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

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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 Capital Growth Fund, Wells Fargo Advantage Disciplined U.S. Core Fund, Wells Fargo Advantage Endeavor Select Fund, Wells Fargo Advantage Growth Fund, Wells Fargo Advantage Intrinsic Value Fund, Wells Fargo Advantage Large Cap Core Fund, Wells Fargo Advantage Large Cap Growth Fund, Wells Fargo Advantage Large Company Value Fund, Wells Fargo Advantage Omega Growth Fund, and Wells Fargo Advantage Premier Large Company Growth Fund. Each series had a July 31 fiscal year end.

Date of reporting period: January 31, 2014

ITEM 1.

REPORT TO STOCKHOLDERS

Wells Fargo Advantage Capital Growth Fund

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Semi-Annual Report

January 31, 2014

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Contents


Letter to shareholders			2

Performance highlights			4

Fund expenses			6

Portfolio of investments			7

Financial statements
Statement of assets and liabilities			11
Statement of operations			12
Statement of changes in net assets			13
Financial highlights			14

Notes to financial statements			21

Other information			25

List of abbreviations			28

The views expressed and any forward-looking statements are as of January 31, 2014, unless otherwise noted, and are those of the Fund managers and/or Wells Fargo Funds Management, LLC. Discussions of individual securities, or the markets generally, or any Wells Fargo Advantage Fund are not intended as individual recommendations. Future events or results may vary significantly from those expressed in any forward-looking statements; the views expressed are subject to change at any time in response to changing circumstances in the market. Wells Fargo Funds Management, LLC and the Fund disclaim any obligation to publicly update or revise any views expressed or forward-looking statements.

NOT FDIC INSURED ¡ NO BANK GUARANTEE ¡ MAY LOSE VALUE


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

LOGO

Karla M. Rabusch

President

Wells Fargo Advantage Funds

Major central banks continued to inject liquidity into the banks and the markets through various quantitative easing policies.

Dear Valued Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Advantage Capital Growth Fund for the six-month period that ended January 31, 2014. Much of the period was marked by monetary easing by global central banks. Entering the period, investors were concerned that the U.S. Federal Reserve (Fed) would end its bond-buying program, which initially led to higher interest rates and resulted in losses for bond indexes and volatility for global stock indexes. These fears dissipated in late September 2013 and ended altogether in mid-December 2013 when the Fed announced a tapering timeline that was far more moderate than some had feared. Growing confidence that the U.S. economy was staging a fragile recovery resulted in double-digit returns for domestic stock market indexes for the six-month reporting period.

Central banks continued to provide stimulus.

Major central banks continued to inject liquidity into the banks and the markets through various quantitative easing policies. Throughout the reporting period, the Federal Open Market Committee (FOMC)—the Fed’s monetary policymaking body—kept its key interest rate effectively near zero in order to support the economy and the financial system. Well before the reporting period began, the FOMC announced its intention to keep interest rates low for an extended period and to make open-ended purchases of $40 billion per month in mortgage-backed securities. The FOMC later added purchases of $45 billion per month in long-term U.S. Treasuries. Because the markets benefited from the FOMC’s liquidity, both stocks and bonds initially sold off after the FOMC indicated in May 2013 that it might reduce (or taper) its bond-buying program. However, in mid-December 2013, the FOMC announced that it would reduce its bond-buying program by $10 billion per month beginning in January 2014. The tapering was less aggressive than some investors had feared, and the markets ended 2013 strongly.

European markets continued to benefit from the European Central Bank’s (ECB’s) earlier announcement that it would purchase an unlimited amount of one- to three-year sovereign debt from countries that had formally applied for a bailout. In November 2013, the ECB cut its key rate to a historic low of 0.25%. The ECB’s aggressive actions helped ease investor worries about a eurozone sovereign debt default. Given the substantial ties between the U.S. and Europe, the improved sentiment about the eurozone helped provide a tailwind for U.S. markets.

U.S. stock markets gained on relatively good news.

For most of the period, U.S. economic data remained moderately positive. Reported gross domestic product (GDP) growth came in at a strong 4.1% annualized rate in the third quarter of 2013, and the advance annualized estimate for fourth-quarter GDP growth was 3.2%.

The most significant negative effect was the ongoing fight in Washington, D.C., over the federal budget and debt limit. The Budget Control Act of 2011, which was passed to resolve a previous fight over the federal debt ceiling, mandated budget sequestration that took effect on March 1, 2013, and was an overhang on economic growth throughout the reporting period. Most recently, Congress was unable to pass a resolution to continue to fund the federal government, and thus, the federal government underwent a partial shutdown from September 30, 2013, through October 16, 2013. The government reopened after the president and Congress reached a deal that funded the government through January 15, 2014, and raised the debt limit through February 7, 2014. In December 2013, Congress passed the Ryan-Murray budget agreement that funded the government through September 2015, lessening the near-term prospect of another shutdown.


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

Despite political headwinds, the relatively positive outlook for the U.S. economy contributed to a strong domestic stock market for most of the reporting period. Economically sensitive sectors, such as industrials and materials, outperformed. Dividend-paying sectors such as utilities and telecommunication services lagged as higher interest rates dampened their relative performance. Judging by various Russell indexes, small-cap stocks moderately outperformed large-cap stocks, and growth stocks strongly outperformed value stocks.

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. 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,

LOGO

Karla M. Rabusch

President

Wells Fargo Advantage Funds

Despite political headwinds, the relatively positive outlook for the U.S. economy contributed to a strong domestic stock market for most of the reporting period.

Notice to shareholders

The Fund and Wells Fargo Funds Management, LLC (“Funds Management”) have received an exemptive order from the SEC that permits Funds Management, subject to the approval of the Board of Trustees of the Fund, to select or replace certain subadvisers to manage all or a portion of the Fund’s assets and enter into, amend or terminate a sub-advisory agreement with certain subadvisers without obtaining shareholder approval (“Multi-manager Structure”). The Multi-manager Structure applies to subadvisers that are not affiliated with Funds Management or the Fund, except to the extent that affiliation arises solely because such subadvisers provide sub-advisory services to the Fund (“Non-affiliated Subadvisers”), as well as subadvisers that are indirect or direct wholly-owned subsidiaries of Funds Management or of another company that, indirectly or directly, wholly owns Funds Management (“Wholly-owned Subadvisers”).

Pursuant to the SEC order, Funds Management, with the approval of the Board of Trustees, has the discretion to terminate any subadvisers and allocate and reallocate the Fund’s assets among any other Non-affiliated Subadvisers or Wholly-owned Subadvisers. Funds Management, subject to oversight and supervision by the Board of Trustees, has responsibility to continue to oversee any subadvisers to the Fund and to recommend, for approval by the Board of Trustees, the hiring, termination and replacement of subadvisers for the Fund. In the event that a new subadviser is hired pursuant to the Multi-manager Structure, the Fund is required to provide notice to shareholders within 90 days.

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


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

Investment objective

The Fund seeks long-term capital appreciation.

Adviser

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Thomas J. Pence, CFA

Michael T. Smith, CFA

Average annual total returns¹ (%) as of January 31, 2014


		Including sales charge						Excluding sales charge						Expense ratios² (%)
	Inception date	1 year		5 year		10 year		1 year		5 year		10 year		Gross		Net³
Class A (WFCGX)	7-31-2007		21.24		17.63		6.21		28.67		19.03		6.84		1.25		1.11
Class C (WFCCX)	7-31-2007		26.66		18.15		6.12		27.66		18.15		6.12		2.00		1.86
Class R4 (WCGRX)	11-30-2012		–		–		–		29.16		19.56		7.38		0.92		0.75
Class R6 (WFCRX)	11-30-2012		–		–		–		29.33		19.63		7.41		0.77		0.60
Administrator Class (WFCDX)	6-30-2003		–		–		–		28.93		19.35		7.21		1.09		0.90
Institutional Class (WWCIX)	4-8-2005		–		–		–		29.25		19.61		7.41		0.82		0.65
Investor Class (SLGIX)	11-3-1997		–		–		–		28.63		18.97		6.78		1.31		1.17
Russell 1000^® Growth Index⁴	–		–		–		–		24.35		20.88		7.30		–		–

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

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

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

Please keep in mind that high double-digit returns were primarily achieved during favorable market conditions. You should not expect that such favorable returns can be consistently achieved. A fund’s performance, especially for short time periods, should not be the sole factor in making your investment decision.

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

Please see footnotes on page 5.


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


Ten largest equity holdings⁵ (%) as of January 31, 2014
Google Incorporated Class A			4.70
Amazon.com Incorporated			2.98
Facebook Incorporated Class A			2.86
Visa Incorporated Class A			2.73
Apple Incorporated			2.72
Constellation Brands Incorporated Class A			2.58
IntercontinentalExchange Group Incorporated			2.51
Gilead Sciences Incorporated			2.40
Alexion Pharmaceuticals Incorporated			2.20
Alliance Data Systems Corporation			2.13


Sector distribution⁶ as of January 31, 2014

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

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

The Adviser has committed through November 30, 2014, to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waiver, excluding certain expenses, at the amounts shown. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses, and extraordinary expenses are excluded from the cap. Without this cap, the Fund’s returns would have been lower.

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

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

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


6		Wells Fargo Advantage Capital Growth Fund		Fund expenses (unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from August 1, 2013 to January 31, 2014.

Actual expenses

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

Hypothetical example for comparison purposes

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

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) and contingent deferred sales charges. Therefore, the “Hypothetical” line of the table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.


	Beginning account value 8-1-2013		Ending account value 1-31-2014		Expenses paid during the period¹		Net annualized expense ratio
Class A
Actual	$	1,000.00	$	1,142.26	$	5.99		1.11	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.61	$	5.65		1.11	%
Class C
Actual	$	1,000.00	$	1,138.05	$	10.02		1.86	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.83	$	9.45		1.86	%
Class R4
Actual	$	1,000.00	$	1,144.66	$	4.05		0.75	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.42	$	3.82		0.75	%
Class R6
Actual	$	1,000.00	$	1,145.66	$	3.24		0.60	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.18	$	3.06		0.60	%
Administrator Class
Actual	$	1,000.00	$	1,143.55	$	4.86		0.90	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.67	$	4.58		0.90	%
Institutional Class
Actual	$	1,000.00	$	1,145.51	$	3.52		0.65	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.93	$	3.31		0.65	%
Investor Class
Actual	$	1,000.00	$	1,142.38	$	6.32		1.17	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.31	$	5.96		1.17	%

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


Portfolio of investments—January 31, 2014 (unaudited)		Wells Fargo Advantage Capital Growth Fund			7


Security name	Shares		Value


Common Stocks: 97.99%

Consumer Discretionary: 23.24%

Auto Components: 1.39%
Delphi Automotive plc		120,020	$	7,308,018


Distributors: 0.90%
LKQ Corporation †		174,856		4,733,352


Hotels, Restaurants & Leisure: 2.70%
Las Vegas Sands Corporation		72,550		5,551,526
Starbucks Corporation		121,424		8,635,675

				14,187,201


Household Durables: 1.25%
Mohawk Industries Incorporated †		46,150		6,561,607


Internet & Catalog Retail: 6.65%
Amazon.com Incorporated †		43,580		15,631,710
Netflix Incorporated †		20,430		8,362,612
priceline.com Incorporated †		9,520		10,899,353

				34,893,675


Media: 4.76%
CBS Corporation Class B		145,620		8,550,806
Liberty Global plc Class A †		32,587		2,604,679
Liberty Global plc Class C †		106,743		8,467,922
Twenty-First Century Fox Incorporated		167,600		5,333,032

				24,956,439


Specialty Retail: 3.45%
Home Depot Incorporated		127,690		9,812,977
TJX Companies Incorporated		144,490		8,287,946

				18,100,923


Textiles, Apparel & Luxury Goods: 2.14%
Michael Kors Holdings Limited †		44,975		3,594,852
Nike Incorporated Class B		105,100		7,656,535

				11,251,387


Consumer Staples: 2.58%

Beverages: 2.58%
Constellation Brands Incorporated Class A †		176,730		13,549,889


Energy: 3.45%

Oil, Gas & Consumable Fuels: 3.45%
Antero Resources Corporation †		95,429		5,605,499
Marathon Petroleum Corporation		45,050		3,921,603
Pioneer Natural Resources Company		50,560		8,560,819

				18,087,921

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


8		Wells Fargo Advantage Capital Growth Fund		Portfolio of investments—January 31, 2014 (unaudited)


Security name	Shares		Value


Financials: 8.70%

Capital Markets: 1.31%
Affiliated Managers Group Incorporated †		34,452	$	6,864,216


Consumer Finance: 2.00%
American Express Company		123,500		10,499,970


Diversified Financial Services: 3.70%
IntercontinentalExchange Group Incorporated		62,980		13,149,594
JPMorgan Chase & Company		113,950		6,308,272

				19,457,866


Insurance: 1.69%
Aon plc		110,100		8,858,646


Health Care: 16.79%

Biotechnology: 8.59%
Alexion Pharmaceuticals Incorporated †		72,800		11,555,544
Biogen Idec Incorporated †		32,750		10,238,960
Celgene Corporation †		70,270		10,676,121
Gilead Sciences Incorporated †		156,220		12,599,143

				45,069,768


Health Care Equipment & Supplies: 1.41%
Boston Scientific Corporation †		545,950		7,386,704


Health Care Providers & Services: 1.36%
McKesson Corporation		40,950		7,142,090


Health Care Technology: 0.35%
Cerner Corporation †		32,830		1,854,366


Pharmaceuticals: 5.08%
AbbVie Incorporated		118,500		5,833,755
Actavis plc †		34,110		6,446,108
Bristol-Myers Squibb Company		154,650		7,727,861
Shire plc ADR		44,350		6,635,647

				26,643,371


Industrials: 11.88%

Aerospace & Defense: 3.21%
B/E Aerospace Incorporated †		94,900		7,541,703
Precision Castparts Corporation		36,481		9,293,535

				16,835,238


Airlines: 2.31%
American Airlines Group Incorporated †		81,600		2,737,680
Delta Air Lines Incorporated		306,830		9,392,066

				12,129,746

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


Portfolio of investments—January 31, 2014 (unaudited)		Wells Fargo Advantage Capital Growth Fund			9


Security name	Shares		Value


Building Products: 1.15%
Fortune Brands Home & Security Incorporated		134,010	$	6,038,491


Electrical Equipment: 1.35%
Eaton Corporation plc		96,870		7,080,228


Machinery: 0.97%
Cummins Incorporated		40,071		5,088,216


Road & Rail: 1.40%
Kansas City Southern		69,580		7,346,952


Trading Companies & Distributors: 1.49%
United Rentals Incorporated †		96,880		7,841,467


Information Technology: 27.80%

Computers & Peripherals: 2.72%
Apple Incorporated		28,525		14,279,615


Internet Software & Services: 10.11%
Baidu Incorporated †		34,300		5,367,950
Facebook Incorporated Class A †		240,060		15,020,554
Google Incorporated Class A †		20,880		24,658,654
LinkedIn Corporation Class A †		36,370		7,827,188
Twitter Incorporated «†		3,187		205,562

				53,079,908


IT Services: 8.14%
Alliance Data Systems Corporation †		46,650		11,180,139
MasterCard Incorporated Class A		138,490		10,480,923
Vantiv Incorporated Class A †		220,890		6,701,803
Visa Incorporated Class A		66,620		14,351,947

				42,714,812


Semiconductors & Semiconductor Equipment: 2.37%
ARM Holdings plc		157,170		7,240,822
ASML Holding NV		61,450		5,200,514

				12,441,336


Software: 4.46%
Adobe Systems Incorporated †		134,690		7,972,301
Salesforce.com Incorporated †		139,480		8,442,724
ServiceNow Incorporated †		109,730		6,960,174

				23,375,199


Materials: 2.06%

Chemicals: 2.06%
Monsanto Company		101,420		10,806,301

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


10		Wells Fargo Advantage Capital Growth Fund		Portfolio of investments—January 31, 2014 (unaudited)


Security name				Shares		Value


Telecommunication Services: 1.49%

Wireless Telecommunication Services: 1.49%
SBA Communications Corporation Class A †					84,599	$	7,846,648


Total Common Stocks (Cost $387,707,834)							514,311,566

	Yield

Short-Term Investments: 1.69%

Investment Companies: 1.69%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)		0.07	%		8,673,512		8,673,512
Wells Fargo Securities Lending Cash Investments, LLC (l)(r)(u)(v)		0.08			194,250		194,250

Total Short-Term Investments (Cost $8,867,762)							8,867,762


Total investments in securities
(Cost $396,575,596) *	99.68	%		523,179,328
Other assets and liabilities, net	0.32			1,657,549

Total net assets	100.00	%	$	524,836,877

†	Non-income-earning security

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

(l)	Investment in an affiliate

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

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

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

*	Cost for federal income tax purposes is $396,962,923 and unrealized appreciation (depreciation) consists of:


Gross unrealized appreciation	$	129,879,277
Gross unrealized depreciation		(3,662,872	)

Net unrealized appreciation	$	126,216,405

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


Statement of assets and liabilities—January 31, 2014 (unaudited)		Wells Fargo Advantage Capital Growth Fund			11




Assets
Investments
In unaffiliated securities (including securities on loan), at value (see cost below)	$	514,311,566
In affiliated securities, at value (see cost below)		8,867,762

Total investments, at value (see cost below)		523,179,328
Receivable for investments sold		9,084,195
Receivable for Fund shares sold		522,825
Receivable for dividends		170,551
Receivable for securities lending income		349
Prepaid expenses and other assets		56,334

Total assets		533,013,582


Liabilities
Payable for investments purchased		7,372,241
Payable for Fund shares redeemed		144,761
Payable upon receipt of securities loaned		194,250
Advisory fee payable		234,588
Distribution fees payable		3,438
Due to other related parties		85,761
Accrued expenses and other liabilities		141,666

Total liabilities		8,176,705

Total net assets	$	524,836,877


NET ASSETS CONSIST OF
Paid-in capital	$	378,745,678
Accumulated net investment loss		(408,616	)
Accumulated net realized gains on investments		19,896,083
Net unrealized gains on investments		126,603,732

Total net assets	$	524,836,877


COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE¹
Net assets – Class A	$	19,247,067
Shares outstanding – Class A		941,458
Net asset value per share – Class A		$20.44
Maximum offering price per share – Class A²		$21.69
Net assets – Class C	$	5,040,235
Shares outstanding – Class C		260,183
Net asset value per share – Class C		$19.37
Net assets – Class R4	$	13,370
Share outstanding – Class R4		620
Net asset value per share – Class R4		$21.56
Net assets – Class R6	$	66,799,196
Share outstanding – Class R6		3,094,195
Net asset value per share – Class R6		$21.59
Net assets – Administrator Class	$	70,359,260
Shares outstanding – Administrator Class		3,304,361
Net asset value per share – Administrator Class		$21.29
Net assets – Institutional Class	$	271,384,045
Shares outstanding – Institutional Class		12,588,991
Net asset value per share – Institutional Class		$21.56
Net assets – Investor Class	$	91,993,704
Shares outstanding – Investor Class		4,530,251
Net asset value per share – Investor Class		$20.31
Investments in unaffiliated securities (including securities on loan), at cost	$	387,707,834

Investments in affiliated securities, at cost	$	8,867,762

Total investments, at cost	$	396,575,596

Securities on loan, at value	$	190,410

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

2.	Maximum offering price is computed as 100/94.25 of net asset value. On investments of $50,000 or more, the offering price is reduced.

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


12		Wells Fargo Advantage Capital Growth Fund		Statement of operations—six months ended January 31, 2014 (unaudited)




Investment income
Dividends	$	1,709,981
Securities lending income, net		6,310
Income from affiliated securities		2,512

Total investment income		1,718,803


Expenses
Advisory fee		1,737,603
Administration fees
Fund level		133,916
Class A		24,138
Class C		6,170
Class R4		6
Class R6		7,801
Administrator Class		35,048
Institutional Class		119,134
Investor Class		147,831
Shareholder servicing fees
Class A		23,209
Class C		5,933
Class R4		7
Administrator Class		86,599
Investor Class		115,493
Distribution fees
Class C		17,798
Custody and accounting fees		19,851
Professional fees		24,878
Registration fees		38,234
Shareholder report expenses		18,905
Trustees’ fees and expenses		4,974
Other fees and expenses		13,617

Total expenses		2,581,145
Less: Fee waivers and/or expense reimbursements		(453,971	)

Net expenses		2,127,174

Net investment loss		(408,371	)


REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on investments		34,759,575
Net change in unrealized gains (losses) on investments		36,260,320

Net realized and unrealized gains (losses) on investments		71,019,895

Net increase in net assets resulting from operations	$	70,611,524

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


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


	Six months ended January 31, 2014 (unaudited)						Year ended July 31, 2013

Operations
Net investment income (loss)				$	(408,371	)				$	1,940,707
Net realized gains on investments					34,759,575						81,731,695
Net change in unrealized gains (losses) on investments					36,260,320						19,679,033

Net increase in net assets resulting from operations					70,611,524						103,351,435


Distributions to shareholders from
Net investment income
Class A					(22,340	)					0
Class R4					(30	)					(48	)¹
Class R6					(188,590	)					(246	)¹
Administrator Class					(150,185	)					0
Institutional Class					(1,022,514	)					(1,895,530	)
Investor Class					(86,333	)					0
Net realized gains
Class A					(1,873,636	)					(314,970	)
Class C					(492,729	)					(99,514	)
Class R4					(1,251	)					(167	)¹
Class R6					(6,224,341	)					(837	)¹
Administrator Class					(6,836,708	)					(1,194,743	)
Institutional Class					(27,083,256	)					(6,263,868	)
Investor Class					(9,335,586	)					(1,405,932	)

Total distributions to shareholders					(53,317,499	)					(11,175,855	)


Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		81,252			1,697,648			143,319			2,580,951
Class C		43,277			856,543			25,668			440,857
Class R4		0			0			549	¹		10,000	¹
Class R6		2,915,393			63,090,467			2,744	¹		50,000	¹
Administrator Class		226,657			4,963,945			451,886			8,385,890
Institutional Class		688,530			15,192,089			2,394,980			44,709,816
Investor Class		249,313			5,202,610			314,463			5,648,504

					91,003,302						61,826,018

Reinvestment of distributions
Class A		90,669			1,852,251			18,353			308,704
Class C		21,836			422,743			4,726			76,288
Class R4		59			1,281			12	¹		215	¹
Class R6		297,090			6,412,931			61	¹		1,083	¹
Administrator Class		313,298			6,669,296			64,170			1,117,846
Institutional Class		1,194,493			25,770,101			433,529			7,652,649
Investor Class		451,521			9,160,992			81,385			1,360,759

					50,289,595						10,517,544

Payment for shares redeemed
Class A		(55,390	)		(1,168,090	)		(399,052	)		(7,220,538	)
Class C		(42,186	)		(830,488	)		(167,822	)		(2,892,076	)
Class R6		(121,093	)		(2,708,890	)		0	¹		0	¹
Administrator Class		(330,870	)		(7,166,114	)		(1,724,968	)		(32,214,397	)
Institutional Class		(5,190,727	)		(113,078,580	)		(17,915,534	)		(327,311,363	)
Investor Class		(490,220	)		(10,162,306	)		(951,999	)		(17,003,561	)

					(135,114,468	)					(386,641,935	)

Net increase (decrease) in net assets resulting from capital share transactions					6,178,429						(314,298,373	)

Total increase (decrease) in net assets					23,472,454						(222,122,793	)


Net assets
Beginning of period					501,364,423						723,487,216

End of period				$	524,836,877					$	501,364,423

Undistributed (accumulated) net investment income (loss)				$	(408,616	)				$	1,469,747

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

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


14		Wells Fargo Advantage Capital Growth Fund		Financial highlights

(For a share outstanding throughout each period)


	Six months ended January 31, 2014 (unaudited)			Year ended July 31
CLASS A	Six months ended January 31, 2014 (unaudited)			2013			2012			2011			2010			2009
Net asset value, beginning of period	$	19.87		$	16.74		$	16.25		$	13.07		$	11.83		$	17.60
Net investment income (loss)		(0.05	)¹		0.00	¹^,²		(0.05	)¹		(0.07	)¹		(0.06	)¹		(0.00	)^1,2
Net realized and unrealized gains (losses) on investments		2.87			3.43			0.54			3.25			1.30			(5.26	)

Total from investment operations		2.82			3.43			0.49			3.18			1.24			(5.26	)
Distributions to shareholders from
Net investment income		(0.02	)		0.00			0.00			0.00			0.00			0.00
Net realized gains		(2.23	)		(0.30	)		0.00			0.00			0.00			(0.51	)

Total distributions to shareholders		(2.25	)		(0.30	)		0.00			0.00			0.00			(0.51	)
Net asset value, end of period	$	20.44		$	19.87		$	16.74		$	16.25		$	13.07		$	11.83
Total return³		14.23	%		20.85	%		3.02	%		24.43	%		10.40	%		(29.23	)%
Ratios to average net assets (annualized)
Gross expenses		1.25	%		1.26	%		1.21	%		1.21	%		1.27	%		1.31	%
Net expenses		1.11	%		1.14	%		1.20	%		1.20	%		1.25	%		1.25	%
Net investment income (loss)		(0.48	)%		0.01	%		(0.30	)%		(0.48	)%		(0.55	)%		(0.01	)%
Supplemental data
Portfolio turnover rate		50	%		107	%		116	%		116	%		128	%		172	%
Net assets, end of period (000s omitted)		$19,247			$16,390			$17,784			$20,693			$24,222			$21,064

1.	Calculated based upon average shares outstanding

2.	Amount is less than $0.005.

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

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


Financial highlights		Wells Fargo Advantage Capital Growth Fund			15

(For a share outstanding throughout each period)


	Six months ended January 31, 2014 (unaudited)			Year ended July 31
CLASS C	Six months ended January 31, 2014 (unaudited)			2013			2012			2011			2010			2009
Net asset value, beginning of period	$	18.98		$	16.12		$	15.77		$	12.77		$	11.65		$	17.47
Net investment loss		(0.12	)¹		(0.13	)¹		(0.16	)¹		(0.19	)¹		(0.17	)		(0.08	)¹
Net realized and unrealized gains (losses) on investments		2.74			3.29			0.51			3.19			1.29			(5.23	)

Total from investment operations		2.62			3.16			0.35			3.00			1.12			(5.31	)
Distributions to shareholders from
Net realized gains		(2.23	)		(0.30	)		0.00			0.00			0.00			(0.51	)
Net asset value, end of period	$	19.37		$	18.98		$	16.12		$	15.77		$	12.77		$	11.65
Total return²		13.80	%		19.97	%		2.22	%		23.49	%		9.61	%		(29.75	)%
Ratios to average net assets (annualized)
Gross expenses		2.00	%		2.01	%		1.96	%		1.96	%		2.02	%		2.02	%
Net expenses		1.86	%		1.89	%		1.95	%		1.95	%		2.00	%		1.96	%
Net investment loss		(1.22	)%		(0.73	)%		(1.05	)%		(1.23	)%		(1.31	)%		(0.70	)%
Supplemental data
Portfolio turnover rate		50	%		107	%		116	%		116	%		128	%		172	%
Net assets, end of period (000s omitted)		$5,040			$4,503			$6,042			$8,272			$7,127			$6,772

1.	Calculated based upon average shares outstanding

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

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


16		Wells Fargo Advantage Capital Growth Fund		Financial highlights

(For a share outstanding throughout each period)


CLASS R4	Six months ended January 31, 2014 (unaudited)			Year ended July 31, 2013¹
Net asset value, beginning of period	$	20.83		$	18.22
Net investment income (loss)		(0.01	)		0.05
Net realized and unrealized gains (losses) on investments		3.02			2.95

Total from investment operations		3.01			3.00
Distributions to shareholders from
Net investment income		(0.05	)		(0.09	)
Net realized gains		(2.23	)		(0.30	)

Total distributions to shareholders		(2.28	)		(0.39	)
Net asset value, end of period	$	21.56		$	20.83
Total return²		14.47	%		16.86	%
Ratios to average net assets (annualized)
Gross expenses		0.91	%		0.90	%
Net expenses		0.75	%		0.75	%
Net investment income (loss)		(0.12	)%		0.37	%
Supplemental data
Portfolio turnover rate		50	%		107	%
Net assets, end of period (000s omitted)		$13			$12

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

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

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


Financial highlights		Wells Fargo Advantage Capital Growth Fund			17

(For a share outstanding throughout each period)


CLASS R6	Six months ended January 31, 2014 (unaudited)			Year ended July 31, 2013¹
Net asset value, beginning of period	$	20.85		$	18.22
Net investment income (loss)		(0.01	)²		0.07
Net realized and unrealized gains (losses) on investments		3.04			2.95

Total from investment operations		3.03			3.02
Distributions to shareholders from
Net investment income		(0.06	)		(0.09	)
Net realized gains		(2.23	)		(0.30	)

Total distributions to shareholders		(2.29	)		(0.39	)
Net asset value, end of period	$	21.59		$	20.85
Total return³		14.57	%		16.99	%
Ratios to average net assets (annualized)
Gross expenses		0.77	%		0.79	%
Net expenses		0.60	%		0.60	%
Net investment income (loss)		(0.13	)%		0.52	%
Supplemental data
Portfolio turnover rate		50	%		107	%
Net assets, end of period (000s omitted)		$66,799			$58

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

2.	Calculated based upon average shares outstanding

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

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


18		Wells Fargo Advantage Capital Growth Fund		Financial highlights

(For a share outstanding throughout each period)


	Six months ended January 31, 2014 (unaudited)			Year ended July 31
ADMINIATOR CLASS	Six months ended January 31, 2014 (unaudited)			2013			2012			2011			2010			2009
Net asset value, beginning of period	$	20.61		$	17.32		$	16.77		$	13.45		$	12.17		$	18.03
Net investment income (loss)		(0.03	)¹		0.04	¹		(0.00	)^1,2		(0.03	)¹		(0.03	)¹		0.04	¹
Net realized and unrealized gains (losses) on investments		2.98			3.55			0.55			3.35			1.35			(5.39	)

Total from investment operations		2.95			3.59			0.55			3.32			1.32			(5.35	)
Distributions to shareholders from
Net investment income		(0.04	)		0.00			0.00			0.00			(0.04	)		0.00
Net realized gains		(2.23	)		(0.30	)		0.00			0.00			0.00			(0.51	)

Total distributions to shareholders		(2.27	)		(0.30	)		0.00			0.00			(0.04	)		(0.51	)
Net asset value, end of period	$	21.29		$	20.61		$	17.32		$	16.77		$	13.45		$	12.17
Total return³		14.36	%		21.15	%		3.22	%		24.68	%		10.81	%		(29.02	)%
Ratios to average net assets (annualized)
Gross expenses		1.09	%		1.09	%		1.05	%		1.05	%		1.09	%		1.13	%
Net expenses		0.90	%		0.91	%		0.94	%		0.94	%		0.94	%		0.94	%
Net investment income (loss)		(0.26	)%		0.24	%		(0.01	)%		(0.21	)%		(0.25	)%		0.33	%
Supplemental data
Portfolio turnover rate		50	%		107	%		116	%		116	%		128	%		172	%
Net assets, end of period (000s omitted)		$70,359			$63,786			$74,529			$372,178			$684,207			$680,869

1.	Calculated based upon average shares outstanding

2.	Amount is less than $0.005.

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

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


Financial highlights		Wells Fargo Advantage Capital Growth Fund			19

(For a share outstanding throughout each period)


	Six months ended January 31, 2014 (unaudited)			Year ended July 31
INSTITUTIONAL CLASS	Six months ended January 31, 2014 (unaudited)			2013			2012			2011			2010			2009
Net asset value, beginning of period	$	20.84		$	17.56		$	16.96		$	13.57		$	12.27		$	18.14
Net Investment income (loss)		0.00	^1,2		0.09	¹		0.03	¹		0.00	¹^,²		(0.00	)^1,2		0.06	¹
Net realized and unrealized gains (losses) on investments		3.03			3.58			0.57			3.39			1.36			(5.42	)

Total from investment operations		3.03			3.67			0.60			3.39			1.36			(5.36	)
Distributions to shareholders from
Net investment income		(0.08	)		(0.09	)		0.00			0.00			(0.06	)		0.00
Net realized gains		(2.23	)		(0.30	)		0.00			0.00			0.00			(0.51	)

Total distributions to shareholders		(2.31	)		(0.39	)		0.00			0.00			(0.06	)		(0.51	)
Net asset value, end of period	$	21.56		$	20.84		$	17.56		$	16.96		$	13.57		$	12.27
Total return³		14.55	%		21.42	%		3.48	%		25.07	%		10.97	%		(28.90	)%
Ratios to average net assets (annualized)
Gross expenses		0.82	%		0.82	%		0.78	%		0.78	%		0.82	%		0.86	%
Net expenses		0.65	%		0.67	%		0.70	%		0.70	%		0.75	%		0.75	%
Net investment income (loss)		0.02	%		0.46	%		0.21	%		0.00	%		(0.06	)%		0.51	%
Supplemental data
Portfolio turnover rate		50	%		107	%		116	%		116	%		128	%		172	%
Net assets, end of period (000s omitted)		$271,384			$331,310			$543,933			$988,633			$473,777			$443,931

1.	Calculated based upon average shares outstanding

2.	Amount is less than $0.005.

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

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


20		Wells Fargo Advantage Capital Growth Fund		Financial highlights

(For a share outstanding throughout each period)


	Six months ended January 31, 2014 (unaudited)			Year ended July 31
INVESTOR CLASS	Six months ended January 31, 2014 (unaudited)			2013			2012			2011			2010			2009
Net asset value, beginning of period	$	19.75		$	16.65		$	16.18		$	13.02		$	11.79		$	17.56
Net investment loss		(0.06	)¹		(0.01	)¹		(0.06	)¹		(0.08	)¹		(0.08	)¹		(0.01	)¹
Net realized and unrealized gains (losses) on investments		2.87			3.41			0.53			3.24			1.31			(5.25	)

Total from investment operations		2.81			3.40			0.47			3.16			1.23			(5.26	)
Distributions to shareholders from
Net investment income		(0.02	)		0.00			0.00			0.00			0.00			0.00
Net realized gains		(2.23	)		(0.30	)		0.00			0.00			0.00			(0.51	)

Total distributions to shareholders		(2.25	)		(0.30	)		0.00			0.00			0.00			(0.51	)
Net asset value, end of period	$	20.31		$	19.75		$	16.65		$	16.18		$	13.02		$	11.79
Total return²		14.24	%		20.78	%		2.90	%		24.37	%		10.35	%		(29.30	)%
Ratios to average net assets (annualized)
Gross expenses		1.31	%		1.32	%		1.28	%		1.28	%		1.36	%		1.41	%
Net expenses		1.17	%		1.20	%		1.27	%		1.27	%		1.35	%		1.36	%
Net investment loss		(0.53	)%		(0.06	)%		(0.37	)%		(0.55	)%		(0.64	)%		(0.12	)%
Supplemental data
Portfolio turnover rate		50	%		107	%		116	%		116	%		128	%		172	%
Net assets, end of period (000s omitted)		$91,994			$85,306			$81,199			$96,941			$104,200			$220,008

1.	Calculated based upon average shares outstanding

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

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


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

1. ORGANIZATION

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

Equity securities that are listed on a foreign or domestic exchange or market are valued at the official closing price or, if none, the last sales price. If no sale occurs on the primary exchange or market for the security that day, the prior day’s price will be deemed “stale” and fair values will be determined in accordance with the Fund’s Valuation Procedures.

