
Concord Minutemen Capital Company 144A(z)		0.20			8-7-2013		3,000,000		2,999,900
Concord Minutemen Capital Company 144A(z)		0.20			8-13-2013		5,000,000		4,999,667
Concord Minutemen Capital Company 144A(z)		0.23			9-4-2013		8,000,000		7,998,262
Concord Minutemen Capital Company 144A(z)		0.24			9-3-2013		10,000,000		9,997,800
CRC Funding LLC 144A(z)		0.19			8-23-2013		1,000,000		999,884
Crown Point Capital Company 144A(z)		0.19			8-23-2013		7,000,000		6,999,187
Crown Point Capital Company 144A(z)		0.19			8-26-2013		2,000,000		1,999,736
Crown Point Capital Company 144A(z)		0.22			9-18-2013		2,000,000		1,999,413
Crown Point Capital Company 144A(z)		0.22			9-20-2013		4,000,000		3,998,778
Gemini Securitization Corporation 144A(z)		0.11			8-1-2013		3,000,000		3,000,000
Gotham Funding Corporation 144A(z)		0.19			8-13-2013		5,000,000		4,999,683
Gotham Funding Corporation 144A(z)		0.21			8-2-2013		3,000,000		2,999,983
Gotham Funding Corporation 144A(z)		0.21			8-6-2013		7,000,000		6,999,796

Portfolio of investments—July 31, 2013 (unaudited) Wells Fargo Advantage Money Market Fund 3

Security name	Interest rate			Maturity date		Principal		Value
Asset-Backed Commercial Paper (continued)
Gotham Funding Corporation 144A(z)		0.21	%		8-9-2013	$	5,000,000	$	4,999,767
Gotham Funding Corporation 144A(z)		0.21			8-21-2013		7,000,000		6,999,183
Gotham Funding Corporation 144A(z)		0.21			9-9-2013		11,000,000		10,997,498
Gotham Funding Corporation 144A(z)		0.21			9-11-2013		12,000,000		11,997,130
Govco LLC 144A(z)		0.18			8-21-2013		4,000,000		3,999,600
Govco LLC 144A(z)		0.18			8-22-2013		4,000,000		3,999,580
Govco LLC 144A(z)		0.21			8-7-2013		7,000,000		6,999,755
Hannover Funding Company LLC 144A(z)		0.20			8-19-2013		4,000,000		3,999,600
Hannover Funding Company LLC 144A(z)		0.20			8-26-2013		3,000,000		2,999,583
Hannover Funding Company LLC 144A(z)		0.21			8-1-2013		3,000,000		3,000,000
Institutional Secured Funding LLC 144A(z)		0.37			8-6-2013		10,000,000		9,999,486
Institutional Secured Funding LLC 144A(z)		0.37			8-2-2013		4,000,000		3,999,959
Kells Funding LLC 144A(z)		0.21			10-22-2013		7,000,000		6,996,652
Kells Funding LLC 144A(z)		0.21			10-25-2013		1,000,000		999,504
Kells Funding LLC 144A(z)		0.22			11-7-2013		8,000,000		7,995,209
Kells Funding LLC 144A(z)		0.22			11-18-2013		5,000,000		4,996,669
Kells Funding LLC 144A(z)		0.22			11-25-2013		6,000,000		5,995,747
Legacy Capital Company 144A(z)		0.23			8-13-2013		8,000,000		7,999,387
Legacy Capital Company 144A(z)		0.23			9-11-2013		3,000,000		2,999,214
Lexington Parker Capital Company LLC 144A(z)		0.22			9-18-2013		2,000,000		1,999,413
Lexington Parker Capital Company LLC 144A(z)		0.23			8-13-2013		10,000,000		9,999,233
Lexington Parker Capital Company LLC 144A(z)		0.23			9-11-2013		2,000,000		1,999,476
Liberty Street Funding LLC 144A(z)		0.16			8-2-2013		5,000,000		4,999,978
Liberty Street Funding LLC 144A(z)		0.16			8-7-2013		4,000,000		3,999,893
Liberty Street Funding LLC 144A(z)		0.17			8-19-2013		5,000,000		4,999,575
Liberty Street Funding LLC 144A(z)		0.18			9-23-2013		4,000,000		3,998,940
Liberty Street Funding LLC 144A(z)		0.19			8-16-2013		9,000,000		8,999,288
Liberty Street Funding LLC 144A(z)		0.20			8-1-2013		3,000,000		3,000,000
Liberty Street Funding LLC 144A(z)		0.20			8-22-2013		4,000,000		3,999,533
Liberty Street Funding LLC 144A(z)		0.20			9-3-2013		10,000,000		9,998,167
Liberty Street Funding LLC 144A(z)		0.20			9-20-2013		10,000,000		9,997,222
Liberty Street Funding LLC 144A(z)		0.20			10-10-2013		4,000,000		3,998,444
LMA Americas LLC 144A(z)		0.21			8-15-2013		1,300,000		1,299,894
LMA Americas LLC 144A(z)		0.21			8-19-2013		2,069,000		2,068,783
LMA Americas LLC 144A(z)		0.29			10-18-2013		6,000,000		5,996,230
Manhattan Asset Funding LLC 144A(z)		0.22			9-10-2013		1,000,000		999,756
MetLife Short Term Funding LLC 144A(z)		0.18			8-12-2013		7,000,000		6,999,615
MetLife Short Term Funding LLC 144A(z)		0.19			9-10-2013		4,000,000		3,999,156
MetLife Short Term Funding LLC 144A(z)		0.19			9-17-2013		5,000,000		4,998,760
MetLife Short Term Funding LLC 144A(z)		0.20			9-23-2013		2,000,000		1,999,411
Mountcliff Funding LLC 144A(z)		0.32			8-8-2013		5,000,000		4,999,689
Mountcliff Funding LLC 144A(z)		0.32			8-22-2013		5,000,000		4,999,067
Mountcliff Funding LLC 144A(z)		0.32			9-3-2013		4,000,000		3,998,827
Mountcliff Funding LLC 144A(z)		0.32			9-6-2013		3,000,000		2,999,040
Newport Funding Corporation 144A(z)		0.12			8-1-2013		4,000,000		4,000,000
Nieuw Amsterdam Receivables Corporation 144A(z)		0.19			9-3-2013		6,000,000		5,998,955
Nieuw Amsterdam Receivables Corporation 144A(z)		0.19			9-4-2013		5,000,000		4,999,103
Nieuw Amsterdam Receivables Corporation 144A(z)		0.20			10-16-2013		3,000,000		2,998,733
Old Line Funding LLC 144A(z)		0.20			8-23-2013		5,000,000		4,999,389
Old Line Funding LLC 144A(z)		0.20			9-13-2013		2,000,000		1,999,522

4 Wells Fargo Advantage Money Market Fund Portfolio of investments—July 31, 2013 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Asset-Backed Commercial Paper (continued)
Old Line Funding LLC 144A(z)		0.20	%		9-19-2013	$	5,000,000	$	4,998,639
Old Line Funding LLC 144A(z)		0.21			8-2-2013		3,000,000		2,999,983
Old Line Funding LLC 144A(z)		0.26			9-5-2013		11,000,000		10,997,278
Regency Markets No.1 LLC 144A(z)		0.15			8-8-2013		15,000,000		14,999,563
Regency Markets No.1 LLC 144A(z)		0.15			8-14-2013		10,000,000		9,999,458
Regency Markets No.1 LLC 144A(z)		0.15			8-20-2013		23,000,000		22,998,179
Regency Markets No.1 LLC 144A(z)		0.16			8-28-2013		14,000,000		13,998,320
Ridgefield Funding LLC 144A(z)		0.28			8-29-2013		4,000,000		3,999,129
Ridgefield Funding LLC 144A±		0.29			11-7-2013		11,000,000		10,999,297
Scaldis Capital LLC 144A(z)		0.25			8-1-2013		2,000,000		2,000,000
Sydney Capital Corporation 144A(z)		0.25			9-12-2013		7,000,000		6,997,958
Sydney Capital Corporation 144A(z)		0.25			9-24-2013		2,000,000		1,999,250
Sydney Capital Corporation 144A(z)		0.26			9-16-2013		4,000,000		3,998,671
Thunder Bay Funding LLC 144A(z)		0.20			8-23-2013		5,000,000		4,999,389
Thunder Bay Funding LLC 144A(z)		0.20			10-3-2013		5,000,000		4,998,250
Victory Receivables 144A(z)		0.18			8-12-2013		2,000,000		1,999,890
Victory Receivables 144A(z)		0.18			8-21-2013		10,000,000		9,999,000
Victory Receivables 144A(z)		0.19			8-2-2013		7,000,000		6,999,961
Victory Receivables 144A(z)		0.20			9-4-2013		22,000,000		21,995,920
Victory Receivables 144A(z)		0.21			8-1-2013		3,000,000		3,000,000
Victory Receivables 144A(z)		0.21			9-10-2013		8,000,000		7,998,133
Victory Receivables 144A(z)		0.21			9-11-2013		7,000,000		6,998,326
White Point Funding Incorporated 144A(z)		0.33			8-15-2013		1,000,000		999,872
									627,270,196
Financial Company Commercial Paper: 23.05%
ABN AMRO Funding LLC 144A(z)		0.20			9-10-2013		15,000,000		14,996,667
ASB Finance Limited 144A(z)		0.22			9-10-2013		9,000,000		8,997,800
Australia & New Zealand Banking Group 144A(z)		0.17			8-29-2013		8,000,000		7,998,942
Australia & New Zealand Banking Group 144A(z)		0.17			8-30-2013		10,000,000		9,998,631
Australia & New Zealand Banking Group 144A±		0.32			11-18-2013		9,000,000		9,000,000
Banco De Credito E Inversiones 144A(z)		0.45			8-2-2013		17,000,000		16,999,788
Bank of Nova Scotia (z)		0.17			9-20-2013		10,000,000		9,997,639
Bank of Nova Scotia (z)		0.18			10-9-2013		10,000,000		9,996,550
Barclays Bank plc 144A(z)		0.20			9-19-2013		5,000,000		4,998,639
Barclays Bank plc 144A(z)		0.25			8-27-2013		20,000,000		19,996,389
BNZ International Funding Limited 144A±		0.37			10-2-2013		14,000,000		14,000,000
BNZ International Funding Limited 144A±		0.37			11-1-2013		15,000,000		15,000,000
Caisse Centrale Desjardins du Quebec 144A(z)		0.20			8-20-2013		2,000,000		1,999,789
Caisse Centrale Desjardins du Quebec 144A(z)		0.20			8-22-2013		5,000,000		4,999,417
Caisse Centrale Desjardins du Quebec 144A(z)		0.20			8-26-2013		5,000,000		4,999,306
Caisse Centrale Desjardins du Quebec 144A(z)		0.20			9-6-2013		10,000,000		9,998,000
Caisse Centrale Desjardins du Quebec 144A(z)		0.20			9-9-2013		15,000,000		14,996,750
Caisse Centrale Desjardins du Quebec 144A(z)		0.21			8-12-2013		5,000,000		4,999,679
Caisse Centrale Desjardins du Quebec 144A(z)		0.22			11-8-2013		5,000,000		4,996,975
Caisse Centrale Desjardins du Quebec 144A(z)		0.24			9-12-2013		6,000,000		5,998,320
Commonwealth Bank of Australia 144A(z)		0.17			8-30-2013		8,000,000		7,998,904
Commonwealth Bank of Australia 144A±		0.32			11-29-2013		9,000,000		8,999,699
Commonwealth Bank of Australia 144A±		0.32			11-14-2013		6,000,000		6,000,000
CPPIB Capital Incorporated 144A(z)		0.15			8-26-2013		20,000,000		19,997,917

Portfolio of investments—July 31, 2013 (unaudited) Wells Fargo Advantage Money Market Fund 5

Security name	Interest rate			Maturity date		Principal		Value
Financial Company Commercial Paper (continued)
CPPIB Capital Incorporated 144A(z)		0.15	%		9-5-2013	$	20,000,000	$	19,997,083
DBS Bank Limited 144A(z)		0.21			11-12-2013		5,000,000		4,996,996
DBS Bank Limited 144A(z)		0.25			9-4-2013		6,000,000		5,998,583
Dexia Credit Local (z)		0.35			11-27-2013		13,000,000		12,985,086
Dexia Credit Local (z)		0.47			2-21-2014		13,000,000		12,965,377
Dexia Credit Local (z)		0.47			2-26-2014		11,000,000		10,969,985
DNB Nor Bank ASA 144A(z)		0.18			8-9-2013		21,000,000		20,999,160
DNB Nor Bank ASA 144A(z)		0.19			10-9-2013		5,000,000		4,998,179
DNB Nor Bank ASA 144A(z)		0.22			11-13-2013		2,000,000		1,998,758
DNB Nor Bank ASA 144A±		0.42			9-20-2013		24,000,000		24,000,000
HSBC Bank plc 144A±		0.40			10-15-2013		10,000,000		10,000,000
HSBC Bank plc 144A±		0.40			10-1-2013		10,000,000		10,000,000
Macquarie Bank Limited 144A(z)		0.22			8-16-2013		4,000,000		3,999,633
Macquarie Bank Limited 144A(z)		0.25			9-16-2013		8,000,000		7,997,444
Mitsubishi UFJ Trust and Banking Corporation 144A(z)		0.18			8-30-2013		4,000,000		3,999,420
Mitsubishi UFJ Trust and Banking Corporation 144A(z)		0.19			9-24-2013		4,000,000		3,998,860
National Australia Bank Limited 144A(z)		0.17			9-10-2013		15,000,000		14,997,167
Nationwide Building Society 144A(z)		0.25			9-25-2013		7,000,000		6,997,326
Nationwide Building Society 144A(z)		0.30			8-5-2013		17,000,000		16,999,433
Nationwide Building Society 144A(z)		0.30			8-12-2013		15,000,000		14,998,625
Nordea Bank AB 144A(z)		0.18			8-20-2013		5,000,000		4,999,525
Nordea Bank AB 144A(z)		0.21			9-13-2013		5,000,000		4,998,776
Nordea Bank AB 144A(z)		0.23			12-17-2013		15,000,000		14,987,063
Nordea Bank AB 144A(z)		0.26			2-3-2014		14,000,000		13,981,555
NV Bank Nederlandse Gemeeten 144A(z)		0.20			12-2-2013		18,000,000		17,988,008
Oversea-Chinese Banking Corporation Limited (z)		0.20			9-3-2013		15,000,000		14,997,250
Oversea-Chinese Banking Corporation Limited (z)		0.22			10-21-2013		2,000,000		1,999,010
Oversea-Chinese Banking Corporation Limited (z)		0.22			8-29-2013		7,000,000		6,998,802
Prudential plc 144A(z)		0.24			8-2-2013		10,000,000		9,999,933
PSP Capital Incorporated 144A(z)		0.15			9-4-2013		13,000,000		12,998,158
PSP Capital Incorporated 144A(z)		0.16			8-20-2013		3,000,000		2,999,747
SBAB Bank AB 144A(z)		0.24			8-2-2013		15,000,000		14,999,900
SBAB Bank AB 144A(z)		0.29			9-12-2013		10,000,000		9,996,617
SBAB Bank AB 144A(z)		0.30			9-17-2013		3,000,000		2,998,825
SBAB Bank AB 144A(z)		0.30			9-26-2013		8,000,000		7,996,267
Skandinaviska Enskilda Banken AG 144A(z)		0.26			12-17-2013		59,000,000		58,941,197
Sumitomo Mitsui Banking Corporation 144A(z)		0.23			9-5-2013		5,000,000		4,998,882
Sumitomo Trust and Banking Corporation 144A(z)		0.16			8-15-2013		10,000,000		9,999,378
Sumitomo Trust and Banking Corporation 144A(z)		0.16			8-16-2013		18,000,000		17,998,800
Sumitomo Trust and Banking Corporation 144A(z)		0.16			8-22-2013		10,000,000		9,999,067
Suncorp Group Limited 144A(z)		0.37			9-12-2013		2,000,000		1,999,137
Suncorp Group Limited 144A(z)		0.37			9-18-2013		7,000,000		6,996,547
Suncorp Group Limited 144A(z)		0.37			9-19-2013		3,000,000		2,998,489
Suncorp Group Limited 144A(z)		0.41			12-2-2013		5,000,000		4,992,996
Svenska Handelsbanken Incorporated 144A(z)		0.19			8-20-2013		3,000,000		2,999,699
Svenska Handelsbanken Incorporated 144A(z)		0.22			8-5-2013		15,000,000		14,999,633
Toyota Credit Canada Incorporated (z)		0.19			9-18-2013		10,000,000		9,997,467
United Overseas Bank Limited 144A(z)		0.18			9-10-2013		10,000,000		9,998,000
United Overseas Bank Limited 144A(z)		0.19			9-18-2013		8,000,000		7,997,973
United Overseas Bank Limited 144A(z)		0.22			11-14-2013		5,000,000		4,996,792