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

Investments which are not valued using any of the methods discussed above are valued at their fair value, as determined in good faith by the Board of Trustees of the Fund. The Board of Trustees has established a Valuation Committee comprised of the Trustees and has delegated to it the authority to take any actions regarding the valuation of portfolio securities that the Valuation Committee deems necessary or appropriate, including determining the fair value of portfolio securities, unless the determination has been delegated to the Management Valuation Team 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 values, to assess the continued appropriateness of the fair valuation methodologies used. These securities are fair valued on a day-to-day basis, taking into consideration changes to appropriate market information and any significant changes to the inputs considered in the valuation process until there is a readily available price provided on an exchange or by an independent pricing service. Valuations received from an independent pricing service or independent broker-dealer quotes are periodically validated by comparisons to most recent trades and valuations provided by other independent pricing services in addition to the review of prices by the adviser and/or subadviser. Unobservable inputs used in determining fair valuations are identified based on the type of security, taking into consideration factors utilized by market participants in valuing the investment, knowledge about the issuer and the current market environment.

Security loans

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


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

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

Security transactions and income recognition

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

Dividend income is recognized on the ex-dividend date.

Distributions to shareholders

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

Federal and other taxes

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

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

As of July 31, 2013, the Fund had capital loss carryforwards available to offset future net realized capital gains in the amount of $3,375,420 expiring in 2016.

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

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

Level 1 – quoted prices in active markets for identical securities

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

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


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

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

As of January 31, 2014, the inputs used in valuing investments in securities were as follows:


Investments in securities	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Equity securities
Common stocks	$	514,311,566	$	0	$	0	$	514,311,566
Short-term investments
Investment companies		8,673,512		194,250		0		8,867,762
	$	522,985,078	$	194,250	$	0	$	523,179,328

Transfers in and transfers out are recognized at the end of the reporting period. For the six months ended January 31, 2014, 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 0.65% and declining to 0.55% as the average daily net assets of the Fund increase. For the six months ended January 31, 2014, the advisory fee was equivalent to an annual rate of 0.65% of the Fund’s average daily net assets.

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Funds Management. WellsCap, an affiliate of Funds Management and an indirect, wholly owned subsidiary of Wells Fargo, is the subadviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.30% and declining to 0.20% as the average daily net assets of the Fund increase.

Administration and transfer agent fees

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


	Class level administration fee
Class A, Class C		0.26	%
Class R4, Institutional Class		0.08
Class R6		0.03
Administrator Class		0.10
Investor Class		0.32

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


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

Distribution fees

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

For the six months ended January 31, 2014, Wells Fargo Funds Distributor, LLC received $2,999 from the sale of Class A shares.

Shareholder servicing fees

The Trust has entered into contracts with one or more shareholder servicing agents, whereby Class A, Class C, Administrator Class, and Investor Class of the Fund is charged a fee at an annual rate of 0.25% of the average daily net assets of each respective class. Class R4 shares are charged a fee at an annual rate of 0.10% of its average daily net assets.

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended January 31, 2014 were $260,872,083 and $309,925,643, respectively.

6. CAPITAL SHARES

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

7. BANK BORROWINGS

The Trust (excluding the money market funds and certain other funds in the Trust) and Wells Fargo Variable Trust are parties to a $150,000,000 revolving credit agreement with State Street Bank and Trust Company, whereby the Fund is permitted to use bank borrowings for temporary or emergency purposes, such as to fund shareholder redemption requests. Interest under the credit agreement is charged to the Fund based on a borrowing rate equal to the higher of the Federal Funds rate in effect on that day plus 1.25% or the overnight LIBOR rate in effect on that day plus 1.25%. In addition, an annual commitment fee equal to 0.10% of the unused balance is allocated to each participating fund. For the six months ended January 31, 2014, the Fund paid $211 in commitment fees.

For the six months ended January 31, 2014, there were no borrowings by the Fund under the agreement.

8. CONCENTRATION RISK

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

9. INDEMNIFICATION

Under the Trust’s organizational documents, the officers and 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 Capital Growth Fund			25

PROXY VOTING INFORMATION

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by calling 1-800-222-8222, visiting our website at wellsfargoadvantagefunds.com, or visiting the SEC website at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available without charge on the Fund’s website at wellsfargoadvantagefunds.com or by visiting the SEC website at sec.gov.

PORTFOLIO HOLDINGS INFORMATION

The complete portfolio holdings for the Fund are publicly available on the Fund’s website (wellsfargoadvantagefunds.com) on a monthly, 30-day or more delayed basis. In addition, top ten holdings information for the Fund is publicly available on the Fund’s website on a monthly, seven-day or more delayed basis. The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q, which is available without charge by visiting the SEC website at sec.gov. In addition, the Fund’s Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC, and at regional offices in New York City, at 233 Broadway, and in Chicago, at 175 West Jackson Boulevard, Suite 900. Information about the Public Reference Room may be obtained by calling 1-800-SEC-0330.


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

BOARD OF TRUSTEES AND OFFICERS

Each of the Trustees and Officers listed in the table below acts in identical capacities for each fund in the Wells Fargo Advantage family of funds, which consists of 132 mutual 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 Harbor 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 50 portfolios as of 12/16/2013); 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 Capital Growth Fund			27


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

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

Officers


Name and year of birth	Position held and length of service	Principal occupations during past five years
Karla M. Rabusch (Born 1959)	President, since 2003	Executive Vice President of Wells Fargo Bank, N.A. and President of Wells Fargo Funds Management, LLC since 2003.
Jeremy DePalma¹ (Born 1974)	Treasurer, since 2012	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Vice President, Evergreen Investment Services, Inc. from 2004 to 2007. Head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.
C. David Messman (Born 1960)	Secretary, since 2000; Chief Legal Officer, since 2003	Senior Vice President and Secretary of Wells Fargo Funds Management, LLC since 2001. Vice President and Managing Counsel of Wells Fargo Bank, N.A. since 1996.
Debra Ann Early (Born 1964)	Chief Compliance Officer, since 2007	Chief Compliance Officer of Wells Fargo Funds Management, LLC since 2007. Chief Compliance Officer of Parnassus Investments from 2005 to 2007. Chief Financial Officer of Parnassus Investments from 2004 to 2007.
David Berardi (Born 1975)	Assistant Treasurer, since 2009	Vice President of Wells Fargo Funds Management, LLC since 2009. Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Assistant Vice President of Evergreen Investment Services, Inc. from 2004 to 2008. Manager of Fund Reporting and Control for Evergreen Investment Management Company, LLC from 2004 to 2010.

1.	Jeremy DePalma acts as Treasurer of 59 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 Capital Growth Fund		List of abbreviations

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

ACA	— ACA Financial Guaranty Corporation

ADR	— American depositary receipt

ADS	— American depositary shares

AGC	— Assured Guaranty Corporation

AGM	— Assured Guaranty Municipal

Ambac

— Ambac Financial Group Incorporated

AMT	— Alternative minimum tax

AUD	— Australian dollar

BAN	— Bond anticipation notes

BHAC	— Berkshire Hathaway Assurance Corporation

BRL	— Brazilian real

CAB	— Capital appreciation bond

CAD	— Canadian dollar

CCAB	— Convertible capital appreciation bond

CDA	— Community Development Authority

CDO	— Collateralized debt obligation

CHF	— Swiss franc

COP	— Certificate of participation

CLP	— Chilean peso

DKK	— Danish krone

DRIVER

— Derivative inverse tax-exempt receipts

DW&P	— Department of Water & Power

DWR	— Department of Water Resources

ECFA	— Educational & Cultural Facilities Authority

EDA	— Economic Development Authority

EDFA	— Economic Development Finance Authority

ETF	— Exchange-traded fund

EUR

— Euro

FDIC	— Federal Deposit Insurance Corporation

FFCB	— Federal Farm Credit Banks

FGIC	— Financial Guaranty Insurance Corporation

FHA	— Federal Housing Administration

FHLB	— Federal Home Loan Bank

FHLMC

— Federal Home Loan Mortgage Corporation

FICO	— The Financing Corporation

FNMA	— Federal National Mortgage Association

FSA	— Farm Service Agency

GBP	— Great British pound

GDR	— Global depositary receipt

GNMA	— Government National Mortgage Association

GO	— General obligation

HCFR	— Healthcare facilities revenue

HEFA	— Health & Educational Facilities Authority

HEFAR

— Higher education facilities authority revenue

HFA	— Housing Finance Authority

HFFA	— Health Facilities Financing Authority

HKD	— Hong Kong dollar

HUD	— Department of Housing and Urban Development

HUF	— Hungarian forint

IDA	— Industrial Development Authority

IDAG	— Industrial Development Agency

IDR	— 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

LLLP	— Limited liability limited partnership

LLP	— Limited liability partnership

LOC	— Letter of credit

LP	— Limited partnership

MBIA	— Municipal Bond Insurance Association

MFHR	— Multifamily housing revenue

MSTR	— Municipal securities trust receipts

MTN	— Medium-term note

MUD	— Municipal Utility District

MXN	— Mexican peso

MYR	— Malaysian ringgit

National

— National Public Finance Guarantee Corporation

NGN	— Nigerian naira

NOK	— Norwegian krone

NZD	— New Zealand dollar

PCFA	— Pollution Control Financing Authority

PCL	— Public Company Limited

PCR	— Pollution control revenue

PFA	— Public Finance Authority

PFFA	— Public Facilities Financing Authority

PFOTER

— Puttable floating option tax-exempt receipts

plc	— Public limited company

PLN	— Polish zloty

PUTTER

— Puttable tax-exempt receipts

R&D	— Research & development

Radian

— Radian Asset Assurance

RAN	— Revenue anticipation notes

RDA	— Redevelopment Authority

RDFA	— Redevelopment Finance Authority

REIT	— Real estate investment trust

ROC	— Reset option certificates

RON	— Romanian lei

RUB	— Russian ruble

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

THB	— Thai baht

TIPS	— Treasury inflation-protected securities

TRAN	— Tax revenue anticipation notes

TRY	— Turkish lira

TTFA	— Transportation Trust Fund Authority

TVA	— Tennessee Valley Authority

ZAR	— South African rand

LOGO

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

222985 03-14

SA200/SAR200 1-14

Wells Fargo Advantage

Disciplined U.S. Core Fund

LOGO

Semi-Annual Report

January 31, 2014

LOGO

Reduce clutter. Save trees.

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			21

Other information			25

List of abbreviations			28

NOT FDIC INSURED ¡ NO BANK GUARANTEE ¡ MAY LOSE VALUE


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

LOGO

Karla M. Rabusch

President

Wells Fargo Advantage Funds

Major central banks continued to inject liquidity into the banks and the markets through various quantitative easing policies.

Dear Valued Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Advantage Disciplined U.S. Core Fund for the six-month period that ended January 31, 2014. Much of the period was marked by monetary easing by global central banks. Entering the period, investors were concerned that the U.S. Federal Reserve (Fed) would end its bond-buying program, which initially led to higher interest rates and resulted in losses for bond indexes and volatility for global stock indexes. These fears dissipated in late September 2013 and ended altogether in mid-December 2013 when the Fed announced a tapering timeline that was far more moderate than some had feared. Growing confidence that the U.S. economy was staging a fragile recovery resulted in double-digit returns for domestic stock market indexes for the six-month reporting period.

Central banks continued to provide stimulus.

U.S. stock markets gained on relatively good news.


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

and raised the debt limit through February 7, 2014. In December 2013, Congress passed the Ryan–Murray budget agreement that funded the government through September 2015, lessening the near-term prospect of another shutdown.

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

Sincerely,

LOGO

Karla M. Rabusch

President

Wells Fargo Advantage Funds

Despite political headwinds, the relatively positive outlook for the U.S. economy contributed to a strong domestic stock market for most of the reporting period.

Notice to shareholders

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


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

Investment objective

The Fund seeks long-term capital appreciation.

Adviser

Wells Fargo Funds Management, LLC

Subadviser

Golden Capital Management, LLC

Portfolio manager

Greg Golden, CFA

Average annual total returns¹ (%) as of January 31, 2014


		Including sales charge						Excluding sales charge						Expense ratios² (%)
	Inception date	1 year		5 year		10 year		1 year		5 year		10 year		Gross		Net³
Class A (EVSAX)	2-28-1990		15.22		16.78		6.53		22.26		18.17		7.16		0.94		0.92
Class C (EVSTX)	6-30-1999		20.42		17.30		6.37		21.42		17.30		6.37		1.69		1.67
Administrator Class (EVSYX)	2-21-1995		–		–		–		22.49		18.42		7.41		0.78		0.74
Institutional Class (EVSIX)	7-30-2010		–		–		–		22.81		18.63		7.51		0.51		0.48
S&P 500 Index⁴	–		–		–		–		21.52		19.19		6.83		–		–

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

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

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

Please see footnotes on page 5.


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


Ten largest equity holdings⁵ (%) as of January 31, 2014
Exxon Mobil Corporation			3.00
Apple Incorporated			2.87
Johnson & Johnson Services Incorporated			2.23
Chevron Corporation			2.10
Berkshire Hathaway Incorporated Class B			2.04
Microsoft Corporation			1.99
General Electric Company			1.97
Google Incorporated Class A			1.91
Pfizer Incorporated			1.86
Comcast Corporation Class A			1.83

Sector distribution⁶ as of January 31, 2014

Historical performance shown for Institutional Class shares prior to their inception reflects the performance of Administrator Class shares, and includes the higher expenses applicable to Administrator Class shares. If these expenses had not been included, returns would be higher. Historical performance shown for all classes of the Fund prior to July 19, 2010, is based on the performance of the Fund’s predecessor, Evergreen Enhanced S&P 500 Fund.

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

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

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

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


6		Wells Fargo Advantage Disciplined U.S. Core Fund		Fund expenses (unaudited)

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from August 1, 2013 to January 31, 2014.

Actual expenses

Hypothetical example for comparison purposes


	Beginning account value 8-1-2013		Ending account value 1-31-2014		Expenses paid during the period¹		Net annualized expense ratio
Class A
Actual	$	1,000.00	$	1,057.99	$	4.77		0.92	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.57	$	4.69		0.92	%
Class C
Actual	$	1,000.00	$	1,054.45	$	8.65		1.67	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,016.79	$	8.49		1.67	%
Administrator Class
Actual	$	1,000.00	$	1,059.05	$	3.84		0.74	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.48	$	3.77		0.74	%
Institutional Class
Actual	$	1,000.00	$	1,060.63	$	2.49		0.48	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.79	$	2.45		0.48	%

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


Portfolio of investments—January 31, 2014 (unaudited)		Wells Fargo Advantage Disciplined U.S. Core Fund			7


Security name	Shares		Value

Common Stocks: 99.48%

Consumer Discretionary: 12.32%

Auto Components: 0.43%
The Goodyear Tire & Rubber Company		73,828	$	1,746,765


Automobiles: 2.01%
Ford Motor Company		253,121		3,786,690
General Motors Company †		123,752		4,464,972

				8,251,662


Hotels, Restaurants & Leisure: 0.25%
Chipotle Mexican Grill Incorporated †		1,845		1,018,366


Household Durables: 0.62%
Pulte Homes Incorporated		126,317		2,566,761


Media: 4.17%
Comcast Corporation Class A		138,270		7,528,802
DIRECTV Group Incorporated †		47,729		3,313,824
News Corporation Class A †		47,226		753,727
Walt Disney Company		76,535		5,557,206

				17,153,559


Multiline Retail: 1.56%
Dollar General Corporation †		22,440		1,263,821
Macy’s Incorporated		45,913		2,442,572
Target Corporation		47,400		2,684,736

				6,391,129


Specialty Retail: 3.28%
Bed Bath & Beyond Incorporated †		12,680		809,618
Best Buy Company Incorporated		60,226		1,417,720
Gap Incorporated		23,473		893,852
Home Depot Incorporated		79,156		6,083,139
Lowe’s Companies Incorporated		45,759		2,118,184
PetSmart Incorporated		19,194		1,209,222
Staples Incorporated		72,996		960,627

				13,492,362


Consumer Staples: 9.13%

Beverages: 1.05%
Coca-Cola Enterprises Incorporated		19,606		848,744
Dr Pepper Snapple Group Incorporated		17,073		817,455
PepsiCo Incorporated		23,578		1,894,728
The Coca-Cola Company		20,601		779,130

				4,340,057

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


8		Wells Fargo Advantage Disciplined U.S. Core Fund		Portfolio of investments—January 31, 2014 (unaudited)


Security name	Shares		Value

Food & Staples Retailing: 3.69%
CVS Caremark Corporation		81,127	$	5,493,920
Kroger Company		80,578		2,908,866
The Andersons Incorporated		17,853		1,477,157
Wal-Mart Stores Incorporated		70,935		5,297,426

				15,177,369


Food Products: 2.00%
Archer Daniels Midland Company		107,014		4,224,913
Sanderson Farms Incorporated		53,559		3,982,112

				8,207,025


Household Products: 0.57%
Procter & Gamble Company		30,685		2,351,085


Personal Products: 0.58%
Herbalife Limited «		36,812		2,369,588


Tobacco: 1.24%
Altria Group Incorporated		51,883		1,827,319
Lorillard Incorporated		66,218		3,259,250

				5,086,569


Energy: 9.37%

Energy Equipment & Services: 0.62%
Schlumberger Limited		28,947		2,534,889


Oil, Gas & Consumable Fuels: 8.75%
Anadarko Petroleum Corporation		20,483		1,652,773
Chesapeake Energy Corporation		61,977		1,667,801
Chevron Corporation		77,141		8,611,250
ConocoPhillips Company		44,037		2,860,203
EOG Resources Incorporated		21,130		3,491,521
Exxon Mobil Corporation		133,849		12,335,524
Marathon Petroleum Corporation		34,557		3,008,187
Phillips 66		31,897		2,331,352

				35,958,611


Financials: 15.33%

Capital Markets: 1.85%
Bank of New York Mellon Corporation		91,865		2,936,005
ETRADE Financial Corporation †*		56,538		1,131,891
Legg Mason Incorporated		64,748		2,742,078
Morgan Stanley		27,469		810,610

				7,620,584


Commercial Banks: 1.71%
Fifth Third Bancorp		65,431		1,375,360
Huntington Bancshares Incorporated		83,338		755,876

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


Portfolio of investments—January 31, 2014 (unaudited)		Wells Fargo Advantage Disciplined U.S. Core Fund			9


Security name	Shares		Value

Commercial Banks (continued)
PNC Financial Services Group Incorporated		24,421	$	1,950,749
Regions Financial Corporation		207,433		2,109,594
SunTrust Banks Incorporated		22,189		821,437

				7,013,016


Consumer Finance: 0.37%
Capital One Financial Corporation		21,690		1,531,531


Diversified Financial Services: 6.48%
Bank of America Corporation		410,369		6,873,681
Berkshire Hathaway Incorporated Class B †		74,944		8,363,750
Citigroup Incorporated		143,449		6,803,786
JPMorgan Chase & Company		82,907		4,589,732

				26,630,949


Insurance: 4.40%
ACE Limited		12,938		1,213,714
Allstate Corporation		46,531		2,382,387
American Financial Group Incorporated		22,040		1,210,437
American International Group Incorporated		53,542		2,567,874
Assurant Incorporated		12,754		833,474
Genworth Financial Incorporated †		43,559		642,495
Lincoln National Corporation		12,418		596,437
MetLife Incorporated		51,835		2,542,507
Prudential Financial Incorporated		9,810		827,866
Symetra Financial Corporation		168,611		3,228,901
The Travelers Companies Incorporated		9,067		736,966
XL Group plc		44,487		1,278,556

				18,061,614


REITs: 0.52%
Simon Property Group Incorporated		9,234		1,429,793
Ventas Incorporated		11,136		694,775

				2,124,568


Health Care: 14.41%

Biotechnology: 1.42%
Amgen Incorporated		26,326		3,131,478
Biogen Idec Incorporated †		3,302		1,032,337
Celgene Corporation †		11,114		1,688,550

				5,852,365


Health Care Equipment & Supplies: 3.23%
Abbott Laboratories		42,589		1,561,313
Boston Scientific Corporation †		221,419		2,995,799
Covidien plc		16,000		1,091,840
DexCom Incorporated †		93,232		3,772,167
Medtronic Incorporated		68,093		3,851,340

				13,272,459

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


10		Wells Fargo Advantage Disciplined U.S. Core Fund		Portfolio of investments—January 31, 2014 (unaudited)


Security name	Shares		Value

Health Care Providers & Services: 3.51%
Aetna Incorporated		36,392	$	2,486,665
AmerisourceBergen Corporation		41,281		2,774,909
Cardinal Health Incorporated		9,810		667,276
Cigna Corporation		10,119		873,371
Humana Incorporated		13,847		1,347,313
McKesson Corporation		20,379		3,554,301
UnitedHealth Group Incorporated		26,588		1,921,781
WellPoint Incorporated		9,125		784,750

				14,410,366


Life Sciences Tools & Services: 0.24%
Thermo Fisher Scientific Incorporated		8,570		986,750


Pharmaceuticals: 6.01%
AbbVie Incorporated		42,874		2,110,687
Eli Lilly & Company		41,836		2,259,562
Johnson & Johnson Services Incorporated		103,336		9,142,136
Merck & Company Incorporated		66,143		3,503,595
Pfizer Incorporated		252,030		7,661,712

				24,677,692


Industrials: 11.79%

Aerospace & Defense: 4.00%
L-3 Communications Holdings Incorporated		29,566		3,283,896
Lockheed Martin Corporation		16,000		2,414,560
Northrop Grumman Corporation		35,706		4,125,828
Raytheon Company		30,220		2,873,015
The Boeing Company		29,881		3,742,894

				16,440,193


Air Freight & Logistics: 0.77%
FedEx Corporation		23,694		3,158,884


Airlines: 1.60%
Delta Air Lines Incorporated		72,090		2,206,675
Southwest Airlines Company		207,786		4,353,117

				6,559,792


Building Products: 0.20%
Masco Corporation		38,260		809,582


Commercial Services & Supplies: 0.56%
RR Donnelley & Sons Company «		91,659		1,692,942
The ADT Corporation «		20,828		625,673

				2,318,615


Construction & Engineering: 0.93%
Fluor Corporation		38,649		2,935,778
Quanta Services Incorporated †		28,424		885,976

				3,821,754

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


Portfolio of investments—January 31, 2014 (unaudited)		Wells Fargo Advantage Disciplined U.S. Core Fund			11


Security name	Shares		Value

Industrial Conglomerates: 2.18%
3M Company		6,867	$	880,281
General Electric Company		322,215		8,097,263

				8,977,544


Machinery: 0.80%
Caterpillar Incorporated		34,850		3,272,764


Road & Rail: 0.75%
CSX Corporation		114,183		3,072,665


Information Technology: 18.04%

Communications Equipment: 2.69%
Cisco Systems Incorporated		183,556		4,021,712
Harris Corporation		12,400		859,816
QUALCOMM Incorporated		83,295		6,182,155

				11,063,683


Computers & Peripherals: 4.87%
Apple Incorporated		23,549		11,788,629
EMC Corporation		34,580		838,219
Hewlett-Packard Company		68,688		1,991,952
NetApp Incorporated		20,049		848,875
SanDisk Corporation		18,785		1,306,497
Western Digital Corporation		37,388		3,221,724

				19,995,896


Electronic Equipment, Instruments & Components: 0.26%
Corning Incorporated		61,797		1,063,526


Internet Software & Services: 1.91%
Google Incorporated Class A †		6,650		7,853,451


IT Services: 2.17%
Computer Sciences Corporation		41,678		2,517,768
International Business Machines Corporation		10,114		1,786,942
Leidos Holdings Incorporated «		40,496		1,836,089
MasterCard Incorporated Class A		9,810		742,421
Western Union Company		130,279		2,006,297

				8,889,517


Office Electronics: 0.92%
Xerox Corporation		348,040		3,776,234


Semiconductors & Semiconductor Equipment: 1.04%
Intel Corporation		174,648		4,285,862


Software: 4.18%
CA Incorporated		25,507		818,265
Intuit Incorporated		10,791		790,441

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


12		Wells Fargo Advantage Disciplined U.S. Core Fund		Portfolio of investments—January 31, 2014 (unaudited)


Security name	Shares		Value

Software (continued)
Microsoft Corporation		216,334	$	8,188,242
Oracle Corporation		170,872		6,305,177
Symantec Corporation		49,864		1,067,588

				17,169,713


Materials: 2.69%

Chemicals: 1.70%
CF Industries Holdings Incorporated		3,562		822,323
Dow Chemical Company		82,837		3,769,912
LyondellBasell Industries NV Class A		30,191		2,377,843

				6,970,078


Containers & Packaging: 0.31%
Avery Dennison Corporation		26,353		1,298,412


Metals & Mining: 0.68%
Cliffs Natural Resources Incorporated «		16,678		322,219
Freeport-McMoRan Copper & Gold Incorporated Class B		48,070		1,557,949
United States Steel Corporation «		35,377		923,693

				2,803,861


Telecommunication Services: 2.46%

Diversified Telecommunication Services: 2.46%
AT&T Incorporated		123,753		4,123,450
Verizon Communications Incorporated		124,672		5,986,749

				10,110,199


Utilities: 3.94%

Electric Utilities: 1.83%
Entergy Corporation		14,685		925,596
Exelon Corporation		114,838		3,330,302
Pinnacle West Capital Corporation		15,696		826,080
PPL Corporation		79,675		2,435,665

				7,517,643


Gas Utilities: 1.15%
AGL Resources Incorporated		84,607		4,042,522
New Jersey Resources Corporation		14,593		665,441

				4,707,963


Independent Power Producers & Energy Traders: 0.31%
AES Corporation		91,075		1,280,515


Multi-Utilities: 0.65%
Public Service Enterprise Group Incorporated		79,917		2,664,433


Total Common Stocks (Cost $272,246,039)				408,710,470

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


Portfolio of investments—January 31, 2014 (unaudited)		Wells Fargo Advantage Disciplined U.S. Core Fund			13


Security name	Yield			Shares		Value

Short-Term Investments: 2.37%

Investment Companies: 2.37%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)		0.07	%		2,575,087	$	2,575,087
Wells Fargo Securities Lending Cash Investments, LLC (r)(v)(l)(u)		0.08			7,164,909		7,164,909

Total Short-Term Investments (Cost $9,739,996)							9,739,996


Total investments in securities
(Cost $281,986,035) *	101.85	%		418,450,466
Other assets and liabilities, net	(1.85	)		(7,605,044	)

Total net assets	100.00	%	$	410,845,422

†	Non-income-earning security

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

(l)	Investment in an affiliate

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

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

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

*	Cost for federal income tax purposes is $282,806,064 and unrealized appreciation (depreciation) consists of:


Gross unrealized appreciation	$	140,323,026
Gross unrealized depreciation		(4,678,624	)

Net unrealized appreciation	$	135,644,402

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


14		Wells Fargo Advantage Disciplined U.S. Core Fund		Statement of assets and liabilities—January 31, 2014 (unaudited)




Assets
Investments
In unaffiliated securities (including securities on loan), at value (see cost below)	$	408,710,470
In affiliated securities, at value (see cost below)		9,739,996

Total investments, at value (see cost below)		418,450,466
Receivable for Fund shares sold		72,503
Receivable for dividends		394,386
Receivable for securities lending income		3,457
Prepaid expenses and other assets		350

Total assets		418,921,162


Liabilities
Payable for Fund shares redeemed		358,214
Payable upon receipt of securities loaned		7,164,909
Advisory fee payable		110,705
Distribution fees payable		5,123
Due to other related parties		100,695
Accrued expenses and other liabilities		336,094

Total liabilities		8,075,740

Total net assets	$	410,845,422


NET ASSETS CONSIST OF
Paid-in capital	$	226,980,056
Undistributed net investment income		2,860,102
Accumulated net realized gains on investments		44,540,833
Net unrealized gains on investments		136,464,431

Total net assets	$	410,845,422


COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE¹
Net assets – Class A	$	288,757,777
Shares outstanding – Class A		19,598,482
Net asset value per share – Class A		$14.73
Maximum offering price per share – Class A²		$15.63
Net assets – Class C	$	10,040,217
Shares outstanding – Class C		714,809
Net asset value per share – Class C		$14.05
Net assets–Administrator Class	$	49,209,893
Shares outstanding – Administrator Class		3,279,534
Net asset value per share – Administrator Class		$15.01
Net assets–Institutional Class	$	62,837,535
Shares outstanding – Institutional Class		4,226,376
Net asset value per share – Institutional Class		$14.87

Investments in unaffiliated securities (including securities on loan), at cost	$	272,246,039

Investments in affiliated securities, at cost	$	9,739,996

Total investments, at cost	$	281,986,035

Securities on loan, at value	$	6,991,305

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

2.	Maximum offering price is computed as 100/94.25 of net asset value. On investments of $50,000 or more, the offering price is reduced.

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


Statement of operations—six months ended January 31, 2014 (unaudited)		Wells Fargo Advantage Disciplined U.S. Core Fund			15




Investment income
Dividends	$	4,711,638
Securities lending income, net		43,041
Income from affiliated securities		1,100

Total investment income		4,755,779


Expenses
Advisory fee		650,354
Administration fees
Fund level		108,392
Class A		385,637
Class C		13,064
Administrator Class		29,692
Institutional Class		26,997
Shareholder servicing fees
Class A		370,804
Class C		12,562
Administrator Class		72,242
Distribution fees
Class C		37,685
Custody and accounting fees		24,142
Professional fees		26,868
Registration fees		22,731
Shareholder report expenses		27,806
Trustees’ fees and expenses		5,037
Other fees and expenses		42,778

Total expenses		1,856,791
Less: Fee waivers and/or expense reimbursements		(27,456	)

Net expenses		1,829,335

Net investment income		2,926,444


REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on investments		45,526,228
Net change in unrealized gains (losses) on investments		(23,671,821	)

Net realized and unrealized gains (losses) on investments		21,854,407

Net increase in net assets resulting from operations	$	24,780,851

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


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


	Six months ended January 31, 2014 (unaudited)						Year ended July 31, 2013

Operations
Net investment income				$	2,926,444					$	6,940,044
Net realized gains on investments					45,526,228						57,444,012
Net change in unrealized gains (losses) on investments					(23,671,821	)					30,911,850

Net increase in net assets resulting from operations					24,780,851						95,295,906


Distributions to shareholders from
Net investment income
Class A					(4,752,589	)					(4,355,756	)
Class C					(97,722	)					(82,326	)
Administrator Class					(634,127	)					(2,153,996	)
Institutional Class					(1,401,931	)					(24,206	)
Net realized gains
Class A					(38,995,790	)					(27,133,857	)
Class C					(1,394,806	)					(948,466	)
Administrator Class					(6,776,357	)					(14,145,664	)
Institutional Class					(9,948,253	)					(117,107	)

Total distributions to shareholders					(64,001,575	)					(48,961,378	)


Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		360,549			5,727,417			472,785			7,027,919
Class C		64,475			958,190			98,506			1,401,647
Administrator Class		124,869			2,033,524			469,700			7,023,931
Institutional Class		4,669,889			75,549,967			41,930			651,116

					84,269,098						16,104,613

Reinvestment of distributions
Class A		2,774,616			42,041,138			2,203,682			29,725,637
Class C		73,060			1,051,887			53,713			692,961
Administrator Class		399,637			6,149,295			433,941			5,920,813
Institutional Class		96,268			1,480,716			10,367			141,313

					50,723,036						36,480,724

Payment for shares redeemed
Class A		(1,100,553	)		(17,612,667	)		(2,465,454	)		(36,487,861	)
Class C		(35,287	)		(542,027	)		(148,904	)		(2,081,805	)
Administrator Class		(4,980,235	)		(80,751,844	)		(3,339,540	)		(49,949,863	)
Institutional Class		(653,902	)		(10,602,967	)		(20,333	)		(300,944	)

					(109,509,505	)					(88,820,473	)

Net increase (decrease) in net assets resulting from capital share transactions					25,482,629						(36,235,136	)

Total increase (decrease) in net assets					(13,738,095	)					10,099,392


Net assets
Beginning of period					424,583,517						414,484,125

End of period				$	410,845,422					$	424,583,517

Undistributed net investment income				$	2,860,102					$	6,820,027

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


Financial highlights		Wells Fargo Advantage Disciplined U.S. Core Fund			17

(For a share outstanding throughout each period)


	Six months ended January 31, 2014 (unaudited)			Year ended July 31
CLASS A	Six months ended January 31, 2014 (unaudited)			2013			2012			2011			2010¹			2009¹
Net asset value, beginning of period	$	16.27		$	14.65		$	14.25		$	11.93		$	10.85		$	14.40
Net investment income		0.09			0.24			0.20			0.16			0.15			0.18
Net realized and unrealized gains (losses) on investments		0.88			3.25			0.93			2.17			1.09			(3.15	)

Total from investment operations		0.97			3.49			1.13			2.33			1.24			(2.97	)
Distributions to shareholders from
Net investment income		(0.24	)		(0.24	)		(0.23	)		(0.01	)		(0.16	)		(0.17	)
Net realized gains		(2.27	)		(1.63	)		(0.50	)		0.00			0.00			(0.41	)

Total distributions to shareholders		(2.51	)		(1.87	)		(0.73	)		(0.01	)		(0.16	)		(0.58	)
Net asset value, end of period	$	14.73		$	16.27		$	14.65		$	14.25		$	11.93		$	10.85
Total return²		5.80	%		26.62	%		8.54	%		19.50	%		11.39	%		(20.07	)%
Ratios to average net assets (annualized)
Gross expenses		0.93	%		0.94	%		0.92	%		0.93	%		0.76	%		1.00	%
Net expenses		0.92	%		0.92	%		0.92	%		0.92	%		0.76	%		1.00	%
Net investment income		1.27	%		1.66	%		1.43	%		1.18	%		1.27	%		1.71	%
Supplemental data
Portfolio turnover rate		38	%		64	%		82	%		64	%		63	%		30	%
Net assets, end of period (000s omitted)	$	288,758		$	285,780		$	254,272		$	268,460		$	265,835		$	243,049

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

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

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


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

(For a share outstanding throughout each period)


	Six months ended January 31, 2014 (unaudited)			Year ended July 31
CLASS C	Six months ended January 31, 2014 (unaudited)			2013			2012			2011			2010¹			2009¹
Net asset value, beginning of period	$	15.58		$	14.10		$	13.69		$	11.54		$	10.50		$	13.95
Net investment income		0.04			0.12			0.09			0.05			0.06			0.11
Net realized and unrealized gains (losses) on investments		0.84			3.12			0.90			2.10			1.04			(3.06	)

Total from investment operations		0.88			3.24			0.99			2.15			1.10			(2.95	)
Distributions to shareholders from
Net investment income		(0.14	)		(0.13	)		(0.08	)		0.00			(0.06	)		(0.09	)
Net realized gains		(2.27	)		(1.63	)		(0.50	)		0.00			0.00			(0.41	)

Total distributions to shareholders		(2.41	)		(1.76	)		(0.58	)		0.00			(0.06	)		(0.50	)
Net asset value, end of period	$	14.05		$	15.58		$	14.10		$	13.69		$	11.54		$	10.50
Total return²		5.44	%		25.65	%		7.75	%		18.63	%		10.51	%		(20.65	)%
Ratios to average net assets (annualized)
Gross expenses		1.68	%		1.69	%		1.67	%		1.68	%		1.51	%		1.76	%
Net expenses		1.67	%		1.67	%		1.67	%		1.67	%		1.51	%		1.76	%
Net investment income		0.51	%		0.92	%		0.68	%		0.44	%		0.52	%		0.95	%
Supplemental data
Portfolio turnover rate		38	%		64	%		82	%		64	%		63	%		30	%
Net assets, end of period (000s omitted)	$	10,040		$	9,544		$	8,590		$	8,768		$	11,613		$	11,462

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

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

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


Financial highlights		Wells Fargo Advantage Disciplined U.S. Core Fund			19

(For a share outstanding throughout each period)


	Six months ended January 31, 2014 (unaudited)			Year ended July 31
ADMINISTRATOR CLASS	Six months ended January 31, 2014 (unaudited)			2013			2012			2011			2010¹			2009¹
Net asset value, beginning of period	$	16.47		$	14.79		$	14.36		$	11.99		$	10.92		$	14.48
Net investment income		0.14	²		0.28	²		0.23	²		0.19	²		0.20			0.22
Net realized and unrealized gains (losses) on investments		0.86			3.27			0.93			2.19			1.06			(3.17	)

Total from investment operations		1.00			3.55			1.16			2.38			1.26			(2.95	)
Distributions to shareholders from
Net investment income		(0.19	)		(0.24	)		(0.23	)		(0.01	)		(0.19	)		(0.20	)
Net realized gains		(2.27	)		(1.63	)		(0.50	)		0.00			0.00			(0.41	)

Total distributions to shareholders		(2.46	)		(1.87	)		(0.73	)		(0.01	)		(0.19	)		(0.61	)
Net asset value, end of period	$	15.01		$	16.47		$	14.79		$	14.36		$	11.99		$	10.92
Total return³		5.91	%		26.82	%		8.72	%		19.84	%		11.51	%		(19.81	)%
Ratios to average net assets (annualized)
Gross expenses		0.76	%		0.78	%		0.75	%		0.77	%		0.52	%		0.75	%
Net expenses		0.74	%		0.74	%		0.74	%		0.74	%		0.52	%		0.75	%
Net investment income		1.65	%		1.87	%		1.63	%		1.37	%		1.53	%		1.99	%
Supplemental data
Portfolio turnover rate		38	%		64	%		82	%		64	%		63	%		30	%
Net assets, end of period (000s omitted)	$	49,210		$	127,384		$	150,408		$	244,716		$	371,389		$	484,594

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

2.	Calculated based upon average shares outstanding

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

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


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

(For a share outstanding throughout each period)


	Six months ended January 31, 2014 (unaudited)			Year ended July 31
INSTITUTIONAL CLASS	Six months ended January 31, 2014 (unaudited)			2013			2012			2011			2010¹
Net asset value, beginning of period	$	16.43		$	14.78		$	14.39		$	11.99		$	11.99
Net investment income		0.13	²		0.35			0.26	²		0.22			0.00
Net realized and unrealized gains (losses) on investments		0.89			3.23			0.93			2.19			0.00

Total from investment operations		1.02			3.58			1.19			2.41			0.00
Distributions to shareholders from
Net investment income		(0.31	)		(0.30	)		(0.30	)		(0.01	)		0.00
Net realized gains		(2.27	)		(1.63	)		(0.50	)		0.00			0.00

Total distributions to shareholders		(2.58	)		(1.93	)		(0.80	)		(0.01	)		0.00
Net asset value, end of period	$	14.87		$	16.43		$	14.78		$	14.39		$	11.99
Total return³		6.06	%		27.16	%		9.02	%		20.10	%		0.00	%
Ratios to average net assets (annualized)
Gross expenses		0.50	%		0.51	%		0.49	%		0.51	%		0.00	%
Net expenses		0.48	%		0.48	%		0.48	%		0.47	%		0.00	%
Net investment income		1.58	%		2.08	%		1.80	%		1.62	%		0.00	%
Supplemental data
Portfolio turnover rate		38	%		64	%		82	%		64	%		63	%
Net assets, end of period (000s omitted)	$	62,838		$	1,875		$	1,215			$12			$10

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

2.	Calculated based upon average shares outstanding

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

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


Notes to financial statements (unaudited)		Wells Fargo Advantage Disciplined U.S. Core Fund			21

1. ORGANIZATION

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

2. SIGNIFICANT ACCOUNTING POLICIES

Securities valuation

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

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

Security loans


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

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

Security transactions and income recognition

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

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

Distributions to shareholders

Federal and other taxes

Class allocations

3. FAIR VALUATION MEASUREMENTS

Level 1 – quoted prices in active markets for identical securities

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

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

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


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

As of January 31, 2014, the inputs used in valuing investments in securities were as follows:


Investments in securities	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Equity securities
Common stocks	$	408,710,470	$	0	$	0	$	408,710,470
Short-term investments
Investment companies		2,575,087		7,164,909		0		9,739,996
	$	411,285,557	$	7,164,909	$	0	$	418,450,466

4. TRANSACTIONS WITH AFFILIATES AND OTHER EXPENSES

Advisory fee

Pursuant to the contract, Funds Management is entitled to receive an annual advisory fee starting at 0.30% and declining to 0.25% as the average daily net assets of the Fund increase. For the six months ended January 31, 2014, the advisory fee was equivalent to an annual rate of 0.30% of the Fund’s average daily net assets.

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Funds Management. Golden Capital Management, LLC, an affiliate of Funds Management and an indirect, wholly owned subsidiary of Wells Fargo, is the subadviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.25% and declining to 0.15% as the average daily net assets of the Fund increase.

Administration and transfer agent fees


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

Funds Management has contractually waived and/or reimbursed advisory and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. Waiver of fees and/or reimbursement of expenses by Funds Management were made first from fund level expenses on a proportionate basis and then from class specific expenses. Funds Management has committed through November 30, 2014 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 0.92% for Class A shares, 1.67% for Class C shares, 0.74% for Administrator Class shares, and 0.48% for Institutional Class shares.

Distribution fees

For the six months ended January 31, 2014, Wells Fargo Funds Distributor, LLC received $5,045 from the sale of Class A shares.


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

Shareholder servicing fees

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

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended January 31, 2014 were $158,409,037 and $190,735,646, respectively.

6. BANK BORROWINGS

For the six months ended January 31, 2014, there were no borrowings by the Fund under the agreement.

7. INDEMNIFICATION


Other information (unaudited)		Wells Fargo Advantage Disciplined U.S. Core Fund			25

PROXY VOTING INFORMATION

PORTFOLIO HOLDINGS INFORMATION


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

BOARD OF TRUSTEES AND OFFICERS

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 Harbor 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 50 portfolios as of 12/16/2013); Asset Allocation Trust
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business, Stanford University, Morgan Stanley Director of the Center for Leadership Development and Research and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	Asset Allocation Trust
Olivia S. Mitchell (Born 1953)	Trustee, since 2006	International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993.	Asset Allocation Trust
Timothy J. Penny (Born 1951)	Trustee, since 1996	President and CEO of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007 and Senior Fellow at the Humphrey Institute Policy Forum at the University of Minnesota since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	Asset Allocation Trust


Other information (unaudited)		Wells Fargo Advantage Disciplined U.S. Core Fund			27


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

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

Officers


Name and year of birth	Position held and length of service	Principal occupations during past five years
Karla M. Rabusch (Born 1959)	President, since 2003	Executive Vice President of Wells Fargo Bank, N.A. and President of Wells Fargo Funds Management, LLC since 2003.
Jeremy DePalma¹ (Born 1974)	Treasurer, since 2012	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Vice President, Evergreen Investment Services, Inc. from 2004 to 2007. Head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.
C. David Messman (Born 1960)	Secretary, since 2000; Chief Legal Officer, since 2003	Senior Vice President and Secretary of Wells Fargo Funds Management, LLC since 2001. Vice President and Managing Counsel of Wells Fargo Bank, N.A. since 1996.
Debra Ann Early (Born 1964)	Chief Compliance Officer, since 2007	Chief Compliance Officer of Wells Fargo Funds Management, LLC since 2007. Chief Compliance Officer of Parnassus Investments from 2005 to 2007. Chief Financial Officer of Parnassus Investments from 2004 to 2007.
David Berardi (Born 1975)	Assistant Treasurer, since 2009	Vice President of Wells Fargo Funds Management, LLC since 2009. Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Assistant Vice President of Evergreen Investment Services, Inc. from 2004 to 2008. Manager of Fund Reporting and Control for Evergreen Investment Management Company, LLC from 2004 to 2010.

1.	Jeremy DePalma acts as Treasurer of 59 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 Disciplined U.S. Core Fund		List of abbreviations

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

ACA	— ACA Financial Guaranty Corporation

ADR	— American depositary receipt

ADS	— American depositary shares

AGC	— Assured Guaranty Corporation

AGM	— Assured Guaranty Municipal

Ambac

— Ambac Financial Group Incorporated

AMT	— Alternative minimum tax

AUD	— Australian dollar

BAN	— Bond anticipation notes

BHAC	— Berkshire Hathaway Assurance Corporation

BRL	— Brazilian real

CAB	— Capital appreciation bond

CAD	— Canadian dollar

CCAB	— Convertible capital appreciation bond

CDA	— Community Development Authority

CDO	— Collateralized debt obligation

CHF	— Swiss franc

CLP	— Chilean peso

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

LLLP	— Limited liability limited partnership

LLP	— Limited liability partnership

LOC	— Letter of credit

LP	— Limited partnership

MBIA	— Municipal Bond Insurance Association

MFHR	— Multifamily housing revenue

MSTR	— Municipal securities trust receipts

MTN	— Medium-term note

MUD	— Municipal Utility District

MXN	— Mexican peso

MYR	— Malaysian ringgit

National

— National Public Finance Guarantee Corporation

NGN	— Nigerian naira

NOK	— Norwegian krone

NZD	— New Zealand dollar

PCFA	— Pollution Control Financing Authority

PCL	— Public Company Limited

PCR	— Pollution control revenue

PFA	— Public Finance Authority

PFFA	— Public Facilities Financing Authority

PFOTER

— Puttable floating option tax-exempt receipts

plc	— Public limited company

PLN	— Polish zloty

PUTTER

— Puttable tax-exempt receipts

R&D	— Research & development

Radian

— Radian Asset Assurance

RAN	— Revenue anticipation notes

RDA	— Redevelopment Authority

RDFA	— Redevelopment Finance Authority

REIT	— Real estate investment trust

ROC	— Reset option certificates

RON	— Romanian lei

RUB	— Russian ruble

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

THB	— Thai baht

TIPS	— Treasury inflation-protected securities

TRAN	— Tax revenue anticipation notes

TRY	— Turkish lira

TTFA	— Transportation Trust Fund Authority

TVA	— Tennessee Valley Authority

ZAR	— South African rand

LOGO

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

NOT FDIC INSURED ¡ NO BANK GUARANTEE ¡ MAY LOSE VALUE

222986 03-14

SA203/SAR203 1-14

Wells Fargo Advantage Endeavor Select Fund^SM

LOGO

Semi-Annual Report

January 31, 2014

LOGO

Reduce clutter. Save trees.

Contents


Letter to shareholders			2

Performance highlights			4

Fund expenses			6

Portfolio of investments			7

Financial statements
Statement of assets and liabilities			10
Statement of operations			11
Statement of changes in net assets			12
Financial highlights			13

Notes to financial statements			18

Other information			22

List of abbreviations			25

NOT FDIC INSURED ¡ NO BANK GUARANTEE ¡ MAY LOSE VALUE


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

LOGO

Karla M. Rabusch

President

Wells Fargo Advantage Funds

Major central banks continued to inject liquidity into the banks and the markets through various quantitative easing policies.

Dear Valued Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Advantage Endeavor Select Fund for the six-month period that ended January 31, 2014. Much of the period was marked by monetary easing by global central banks. Entering the period, investors were concerned that the U.S. Federal Reserve (Fed) would end its bond-buying program, which initially led to higher interest rates and resulted in losses for bond indexes and volatility for global stock indexes. These fears dissipated in late September 2013 and ended altogether in mid-December 2013 when the Fed announced a tapering timeline that was far more moderate than some had feared. Growing confidence that the U.S. economy was staging a fragile recovery resulted in double-digit returns for domestic stock market indexes for the six-month reporting period.

Central banks continued to provide stimulus.

U.S. stock markets gained on relatively good news.

The most significant negative effect was the ongoing fight in Washington, D.C., over the federal budget and debt limit. The Budget Control Act of 2011, which was passed to resolve a previous fight over the federal debt ceiling, mandated budget sequestration that took effect on March 1, 2013, and was an overhang on economic growth throughout the reporting period. Most recently, Congress was unable to pass a resolution to continue to fund the federal government, and thus, the federal government underwent a partial shutdown from September 30, 2013, through October 16, 2013. The government reopened after the president and Congress reached a deal that funded the government through January 15, 2014, and raised the debt limit through February 7, 2014. In December 2013, Congress passed the Ryan–Murray budget agreement that funded the government through September 2015, lessening the near-term prospect of another shutdown.


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

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

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,

LOGO

Karla M. Rabusch

President

Wells Fargo Advantage Funds

Despite political headwinds, the relatively positive outlook for the U.S. economy contributed to a strong domestic stock market for most of the reporting period.

Notice to shareholders

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


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

Investment objective

The Fund seeks long-term capital appreciation.

Adviser

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Thomas J. Pence, CFA

Michael T. Smith, CFA

Average annual total returns¹ (%) as of January 31, 2014


		Including sales charge						Excluding sales charge						Expense ratios² (%)
	Inception date	1 year		5 year		10 year		1 year		5 year		10 year		Gross		Net³
Class A (STAEX)	12-29-2000		19.63		17.48		5.91		26.95		18.88		6.54		1.27		1.26
Class B (WECBX)*	12-29-2000		21.12		17.77		5.97		26.12		17.97		5.97		2.02		2.01
Class C (WECCX)	12-29-2000		25.12		18.02		5.74		26.12		18.02		5.74		2.02		2.01
Administrator Class (WECDX)	4-8-2005		–		–		–		27.34		19.20		6.78		1.11		1.01
Institutional Class (WFCIX)	4-8-2005		–		–		–		27.59		19.42		6.96		0.84		0.81
Russell 1000^® Growth Index⁴	–		–		–		–		24.35		20.88		7.30		–		–

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

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

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

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

Please see footnotes on page 5.


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


Ten largest equity holdings⁵ (%) as of January 31, 2014
Google Incorporated Class A			5.36
Amazon.com Incorporated			3.99
Constellation Brands Incorporated Class A			3.85
Facebook Incorporated Class A			3.58
IntercontinentalExchange Group Incorporated			3.41
Visa Incorporated Class A			3.30
Apple Incorporated			3.16
Alliance Data Systems Corporation			3.13
Alexion Pharmaceuticals Incorporated			3.09
Gilead Sciences Incorporated			2.95


Sector distribution⁶ as of January 31, 2014

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

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

The Adviser has committed through November 30, 2014, to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waiver, excluding certain expenses, at 1.25% for Class A, 2.00% for Class B, 2.00% for Class C, 1.00% for Administrator Class, and 0.80% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses, and extraordinary expenses are excluded from the cap. Without this cap, the Fund’s returns would have been lower.

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

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

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


6		Wells Fargo Advantage Endeavor Select Fund		Fund expenses (unaudited)

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from August 1, 2013 to January 31, 2014.

Actual expenses

Hypothetical example for comparison purposes

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any

transactional costs, such as sales charges (loads) and contingent deferred sales charges. Therefore, the “Hypothetical” line

of the table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning

different funds. In addition, if these transactional costs were included, your costs would have been higher.


	Beginning account value 8-1-2013		Ending account value 1-31-2014		Expenses paid during the period¹		Net annualized expense ratio
Class A
Actual	$	1,000.00	$	1,143.74	$	6.75		1.25	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.90	$	6.36		1.25	%
Class B
Actual	$	1,000.00	$	1,139.61	$	10.79		2.00	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.12	$	10.16		2.00	%
Class C
Actual	$	1,000.00	$	1,139.61	$	10.79		2.00	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.12	$	10.16		2.00	%
Administrator Class
Actual	$	1,000.00	$	1,145.76	$	5.41		1.00	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.16	$	5.09		1.00	%
Institutional Class
Actual	$	1,000.00	$	1,146.75	$	4.33		0.80	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.17	$	4.08		0.80	%

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


Portfolio of investments—January 31, 2014 (unaudited)		Wells Fargo Advantage Endeavor Select Fund			7


Security name	Shares		Value

Common Stocks: 97.64%

Consumer Discretionary: 19.02%

Auto Components: 2.09%
Delphi Automotive plc		239,900	$	14,607,511


Hotels, Restaurants & Leisure: 2.21%
Starbucks Corporation		217,147		15,443,495


Household Durables: 1.13%
Mohawk Industries Incorporated †		55,379		7,873,786


Internet & Catalog Retail: 6.23%
Amazon.com Incorporated †		77,900		27,941,951
Netflix Incorporated †		38,300		15,677,339

				43,619,290


Media: 4.14%
Liberty Global plc Class C †		253,300		20,094,289
Twenty-First Century Fox Incorporated		279,700		8,900,054

				28,994,343


Specialty Retail: 2.23%
TJX Companies Incorporated		271,400		15,567,504


Textiles, Apparel & Luxury Goods: 0.99%
Michael Kors Holdings Limited †		87,054		6,958,226


Consumer Staples: 3.85%

Beverages: 3.85%
Constellation Brands Incorporated Class A †		350,900		26,903,503


Energy: 2.13%

Oil, Gas & Consumable Fuels: 2.13%
Pioneer Natural Resources Company		88,100		14,917,092


Financials: 10.02%

Capital Markets: 1.72%
Affiliated Managers Group Incorporated †		60,400		12,034,096


Consumer Finance: 2.61%
American Express Company		214,500		18,236,790


Diversified Financial Services: 3.41%
IntercontinentalExchange Group Incorporated		114,300		23,864,697


Insurance: 2.28%
Aon plc		198,700		15,987,402

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


8		Wells Fargo Advantage Endeavor Select Fund		Portfolio of investments—January 31, 2014 (unaudited)


Security name	Shares		Value

Health Care: 15.00%

Biotechnology: 10.68%
Alexion Pharmaceuticals Incorporated †		136,300	$	21,634,899
Biogen Idec Incorporated †		55,200		17,257,728
Celgene Corporation †		100,000		15,193,000
Gilead Sciences Incorporated †		255,900		20,638,335

				74,723,962


Health Care Equipment & Supplies: 2.22%
Boston Scientific Corporation †		1,145,700		15,501,321


Pharmaceuticals: 2.10%
Actavis plc †		77,900		14,721,542


Industrials: 9.63%

Aerospace & Defense: 2.64%
Precision Castparts Corporation		72,542		18,480,075


Airlines: 2.68%
Delta Air Lines Incorporated		613,700		18,785,357


Electrical Equipment: 2.20%
Eaton Corporation plc		210,400		15,378,136


Road & Rail: 2.11%
Kansas City Southern		139,600		14,740,364


Information Technology: 33.73%

Computers & Peripherals: 3.16%
Apple Incorporated		44,149		22,100,989


Internet Software & Services: 12.12%
Baidu Incorporated ADR †		60,400		9,452,600
Facebook Incorporated Class A †		400,700		25,071,799
Google Incorporated Class A †		31,775		37,525,322
LinkedIn Corporation Class A †		59,100		12,718,911

				84,768,632


IT Services: 8.17%
Alliance Data Systems Corporation †		91,500		21,928,890
Vantiv Incorporated Class A †		401,400		12,178,476
Visa Incorporated Class A		107,100		23,072,553

				57,179,919


Semiconductors & Semiconductor Equipment: 3.72%
ARM Holdings plc		287,000		13,222,090
ASML Holding NV		151,300		12,804,519

				26,026,609

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


Portfolio of investments—January 31, 2014 (unaudited)		Wells Fargo Advantage Endeavor Select Fund			9


Security name				Shares		Value

Software: 6.56%
Adobe Systems Incorporated †					271,400	$	16,064,166
Salesforce.com Incorporated †					270,100		16,349,153
ServiceNow Incorporated †					213,000		13,510,590

							45,923,909


Materials: 2.52%

Chemicals: 2.52%
Monsanto Company					165,400		17,623,370


Telecommunication Services: 1.74%

Wireless Telecommunication Services: 1.74%
SBA Communications Corporation Class A †					130,979		12,148,302


Total Common Stocks (Cost $508,481,622)							683,110,222


	Yield
Short-Term Investments: 0.96%

Investment Companies: 0.96%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (u)(l)		0.07	%		6,727,804		6,727,804


Total Short-Term Investments (Cost $6,727,804)							6,727,804


Total investments in securities (Cost $515,209,426) *	98.60	%		689,838,026
Other assets and liabilities, net	1.40			9,815,679

Total net assets	100.00	%	$	699,653,705

†	Non-income-earning security

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

(l)	Investment in an affiliate

*	Cost for federal income tax purposes is $515,882,867, and unrealized appreciation (depreciation) consists of:


Gross unrealized appreciation	$	180,256,886
Gross unrealized depreciation		(6,301,727	)

Net unrealized appreciation	$	173,955,159

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


10		Wells Fargo Advantage Endeavor Select Fund		Statement of assets and liabilities—January 31, 2014 (unaudited)




Assets
Investments
In unaffiliated securities, at value (see cost below)	$	683,110,222
In affiliated securities, at value (see cost below)		6,727,804

Total investments, at value (see cost below)		689,838,026
Receivable for investments sold		19,523,082
Receivable for Fund shares sold		1,083,366
Receivable for dividends		191,201
Receivable for securities lending income		41
Prepaid expenses and other assets		39,148

Total assets		710,674,864


Liabilities
Payable for investments purchased		9,580,935
Payable for Fund shares redeemed		787,374
Advisory fee payable		398,340
Distribution fees payable		5,130
Due to other related parties		93,635
Accrued expenses and other liabilities		155,745

Total liabilities		11,021,159

Total net assets	$	699,653,705


NET ASSETS CONSIST OF
Paid-in capital	$	501,861,927
Accumulated net investment loss		(1,226,171	)
Accumulated net realized gains on investments		24,389,349
Net unrealized gains on investments		174,628,600

Total net assets	$	699,653,705


COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE¹
Net assets – Class A	$	45,592,856
Shares outstanding – Class A		3,339,763
Net asset value per share – Class A		$13.65
Maximum offering price per share – Class A²		$14.48
Net assets – Class B	$	383,562
Shares outstanding – Class B		31,390
Net asset value per share – Class B		$12.22
Net assets – Class C	$	6,803,528
Shares outstanding – Class C		556,724
Net asset value per share – Class C		$12.22
Net assets – Administrator Class	$	63,933,531
Shares outstanding – Administrator Class		4,587,224
Net asset value per share – Administrator Class		$13.94
Net assets – Institutional Class	$	582,940,228
Shares outstanding – Institutional Class		41,285,066
Net asset value per share – Institutional Class		$14.12

Investments in unaffiliated securities, at cost	$	508,481,622

Investments in affiliated securities, at cost	$	6,727,804

Total investments, at cost	$	515,209,426

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

2.	Maximum offering price is computed as 100/94.25 of net asset value. On investments of $50,000 or more, the offering price is reduced.

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


Statement of operations—six months ended January 31, 2014 (unaudited)		Wells Fargo Advantage Endeavor Select Fund			11




Investment income
Dividends	$	1,722,189
Securities lending income, net		8,838
Income from affiliated securities		3,711

Total investment income		1,734,738


Expenses
Advisory fee		2,206,919
Administration fees
Fund level		171,458
Class A		60,599
Class B		566
Class C		8,941
Administrator Class		34,197
Institutional Class		225,403
Shareholder servicing fees
Class A		58,268
Class B		545
Class C		8,597
Administrator Class		77,689
Distribution fees
Class B		1,634
Class C		25,792
Custody and accounting fees		22,087
Professional fees		20,023
Registration fees		35,952
Shareholder report expenses		85,704
Trustees’ fees and expenses		6,086
Other fees and expenses		7,998

Total expenses		3,058,458
Less: Fee waivers and/or expense reimbursements		(98,129	)

Net expenses		2,960,329

Net investment loss		(1,225,591	)


REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on investments		56,161,256
Net change in unrealized gains (losses) on investments		35,808,745

Net realized and unrealized gains (losses) on investments		91,970,001

Net increase in net assets resulting from operations	$	90,744,410

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


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


	Six months ended January 31, 2014 (unaudited)						Year ended July 31, 2013

Operations
Net investment income (loss)				$	(1,225,591	)				$	2,709,721
Net realized gains on investments					56,161,256						140,899,605
Net change in unrealized gains (losses) on investments					35,808,745						(23,588,525	)

Net increase in net assets resulting from operations					90,744,410						120,020,801


Distributions to shareholders from
Net investment income
Administrator Class					(97,085	)					0
Institutional Class					(2,001,641	)					0
Net realized gains
Class A					(2,203,446	)					0
Class B					(22,001	)					0
Class C					(364,783	)					0
Administrator Class					(2,987,418	)					0
Institutional Class					(26,344,957	)					0

Total distributions to shareholders					(34,021,331	)					0


Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		139,501			1,866,923			419,904			4,822,123
Class B		468			5,779			1,531			16,659
Class C		32,874			406,274			51,254			528,802
Administrator Class		260,469			3,575,680			2,170,274			26,247,659
Institutional Class		5,626,307			77,565,943			8,615,117			101,674,535

					83,420,599						133,289,778

Reinvestment of distributions
Class A		158,036			2,144,550			0			0
Class B		1,707			20,756			0			0
Class C		29,369			357,128			0			0
Administrator Class		194,104			2,691,721			0			0
Institutional Class		1,890,146			26,598,582			0			0

					31,812,737						0

Payment for shares redeemed
Class A		(474,178	)		(6,369,692	)		(1,424,499	)		(16,145,152	)
Class B		(14,556	)		(173,933	)		(72,878	)		(742,509	)
Class C		(64,086	)		(772,500	)		(144,602	)		(1,485,085	)
Administrator Class		(1,237,131	)		(17,068,108	)		(2,211,989	)		(25,682,424	)
Institutional Class		(5,520,902	)		(76,071,340	)		(37,737,981	)		(428,796,022	)

					(100,455,573	)					(472,851,192	)

Net increase (decrease) in net assets resulting from capital share transactions					14,777,763						(339,561,414	)

Total increase (decrease) in net assets					71,500,842						(219,540,613	)


Net assets
Beginning of period					628,152,863						847,693,476

End of period				$	699,653,705					$	628,152,863

Undistributed (accumulated) net investment income (loss)				$	(1,226,171	)				$	2,098,146

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


Financial highlights		Wells Fargo Advantage Endeavor Select Fund			13

(For a share outstanding throughout each period)


	Six months ended January 31, 2014 (unaudited)			Year ended July 31
CLASS A	Six months ended January 31, 2014 (unaudited)			2013			2012			2011			2010			2009
Net asset value, beginning of period	$	12.52		$	10.45		$	10.12		$	8.12		$	7.25		$	10.81
Net investment income (loss)		(0.05	)¹		0.00	^{1 ,2}		(0.05	)¹		(0.05	)¹		(0.04	)¹		(0.01	)¹
Net realized and unrealized gains (losses) on investments		1.85			2.07			0.38			2.05			0.91			(3.29	)

Total from investment operations		1.80			2.07			0.33			2.00			0.87			(3.30	)
Distributions to shareholders from
Net realized gains		(0.67	)		0.00			0.00			0.00			0.00			(0.26	)
Net asset value, end of period	$	13.65		$	12.52		$	10.45		$	10.12		$	8.12		$	7.25
Total return³		14.37	%		19.81	%		3.26	%		24.63	%		12.00	%		(30.10	)%
Ratios to average net assets (annualized)
Gross expenses		1.26	%		1.26	%		1.23	%		1.23	%		1.28	%		1.32	%
Net expenses		1.25	%		1.25	%		1.23	%		1.23	%		1.25	%		1.25	%
Net investment income (loss)		(0.74	)%		0.03	%		(0.49	)%		(0.52	)%		(0.51	)%		(0.08	)%
Supplemental data
Portfolio turnover rate		56	%		97	%		94	%		100	%		139	%		173	%
Net assets, end of period (000s omitted)		$45,593			$44,041			$47,233			$94,704			$125,266			$155,666

1.	Calculated based upon average shares outstanding

2.	Amount is less than $0.005.

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

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


14		Wells Fargo Advantage Endeavor Select Fund		Financial highlights

(For a share outstanding throughout each period)


	Six months ended January 31, 2014 (unaudited)			Year ended July 31
CLASS B	Six months ended January 31, 2014 (unaudited)			2013			2012			2011			2010			2009
Net asset value, beginning of period	$	11.31		$	9.51		$	9.28		$	7.50		$	6.75		$	10.18
Net investment loss		(0.09	)¹		(0.07	)¹		(0.11	)¹		(0.11	)¹		(0.09	)¹		(0.06	)¹
Net realized and unrealized gains (losses) on investments		1.67			1.87			0.34			1.89			0.84			(3.11	)

Total from investment operations		1.58			1.80			0.23			1.78			0.75			(3.17	)
Distributions to shareholders from
Net realized gains		(0.67	)		0.00			0.00			0.00			0.00			(0.26	)
Net asset value, end of period	$	12.22		$	11.31		$	9.51		$	9.28		$	7.50		$	6.75
Total return²		13.96	%		18.93	%		2.48	%		23.73	%		11.11	%		(30.71	)%
Ratios to average net assets (annualized)
Gross expenses		2.00	%		2.00	%		1.98	%		1.98	%		2.02	%		2.07	%
Net expenses		2.00	%		2.00	%		1.98	%		1.98	%		2.00	%		2.00	%
Net investment loss		(1.48	)%		(0.67	)%		(1.24	)%		(1.26	)%		(1.25	)%		(0.85	)%
Supplemental data
Portfolio turnover rate		56	%		97	%		94	%		100	%		139	%		173	%
Net assets, end of period (000s omitted)		$384			$495			$1,095			$1,633			$2,622			$3,976

1.	Calculated based upon average shares outstanding

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

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


Financial highlights		Wells Fargo Advantage Endeavor Select Fund			15

(For a share outstanding throughout each period)


	Six months ended January 31, 2014 (unaudited)			Year ended July 31
CLASS C	Six months ended January 31, 2014 (unaudited)			2013			2012			2011			2010			2009
Net asset value, beginning of period	$	11.32		$	9.51		$	9.28		$	7.50		$	6.75		$	10.18
Net investment loss		(0.09	)¹		(0.07	)¹		(0.11	)¹		(0.11	)¹		(0.09	)¹		(0.05	)¹
Net realized and unrealized gains (losses) on investments		1.66			1.88			0.34			1.89			0.84			(3.12	)

Total from investment operations		1.57			1.81			0.23			1.78			0.75			(3.17	)
Distributions to shareholders from
Net realized gains		(0.67	)		0.00			0.00			0.00			0.00			(0.26	)
Net asset value, end of period	$	12.22		$	11.32		$	9.51		$	9.28		$	7.50		$	6.75
Total return²		13.96	%		18.93	%		2.48	%		23.73	%		11.11	%		(30.70	)%
Ratios to average net assets (annualized)
Gross expenses		2.01	%		2.01	%		1.98	%		1.98	%		2.03	%		2.07	%
Net expenses		2.00	%		2.00	%		1.98	%		1.98	%		2.00	%		2.00	%
Net investment loss		(1.50	)%		(0.72	)%		(1.25	)%		(1.27	)%		(1.26	)%		(0.82	)%
Supplemental data
Portfolio turnover rate		56	%		97	%		94	%		100	%		139	%		173	%
Net assets, end of period (000s omitted)		$6,804			$6,320			$6,199			$7,448			$7,825			$9,139

1.	Calculated based upon average shares outstanding

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

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


16		Wells Fargo Advantage Endeavor Select Fund		Financial highlights

(For a share outstanding throughout each period)


	Six months ended January 31, 2014 (unaudited)			Year ended July 31
ADMINISTRATOR CLASS	Six months ended January 31, 2014 (unaudited)			2013			2012			2011			2010			2009
Net asset value, beginning of period	$	12.78		$	10.63		$	10.26		$	8.22		$	7.34		$	10.91
Net investment income (loss)		(0.03	)¹		0.03	¹		(0.03	)¹		(0.03	)¹		(0.02	)¹		0.01	¹
Net realized and unrealized gains (losses) on investments		1.88			2.12			0.40			2.07			0.91			(3.32	)

Total from investment operations		1.85			2.15			0.37			2.04			0.89			(3.31	)
Distributions to shareholders from
Net investment income		(0.02	)		0.00			0.00			0.00			(0.01	)		0.00
Net realized gains		(0.67	)		0.00			0.00			0.00			0.00			(0.26	)

Total distributions to shareholders		(0.69	)		0.00			0.00			0.00			(0.01	)		(0.26	)
Net asset value, end of period	$	13.94		$	12.78		$	10.63		$	10.26		$	8.22		$	7.34
Total return²		14.58	%		20.13	%		3.51	%		24.94	%		12.16	%		(29.91	)%
Ratios to average net assets (annualized)
Gross expenses		1.07	%		1.08	%		1.07	%		1.07	%		1.10	%		1.14	%
Net expenses		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%
Net investment income (loss)		(0.48	)%		0.23	%		(0.27	)%		(0.29	)%		(0.26	)%		0.20	%
Supplemental data
Portfolio turnover rate		56	%		97	%		94	%		100	%		139	%		173	%
Net assets, end of period (000s omitted)		$63,934			$68,611			$57,533			$232,954			$223,320			$247,298

1.	Calculated based upon average shares outstanding

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

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


Financial highlights		Wells Fargo Advantage Endeavor Select Fund			17

(For a share outstanding throughout each period)


	Six months ended January 31, 2014 (unaudited)			Year ended July 31
INSTITUTIONAL CLASS	Six months ended January 31, 2014 (unaudited)			2013			2012			2011			2010			2009
Net asset value, beginning of period	$	12.95		$	10.75		$	10.37		$	8.28		$	7.39		$	10.97
Net Investment income (loss)		(0.02	)¹		0.06	¹		(0.01	)¹		(0.01	)¹		(0.01	)¹		0.03	¹
Net realized and unrealized gains (losses) on investments		1.91			2.14			0.39			2.10			0.93			(3.35	)

Total from investment operations		1.89			2.20			0.38			2.09			0.92			(3.32	)
Distributions to shareholders from
Net investment income		(0.05	)		0.00			0.00			0.00			(0.03	)		0.00
Net realized gains		(0.67	)		0.00			0.00			0.00			0.00			(0.26	)

Total distributions to shareholders		(0.72	)		0.00			0.00			0.00			(0.03	)		(0.26	)
Net asset value, end of period	$	14.12		$	12.95		$	10.75		$	10.37		$	8.28		$	7.39
Total return²		14.68	%		20.37	%		3.66	%		25.24	%		12.41	%		(29.84	)%
Ratios to average net assets (annualized)
Gross expenses		0.83	%		0.83	%		0.80	%		0.80	%		0.83	%		0.88	%
Net expenses		0.80	%		0.80	%		0.79	%		0.80	%		0.80	%		0.80	%
Net investment income (loss)		(0.30	)%		0.50	%		(0.06	)%		(0.08	)%		(0.07	)%		0.38	%
Supplemental data
Portfolio turnover rate		56	%		97	%		94	%		100	%		139	%		173	%
Net assets, end of period (000s omitted)		$582,940			$508,685			$735,633			$853,494			$933,587			$867,167

1.	Calculated based upon average shares outstanding

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

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


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

1. ORGANIZATION

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

2. SIGNIFICANT ACCOUNTING POLICIES

Securities valuation

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

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

Investments which are not valued using any of the methods discussed above are valued at their fair value, as determined in good faith by the Board of Trustees of the Fund . The Board of Trustees has established a Valuation Committee comprised of the Trustees and has delegated to it the authority to take any actions regarding the valuation of portfolio securities that the Valuation Committee deems necessary or appropriate, including determining the fair value of portfolio securities, unless the determination has been delegated to the Management Valuation Team 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.