6 Wells Fargo Advantage Money Market Fund Portfolio of investments—July 31, 2013 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Financial Company Commercial Paper (continued)
United Overseas Bank Limited 144A(z)		0.23	%		11-12-2013	$	6,000,000	$	5,996,052
UOB Funding LLC (z)		0.16			8-20-2013		10,000,000		9,999,156
UOB Funding LLC (z)		0.25			8-12-2013		5,000,000		4,999,618
Westpac Banking Corporation 144A±		0.32			1-16-2014		15,000,000		14,999,294
Westpac Banking Corporation 144A±		0.33			11-8-2013		15,000,000		14,999,581
Westpac Securities NZ Limited 144A(z)		0.18			8-8-2013		3,000,000		2,999,895
Westpac Securities NZ Limited 144A(z)		0.20			9-23-2013		14,000,000		13,995,981
Westpac Securities NZ Limited 144A(z)		0.21			9-9-2013		9,000,000		8,997,985
Westpac Securities NZ Limited 144A(z)		0.22			9-10-2013		5,000,000		4,998,778
Westpac Securities NZ Limited 144A±		0.27			11-19-2013		15,000,000		15,000,913
Westpac Securities NZ Limited 144A±		0.36			10-25-2013		17,000,000		17,000,000
									878,703,662
Other Commercial Paper: 4.76%
ACTS Retirement Life Communities Incorporated (z)		0.32			8-19-2013		3,000,000		2,999,520
ACTS Retirement Life Communities Incorporated (z)		0.32			8-19-2013		3,000,000		2,999,520
Caisse des Depots et Consignations 144A(z)		0.20			8-5-2013		8,000,000		7,999,822
Caisse des Depots et Consignations 144A(z)		0.20			8-8-2013		5,000,000		4,999,806
Catholic Health Initiatives (z)		0.19			9-4-2013		3,000,000		2,999,462
China International Marine Containers Company Limited (z)		0.35			8-1-2013		3,000,000		3,000,000
China International Marine Containers Company Limited (z)		0.35			8-8-2013		2,000,000		1,999,864
China International Marine Containers Company Limited (z)		0.35			8-9-2013		1,000,000		999,922
China International Marine Containers Company Limited (z)		0.35			8-14-2013		3,000,000		2,999,621
China International Marine Containers Company Limited (z)		0.35			8-5-2013		6,000,000		5,999,767
CNPC Finance (z)		0.29			8-7-2013		14,000,000		13,999,323
CNPC Finance 144A(z)		0.32			8-15-2013		2,000,000		1,999,751
CNPC Finance 144A(z)		0.32			8-20-2013		5,000,000		4,999,155
CNPC Finance 144A(z)		0.32			8-23-2013		5,000,000		4,999,022
CNPC Finance 144A(z)		0.32			8-1-2013		5,000,000		5,000,000
CNPC Finance 144A(z)		0.32			8-12-2013		15,000,000		14,998,533
CNPC Finance 144A(z)		0.33			8-28-2013		7,000,000		6,998,268
CNPC Finance 144A(z)		0.36			9-6-2013		11,000,000		10,996,040
COFCO Capital Corporation (z)		0.16			8-6-2013		3,000,000		2,999,933
COFCO Capital Corporation (z)		0.16			8-13-2013		5,400,000		5,399,712
Deer Park Refining Limited 144A(z)		0.20			9-16-2013		8,000,000		7,997,956
Sinochem Company Limited (z)		0.16			8-30-2013		9,000,000		8,998,840
Sinochem Company Limited (z)		0.18			8-1-2013		9,000,000		9,000,000
Sinopec Century Bright Capital Investments Limited 144A(z)		0.32			8-1-2013		2,000,000		2,000,000
Sinopec Century Bright Capital Investments Limited 144A(z)		0.36			9-5-2013		9,000,000		8,996,850
Sinopec Century Bright Capital Investments Limited 144A(z)		0.36			9-9-2013		5,000,000		4,998,050
Sinopec Century Bright Capital Investments Limited 144A(z)		0.36			9-12-2013		5,000,000		4,997,900
Sinopec Century Bright Capital Investments Limited 144A(z)		0.36			9-13-2013		16,000,000		15,993,120
Toyota Credit de Puerto Rico (z)		0.18			9-5-2013		2,000,000		1,999,650
Toyota Motor Credit Corporation (z)		0.20			10-23-2013		5,000,000		4,997,694
Toyota Motor Credit Corporation		0.24			9-12-2013		2,000,000		2,000,000
									181,367,101
Total Commercial Paper (Cost $1,687,340,959)									1,687,340,959

Portfolio of investments—July 31, 2013 (unaudited) Wells Fargo Advantage Money Market Fund 7

Security name	Interest rate			Maturity date		Principal		Value
Government Agency Debt: 0.29%
Overseas Private Investment Corporation ±(i)§		0.14	%		10-15-2027	$	11,000,000	$	11,000,000
Total Government Agency Debt (Cost $11,000,000)									11,000,000
Municipal Obligations: 12.67%
Alabama: 0.39%
Variable Rate Demand Notes ø: 0.39%
Birmingham AL Special Care Facilities Finance Authority Ascension Health Series C (Miscellaneous Revenue, Morgan Stanley Bank LIQ) 144A		0.09			11-15-2046		10,000,000		10,000,000
Homewood AL Educational Building Authority Samford University Series A (Education Revenue, Branch Banking & Trust LOC)		0.06			12-1-2043		4,928,000		4,928,000
									14,928,000
California: 1.40%
Other Municipal Debt: 0.81%
California Commercial Paper Notes Series B2 (GO)		0.17			8-27-2013		4,000,000		4,000,000
California Commercial Paper Notes Series B5 (GO)		0.15			8-28-2013		5,000,000		5,000,000
Los Angeles County CA Metropolitan Transportation Authority Series A (Transportation Revenue)		0.17			8-5-2013		10,000,000		10,000,000
Los Angeles County CA Metropolitan Transportation Authority Series ATSM (Transportation Revenue)		0.21			10-1-2013		2,000,000		2,000,000
Los Angeles County CA Metropolitan Transportation Authority Series ATUB (Transportation Revenue)		0.28			10-2-2013		1,000,000		1,000,000
Orange County CA Pension Obligation Taxable Series A (Miscellaneous Revenue)		0.61			11-1-2013		1,000,000		1,000,000
San Francisco CA City & County Public Utilities Commission Series A1T (GO)		0.20			8-7-2013		5,000,000		5,000,000
San Francisco CA City & County Public Utilities Commission Series A2T (GO)		0.19			8-8-2013		3,000,000		3,000,000
									31,000,000
Variable Rate Demand Notes ø: 0.59%
JPMorgan Chase PUTTER/DRIVER Trust Series 3164 (GO, JPMorgan Chase & Company LIQ) 144A		0.07			8-1-2031		4,145,000		4,145,000
Los Angeles CA Beverly Park Apartments Series A (Housing Revenue, FHLMC LIQ)		0.07			8-1-2018		6,500,000		6,500,000
Los Angeles CA Unified School District 2012-2013 TRAN Series B JPMorgan PUTTER Series 4289 (GO, JPMorgan Chase & Company LIQ) 144A		0.06			11-28-2013		3,000,000		3,000,000
San Francisco CA City & County RDA Community Facilities District #4 (Tax Revenue, Bank of America NA LOC)		0.09			8-1-2032		5,000,000		5,000,000
San Francisco CA City & County RDA Notre Dame Apartments Series G (Housing Revenue, Citibank NA LOC)		0.09			12-1-2033		1,855,000		1,855,000
San Leandro CA Carlton Plaza Series A (Housing Revenue, FNMA Insured, FNMA LIQ)		0.09			9-15-2032		1,800,000		1,800,000
									22,300,000
Colorado: 0.88%
Variable Rate Demand Notes ø: 0.88%
Colorado HFA Class I Series B-2 (Housing Revenue, Royal Bank of Canada SPA)		0.06			5-1-2038		6,000,000		6,000,000
Colorado HFA Taxable MFHR Project B-2 (Housing Revenue, FHLB SPA)		0.12			5-1-2050		15,425,000		15,425,000
Royal Bank of Canada Municipal Products Incorporated Trust Series E-25 (Miscellaneous Revenue, Royal Bank of Canada LOC, Royal Bank of Canada LIQ) 144A		0.09			11-15-2025		10,000,000		10,000,000

8 Wells Fargo Advantage Money Market Fund Portfolio of investments—July 31, 2013 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Variable Rate Demand Notes ø (continued)
Southern Ute Indian Tribe Reservation Colorado Series 2001 (IDR)		0.06	%		11-1-2031	$	2,000,000	$	2,000,000
									33,425,000
Connecticut: 0.13%
Variable Rate Demand Note ø: 0.13%
New Britain CT Taxable Pension Series C (GO, JPMorgan Chase & Company LOC)		0.26			2-1-2026		5,000,000		5,000,000
District of Columbia: 0.03%
Other Municipal Debt: 0.03%
District of Columbia Water & Sewer Authority (Water & Sewer Revenue)		0.19			8-12-2013		1,000,000		1,000,000
Florida: 0.18%
Variable Rate Demand Notes ø: 0.18%
Hillsborough County FL School Board Master Lease Program JPMorgan PUTTER Series 4128 (Miscellaneous Revenue, JPMorgan Chase & Company LOC, JPMorgan Chase & Company LIQ) 144A		0.10			4-22-2014		5,000,000		5,000,000
Volusia County FL Eclipse Funding Trust Series 0036 (Miscellaneous Revenue, U.S. Bank NA LOC, AGM Insured, U.S. Bank NA LIQ) 144A		0.06			8-1-2032		1,980,000		1,980,000
									6,980,000
Georgia: 0.32%
Variable Rate Demand Notes ø: 0.32%
Columbus GA Housing Development Authority Puttable Floating Option Taxable Notes Series TN-024 (Housing Revenue, ACA Insured) 144A		0.44			10-1-2039		5,205,000		5,205,000
Main Street Natural Gas Incorporated Georgia Gas Project Series A (Utilities Revenue, Royal Bank of Canada SPA)		0.06			8-1-2040		6,975,000		6,975,000
									12,180,000
Illinois: 0.23%
Variable Rate Demand Notes ø: 0.23%
Chicago IL Midway Airport Series A2 (Airport Revenue, JPMorgan Chase & Company LOC)		0.09			1-1-2025		935,000		935,000
Cook County IL Various Projects Series D (Tax Revenue)		0.16			11-1-2030		2,000,000		2,000,000
Illinois Finance Authority Carle Foundation Series E (Health Revenue, JPMorgan Chase & Company LOC)		0.07			2-15-2033		1,000,000		1,000,000
Springfield IL PUTTER Series 1314 (Utilities Revenue, BHAC/MBIA Insured, JPMorgan Chase & Company LIQ)		0.09			3-1-2014		4,970,000		4,970,000
									8,905,000
Iowa: 0.36%
Variable Rate Demand Note ø: 0.36%
Iowa Finance Authority Student Housing Des Moines LLC Project A (Miscellaneous Revenue, Citibank NA LOC)		0.08			6-1-2039		13,815,000		13,815,000
Kentucky: 0.08%
Variable Rate Demand Note ø: 0.08%
Kentucky Housing Corporation Series M (Housing Revenue, PNC Bank NA SPA)		0.06			1-1-2033		3,000,000		3,000,000

Portfolio of investments—July 31, 2013 (unaudited) Wells Fargo Advantage Money Market Fund 9

Security name	Interest rate			Maturity date		Principal		Value
Maryland: 0.23%
Variable Rate Demand Notes ø: 0.23%
Maryland CDA Series G (Housing Revenue, State Street Bank & Trust Company SPA)		0.08	%		9-1-2040	$	4,000,000	$	4,000,000
Maryland Health & HEFAR Series D (Miscellaneous Revenue, Bank of America NA LOC)		0.13			1-1-2029		4,855,000		4,855,000
									8,855,000
Massachusetts: 0.06%
Variable Rate Demand Note ø: 0.06%
Massachusetts Development Finance Agency Babson College Series B (Education Revenue, Citizens Bank LOC)		0.10			10-1-2031		2,260,000		2,260,000
Michigan: 1.19%
Variable Rate Demand Notes ø: 1.19%
Michigan Higher Education Student Loan Royal Bank of Canada Municipal Products Incorporated Series L-28 (Education Revenue, Royal Bank of Canada LOC, Royal Bank of Canada LIQ)		0.11			9-1-2033		3,000,000		3,000,000
Michigan Higher Education Student Loan Royal Bank of Canada Municipal Products Incorporated Series L-31 (Education Revenue, Royal Bank of Canada LOC, Royal Bank of Canada LIQ)		0.11			9-1-2032		10,000,000		10,000,000
Michigan Housing Development Authority Series A (Housing Revenue, Bank of Tokyo-Mitsubishi SPA)		0.06			4-1-2040		3,930,000		3,930,000
Michigan Housing Development Authority Series A (Housing Revenue, JPMorgan Chase & Company SPA)		0.08			10-1-2037		2,975,000		2,975,000
Puttable Floating Option Taxable Notes Series TNP-1005 (Miscellaneous Revenue, Bank of America NA LIQ) 144A		0.45			10-1-2046		23,345,000		23,345,000
Wayne County MI IDA Rayonier Project Series 2000 (IDR, Bank of America NA LOC)		0.11			5-1-2020		2,000,000		2,000,000
									45,250,000
Nebraska: 0.26%
Variable Rate Demand Note ø: 0.26%
Nebraska Central Plains Gas Project #2 (Utilities Revenue, Royal Bank of Canada SPA)		0.06			8-1-2039		9,850,000		9,850,000
Nevada: 0.26%
Variable Rate Demand Notes ø: 0.26%
Clark County NV Southwest Gas Project Series A (Utilities Revenue, JPMorgan Chase & Company LOC)		0.09			3-1-2038		6,000,000		6,000,000
Las Vegas NV EDFA Andre Agassi Foundation Project (Miscellaneous Revenue, Bank of America NA LOC)		0.11			10-1-2035		3,905,000		3,905,000
									9,905,000
New Jersey: 0.53%
Variable Rate Demand Notes ø: 0.53%
New Jersey TTFA Clipper Tax-Exempt Certificates Trust Series 2009-70 (Transportation Revenue, State Street Bank & Trust Company LIQ)		0.06			12-15-2023		7,000,000		7,000,000
Salem County NJ PCFA Atlantic City Electric Company Project Series A (Utilities Revenue, JPMorgan Chase & Company LOC)		0.07			4-15-2014		13,200,000		13,200,000
									20,200,000

10 Wells Fargo Advantage Money Market Fund Portfolio of investments—July 31, 2013 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
New Mexico: 0.10%
Variable Rate Demand Note ø: 0.10%
New Mexico Municipal Energy Acquisition Authority Gas Supply (Utilities Revenue, Royal Bank of Canada SPA)		0.06	%		11-1-2039	$	3,970,000	$	3,970,000
New York: 0.50%
Variable Rate Demand Notes ø: 0.50%
New York HFA 600 W 42nd Street Housing Series A (Housing Revenue, FNMA Insured, FNMA LIQ)		0.07			5-15-2041		9,000,000		9,000,000
New York HFA Remeeder Houses Project Series A (Housing Revenue, Citibank NA LOC)		0.09			5-1-2039		4,820,000		4,820,000
New York Mortgage Agency Homeowner ROC RR-II-R-11703 (Housing Revenue, Citibank NA LIQ) 144A		0.21			10-1-2031		2,210,000		2,210,000
Puttable Floating Option Taxable Notes Series TNP-39 (Miscellaneous Revenue, Bank of America NA LIQ) 144A		0.44			7-27-2014		3,100,000		3,100,000
									19,130,000
North Carolina: 0.08%
Variable Rate Demand Note ø: 0.08%
Roanoke Rapids NC Music & Entertainment District Project (Tax Revenue, Bank of America NA LOC)		0.30			7-1-2027		2,880,000		2,880,000
Ohio: 0.73%
Variable Rate Demand Notes ø: 0.73%
Ohio HFA Residential Management Taxable Series I (Housing Revenue, GNMA/FNMA/FHLMC Insured, FHLB SPA)		0.19			9-1-2039		6,749,000		6,749,000
Ohio HFA Residential Mortgage Backed Series B (Housing Revenue, GNMA/FNMA Insured, JPMorgan Chase & Company SPA)		0.08			9-1-2038		4,000,000		4,000,000
Ohio HFA Residential Mortgage Backed Series D (Housing Revenue, FHLB SPA)		0.07			9-1-2036		2,000,000		2,000,000
Ohio HFA Residential Mortgage Backed Series E (Housing Revenue, GNMA/FNMA Insured, JPMorgan Chase & Company SPA)		0.08			9-1-2038		15,000,000		15,000,000
									27,749,000
Oregon: 0.13%
Variable Rate Demand Note ø: 0.13%
Oregon State Department PFOTER (Miscellaneous Revenue, Bank of America NA LIQ) 144A		0.44			5-1-2035		5,000,000		5,000,000
Pennsylvania: 0.05%
Variable Rate Demand Note ø: 0.05%
Montgomery County PA IDA Series 3238 (Health Revenue, FHA Insured) 144A		0.06			8-1-2030		2,000,000		2,000,000
Puerto Rico: 0.11%
Variable Rate Demand Note ø: 0.11%
Puerto Rico Sales Tax Financing Corporation Series 3036 (Tax Revenue)		0.06			8-1-2057		4,000,000		4,000,000
South Carolina: 0.45%
Other Municipal Debt: 0.45%
South Carolina Public Service Authority Series A (GO)		0.20			9-11-2013		5,000,000		5,000,000

Portfolio of investments—July 31, 2013 (unaudited) Wells Fargo Advantage Money Market Fund 11

Security name	Interest rate			Maturity date		Principal		Value
Other Municipal Debt (continued)
South Carolina Public Service Authority Series C (GO)		0.18	%		8-15-2013	$	4,000,000	$	4,000,000
South Carolina Public Service Authority Series D (GO)		0.20			8-19-2013		6,000,000		6,000,000
York County SC Electric Membership Corporation Project Series B (Utilities Revenue)		0.25			9-3-2013		1,000,000		1,000,000
York County SC PCR Series 2000-B1 (Utilities Revenue)		0.25			9-3-2013		1,000,000		1,000,000
									17,000,000
South Dakota: 0.05%
Variable Rate Demand Note ø: 0.05%
South Dakota Housing Development Authority Series C (Housing Revenue, FHLB SPA)		0.05			5-1-2037		2,000,000		2,000,000
Tennessee: 0.84%
Other Municipal Debt: 0.08%
Tennessee Baptist Memorial Healthcare Corporation (Health Revenue)		0.18			9-10-2013		3,000,000		2,999,934
Variable Rate Demand Notes ø: 0.76%
Clarksville TN Public Building Authority Tennessee Municipal Building Fund (Miscellaneous Revenue, Bank of America NA LOC)		0.13			11-1-2035		6,175,000		6,175,000
Montgomery County TN Public Building Authority Tennessee County Loan Pool (Miscellaneous Revenue, Bank of America NA LOC)		0.13			7-1-2034		16,975,000		16,975,000
Montgomery County TN Public Building Authority Tennessee County Loan Pool (Miscellaneous Revenue, Bank of America NA LOC)		0.13			2-1-2036		3,030,000		3,030,000
Nashville & Davidson Counties TN Metropolitan Government Stewarts Ferry Apartments Project (IDR, FHLMC LIQ)		0.08			1-1-2034		1,000,000		1,000,000
Nashville & Davidson Counties TN Metropolitan Government Weatherly Ridge Apartments Project Series A (Housing Revenue, U.S. Bank NA LOC)		0.07			12-1-2041		2,000,000		2,000,000
									29,180,000
Texas: 2.18%
Variable Rate Demand Notes ø: 2.18%
Austin TX Airport Systems Series 3 (Airport Revenue, State Street Bank & Trust Company LOC, AGM Insured)		0.06			11-15-2025		1,000,000		1,000,000
Bexar County TX Health Facilities El Centro Del Barrio Series A (Health Revenue, JPMorgan Chase & Company LOC)		0.08			12-1-2032		9,595,000		9,595,000
Calhoun County TX Formosa Plastics Corporation Project Series B (IDR, Sumitomo Mitsui Banking LOC) 144A		0.07			9-1-2041		4,000,000		4,000,000
Mission TX Economic Development Corporation Solid Waste Disposal Project (Solid Waste Revenue, Bank of America NA LOC)		0.11			4-1-2022		2,000,000		2,000,000
Pasadena TX Independent School District Series 2005-B (GO, AGM Insured, JPMorgan Chase & Company SPA)		0.22			2-1-2035		13,000,000		13,000,000
Royal Bank of Canada Municipal Products Incorporated Trust Certificates Series E-18 (Miscellaneous Revenue, Royal Bank of Canada LOC) 144A		0.06			6-1-2032		8,000,000		8,000,000
Texas JPMorgan Chase PUTTER Trust Series 4262 (Miscellaneous Revenue, JPMorgan Chase & Company LIQ) 144A		0.06			8-30-2013		27,000,000		27,000,000
Texas Municipal Gas Acquisition & Supply Corporation Series 2848 (Miscellaneous Revenue, Morgan Stanley Bank LIQ)		0.36			12-15-2026		12,621,234		12,621,234
Texas Taxable Product Development Program Series A (Miscellaneous Revenue, National Australia Bank SPA)		0.12			6-1-2045		4,480,000		4,480,000
Texas Veterans Housing Assistance Program Fund II Series C-2 (GO, State Street Bank & Trust Company SPA)		0.08			12-1-2033		1,500,000		1,500,000
									83,196,234

12 Wells Fargo Advantage Money Market Fund Portfolio of investments—July 31, 2013 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Utah: 0.06%
Variable Rate Demand Note ø: 0.06%
Utah Board of Regents Student Loan Series A (Education Revenue, Royal Bank of Canada LOC)		0.08	%		11-1-2045	$	2,243,000	$	2,243,000
Washington: 0.36%
Other Municipal Debt: 0.05%
Port of Seattle WA Series D1 (Airport Revenue)		0.26			8-7-2013		2,000,000		2,000,000
Variable Rate Demand Notes ø: 0.31%
Washington HEFAR Whitman College Project (Education Revenue, Bank of America NA SPA)		0.10			1-1-2038		5,860,000		5,860,000
Washington Housing Finance Commission Series 1430-R (Housing Revenue, GNMA/FNMA/FHLMC Insured, Bank of America NA SPA)		0.22			6-1-2037		1,085,000		1,085,000
Washington Housing Finance Commission Whisperwood Apartments Project Series A (Housing Revenue, FNMA Insured, FNMA LIQ)		0.08			5-15-2035		4,650,000		4,650,000
									11,595,000
West Virginia: 0.05%
Variable Rate Demand Note ø: 0.05%
West Virginia EDA Morgantown Energy (IDR, Union Bank NA LOC)		0.07			4-1-2027		1,940,000		1,940,000
Wisconsin: 0.45%
Variable Rate Demand Notes ø: 0.45%
Wisconsin Housing & EDA Home Ownership Series D (Housing Revenue, FNMA LOC)		0.07			9-1-2035		1,055,000		1,055,000
Wisconsin PFA Housing Project Series 2011 (Housing Revenue, Bank of America NA LOC)		0.24			1-1-2042		13,780,000		13,780,000
Wisconsin Public Power PUTTER Series 1232 (Utilities Revenue, BHAC/Ambac Insured, JPMorgan Chase & Company LIQ)		0.09			1-1-2015		2,205,000		2,205,000
									17,040,000
Total Municipal Obligations (Cost $482,776,168)									482,776,168
Other Instruments: 0.98%
Australia & New Zealand Banking Group Floating Rate Note 144A±		1.01			1-10-2014		5,000,000		5,015,386
Australia & New Zealand Banking Group Floating Rate Note 144A±		1.27			12-20-2013		7,000,000		7,027,529
GBG LLC Custody Receipts 144A±§		0.10			9-1-2027		9,249,000		9,249,000
National Australia Bank Limited Floating Rate Note 144A±		1.02			8-20-2013		7,000,000		7,003,117
Oakland-Alameda County CA Series A-2 Municipal Commercial Paper		0.19			8-7-2013		3,000,000		3,000,000
Puttable Floating Option Taxable Receipts Series TNP-004 144A±§		0.90			5-15-2051		5,090,000		5,090,000
Westpac Banking Corporation Floating Rate Note 144A±		1.52			1-30-2014		1,000,000		1,006,028
Total Other Instruments (Cost $37,391,060)									37,391,060
Other Notes: 1.62%
Corporate Bonds and Notes: 1.62%
ACTS Retirement Life Communities Incorporated ±§		0.19			11-15-2029		2,701,000		2,701,000
General Electric Capital Corporation		1.88			9-16-2013		3,000,000		3,006,022
LTF Real Estate LLC 144A±§		0.25			6-1-2033		14,735,000		14,735,000
Providence Health & Services ±§		0.19			10-1-2042		6,000,000		6,000,000
Racetrac Capital LLC ±§		0.18			9-1-2020		4,250,000		4,250,000

Portfolio of investments—July 31, 2013 (unaudited) Wells Fargo Advantage Money Market Fund 13

Security name	Interest rate			Maturity date		Principal		Value
Corporate Bonds and Notes (continued)
Toronto-Dominion Bank ±		0.24	%		11-15-2013	$	18,000,000	$	18,000,000
Toyota Motor Credit Corporation ±		0.27			12-9-2013		13,000,000		13,000,000
Total Other Notes (Cost $61,692,022)									61,692,022
Repurchase Agreements ^^: 7.24%
Goldman Sachs & Company, dated 7-1-2013, maturity value $47,742,889 (1) ±(i)§¢		0.22			9-1-2013		46,000,000		46,000,000
GX Clarke & Company, dated 7-31-2013, maturity value $14,000,074 (2)		0.19			8-1-2013		14,000,000		14,000,000
JPMorgan Securities, dated 7-1-2013, maturity value $5,073,194 (3) ±§¢		0.17			8-1-2013		5,000,000		5,000,000
JPMorgan Securities, dated 7-1-2013, maturity value $57,120,000 (4) ±(i)§¢		0.32			9-4-2013		54,000,000		54,000,000
Royal Bank of Canada, dated 7-31-13, maturity value $30,000,067 (5)		0.08			8-1-2013		30,000,000		30,000,000
Societe Generale, dated 7-31-2013, maturity value $126,844,723 (6)		0.09			8-1-2013		126,844,406		126,844,406
Total Repurchase Agreements (Cost $275,844,406)									275,844,406
Treasury Debt: 4.78%
U.S. Treasury Bill (z)		0.08			12-19-2013		13,000,000		12,995,956
U.S. Treasury Bill (z)		0.08			12-5-2013		18,000,000		17,994,932
U.S. Treasury Bill (z)		0.08			12-12-2013		18,000,000		17,994,654
U.S. Treasury Bill (z)		0.08			11-29-2013		18,000,000		17,995,050
U.S. Treasury Bill (z)		0.10			9-19-2013		6,000,000		5,999,183
U.S. Treasury Bill (z)		0.11			9-26-2013		7,000,000		6,998,824
U.S. Treasury Bill (z)		0.12			9-12-2013		7,000,000		6,999,061
U.S. Treasury Bill (z)		0.12			8-15-2013		8,000,000		7,999,633
U.S. Treasury Bill (z)		0.13			9-5-2013		11,000,000		10,998,636
U.S. Treasury Bill (z)		0.13			8-22-2013		14,000,000		13,998,918
U.S. Treasury Bill (z)		0.14			8-29-2013		6,000,000		5,999,370
U.S. Treasury Note		0.25			11-30-2013		10,000,000		10,005,204
U.S. Treasury Note		0.75			12-15-2013		13,000,000		13,031,276
U.S. Treasury Note		1.00			5-15-2014		2,000,000		2,012,873
U.S. Treasury Note		4.75			5-15-2014		30,000,000		31,077,806
Total Treasury Debt (Cost $182,101,376)									182,101,376

Total investments in securities (Cost $3,798,293,681) *	99.67	%		3,798,293,681
Other assets and liabilities, net	0.33			12,522,697
Total net assets	100.00	%	$	3,810,816,378

14 Wells Fargo Advantage Money Market Fund Portfolio of investments—July 31, 2013 (unaudited)

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

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.