Security loans


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

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

Security transactions and income recognition

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

Dividend income is recognized on the ex-dividend date.

Distributions to shareholders

Federal and other taxes

Class allocations

3. FAIR VALUATION MEASUREMENTS

Level 1 – quoted prices in active markets for identical securities

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

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.


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

As of January 31, 2014, the inputs used in valuing investments in securities were as follows:


Investments in securities	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Equity securities
Common stocks	$	683,110,222	$	0	$	0	$	683,110,222
Short-term investments
Investment companies		6,727,804		0		0		6,727,804
	$	689,838,026	$	0	$	0	$	689,838,026

4. TRANSACTIONS WITH AFFILIATES AND OTHER EXPENSES

Advisory fee

Administration and transfer agent fees


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

Funds Management has contractually waived and/or reimbursed advisory and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. Waiver of fees and/or reimbursement of expenses by Funds Management were made first from fund level expenses on a proportionate basis and then from class specific expenses. Funds Management has committed through November 30, 2014 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.25% for Class A shares, 2.00% for Class B shares, 2.00% for Class C shares, 1.00% for Administrator Class shares, and 0.80% for Institutional Class shares.

Distribution fees

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

For the six months ended January 31, 2014, Wells Fargo Funds Distributor, LLC received $2,665 from the sale of Class A shares.


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

Shareholder servicing fees

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

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended January 31, 2014 were $372,689,994 and $404,156,406, respectively.

6. BANK BORROWINGS

For the six months ended January 31, 2014, there were no borrowings by the Fund under the agreement.

7. CONCENTRATION RISK

8. INDEMNIFICATION


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

PROXY VOTING INFORMATION

PORTFOLIO HOLDINGS INFORMATION


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

BOARD OF TRUSTEES AND OFFICERS

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 Harbor 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 50 portfolios as of 12/16/2013); Asset Allocation Trust
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business, Stanford University, Morgan Stanley Director of the Center for Leadership Development and Research and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	Asset Allocation Trust
Olivia S. Mitchell (Born 1953)	Trustee, since 2006	International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993.	Asset Allocation Trust
Timothy J. Penny (Born 1951)	Trustee, since 1996	President and CEO of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007 and Senior Fellow at the Humphrey Institute Policy Forum at the University of Minnesota since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	Asset Allocation Trust


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


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

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

Officers


Name and year of birth	Position held and length of service	Principal occupations during past five years
Karla M. Rabusch (Born 1959)	President, since 2003	Executive Vice President of Wells Fargo Bank, N.A. and President of Wells Fargo Funds Management, LLC since 2003.
Jeremy DePalma¹ (Born 1974)	Treasurer, since 2012	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Vice President, Evergreen Investment Services, Inc. from 2004 to 2007. Head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.
C. David Messman (Born 1960)	Secretary, since 2000; Chief Legal Officer, since 2003	Senior Vice President and Secretary of Wells Fargo Funds Management, LLC since 2001. Vice President and Managing Counsel of Wells Fargo Bank, N.A. since 1996.
Debra Ann Early (Born 1964)	Chief Compliance Officer, since 2007	Chief Compliance Officer of Wells Fargo Funds Management, LLC since 2007. Chief Compliance Officer of Parnassus Investments from 2005 to 2007. Chief Financial Officer of Parnassus Investments from 2004 to 2007.
David Berardi (Born 1975)	Assistant Treasurer, since 2009	Vice President of Wells Fargo Funds Management, LLC since 2009. Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Assistant Vice President of Evergreen Investment Services, Inc. from 2004 to 2008. Manager of Fund Reporting and Control for Evergreen Investment Management Company, LLC from 2004 to 2010.

1.	Jeremy DePalma acts as Treasurer of 59 funds and Assistant Treasurer of 73 funds in the Fund Complex.

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


List of abbreviations		Wells Fargo Advantage Endeavor Select Fund			25

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

ACA	— ACA Financial Guaranty Corporation

ADR	— American depositary receipt

ADS	— American depositary shares

AGC	— Assured Guaranty Corporation

AGM	— Assured Guaranty Municipal

Ambac

— Ambac Financial Group Incorporated

AMT	— Alternative minimum tax

AUD	— Australian dollar

BAN	— Bond anticipation notes

BHAC	— Berkshire Hathaway Assurance Corporation

BRL	— Brazilian real

CAB	— Capital appreciation bond

CAD	— Canadian dollar

CCAB	— Convertible capital appreciation bond

CDA	— Community Development Authority

CDO	— Collateralized debt obligation

CHF	— Swiss franc

CLP	— Chilean peso

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

LLLP	— Limited liability limited partnership

LLP	— Limited liability partnership

LOC	— Letter of credit

LP	— Limited partnership

MBIA	— Municipal Bond Insurance Association

MFHR	— Multifamily housing revenue

MSTR	— Municipal securities trust receipts

MTN	— Medium-term note

MUD	— Municipal Utility District

MXN	— Mexican peso

MYR	— Malaysian ringgit

National

— National Public Finance Guarantee Corporation

NGN	— Nigerian naira

NOK	— Norwegian krone

NZD	— New Zealand dollar

PCFA	— Pollution Control Financing Authority

PCL	— Public Company Limited

PCR	— Pollution control revenue

PFA	— Public Finance Authority

PFFA	— Public Facilities Financing Authority

PFOTER

— Puttable floating option tax-exempt receipts

plc	— Public limited company

PLN	— Polish zloty

PUTTER

— Puttable tax-exempt receipts

R&D	— Research & development

Radian

— Radian Asset Assurance

RAN	— Revenue anticipation notes

RDA	— Redevelopment Authority

RDFA	— Redevelopment Finance Authority

REIT	— Real estate investment trust

ROC	— Reset option certificates

RON	— Romanian lei

RUB	— Russian ruble

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

THB	— Thai baht

TIPS	— Treasury inflation-protected securities

TRAN	— Tax revenue anticipation notes

TRY	— Turkish lira

TTFA	— Transportation Trust Fund Authority

TVA	— Tennessee Valley Authority

ZAR	— South African rand

This page is intentionally left blank.

LOGO

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

NOT FDIC INSURED ¡ NO BANK GUARANTEE ¡ MAY LOSE VALUE

222987 03-14

SA205/SAR205 1-14

Wells Fargo Advantage Growth Fund

LOGO

Semi-Annual Report

January 31, 2014

LOGO

Reduce clutter. Save trees.

Contents


Letter to shareholders			2

Performance highlights			4

Fund expenses			6

Portfolio of investments			7

Financial statements
Statement of assets and liabilities			12
Statement of operations			13
Statement of changes in net assets			14
Financial highlights			15

Notes to financial statements			20

Other information			24

List of abbreviations			27

NOT FDIC INSURED ¡ NO BANK GUARANTEE ¡ MAY LOSE VALUE


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

LOGO

Karla M. Rabusch

President

Wells Fargo Advantage Funds

Major central banks continued to inject liquidity into the banks and the markets through various quantitative easing policies.

Dear Valued Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Advantage Growth Fund for the six-month period that ended January 31, 2014. Much of the period was marked by monetary easing by global central banks. Entering the period, investors were concerned that the U.S. Federal Reserve (Fed) would end its bond-buying program, which initially led to higher interest rates and resulted in losses for bond indexes and volatility for global stock indexes. These fears dissipated in late September 2013 and ended altogether in mid-December 2013 when the Fed announced a tapering timeline that was far more moderate than some had feared. Growing confidence that the U.S. economy was staging a fragile recovery resulted in double-digit returns for domestic stock market indexes for the six-month reporting period.

Central banks continued to provide stimulus.

U.S. stock markets gained on relatively good news.

The most significant negative effect was the ongoing fight in Washington, D.C., over the federal budget and debt limit. The Budget Control Act of 2011, which was passed to resolve a previous fight over the federal debt ceiling, mandated budget sequestration that took effect on March 1, 2013, and was an overhang on economic growth throughout the reporting period. Most recently, Congress was unable to pass a resolution to continue to fund the federal government, and thus, the federal government underwent a partial shutdown from September 30, 2013, through October 16, 2013. The government reopened after the president and Congress reached a deal that funded the government through January 15, 2014, and raised the debt limit through February 7, 2014. In December 2013, Congress passed the Ryan–Murray budget agreement that funded the government through September 2015, lessening the near-term prospect of another shutdown.


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

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

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,

LOGO

Karla M. Rabusch

President

Wells Fargo Advantage Funds

Despite political headwinds, the relatively positive outlook for the U.S. economy contributed to a strong domestic stock market for most of the reporting period.

Notice to shareholders

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


4		Wells Fargo Advantage Growth Fund		Performance highlights (unaudited)

The Fund is currently closed to most new investors¹.

Investment objective

The Fund seeks long-term capital appreciation.

Adviser

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Thomas C. Ognar, CFA

Bruce C. Olson, CFA

Joseph M. Eberhardy, CFA, CPA

Average annual total returns (%) as of January 31, 2014


		Including sales charge						Excluding sales charge						Expense ratios³ (%)
	Inception date	1 year		5 year		10 year		1 year		5 year		10 year		Gross		Net⁴
Class A (SGRAX)²	2-24-2000		16.70		24.27		10.95		23.82		25.76		11.61		1.18		1.18
Class C (WGFCX)	12-26-2002		21.90		24.82		10.80		22.90		24.82		10.80		1.93		1.93
Administrator Class (SGRKX)	8-30-2002		–		–		–		24.13		26.10		11.98		1.02		0.96
Institutional Class (SGRNX)	2-24-2000		–		–		–		24.38		26.33		12.15		0.75		0.75
Investor Class (SGROX)	12-31-1993		–		–		–		23.75		25.65		11.51		1.24		1.24
Russell 3000^® Growth Index⁵	–		–		–		–		24.95		21.13		7.41		–		–

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

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

Please see footnotes on page 5.


Performance highlights (unaudited)		Wells Fargo Advantage Growth Fund			5


Ten largest equity holdings⁶ (%) as of January 31, 2014
Google Incorporated Class A			4.89
Alexion Pharmaceuticals Incorporated			3.09
Dollar Tree Incorporated			2.49
Whole Foods Market Incorporated			2.37
Gilead Sciences Incorporated			2.09
Amazon.com Incorporated			2.07
CarMax Incorporated			2.06
Concho Resources Incorporated			2.05
eBay Incorporated			1.89
MasterCard Incorporated Class A			1.88

Sector distribution⁷ as of January 31, 2014

LOGO

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

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

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

The Adviser has committed through November 30, 2014, to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waiver, excluding certain expenses, at 1.21% for Class A, 1.96% for Class C, 0.96% for Administrator Class, 0.75% for Institutional Class, and 1.27% for Investor Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses, and extraordinary expenses are excluded from the cap. Without this cap, the Fund’s returns would have been lower.

5.	The Russell 3000^® Growth Index measures the performance of those Russell 3000^® Index companies with higher price-to-book ratios and higher forecasted growth values. You cannot invest directly in an index.

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

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


6		Wells Fargo Advantage Growth Fund		Fund expenses (unaudited)

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from August 1, 2013 to January 31, 2014.

Actual expenses

Hypothetical example for comparison purposes


	Beginning account value 8-1-2013		Ending account value 1-31-2014		Expenses paid during the period¹		Net annualized expense ratio
Class A
Actual	$	1,000.00	$	1,108.36	$	6.27		1.18	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.26	$	6.01		1.18	%
Class C
Actual	$	1,000.00	$	1,104.42	$	10.24		1.93	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.48	$	9.80		1.93	%
Administrator Class
Actual	$	1,000.00	$	1,109.96	$	5.11		0.96	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.37	$	4.89		0.96	%
Institutional Class
Actual	$	1,000.00	$	1,111.12	$	3.99		0.75	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.42	$	3.82		0.75	%
Investor Class
Actual	$	1,000.00	$	1,108.23	$	6.59		1.24	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.95	$	6.31		1.24	%

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


Portfolio of investments—January 31, 2014 (unaudited)		Wells Fargo Advantage Growth Fund			7


Security name	Shares		Value


Common Stocks: 99.87%

Consumer Discretionary: 21.95%

Auto Components: 0.22%
Delphi Automotive plc		450,000	$	27,400,500


Distributors: 1.17%
LKQ Corporation †		5,280,000		142,929,600


Diversified Consumer Services: 0.25%
Grand Canyon Education Incorporated †		685,000		30,016,700


Hotels, Restaurants & Leisure: 2.45%
Chipotle Mexican Grill Incorporated †		340,000		187,666,400
Starbucks Corporation		1,575,000		112,014,000

				299,680,400


Internet & Catalog Retail: 6.52%
Amazon.com Incorporated †		707,000		253,593,830
HomeAway Incorporated †		3,750,000		153,225,000
priceline.com Incorporated †		168,000		192,341,520
RetailMeNot Incorporated †«		1,443,000		51,096,630
Shutterfly Incorporated †**		2,760,000		130,713,600
TripAdvisor Incorporated †		228,000		17,599,320

				798,569,900


Multiline Retail: 2.49%
Dollar Tree Incorporated †		6,025,000		304,383,000


Specialty Retail: 7.09%
Cabela’s Incorporated †		3,050,000		203,923,000
CarMax Incorporated †		5,590,000		252,164,900
DSW Incorporated Class A		2,331,700		87,788,505
Five Below Incorporated †«		2,200,000		80,630,000
GNC Holdings Incorporated Class A		215,000		10,988,650
Tractor Supply Company		2,285,000		151,975,350
Ulta Salon, Cosmetics & Fragrance Incorporated †		709,000		60,768,390
Urban Outfitters Incorporated †		545,000		19,521,900
Vitamin Shoppe Incorporated †		15,000		672,300

				868,432,995


Textiles, Apparel & Luxury Goods: 1.76%
lululemon athletica incorporated †«		235,000		10,737,150
Michael Kors Holdings Limited †		597,000		47,718,210
Under Armour Incorporated Class A †		1,450,000		156,759,500

				215,214,860


Consumer Staples: 5.03%

Food & Staples Retailing: 4.24%
Costco Wholesale Corporation		595,000		66,854,200
Sprouts Farmers Market Incorporated †		1,850,000		66,119,000

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


8		Wells Fargo Advantage Growth Fund		Portfolio of investments—January 31, 2014 (unaudited)


Security name	Shares		Value


Food & Staples Retailing (continued)
The Fresh Market Incorporated †		2,725,000	$	95,266,000
Whole Foods Market Incorporated		5,551,000		290,095,260

				518,334,460


Food Products: 0.33%
Annie’s Incorporated †		1,016,470		40,780,776


Personal Products: 0.46%
Estee Lauder Companies Incorporated Class A		819,000		56,298,060


Energy: 5.18%

Oil, Gas & Consumable Fuels: 5.18%
Antero Resources Corporation †		40,799		2,396,533
Concho Resources Incorporated †		2,565,000		250,831,350
Energy XXI (Bermuda) Limited		3,410,600		78,273,270
Oasis Petroleum Incorporated †		1,475,000		61,669,750
Pioneer Natural Resources Company		1,107,000		187,437,240
Whiting Petroleum Corporation †		925,000		54,001,500

				634,609,643


Financials: 5.00%

Capital Markets: 2.34%
Financial Engines Incorporated		1,050,000		63,966,000
TD Ameritrade Holding Corporation		7,100,000		221,875,000

				285,841,000


Consumer Finance: 1.73%
American Express Company		2,270,000		192,995,400
Discover Financial Services		360,000		19,314,000

				212,309,400


Diversified Financial Services: 0.93%
MarketAxess Holdings Incorporated		1,820,000		114,186,800


Health Care: 20.42%

Biotechnology: 11.02%
Alexion Pharmaceuticals Incorporated †		2,380,000		377,777,400
Biogen Idec Incorporated †		339,000		105,984,960
BioMarin Pharmaceutical Incorporated †		1,242,000		85,548,960
Celgene Corporation †		1,180,000		179,277,400
Gilead Sciences Incorporated †		3,172,000		255,821,800
Medivation Incorporated †		1,327,000		105,629,200
Pharmacyclics Incorporated †		59,000		7,851,130
Quintiles Transnational Holdings Incorporated †		509,000		24,243,670
Regeneron Pharmaceuticals Incorporated †		501,000		144,583,590
Vertex Pharmaceuticals Incorporated †		781,000		61,730,240

				1,348,448,350

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


Portfolio of investments—January 31, 2014 (unaudited)		Wells Fargo Advantage Growth Fund			9


Security name	Shares		Value


Health Care Equipment & Supplies: 0.94%
Covidien plc		1,660,300	$	113,298,872
NxStage Medical Incorporated †		170,000		2,201,500

				115,500,372


Health Care Providers & Services: 3.32%
AmerisourceBergen Corporation		1,860,000		125,029,200
Catamaran Corporation †		2,985,000		145,130,700
Envision Healthcare Holdings Incorporated †		624,000		20,629,440
Express Scripts Holding Company †		1,550,000		115,769,500

				406,558,840


Health Care Technology: 1.66%
Cerner Corporation †		3,220,000		183,185,800
Veeva Systems Incorporated Class A †«		625,000		19,868,750

				203,054,550


Life Sciences Tools & Services: 1.48%
Covance Incorporated †		678,000		64,111,680
Mettler-Toledo International Incorporated †		476,000		117,238,800

				181,350,480


Pharmaceuticals: 2.00%
Jazz Pharmaceuticals plc †		225,000		34,123,500
Mallinckrodt plc †		306,000		17,695,980
Mylan Laboratories Incorporated †		825,000		37,463,250
Perrigo Company plc		998,000		155,348,680

				244,631,410


Industrials: 9.42%

Aerospace & Defense: 2.41%
Precision Castparts Corporation		480,000		122,280,000
The Boeing Company		502,000		62,880,520
United Technologies Corporation		965,000		110,029,300

				295,189,820


Air Freight & Logistics: 0.66%
United Parcel Service Incorporated Class B		854,000		81,326,420


Building Products: 0.54%
Fortune Brands Home & Security Incorporated		1,465,000		66,012,900


Commercial Services & Supplies: 0.09%
Tyco International Limited		273,000		11,053,770


Industrial Conglomerates: 0.55%
Danaher Corporation		900,000		66,951,000


Machinery: 0.69%
Flowserve Corporation		1,162,500		84,083,625

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


10		Wells Fargo Advantage Growth Fund		Portfolio of investments—January 31, 2014 (unaudited)


Security name	Shares		Value


Professional Services: 0.38%
Verisk Analytics Incorporated Class A †		725,000	$	46,298,500


Road & Rail: 4.10%
Genesee & Wyoming Incorporated Class A †		1,715,000		154,933,100
J.B. Hunt Transport Services Incorporated		421,000		31,596,050
Kansas City Southern		1,228,000		129,664,520
Norfolk Southern Corporation		1,270,000		117,589,300
Union Pacific Corporation		395,000		68,824,800

				502,607,770


Information Technology: 29.83%

Communications Equipment: 1.33%
QUALCOMM Incorporated		2,200,000		163,284,000


Computers & Peripherals: 1.97%
Apple Incorporated		401,000		200,740,600
Stratasys Limited †		336,000		40,508,160

				241,248,760


Internet Software & Services: 12.93%
Akamai Technologies Incorporated †		1,656,000		78,958,080
CoStar Group Incorporated †		222,000		38,192,880
Criteo SA ADR †		5,707		200,830
Demandware Incorporated †		375,000		23,880,000
eBay Incorporated †		4,350,000		231,420,000
Envestnet Incorporated †		473,625		20,247,469
Facebook Incorporated Class A †		2,881,000		180,264,170
Google Incorporated Class A †		507,000		598,751,790
MercadoLibre Incorporated «		1,500,000		144,735,000
Pandora Media Incorporated †		2,400,000		86,568,000
Rackspace Hosting Incorporated †		3,820,000		139,086,200
Shutterstock Incorporated †		122,720		9,892,459
Textura Corporation †«		403,000		12,670,320
Yelp Incorporated †		230,000		17,468,500

				1,582,335,698


IT Services: 5.78%
Alliance Data Systems Corporation †		745,000		178,546,700
Cognizant Technology Solutions Corporation Class A †		1,885,000		182,694,200
MasterCard Incorporated Class A		3,036,000		229,764,480
Visa Incorporated Class A		540,000		116,332,200

				707,337,580


Semiconductors & Semiconductor Equipment: 2.44%
Linear Technology Corporation		229,500		10,221,930
Microchip Technology Incorporated «		4,290,661		192,479,052
Silicon Laboratories Incorporated †		1,565,000		73,930,600
Xilinx Incorporated		485,000		22,513,700

				299,145,282

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


Portfolio of investments—January 31, 2014 (unaudited)		Wells Fargo Advantage Growth Fund			11


Security name				Shares		Value


Software: 5.38%
Concur Technologies Incorporated †					205,000	$	24,874,700
Fleetmatics Group plc †					2,400,000		96,024,000
Fortinet Incorporated †					1,356,600		28,759,920
Gigamon Incorporated †					300,000		9,138,000
NetSuite Incorporated †					325,900		34,278,162
Qlik Technologies Incorporated †					200,000		5,404,000
Salesforce.com Incorporated †					2,376,000		143,819,280
ServiceNow Incorporated †					167,000		10,592,810
Splunk Incorporated †					1,136,000		87,506,080
Synchronoss Technologies Incorporated †					855,000		22,794,300
Tableau Software Incorporated Class A †					383,000		30,954,060
Ultimate Software Group Incorporated †					1,010,000		164,862,300

							659,007,612


Materials: 3.04%

Chemicals: 3.04%
Airgas Incorporated					560,000		57,814,400
Monsanto Company					1,474,000		157,054,700
Praxair Incorporated					1,263,000		157,521,360

							372,390,460


Total Common Stocks (Cost $7,826,853,577)							12,226,805,293


	Yield
Short-Term Investments: 1.95%

Investment Companies: 1.95%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)		0.07	%		35,852,317		35,852,317
Wells Fargo Securities Lending Cash Investments, LLC (l)(u)(v)(r)		0.08			202,225,164		202,225,164


Total Short-Term Investments (Cost $238,077,481)							238,077,481


Total investments in securities
(Cost $8,064,931,058) *	101.82	%		12,464,882,774
Other assets and liabilities, net	(1.82	)		(222,450,755	)

Total net assets	100.00	%	$	12,242,432,019

†	Non-income-earning security

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

(l)	Investment in an affiliate

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

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

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

*	Cost for federal income tax purposes is $8,079,203,787 and unrealized appreciation (depreciation) consists of:


Gross unrealized appreciation	$	4,472,757,864
Gross unrealized depreciation		(87,078,877	)

Net unrealized appreciation	$	4,385,678,987

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


12		Wells Fargo Advantage Growth Fund		Statement of assets and liabilities—January 31, 2014 (unaudited)




Assets
Investments
In unaffiliated securities (including securities on loan), at value (see cost below)	$	12,096,091,693
In affiliated securities, at value (see cost below)		368,791,081

Total investments, at value (see cost below)		12,464,882,774
Receivable for investments sold		59,877,020
Receivable for Fund shares sold		17,468,791
Receivable for dividends		1,397,360
Receivable for securities lending income		82,519
Prepaid expenses and other assets		118,033

Total assets		12,543,826,497


Liabilities
Payable for investments purchased		70,631,349
Payable for Fund shares redeemed		16,698,460
Payable upon receipt of securities loaned		202,225,164
Advisory fee payable		6,642,869
Distribution fees payable		431,550
Due to other related parties		2,499,251
Accrued expenses and other liabilities		2,265,835

Total liabilities		301,394,478

Total net assets	$	12,242,432,019


NET ASSETS CONSIST OF
Paid-in capital	$	7,536,700,273
Accumulated net investment loss		(63,239,721	)
Accumulated net realized gains on investments		369,019,751
Net unrealized gains on investments		4,399,951,716

Total net assets	$	12,242,432,019


COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE¹
Net assets – Class A	$	2,559,886,269
Shares outstanding – Class A		51,171,589
Net asset value per share – Class A		$50.03
Maximum offering price per share – Class A²		$53.08
Net assets – Class C	$	626,380,997
Shares outstanding – Class C		13,569,482
Net asset value per share – Class C		$46.16
Net assets – Administrator Class	$	3,591,156,997
Shares outstanding – Administrator Class		68,039,429
Net asset value per share – Administrator Class		$52.78
Net assets – Institutional Class	$	3,030,598,806
Shares outstanding – Institutional Class		55,636,486
Net asset value per share – Institutional Class		$54.47
Net assets – Investor Class	$	2,434,408,950
Shares outstanding – Investor Class		48,812,573
Net asset value per share – Investor Class		$49.87

Investments in unaffiliated securities (including securities on loan), at cost	$	7,752,660,578

Investments in affiliated securities, at cost	$	312,270,480

Total investments, at cost	$	8,064,931,058

Securities on loan, at value	$	197,819,832

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

2.	Maximum offering price is computed as 100/94.25 of net asset value. On investments of $50,000 or more, the offering price is reduced.

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


Statement of operations—six months ended January 31, 2014 (unaudited)		Wells Fargo Advantage Growth Fund			13




Investment income
Dividends	$	31,477,292
Securities lending income, net		337,670
Income from affiliated securities		966,945

Total investment income		32,781,907


Expenses
Advisory fee		37,682,925
Administration fees
Fund level		2,601,386
Class A		3,388,434
Class C		822,559
Administrator Class		1,796,323
Institutional Class		1,179,450
Investor Class		3,945,904
Shareholder servicing fees
Class A		3,258,109
Class C		790,922
Administrator Class		4,405,873
Investor Class		3,080,904
Distribution fees
Class C		2,372,765
Custody and accounting fees		304,098
Professional fees		34,093
Registration fees		111,211
Shareholder report expenses		439,235
Trustees’ fees and expenses		5,485
Other fees and expenses		126,208

Total expenses		66,345,884
Less: Fee waivers and/or expense reimbursements		(1,158,737	)

Net expenses		65,187,147

Net investment loss		(32,405,240	)


REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS

Net realized gains (losses) on:
Unaffiliated securities		593,670,182
Affiliated securities		(14,524,932	)

Net realized gains on investments		579,145,250


Net change in unrealized gains (losses) on:
Unaffiliated securities		724,963,648
Affiliated securities		(46,518,052	)

Net change in unrealized gains (losses) on investments		678,445,596

Net realized and unrealized gains (losses) on investments		1,257,590,846

Net increase in net assets resulting from operations	$	1,225,185,606

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


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


	Six months ended January 31, 2014 (unaudited)						Year ended July 31, 2013

Operations
Net investment loss				$	(32,405,240	)				$	(31,466,810	)
Net realized gains on investments					579,145,250						462,255,497
Net change in unrealized gains (losses) on investments					678,445,596						1,822,346,339

Net increase in net assets resulting from operations					1,225,185,606						2,253,135,026


Distributions to shareholders from
Net realized gains
Class A					(89,729,153	)					0
Class C					(23,545,922	)					0
Administrator Class					(118,713,858	)					0
Institutional Class					(93,848,760	)					0
Investor Class					(85,239,966	)					0

Total distributions to shareholders					(411,077,659	)					0


Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		3,473,408			172,869,657			9,894,040			408,238,204
Class C		573,281			26,422,248			1,147,995			44,251,040
Administrator Class		8,206,588			430,160,008			20,894,228			909,698,951
Institutional Class		6,972,128			374,123,277			18,150,039			808,730,212
Investor Class		2,186,626			107,562,279			4,832,369			198,790,403

					1,111,137,469						2,369,708,810

Reinvestment of distributions
Class A		1,674,692			83,232,180			0			0
Class C		351,793			16,150,797			0			0
Administrator Class		2,144,766			112,428,654			0			0
Institutional Class		1,666,978			90,150,182			0			0
Investor Class		1,690,906			83,784,433			0			0

					385,746,246						0

Payment for shares redeemed
Class A		(6,710,496	)		(332,258,324	)		(17,025,386	)		(706,155,026	)
Class C		(932,237	)		(42,839,630	)		(2,400,300	)		(93,030,757	)
Administrator Class		(9,630,576	)		(503,153,040	)		(28,712,741	)		(1,239,210,292	)
Institutional Class		(5,321,063	)		(285,425,838	)		(22,463,835	)		(993,743,121	)
Investor Class		(4,477,689	)		(220,786,451	)		(13,875,944	)		(570,744,025	)

					(1,384,463,283	)					(3,602,883,221	)

Net increase (decrease) in net assets resulting from capital share transactions					112,420,432						(1,233,174,411	)

Total increase in net assets					926,528,379						1,019,960,615


Net assets
Beginning of period					11,315,903,640						10,295,943,025

End of period				$	12,242,432,019					$	11,315,903,640

Accumulated net investment loss				$	(63,239,721	)				$	(30,834,481	)

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


Financial highlights		Wells Fargo Advantage Growth Fund			15

(For a share outstanding throughout each period)


	Six months ended January 31, 2014 (unaudited)			Year ended July 31
CLASS A	Six months ended January 31, 2014 (unaudited)			2013			2012			2011			2010			2009
Net asset value, beginning of period	$	46.74		$	37.85		$	35.88		$	26.10		$	21.13		$	25.20
Net investment loss		(0.16	)¹		(0.17	)¹		(0.21	)¹		(0.27	)¹		(0.16	)¹		(0.08	)¹
Net realized and unrealized gains (losses) on investments		5.22			9.06			2.65			10.05			5.13			(3.99	)

Total from investment operations		5.06			8.89			2.44			9.78			4.97			(4.07	)
Distributions to shareholders from
Net realized gains		(1.77	)		0.00			(0.47	)		0.00			0.00			0.00
Net asset value, end of period	$	50.03		$	46.74		$	37.85		$	35.88		$	26.10		$	21.13
Total return²		10.84	%		23.49	%		6.93	%		37.43	%		23.52	%		(16.15	)%
Ratios to average net assets (annualized)
Gross expenses		1.18	%		1.19	%		1.20	%		1.24	%		1.31	%		1.35	%
Net expenses		1.18	%		1.19	%		1.20	%		1.24	%		1.30	%		1.29	%
Net investment loss		(0.65	)%		(0.41	)%		(0.56	)%		(0.81	)%		(0.64	)%		(0.44	)%
Supplemental data
Portfolio turnover rate		18	%		38	%		47	%		54	%		72	%		88	%
Net assets, end of period (000s omitted)		$2,559,886			$2,464,533			$2,265,845			$1,204,675			$163,485			$46,250

1.	Calculated based upon average shares outstanding

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

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


16		Wells Fargo Advantage Growth Fund		Financial highlights

(For a share outstanding throughout each period)


	Six months ended January 31, 2014 (unaudited)			Year ended July 31
CLASS C	Six months ended January 31, 2014 (unaudited)			2013			2012			2011			2010			2009
Net asset value, beginning of period	$	43.41		$	35.42		$	33.86		$	24.81		$	20.24		$	24.30
Net investment loss		(0.33	)¹		(0.45	)¹		(0.46	)¹		(0.51	)¹		(0.34	)¹		(0.21	)¹
Net realized and unrealized gains (losses) on investments		4.85			8.44			2.49			9.56			4.91			(3.85	)

Total from investment operations		4.52			7.99			2.03			9.05			4.57			(4.06	)
Distributions to shareholders from
Net realized gains		(1.77	)		0.00			(0.47	)		0.00			0.00			0.00
Net asset value, end of period	$	46.16		$	43.41		$	35.42		$	33.86		$	24.81		$	20.24
Total return²		10.44	%		22.56	%		6.12	%		36.44	%		22.58	%		(16.71	)%
Ratios to average net assets (annualized)
Gross expenses		1.93	%		1.94	%		1.95	%		1.99	%		2.06	%		2.07	%
Net expenses		1.93	%		1.94	%		1.95	%		1.99	%		2.05	%		2.02	%
Net investment loss		(1.40	)%		(1.16	)%		(1.32	)%		(1.57	)%		(1.40	)%		(1.17	)%
Supplemental data
Portfolio turnover rate		18	%		38	%		47	%		54	%		72	%		88	%
Net assets, end of period (000s omitted)		$626,381			$589,402			$525,285			$233,114			$14,737			$2,387

1.	Calculated based upon average shares outstanding

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

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


Financial highlights		Wells Fargo Advantage Growth Fund			17

(For a share outstanding throughout each period)


	Six months ended January 31, 2014 (unaudited)			Year ended July 31
ADMINISTRATOR CLASS	Six months ended January 31, 2014 (unaudited)			2013			2012			2011			2010			2009
Net asset value, beginning of period	$	49.16		$	39.72		$	37.54		$	27.24		$	21.98		$	26.12
Net investment loss		(0.11	)		(0.08	)¹		(0.13	)¹		(0.18	)¹		(0.08	)¹		(0.01	)¹
Net realized and unrealized gains (losses) on investments		5.50			9.52			2.78			10.48			5.34			(4.13	)

Total from investment operations		5.39			9.44			2.65			10.30			5.26			(4.14	)
Distributions to shareholders from
Net realized gains		(1.77	)		0.00			(0.47	)		0.00			0.00			0.00
Net asset value, end of period		$52.78			$49.16			$39.72			$37.54			$27.24			$21.98
Total return²		11.00	%		23.77	%		7.15	%		37.81	%		23.93	%		(15.85	)%
Ratios to average net assets (annualized)
Gross expenses		1.02	%		1.03	%		1.03	%		1.08	%		1.13	%		1.18	%
Net expenses		0.96	%		0.96	%		0.96	%		0.96	%		0.96	%		0.96	%
Net investment loss		(0.42	)%		(0.18	)%		(0.33	)%		(0.51	)%		(0.29	)%		(0.07	)%
Supplemental data
Portfolio turnover rate		18	%		38	%		47	%		54	%		72	%		88	%
Net assets, end of period (000s omitted)		$3,591,157			$3,309,683			$2,984,775			$1,339,245			$414,489			$196,301

1.	Calculated based upon average shares outstanding

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

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


18		Wells Fargo Advantage Growth Fund		Financial highlights

(For a share outstanding throughout each period)


	Six months ended January 31, 2014 (unaudited)			Year ended July 31
INSTITUTIONAL CLASS	Six months ended January 31, 2014 (unaudited)			2013			2012			2011			2010			2009
Net asset value, beginning of period	$	50.63		$	40.83		$	38.49		$	27.88		$	22.46		$	26.65
Net Investment income (loss)		(0.06	)¹		0.01	¹		(0.05	)¹		(0.12	)¹		(0.03	)¹		0.01	¹
Net realized and unrealized gains (losses) on investments		5.67			9.79			2.86			10.73			5.45			(4.20	)

Total from investment operations		5.61			9.80			2.81			10.61			5.42			(4.19	)
Distributions to shareholders from
Net realized gains		(1.77	)		0.00			(0.47	)		0.00			0.00			0.00
Net asset value, end of period	$	54.47		$	50.63		$	40.83		$	38.49		$	27.88		$	22.46
Total return²		11.11	%		24.03	%		7.37	%		38.06	%		24.13	%		(15.72	)%
Ratios to average net assets (annualized)
Gross expenses		0.75	%		0.76	%		0.77	%		0.81	%		0.86	%		0.91	%
Net expenses		0.75	%		0.75	%		0.76	%		0.80	%		0.80	%		0.80	%
Net investment income (loss)		(0.22	)%		0.02	%		(0.13	)%		(0.35	)%		(0.12	)%		0.07	%
Supplemental data
Portfolio turnover rate		18	%		38	%		47	%		54	%		72	%		88	%
Net assets, end of period (000s omitted)		$3,030,599			$2,649,095			$2,312,074			$992,748			$367,360			$255,282

1.	Calculated based upon average shares outstanding

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

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


Financial highlights		Wells Fargo Advantage Growth Fund			19

(For a share outstanding throughout each period)


	Six months ended January 31, 2014 (unaudited)			Year ended July 31
INVESTOR CLASS	Six months ended January 31, 2014 (unaudited)			2013			2012			2011			2010			2009
Net asset value, beginning of period	$	46.61		$	37.77		$	35.83		$	26.09		$	21.14		$	25.23
Net investment loss		(0.18	)¹		(0.19	)¹		(0.23	)¹		(0.28	)¹		(0.17	)¹		(0.10	)¹
Net realized and unrealized gains (losses) on investments		5.21			9.03			2.64			10.02			5.12			(3.99	)

Total from investment operations		5.03			8.84			2.41			9.74			4.95			(4.09	)
Distributions to shareholders from
Net realized gains		(1.77	)		0.00			(0.47	)		0.00			0.00			0.00
Net asset value, end of period	$	49.87		$	46.61		$	37.77		$	35.83		$	26.09		$	21.14
Total return²		10.82	%		23.40	%		6.85	%		37.29	%		23.42	%		(16.21	)%
Ratios to average net assets (annualized)
Gross expenses		1.24	%		1.25	%		1.26	%		1.31	%		1.41	%		1.46	%
Net expenses		1.24	%		1.25	%		1.26	%		1.31	%		1.40	%		1.40	%
Net investment loss		(0.71	)%		(0.47	)%		(0.64	)%		(0.85	)%		(0.71	)%		(0.54	)%
Supplemental data
Portfolio turnover rate		18	%		38	%		47	%		54	%		72	%		88	%
Net assets, end of period (000s omitted)		$2,434,409			$2,303,191			$2,207,964			$1,707,285			$941,660			$748,218

1.	Calculated based upon average shares outstanding

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

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


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

1. ORGANIZATION

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

2. SIGNIFICANT ACCOUNTING POLICIES

Securities valuation

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

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

Security loans


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

Security transactions and income recognition

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

Dividend income is recognized on the ex-dividend date.

Distributions to shareholders

Federal and other taxes

As of July 31, 2013, the Fund had a qualified late-year ordinary loss of $30,834,481 which was recognized on the first day of the current fiscal year.

Class allocations

3. FAIR VALUATION MEASUREMENTS

Level 1 – quoted prices in active markets for identical securities

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

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


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

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

As of January 31, 2014, the inputs used in valuing investments in securities were as follows:


Investments in securities	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Equity securities
Common stocks	$	12,226,805,293	$	0	$	0	$	12,226,805,293
Short-term investments
Investment companies		35,852,317		202,225,164		0		238,077,481
	$	12,262,657,610	$	202,225,164	$	0	$	12,464,882,774

4. TRANSACTIONS WITH AFFILIATES AND OTHER EXPENSES

Advisory fee

Pursuant to the contract, Funds Management is entitled to receive an annual advisory fee starting at 0.75% and declining to 0.55% as the average daily net assets of the Fund increase. Prior to December 1, 2013, Funds Management received an annual advisory feel which started at 0.75% and declined to 0.60% as the average daily net assets of the Fund increased. For the six months ended January 31, 2014, the advisory fee was equivalent to an annual rate of 0.62% of the Fund’s average daily net assets.

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Funds Management. WellsCap, an affiliate of Funds Management and an indirect, wholly owned subsidiary of Wells Fargo, is the subadviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.45% and declining to 0.30% as the average daily net assets of the Fund increase.

Administration and transfer agent fees


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

Funds Management has contractually waived and/or reimbursed advisory and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. Waiver of fees and/or reimbursement of expenses by Funds Management were made first from fund level expenses on a proportionate basis and then from class specific expenses. Funds Management has committed through November 31, 2014 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.21% for Class A shares, 1.96% for Class C shares, 0.96% for Administrator Class shares, 0.75% for Institutional Class shares, and 1.27% for Investor Class shares.


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

Distribution fees

For the six months ended January 31, 2014, Wells Fargo Funds Distributor, LLC received $44,526 from the sale of Class A shares and $824 in contingent deferred sales charges from redemptions of Class C shares.

Shareholder servicing fees

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended January 31, 2014 were $2,156,766,110 and $2,403,452,617, respectively.

6. INVESTMENTS IN AFFILIATES

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


	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period		Value, end of period		Income from affiliated securities		Realized gains (losses)
Energy XXI (Bermuda) Limited		3,950,000		0		539,400		3,410,600	$	78,273,270	$	948,000	$	(5,974,067	)
Shutterfly Incorporated		2,760,000		0		0		2,760,000		130,713,600		0		0
The Fresh Market Incorporated		3,985,000		0		1,260,000		2,725,000		95,266,000		0		(14,435,444	)
Vitamin Shoppe Incorporated		2,565,000		0		2,550,000		15,000		672,300		0		5,884,579
									$	304,925,170	$	948,000	$	(14,524,932	)

7. BANK BORROWINGS

For the six months ended January 31, 2014, there were no borrowings by the Fund under the agreement.

8. CONCENTRATION RISK

9. INDEMNIFICATION


24		Wells Fargo Advantage Growth Fund		Other information (unaudited)

PROXY VOTING INFORMATION

PORTFOLIO HOLDINGS INFORMATION


Other information (unaudited)		Wells Fargo Advantage Growth Fund			25

BOARD OF TRUSTEES AND OFFICERS

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 Harbor 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 50 portfolios as of 12/16/2013); Asset Allocation Trust
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business, Stanford University, Morgan Stanley Director of the Center for Leadership Development and Research and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	Asset Allocation Trust
Olivia S. Mitchell (Born 1953)	Trustee, since 2006	International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993.	Asset Allocation Trust
Timothy J. Penny (Born 1951)	Trustee, since 1996	President and CEO of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007 and Senior Fellow at the Humphrey Institute Policy Forum at the University of Minnesota since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	Asset Allocation Trust


26		Wells Fargo Advantage Growth Fund		Other information (unaudited)


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

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

Officers


Name and year of birth	Position held and length of service	Principal occupations during past five years
Karla M. Rabusch (Born 1959)	President, since 2003	Executive Vice President of Wells Fargo Bank, N.A. and President of Wells Fargo Funds Management, LLC since 2003.
Jeremy DePalma¹ (Born 1974)	Treasurer, since 2012	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Vice President, Evergreen Investment Services, Inc. from 2004 to 2007. Head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.
C. David Messman (Born 1960)	Secretary, since 2000; Chief Legal Officer, since 2003	Senior Vice President and Secretary of Wells Fargo Funds Management, LLC since 2001. Vice President and Managing Counsel of Wells Fargo Bank, N.A. since 1996.
Debra Ann Early (Born 1964)	Chief Compliance Officer, since 2007	Chief Compliance Officer of Wells Fargo Funds Management, LLC since 2007. Chief Compliance Officer of Parnassus Investments from 2005 to 2007. Chief Financial Officer of Parnassus Investments from 2004 to 2007.
David Berardi (Born 1975)	Assistant Treasurer, since 2009	Vice President of Wells Fargo Funds Management, LLC since 2009. Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Assistant Vice President of Evergreen Investment Services, Inc. from 2004 to 2008. Manager of Fund Reporting and Control for Evergreen Investment Management Company, LLC from 2004 to 2010.

1.	Jeremy DePalma acts as Treasurer of 59 funds and Assistant Treasurer of 73 funds in the Fund Complex.

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


List of abbreviations		Wells Fargo Advantage Growth Fund			27

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

ACA	— ACA Financial Guaranty Corporation

ADR	— American depositary receipt

ADS	— American depositary shares

AGC	— Assured Guaranty Corporation

AGM	— Assured Guaranty Municipal

Ambac

— Ambac Financial Group Incorporated

AMT	— Alternative minimum tax

AUD	— Australian dollar

BAN	— Bond anticipation notes

BHAC	— Berkshire Hathaway Assurance Corporation

BRL	— Brazilian real

CAB	— Capital appreciation bond

CAD	— Canadian dollar

CCAB	— Convertible capital appreciation bond

CDA	— Community Development Authority

CDO	— Collateralized debt obligation

CHF	— Swiss franc

CLP	— Chilean peso

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

LLLP	— Limited liability limited partnership

LLP	— Limited liability partnership

LOC	— Letter of credit

LP	— Limited partnership

MBIA	— Municipal Bond Insurance Association

MFHR	— Multifamily housing revenue

MSTR	— Municipal securities trust receipts

MTN	— Medium-term note

MUD	— Municipal Utility District

MXN	— Mexican peso

MYR	— Malaysian ringgit

National

— National Public Finance Guarantee Corporation

NGN	— Nigerian naira

NOK	— Norwegian krone

NZD	— New Zealand dollar

PCFA	— Pollution Control Financing Authority

PCL	— Public Company Limited

PCR	— Pollution control revenue

PFA	— Public Finance Authority

PFFA	— Public Facilities Financing Authority

PFOTER

— Puttable floating option tax-exempt receipts

plc	— Public limited company

PLN	— Polish zloty

PUTTER

— Puttable tax-exempt receipts

R&D	— Research & development

Radian

— Radian Asset Assurance

RAN	— Revenue anticipation notes

RDA	— Redevelopment Authority

RDFA	— Redevelopment Finance Authority

REIT	— Real estate investment trust

ROC	— Reset option certificates

RON	— Romanian lei

RUB	— Russian ruble

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

THB	— Thai baht

TIPS	— Treasury inflation-protected securities

TRAN	— Tax revenue anticipation notes

TRY	— Turkish lira

TTFA	— Transportation Trust Fund Authority

TVA	— Tennessee Valley Authority

ZAR	— South African rand

This page is intentionally left blank.

LOGO

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

NOT FDIC INSURED ¡ NO BANK GUARANTEE ¡ MAY LOSE VALUE

222988 03-14

SA206/SAR206 1-14

Wells Fargo Advantage Intrinsic Value Fund

LOGO

Semi-Annual Report

January 31, 2014

LOGO

Reduce clutter. Save trees.

Contents


Letter to shareholders			2

Performance highlights			4

Fund expenses			6

Portfolio of investments			7

Financial statements
Statement of assets and liabilities			10
Statement of operations			11
Statement of changes in net assets			12
Financial highlights			14

Notes to financial statements			22

Other information			27

List of abbreviations			30

NOT FDIC INSURED ¡ NO BANK GUARANTEE ¡ MAY LOSE VALUE


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

LOGO

Karla M. Rabusch

President

Wells Fargo Advantage Funds

Major central banks continued to inject liquidity into the banks and the markets through various quantitative easing policies.

Dear Valued Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Advantage Intrinsic Value Fund for the six-month period that ended January 31, 2014. Much of the period was marked by monetary easing by global central banks. Entering the period, investors were concerned that the U.S. Federal Reserve (Fed) would end its bond-buying program, which initially led to higher interest rates and resulted in losses for bond indexes and volatility for global stock indexes. These fears dissipated in late September 2013 and ended altogether in mid-December 2013 when the Fed announced a tapering timeline that was far more moderate than some had feared. Growing confidence that the U.S. economy was staging a fragile recovery resulted in double-digit returns for domestic stock market indexes for the six-month reporting period.

Central banks continued to provide stimulus.

U.S. stock markets gained on relatively good news.


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

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

Sincerely,

LOGO

Karla M. Rabusch

President

Wells Fargo Advantage Funds

Despite political headwinds, the relatively positive outlook for the U.S. economy contributed to a strong domestic stock market for most of the reporting period.

Notice to shareholders

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


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

Investment objective

The Fund seeks long-term capital appreciation.

Adviser

Wells Fargo Funds Management, LLC

Subadviser

Metropolitan West Capital Management, LLC

Portfolio managers

Jeffrey Peck

Jean-Baptiste Nadal, CFA

Miguel E. Giaconi, CFA

Average annual total returns¹ (%) as of January 31, 2014


		Including sales charge						Excluding sales charge						Expense ratios² (%)
	Inception date	1 year		5 year		Since Inception		1 year		5 year		Since Inception		Gross		Net³
Class A (EIVAX)	8-1-2006		11.56		18.04		6.72		18.36		19.45		7.57		1.23		1.17
Class B (EIVBX)*	8-1-2006		12.42		18.34		6.83		17.42		18.54		6.83		1.98		1.92
Class C (EIVCX)	8-1-2006		16.44		18.54		6.78		17.44		18.54		6.78		1.98		1.92
Class R (EIVTX)	3-1-2013		–		–		–		18.18		19.16		7.33		1.48		1.42
Class R4 (EIVRX)	11-30-2012		–		–		–		18.77		19.80		7.87		0.90		0.81
Class R6 (EIVFX)	11-30-2012		–		–		–		18.93		19.83		7.89		0.75		0.66
Administrator Class (EIVDX)	7-30-2010		–		–		–		18.63		19.67		7.76		1.07		0.96
Institutional Class (EIVIX)	8-1-2006		–		–		–		18.87		19.82		7.88		0.80		0.71
Russell 1000^® Value Index⁴	–		–		–		–		20.02		18.69		5.32		–		–

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

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

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

Please see footnotes on page 5.


Performance highlights (unaudited)		Wells Fargo Advantage Intrinsic Value Fund			5


Ten largest equity holdings⁵ (%) as of January 31, 2014
Zions Bancorporation			3.27
NextEra Energy Incorporated			3.24
The Boeing Company			2.95
Walt Disney Company			2.89
TRW Automotive Holdings Corporation			2.76
Goldman Sachs Group Incorporated			2.71
PepsiCo Incorporated			2.64
Cigna Corporation			2.62
Intuit Incorporated			2.55
Honeywell International Incorporated			2.55

Sector distribution⁶ as of January 31, 2014

LOGO

Historical performance shown for Class R shares prior to their inception reflects the performance of Institutional Class shares, adjusted to reflect the higher expenses applicable to Class R shares. Historical performance shown for Class R4 shares prior to their inception reflects the performance of Institutional Class shares, adjusted to reflect the higher expenses applicable to Class R4 shares. Historical performance shown for Class R6 shares prior to their inception reflects the performance of Institutional Class shares, and includes the higher expenses applicable to Institutional Class shares. If these expenses had not been included, returns would be higher. Historical performance shown for 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 all classes of the Fund prior to July 19, 2010, is based on the performance of the Fund’s predecessor, Evergreen Intrinsic Value Fund.

The Adviser has committed through November 30, 2014, to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waiver, excluding certain expenses, at 1.16% for Class A, 1.91% for Class B, 1.91% for Class C, 1.41% for Class R, 0.80% for Class R4, 0.65% for Class R6, 0.95% for Administrator Class, and 0.70% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses, and extraordinary expenses are excluded from the cap. Without this cap, the Fund’s returns would have been lower.

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

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

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


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

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from August 1, 2013 to January 31, 2014.

Actual expenses

Hypothetical example for comparison purposes


	Beginning account value 8-1-2013		Ending account value 1-31-2014		Expenses paid during the period¹		Net annualized expense ratio
Class A
Actual	$	1,000.00	$	1,042.77	$	5.97		1.16	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.36	$	5.90		1.16	%
Class B
Actual	$	1,000.00	$	1,039.02	$	9.82		1.91	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.58	$	9.70		1.91	%
Class C
Actual	$	1,000.00	$	1,039.27	$	9.82		1.91	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.58	$	9.70		1.91	%
Class R
Actual	$	1,000.00	$	1,041.01	$	7.25		1.41	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.10	$	7.17		1.41	%
Class R4
Actual	$	1,000.00	$	1,044.79	$	4.12		0.80	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.17	$	4.08		0.80	%
Class R6
Actual	$	1,000.00	$	1,045.37	$	3.35		0.65	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.93	$	3.31		0.65	%
Administrator Class
Actual	$	1,000.00	$	1,044.19	$	4.89		0.95	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.42	$	4.84		0.95	%
Institutional Class
Actual	$	1,000.00	$	1,044.99	$	3.61		0.70	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.68	$	3.57		0.70	%

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


Portfolio of investments—January 31, 2014 (unaudited)		Wells Fargo Advantage Intrinsic Value Fund			7


Security name	Shares		Value

Common Stocks: 95.05%

Consumer Discretionary: 13.06%

Auto Components: 2.76%
TRW Automotive Holdings Corporation †		436,500	$	32,366,475


Media: 5.29%
Time Warner Incorporated		448,175		28,158,835
Walt Disney Company		466,300		33,858,043

				62,016,878


Specialty Retail: 3.21%
Home Depot Incorporated		318,600		24,484,410
Tiffany & Company		156,800		13,044,192

				37,528,602


Textiles, Apparel & Luxury Goods: 1.80%
Kering Unsponsored ADR		1,063,587		21,112,202


Consumer Staples: 8.99%

Beverages: 4.41%
Diageo plc ADR		172,903		20,757,005
PepsiCo Incorporated		384,500		30,898,420

				51,655,425


Food Products: 4.58%
The Hershey Company		292,309		29,055,515
Unilever NV ADR		658,525		24,589,324

				53,644,839


Energy: 8.40%

Energy Equipment & Services: 4.08%
FMC Technologies Incorporated †		511,184		25,272,937
Schlumberger Limited		257,565		22,554,967

				47,827,904


Oil, Gas & Consumable Fuels: 4.32%
EOG Resources Incorporated		105,652		17,457,936
Hess Corporation		70,902		5,352,392
Occidental Petroleum Corporation		317,731		27,823,704

				50,634,032


Financials: 19.66%

Capital Markets: 11.47%
Charles Schwab Corporation		1,026,978		25,489,594
Franklin Resources Incorporated		460,278		23,939,059
Goldman Sachs Group Incorporated		193,584		31,771,006
Northern Trust Corporation		455,811		27,448,938
UBS AG		1,294,362		25,718,973

				134,367,570

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


8		Wells Fargo Advantage Intrinsic Value Fund		Portfolio of investments—January 31, 2014 (unaudited)


Security name	Shares		Value

Commercial Banks: 5.69%
SunTrust Banks Incorporated		766,150	$	28,362,873
Zions Bancorporation		1,332,116		38,298,335

				66,661,208


Diversified Financial Services: 2.50%
JPMorgan Chase & Company		529,900		29,335,264


Health Care: 9.85%

Health Care Equipment & Supplies: 4.43%
Abbott Laboratories		765,761		28,072,798
Baxter International Incorporated		349,100		23,843,530

				51,916,328


Health Care Providers & Services: 4.98%
Cigna Corporation		355,347		30,670,000
Express Scripts Holding Company †		371,534		27,749,874

				58,419,874


Pharmaceuticals: 0.44%
AbbVie Incorporated		104,000		5,119,920


Industrials: 13.22%

Aerospace & Defense: 7.25%
Honeywell International Incorporated		327,300		29,859,579
Huntington Ingalls Industries Incorporated		216,488		20,570,690
The Boeing Company		276,145		34,589,923

				85,020,192


Air Freight & Logistics: 2.42%
United Parcel Service Incorporated Class B		298,017		28,380,159


Electrical Equipment: 1.77%
Sensata Technologies Holdings NV †		552,960		20,702,822


Machinery: 1.78%
Deere & Company		242,578		20,852,005


Information Technology: 14.34%

Communications Equipment: 2.50%
QUALCOMM Incorporated		394,935		29,312,076


Computers & Peripherals: 3.62%
Apple Incorporated		41,700		20,875,020
EMC Corporation		889,917		21,571,588

				42,446,608


IT Services: 1.39%
International Business Machines Corporation		91,947		16,245,196

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


Portfolio of investments—January 31, 2014 (unaudited)		Wells Fargo Advantage Intrinsic Value Fund			9


Security name				Shares		Value

Semiconductors & Semiconductor Equipment: 1.92%
Texas Instruments Incorporated					529,270	$	22,441,048


Software: 4.91%
Intuit Incorporated					408,175		29,898,819
Oracle Corporation					749,900		27,671,310

							57,570,129


Materials: 2.47%

Chemicals: 2.47%
E.I. du Pont de Nemours & Company					474,142		28,927,403


Utilities: 5.06%

Electric Utilities: 5.06%
NextEra Energy Incorporated					413,000		37,967,090
Northeast Utilities					485,630		21,270,594

							59,237,684


Total Common Stocks (Cost $891,814,408)							1,113,741,843


	Yield
Short-Term Investments: 5.24%

Investment Companies: 5.24%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)		0.07	%		61,450,275		61,450,275


Total Short-Term Investments (Cost $61,450,275)							61,450,275


Total investments in securities (Cost $953,264,683) *	100.29	%		1,175,192,118
Other assets and liabilities, net	(0.29	)		(3,440,794	)

Total net assets	100.00	%	$	1,171,751,324

†	Non-income-earning security

(l)	Investment in an affiliate

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

*	Cost for federal income tax purposes is $953,532,807 and unrealized appreciation (depreciation) consists of:


Gross unrealized appreciation	$	224,953,050
Gross unrealized depreciation		(3,293,739	)

Net unrealized appreciation	$	221,659,311

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


10		Wells Fargo Advantage Intrinsic Value Fund		Statement of assets and liabilities—January 31, 2014 (unaudited)




Assets
Investments
In unaffiliated securities, at value (see cost below)	$	1,113,741,843
In affiliated securities, at value (see cost below)		61,450,275

Total investments, at value (see cost below)		1,175,192,118
Receivable for investments sold		1,140,047
Receivable for Fund shares sold		562,373
Receivable for dividends		758,600
Receivable for securities lending income		7,429
Prepaid expenses and other assets		65,613

Total assets		1,177,726,180


Liabilities
Payable for investments purchased		3,540,767
Payable for Fund shares redeemed		1,136,939
Advisory fee payable		595,606
Distribution fees payable		28,044
Due to other related parties		222,259
Accrued expenses and other liabilities		451,241

Total liabilities		5,974,856

Total net assets	$	1,171,751,324


NET ASSETS CONSIST OF
Paid-in capital	$	957,564,414
Overdistributed net investment income		(389,619	)
Accumulated net realized losses on investments		(7,350,906	)
Net unrealized gains on investments		221,927,435

Total net assets	$	1,171,751,324


COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE¹
Net assets – Class A	$	381,748,468
Shares outstanding – Class A		30,452,610
Net asset value per share – Class A		$12.54
Maximum offering price per share – Class A²		$13.31
Net assets – Class B	$	4,740,838
Shares outstanding – Class B		380,882
Net asset value per share – Class B		$12.45
Net assets – Class C	$	35,322,643
Shares outstanding – Class C		2,856,346
Net asset value per share – Class C		$12.37
Net assets – Class R	$	22,404
Shares outstanding – Class R		1,776
Net asset value per share – Class R		$12.61
Net assets – Class R4	$	14,113
Share outstanding – Class R4		1,124
Net asset value per share – Class R4		$12.56
Net assets – Class R6	$	3,796,992
Share outstanding – Class R6		302,303
Net asset value per share – Class R6		$12.56
Net assets – Administrator Class	$	515,790,862
Shares outstanding – Administrator Class		39,771,489
Net asset value per share – Administrator Class		$12.97
Net assets – Institutional Class	$	230,315,004
Shares outstanding – Institutional Class		18,315,854
Net asset value per share – Institutional Class		$12.57

Investments in unaffiliated securities, at cost	$	891,814,408

Investments in affiliated securities, at cost	$	61,450,275

Total investments, at cost	$	953,264,683

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

2.	Maximum offering price is computed as 100/94.25 of net asset value. On investments of $50,000 or more, the offering price is reduced.

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


Statement of operations—six months ended January 31, 2014 (unaudited)		Wells Fargo Advantage Intrinsic Value Fund			11




Investment income
Dividends*	$	9,948,131
Securities lending income, net		30,693
Income from affiliated securities		13,982

Total investment income		9,992,806


Expenses
Advisory fee		3,795,096
Administration fees
Fund level		300,333
Class A		512,985
Class B		6,853
Class C		47,309
Class R		27
Class R4		6
Class R6		547
Administrator Class		264,470
Institutional Class		92,978
Shareholder servicing fees
Class A		474,325
Class B		6,589
Class C		45,489
Class R		26
Class R4		7
Administrator Class		658,338
Distribution fees
Class B		19,768
Class C		136,468
Class R		26
Custody and accounting fees		39,927
Professional fees		22,047
Registration fees		49,039
Shareholder report expenses		56,142
Trustees’ fees and expenses		5,941
Other fees and expenses		9,811

Total expenses		6,544,547
Less: Fee waivers and/or expense reimbursements		(519,888	)

Net expenses		6,024,659

Net investment income		3,968,147


REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on investments		36,337,460
Net change in unrealized gains (losses) on investments		9,816,696

Net realized and unrealized gains (losses) on investments		46,154,156

Net increase in net assets resulting from operations	$	50,122,303


* Net of foreign dividend withholding taxes in the amount of		$105,303

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


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


	Six months ended January 31, 2014 (unaudited)						Year ended July 31, 2013

Operations
Net investment income				$	3,968,147					$	5,318,452
Net realized gains on investments					36,337,460						41,283,039
Net change in unrealized gains (losses) on investments					9,816,696						132,950,802

Net increase in net assets resulting from operations					50,122,303						179,552,293


Distributions to shareholders from
Net investment income
Class A					(1,863,705	)					(826,684	)
Class C					0						(35,977	)
Class R4					(108	)					(146	)¹
Class R6					(33,391	)					(739	)¹
Administrator Class					(3,445,927	)					(376,820	)
Institutional Class					(1,982,826	)					(2,942,395	)
Net realized gains
Class A					(13,761,999	)					(4,870,427	)
Class B					(178,855	)					(216,860	)
Class C					(1,277,956	)					(1,166,530	)
Class R					(749	)					0
Class R4					(494	)					(575	)¹
Class R6					(129,126	)					(2,875	)¹
Administrator Class					(17,781,237	)					(1,660,496	)
Institutional Class					(8,059,479	)					(12,200,925	)

Total distributions to shareholders					(48,515,852	)					(24,301,449	)


Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		927,853			11,676,337			2,587,655			29,210,360
Class B		4,844			59,525			21,974			252,188
Class C		128,293			1,601,847			435,208			4,836,134
Class R		268			3,421			498	²		5,814	²
Class R4		0			0			1,008	¹		11,250	¹
Class R6		22,148			283,245			272,791	¹		3,141,744	¹
Administrator Class		943,594			12,537,254			2,240,595			26,209,292
Institutional Class		2,013,785			25,464,380			4,894,846			55,815,367

					51,626,009						119,482,149

Reinvestment of distributions
Class A		1,176,654			14,917,979			494,065			5,145,848
Class B		13,464			169,111			20,170			207,553
Class C		88,113			1,099,654			105,346			1,079,736
Class R		59			749			0	²		0	²
Class R4		47			602			69	¹		721	¹
Class R6		12,775			162,517			346	¹		3,614	¹
Administrator Class		1,521,595			19,959,360			162,841			1,754,702
Institutional Class		652,707			8,311,423			1,242,972			13,004,364

					44,621,395						21,196,538

Payment for shares redeemed
Class A		(2,536,808	)		(32,230,499	)		(4,054,040	)		(46,084,349	)
Class B		(87,333	)		(1,095,504	)		(238,288	)		(2,654,133	)
Class C		(245,068	)		(3,065,658	)		(603,858	)		(6,727,108	)
Class R		(2	)		(19	)		(20,128	)²		(229,294	)²
Class R6		0			0			(5,757	)¹		(70,000	)¹
Administrator Class		(2,474,800	)		(32,381,677	)		(3,436,486	)		(41,653,388	)
Institutional Class		(1,935,255	)		(24,720,112	)		(9,893,065	)		(111,918,543	)

					(93,493,469	)					(209,336,815	)

Please see footnotes on page 13.

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


Statement of changes in net assets		Wells Fargo Advantage Intrinsic Value Fund			13


	Six months ended January 31, 2014 (unaudited)					Year ended July 31, 2013

Capital share transactions (continued)		Shares					Shares
Net asset value of shares issued in acquisition
Class A		0	$	0			23,447,416		$	261,933,505
Class B		0		0			228,046			2,535,706
Class C		0		0			987,872			10,916,010
Class R		0		0			21,081	²		236,100	²
Administrator Class		0		0			38,338,821			442,513,613
Institutional Class		0		0			65,474			733,280

				0						718,868,214

Net increase in net assets resulting from capital share transactions				2,753,935						650,210,086

Total increase in net assets				4,360,386						805,460,930


Net assets
Beginning of period				1,167,390,938						361,930,008

End of period			$	1,171,751,324					$	1,167,390,938

Undistributed (overdistributed) net investment income			$	(389,619	)				$	2,968,191

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

2.	For the period from March 1, 2013 (commencement of class operations) to July 31, 2013

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


14		Wells Fargo Advantage Intrinsic Value Fund		Financial highlights

(For a share outstanding throughout each period)


	Six months ended January 31, 2014 (unaudited)			Year ended July 31
CLASS A	Six months ended January 31, 2014 (unaudited)			2013			2012			2011			2010¹			2009¹
Net asset value, beginning of period	$	12.52		$	10.44		$	11.50		$	9.84		$	8.48		$	10.19
Net investment income		0.03			0.07	²		0.11	²		0.10			0.10	²		0.10
Net realized and unrealized gains (losses) on investments		0.51			2.75			0.24			1.65			1.31			(1.71	)

Total from investment operations		0.54			2.82			0.35			1.75			1.41			(1.61	)
Distributions to shareholders from
Net investment income		(0.06	)		(0.10	)		(0.28	)		(0.09	)		(0.05	)		(0.04	)
Net realized gains		(0.46	)		(0.64	)		(1.13	)		0.00			0.00			(0.06	)

Total distributions to shareholders		(0.52	)		(0.74	)		(1.41	)		(0.09	)		(0.05	)		(0.10	)
Net asset value, end of period	$	12.54		$	12.52		$	10.44		$	11.50		$	9.84		$	8.48
Total return³		4.28	%		28.53	%		4.38	%		17.88	%		16.67	%		(15.62	)%
Ratios to average net assets (annualized)
Gross expenses		1.21	%		1.20	%		1.24	%		1.24	%		1.17	%		1.15	%
Net expenses		1.16	%		1.16	%		1.17	%		1.17	%		1.11	%		1.14	%
Net investment income		0.50	%		0.57	%		1.05	%		0.81	%		1.05	%		1.62	%
Supplemental data
Portfolio turnover rate		10	%		28	%		34	%		25	%		23	%		23	%
Net assets, end of period (000s omitted)		$381,748			$386,655			$87,784			$159,178			$147,957			$90,382

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

2.	Calculated based upon average shares outstanding

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

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


Financial highlights		Wells Fargo Advantage Intrinsic Value Fund			15

(For a share outstanding throughout each period)


	Six months ended January 31, 2014 (unaudited)			Year ended July 31
CLASS B	Six months ended January 31, 2014 (unaudited)			2013			2012			2011			2010¹			2009¹
Net asset value, beginning of period	$	12.42		$	10.34		$	11.37		$	9.72		$	8.40		$	10.11
Net investment income (loss)		(0.01	)²		(0.02	)		0.03	²		0.01	²		0.03	²		0.07	²
Net realized and unrealized gains (losses) on investments		0.50			2.74			0.24			1.64			1.29			(1.72	)

Total from investment operations		0.49			2.72			0.27			1.65			1.32			(1.65	)
Distributions to shareholders from
Net investment income		0.00			0.00			(0.17	)		(0.00	)³		0.00			0.00
Net realized gains		(0.46	)		(0.64	)		(1.13	)		0.00			0.00			(0.06	)

Total distributions to shareholders		(0.46	)		(0.64	)		(1.30	)		(0.00	)³		0.00			(0.06	)
Net asset value, end of period	$	12.45		$	12.42		$	10.34		$	11.37		$	9.72		$	8.40
Total return⁴		3.90	%		27.57	%		3.56	%		17.03	%		15.71	%		(16.22	)%
Ratios to average net assets (annualized)
Gross expenses		1.97	%		1.97	%		2.01	%		1.99	%		1.93	%		1.91	%
Net expenses		1.91	%		1.91	%		1.92	%		1.91	%		1.88	%		1.90	%
Net investment income (loss)		(0.23	)%		(0.03	)%		0.27	%		0.07	%		0.30	%		0.84	%
Supplemental data
Portfolio turnover rate		10	%		28	%		34	%		25	%		23	%		23	%
Net assets, end of period (000s omitted)		$4,741			$5,589			$4,323			$7,666			$9,206			$10,014

1.	After the close of business on July 16, 2010, the Fund acquired the net assets of Evergreen Intrinsic Value Fund which became the accounting and performance survivor in the transaction. The information for the periods prior to July 19, 2010 is that of Class B of Evergreen Intrinsic Value Fund.