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

(i) Illiquid security

§ Security is subject to a demand feature which reduces the effective maturity.

ø Variable rate demand notes are subject to a demand feature which reduces the effective maturity. The interest rate is determined and reset by the issuer daily, weekly, or monthly depending upon the terms of the security. The interest rate shown is the rate in effect at period end.

^^ Collateralized by:

(1) U.S. government securities, 0.00% to 1.88%, 8-2-2013 to 7-15-2022, fair value including accrued interest is $46,920,002.

(2) U.S. government securities, 0.00% to 11.25%, 8-15-2013 to 5-15-2043, fair value including accrued interest is $14,280,158.

(3) U.S. government security, 0.00%, 10-1-2013, fair value is $5,100,094.

(4) U.S. government securities, 0.00% to 0.54%, 8-1-2013 to 4-29-2014, fair value including accrued interest is $55,080,237.

(5) U.S. government securities, 0.00% to 3.67%, 5-1-2035 to 8-1-2043, fair value including accrued interest is $30,900,000.

(6) U.S. government securities, 0.00% to 6.25%, 1-2-2014 to 8-15-2023, fair value including accrued interest is $129,381,295.

¢ Represents a long-dated and extendible repurchase agreement which automatically renews on previously set terms. The maturity date represents the next put date.

* Cost for federal income tax purposes is substantially the same as for financial reporting purposes.

Portfolio of investments—July 31, 2013 (unaudited) Wells Fargo Advantage National Tax-Free Money Market Fund 1

Security name	Interest rate			Maturity date		Principal		Value
Municipal Obligations: 101.03%
Alabama: 2.10%
Variable Rate Demand Notes ø: 2.10%
Chatom AL IDA Board Gulf Opportunity Zone Power South Energy Cooperative Projects Series 2011 (IDR)		0.21	%		8-1-2041	$	7,900,000	$	7,900,000
Mobile AL IDA Board Alabama Power Company Project Series 1993-C (IDR)		0.08			8-1-2017		12,000,000		12,000,000
Mobile AL IDA Board High Providence LLC Project Series 2006 (IDR, Whitney National Bank LOC)		0.09			8-1-2031		4,050,000		4,050,000
Tuscaloosa County AL IDA Gulf Opportunity Zone Hunt Refining Project Series 2008-C (IDR, Bank of Nova Scotia LOC)		0.06			12-1-2027		10,000,000		10,000,000
Tuscaloosa County AL IDA Gulf Opportunity Zone Hunt Refining Project Series 2011-G (IDR, Bank of Nova Scotia LOC)		0.06			4-1-2028		20,000,000		20,000,000
Tuscaloosa County AL IDA Gulf Opportunity Zone Hunt Refining Project Series 2011-J (IDR, Bank of Nova Scotia LOC)		0.06			4-1-2028		15,000,000		15,000,000
									68,950,000
Arizona: 0.93%
Variable Rate Demand Notes ø: 0.93%
Maricopa County AZ IDA Gran Victoria Housing LLC Project Series 2000 A (Housing Revenue, FNMA Insured)		0.06			4-15-2030		10,400,000		10,400,000
Mesa AZ Utility System Clipper Tax-Exempt Certificate Trust Series 2009-33 (Miscellaneous Revenue, State Street Bank & Trust Company LIQ)		0.06			7-1-2024		20,055,000		20,055,000
									30,455,000
California: 15.16%
Other Municipal Debt: 1.82%
California School Cash Reserve Program Authority Series 2013-X (Miscellaneous Revenue)		2.00			10-1-2013		11,000,000		11,033,177
Los Angeles County CA Capital Asset Leasing Corporation Series B (Lease Revenue)		0.09			9-10-2013		4,900,000		4,900,000
Los Angeles County CA Schools Pooled Financing Program TRAN Series B-2 (Miscellaneous Revenue)		2.00			11-29-2013		5,300,000		5,327,221
Los Angeles County CA Schools Pooled Financing Program TRAN Series B-3 (Miscellaneous Revenue)		2.00			11-29-2013		2,000,000		2,010,601
Los Angeles County CA Schools Pooled Financing Program TRAN Series C-6 (Miscellaneous Revenue)		2.00			12-31-2013		3,000,000		3,021,772
Los Angeles County CA Schools Pooled Financing Program TRAN Series C-8 (Miscellaneous Revenue)		2.00			1-31-2014		16,500,000		16,634,578
Los Angeles County CA Schools Pooled Financing Program TRAN Series C-9 (Miscellaneous Revenue)		2.00			1-31-2014		7,600,000		7,658,892
Los Angeles County CA Series A (Miscellaneous Revenue)		2.00			2-28-2014		6,200,000		6,265,410
San Diego CA Unified School District Series A-1 (Miscellaneous Revenue)		2.00			1-31-2014		3,000,000		3,027,569
									59,879,220
Variable Rate Demand Notes ø: 13.34%
ABAG Finance Authority for Nonprofit Corporation California Branson School Series 2008 (Education Revenue, Northern Trust Company LOC)		0.06			7-1-2038		12,605,000		12,605,000
ABAG Finance Authority for Nonprofit Corporation California San Francisco University High School Series A (Education Revenue, Northern Trust Company LOC)		0.06			4-1-2036		6,480,000		6,480,000

2 Wells Fargo Advantage National Tax-Free Money Market Fund Portfolio of investments—July 31, 2013 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Variable Rate Demand Notes ø (continued)
ABAG Finance Authority for Nonprofit Corporations California Menlo School Series 2003 (Education Revenue, Northern Trust Company LOC)		0.06	%		9-1-2033	$	15,000,000	$	15,000,000
Burbank CA Unified School District Series 2013 ROC RR II R-14055 (GO, Citibank NA LIQ) 144A		0.07			2-1-2021		5,520,000		5,520,000
California CDA Gas Supply Series 2010 (Utilities Revenue, Royal Bank of Canada SPA)		0.05			11-1-2040		81,225,000		81,225,000
California CDA Sutter Health ROC RR-II-R-11621 (Health Revenue, AGM Insured, Citibank NA LIQ) 144A		0.07			8-15-2032		10,200,000		10,200,000
California GO Kindergarten University Public Education Facilities Series 2005-A (Miscellaneous Revenue, Royal Bank of Canada LOC)		0.04			5-1-2040		5,100,000		5,100,000
California HFFA Catholic Healthcare West Series 2004-K (Health Revenue, Mizuho Corporate Bank LOC)		0.05			7-1-2033		18,000,000		18,000,000
California HFFA Catholic Healthcare West Series 2005-H (Health Revenue, Sumitomo Mitsui Banking LOC)		0.04			7-1-2035		12,265,000		12,265,000
California HFFA Presbyterian Homes & Services Incorporated Series 2004 (Health Revenue, Union Bank NA LOC)		0.06			7-1-2034		20,300,000		20,300,000
California Infrastructure & Economic Development Bank American National Red Cross Series 2008 (Housing Revenue, U.S. Bank NA LOC)		0.04			9-1-2034		8,500,000		8,500,000
California Infrastructure & Economic Development Bank Le Lycee Francias de Los Angeles Project Series 2006 (Education Revenue, U.S. Bank NA LOC)		0.06			9-1-2036		11,255,000		11,255,000
California Infrastructure & Economic Development Bank Pacific Gas & Electric Company Series 2009-B (Utilities Revenue, Mizuho Corporate Bank LOC)		0.05			11-1-2026		13,185,000		13,185,000
California Municipal Finance Authority Pacific Institute Series 2007-A (Housing Revenue, California Bank & Trust LOC)		0.04			8-1-2037		4,715,000		4,715,000
Elsinore Valley CA Municipal Water District COP Series 2008-B (Water & Sewer Revenue, U.S. Bank NA LOC)		0.07			7-1-2035		8,300,000		8,300,000
Kings County CA Housing Authority Edgewater Apartments Series 2001-A (Housing Revenue, FNMA Insured, FNMA LIQ)		0.07			2-15-2031		7,070,000		7,070,000
Lancaster CA Redevelopment Agency MFHR 20th Street Apartments Project Series C (Housing Revenue, FNMA Insured, FNMA LIQ)		0.04			12-1-2026		5,500,000		5,500,000
Los Angeles CA DW&P Sub Series 2002-A-1 (Utilities Revenue, JPMorgan Chase & Company SPA)		0.05			7-1-2035		10,000,000		10,000,000
Los Angeles CA International Airport Royal Bank of Canada Municipal Products Incorporated Trust Certificates Series 0-30 (Airport Revenue, Royal Bank of Canada LIQ) 144A		0.06			5-15-2040		10,060,000		10,060,000
Los Angeles CA Unified School District 2012-2013 TRAN Series B JPMorgan PUTTER Series 4289 (GO, JPMorgan Chase & Company LIQ) 144A		0.06			11-28-2013		10,500,000		10,500,000
Los Rios CA Community College District Series C PUTTER Series 2972 (GO, AGM Insured, JPMorgan Chase & Company LIQ) 144A		0.08			2-1-2014		5,065,000		5,065,000
Metropolitan Water District of Southern California JPMorgan Chase PUTTER Trust Series 3655Z (Water & Sewer Revenue, JPMorgan Chase & Company LIQ) 144A		0.07			7-1-2017		3,185,000		3,185,000
Morgan Hill CA RDA Tax Allocation Ojo de Agua Redevelopment Project Area Series 2008-A (Tax Revenue, Scotia Bank LOC)		0.07			9-1-2033		37,535,000		37,535,000
Ontario County CA Multi-Family Park Centre Apartment Project Series 2005 (Housing Revenue, FHLMC LIQ)		0.05			12-1-2035		9,200,000		9,200,000
Orange County CA Apartment Development Villas Aliento Issue E of 1998 (Housing Revenue, FNMA Insured, FNMA LIQ)		0.06			8-15-2028		3,140,000		3,140,000
Orange County CA Improvement Bond Act of 1915 Irvine Coast Assessment District #88 (Miscellaneous Revenue, Sumitomo Mitsui Banking LOC)		0.06			9-2-2018		4,065,000		4,065,000
Sacramento CA Suburban Water District COP Series 2009-A (Miscellaneous Revenue, Sumitomo Mitsui Banking LOC)		0.04			11-1-2034		9,600,000		9,600,000
Sacramento County CA Housing Authority River Terrace Apartments Series 1996-C (Housing Revenue, FNMA Insured, FNMA LIQ)		0.04			7-15-2029		4,880,000		4,880,000

Portfolio of investments—July 31, 2013 (unaudited) Wells Fargo Advantage National Tax-Free Money Market Fund 3

Security name	Interest rate			Maturity date		Principal		Value
Variable Rate Demand Notes ø (continued)
Sacramento County CA MUD JPMorgan Chase PUTTER Series 4071 (Utilities Revenue, BHAC/AGM/Ambac Insured, JPMorgan Chase & Company LIQ) 144A		0.06	%		11-15-2013	$	3,130,000	$	3,130,000
Sacramento County CA River Pointe Housing Authority Apartments Series 2007-B (Housing Revenue, FNMA LOC, FNMA Insured)		0.07			8-15-2027		10,000,000		10,000,000
San Diego County CA Regional Transportation Community Limited Tax Series 2008-C (Tax Revenue, Mizuho Corporate Bank SPA)		0.05			4-1-2038		15,600,000		15,600,000
San Francisco CA City & County Airports Commission Series 36A (Airport Revenue, U.S. Bank NA LOC)		0.05			5-1-2026		9,400,000		9,400,000
San Francisco CA City & County RDA Fillmore Center 1999 Issue B-1 (Housing Revenue, FHLMC LIQ)		0.07			12-1-2017		10,000,000		10,000,000
Santa Clara Valley CA Transportation Authority 2000 Measure A (Tax Revenue, Sumitomo Mitsui Banking SPA)		0.06			4-1-2036		20,710,000		20,710,000
Vacaville CA MFHR Quail Run Apartments Project Series 1988-A (Housing Revenue, FNMA Insured, FNMA LIQ)		0.06			7-15-2018		7,300,000		7,300,000
Vacaville CA MFHR Sycamore Apartments Project Series 1999-A (Housing Revenue, FNMA Insured, FNMA LIQ)		0.04			5-15-2029		2,350,000		2,350,000
Walnut Creek CA Multifamily Mortgage Creekside Drive Apartments 1985 Issue A (Housing Revenue, FHLMC LIQ)		0.06			4-1-2027		7,120,000		7,120,000
									438,060,000
Colorado: 0.83%
Variable Rate Demand Notes ø: 0.83%
Colorado HFA Winridge Apartments Series 1998 (Housing Revenue, FNMA Insured, FNMA LIQ)		0.05			2-15-2028		8,400,000		8,400,000
Denver CO City & County MFHR Cottonwood Creek Series 1989 A (Housing Revenue, FHLMC LIQ)		0.11			4-15-2014		7,050,000		7,050,000
Denver CO City & County MFHR Garden Court Community Project Series 2008 (Housing Revenue, FNMA Insured, FNMA LIQ)		0.06			12-15-2038		7,995,000		7,995,000
Southeast Colorado Public Improvement Metropolitan District Series 2004 (GO, U.S. Bank NA LOC)		0.07			11-15-2034		3,695,000		3,695,000
									27,140,000
Connecticut: 0.18%
Variable Rate Demand Note ø: 0.18%
Connecticut Municipal Electric Energy Cooperative Power Supply System Series 2013-A Deutsche Bank Spears Series DBE-1164 (Utilities Revenue) 144A		0.11			1-1-2038		6,000,000		6,000,000
Delaware: 0.30%
Variable Rate Demand Note ø: 0.30%
Delaware EDA St. Andrews School Project Series 2002 (Education Revenue, TD Bank NA SPA)		0.07			9-1-2032		10,000,000		10,000,000
District of Columbia: 1.27%
Other Municipal Debt: 0.93%
District of Columbia (GO)		2.00			9-30-2013		30,500,000		30,591,999
Variable Rate Demand Notes ø: 0.34%
District of Columbia Community Connection Real Estate Foundation Issue Series 2007-A (Miscellaneous Revenue)		0.11			7-1-2032		3,600,000		3,600,000