2.	Calculated based upon average shares outstanding

3.	Amount is less than $0.005.

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

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


16		Wells Fargo Advantage Intrinsic Value Fund		Financial highlights

(For a share outstanding throughout each period)


	Six months ended January 31, 2014 (unaudited)			Year ended July 31
CLASS C	Six months ended January 31, 2014 (unaudited)			2013			2012			2011			2010¹			2009¹
Net asset value, beginning of period	$	12.35		$	10.30		$	11.35		$	9.72		$	8.40		$	10.11
Net investment income (loss)		(0.02	)		(0.01	)²		0.03	²		0.02			0.03	²		0.06	²
Net realized and unrealized gains (losses) on investments		0.50			2.72			0.24			1.63			1.29			(1.71	)

Total from investment operations		0.48			2.71			0.27			1.65			1.32			(1.65	)
Distributions to shareholders from
Net investment income		0.00			(0.02	)		(0.19	)		(0.02	)		0.00			0.00
Net realized gains		(0.46	)		(0.64	)		(1.13	)		0.00			0.00			(0.06	)

Total distributions to shareholders		(0.46	)		(0.66	)		(1.32	)		(0.02	)		0.00			(0.06	)
Net asset value, end of period	$	12.37		$	12.35		$	10.30		$	11.35		$	9.72		$	8.40
Total return³		3.93	%		27.50	%		3.62	%		16.98	%		15.71	%		(16.22	)%
Ratios to average net assets (annualized)
Gross expenses		1.97	%		1.97	%		2.01	%		1.97	%		1.94	%		1.92	%
Net expenses		1.91	%		1.91	%		1.92	%		1.92	%		1.88	%		1.91	%
Net investment income (loss)		(0.24	)%		(0.05	)%		0.26	%		0.07	%		0.29	%		0.84	%
Supplemental data
Portfolio turnover rate		10	%		28	%		34	%		25	%		23	%		23	%
Net assets, end of period (000s omitted)		$35,323			$35,616			$20,187			$28,230			$26,934			$20,396

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

2.	Calculated based upon average shares outstanding

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

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


Financial highlights		Wells Fargo Advantage Intrinsic Value Fund			17

(For a share outstanding throughout each period)


CLASS R	Six months ended January 31, 2014 (unaudited)			Year ended July 31, 2013¹
Net asset value, beginning of period	$	12.55		$	11.20
Net investment income		0.02			0.00	²
Net realized and unrealized gains (losses) on investments		0.50			1.35

Total from investment operations		0.52			1.35
Distributions to shareholders from
Net realized gains		(0.46	)		0.00
Net asset value, end of period	$	12.61		$	12.55
Total return³		4.10	%		12.05	%
Ratios to average net assets (annualized)
Gross expenses		1.49	%		1.46	%
Net expenses		1.41	%		1.41	%
Net investment income		0.24	%		0.01	%
Supplemental data
Portfolio turnover rate		10	%		28	%
Net assets, end of period (000s omitted)		$22			$18

1.	For the period from March 1, 2013 (commencement of class operations) to July 31, 2013

2.	Amount is less than $0.005.

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

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


18		Wells Fargo Advantage Intrinsic Value Fund		Financial highlights

(For a share outstanding throughout each period)


CLASS R4	Six months ended January 31, 2014 (unaudited)			Year ended July 31, 2013¹
Net asset value, beginning of period	$	12.55		$	11.10
Net investment income		0.06			0.09
Net realized and unrealized gains (losses) on investments		0.51			2.15

Total from investment operations		0.57			2.24
Distributions to shareholders from
Net investment income		(0.10	)		(0.15	)
Net realized gains		(0.46	)		(0.64	)

Total distributions to shareholders		(0.56	)		(0.79	)
Net asset value, end of period	$	12.56		$	12.55
Total return²		4.48	%		21.73	%
Ratios to average net assets (annualized)
Gross expenses		0.88	%		0.88	%
Net expenses		0.80	%		0.80	%
Net investment income		0.86	%		0.99	%
Supplemental data
Portfolio turnover rate		10	%		28	%
Net assets, end of period (000s omitted)		$14			$14

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

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

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


Financial highlights		Wells Fargo Advantage Intrinsic Value Fund			19

(For a share outstanding throughout each period)


CLASS R6	Six months ended January 31, 2014 (unaudited)			Year ended July 31, 2013¹
Net asset value, beginning of period	$	12.56		$	11.10
Net investment income		0.07	²		0.19
Net realized and unrealized gains (losses) on investments		0.50			2.06

Total from investment operations		0.57			2.25
Distributions to shareholders from
Net investment income		(0.11	)		(0.15	)
Net realized gains		(0.46	)		(0.64	)

Total distributions to shareholders		(0.57	)		(0.79	)
Net asset value, end of period	$	12.56		$	12.56
Total return³		4.54	%		21.84	%
Ratios to average net assets (annualized)
Gross expenses		0.74	%		0.73	%
Net expenses		0.65	%		0.65	%
Net investment income		1.00	%		0.85	%
Supplemental data
Portfolio turnover rate		10	%		28	%
Net assets, end of period (000s omitted)		$3,797			$3,359

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

2.	Calculated based upon average shares outstanding

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

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


20		Wells Fargo Advantage Intrinsic Value Fund		Financial highlights

(For	a share outstanding throughout each period)


	Six months ended January 31, 2014 (unaudited)			Year ended July 31
ADMINISTRATOR CLASS	Six months ended January 31, 2014 (unaudited)			2013			2012			2011			2010¹
Net asset value, beginning of period	$	12.95		$	10.78		$	11.55		$	9.87		$	9.87
Net investment income		0.05			0.08	²		0.12	²		0.11	²		0.00
Net realized and unrealized gains (losses) on investments		0.52			2.87			0.28			1.68			0.00

Total from investment operations		0.57			2.95			0.40			1.79			0.00
Distributions to shareholders from
Net investment income		(0.09	)		(0.14	)		(0.04	)		(0.11	)		0.00
Net realized gains		(0.46	)		(0.64	)		(1.13	)		0.00			0.00

Total distributions to shareholders		(0.55	)		(0.78	)		(1.17	)		(0.11	)		0.00
Net asset value, end of period	$	12.97		$	12.95		$	10.78		$	11.55		$	9.87
Total return³		4.42	%		28.77	%		4.57	%		18.23	%		0.00	%
Ratios to average net assets (annualized)
Gross expenses		1.06	%		1.05	%		1.09	%		1.06	%		0.00	%
Net expenses		0.95	%		0.95	%		0.95	%		0.95	%		0.00	%
Net investment income		0.72	%		0.68	%		1.13	%		1.04	%		0.00	%
Supplemental data
Portfolio turnover rate		10	%		28	%		34	%		25	%		23	%
Net assets, end of period (000s omitted)		$515,791			$515,012			$26,687			$9,693			$10

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

2.	Calculated based upon average shares outstanding

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

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


Financial highlights		Wells Fargo Advantage Intrinsic Value Fund			21

(For a share outstanding throughout each period)


	Six months ended January 31, 2014 (unaudited)			Year ended July 31
INSTITUTIONAL CLASS	Six months ended January 31, 2014 (unaudited)			2013			2012			2011			2010¹			2009¹
Net asset value, beginning of period	$	12.58		$	10.48		$	11.56		$	9.87		$	8.51		$	10.22
Net investment income		0.06			0.16			0.14	²		0.13	²		0.12	²		0.12
Net realized and unrealized gains (losses) on investments		0.50			2.73			0.24			1.67			1.32			(1.72	)

Total from investment operations		0.56			2.89			0.38			1.80			1.44			(1.60	)
Distributions to shareholders from
Net investment income		(0.11	)		(0.15	)		(0.33	)		(0.11	)		(0.08	)		(0.05	)
Net realized gains		(0.46	)		(0.64	)		(1.13	)		0.00			0.00			(0.06	)

Total distributions to shareholders		(0.57	)		(0.79	)		(1.46	)		(0.11	)		(0.08	)		(0.11	)
Net asset value, end of period	$	12.57		$	12.58		$	10.48		$	11.56		$	9.87		$	8.51
Total return³		4.50	%		29.04	%		4.71	%		18.32	%		16.93	%		(15.44	)%
Ratios to average net assets (annualized)
Gross expenses		0.79	%		0.79	%		0.83	%		0.79	%		0.94	%		0.92	%
Net expenses		0.70	%		0.73	%		0.82	%		0.79	%		0.88	%		0.91	%
Net investment income		0.96	%		1.21	%		1.35	%		1.16	%		1.27	%		1.86	%
Supplemental data
Portfolio turnover rate		10	%		28	%		34	%		25	%		23	%		23	%
Net assets, end of period (000s omitted)		$230,315			$221,128			$222,949			$277,329			$1,109,507			$348,093

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

2.	Calculated based upon average shares outstanding

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

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


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

1. ORGANIZATION

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

2. SIGNIFICANT ACCOUNTING POLICIES

Securities valuation

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

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

Security loans


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

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

Security transactions and income recognition

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

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

Distributions to shareholders

Federal and other taxes

As of July 31, 2013, capital loss carryforwards available to offset future net realized capital gains were as follows through the indicated expiration dates:


2014	2015	2017
$3,137,764	$3,137,764	$28,092,343

Class allocations

3. FAIR VALUATION MEASUREMENTS

Level 1 – quoted prices in active markets for identical securities

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


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

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

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

As of January 31, 2014, the inputs used in valuing investments in securities were as follows:


Investments in Securities	Quoted prices (level 1)		Other significant observable inputs (level 2)		Significant unobservable inputs (level 3)		Total

Equity securities
Common stocks	$	1,113,741,843	$	0	$	0	$	1,113,741,843

Short-term investments
Investment companies		61,450,275		0		0		61,450,275
	$	1,175,192,118	$	0	$	0	$	1,175,192,118

4. TRANSACTIONS WITH AFFILIATES AND OTHER EXPENSES

Advisory fee

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Funds Management. Metropolitan West Capital Management, LLC, an affiliate of Funds Management and an indirect, wholly owned subsidiary of Wells Fargo, is the subadviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.35% and declining to 0.25% as the average daily net assets of the Fund increase.

Administration and transfer agent fees


	Class level administration fee
Class A, Class B, Class C, Class R		0.26	%
Class R4, Institutional Class		0.08
Class R6		0.03
Administrator Class		0.10

Funds Management has contractually waived and/or reimbursed advisory and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. Waiver of fees and/or reimbursement of expenses by Funds Management were made first from fund level expenses on a proportionate basis and then from class specific expenses. Funds Management has committed through November 30, 2014 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.16% for Class A shares, 1.91% for Class B shares, 1.91% for Class C shares, 1.41% for Class R shares, 0.80% for Class R4 shares, 0.65% for Class R6 shares, 0.95% for Administrator Class shares, and 0.70% for Institutional Class shares.


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

Distribution fees

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

For the six months ended January 31, 2014, Wells Fargo Funds Distributor, LLC received $6,701 from the sale of Class A shares and $133 and $25 in contingent deferred sales charges from redemptions of Class B and Class C shares, respectively.

Shareholder servicing fees

The Trust has entered into contracts with one or more shareholder servicing agents, whereby Class A, Class B, Class C, Class R, and Administrator Class of the Fund is charged a fee at an annual rate of 0.25% of the average daily net assets of each respective class. Class R4 shares are charged a fee at an annual rate of 0.10% of its average daily net assets.

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended January 31, 2014 were $114,155,904 and $186,666,825, respectively.

6. ACQUISITION

After the close of business on March 1, 2013, the Fund acquired the net assets of Wells Fargo Advantage Equity Value Fund. The purpose of the transaction was to combine two funds with similar investment objectives and strategies. Shareholders holding Class A, Class B, Class C, Class R, Administrator Class, and Institutional Class shares of Wells Fargo Advantage Equity Value Fund received Class A, Class B, Class C, Class R, Administrator Class, and Institutional Class shares, respectively, of the Fund in the reorganization. The acquisition was accomplished by a tax-free exchange of all of the shares of Wells Fargo Advantage Equity Value Fund for 63,088,710 shares of the Fund valued at $718,868,214 at an exchange ratio of 1.13, 1.13, 1.12, 1.15, 1.12, and 1.15 for Class A, Class B, Class C, Class R, Administrator Class, and Institutional Class shares, respectively. The investment portfolio of Wells Fargo Advantage Equity Value Fund with a fair value of $718,463,173, identified cost of $710,507,118 and unrealized gains of $7,956,055 at March 1, 2013 were the principal assets acquired by the Fund. The aggregate net assets of Wells Fargo Advantage Equity Value Fund and the Fund immediately prior to the acquisition were $718,868,214 and $355,325,407, respectively. The aggregate net assets of the Fund immediately after the acquisition were $1,074,193,621. 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 Equity Value Fund was carried forward to align ongoing reporting of the Fund’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

Assuming the acquisition had been completed August 1, 2012, the beginning of the annual reporting period for the Fund, the pro forma results of operations for the year ended July 31, 2013 would have been:


Net investment income	$	12,347,528
Net realized and unrealized gains (losses) on investments	$	268,034,789
Net increase in net assets resulting from operations	$	280,382,317

7. BANK BORROWINGS


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

For the six months ended January 31, 2014, there were no borrowings by the Fund under the agreement.

8. INDEMNIFICATION


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

PROXY VOTING INFORMATION

PORTFOLIO HOLDINGS INFORMATION


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

BOARD OF TRUSTEES AND OFFICERS

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 Harbor 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 50 portfolios as of 12/16/2013); Asset Allocation Trust
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business, Stanford University, Morgan Stanley Director of the Center for Leadership Development and Research and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	Asset Allocation Trust
Olivia S. Mitchell (Born 1953)	Trustee, since 2006	International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993.	Asset Allocation Trust
Timothy J. Penny (Born 1951)	Trustee, since 1996	President and CEO of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007 and Senior Fellow at the Humphrey Institute Policy Forum at the University of Minnesota since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	Asset Allocation Trust


Other information (unaudited)		Wells Fargo Advantage Intrinsic Value Fund			29


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

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

Officers


Name and year of birth	Position held and length of service	Principal occupations during past five years
Karla M. Rabusch (Born 1959)	President, since 2003	Executive Vice President of Wells Fargo Bank, N.A. and President of Wells Fargo Funds Management, LLC since 2003.
Jeremy DePalma¹ (Born 1974)	Treasurer, since 2012	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Vice President, Evergreen Investment Services, Inc. from 2004 to 2007. Head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.
C. David Messman (Born 1960)	Secretary, since 2000; Chief Legal Officer, since 2003	Senior Vice President and Secretary of Wells Fargo Funds Management, LLC since 2001. Vice President and Managing Counsel of Wells Fargo Bank, N.A. since 1996.
Debra Ann Early (Born 1964)	Chief Compliance Officer, since 2007	Chief Compliance Officer of Wells Fargo Funds Management, LLC since 2007. Chief Compliance Officer of Parnassus Investments from 2005 to 2007. Chief Financial Officer of Parnassus Investments from 2004 to 2007.
David Berardi (Born 1975)	Assistant Treasurer, since 2009	Vice President of Wells Fargo Funds Management, LLC since 2009. Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Assistant Vice President of Evergreen Investment Services, Inc. from 2004 to 2008. Manager of Fund Reporting and Control for Evergreen Investment Management Company, LLC from 2004 to 2010.

1.	Jeremy DePalma acts as Treasurer of 59 funds and Assistant Treasurer of 73 funds in the Fund Complex.

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


30		Wells Fargo Advantage Intrinsic Value Fund		List of abbreviations

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

ACA	— ACA Financial Guaranty Corporation

ADR	— American depositary receipt

ADS	— American depositary shares

AGC	— Assured Guaranty Corporation

AGM	— Assured Guaranty Municipal

Ambac

— Ambac Financial Group Incorporated

AMT	— Alternative minimum tax

AUD	— Australian dollar

BAN	— Bond anticipation notes

BHAC	— Berkshire Hathaway Assurance Corporation

BRL	— Brazilian real

CAB	— Capital appreciation bond

CAD	— Canadian dollar

CCAB	— Convertible capital appreciation bond

CDA	— Community Development Authority

CDO	— Collateralized debt obligation

CHF	— Swiss franc

CLP	— Chilean peso

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

LLLP	— Limited liability limited partnership

LLP	— Limited liability partnership

LOC	— Letter of credit

LP	— Limited partnership

MBIA	— Municipal Bond Insurance Association

MFHR	— Multifamily housing revenue

MSTR	— Municipal securities trust receipts

MTN	— Medium-term note

MUD	— Municipal Utility District

MXN	— Mexican peso

MYR	— Malaysian ringgit

National

— National Public Finance Guarantee Corporation

NGN	— Nigerian naira

NOK	— Norwegian krone

NZD	— New Zealand dollar

PCFA	— Pollution Control Financing Authority

PCL	— Public Company Limited

PCR	— Pollution control revenue

PFA	— Public Finance Authority

PFFA	— Public Facilities Financing Authority

PFOTER

— Puttable floating option tax-exempt receipts

plc	— Public limited company

PLN	— Polish zloty

PUTTER

— Puttable tax-exempt receipts

R&D	— Research & development

Radian

— Radian Asset Assurance

RAN	— Revenue anticipation notes

RDA	— Redevelopment Authority

RDFA	— Redevelopment Finance Authority

REIT	— Real estate investment trust

ROC	— Reset option certificates

RON	— Romanian lei

RUB	— Russian ruble

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

THB	— Thai baht

TIPS	— Treasury inflation-protected securities

TRAN	— Tax revenue anticipation notes

TRY	— Turkish lira

TTFA	— Transportation Trust Fund Authority

TVA	— Tennessee Valley Authority

ZAR	— South African rand

This page is intentionally left blank.

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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

NOT FDIC INSURED ¡ NO BANK GUARANTEE ¡ MAY LOSE VALUE

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222989 03-14

SA207/SAR207 1-14

Wells Fargo Advantage Large Cap Core Fund

LOGO

Semi-Annual Report

January 31, 2014

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Reduce clutter. Save trees.

Contents


Letter to shareholders			2

Performance highlights			4

Fund expenses			6

Portfolio of investments			7

Financial statements
Statement of assets and liabilities			10
Statement of operations			11
Statement of changes in net assets			12
Financial highlights			13

Notes to financial statements			18

Other information			22

List of abbreviations			25

NOT FDIC INSURED ¡ NO BANK GUARANTEE ¡ MAY LOSE VALUE


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

LOGO

Karla M. Rabusch

President

Wells Fargo Advantage Funds

Major central banks continued to inject liquidity into the banks and the markets through various quantitative easing policies.

Dear Valued Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Advantage Large Cap Core Fund for the six-month period that ended January 31, 2014. Much of the period was marked by monetary easing by global central banks. Entering the period, investors were concerned that the U.S. Federal Reserve (Fed) would end its bond-buying program, which initially led to higher interest rates and resulted in losses for bond indexes and volatility for global stock indexes. These fears dissipated in late September 2013 and ended altogether in mid-December 2013 when the Fed announced a tapering timeline that was far more moderate than some had feared. Growing confidence that the U.S. economy was staging a fragile recovery resulted in double-digit returns for domestic stock market indexes for the six-month reporting period.

Central banks continued to provide stimulus.

U.S. stock markets gained on relatively good news.


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

passed the Ryan–Murray budget agreement that funded the government through September 2015, lessening the near-term prospect of another shutdown.

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

Sincerely,

LOGO

Karla M. Rabusch

President

Wells Fargo Advantage Funds

Despite political headwinds, the relatively positive outlook for the U.S. economy contributed to a strong domestic stock market for most of the reporting period.

Notice to shareholders

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


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

Investment objective

The Fund seeks long-term capital appreciation.

Adviser

Wells Fargo Funds Management, LLC

Subadviser

Golden Capital Management, LLC

Portfolio manager

Jeff C. Moser, CFA

Average annual total returns¹ (%) as of January 31, 2014


		Including sales charge						Excluding sales charge						Expense ratios² (%)
	Inception date	1 year		5 year		Since inception		1 year		5 year		Since inception		Gross		Net³
Class A (EGOAX)	12-17-2007		20.31		16.21		4.35		27.65		17.59		5.37		1.33		1.14
Class C (EGOCX)	12-17-2007		25.65		16.70		4.61		26.65		16.70		4.61		2.08		1.89
Administrator Class (WFLLX)	7-16-2010		–		–		–		27.95		17.84		5.55		1.17		0.90
Institutional Class (EGOIX)	12-17-2007		–		–		–		28.21		18.09		5.78		0.90		0.66
Investor Class (WFLNX)	7-16-2010		–		–		–		27.44		17.43		5.19		1.39		1.20
S&P 500 Index⁴	–		–		–		–		21.52		19.19		5.78		–		–

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

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

Please keep in mind that high double-digit returns were primarily achieved during favorable market conditions. You should not expect that such favorable returns can be consistently achieved. A fund’s performance, especially for very short time periods, should not be the sole factor in making your investment decision.

Please see footnotes on page 5.


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


Ten largest equity holdings⁵ (%) as of January 31, 2014
McKesson Corporation			2.47
Hanesbrands Incorporated			2.46
Delta Air Lines Incorporated			2.45
Lincoln National Corporation			2.44
Marvell Technology Group Limited			2.38
Micron Technology Incorporated			2.31
CVS Caremark Corporation			2.30
United Therapeutics Corporation			2.23
MetLife Incorporated			2.20
Bank of America Corporation			2.19


Sector distribution⁶ as of January 31, 2014

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

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

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

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

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


6		Wells Fargo Advantage Large Cap Core Fund		Fund expenses (unaudited)

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from August 1, 2013 to January 31, 2014.

Actual expenses

Hypothetical example for comparison purposes


	Beginning account value 8-1-2013		Ending account value 1-31-2014		Expenses paid during the period¹		Net annualized expense ratio
Class A
Actual	$	1,000.00	$	1,087.07	$	6.00		1.14	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.46	$	5.80		1.14	%
Class C
Actual	$	1,000.00	$	1,082.60	$	9.92		1.89	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.68	$	9.60		1.89	%
Administrator Class
Actual	$	1,000.00	$	1,087.97	$	4.74		0.90	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.67	$	4.58		0.90	%
Institutional Class
Actual	$	1,000.00	$	1,089.11	$	3.48		0.66	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.88	$	3.36		0.66	%
Investor Class
Actual	$	1,000.00	$	1,086.38	$	6.31		1.20	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.16	$	6.11		1.20	%

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


Portfolio of investments—January 31, 2014 (unaudited)		Wells Fargo Advantage Large Cap Core Fund			7


Security name	Shares		Value


Common Stocks: 98.52%

Consumer Discretionary: 13.86%

Auto Components: 3.98%
Lear Corporation		60,149	$	4,350,577
Magna International Incorporated Class A		62,593		5,311,016

				9,661,593


Automobiles: 1.58%
Ford Motor Company		256,940		3,843,822


Media: 2.17%
Comcast Corporation Class A		96,604		5,260,088


Specialty Retail: 3.66%
Home Depot Incorporated		62,280		4,786,218
Lowe’s Companies Incorporated		88,574		4,100,090

				8,886,308


Textiles, Apparel & Luxury Goods: 2.47%
Hanesbrands Incorporated		84,063		5,980,242


Consumer Staples: 5.77%

Food & Staples Retailing: 3.88%
CVS Caremark Corporation		82,627		5,595,500
Wal-Mart Stores Incorporated		51,321		3,832,652

				9,428,152


Personal Products: 1.89%
Herbalife Limited «		71,229		4,585,011


Energy: 8.92%

Oil, Gas & Consumable Fuels: 8.92%
Chevron Corporation		35,785		3,994,680
ConocoPhillips Company		62,163		4,037,487
Exxon Mobil Corporation		47,010		4,332,442
Phillips 66		65,782		4,808,006
SandRidge Energy Incorporated «†		729,587		4,486,960

				21,659,575


Financials: 15.98%

Capital Markets: 1.86%
Morgan Stanley		153,183		4,520,430


Diversified Financial Services: 7.64%
Bank of America Corporation		317,355		5,315,696
Berkshire Hathaway Incorporated Class B †		40,011		4,465,228
Citigroup Incorporated		89,525		4,246,171
ING US Incorporated		133,494		4,508,092

				18,535,187

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


8		Wells Fargo Advantage Large Cap Core Fund		Portfolio of investments—January 31, 2014 (unaudited)


Security name	Shares		Value


Insurance: 6.48%
Allstate Corporation		87,161	$	4,462,643
Lincoln National Corporation		123,484		5,930,937
MetLife Incorporated		109,055		5,349,148

				15,742,728


Health Care: 18.50%

Biotechnology: 4.11%
Amgen Incorporated		38,324		4,558,640
United Therapeutics Corporation †		52,782		5,416,489

				9,975,129


Health Care Equipment & Supplies: 2.12%
Boston Scientific Corporation †		380,764		5,151,737


Health Care Providers & Services: 6.71%
Cardinal Health Incorporated		73,723		5,014,638
McKesson Corporation		34,367		5,993,948
Omnicare Incorporated		84,504		5,278,120

				16,286,706


Pharmaceuticals: 5.56%
AbbVie Incorporated		91,968		4,527,585
Actavis plc †		28,058		5,302,401
Johnson & Johnson Services Incorporated		41,552		3,676,105

				13,506,091


Industrials: 8.31%

Aerospace & Defense: 3.76%
Northrop Grumman Corporation		41,634		4,810,809
The Boeing Company		34,388		4,307,441

				9,118,250


Airlines: 2.45%
Delta Air Lines Incorporated		194,444		5,951,931


Machinery: 2.10%
Oshkosh Corporation		94,293		5,105,023


Information Technology: 21.50%

Communications Equipment: 3.54%
Cisco Systems Incorporated		187,070		4,098,704
QUALCOMM Incorporated		60,585		4,496,619

				8,595,323


Computers & Peripherals: 5.60%
Apple Incorporated		8,495		4,252,597
SanDisk Corporation		70,759		4,921,288
Seagate Technology plc		83,861		4,432,892

				13,606,777

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


Portfolio of investments—January 31, 2014 (unaudited)		Wells Fargo Advantage Large Cap Core Fund			9


Security name				Shares		Value


IT Services: 4.00%
DST Systems Incorporated					56,666	$	5,156,606
MasterCard Incorporated Class A					60,139		4,551,320

							9,707,926


Semiconductors & Semiconductor Equipment: 4.69%
Marvell Technology Group Limited					386,533		5,770,938
Micron Technology Incorporated †					243,179		5,602,844

							11,373,782


Software: 3.67%
Microsoft Corporation					126,806		4,799,607
Oracle Corporation					111,592		4,117,744

							8,917,351


Materials: 3.97%

Chemicals: 2.10%
Dow Chemical Company					111,847		5,090,157


Containers & Packaging: 1.87%
Packaging Corporation of America					70,172		4,533,111


Telecommunication Services: 1.71%

Diversified Telecommunication Services: 1.71%
Verizon Communications Incorporated					86,482		4,152,866


Total Common Stocks (Cost $186,627,638)							239,175,296


	Yield
Short-Term Investments: 5.15%

Investment Companies: 5.15%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)		0.07	%		3,516,184		3,516,184
Wells Fargo Securities Lending Cash Investments, LLC (l)(u)(r)(v)		0.08			8,985,253		8,985,253


Total Short-Term Investments (Cost $12,501,437)							12,501,437


Total investments in securities (Cost $199,129,075) *	103.67	%		251,676,733
Other assets and liabilities, net	(3.67	)		(8,918,118	)

Total net assets	100.00	%	$	242,758,615

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

†	Non-income-earning security

(l)	Investment in an affiliate

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

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

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

*	Cost for federal income tax purposes is $199,164,157 and unrealized appreciation (depreciation) consists of:


Gross unrealized appreciation	$	54,731,013
Gross unrealized depreciation		(2,218,437	)

Net unrealized appreciation	$	52,512,576

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


10		Wells Fargo Advantage Large Cap Core Fund		Statement of assets and liabilities—January 31, 2014 (unaudited)




Assets
Investments
In unaffiliated securities (including securities on loan), at value (see cost below)	$	239,175,296
In affiliated securities, at value (see cost below)		12,501,437

Total investments, at value (see cost below)		251,676,733
Receivable for Fund shares sold		217,460
Receivable for dividends		250,619
Receivable for securities lending income		17,896
Prepaid expenses and other assets		32,543

Total assets		252,195,251


Liabilities
Payable for Fund shares redeemed		135,655
Payable upon receipt of securities loaned		8,985,253
Advisory fee payable		110,186
Distribution fees payable		3,794
Due to other related parties		79,772
Accrued expenses and other liabilities		121,976

Total liabilities		9,436,636

Total net assets	$	242,758,615


NET ASSETS CONSIST OF
Paid-in capital	$	218,449,742
Undistributed net investment income		44,573
Accumulated net realized losses on investments		(28,283,358	)
Net unrealized gains on investments		52,547,658

Total net assets	$	242,758,615


COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE¹
Net assets – Class A	$	23,293,397
Shares outstanding – Class A		1,778,647
Net asset value per share – Class A		$13.10
Maximum offering price per share – Class A²		$13.90
Net assets – Class C	$	5,537,681
Shares outstanding – Class C		425,011
Net asset value per share – Class C		$13.03
Net assets – Administrator Class	$	3,805,133
Shares outstanding – Administrator Class		290,061
Net asset value per share – Administrator Class		$13.12
Net assets – Institutional Class	$	2,951,271
Shares outstanding – Institutional Class		225,049
Net asset value per share – Institutional Class		$13.11
Net assets – Investor Class	$	207,171,133
Shares outstanding – Investor Class		15,799,200
Net asset value per share – Investor Class		$13.11

Investments in unaffiliated securities (including securities on loan), at cost	$	186,627,638

Investments in affiliated securities, at cost	$	12,501,437

Total investments, at cost	$	199,129,075

Securities on loan, at value	$	8,711,904

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

2.	Maximum offering price is computed as 100/94.25 of net asset value. On investments of $50,000 or more, the offering price is reduced.

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


Statement of operations—six months ended January 31, 2014 (unaudited)		Wells Fargo Advantage Large Cap Core Fund			11




Investment income
Dividends*	$	1,958,030
Securities lending income, net		63,847
Income from affiliated securities		1,457

Total investment income		2,023,334


Expenses
Advisory fee		747,367
Administration fees
Fund level		57,490
Class A		25,716
Class C		6,359
Administrator Class		1,285
Institutional Class		326
Investor Class		323,041
Shareholder servicing fees
Class A		24,727
Class C		6,114
Administrator Class		2,763
Investor Class		247,918
Distribution fees
Class C		18,343
Custody and accounting fees		8,839
Professional fees		22,804
Registration fees		31,341
Shareholder report expenses		30,932
Trustees’ fees and expenses		6,013
Other fees and expenses		6,842

Total expenses		1,568,220
Less: Fee waivers and/or expense reimbursements		(183,581	)

Net expenses		1,384,639

Net investment income		638,695


REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on investments		18,688,197
Net change in unrealized gains (losses) on investments		(979,998	)

Net realized and unrealized gains (losses) on investments		17,708,199

Net increase in net assets resulting from operations	$	18,346,894


* Net of foreign dividend withholding taxes in the amount of		$5,744

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


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


	Six months ended January 31, 2014 (unaudited)						Year ended July 31, 2013

Operations
Net investment income				$	638,695					$	1,254,904
Net realized gains on investments					18,688,197						24,469,816
Net change in unrealized gains (losses) on investments					(979,998	)					21,507,466

Net increase in net assets resulting from operations					18,346,894						47,232,186


Distributions to shareholders from
Net investment income
Class A					(146,205	)					(77,247	)
Class C					(6,279	)					(6,053	)
Administrator Class					(28,910	)					(7,825	)
Institutional Class					(5,938	)					(6,104	)
Investor Class					(1,041,373	)					(1,162,943	)

Total distributions to shareholders					(1,228,705	)					(1,260,172	)


Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		654,205			8,286,084			697,150			7,513,792
Class C		131,521			1,634,162			154,383			1,658,379
Administrator Class		195,468			2,496,683			52,398			554,364
Institutional Class		188,086			2,562,529			9,423			102,947
Investor Class		748,595			9,639,426			743,611			7,836,866

					24,618,884						17,666,348

Reinvestment of distributions
Class A		10,833			140,173			7,711			74,568
Class C		372			4,789			522			5,039
Administrator Class		2,030			26,308			531			5,134
Institutional Class		445			5,766			615			5,941
Investor Class		78,721			1,020,228			116,833			1,129,779

					1,197,264						1,220,461

Payment for shares redeemed
Class A		(144,758	)		(1,834,724	)		(317,587	)		(3,341,160	)
Class C		(21,062	)		(267,052	)		(56,580	)		(615,032	)
Administrator Class		(5,482	)		(67,862	)		(9,693	)		(104,966	)
Institutional Class		(7,630	)		(101,439	)		(16,316	)		(183,055	)
Investor Class		(740,568	)		(9,348,291	)		(1,928,682	)		(19,912,637	)

					(11,619,368	)					(24,156,850	)

Net increase (decrease) in net assets resulting from capital share transactions					14,196,780						(5,270,041	)

Total increase in net assets					31,314,969						40,701,973


Net assets
Beginning of period					211,443,646						170,741,673

End of period				$	242,758,615					$	211,443,646

Undistributed net investment income				$	44,573					$	634,583

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


Financial highlights		Wells Fargo Advantage Large Cap Core Fund			13

(For a share outstanding throughout each period)


	Six months ended January 31, 2014 (unaudited)			Year ended July 31
CLASS A	Six months ended January 31, 2014 (unaudited)			2013			2012			2011			2010¹			2009¹
Net asset value, beginning of period	$	12.13		$	9.50		$	8.75		$	7.37		$	6.96		$	8.77
Net investment income		0.03			0.07			0.06			0.05			0.06			0.08
Net realized and unrealized gains (losses) on investments		1.03			2.64			0.74			1.36			0.46			(1.82	)

Total from investment operations		1.06			2.71			0.80			1.41			0.52			(1.74	)
Distributions to shareholders from
Net investment income		(0.09	)		(0.08	)		(0.05	)		(0.03	)		(0.11	)		(0.07	)
Net asset value, end of period	$	13.10		$	12.13		$	9.50		$	8.75		$	7.37		$	6.96
Total return²		8.71	%		28.76	%		9.27	%		19.16	%		7.43	%		(19.78	)%
Ratios to average net assets (annualized)
Gross expenses		1.30	%		1.33	%		1.37	%		1.30	%		2.55	%		4.10	%
Net expenses		1.14	%		1.14	%		1.14	%		1.14	%		1.15	%		1.15	%
Net investment income		0.59	%		0.75	%		0.71	%		0.61	%		0.91	%		1.22	%
Supplemental data
Portfolio turnover rate		40	%		67	%		41	%		43	%		18	%		45	%
Net assets, end of period (000s omitted)		$23,293			$15,267			$8,277			$7,495			$8,501			$533

After the close of business on July 16, 2010, the Fund acquired the net assets of Evergreen Golden Large Cap Core Fund and Wells Fargo Advantage Large Company Core Fund. Evergreen Golden Large Cap Core Fund was the accounting and performance survivor in the transaction. The information for the periods prior to July 19, 2010 is that of Class A of Evergreen Golden Large Cap Core Fund.