4 Wells Fargo Advantage National Tax-Free Money Market Fund Portfolio of investments—July 31, 2013 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Variable Rate Demand Notes ø (continued)
District of Columbia Family & Child Services Incorporated Series 2006 (Miscellaneous Revenue, Bank of America NA LOC)		0.13	%		7-1-2041	$	3,135,000	$	3,135,000
District of Columbia Housing Finance Agency The Yard D Building Project Series 2012 (Housing Revenue, Capital One NA LOC)		0.07			10-1-2047		4,250,000		4,250,000
									10,985,000
Florida: 6.99%
Other Municipal Debt: 1.37%
JEA Florida Electric System Series 00-A (Utilities Revenue)		0.13			8-14-2013		24,400,000		24,400,000
JEA Florida Electric System Series F-1 (Utilities Revenue)		0.12			8-29-2013		11,550,000		11,550,000
JEA Florida Electric System Series F-2 (Utilities Revenue)		0.12			8-15-2013		9,140,000		9,140,000
									45,090,000
Variable Rate Demand Notes ø: 5.62%
Alachua County FL HFA MFHR Santa Fe Apartments Project Series 2008 (Housing Revenue, FNMA LOC)		0.06			4-15-2041		7,300,000		7,300,000
Brevard County FL HFA MFHR Shore View Apartments Project Series 1995 (Housing Revenue, Harris NA LOC)		0.09			2-1-2015		3,000,000		3,000,000
Duval County FL HFA Sunbeam Road Apartments Project Series 1997 (Housing Revenue, U.S. Bank NA LOC)		0.05			7-1-2025		5,250,000		5,250,000
Florida Gulf Coast University Finance Corporation Parking Project Series 2009-A (Education Revenue, Harris NA LOC)		0.07			2-1-2039		7,490,000		7,490,000
Florida Municipal Power Agency All Requirements Power Supply Series 2008-C (Utilities Revenue, Bank of America NA LOC)		0.08			10-1-2035		3,000,000		3,000,000
Highlands County FL Health Facilities Authority Adventist Health System Sunbelt Obligated Group Series 2006-C (Health Revenue, Bank of America NA LIQ) 144A		0.09			11-15-2036		8,595,000		8,595,000
Hillsborough County FL Capital Improvement Program Series A (Miscellaneous Revenue)		0.12			8-29-2013		7,400,000		7,400,000
Hillsborough County FL School Board Master Lease Program JPMorgan PUTTER Series 4128 (Miscellaneous Revenue, JPMorgan Chase & Company LOC, JPMorgan Chase & Company LIQ) 144A		0.10			4-22-2014		44,425,000		44,425,000
Jacksonville FL HFA MFHR St. Augustine Apartments Project Series 2006 (Housing Revenue, FNMA Insured, FNMA LIQ)		0.05			7-15-2033		3,550,000		3,550,000
Marion County FL HFA Paddock Park Apartments Series 2002 (Housing Revenue, FNMA Insured, FNMA LIQ)		0.05			10-15-2032		4,000,000		4,000,000
Orange County FL Sales Tax Revenue Series 2012-B Royal Bank of Canada Municipal Products Incorporated Trust Certificates Series O-43 (Tax Revenue, Royal Bank of Canada LIQ) 144A		0.06			1-1-2020		5,115,000		5,115,000
Orlando FL Utilities Commission Series 2011-A (Utilities Revenue) (i)		0.17			10-1-2027		13,490,000		13,490,000
Palm Beach County FL Children’s Home Project Series 2008 (Miscellaneous Revenue, Bank of America NA LOC)		0.14			5-1-2038		3,825,000		3,825,000
Palm Beach County FL Norton Gallery School of Art Incorporated Series 1995 (Education Revenue, Northern Trust Company LOC)		0.11			5-1-2025		1,465,000		1,465,000
Pinellas County FL IDR Neighborly Care Network Project Series 2008 (Miscellaneous Revenue, Branch Banking & Trust LOC)		0.06			8-1-2028		4,375,000		4,375,000
Sarasota County FL Planned Parenthood Incorporated Project Series 2007 (Health Revenue, Harris NA LOC)		0.09			10-1-2041		4,290,000		4,290,000
Tampa FL Baycare Health System Series 2012-B (Health Revenue)		0.16			11-15-2033		14,000,000		14,000,000
West Palm Beach FL Utilities Systems Series 2008-C (Water & Sewer Revenue, AGM Insured, JPMorgan Chase & Company SPA)		0.30			10-1-2038		43,990,000		43,990,000
									184,560,000

Portfolio of investments—July 31, 2013 (unaudited) Wells Fargo Advantage National Tax-Free Money Market Fund 5

Security name	Interest rate			Maturity date		Principal		Value
Georgia: 1.25%
Variable Rate Demand Notes ø: 1.25%
Atlanta GA Development Authority Perkins Will Incorporated Project Series 2010 (IDR, Harris NA LOC)		0.07	%		11-1-2030	$	8,660,000	$	8,660,000
Dekalb County GA Water & Sewer Revenue Series 2006-B ROC RR-II-R-11900 (Water & Sewer Revenue, AGM Insured, Citibank NA LIQ) 144A		0.12			4-1-2023		5,000,000		5,000,000
Gwinnett County GA Development Authority COP Public School Project Series 2006 Clipper Tax-Exempt Certified Trust Series 2009-41 (Miscellaneous Revenue, State Street Bank & Trust Company LIQ)		0.07			1-1-2016		8,795,000		8,795,000
Gwinnett County GA Development Authority Goodwill North Georgia Incorporated Project Series 2009 (Miscellaneous Revenue, Branch Banking & Trust LOC)		0.07			10-1-2033		5,000,000		5,000,000
Gwinnett County GA School District PUTTER Series 2007-1011 (Housing Revenue, Bank of America NA LIQ) 144A		0.09			7-1-2041		2,620,000		2,620,000
Metropolitan Atlanta GA Rapid Transit Authority Trust Class A (Tax Revenue, Societe Generale LOC, Ambac Insured, Societe Generale LIQ) 144A		0.16			7-1-2020		11,000,000		11,000,000
									41,075,000
Hawaii: 0.51%
Variable Rate Demand Notes ø: 0.51%
Hawaii Bonds Series 2007 Clipper Tax-Exempt Certified Trust Series 2009-62 (GO, State Street Bank & Trust Company LIQ)		0.06			4-1-2018		9,995,000		9,995,000
Honolulu City & County HI Royal Bank of Canada Municipal Products Incorporated Trust Certificates Series O-62 (GO, Royal Bank of Canada LIQ) 144A		0.06			11-1-2020		6,665,000		6,665,000
									16,660,000
Idaho: 0.59%
Variable Rate Demand Note ø: 0.59%
Jerome County ID Economic Development Corporation Davisco Foods International Project Series 2009 (IDR, Bank of Montreal LOC)		0.06			12-1-2029		19,420,000		19,420,000
Illinois: 7.92%
Other Municipal Debt: 0.65%
Illinois Educational Facilities Authority NorthShore Health System & Other Instructions Series 1995 (Education Revenue)		0.14			8-6-2013		21,400,000		21,400,000
Variable Rate Demand Notes ø: 7.27%
Aurora IL Economic Development Aurora University Series 2004 (Education Revenue, Harris NA LOC)		0.06			3-1-2035		12,000,000		12,000,000
Chicago IL Education Marine Project Series 1984 (IDR, FHLB LOC)		0.06			7-1-2023		4,200,000		4,200,000
Chicago IL Waterworks Revenue Sub Series 2001-1 (Water & Sewer Revenue, JPMorgan Chase & Company SPA)		0.27			11-1-2030		20,200,000		20,200,000
Chicago IL Waterworks Revenue Sub Series 2001-2 (Water & Sewer Revenue, JPMorgan Chase & Company SPA)		0.27			11-1-2030		14,250,000		14,250,000
DuPage & Will Counties IL Community School District #204 Indian Prairie School Building Series A Royal Bank of Canada Municipal Products Incorporated Trust Certificates Series 0-26 (GO, Royal Bank of Canada LIQ) 144A		0.08			6-30-2016		5,765,000		5,765,000
Illinois Development Finance Authority Cook Communications Ministries Project Series 2002 (Miscellaneous Revenue, Bank of America NA LOC)		0.24			3-1-2017		4,500,000		4,500,000
Illinois Development Finance Authority Presbyterian Homes Two Arbor Lane Project Series 2001 (Health Revenue, Northern Trust Company LOC)		0.07			4-1-2035		9,000,000		9,000,000

6 Wells Fargo Advantage National Tax-Free Money Market Fund Portfolio of investments—July 31, 2013 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Variable Rate Demand Notes ø (continued)
Illinois Development Finance Authority St. Ignatius College Series 1994 (Education Revenue, PNC Bank NA LOC)		0.08	%		6-1-2024	$	12,000,000	$	12,000,000
Illinois Development Finance Authority Village of Oak Park Residence Corporation Project Series 2006 (Housing Revenue, PNC Bank NA LOC)		0.07			9-1-2046		4,000,000		4,000,000
Illinois Development Finance Authority YMCA Metropolitan Chicago Project Series 2001 (Miscellaneous Revenue, Harris NA LOC)		0.06			6-1-2029		7,000,000		7,000,000
Illinois ECFA National Louis University Project Series 1999-B (Education Revenue, JPMorgan Chase & Company LOC)		0.07			6-1-2029		9,950,000		9,950,000
Illinois Educational Facilities Authority Chicago Zoological Society Brookfield Zoo Project Series 1995-B (Miscellaneous Revenue, Northern Trust Company LOC)		0.07			12-15-2025		5,000,000		5,000,000
Illinois Finance Authority Advocate Health Care Network Series 2011-B (Health Revenue) (i)		0.18			4-1-2051		6,500,000		6,500,000
Illinois Finance Authority Lake Forest County Day School Project Series 2005 (Education Revenue, Northern Trust Company LOC)		0.07			7-1-2035		12,750,000		12,750,000
Illinois Finance Authority Resurrection Health Care Series 2005-B (Health Revenue, JPMorgan Chase & Company LOC)		0.06			5-15-2035		35,000,000		35,000,000
Illinois Finance Authority Revenue University of Chicago Series 2008 (Education Revenue, U.S. Bank NA SPA)		0.05			7-1-2038		13,200,000		13,200,000
Illinois Finance Authority The Catherine Cook School Project Series 2007 (Education Revenue, Northern Trust Company LOC)		0.07			1-1-2037		5,820,000		5,820,000
Illinois Toll Highway Authority Series A1 (Transportation Revenue, AGM Insured, JPMorgan Chase & Company SPA)		0.44			1-1-2031		4,500,000		4,500,000
Illinois Toll Highway Authority Series A2 (Transportation Revenue, AGM Insured, PNC Bank NA SPA)		0.44			1-1-2031		13,000,000		13,000,000
Metropolitan Pier & Exposition Authority Illinois McCormick Place Expansion Project Series 2010-B-2 (Airport Revenue, Morgan Stanley Bank LIQ) 144A		0.09			6-15-2050		12,600,000		12,600,000
Metropolitan Pier & Exposition Authority Illinois McCormick Place Expansion Project Series 2011 Royal Bank of Canada Municipal Products Incorporated PFOTER Series O-40 (Airport Revenue, Royal Bank of Canada LIQ) 144A		0.06			6-15-2020		8,130,000		8,130,000
Metropolitan Pier & Exposition Authority Illinois McCormick Place Expansion Project Series 2012 B JPMorgan PUTTER Series 4249 (Airport Revenue, JPMorgan Chase & Company LIQ) 144A		0.09			6-15-2020		13,330,000		13,330,000
Metropolitan Pier & Exposition Authority Illinois McCormick Place Expansion Project Series 2012-B Royal Bank of Canada Municipal Products Incorporated PFOTER Series O-42 (Tax Revenue, Royal Bank of Canada LIQ) 144A		0.06			6-15-2020		4,320,000		4,320,000
Springfield IL PUTTER Series 1314 (Utilities Revenue, BHAC/MBIA Insured, JPMorgan Chase & Company LIQ)		0.09			3-1-2014		1,680,000		1,680,000
									238,695,000
Indiana: 2.03%
Variable Rate Demand Notes ø: 2.03%
Clipper Tax-Exempt Certified Trust Series 2009-34 (Miscellaneous Revenue, State Street Bank & Trust Company LIQ)		0.09			7-1-2023		26,140,000		26,140,000
Indiana Finance Authority Midwestern Disaster Relief Ohio Valley Electric Corporation Project Series C (Utilities Revenue, Bank of Nova Scotia LOC)		0.05			6-1-2040		10,000,000		10,000,000
Indiana Finance Authority Northshore Health Center Incorporated Project Series 2008 (Health Revenue, Harris NA LOC)		0.07			7-1-2038		4,920,000		4,920,000
Indiana Finance Authority University Health Obligated Group Royal Bank of Canada Municipal Products Incorporated Trust Certificates Series 2011 E-23 (Miscellaneous Revenue, Royal Bank of Canada LOC, Royal Bank of Canada LIQ) 144A		0.06			3-1-2036		10,000,000		10,000,000

Portfolio of investments—July 31, 2013 (unaudited) Wells Fargo Advantage National Tax-Free Money Market Fund 7

Security name	Interest rate			Maturity date		Principal		Value
Variable Rate Demand Notes ø (continued)
Indiana HEFA ROC RR-11-R-11460 (Health Revenue, AGM Insured, Citibank NA LIQ)		0.21	%		5-1-2016	$	3,000,000	$	3,000,000
Indiana HFFA Fayette Memorial Hospital Association Series 2002-A (Health Revenue, U.S. Bank NA LOC)		0.08			10-1-2032		4,365,000		4,365,000
Indianapolis IN Industrial MFHR Washington Pointe Project Series 2009-A (Housing Revenue, FNMA Insured, FNMA LIQ)		0.05			4-15-2039		8,235,000		8,235,000
									66,660,000
Iowa: 1.31%
Variable Rate Demand Notes ø: 1.31%
Iowa Finance Authority Midwestern Cargill Incorporated Project Series 2012-A (IDR)		0.08			6-1-2039		34,000,000		34,000,000
Iowa Finance Authority Midwestern Disaster Area Chrisbro III Incorporated Project Series 2011 (IDR, Great Western Bank LOC)		0.07			8-1-2041		9,130,000		9,130,000
									43,130,000
Kansas: 0.27%
Variable Rate Demand Note ø: 0.27%
Kansas Development Finance Authority Adventist Health Sunbelt Obligated Group Series 2009-C Royal Bank of Canada Municipal Products Incorporated Trust Certificates Series 0-11 (Health Revenue, Royal Bank of Canada LIQ) 144A		0.06			11-15-2038		9,000,000		9,000,000
Kentucky: 1.05%
Other Municipal Debt: 0.17%
Kentucky Rural Water Finance Corporation Public Project Series 2012-D-1 (Miscellaneous Revenue)		1.00			10-1-2013		5,500,000		5,506,237
Variable Rate Demand Notes ø: 0.88%
Fort Mitchell KY League of Cities Funding Trust Program Series 2002-A (Miscellaneous Revenue, U.S. Bank NA LOC)		0.06			10-1-2032		6,540,000		6,540,000
Kentucky EDFA Catholic Health Initiatives Series 2009 B Morgan Stanley Series 3125 (Health Revenue, Morgan Stanley Bank LIQ) 144A		0.09			5-1-2039		11,250,000		11,250,000
Williamstown KY League of Cities Funding Trust Lease Series 2008-A (Miscellaneous Revenue, U.S. Bank NA LOC)		0.06			7-1-2038		6,195,000		6,195,000
Williamstown KY League of Cities Funding Trust Lease Series 2008-B (Miscellaneous Revenue, U.S. Bank NA LOC)		0.06			12-1-2038		5,115,000		5,115,000
									29,100,000
Louisiana: 0.77%
Variable Rate Demand Notes ø: 0.77%
Louisiana HFA The Reserve at Jefferson Crossing Series 2008 (Housing Revenue, FHLMC LOC, FHLMC LIQ)		0.08			7-1-2040		4,095,000		4,095,000
Louisiana HFA Woodward Wright Apartments Project Series 2003 (Housing Revenue, FHLMC LIQ)		0.06			9-1-2033		8,955,000		8,955,000
Louisiana PFA Pollution Control Allied Signal Incorporated Project Series 1992 (IDR)		0.08			8-1-2017		6,815,000		6,815,000
Louisiana Series A-1 Royal Bank of Canada Municipal Products Incorporated Trust Certificates Series O-31 (Tax Revenue, Royal Bank of Canada LIQ) 144A		0.06			5-1-2034		1,140,000		1,140,000
Louisiana State Gas & Fuels Tax Series 2377 (Utilities Revenue, FGIC Insured)		0.08			11-1-2013		4,420,000		4,420,000
									25,425,000