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

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


14		Wells Fargo Advantage Large Cap Core Fund		Financial highlights

(For a share outstanding throughout each period)


	Six months ended January 31, 2014 (unaudited)			Year ended July 31
CLASS C	Six months ended January 31, 2014 (unaudited)			2013			2012			2011			2010¹			2009¹
Net asset value, beginning of period	$	12.05		$	9.45		$	8.71		$	7.37		$	6.94		$	8.75
Net investment income (loss)		(0.01	)²		(0.00	)³		(0.00	)³		(0.01	)		0.01			0.03
Net realized and unrealized gains (losses) on investments		1.01			2.62			0.74			1.35			0.44			(1.81	)

Total from investment operations		1.00			2.62			0.74			1.34			0.45			(1.78	)
Distributions to shareholders from
Net investment income		(0.02	)		(0.02	)		0.00			0.00			(0.02	)		(0.03	)
Net asset value, end of period	$	13.03		$	12.05		$	9.45		$	8.71		$	7.37		$	6.94
Total return⁴		8.26	%		27.82	%		8.50	%		18.18	%		6.54	%		(20.33	)%
Ratios to average net assets (annualized)
Gross expenses		2.05	%		2.08	%		2.12	%		2.05	%		3.75	%		4.85	%
Net expenses		1.89	%		1.89	%		1.89	%		1.89	%		1.90	%		1.90	%
Net investment income (loss)		(0.15	)%		(0.01	)%		(0.04	)%		(0.13	)%		0.09	%		0.48	%
Supplemental data
Portfolio turnover rate		40	%		67	%		41	%		43	%		18	%		45	%
Net assets, end of period (000s omitted)		$5,538			$3,786			$2,041			$1,750			$1,947			$1,043

2.	Calculated based upon average shares outstanding.

3.	Amount is less than $0.005.

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

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


Financial highlights		Wells Fargo Advantage Large Cap Core Fund			15

(For a share outstanding throughout each period)


	Six months ended January 31, 2014 (unaudited)			Year ended July 31
ADMINISTRATOR CLASS	Six months ended January 31, 2014 (unaudited)			2013			2012			2011			2010¹
Net asset value, beginning of period	$	12.16		$	9.52		$	8.77		$	7.38		$	7.22
Net investment income		0.04			0.10			0.09			0.07	²		0.00	³
Net realized and unrealized gains (losses) on investments		1.03			2.64			0.74			1.36			0.16

Total from investment operations		1.07			2.74			0.83			1.43			0.16
Distributions to shareholders from
Net investment income		(0.11	)		(0.10	)		(0.08	)		(0.04	)		0.00
Net asset value, end of period	$	13.12		$	12.16		$	9.52		$	8.77		$	7.38
Total return⁴		8.80	%		29.12	%		9.61	%		19.44	%		2.22	%
Ratios to average net assets (annualized)
Gross expenses		1.11	%		1.14	%		1.16	%		1.08	%		1.12	%
Net expenses		0.90	%		0.89	%		0.87	%		0.86	%		0.89	%
Net investment income		0.75	%		1.00	%		0.97	%		0.76	%		1.12	%
Supplemental data
Portfolio turnover rate		40	%		67	%		41	%		43	%		18	%
Net assets, end of period (000s omitted)		$3,805			$1,192			$522			$477			$42

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

2.	Calculated based upon average shares outstanding

3.	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 Large Cap Core Fund		Financial highlights

(For a share outstanding throughout each period)


	Six months ended January 31, 2014 (unaudited)			Year ended July 31
INSTITUTIONAL CLASS	Six months ended January 31, 2014 (unaudited)			2013			2012			2011			2010¹			2009¹
Net asset value, beginning of period	$	12.16		$	9.52		$	8.77		$	7.38		$	6.97		$	8.79
Net investment income		0.06	²		0.13	²		0.12			0.10	²		0.08			0.09
Net realized and unrealized gains (losses) on investments		1.02			2.63			0.73			1.35			0.46			(1.82	)

Total from investment operations		1.08			2.76			0.85			1.45			0.54			(1.73	)
Distributions to shareholders from
Net investment income		(0.13	)		(0.12	)		(0.10	)		(0.06	)		(0.13	)		(0.09	)
Net asset value, end of period	$	13.11		$	12.16		$	9.52		$	8.77		$	7.38		$	6.97
Total return³		8.91	%		29.38	%		9.88	%		19.65	%		7.79	%		(19.61	)%
Ratios to average net assets (annualized)
Gross expenses		0.87	%		0.90	%		0.94	%		0.86	%		2.80	%		3.85	%
Net expenses		0.66	%		0.66	%		0.66	%		0.66	%		0.89	%		0.90	%
Net investment income		0.85	%		1.24	%		1.19	%		1.32	%		1.09	%		1.47	%
Supplemental data
Portfolio turnover rate		40	%		67	%		41	%		43	%		18	%		45	%
Net assets, end of period (000s omitted)		$2,951			$537			$480			$478			$3,132			$2,809

2.	Calculated based upon average shares outstanding

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

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


Financial highlights		Wells Fargo Advantage Large Cap Core Fund			17

(For a share outstanding throughout each period)


	Six months ended January 31, 2014 (unaudited)			Year ended July 31
INVESTOR CLASS	Six months ended January 31, 2014 (unaudited)			2013			2012			2011			2010¹
Net asset value, beginning of period	$	12.13		$	9.50		$	8.75		$	7.38		$	7.22
Net investment income		0.04			0.07			0.06			0.05			0.00	²
Net realized and unrealized gains (losses) on investments		1.01			2.63			0.74			1.35			0.16

Total from investment operations		1.05			2.70			0.80			1.40			0.16
Distributions to shareholders from
Net investment income		(0.07	)		(0.07	)		(0.05	)		(0.03	)		0.00
Net asset value, end of period	$	13.11		$	12.13		$	9.50		$	8.75		$	7.38
Total return³		8.64	%		28.63	%		9.21	%		18.97	%		2.22	%
Ratios to average net assets (annualized)
Gross expenses		1.36	%		1.38	%		1.43	%		1.37	%		1.37	%
Net expenses		1.20	%		1.20	%		1.21	%		1.21	%		1.21	%
Net investment income		0.57	%		0.69	%		0.64	%		0.53	%		1.03	%
Supplemental data
Portfolio turnover rate		40	%		67	%		41	%		43	%		18	%
Net assets, end of period (000s omitted)		$207,171			$190,661			$159,422			$158,966			$150,157

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

2.	Amount is less than $0.005.

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

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


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

1. ORGANIZATION

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

2. SIGNIFICANT ACCOUNTING POLICIES

Securities valuation

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

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

Security loans


Notes to financial statements (unaudited)		Wells Fargo Advantage Large Cap Core Fund			19

Security transactions and income recognition

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

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

Distributions to shareholders

Federal and other taxes

As of July 31, 2013, the Fund had capital loss carryforwards available to offset future net realized capital gains in the amount of $46,936,485 with $706,825 expiring in 2017 and $46,229,660 expiring in 2018.

Class allocations

3. FAIR VALUATION MEASUREMENTS

Level 1 – quoted prices in active markets for identical securities

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

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


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

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

As of January 31, 2014, the inputs used in valuing investments in securities were as follows:


Investments in securities	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total

Equity securities
Common stocks	$	239,175,296	$	0	$	0	$	239,175,296

Short-term investments
Investment companies		3,516,184		8,985,253		0		12,501,437
	$	242,691,480	$	8,985,253	$	0	$	251,676,733

4. TRANSACTIONS WITH AFFILIATES AND OTHER EXPENSES

Advisory fee

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Funds Management. Golden Capital Management, LLC, an affiliate of Funds Management, is the subadviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.35% and declining to 0.30% as the average daily net assets of the Fund increase.

Administration and transfer agent fees


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

Funds Management has contractually waived and/or reimbursed advisory and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. Waiver of fees and/or reimbursement of expenses by Funds Management were made first from fund level expenses on a proportionate basis and then from class specific expenses. Funds Management has committed through November 30, 2014 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.14% for Class A shares, 1.89% for Class C shares, 0.90% for Administrator Class shares, 0.66% for Institutional Class shares, and 1.20% for Investor Class shares.

Distribution fees


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

For the six months ended January 31, 2014, Wells Fargo Funds Distributor, LLC received $5,001 from the sale of Class A shares.

Shareholder servicing fees

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended January 31, 2014 were $102,816,233 and $89,093,454, respectively.

6. BANK BORROWINGS

For the six months ended January 31, 2014, there were no borrowings by the Fund under the agreement.

7. INDEMNIFICATION


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

PROXY VOTING INFORMATION

PORTFOLIO HOLDINGS INFORMATION


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

BOARD OF TRUSTEES AND OFFICERS

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 Harbor 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 50 portfolios as of 12/16/2013); Asset Allocation Trust
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business, Stanford University, Morgan Stanley Director of the Center for Leadership Development and Research and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	Asset Allocation Trust
Olivia S. Mitchell (Born 1953)	Trustee, since 2006	International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993.	Asset Allocation Trust
Timothy J. Penny (Born 1951)	Trustee, since 1996	President and CEO of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007 and Senior Fellow at the Humphrey Institute Policy Forum at the University of Minnesota since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	Asset Allocation Trust


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


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

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

Officers


Name and year of birth	Position held and length of service	Principal occupations during past five years
Karla M. Rabusch (Born 1959)	President, since 2003	Executive Vice President of Wells Fargo Bank, N.A. and President of Wells Fargo Funds Management, LLC since 2003.
Jeremy DePalma¹ (Born 1974)	Treasurer, since 2012	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Vice President, Evergreen Investment Services, Inc. from 2004 to 2007. Head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.
C. David Messman (Born 1960)	Secretary, since 2000; Chief Legal Officer, since 2003	Senior Vice President and Secretary of Wells Fargo Funds Management, LLC since 2001. Vice President and Managing Counsel of Wells Fargo Bank, N.A. since 1996.
Debra Ann Early (Born 1964)	Chief Compliance Officer, since 2007	Chief Compliance Officer of Wells Fargo Funds Management, LLC since 2007. Chief Compliance Officer of Parnassus Investments from 2005 to 2007. Chief Financial Officer of Parnassus Investments from 2004 to 2007.
David Berardi (Born 1975)	Assistant Treasurer, since 2009	Vice President of Wells Fargo Funds Management, LLC since 2009. Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Assistant Vice President of Evergreen Investment Services, Inc. from 2004 to 2008. Manager of Fund Reporting and Control for Evergreen Investment Management Company, LLC from 2004 to 2010.

1.	Jeremy DePalma acts as Treasurer of 59 funds and Assistant Treasurer of 73 funds in the Fund Complex.

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


List of abbreviations		Wells Fargo Advantage Large Cap Core Fund			25

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

ACA	— ACA Financial Guaranty Corporation

ADR	— American depositary receipt

ADS	— American depositary shares

AGC	— Assured Guaranty Corporation

AGM	— Assured Guaranty Municipal

Ambac

— Ambac Financial Group Incorporated

AMT	— Alternative minimum tax

AUD	— Australian dollar

BAN	— Bond anticipation notes

BHAC	— Berkshire Hathaway Assurance Corporation

BRL	— Brazilian real

CAB	— Capital appreciation bond

CAD	— Canadian dollar

CCAB	— Convertible capital appreciation bond

CDA	— Community Development Authority

CDO	— Collateralized debt obligation

CHF	— Swiss franc

COP	— Certificate of participation

CLP	— Chilean peso

DKK	— Danish krone

DRIVER

— Derivative inverse tax-exempt receipts

DW&P	— Department of Water & Power

DWR	— Department of Water Resources

ECFA	— Educational & Cultural Facilities Authority

EDA	— Economic Development Authority

EDFA	— Economic Development Finance Authority

ETF	— Exchange-traded fund

EUR

— Euro

FDIC	— Federal Deposit Insurance Corporation

FFCB	— Federal Farm Credit Banks

FGIC	— Financial Guaranty Insurance Corporation

FHA	— Federal Housing Administration

FHLB	— Federal Home Loan Bank

FHLMC

— Federal Home Loan Mortgage Corporation

FICO	— The Financing Corporation

FNMA	— Federal National Mortgage Association

FSA	— Farm Service Agency

GBP	— Great British pound

GDR	— Global depositary receipt

GNMA	— Government National Mortgage Association

GO	— General obligation

HCFR	— Healthcare facilities revenue

HEFA	— Health & Educational Facilities Authority

HEFAR

— Higher education facilities authority revenue

HFA	— Housing Finance Authority

HFFA	— Health Facilities Financing Authority

HKD	— Hong Kong dollar

HUD	— Department of Housing and Urban Development

HUF	— Hungarian forint

IDA	— Industrial Development Authority

IDAG	— Industrial Development Agency

IDR	— 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

LLLP	— Limited liability limited partnership

LLP	— Limited liability partnership

LOC	— Letter of credit

LP	— Limited partnership

MBIA	— Municipal Bond Insurance Association

MFHR	— Multifamily housing revenue

MSTR	— Municipal securities trust receipts

MTN	— Medium-term note

MUD	— Municipal Utility District

MXN	— Mexican peso

MYR	— Malaysian ringgit

National

— National Public Finance Guarantee Corporation

NGN	— Nigerian naira

NOK	— Norwegian krone

NZD	— New Zealand dollar

PCFA	— Pollution Control Financing Authority

PCL	— Public Company Limited

PCR	— Pollution control revenue

PFA	— Public Finance Authority

PFFA	— Public Facilities Financing Authority

PFOTER

— Puttable floating option tax-exempt receipts

plc	— Public limited company

PLN	— Polish zloty

PUTTER

— Puttable tax-exempt receipts

R&D	— Research & development

Radian

— Radian Asset Assurance

RAN	— Revenue anticipation notes

RDA	— Redevelopment Authority

RDFA	— Redevelopment Finance Authority

REIT	— Real estate investment trust

ROC	— Reset option certificates

RON	— Romanian lei

RUB	— Russian ruble

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

THB	— Thai baht

TIPS	— Treasury inflation-protected securities

TRAN	— Tax revenue anticipation notes

TRY	— Turkish lira

TTFA	— Transportation Trust Fund Authority

TVA	— Tennessee Valley Authority

ZAR	— South African rand

This page is intentionally left blank.

LOGO

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

NOT FDIC INSURED ¡ NO BANK GUARANTEE ¡ MAY LOSE VALUE

222990 03-14

SA208/SAR208 1-14

Wells Fargo Advantage Large Cap Growth Fund

LOGO

Semi-Annual Report

January 31, 2014

LOGO

Reduce clutter. Save trees.

Contents


Letter to shareholders			2

Performance highlights			4

Fund expenses			6

Portfolio of investments			7

Financial statements
Statement of assets and liabilities			11
Statement of operations			12
Statement of changes in net assets			13
Financial highlights			14

Notes to financial statements			22

Other information			26

List of abbreviations			29

NOT FDIC INSURED ¡ NO BANK GUARANTEE ¡ MAY LOSE VALUE


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

LOGO

Karla M. Rabusch

President

Wells Fargo Advantage Funds

Major central banks continued to inject liquidity into the banks and the markets through various quantitative easing policies.

Dear Valued Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Advantage Large Cap Growth Fund for the six-month period that ended January 31, 2014. Much of the period was marked by monetary easing by global central banks. Entering the period, investors were concerned that the U.S. Federal Reserve (Fed) would end its bond-buying program, which initially led to higher interest rates and resulted in losses for bond indexes and volatility for global stock indexes. These fears dissipated in late September 2013 and ended altogether in mid-December 2013 when the Fed announced a tapering timeline that was far more moderate than some had feared. Growing confidence that the U.S. economy was staging a fragile recovery resulted in double-digit returns for domestic stock market indexes for the six-month reporting period.

Central banks continued to provide stimulus.

U.S. stock markets gained on relatively good news.


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

passed the Ryan-Murray budget agreement that funded the government through September 2015, lessening the near-term prospect of another shutdown.

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

Sincerely,

LOGO

Karla M. Rabusch

President

Wells Fargo Advantage Funds

Despite political headwinds, the relatively positive outlook for the U.S. economy contributed to a strong domestic stock market for most of the reporting period.

Notice to shareholders

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


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

Investment objective

The Fund seeks long-term capital appreciation.

Adviser

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Thomas C. Ognar, CFA

Bruce C. Olson, CFA

Joseph M. Eberhardy, CFA, CPA

Average annual total returns¹ (%) as of January 31, 2014


		Including sales charge						Excluding sales charge						Expense ratios² (%)
	Inception date	1 year		5 year		10 year		1 year		5 year		10 year		Gross		Net³
Class A (STAFX)	7-30-2010		19.09		18.72		7.10		26.35		20.14		7.73		1.22		1.07
Class C (STOFX)	7-30-2010		24.43		19.27		6.98		25.43		19.27		6.98		1.97		1.82
Class R (STMFX)	6-15-2012		–		–		–		26.04		19.90		7.55		1.47		1.32
Class R4 (SLGRX)	11-30-2012		–		–		–		26.78		20.44		7.86		0.89		0.75
Class R6 (STFFX)	11-30-2012		–		–		–		26.96		20.48		7.88		0.74		0.60
Administrator Class (STDFX)	7-30-2010		–		–		–		26.54		20.26		7.78		1.06		0.95
Institutional Class (STNFX)	7-30-2010		–		–		–		26.92		20.46		7.87		0.79		0.65
Investor Class (STRFX)	12-30-1981		–		–		–		26.29		20.08		7.70		1.28		1.13
Russell 1000^® Growth Index⁴	–		–		–		–		24.35		20.88		7.30		–		–

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

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

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

Please see footnotes on page 5.


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


Ten largest equity holdings⁵ (%) as of January 31, 2014
Google Incorporated Class A			5.16%
Gilead Sciences Incorporated			2.87%
Alexion Pharmaceuticals Incorporated			2.60%
Whole Foods Market Incorporated			2.53%
Union Pacific Corporation			2.32%
Apple Incorporated			2.23%
Dollar Tree Incorporated			2.20%
MasterCard Incorporated Class A			2.19%
QUALCOMM Incorporated			2.02%
Costco Wholesale Corporation			2.02%


Sector distribution⁶ as of January 31, 2014

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

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

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

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

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


6		Wells Fargo Advantage Large Cap Growth Fund		Fund expenses (unaudited)

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from August 1, 2013 to January 31, 2014.

Actual expenses

Hypothetical example for comparison purposes


	Beginning account value 8-1-2013		Ending account value 1-31-2014		Expenses paid during the period¹		Net annualized expense ratio
Class A
Actual	$	1,000.00	$	1,122.30	$	5.72		1.07	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.81	$	5.45		1.07	%
Class C
Actual	$	1,000.00	$	1,118.20	$	9.72		1.82	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,016.03	$	9.25		1.82	%
Class R
Actual	$	1,000.00	$	1,120.96	$	7.06		1.32	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.55	$	6.72		1.32	%
Class R4
Actual	$	1,000.00	$	1,124.23	$	4.02		0.75	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.42	$	3.82		0.75	%
Class R6
Actual	$	1,000.00	$	1,124.95	$	3.21		0.60	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.18	$	3.06		0.60	%
Administrator Class
Actual	$	1,000.00	$	1,123.21	$	5.08		0.95	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.42	$	4.84		0.95	%
Institutional Class
Actual	$	1,000.00	$	1,124.60	$	3.48		0.65	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.93	$	3.31		0.65	%
Investor Class
Actual	$	1,000.00	$	1,121.92	$	6.04		1.13	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.51	$	5.75		1.13	%

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).


Portfolio of investments—January 31, 2014 (unaudited)		Wells Fargo Advantage Large Cap Growth Fund			7


Security name	Shares		Value

Common Stocks: 98.64%

Consumer Discretionary: 23.88%

Hotels, Restaurants & Leisure: 6.31%
Chipotle Mexican Grill Incorporated †		41,180	$	22,729,713
Hilton Worldwide Holdings Incorporated †		172,367		3,731,746
Marriott International Incorporated Class A		330,000		16,269,000
Starbucks Corporation		345,340		24,560,581
Wynn Resorts Limited		127,000		27,612,340

				94,903,380


Internet & Catalog Retail: 3.92%
Amazon.com Incorporated †		82,530		29,602,686
priceline.com Incorporated †		25,670		29,389,326

				58,992,012


Media: 2.93%
CBS Corporation Class B		385,000		22,607,200
The Walt Disney Company		102,000		7,406,220
Twenty-First Century Fox Incorporated		441,000		14,032,620

				44,046,040


Multiline Retail: 3.89%
Dollar General Corporation †		124,060		6,987,059
Dollar Tree Incorporated †		654,000		33,040,080
Nordstrom Incorporated		322,500		18,527,625

				58,554,764


Specialty Retail: 2.93%
CarMax Incorporated †		442,580		19,964,784
O’Reilly Automotive Incorporated †		150,000		19,647,000
Ross Stores Incorporated		66,000		4,482,060

				44,093,844


Textiles, Apparel & Luxury Goods: 3.90%
lululemon athletica incorporated «†		64,470		2,945,634
Michael Kors Holdings Limited †		186,730		14,925,329
Nike Incorporated Class B		290,980		21,197,893
VF Corporation		335,120		19,587,764

				58,656,620


Consumer Staples: 6.48%

Food & Staples Retailing: 5.88%
Costco Wholesale Corporation		270,000		30,337,200
Walgreen Company		350,420		20,096,587
Whole Foods Market Incorporated		727,000		37,993,020

				88,426,807


Personal Products: 0.60%
Estee Lauder Companies Incorporated Class A		130,660		8,981,568

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


8		Wells Fargo Advantage Large Cap Growth Fund		Portfolio of investments—January 31, 2014 (unaudited)


Security name	Shares		Value

Energy: 5.42%

Energy Equipment & Services: 1.73%
National Oilwell Varco Incorporated		90,000	$	6,750,900
Schlumberger Limited		220,000		19,265,400

				26,016,300


Oil, Gas & Consumable Fuels: 3.69%
Antero Resources Corporation †		109,696		6,443,543
Concho Resources Incorporated †		158,600		15,509,494
Continental Resources Incorporated †		62,980		6,940,396
Pioneer Natural Resources Company		157,000		26,583,240

				55,476,673


Financials: 5.01%

Capital Markets: 1.86%
Northern Trust Corporation		151,000		9,093,220
TD Ameritrade Holding Corporation		605,000		18,906,250

				27,999,470


Consumer Finance: 2.45%
American Express Company		228,340		19,413,467
Discover Financial Services		325,200		17,446,980

				36,860,447


Diversified Financial Services: 0.70%
CME Group Incorporated		140,000		10,466,400


Health Care: 16.51%

Biotechnology: 9.25%
Alexion Pharmaceuticals Incorporated †		246,000		39,047,580
Biogen Idec Incorporated †		61,960		19,371,174
Celgene Corporation †		148,380		22,543,373
Gilead Sciences Incorporated †		535,120		43,157,428
Regeneron Pharmaceuticals Incorporated †		52,180		15,058,626

				139,178,181


Health Care Equipment & Supplies: 0.83%
Covidien plc		182,130		12,428,551


Health Care Providers & Services: 1.79%
AmerisourceBergen Corporation		207,170		13,925,967
Catamaran Corporation †		266,600		12,962,092

				26,888,059


Health Care Technology: 1.35%
Cerner Corporation †		356,940		20,306,317


Pharmaceuticals: 3.29%
Allergan Incorporated		42,450		4,864,770
Bristol-Myers Squibb Company		164,000		8,195,080

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


Portfolio of investments—January 31, 2014 (unaudited)		Wells Fargo Advantage Large Cap Growth Fund			9


Security name	Shares		Value

Pharmaceuticals (continued)
Merck & Company Incorporated		113,000	$	5,985,610
Perrigo Company plc		115,160		17,925,806
Shire plc ADR		59,740		8,938,299
Zoetis Incorporated		120,000		3,643,200

				49,552,765


Industrials: 11.20%

Aerospace & Defense: 3.72%
Precision Castparts Corporation		73,000		18,596,750
The Boeing Company		142,000		17,786,920
United Technologies Corporation		170,870		19,482,597

				55,866,267


Air Freight & Logistics: 0.80%
United Parcel Service Incorporated Class B		126,050		12,003,742


Airlines: 0.16%
Southwest Airlines Company		117,000		2,451,150


Industrial Conglomerates: 1.00%
Danaher Corporation		202,240		15,044,634


Professional Services: 0.39%
Verisk Analytics Incorporated Class A †		91,900		5,868,734


Road & Rail: 3.62%
Kansas City Southern		66,680		7,040,741
Norfolk Southern Corporation		136,000		12,592,240
Union Pacific Corporation		200,000		34,848,000

				54,480,981


Trading Companies & Distributors: 1.51%
W.W. Grainger Incorporated		97,100		22,768,008


Information Technology: 25.56%

Communications Equipment: 2.02%
QUALCOMM Incorporated		410,080		30,436,138


Computers & Peripherals: 2.23%
Apple Incorporated		66,870		33,475,122


Internet Software & Services: 10.44%
eBay Incorporated †		562,850		29,943,620
Facebook Incorporated Class A †		408,000		25,528,560
Google Incorporated Class A †		65,670		77,554,300
LinkedIn Corporation Class A †		39,790		8,563,206
Pandora Media Incorporated †		232,100		8,371,847
Rackspace Hosting Incorporated †		195,800		7,129,078

				157,090,611

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


10		Wells Fargo Advantage Large Cap Growth Fund		Portfolio of investments—January 31, 2014 (unaudited)


Security name				Shares		Value

IT Services: 6.37%
Accenture plc					113,480	$	9,064,782
Alliance Data Systems Corporation †					45,000		10,784,700
Cognizant Technology Solutions Corporation Class A †					240,200		23,280,184
MasterCard Incorporated Class A					435,700		32,973,776
Visa Incorporated Class A					91,530		19,718,308

							95,821,750


Semiconductors & Semiconductor Equipment: 1.29%
Microchip Technology Incorporated «					432,880		19,418,997


Software: 3.21%
NetSuite Incorporated †					89,000		9,361,020
Salesforce.com Incorporated †					489,000		29,599,170
ServiceNow Incorporated †					146,300		9,279,809

							48,239,999


Materials: 4.58%

Chemicals: 4.58%
Ecolab Incorporated					164,760		16,564,970
Monsanto Company					210,000		22,375,500
Praxair Incorporated					240,000		29,932,799

							68,873,269


Total Common Stocks (Cost $1,044,786,348)							1,483,667,600


	Yield
Short-Term Investments: 2.08%

Investment Companies: 2.08%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)		0.07	%		19,208,789		19,208,789
Wells Fargo Securities Lending Cash Investments, LLC (l)(u)(v)(r)		0.08			12,146,844		12,146,844

Total Short-Term Investments (Cost $31,355,633)							31,355,633


Total investments in securities
(Cost $1,076,141,981) *	100.72	%		1,515,023,233
Other assets and liabilities, net	(0.72	)		(10,815,880	)

Total net assets	100.00	%	$	1,504,207,353

†	Non-income-earning security

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

(l)	Investment in an affiliate

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

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

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

*	Cost for federal income tax purposes is $1,076,862,001 and unrealized appreciation (depreciation) consists of:


Gross unrealized appreciation	$	444,342,321
Gross unrealized depreciation		(6,181,089	)

Net unrealized appreciation	$	438,161,232

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


Statement of assets and liabilities—January 31, 2014 (unaudited)		Wells Fargo Advantage Large Cap Growth Fund			11




Assets
Investments
In unaffiliated securities (including securities on loan), at value (see cost below)	$	1,483,667,600
In affiliated securities, at value (see cost below)		31,355,633

Total investments, at value (see cost below)		1,515,023,233
Receivable for investments sold		8,931,195
Receivable for Fund shares sold		2,096,607
Receivable for dividends		177,136
Receivable for securities lending income		6,264
Prepaid expenses and other assets		55,692

Total assets		1,526,290,127


Liabilities
Payable for investments purchased		6,259,253
Payable for Fund shares redeemed		2,396,255
Payable upon receipt of securities loaned		12,146,844
Advisory fee payable		676,150
Distribution fees payable		16,328
Due to other related parties		314,026
Accrued expenses and other liabilities		273,918

Total liabilities		22,082,774

Total net assets	$	1,504,207,353


NET ASSETS CONSIST OF
Paid-in capital	$	1,060,114,898
Overdistributed net investment income		(640,037	)
Accumulated net realized gains on investments		5,851,240
Net unrealized gains on investments		438,881,252

Total net assets	$	1,504,207,353


COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE¹
Net assets – Class A	$	146,819,076
Shares outstanding – Class A		3,398,257
Net asset value per share – Class A		$43.20
Maximum offering price per share – Class A²		$45.84
Net assets – Class C	$	20,811,130
Shares outstanding – Class C		494,244
Net asset value per share – Class C		$42.11
Net assets – Class R	$	10,405,970
Shares outstanding – Class R		242,041
Net asset value per share – Class R		$42.99
Net assets – Class R4	$	1,965,000
Share outstanding – Class R4		45,103
Net asset value per share – Class R4		$43.57
Net assets – Class R6	$	2,695,503
Share outstanding – Class R6		61,836
Net asset value per share – Class R6		$43.59
Net assets – Administrator Class	$	235,056,129
Shares outstanding – Administrator Class		5,420,029
Net asset value per share – Administrator Class		$43.37
Net assets – Institutional Class	$	632,778,786
Shares outstanding – Institutional Class		14,516,330
Net asset value per share – Institutional Class		$43.59
Net assets – Investor Class	$	453,675,759
Shares outstanding – Investor Class		10,515,532
Net asset value per share – Investor Class		$43.14
Investments in unaffiliated securities (including securities on loan), at cost	$	1,044,786,348

Investments in affiliated securities, at cost	$	31,355,633

Total investments, at cost	$	1,076,141,981

Securities on loan, at value	$	11,848,863

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

2.	Maximum offering price is computed as 100/94.25 of net asset value. On investments of $50,000 or more, the offering price is reduced.

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


12		Wells Fargo Advantage Large Cap Growth Fund		Statement of operations—six months ended January 31, 2014 (unaudited)




Investment income
Dividends	$	6,675,120
Securities lending income, net		45,862
Income from affiliated securities		10,173

Total investment income		6,731,155


Expenses
Advisory fee		4,526,790
Administration fees
Fund level		361,308
Class A		190,537
Class C		25,836
Class R		12,297
Class R4		452
Class R6		363
Administrator Class		113,811
Institutional Class		236,388
Investor Class		715,502
Shareholder servicing fees
Class A		183,209
Class C		24,842
Class R		11,824
Class R4		564
Administrator Class		283,365
Investor Class		558,986
Distribution fees
Class C		74,525
Class R		11,823
Custody and accounting fees		40,371
Professional fees		22,073
Registration fees		99,244
Shareholder report expenses		53,321
Trustees’ fees and expenses		5,906
Other fees and expenses		27,698

Total expenses		7,581,035
Less: Fee waivers and/or expense reimbursements		(1,013,649	)

Net expenses		6,567,386

Net investment income		163,769


REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on investments		14,844,359
Net change in unrealized gains (losses) on investments		145,194,310

Net realized and unrealized gains (losses) on investments		160,038,669

Net increase in net assets resulting from operations	$	160,202,438

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


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


	Six months ended January 31, 2014 (unaudited)						Year ended July 31, 2013

Operations
Net investment income				$	163,769					$	3,624,257
Net realized gains on investments					14,844,359						101,802,906
Net change in unrealized gains (losses) on investments					145,194,310						131,147,844

Net increase in net assets resulting from operations					160,202,438						236,575,007


Distributions to shareholders from
Net investment income
Class A					0						(121,892	)
Class R					0						(2,374	)
Class R4					(4,388	)					(32	)¹
Class R6					(7,794	)					(169	)¹
Administrator Class					(59,550	)					(406,148	)
Institutional Class					(1,868,611	)					(1,878,484	)
Net realized gains
Class A					(4,658,059	)					0
Class C					(653,384	)					0
Class R					(306,050	)					0
Class R4					(60,168	)					0	¹
Class R6					(74,852	)					0	¹
Administrator Class					(7,171,992	)					0
Institutional Class					(19,978,900	)					0
Investor Class					(14,255,159	)					0

Total distributions to shareholders					(49,098,907	)					(2,409,099	)


Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		466,256			19,866,583			1,674,624			58,604,595
Class C		87,249			3,636,720			217,087			7,527,427
Class R		72,672			3,081,441			106,112			3,695,703
Class R4		44,750			1,967,418			292	¹		10,000	¹
Class R6		8,420			369,422			60,170	¹		2,168,017	¹
Administrator Class		559,002			23,942,690			4,448,450			153,858,585
Institutional Class		2,786,059			121,124,088			3,915,231			138,162,580
Investor Class		544,147			23,198,936			1,103,953			38,838,329

					197,187,298						402,865,236

Reinvestment of distributions
Class A		82,404			3,548,336			2,942			98,914
Class C		11,441			480,638			0			0
Class R		2,882			123,530			33			1,092
Class R4		1,485			64,556			1	¹		32	¹
Class R6		1,899			82,646			5	¹		169	¹
Administrator Class		162,979			7,043,571			10,982			370,195
Institutional Class		431,004			18,751,185			45,346			1,534,948
Investor Class		322,257			13,857,073			0			0

					43,951,535						2,005,350

Payment for shares redeemed
Class A		(462,908	)		(19,834,920	)		(647,781	)		(23,109,975	)
Class C		(60,669	)		(2,510,583	)		(125,588	)		(4,392,790	)
Class R		(39,321	)		(1,688,300	)		(54,480	)		(1,975,873	)
Class R4		(1,425	)		(63,649	)		0	¹		0	¹
Class R6		(5,272	)		(216,149	)		(3,386	)¹		(127,149	)¹
Administrator Class		(521,011	)		(22,197,883	)		(1,514,385	)		(54,136,656	)
Institutional Class		(1,388,646	)		(59,642,105	)		(9,415,760	)		(337,271,362	)
Investor Class		(590,341	)		(24,993,744	)		(1,758,314	)		(61,752,915	)

					(131,147,333	)					(482,766,720	)

Net increase (decrease) in net assets resulting from capital share transactions					109,991,500						(77,896,134	)

Total increase in net assets					221,095,031						156,269,774


Net assets
Beginning of period					1,283,112,322						1,126,842,548

End of period				$	1,504,207,353					$	1,283,112,322

Undistributed (overdistributed) net investment income				$	(640,037	)				$	1,136,537

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

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


14		Wells Fargo Advantage Large Cap Growth Fund		Financial highlights

(For a share outstanding throughout each period)


	Six months ended January 31, 2014 (unaudited)			Year ended July 31
CLASS A	Six months ended January 31, 2014 (unaudited)			2013			2012			2011			2010¹
Net asset value, beginning of period	$	39.73		$	32.92		$	31.62		$	24.54		$	24.54
Net investment income (loss)		(0.03	)		0.04			(0.12	)²		(0.10	)²		0.00	³
Net realized and unrealized gains (losses) on investments		4.88			6.81			1.42			7.18			0.00	³

Total from investment operations		4.85			6.85			1.30			7.08			0.00	³
Distributions to shareholders from
Net investment income		0.00			(0.04	)		0.00			0.00			0.00
Net realized gains		(1.38	)		0.00			0.00			0.00			0.00

Total distributions to shareholders		(1.38	)		(0.04	)		0.00			0.00			0.00
Net asset value, end of period	$	43.20		$	39.73		$	32.92		$	31.62		$	24.54
Total return⁴		12.23	%		20.84	%		4.08	%		28.89	%		0.00	%
Ratios to average net assets (annualized)
Gross expenses		1.22	%		1.23	%		1.24	%		1.25	%		0.00	%
Net expenses		1.07	%		1.07	%		1.10	%		1.12	%		0.00	%
Net investment income (loss)		(0.13	)%		0.09	%		(0.37	)%		(0.33	)%		0.00	%
Supplemental data
Portfolio turnover rate		15	%		57	%		46	%		47	%		60	%
Net assets, end of period (000s omitted)		$146,819			$131,616			$75,149			$2,368			$10

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

2.	Calculated based upon average shares outstanding

3.	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 Large Cap Growth Fund			15

(For a share outstanding throughout each period)


	Six months ended January 31, 2014 (unaudited)			Year ended July 31
CLASS C	Six months ended January 31, 2014 (unaudited)			2013			2012			2011			2010¹
Net asset value, beginning of period	$	38.90		$	32.43		$	31.38		$	24.54		$	24.54
Net investment income (loss)		(0.16	)		(0.20	)		(0.37	)²		(0.32	)²		0.00	³
Net realized and unrealized gains (losses) on investments		4.75			6.67			1.42			7.16			0.00	³