8 Wells Fargo Advantage National Tax-Free Money Market Fund Portfolio of investments—July 31, 2013 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Maryland: 1.12%
Variable Rate Demand Notes ø: 1.12%
Baltimore County MD Cross Creek Apartments Project Series 2008 (Housing Revenue, PNC Bank NA LOC)		0.06	%		11-1-2033	$	4,415,000	$	4,415,000
Baltimore County MD Maryvale Preparatory School Facilities Project Series 2005-A (Education Revenue)		0.11			12-3-2035		1,625,000		1,625,000
Maryland CDA MFHR Hopkins Village Apartments Series 2008-F (Housing Revenue, FHLMC LIQ)		0.06			11-1-2038		3,000,000		3,000,000
Maryland Health & HEFAR Ascension Health Alliance Senior Credit Group Series 2012-B Royal Bank of Canada Municipal Products Incorporated PFOTER Series O-29 (Health Revenue, Royal Bank of Canada LIQ) 144A		0.06			11-15-2051		4,800,000		4,800,000
Maryland HEFA Johns Hopkins University Issue Series 2004-A (Education Revenue, Bank of America NA LIQ) 144A		0.10			7-1-2033		6,665,000		6,665,000
Maryland HEFA University of Maryland Medical System Issue Series 2008-E (Health Revenue, Bank of Montreal LOC)		0.05			7-1-2041		10,000,000		10,000,000
Montgomery County MD EDA Brooke Grove Foundation Incorporated Series 1998 (Health Revenue)		0.11			1-1-2024		6,320,000		6,320,000
									36,825,000
Massachusetts: 1.31%
Variable Rate Demand Notes ø: 1.31%
Massachusetts College Building Authority Series 2011 (Education Revenue) (i)		0.15			11-1-2034		13,980,000		13,980,000
Massachusetts Development Finance Agency Cushing Academy Issue Series 2004 (Education Revenue, TD Bank NA LOC)		0.07			3-1-2034		11,450,000		11,450,000
Massachusetts Development Finance Agency Fay School Issue Series 2008 (Education Revenue, TD Bank NA LOC)		0.05			4-1-2038		4,820,000		4,820,000
University of Massachusetts Building Authority Series 2008-A (Education Revenue, Bank of America NA SPA)		0.06			5-1-2038		12,795,000		12,795,000
									43,045,000
Michigan: 0.75%
Other Municipal Debt: 0.37%
Michigan Finance Authority Series 2012-B-1 (Miscellaneous Revenue)		2.00			8-20-2013		12,195,000		12,205,371
Variable Rate Demand Notes ø: 0.38%
Green Lake Township MI Economic Development Corporation Interlochen Center Arts Project Series 2004 (Miscellaneous Revenue, Harris NA LOC)		0.05			6-1-2034		2,000,000		2,000,000
Michigan Hospital Finance Authority Ascension Health Senior Credit Group Series 2010-6 (Health Revenue) (i)		0.15			11-15-2049		3,465,000		3,465,000
Michigan Hospital Finance Authority Ascension Health Senior Credit Group Series 2010-7 (Health Revenue) (i)		0.15			11-15-2049		3,895,000		3,895,000
Michigan Hospital Finance Authority Ascension Health Senior Credit Group Series 2010-8 (Health Revenue) (i)		0.15			11-15-2049		1,000,000		1,000,000
Michigan Hospital Finance Authority Trinity Health Credit Group Series 2011 Royal Bank of Canada Municipal Products Incorporated Trust Certificates Series O-32 (Health Revenue, Royal Bank of Canada LIQ) 144A		0.06			6-1-2020		2,000,000		2,000,000
									12,360,000

Portfolio of investments—July 31, 2013 (unaudited) Wells Fargo Advantage National Tax-Free Money Market Fund 9

Security name	Interest rate			Maturity date		Principal		Value
Minnesota: 3.29%
Other Municipal Debt: 0.21%
Minnesota Rural Water Finance Authority Public Project Construction Notes Series 2013 (Water & Sewer Revenue)		1.00	%		2-1-2014	$	2,500,000	$	2,508,773
Minnesota Various Purpose Bonds Series 2010-A (GO)		5.00			8-1-2013		4,250,000		4,250,000
									6,758,773
Variable Rate Demand Notes ø: 3.08%
Arden Hills MN Northwestern College Project Series 2010 (Education Revenue, BMO Harris Bank NA LOC)		0.07			11-30-2030		7,380,000		7,380,000
Bloomington MN Bristol Village Apartments Project Series 2002-A-1 (Housing Revenue, FNMA Insured, FNMA LIQ)		0.07			11-15-2032		8,580,000		8,580,000
Bloomington MN Presbyterian Homes Project Series 2008 (Health Revenue, FHLMC LIQ)		0.05			7-1-2038		5,555,000		5,555,000
Burnsville MN Bridgeway Apartments Project Series 2003 (Housing Revenue, FNMA Insured, FNMA LIQ)		0.07			10-15-2033		975,000		975,000
East Grand Forks MN Solid Waste Disposal American Crystal Sugar Company Project Series 2009 (Resource Recovery Revenue, CoBank LOC)		0.07			12-1-2021		5,000,000		5,000,000
Eden Prairie MN Eden Glen Apartments Project Series 2001 (Housing Revenue, FNMA Insured, FNMA LIQ)		0.07			2-15-2031		1,815,000		1,815,000
Eden Prairie MN MFHR Park At City West Apartments Project Series 2001 (Housing Revenue, FHLMC LIQ)		0.06			9-1-2031		300,000		300,000
Forest Lake MN Kilkenny Court Apartments Project Series 2008 (Housing Revenue, FNMA Insured, FNMA LIQ)		0.07			8-15-2038		4,100,000		4,100,000
Inver Grove Heights MN Inver Grove Incorporated Project Series 2005 (Housing Revenue, FNMA Insured, FNMA LIQ)		0.05			5-15-2035		9,835,000		9,835,000
Maple Grove MN MFHR Basswood Trails Apartment Project Series 2002 (Housing Revenue, FHLMC LIQ)		0.06			3-1-2029		1,620,000		1,620,000
Minneapolis & St. Paul MN Metropolitan Airport Commission Morgan Stanley Series 3200 (Airport Revenue, Morgan Stanley Bank LIQ) 144A		0.09			1-1-2035		6,000,000		6,000,000
Minnesota HEFAR Concordia University Series P-1 (Education Revenue, U.S. Bank NA LOC)		0.07			4-1-2027		2,255,000		2,255,000
Minnesota HEFAR Hamline University Series 6-E1 (Education Revenue, BMO Harris Bank NA LOC)		0.06			10-1-2016		2,060,000		2,060,000
Minnesota HEFAR Hamline University Series 6-E2 (Education Revenue, BMO Harris Bank NA LOC)		0.06			10-1-2025		3,115,000		3,115,000
Minnesota HEFAR MacAlester College Series 3-Z (Education Revenue)		0.12			3-1-2024		6,260,000		6,260,000
Minnesota HEFAR Olaf College Series 5-M2 (Education Revenue, Harris NA LOC)		0.07			10-1-2020		1,745,000		1,745,000
Oak Park Heights MN Boutwells Landing Project Series 2005 (Housing Revenue, FHLMC LIQ)		0.05			11-1-2035		9,315,000		9,315,000
Pine City MN Senior Housing Agency Lakeview Project Series 2006 (Housing Revenue, FNMA Insured, FNMA LIQ)		0.05			4-15-2036		5,600,000		5,600,000
Plymouth MN Lancaster Village Apartments Project Series 2001 (Housing Revenue, FNMA Insured, FNMA LIQ)		0.06			9-15-2031		2,865,000		2,865,000
Spring Lake Park MN Senior Housing Oak Crest Apartments Project Series 2003 (Housing Revenue, FNMA Insured, FNMA LIQ)		0.05			2-15-2033		1,155,000		1,155,000
St. Anthony MN Autumn Woods Housing Project Series 2002 (Housing Revenue, FNMA Insured, FNMA LIQ)		0.05			5-15-2032		2,550,000		2,550,000
St. Louis Park MN Knollwood Place Apartment Project Series 2005 (Housing Revenue, FHLMC LIQ)		0.06			10-1-2035		11,800,000		11,800,000

10 Wells Fargo Advantage National Tax-Free Money Market Fund Portfolio of investments—July 31, 2013 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Variable Rate Demand Notes ø (continued)
St. Louis Park MN MFHR Parkshore Senior Campus Project Series 2004 (Housing Revenue, FHLMC LIQ)		0.05	%		8-1-2034	$	1,345,000	$	1,345,000
									101,225,000
Mississippi: 0.96%
Variable Rate Demand Note ø: 0.96%
Mississippi Series A Clipper Tax-Exempt Certificate Trust Series 2009-60 (Miscellaneous Revenue, State Street Bank & Trust Company LIQ)		0.06			11-1-2018		31,560,000		31,560,000
Missouri: 4.07%
Variable Rate Demand Notes ø: 4.07%
Independence MO IDA The Mansions Project Series 2005 (Housing Revenue, FHLMC LIQ)		0.06			8-1-2035		5,110,000		5,110,000
Kansas City MO IDA Ewing Marion Kauffman Foundation Series 1997-A (Miscellaneous Revenue)		0.07			4-1-2027		1,905,000		1,905,000
Kansas City MO IDA Ewing Marion Kauffman Foundation Series 2001 (Miscellaneous Revenue)		0.07			4-1-2027		250,000		250,000
Missouri Development Finance Board Ewing Marion Kauffman Foundation Project Series 2007-A (Miscellaneous Revenue)		0.07			6-1-2037		9,525,000		9,525,000
Missouri Development Finance Board Kauffman Center Performing Arts Project Series 2007-A (Miscellaneous Revenue, Northern Trust Company SPA)		0.06			6-1-2037		31,500,000		31,500,000
Missouri HEFA Series 2005-D-4 (Health Revenue, JPMorgan Chase & Company SPA)		0.08			6-1-2033		49,425,000		49,425,000
Missouri HEFA Series 2008-A (Health Revenue, U.S. Bank NA SPA)		0.05			5-15-2038		16,200,000		16,200,000
St. Louis County MO IDA Heatherbrook Gardens Apartment Project Series 1992 (Housing Revenue, U.S. Bank NA LOC)		0.25			3-1-2022		1,765,000		1,765,000
St. Louis County MO IDA The Pelican Cove Project Series 2004 (Housing Revenue, FNMA Insured, FNMA LIQ)		0.06			3-15-2034		18,000,000		18,000,000
									133,680,000
Nevada: 0.09%
Variable Rate Demand Note ø: 0.09%
Reno NV Senior Lien Transportation Rail Access Corridor Project Series 2008-A (Tax Revenue, Bank of New York Mellon LOC)		0.05			6-1-2042		3,000,000		3,000,000
New Hampshire: 0.74%
Variable Rate Demand Notes ø: 0.74%
New Hampshire HEFA Dartmouth College Project Series 3069 (Education Revenue) 144A		0.06			6-1-2039		6,280,000		6,280,000
New Hampshire HEFA FHA Healthcare Issue Series 2009 JPMorgan PUTTER Series 3648 (Health Revenue, JPMorgan Chase & Company LIQ) 144A		0.16			10-1-2017		5,940,000		5,940,000
New Hampshire HEFA Frisbie Memorial Hospital Issue Series 2006 (Health Revenue, TD Bank NA LOC)		0.08			10-1-2036		11,975,000		11,975,000
									24,195,000
New Jersey: 0.95%
Variable Rate Demand Notes ø: 0.95%
Burlington County NJ Bridge Lutheran Home Project Series 2005-A (Miscellaneous Revenue, Commerce Bank NA LOC)		0.05			12-1-2025		1,195,000		1,195,000

Portfolio of investments—July 31, 2013 (unaudited) Wells Fargo Advantage National Tax-Free Money Market Fund 11

Security name	Interest rate			Maturity date		Principal		Value
Variable Rate Demand Notes ø (continued)
New Jersey EDA Motor Vehicle Surcharges Series 2004-A (Miscellaneous Revenue, BHAC/National Insured, Bank of America NA LIQ)		0.09	%		7-1-2026	$	2,190,000	$	2,190,000
New Jersey EDA School Facilities Construction Series I Deutsche Bank Spears Series DBE-1151 (Transportation Revenue, Deutsche Bank AG LIQ) 144A		0.11			9-1-2025		11,000,000		11,000,000
New Jersey EDA School Facilities Construction Series NN Deutsche Bank Spears Series DBE-1143X (Miscellaneous Revenue) 144A		0.12			3-1-2029		2,900,000		2,900,000
New Jersey Educational Facilities Authority Defense Analyses Issue Series 2000-D (Miscellaneous Revenue, Branch Banking & Trust LOC, Ambac Insured)		0.06			10-1-2030		4,200,000		4,200,000
New Jersey TTFA Clipper Tax-Exempt Certificates Trust Series 2009-70 (Transportation Revenue, State Street Bank & Trust Company LIQ)		0.06			12-15-2023		3,600,000		3,600,000
New Jersey Turnpike Authority Series 2013-A Deutsche Bank Spears Series DBE-1153X (Transportation Revenue, Deutsche Bank AG LIQ) 144A		0.11			1-1-2038		6,000,000		6,000,000
									31,085,000
New York: 4.07%
Other Municipal Debt: 0.45%
Metropolitan Transportation Authority New York Credit Enhanced Transportation BAN Series CP-2 Sub Series A (Transportation Revenue)		0.10			9-10-2013		9,200,000		9,200,000
New York NY Transitional Finance Authority Revenue Series 2004-B (Tax Revenue)		5.00			8-1-2032		5,625,000		5,625,000
									14,825,000
Variable Rate Demand Notes ø: 3.62%
Nassau County NY Local Economic Assistance Adults & Children with Learning & Developmental Disabilities Incorporated Project Series 2011-A (Miscellaneous Revenue, TD Bank NA LOC)		0.06			11-1-2041		7,300,000		7,300,000
New York Convention Center Development Corporation New York Hotel Unit Fee Secured Series 3095 (Tax Revenue, BHAC/Ambac Insured) 144A		0.06			11-15-2044		35,335,000		35,335,000
New York Dormitory Authority Series 12 Clipper Tax-Exempt Certificate Trust Series 2009-35 (Miscellaneous Revenue, State Street Bank & Trust Company LIQ)		0.09			11-15-2026		23,300,000		23,300,000
New York Dormitory Authority Series 14 Clipper Tax-Exempt Certificate Trust Series 2009-45 (Miscellaneous Revenue, State Street Bank & Trust Company LIQ)		0.06			7-1-2025		19,800,000		19,800,000
New York Housing Finance Agency 600 West 42nd Street Series 2009-A (Housing Revenue, FNMA Insured, FNMA LIQ)		0.05			5-15-2041		7,600,000		7,600,000
New York NY Housing Development Corporation Manhattan Avenue Development Series 2012-A (Housing Revenue, FHLMC LIQ)		0.05			6-1-2046		8,000,000		8,000,000
New York NY Housing Development Corporation MFHR Series 2012-C (Housing Revenue)		0.22			5-1-2045		2,100,000		2,100,000
New York NY Municipal Water Finance Authority Residual Interest Bond Trust Series 2013-3WX (Water & Sewer Revenue, Barclays Bank plc LIQ)) 144A		0.07			6-15-2047		5,000,000		5,000,000
Riverhead NY IDA Central Suffolk Hospital Project Series 2006-C (Health Revenue)		0.09			7-1-2017		3,505,000		3,505,000
Riverhead NY IDR Central Suffolk Hospital Project Series 2006-A (Health Revenue)		0.09			7-1-2031		3,445,000		3,445,000
Riverhead NY IDR Central Suffolk Hospital Project Series 2006-B (Health Revenue)		0.09			7-1-2031		3,450,000		3,450,000
									118,835,000
North Carolina: 1.64%
Variable Rate Demand Notes ø: 1.64%
North Carolina Capital Facilities Finance Agency Educational Campbell University Series 2009 (Education Revenue, Branch Banking & Trust LOC)		0.06			10-1-2034		5,485,000		5,485,000

12 Wells Fargo Advantage National Tax-Free Money Market Fund Portfolio of investments—July 31, 2013 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Variable Rate Demand Notes ø (continued)
North Carolina Capital Facilities Finance Agency Educational Guilford College Project Series 2008 (Education Revenue, Branch Banking & Trust LOC)		0.06	%		5-1-2024	$	2,960,000	$	2,960,000
North Carolina Capital Facilities Finance Agency Educational High Point University Project Series 2008 (Education Revenue, Branch Banking & Trust LOC)		0.06			5-1-2030		2,690,000		2,690,000
North Carolina Capital Facilities Finance Agency Educational Hill Center Project Series 2008 (Education Revenue, Branch Banking & Trust LOC)		0.06			7-1-2028		4,330,000		4,330,000
North Carolina Medical Care Commission Health Care Facilities University Health Systems of Eastern Carolina Series 2008 B-1 (Health Revenue, Branch Banking & Trust LOC)		0.11			12-1-2036		30,250,000		30,250,000
North Carolina Medical Care Commission Hospice Alamance-Caswell Project Series 2008 (Health Revenue, Branch Banking & Trust LOC)		0.06			12-1-2033		4,700,000		4,700,000
North Carolina Port Authority Facilities Series 2008 (Airport Revenue, Branch Banking & Trust LOC)		0.06			6-1-2036		3,500,000		3,500,000
									53,915,000
North Dakota: 1.45%
Other Municipal Debt: 1.27%
Mercer County ND PCR Series 2009-1 (Utilities Revenue)		0.18			8-7-2013		38,800,000		38,800,000
North Dakota Water Finance Corporation Public Projects Construction Series B-2 (Miscellaneous Revenue)		1.00			6-1-2014		3,000,000		3,017,867
									41,817,867
Variable Rate Demand Note ø: 0.18%
Richland County ND Recovery Zone Project Series 2010-C (IDR, CoBank LOC)		0.07			11-1-2028		5,815,000		5,815,000
Ohio: 2.88%
Variable Rate Demand Notes ø: 2.88%
Allen County OH Hospital Facilities Revenue Series 2010-A Catholic Health Partners JPMorgan PUTTER Series 3692Z (Health Revenue, JPMorgan Chase & Company LIQ) 144A		0.14			12-1-2017		6,335,000		6,335,000
Deutsche Bank Spears/Lifers Series 2013 DBE-1151 (Education Revenue) 144A		0.11			12-1-2043		4,400,000		4,400,000
JobsOhio Beverage Systems Statewide Liquor Profits Senior Lien Series 2013-A Deutsche Bank Spears Series DBE-1157 (Miscellaneous Revenue) 144A		0.09			1-1-2038		64,165,000		64,165,000
Montgomery County OH Catholic Health Initiatives Series 2009-A Morgan Stanley Series 3260 (Health Revenue, Morgan Stanley Bank LIQ) 144A		0.09			5-1-2034		8,965,000		8,965,000
Pike County OH HCFR Traditions Health Care Obligation Group Series 2007 (Health Revenue, U.S. Bank NA LOC)		0.07			6-1-2033		2,100,000		2,100,000
Princeton OH School District MSTR (GO, National Insured, Societe Generale LIQ)		0.11			12-1-2030		5,680,000		5,680,000
Warren County OH Cincinnati Electricity Corporation Project Series 1985 (Miscellaneous Revenue, Scotia Bank LOC)		0.23			9-1-2015		2,810,000		2,810,000
									94,455,000
Oregon: 0.16%
Variable Rate Demand Note ø: 0.16%
Oregon Veterans Welfare Series 85 (Tax Revenue, U.S. Bank NA SPA)		0.05			6-1-2041		5,100,000		5,100,000
Other: 2.39%
Variable Rate Demand Notes ø: 2.39%
Clipper Tax-Exempt Certificate Trust Series 2009-54 (Miscellaneous Revenue, State Street Bank & Trust Company LIQ)		0.11			2-15-2028		73,616,000		73,616,000

Portfolio of investments—July 31, 2013 (unaudited) Wells Fargo Advantage National Tax-Free Money Market Fund 13

Security name	Interest rate			Maturity date		Principal		Value
Variable Rate Demand Notes ø (continued)
Clipper Tax-Exempt Certified Trust Series 2004-05 (Miscellaneous Revenue, State Street Bank & Trust Company LIQ)		0.06	%		5-1-2014	$	4,690,000	$	4,690,000
									78,306,000
Pennsylvania: 6.11%
Variable Rate Demand Notes ø: 6.11%
Allegheny County PA Hospital Development Authority University of Pittsburg Medical Center Series 2010-C Royal Bank of Canada Municipal Products Incorporated Trust Certificates Series E-29 (Health Revenue, Royal Bank of Canada LOC, Royal Bank of Canada LIQ) 144A		0.06			4-25-2014		7,000,000		7,000,000
Allegheny County PA Hospital Development Authority University of Pittsburgh Medical Center Series 2010-B1 Royal Bank of Canada Municipal Products Incorporated Trust Certificates Series E-45 (Health Revenue, Royal Bank of Canada LOC) 144A		0.06			3-1-2016		12,300,000		12,300,000
Allegheny County PA Hospital Development Authority University of Pittsburgh Medical Center Project Series 2007 B-2 Royal Bank of Canada Municipal Products Incorporated Trust Certificates Series E-16 (Health Revenue, Royal Bank of Canada LOC, Royal Bank of Canada LIQ) 144A		0.06			4-15-2039		28,630,000		28,630,000
Allegheny County PA IDA Oakland Catholic High School Project Series 2012 (Miscellaneous Revenue, PNC Bank NA LOC)		0.07			8-1-2032		6,590,000		6,590,000
Allegheny County PA IDA United Jewish Federation Project Series 1996-A (Health Revenue, PNC Bank NA LOC)		0.07			10-1-2026		1,208,000		1,208,000
Allegheny County PA IDA Watson Institute Friendship Academy Project Series 2010 (Education Revenue, PNC Bank NA LOC)		0.06			8-1-2040		3,750,000		3,750,000
Beaver County PA IDA Electric Company Project Series 2005-A (Utilities Revenue, Bank of Nova Scotia LOC)		0.05			11-1-2020		10,000,000		10,000,000
Beaver County PA IDA Metropolitan Edison Company Project Series 2005-A (Utilities Revenue, Bank of Nova Scotia LOC)		0.05			7-15-2021		10,000,000		10,000,000
Berks County PA The Reading Hospital & Medical Center Project Series 2012-D Royal Bank of Canada Municipal Products Incorporated Trust Certificates Series E36 (Health Revenue, Royal Bank of Canada LOC, Royal Bank of Canada LIQ) 144A		0.06			11-1-2035		15,000,000		15,000,000
Bethlehem PA Area School District Authority Project Series 2010 Royal Bank of Canada Municipal Products Incorporated Trust Certificates Series 2011-E-31 (Miscellaneous Revenue, Royal Bank of Canada LOC, Royal Bank of Canada LIQ) 144A		0.06			5-1-2014		6,000,000		6,000,000
Central Bradford Progress Authority Pennsylvania Robert Packer Hospital Royal Bank of Canada Municipal Products Incorporated Trust Certificates Series 2011-C-14 (Health Revenue, Royal Bank of Canada LOC, Royal Bank of Canada LIQ) 144A		0.06			12-1-2041		6,680,000		6,680,000
Manheim Township PA School District Royal Bank of Canada Municipal Products Incorporated Trust Certificates Series 2011-E-28 (GO, Royal Bank of Canada LOC, Royal Bank of Canada LIQ) 144A		0.06			12-12-2014		10,525,000		10,525,000
Montgomery County PA IDA LaSalle College High School Series 2007-A (Education Revenue, PNC Bank NA LOC)		0.06			11-1-2037		3,700,000		3,700,000
Pennsylvania EDFA Philadelphia Area Independent School Business Officers Association Financing Program LaSalle College High School Project Series 2000-J-1 (Education Revenue, PNC Bank NA LOC)		0.07			11-1-2030		1,225,000		1,225,000
Pennsylvania Housing Finance Agency Series 2004 (GO, PNC Bank NA SPA)		0.05			1-1-2034		8,260,000		8,260,000
Pennsylvania Public School Building Authority School District of Philadelphia Project Series 2003 (Miscellaneous Revenue, AGM Insured)		0.23			6-1-2028		8,300,000		8,300,000
Pennsylvania Public School Building Authority School District of Philadelphia Project Series 2003 ROC RR-II-R-11396 (Miscellaneous Revenue, AGM Insured, Citibank NA LIQ)		0.21			12-1-2023		7,600,000		7,600,000

14 Wells Fargo Advantage National Tax-Free Money Market Fund Portfolio of investments—July 31, 2013 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Variable Rate Demand Notes ø (continued)
Pennsylvania Public School Building Authority School District of Philadelphia Project Series 2006B JPMorgan Chase PUTTER Series 1970 (Lease Revenue, AGM Insured, JPMorgan Chase & Company LIQ) 144A		0.18	%		12-1-2014	$	2,970,000	$	2,970,000
Pennsylvania Public School Building Authority School District of Philadelphia Project Series 2006B JPMorgan Chase PUTTER Series 3498Z (Miscellaneous Revenue, AGM Insured, JPMorgan Chase & Company LIQ) 144A		0.18			6-1-2015		3,540,000		3,540,000
Pennsylvania Turnpike Commission Series 2011-C-1 Royal Bank of Canada Municipal Products Incorporated Trust Certificates Series E-22 (Miscellaneous Revenue, Royal Bank of Canada LOC, Royal Bank of Canada LIQ) 144A		0.06			12-1-2038		7,465,000		7,465,000
Philadelphia PA School District Series A Branch Banking & Trust Municipal Trust Series 2004 (GO, Branch Banking & Trust LOC, Branch Banking & Trust LIQ) 144A		0.07			1-4-2029		10,290,000		10,290,000
Upper St. Clair Township PA Series 2008 (GO)		0.07			6-1-2038		29,475,000		29,475,000
									200,508,000
Puerto Rico: 0.56%
Variable Rate Demand Notes ø: 0.56%
Puerto Rico Sales Tax Corporate Financing ROC RR-II-R-11760 (Tax Revenue, Citibank NA LIQ) 144A		0.08			12-1-2047		6,000,000		6,000,000
Puerto Rico Sales Tax Corporate Financing ROC RR-II-R-11761 (Tax Revenue, Citibank NA LIQ) 144A		0.08			12-1-2047		4,000,000		4,000,000
Puerto Rico Sales Tax Corporate Financing ROC RR-II-R-11778 (Tax Revenue, Citibank NA LIQ) 144A		0.08			8-1-2047		4,875,000		4,875,000
Puerto Rico Sales Tax Financing Corporation Series 3036 (Tax Revenue)		0.06			8-1-2057		3,500,000		3,500,000
									18,375,000
Rhode Island: 0.18%
Variable Rate Demand Note ø: 0.18%
Narragansett Bay RI Commission Wastewater System Royal Bank of Canada Municipal Products Incorporated Trust Certificates Series 2013-0-60 (Water & Sewer Revenue, Royal Bank of Canada LIQ) 144A		0.11			9-1-2020		5,800,000		5,800,000
South Carolina: 1.48%
Other Municipal Debt: 1.06%
York County SC Electric Membership Corporation Project Series B (Utilities Revenue)		0.25			9-3-2013		2,900,000		2,900,000
York County SC PCR Series 2000-B1 (Utilities Revenue)		0.25			9-3-2013		10,700,000		10,700,000
York County SC PCR Series 2000-B2 (Utilities Revenue)		0.25			9-3-2013		21,400,000		21,400,000
									35,000,000
Variable Rate Demand Notes ø: 0.42%
South Carolina Educational Facilities Authority Newbury College Series 2008 (Education Revenue, Branch Banking & Trust LOC)		0.06			6-1-2035		2,075,000		2,075,000
South Carolina Housing Finance & Development Authority MFHR Brookside Crossing Apartments Series 2008 (Housing Revenue, FHLMC LIQ)		0.06			6-1-2046		4,680,000		4,680,000
South Carolina Jobs EDA Bon Secours Health System Incorporated Series 2013 Deutsche Bank Spears Series DBE-1141 (Health Revenue) 144A		0.11			11-1-2029		4,505,000		4,505,000
South Carolina Jobs EDA Institutional Business & Home Safety Project Series 2009 (IDR, Branch Banking & Trust LOC)		0.06			11-1-2034		2,440,000		2,440,000
									13,700,000

Portfolio of investments—July 31, 2013 (unaudited) Wells Fargo Advantage National Tax-Free Money Market Fund 15

Security name	Interest rate			Maturity date		Principal		Value
South Dakota: 0.50%
Variable Rate Demand Notes ø: 0.50%
South Dakota Housing Development Authority Homeownership Mortgage Series 2004 D (Housing Revenue, Bank of New York Mellon SPA)		0.06	%		5-1-2032	$	9,890,000	$	9,890,000
South Dakota Housing Development Authority LaCrosse Investment Project Series 2001 (Housing Revenue, FNMA Insured, FNMA LIQ)		0.07			2-15-2031		6,495,000		6,495,000
									16,385,000
Tennessee: 0.70%
Variable Rate Demand Notes ø: 0.70%
Blount County TN Industrial Development Board Maryville Civic Arts Center Project Series 2009-A (Miscellaneous Revenue, Branch Banking & Trust LOC)		0.06			6-1-2036		1,000,000		1,000,000
Blount County TN Public Building Authority Local Government Public Import Series E-1-A (Miscellaneous Revenue, Branch Banking & Trust LOC)		0.06			6-1-2037		6,450,000		6,450,000
Blount County TN Public Building Authority Series E-5-B (Miscellaneous Revenue, Branch Banking & Trust LOC)		0.06			6-1-2042		4,650,000		4,650,000
Franklin County TN HEFA Board University of the South Project Series 1998-B (Education Revenue)		0.10			9-1-2018		6,430,000		6,430,000
Sevier County TN Public Building Authority Local Government Public Improvement Series V-B-1 (Water & Sewer Revenue, Branch Banking & Trust LOC)		0.06			6-1-2035		4,500,000		4,500,000
									23,030,000
Texas: 14.29%
Other Municipal Debt: 3.31%
Dallas Area Rapid Transit Series I (Tax Revenue)		0.16			9-9-2013		7,500,000		7,500,000
Dallas Area Rapid Transit Series I (Tax Revenue)		0.16			10-16-2013		7,000,000		7,000,000
Texas PFA Series 2003 (Miscellaneous Revenue)		0.16			8-7-2013		11,990,000		11,990,000
Texas TRAN Series 2012 (Miscellaneous Revenue)		2.50			8-30-2013		82,000,000		82,150,165
									108,640,165
Variable Rate Demand Notes ø: 10.98%
Bexar County TX Housing Finance Corporation Palisades Park Apartments Project Series 2009 (Housing Revenue, FHLMC LIQ)		0.06			9-1-2039		4,000,000		4,000,000
Bexar County TX Housing Finance Corporation Vista Meadows Fredericksburg Place Apartments Project Series 2006 (Housing Revenue, FHLMC LIQ)		0.05			9-1-2036		11,935,000		11,935,000
Brazos Harbor TX Industrial Development Corporation BASF Corporation Project Series 2001 (IDR)		0.15			7-1-2022		4,900,000		4,900,000
Clipper Tax Exempt Certificate Series 2013-9A (Transportation Revenue, State Street Bank & Trust Company LIQ) 144A		0.06			4-1-2053		12,000,000		12,000,000
Clipper Tax-Exempt Certified Trust Series 2007-44 (Miscellaneous Revenue, State Street Bank & Trust Company LIQ)		0.11			9-1-2014		28,780,000		28,780,000
Collin County TX Housing Finance Corporation Huntington Apartments Project Series 1996 (Housing Revenue, Northern Trust Company LOC)		0.06			12-1-2015		12,305,000		12,305,000
Dallas TX Waterworks & Sewer System Clipper Tax Exempt Certificate Trust 2009-52 (Miscellaneous Revenue, State Street Bank & Trust Company LIQ)		0.06			10-1-2018		15,000,000		15,000,000
First Rio Grande TX Regional Water Authority Economic Development Corporation Rio Grande Valley Sugar Project Series 2010 (IDR, CoBank LOC)		0.07			3-1-2032		7,210,000		7,210,000
Galveston County TX Housing Finance Corporation Village By The Sea Apartments Project Series 2004 (Housing Revenue, FNMA Insured, FNMA LIQ)		0.07			2-15-2032		5,090,000		5,090,000

16 Wells Fargo Advantage National Tax-Free Money Market Fund Portfolio of investments—July 31, 2013 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Variable Rate Demand Notes ø (continued)
Harris County TX Health Facilities Development Authority Hermann Healthcare Series A-1 Royal Bank of Canada Municipal Products Incorporated Trust Certificates Series E-27 (Health Revenue, Royal Bank of Canada LOC, AGM Insured, Royal Bank of Canada LIQ) 144A		0.06	%		6-1-2027	$	9,000,000	$	9,000,000
Harris County TX Industrial Development Corporation Deer Park Refining LP Series 2004-A (Resource Recovery Revenue)		0.06			3-1-2023		41,850,000		41,850,000
Harris County TX Metropolitan Transit Authority Sales & Use Tax Series 2011-A Royal Bank of Canada Municipal Products Incorporated Trust Certificates Series O-5 (Tax Revenue, Royal Bank of Canada LIQ) 144A		0.06			11-1-2041		5,000,000		5,000,000
Houston TX Water & Sewer System Revenue Series PA-974-R (Water & Sewer Revenue, National Insured, Bank of America NA SPA)		0.12			12-1-2023		7,100,000		7,100,000
Panhandle Texas Regional Housing Finance Corporation Jason Avenue Residential Apartments Series 2008 (Housing Revenue, FHLMC LOC)		0.06			8-1-2041		7,385,000		7,385,000
Pasadena TX Independent School District Series 2005-B (GO, AGM Insured, JPMorgan Chase & Company SPA)		0.22			2-1-2035		1,680,000		1,680,000
Port Arthur TX Navigation District Industrial Development Corporation Total Petrochemicals USA Incorporated Project Series 2011 (IDR)		0.07			6-1-2041		45,000,000		45,000,000
Port Arthur TX Navigation District Industrial Development Corporation Total Petrochemicals USA Incorporated Project Series 2012 (IDR)		0.07			3-1-2042		32,500,000		32,500,000
Port Corpus Christi TX Solid Waste Disposal Flint Hills Resources Project Series 2002-B (Resource Recovery Revenue)		0.06			7-1-2029		11,700,000		11,700,000
Port of Port Arthur TX Navigation District Jefferson County Environmental Facilities Motiva Enterprises LLC Project Series 2010 Sub Series 2010A (IDR)		0.06			4-1-2040		42,200,000		42,200,000
Port of Port Arthur TX Navigation District Jefferson County Environmental Facilities Motiva Enterprises LLC Project Series 2010 Sub Series 2010D (IDR)		0.06			11-1-2040		14,155,000		14,155,000
Port of Port Arthur TX Navigation District of Jefferson County Total Petrochemicals Project (Resource Recovery Revenue)		0.07			3-1-2039		9,000,000		9,000,000
Texas Department Housing & Community Affairs Costa Ibiza Apartments Series 2008 (Housing Revenue, FHLMC LOC, FHLMC LIQ)		0.06			8-1-2041		13,320,000		13,320,000
Texas Municipal Gas Acquisition & Supply Corporation Series 2848 (Miscellaneous Revenue, Morgan Stanley Bank LIQ)		0.36			12-15-2026		13,651,953		13,651,953
Texas Turnpike Authority Capital Appreciation 1st Tier Revenue Series 2002-A Deutsche Bank Spears Lifers Trust Series DB-329 (Transportation Revenue, Ambac Insured)		0.14			8-15-2029		6,000,000		6,000,000
									360,761,953
Utah: 0.30%
Variable Rate Demand Note ø: 0.30%
West Jordan UT Multifamily Housing Broadmoor Village Apartments Series 2004 (Housing Revenue, FHLMC LIQ)		0.09			12-1-2034		9,675,000		9,675,000
Vermont: 1.55%
Variable Rate Demand Notes ø: 1.55%
Vermont Educational & Health Buildings Financing Agency Brattleboro Memorial Hospital Project Series 2008-A (Health Revenue, TD Bank NA LOC)		0.04			10-1-2028		1,990,000		1,990,000
Vermont Educational & Health Buildings Financing Agency Landmark College Project Series 2008-A (Education Revenue, TD Bank NA LOC)		0.04			7-1-2033		3,140,000		3,140,000
Vermont Educational & Health Buildings Financing Agency North County Hospital Project Series 2007-A (Health Revenue, TD Bank NA LOC)		0.04			10-1-2034		9,725,000		9,725,000
Vermont Educational & Health Buildings Financing Agency Northeastern Vermont Regional Hospital Project Series 2004-A (Health Revenue, TD Bank NA LOC)		0.04			10-1-2029		1,880,000		1,880,000

Portfolio of investments—July 31, 2013 (unaudited) Wells Fargo Advantage National Tax-Free Money Market Fund 17

Security name	Interest rate			Maturity date		Principal		Value
Variable Rate Demand Notes ø (continued)
Vermont Educational & Health Buildings Financing Agency Norwich University Projects Series 2008 (Education Revenue, TD Bank NA LOC)		0.04	%		9-1-2038	$	34,000,000	$	34,000,000
									50,735,000
Virginia: 0.94%
Variable Rate Demand Notes ø: 0.94%
Arlington County VA IDA MFHR Woodbury Park Apartments Project Series 2005-A (Housing Revenue, FHLMC LIQ)		0.06			3-1-2035		800,000		800,000
Fairfax County VA IDA Inova Health System Project Series 2012-C (Health Revenue) (i)		0.14			5-15-2042		18,335,000		18,335,000
Fauquier County VA IDA Highland School Project Series 2008 (Education Revenue, Branch Banking & Trust LOC)		0.06			12-1-2033		3,660,000		3,660,000
Norfolk VA EDA Sentara Healthcare Series 2010-B (Health Revenue) (i)		0.18			11-1-2034		4,975,000		4,975,000
Norfolk VA EDA Sentara Healthcare Series 2010-C (Health Revenue) (i)		0.18			11-1-2034		3,200,000		3,200,000
									30,970,000
Washington: 1.28%
Variable Rate Demand Notes ø: 1.28%
King County WA Housing Authority Summerfield Apartments Project for YWCA of Seattle-King County Series 2005 (Housing Revenue, U.S. Bank NA LOC)		0.06			9-1-2035		1,585,000		1,585,000
King County WA Sewer Morgan Stanley Series 3090 (Water & Sewer Revenue, AGM Insured) 144A		0.06			1-1-2039		17,890,000		17,890,000
Squaxin Island Tribe WA Tribal Infrastructure Revenue Series 2008-A (Miscellaneous Revenue, Bank of America NA LOC) 144A		0.23			5-1-2015		1,140,000		1,140,000
Squaxin Island Tribe WA Tribal Infrastructure Revenue Series 2008-B (Miscellaneous Revenue, Bank of America NA LOC)		0.18			5-1-2028		2,625,000		2,625,000
Washington Housing Finance Commission Lake City Senior Apartments Project Series 2009 (Housing Revenue, FHLMC LIQ)		0.05			7-1-2044		4,250,000		4,250,000
Washington Housing Finance Commission Nonprofit Revenue Tacoma Art Museum Project Series 2002 (Miscellaneous Revenue, Northern Trust Company LOC)		0.06			6-1-2032		5,775,000		5,775,000
Washington MSTR Series 1996 SGB-13 (Tax Revenue, Societe Generale LIQ)		0.11			5-1-2018		8,770,000		8,770,000
									42,035,000
Wisconsin: 3.81%
Other Municipal Debt: 0.09%
Wisconsin Rural Water Construction Loan Program BAN Series 2012 (Water & Sewer Revenue)		1.00			10-1-2013		3,000,000		3,003,350
Variable Rate Demand Notes ø: 3.72%
Appleton WI Recovery Zone Facilities Foremost Farms Project Series 2010 (IDR, CoBank LOC)		0.07			5-1-2037		30,000,000		30,000,000
Hull WI Welcome Dairy Incorporated Project Series 2010-B (IDR, Associated Bank NA LOC)		0.07			1-1-2027		3,320,000		3,320,000
PFA Wisconsin Midwestern Disaster Area Program Series 2011 (IDR, Farm Credit Services America LOC)		0.05			9-1-2036		7,800,000		7,800,000
Wisconsin Clipper Tax-Exempt Certificate Trust Series 2009-36 (Miscellaneous Revenue, State Street Bank & Trust Company LIQ)		0.06			5-1-2020		21,755,000		21,755,000
Wisconsin HEFA Upland Hills Health Incorporated Series 2006-C (Health Revenue, U.S. Bank NA LOC)		0.08			5-1-2036		9,550,000		9,550,000

18 Wells Fargo Advantage National Tax-Free Money Market Fund Portfolio of investments—July 31, 2013 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Variable Rate Demand Notes ø (continued)
Wisconsin Housing & EDA Series 2003-E (Housing Revenue, AGM Insured, FHLB SPA)		0.15	%		5-1-2043	$	9,175,000	$	9,175,000
Wisconsin Housing & EDA Series 2011-A (Housing Revenue, PNC Bank NA SPA)		0.06			12-1-2043		9,100,000		9,100,000
Wisconsin Housing & EDA Series 2012-A (Housing Revenue, FHLB LIQ)		0.06			5-1-2055		19,100,000		19,100,000
Wisconsin Housing & EDA Series 2012-B (Housing Revenue, FHLB LIQ)		0.06			5-1-2055		12,440,000		12,440,000
									122,240,000
Total Municipal Obligations (Cost $3,317,648,935)									3,317,648,935

Total investments in securities (Cost $3,317,648,935) *	101.03	%		3,317,648,935
Other assets and liabilities, net	(1.03	)		(33,730,521	)
Total net assets	100.00	%	$	3,283,918,414

ø Variable rate demand notes are subject to a demand feature which reduces the effective maturity. The interest rate is determined and reset by the issuer daily, weekly, or monthly depending upon the terms of the security. The interest rate shown is the rate in effect at period end.

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

* Cost for federal income tax purposes is substantially the same as for financial reporting purposes.

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 second fiscal quarter of the period covered by this report that materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

ITEM 12. EXHIBITS

(a)(1) Not applicable.

(a)(2) Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.

(a)(3) Not applicable.

(b) Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is filed and attached hereto as Exhibit 99.906CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Wells Fargo Funds Trust
By:	/s/ Karla M. Rabusch
	Karla M. Rabusch
	President

Date: September 25, 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:	September 25, 2013
By:	/s/ Nancy Wiser
	Nancy Wiser
	Treasurer
Date:	September 25, 2013