Total from investment operations		4.59			6.47			1.05			6.84			0.00	³
Distributions to shareholders from
Net realized gains		(1.38	)		0.00			0.00			0.00			0.00
Net asset value, end of period	$	42.11		$	38.90		$	32.43		$	31.38		$	24.54
Total return⁴		11.82	%		19.95	%		3.31	%		27.91	%		0.00	%
Ratios to average net assets (annualized)
Gross expenses		1.97	%		1.98	%		1.99	%		2.00	%		0.00	%
Net expenses		1.82	%		1.82	%		1.84	%		1.87	%		0.00	%
Net investment income (loss)		(0.88	)%		(0.65	)%		(1.16	)%		(1.04	)%		0.00	%
Supplemental data
Portfolio turnover rate		15	%		57	%		46	%		47	%		60	%
Net assets, end of period (000s omitted)		$20,811			$17,748			$11,829			$272			$10

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

2.	Calculated based upon average shares outstanding

3.	Amount is less than $0.005.

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

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


16		Wells Fargo Advantage Large Cap Growth Fund		Financial highlights

(For a share outstanding throughout each period)


	Six months ended January 31, 2014 (unaudited)			Year ended July 31
CLASS R	Six months ended January 31, 2014 (unaudited)			2013			2012¹
Net asset value, beginning of period	$	39.59		$	32.86		$	32.91
Net investment loss		(0.09	)²		(0.06	)²		(0.05	)²
Net realized and unrealized gains (losses) on investments		4.87			6.80			0.00	³

Total from investment operations		4.78			6.74			(0.05	)
Distributions to shareholders from
Net investment income		0.00			(0.01	)		0.00
Net realized gains		(1.38	)		0.00			0.00

Total distributions to shareholders		(1.38	)		(0.01	)		0.00
Net asset value, end of period	$	42.99		$	39.59		$	32.86
Total return⁴		12.10	%		20.53	%		(0.15	)%
Ratios to average net assets (annualized)
Gross expenses		1.47	%		1.47	%		1.47	%
Net expenses		1.32	%		1.32	%		1.32	%
Net investment loss		(0.40	)%		(0.16	)%		(0.95	)%
Supplemental data
Portfolio turnover rate		15	%		57	%		46	%
Net assets, end of period (000s omitted)		$10,406			$8,149			$5,065

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

2.	Calculated based upon average shares outstanding

3.	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 Large Cap Growth Fund			17

(For a share outstanding throughout each period)


	Six months ended January 31, 2014 (unaudited)			Year ended July 31, 2013¹
CLASS R4	Six months ended January 31, 2014 (unaudited)			Year ended July 31, 2013¹
Net asset value, beginning of period	$	40.05		$	34.26
Net investment income		0.04			0.09
Net realized and unrealized gains (losses) on investments		4.96			5.81

Total from investment operations		5.00			5.90
Distributions to shareholders from
Net investment income		(0.10	)		(0.11	)
Net realized gains		(1.38	)		0.00

Total distributions to shareholders		(1.48	)		(0.11	)
Net asset value, end of period	$	43.57		$	40.05
Total return²		12.42	%		17.37	%
Ratios to average net assets (annualized)
Gross expenses		0.89	%		0.87	%
Net expenses		0.75	%		0.75	%
Net investment income		0.17	%		0.39	%
Supplemental data
Portfolio turnover rate		15	%		57	%
Net assets, end of period (000s omitted)		$1,965			$12

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

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

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


18		Wells Fargo Advantage Large Cap Growth Fund		Financial highlights

(For a share outstanding throughout each period)


	Six months ended January 31, 2014 (unaudited)			Year ended July 31, 2013¹
CLASS R6	Six months ended January 31, 2014 (unaudited)			Year ended July 31, 2013¹
Net asset value, beginning of period	$	40.11		$	34.26
Net investment income		0.08			0.15
Net realized and unrealized gains (losses) on investments		4.92			5.82

Total from investment operations		5.00			5.97
Distributions to shareholders from
Net investment income		(0.14	)		(0.12	)
Net realized gains		(1.38	)		0.00

Total distributions to shareholders		(1.52	)		(0.12	)
Net asset value, end of period	$	43.59		$	40.11
Total return²		12.50	%		17.48	%
Ratios to average net assets (annualized)
Gross expenses		0.74	%		0.75	%
Net expenses		0.60	%		0.60	%
Net investment income		0.33	%		0.26	%
Supplemental data
Portfolio turnover rate		15	%		57	%
Net assets, end of period (000s omitted)		$2,696		$	2,278

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

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

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


Financial highlights		Wells Fargo Advantage Large Cap Growth Fund			19

(For a share outstanding throughout each period)


	Six months ended January 31, 2014 (unaudited)			Year ended July 31
ADMINISTRATOR CLASS	Six months ended January 31, 2014 (unaudited)			2013			2012			2011			2010¹
Net asset value, beginning of period	$	39.86		$	33.02		$	31.67		$	24.54		$	24.54
Net investment income (loss)		(0.00	)³		0.09	²		(0.06	)²		(0.06	)²		0.00	³
Net realized and unrealized gains (losses) on investments		4.90			6.83			1.41			7.19			0.00	³

Total from investment operations		4.90			6.92			1.35			7.13			0.00	³
Distributions to shareholders from
Net investment income		(0.01	)		(0.08	)		0.00			0.00			0.00
Net realized gains		(1.38	)		0.00			0.00			0.00			0.00

Total distributions to shareholders		(1.39	)		(0.08	)		0.00			0.00			0.00
Net asset value, end of period	$	43.37		$	39.86		$	33.02		$	31.67		$	24.54
Total return⁴		12.32	%		21.00	%		4.26	%		29.05	%		0.00	%
Ratios to average net assets (annualized)
Gross expenses		1.06	%		1.07	%		1.08	%		1.07	%		0.00	%
Net expenses		0.95	%		0.95	%		0.95	%		0.94	%		0.00	%
Net investment income (loss)		(0.01	)%		0.24	%		(0.17	)%		(0.19	)%		0.00	%
Supplemental data
Portfolio turnover rate		15	%		57	%		46	%		47	%		60	%
Net assets, end of period (000s omitted)		$235,056			$208,053			$75,099			$1,379			$10

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

2.	Calculated based upon average shares outstanding

3.	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 Large Cap Growth Fund		Financial highlights

(For a share outstanding throughout each period)


	Six months ended January 31, 2014 (unaudited)			Year ended July 31
INSTITUTIONAL CLASS	Six months ended January 31, 2014 (unaudited)			2013			2012			2011			2010¹
Net asset value, beginning of period	$	40.11		$	33.16		$	31.73		$	24.54		$	24.54
Net Investment income (loss)		0.06	²		0.20			(0.08	)²		(0.00	)³		0.00	³
Net realized and unrealized gains (losses) on investments		4.93			6.86			1.51			7.19			0.00	³

Total from investment operations		4.99			7.06			1.43			7.19			0.00	³
Distributions to shareholders from
Net investment income		(0.13	)		(0.11	)		0.00			0.00			0.00
Net realized gains		(1.38	)		0.00			0.00			0.00			0.00

Total distributions to shareholders		(1.51	)		(0.11	)		0.00			0.00			0.00
Net asset value, end of period	$	43.59		$	40.11		$	33.16		$	31.73		$	24.54
Total return⁴		12.46	%		21.34	%		4.47	%		29.34	%		0.00	%
Ratios to average net assets (annualized)
Gross expenses		0.79	%		0.79	%		0.80	%		0.81	%		0.00	%
Net expenses		0.65	%		0.69	%		0.75	%		0.75	%		0.00	%
Net investment income (loss)		0.27	%		0.53	%		(0.25	)%		(0.01	)%		0.00	%
Supplemental data
Portfolio turnover rate		15	%		57	%		46	%		47	%		60	%
Net assets, end of period (000s omitted)		$632,779			$508,853			$601,684			$846			$10

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

2.	Calculated based upon average shares outstanding

3.	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 Large Cap Growth Fund			21

(For a share outstanding throughout each period)


	Six months ended January 31, 2014 (unaudited)			Year ended July 31
INVESTOR CLASS	Six months ended January 31, 2014 (unaudited)			2013			2012			2011			2010			2009
Net asset value, beginning of period	$	39.69		$	32.86		$	31.59		$	24.54		$	21.77		$	26.62
Net investment income (loss)		(0.04	)		0.02			(0.07	)		(0.06	)		(0.02	)¹		0.02	¹
Net realized and unrealized gains (losses) on investments		4.87			6.81			1.34			7.11			2.81			(4.87	)

Total from investment operations		4.83			6.83			1.27			7.05			2.79			(4.85	)
Distributions to shareholders from
Net investment income		0.00			0.00			0.00			0.00			(0.02	)		0.00
Net realized gains		(1.38	)		0.00			0.00			0.00			0.00			0.00

Total distributions to shareholders		(1.38	)		0.00			0.00			0.00			(0.02	)		0.00
Net asset value, end of period	$	43.14		$	39.69		$	32.86		$	31.59		$	24.54		$	21.77
Total return²		12.19	%		20.79	%		4.02	%		28.73	%		12.80	%		(18.22	)%
Ratios to average net assets (annualized)
Gross expenses		1.28	%		1.28	%		1.32	%		1.32	%		1.43	%		1.46	%
Net expenses		1.13	%		1.13	%		1.18	%		1.19	%		1.19	%		1.19	%
Net investment income (loss)		(0.19	)%		0.06	%		(0.23	)%		(0.19	)%		(0.07	)%		0.07	%
Supplemental data
Portfolio turnover rate		15	%		57	%		46	%		47	%		60	%		81	%
Net assets, end of period (000s omitted)		$453,676			$406,405			$358,017			$336,128			$278,585			$264,776

1.	Calculated based upon average shares outstanding

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

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


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

1. ORGANIZATION

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

2. SIGNIFICANT ACCOUNTING POLICIES

Securities valuation

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

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

Security loans


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

Security transactions and income recognition

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

Dividend income is recognized on the ex-dividend date.

Distributions to shareholders

Federal and other taxes

Class allocations

3. FAIR VALUATION MEASUREMENTS

Level 1 – quoted prices in active markets for identical securities

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

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

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


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

As of January 31, 2014, the inputs used in valuing investments in securities were as follows:


Investments in securities	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Equity securities
Common stocks	$	1,483,667,600	$	0	$	0	$	1,483,667,600
Short-term investments
Investment companies		19,208,789		12,146,844		0		31,355,633
	$	1,502,876,389	$	12,146,844	$	0	$	1,515,023,233

4. TRANSACTIONS WITH AFFILIATES AND OTHER EXPENSES

Advisory fee

Administration and transfer agent fees


	Class level administration fee
Class A, Class C, Class R		0.26	%
Class R4, Institutional Class		0.08
Class R6		0.03
Administrator Class		0.10
Investor Class		0.32

Funds Management has contractually waived and/or reimbursed advisory and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. Waiver of fees and/or reimbursement of expenses by Funds Management were made first from fund level expenses on a proportionate basis and then from class specific expenses. Funds Management has committed through November 30, 2014 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.07% for Class A shares, 1.82% for Class C shares, 1.32% for Class R shares, 0.75% for Class R4 shares, 0.60% for Class R6 shares, 0.95% for Administrator Class shares, 0.65% for Institutional Class shares and 1.13% for Investor Class shares.

Distribution fees

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


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

For the six months ended January 31, 2014, Wells Fargo Funds Distributor, LLC received $7,008 from the sale of Class A shares.

Shareholder servicing fees

The Trust has entered into contracts with one or more shareholder servicing agents, whereby Class A, Class C, Class R, Administrator Class, and Investor Class of the Fund is charged a fee at an annual rate of 0.25% of the average daily net assets of each respective class. Class R4 shares are charged a fee at an annual rate of 0.10% of its average daily net assets.

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended January 31, 2014 were $251,375,382 and $202,536,414, respectively.

6. BANK BORROWINGS

For the six months ended January 31, 2014, there were no borrowings by the Fund under the agreement.

7. CONCENTRATION RISK

8. INDEMNIFICATION


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

PROXY VOTING INFORMATION

PORTFOLIO HOLDINGS INFORMATION


Other information (unaudited)		Wells Fargo Advantage Large Cap Growth Fund			27

BOARD OF TRUSTEES AND OFFICERS

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 Harbor 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 50 portfolios as of 12/16/2013); 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 Large Cap Growth Fund		Other information (unaudited)


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

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

Officers


Name and year of birth	Position held and length of service	Principal occupations during past five years
Karla M. Rabusch (Born 1959)	President, since 2003	Executive Vice President of Wells Fargo Bank, N.A. and President of Wells Fargo Funds Management, LLC since 2003.
Jeremy DePalma¹ (Born 1974)	Treasurer, since 2012	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Vice President, Evergreen Investment Services, Inc. from 2004 to 2007. Head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.
C. David Messman (Born 1960)	Secretary, since 2000; Chief Legal Officer, since 2003	Senior Vice President and Secretary of Wells Fargo Funds Management, LLC since 2001. Vice President and Managing Counsel of Wells Fargo Bank, N.A. since 1996.
Debra Ann Early (Born 1964)	Chief Compliance Officer, since 2007	Chief Compliance Officer of Wells Fargo Funds Management, LLC since 2007. Chief Compliance Officer of Parnassus Investments from 2005 to 2007. Chief Financial Officer of Parnassus Investments from 2004 to 2007.
David Berardi (Born 1975)	Assistant Treasurer, since 2009	Vice President of Wells Fargo Funds Management, LLC since 2009. Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Assistant Vice President of Evergreen Investment Services, Inc. from 2004 to 2008. Manager of Fund Reporting and Control for Evergreen Investment Management Company, LLC from 2004 to 2010.

1.	Jeremy DePalma acts as Treasurer of 59 funds and Assistant Treasurer of 73 funds in the Fund Complex.

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


List of abbreviations		Wells Fargo Advantage Large Cap Growth Fund			29

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

ACA	— ACA Financial Guaranty Corporation

ADR	— American depositary receipt

ADS	— American depositary shares

AGC	— Assured Guaranty Corporation

AGM	— Assured Guaranty Municipal

Ambac

— Ambac Financial Group Incorporated

AMT	— Alternative minimum tax

AUD	— Australian dollar

BAN	— Bond anticipation notes

BHAC	— Berkshire Hathaway Assurance Corporation

BRL	— Brazilian real

CAB	— Capital appreciation bond

CAD	— Canadian dollar

CCAB	— Convertible capital appreciation bond

CDA	— Community Development Authority

CDO	— Collateralized debt obligation

CHF	— Swiss franc

CLP	— Chilean peso

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

LLLP	— Limited liability limited partnership

LLP	— Limited liability partnership

LOC	— Letter of credit

LP	— Limited partnership

MBIA	— Municipal Bond Insurance Association

MFHR	— Multifamily housing revenue

MSTR	— Municipal securities trust receipts

MTN	— Medium-term note

MUD	— Municipal Utility District

MXN	— Mexican peso

MYR	— Malaysian ringgit

National

— National Public Finance Guarantee Corporation

NGN	— Nigerian naira

NOK	— Norwegian krone

NZD	— New Zealand dollar

PCFA	— Pollution Control Financing Authority

PCL	— Public Company Limited

PCR	— Pollution control revenue

PFA	— Public Finance Authority

PFFA	— Public Facilities Financing Authority

PFOTER

— Puttable floating option tax-exempt receipts

plc	— Public limited company

PLN	— Polish zloty

PUTTER

— Puttable tax-exempt receipts

R&D	— Research & development

Radian

— Radian Asset Assurance

RAN	— Revenue anticipation notes

RDA	— Redevelopment Authority

RDFA	— Redevelopment Finance Authority

REIT	— Real estate investment trust

ROC	— Reset option certificates

RON	— Romanian lei

RUB	— Russian ruble

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

THB	— Thai baht

TIPS	— Treasury inflation-protected securities

TRAN	— Tax revenue anticipation notes

TRY	— Turkish lira

TTFA	— Transportation Trust Fund Authority

TVA	— Tennessee Valley Authority

ZAR	— South African rand

This page is intentionally left blank.

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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

NOT FDIC INSURED ¡ NO BANK GUARANTEE ¡ MAY LOSE VALUE

222991 03-14

SA209/SAR209 1-14

Wells Fargo Advantage

Large Company Value Fund

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Semi-Annual Report

January 31, 2014

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Reduce clutter. Save trees.

Contents


Letter to shareholders			2

Performance highlights			4

Fund expenses			6

Portfolio of investments			7

Financial statements
Statement of assets and liabilities			11
Statement of operations			12
Statement of changes in net assets			13
Financial highlights			14

Notes to financial statements			19

Other information			23

List of abbreviations			26

NOT FDIC INSURED ¡ NO BANK GUARANTEE ¡ MAY LOSE VALUE


2		Wells Fargo Advantage Large Company Value Fund		Letter to shareholders (unaudited)

LOGO

Karla M. Rabusch

President

Wells Fargo Advantage Funds

Major central banks continued to inject liquidity into the banks and the markets through various quantitative easing policies.

Dear Valued Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Advantage Large Company Value Fund for the six-month period that ended January 31, 2014. Much of the period was marked by monetary easing by global central banks. Entering the period, investors were concerned that the U.S. Federal Reserve (Fed) would end its bond-buying program, which initially led to higher interest rates and resulted in losses for bond indexes and volatility for global stock indexes. These fears dissipated in late September 2013 and ended altogether in mid-December 2013 when the Fed announced a tapering timeline that was far more moderate than some had feared. Growing confidence that the U.S. economy was staging a fragile recovery resulted in double-digit returns for domestic stock market indexes for the six-month reporting period.

Central banks continued to provide stimulus.

U.S. stock markets gained on relatively good news.


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

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

Sincerely,

LOGO

Karla M. Rabusch

President

Wells Fargo Advantage Funds

Despite political headwinds, the relatively positive outlook for the U.S. economy contributed to a strong domestic stock market for most of the reporting period.

Notice to shareholders

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


4		Wells Fargo Advantage Large Company Value Fund		Performance highlights (unaudited)

Investment objective

The Fund seeks long-term capital appreciation.

Adviser

Wells Fargo Funds Management, LLC

Subadviser

Phocas Financial Corporation

Portfolio managers

Stephen L. Block, CFA

William F.K. Schaff, CFA

Average annual total returns¹ (%) as of January 31, 2014


		Including sales charge						Excluding sales charge						Expense ratios² (%)
	Inception date	1 year		5 year		10 year		1 year		5 year		10 year		Gross		Net³
Class A (WLCAX)	3-31-2008		15.04		15.62		6.17		22.04		17.00		6.81		1.27		1.10
Class C (WFLVX)	3-31-2008		20.07		16.13		6.07		21.07		16.13		6.07		2.02		1.85
Administrator Class (WWIDX)	12-31-2001		–		–		–		22.29		17.31		7.16		1.11		0.85
Institutional Class (WLCIX)	3-31-2008		–		–		–		22.54		17.55		7.29		0.84		0.65
Investor Class (SDVIX)	7-1-1993		–		–		–		21.92		16.91		6.76		1.33		1.16
Russell 1000^® Value Index⁴	–		–		–		–		20.02		18.69		7.01		–		–

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

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

Please see footnotes on page 5.


Performance highlights (unaudited)		Wells Fargo Advantage Large Company Value Fund			5


Ten largest equity holdings⁵ (%) as of January 31, 2014
Bank of America Corporation			3.10
Exxon Mobil Corporation			2.87
JPMorgan Chase & Company			2.58
Citigroup Incorporated			2.39
CVS Caremark Corporation			2.39
The Hartford Financial Services Group Incorporated			2.17
Merck & Company Incorporated			2.12
American International Group Incorporated			2.11
Newell Rubbermaid Incorporated			1.95
Eaton Corporation plc			1.94


Sector distribution⁶ as of January 31, 2014

Historical performance shown for Class A shares prior to their inception reflects the performance of Investor Class shares, and includes the higher expenses applicable to Investor Class shares (except during those periods in which the expenses of Class A shares would have been higher than those of Investor Class shares). If these expenses had not been included, returns would be higher. Historical performance shown for Class C shares prior to their inception reflects the performance of Investor Class shares, adjusted to reflect the higher expenses applicable to Class C shares. Historical performance shown for Institutional Class shares prior to their inception reflects the performance of Investor Class shares and includes the higher expenses applicable to Investor Class shares. If these expenses had not been included, returns would be higher.

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

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

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

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


6		Wells Fargo Advantage Large Company Value Fund		Fund expenses (unaudited)

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from August 1, 2013 to January 31, 2014.

Actual expenses

Hypothetical example for comparison purposes


	Beginning account value 8-1-2013		Ending account value 1-31-2014		Expenses paid during the period¹		Net annualized expense ratio
Class A
Actual	$	1,000.00	$	1,061.42	$	5.72		1.10	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.66	$	5.60		1.10	%
Class C
Actual	$	1,000.00	$	1,057.06	$	9.59		1.85	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.88	$	9.40		1.85	%
Administrator Class
Actual	$	1,000.00	$	1,061.77	$	4.42		0.85	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.92	$	4.33		0.85	%
Institutional Class
Actual	$	1,000.00	$	1,063.36	$	3.38		0.65	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.93	$	3.31		0.65	%
Investor Class
Actual	$	1,000.00	$	1,060.79	$	6.03		1.16	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.36	$	5.90		1.16	%

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


Portfolio of investments—January 31, 2014 (unaudited)		Wells Fargo Advantage Large Company Value Fund			7


Security name	Shares		Value

Common Stocks: 96.93%

Consumer Discretionary: 8.70%

Automobiles: 1.63%
General Motors Company †		134,428	$	4,850,162


Hotels, Restaurants & Leisure: 1.07%
Norwegian Cruise Line Company †		90,800		3,179,816


Household Durables: 1.95%
Newell Rubbermaid Incorporated		187,448		5,792,143


Media: 2.24%
Lamar Advertising Company Class A †		81,149		3,948,710
The Walt Disney Company		37,174		2,699,204

				6,647,914


Multiline Retail: 1.01%
Dillard’s Incorporated Class A		34,187		2,984,525


Specialty Retail: 0.80%
Bed Bath & Beyond Incorporated †		36,958		2,359,768


Consumer Staples: 5.78%

Food & Staples Retailing: 2.39%
CVS Caremark Corporation		104,582		7,082,293


Food Products: 1.00%
Darling International Incorporated †		151,178		2,957,042


Household Products: 1.29%
Procter & Gamble Company		50,054		3,835,137


Personal Products: 1.10%
Herbalife Limited «		50,837		3,272,378


Energy: 13.34%

Energy Equipment & Services: 0.98%
Baker Hughes Incorporated		51,041		2,890,962


Oil, Gas & Consumable Fuels: 12.36%
Chevron Corporation		39,312		4,388,399
ConocoPhillips Company		53,754		3,491,322
Denbury Resources Incorporated †		218,507		3,511,407
EnCana Corporation		196,490		3,530,925
Exxon Mobil Corporation		92,299		8,506,276
Marathon Oil Corporation		163,623		5,365,198
Valero Energy Corporation		76,042		3,885,746
Whiting Petroleum Corporation †		68,440		3,995,527

				36,674,800

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


8		Wells Fargo Advantage Large Company Value Fund		Portfolio of investments—January 31, 2014 (unaudited)


Security name	Shares		Value

Financials: 29.32%

Capital Markets: 1.33%
Goldman Sachs Group Incorporated		24,103	$	3,955,784


Commercial Banks: 5.96%
First Republic Bank Corporation		107,648		5,224,157
KeyCorp		382,078		4,875,315
SVB Financial Group †		25,556		2,868,150
Synovus Financial Corporation		1,410,957		4,726,706

				17,694,328


Diversified Financial Services: 8.07%
Bank of America Corporation		549,547		9,204,912
Citigroup Incorporated		149,497		7,090,643
JPMorgan Chase & Company		138,218		7,651,748

				23,947,303


Insurance: 7.00%
ACE Limited		28,991		2,719,646
American International Group Incorporated		130,384		6,253,217
MetLife Incorporated		109,658		5,378,725
The Hartford Financial Services Group Incorporated		193,189		6,423,534

				20,775,122


Real Estate Management & Development: 0.97%
Realogy Holdings Corporation †		62,915		2,867,037


REITs: 5.99%
American Campus Communities Incorporated		110,286		3,833,541
American Tower Corporation		37,645		3,044,728
Realty Income Corporation «		107,368		4,378,467
Vornado Realty Trust		34,500		3,168,135
Weyerhaeuser Company		111,681		3,337,028

				17,761,899


Health Care: 10.95%

Health Care Equipment & Supplies: 2.60%
Medtronic Incorporated		54,397		3,076,694
Stryker Corporation		59,915		4,649,404

				7,726,098


Health Care Providers & Services: 1.74%
Cigna Corporation		59,733		5,155,555


Pharmaceuticals: 6.61%
Johnson & Johnson Services Incorporated		36,898		3,264,366
Merck & Company Incorporated		118,912		6,298,769
Novartis AG ADR		60,640		4,794,805
Pfizer Incorporated		172,330		5,238,832

				19,596,772

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


Portfolio of investments—January 31, 2014 (unaudited)		Wells Fargo Advantage Large Company Value Fund			9


Security name	Shares		Value

Industrials: 12.02%

Airlines: 1.83%
United Continental Holdings Incorporated †		118,424	$	5,428,556


Electrical Equipment: 2.74%
Eaton Corporation plc		78,776		5,757,738
Regal-Beloit Corporation		32,033		2,373,325

				8,131,063


Industrial Conglomerates: 1.66%
General Electric Company		196,411		4,935,808


Machinery: 2.03%
Dover Corporation		41,109		3,558,395
Stanley Black & Decker Incorporated		31,808		2,461,939

				6,020,334


Road & Rail: 1.82%
Hertz Global Holdings Incorporated †		207,104		5,388,846


Trading Companies & Distributors: 1.94%
WESCO International Incorporated †		69,223		5,742,740


Information Technology: 7.14%

Computers & Peripherals: 2.42%
Apple Incorporated		5,850		2,928,510
EMC Corporation		175,260		4,248,302

				7,176,812


Internet Software & Services: 0.81%
eBay Incorporated †		45,374		2,413,897


Semiconductors & Semiconductor Equipment: 2.66%
Maxim Integrated Products Incorporated		83,263		2,519,538
Skyworks Solutions Incorporated †		177,791		5,378,178

				7,897,716


Software: 1.25%
Symantec Corporation		172,708		3,697,678


Materials: 3.13%

Chemicals: 3.13%
Ashland Incorporated		41,121		3,816,440
Huntsman Corporation		129,293		2,834,103
Westlake Chemical Corporation		21,797		2,649,207

				9,299,750

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


10		Wells Fargo Advantage Large Company Value Fund		Portfolio of investments—January 31, 2014 (unaudited)


Security name				Shares		Value

Telecommunication Services: 2.28%

Diversified Telecommunication Services: 2.28%
AT&T Incorporated					72,180	$	2,405,038
Verizon Communications Incorporated					90,779		4,359,208

							6,764,246


Utilities: 4.27%

Electric Utilities: 1.25%
Portland General Electric Company					122,995		3,711,989


Independent Power Producers & Energy Traders: 1.93%
AES Corporation					406,710		5,718,343


Water Utilities: 1.09%
Aqua America Incorporated					135,637		3,248,510


Total Common Stocks (Cost $223,694,330)							287,583,126

	Yield

Short-Term Investments: 5.68%

Investment Companies: 5.68%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)		0.07	%		9,235,294		9,235,294
Wells Fargo Securities Lending Cash Investments, LLC (l)(u)(v)(r)		0.08			7,619,825		7,619,825

Total Short-Term Investments (Cost $16,855,119)							16,855,119


Total investments in securities (Cost $240,549,449) *	102.61	%		304,438,245
Other assets and liabilities, net	(2.61	)		(7,739,380	)

Total net assets	100.00	%	$	296,698,865

†	Non-income-earning security

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

(l)	Investment in an affiliate

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

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

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

*	Cost for federal income tax purposes is $245,088,468 and unrealized appreciation (depreciation) consists of:


Gross unrealized appreciation	$	66,471,991
Gross unrealized depreciation		(7,122,214	)

Net unrealized appreciation	$	59,349,777

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


Statement of assets and liabilities —January 31, 2014 (unaudited)		Wells Fargo Advantage Large Company Value Fund			11




Assets
Investments
In unaffiliated securities (including securities on loan), at value (see cost below)	$	287,583,126
In affiliated securities, at value (see cost below)		16,855,119

Total investments, at value (see cost below)		304,438,245
Receivable for Fund shares sold		71,013
Receivable for dividends		227,764
Receivable for securities lending income		3,068
Prepaid expenses and other assets		31,924

Total assets		304,772,014


Liabilities
Payable for Fund shares redeemed		107,748
Payable upon receipt of securities loaned		7,619,825
Advisory fee payable		127,494
Distribution fees payable		3,247
Due to other related parties		88,514
Accrued expenses and other liabilities		126,321

Total liabilities		8,073,149

Total net assets	$	296,698,865


NET ASSETS CONSIST OF
Paid-in capital	$	240,005,338
Overdistributed net investment income		(18,876	)
Accumulated net realized losses on investments		(7,176,393	)
Net unrealized gains on investments		63,888,796

Total net assets	$	296,698,865


COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE¹
Net assets – Class A	$	115,568,576
Shares outstanding – Class A		7,344,225
Net asset value per share – Class A		$15.74
Maximum offering price per share – Class A²		$16.70
Net assets – Class C	$	4,455,274
Shares outstanding – Class C		277,540
Net asset value per share – Class C		$16.05
Net assets – Administrator Class	$	35,810,763
Shares outstanding – Administrator Class		2,262,940
Net asset value per share – Administrator Class		$15.82
Net assets – Institutional Class	$	727,190
Shares outstanding – Institutional Class		46,029
Net asset value per share – Institutional Class		$15.80
Net assets – Investor Class	$	140,137,062
Shares outstanding – Investor Class		8,677,446
Net asset value per share – Investor Class		$16.15

Investments in unaffiliated securities (including securities on loan), at cost	$	223,694,330

Investments in affiliated securities, at cost	$	16,855,119

Total investments, at cost	$	240,549,449

Securities on loan, at value	$	7,444,779

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

2.	Maximum offering price is computed as 100/94.25 of net asset value. On investments of $50,000 or more, the offering price is reduced.

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


12		Wells Fargo Advantage Large Company Value Fund		Statement of operations—six months ended January 31, 2014 (unaudited)




Investment income
Dividends*	$	2,420,470
Securities lending income, net		41,853
Income from affiliated securities		1,999

Total investment income		2,464,322


Expenses
Advisory fee		1,006,359
Administration fees
Fund level		77,412
Class A		155,788
Class C		6,195
Administrator Class		19,510
Institutional Class		674
Investor Class		230,946
Shareholder servicing fees
Class A		149,796
Class C		5,957
Administrator Class		48,232
Investor Class		180,151
Distribution fees
Class C		17,870
Custody and accounting fees		12,308
Professional fees		21,012
Registration fees		39,155
Shareholder report expenses		31,191
Trustees’ fees and expenses		5,122
Other fees and expenses		7,680

Total expenses		2,015,358
Less: Fee waivers and/or expense reimbursements		(303,685	)

Net expenses		1,711,673

Net investment income		752,649


REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on investments		26,720,777
Net change in unrealized gains (losses) on investments		(9,424,155	)

Net realized and unrealized gains (losses) on investments		17,296,622

Net increase in net assets resulting from operations	$	18,049,271


* Net of foreign dividend withholding taxes in the amount of		$2,120

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


Statement of changes in net assets		Wells Fargo Advantage Large Company Value Fund			13


	Six months ended January 31, 2014 (unaudited)						Year ended July 31, 2013

Operations
Net investment income				$	752,649					$	3,273,209
Net realized gains on investments					26,720,777						54,703,809
Net change in unrealized gains (losses) on investments					(9,424,155	)					17,262,829

Net increase in net assets resulting from operations					18,049,271						75,239,847


Distributions to shareholders from
Net investment income
Class A					(359,512	)					(1,472,740	)
Class C					0						(26,206	)
Administrator Class					(167,411	)					(1,433,133	)
Institutional Class					(9,988	)					(49,792	)
Investor Class					(371,419	)					(1,616,046	)
Net realized gains
Class A					(11,065,974	)					0
Class C					(448,468	)					0
Administrator Class					(3,552,432	)					0
Institutional Class					(122,590	)					0
Investor Class					(13,095,944	)					0

Total distributions to shareholders					(29,193,738	)					(4,597,917	)


Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		75,943			1,261,752			159,878			2,339,175
Class C		23,311			393,271			33,034			495,282
Administrator Class		161,647			2,651,622			403,341			5,621,478
Institutional Class		2,993			48,617			108,212			1,742,756
Investor Class		189,576			3,211,701			470,273			6,954,261

					7,566,963						17,152,952

Reinvestment of distributions
Class A		696,721			11,172,926			103,270			1,434,082
Class C		23,973			391,960			1,631			22,707
Administrator Class		204,125			3,294,110			97,837			1,351,842
Institutional Class		7,562			121,981			2,882			40,021
Investor Class		780,310			12,840,272			107,208			1,522,722

					27,821,249						4,371,374

Payment for shares redeemed
Class A		(501,589	)		(8,295,366	)		(1,153,703	)		(16,474,460	)
Class C		(41,810	)		(683,577	)		(67,146	)		(991,593	)
Administrator Class		(458,586	)		(7,615,193	)		(11,711,657	)		(158,129,190	)
Institutional Class		(165,133	)		(2,709,865	)		(1,135,403	)		(15,208,554	)
Investor Class		(552,979	)		(9,340,699	)		(1,650,877	)		(23,800,694	)

					(28,644,700	)					(214,604,491	)

Net increase (decrease) in net assets resulting from capital share transactions					6,743,512						(193,080,165	)

Total decrease in net assets					(4,400,955	)					(122,438,235	)


Net assets
Beginning of period					301,099,820						423,538,055

End of period				$	296,698,865					$	301,099,820

Undistributed (overdistributed) net investment income				$	(18,876	)				$	136,805

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


14		Wells Fargo Advantage Large Company Value Fund		Financial highlights

(For a share outstanding throughout each period)


	Six months ended January 31, 2014 (unaudited)			Year ended July 31
CLASS A	Six months ended January 31, 2014 (unaudited)			2013			2012			2011			2010			2009
Net asset value, beginning of period	$	16.39		$	12.96		$	12.61		$	11.04		$	9.84		$	14.43
Net investment income		0.04			0.14			0.17			0.12			0.09			0.17	¹
Net realized and unrealized gains (losses) on investments		0.98			3.48			0.35			1.51			1.21			(3.39	)

Total from investment operations		1.02			3.62			0.52			1.63			1.30			(3.22	)
Distributions to shareholders from
Net investment income		(0.05	)		(0.19	)		(0.17	)		(0.06	)		(0.10	)		(0.24	)
Net realized gains		(1.62	)		0.00			0.00			0.00			0.00			(1.13	)

Total distributions to shareholders		(1.67	)		(0.19	)		(0.17	)		(0.06	)		(0.10	)		(1.37	)
Net asset value, end of period		$15.74			$16.39			$12.96			$12.61			$11.04			$9.84
Total return²		6.14	%		28.16	%		4.21	%		14.77	%		13.22	%		(21.52	)%
Ratios to average net assets (annualized)
Gross expenses		1.29	%		1.28	%		1.27	%		1.32	%		1.42	%		1.52	%
Net expenses		1.10	%		1.10	%		1.10	%		1.25	%		1.25	%		1.23	%
Net investment income		0.49	%		1.00	%		1.29	%		0.74	%		0.74	%		1.85	%
Supplemental data
Portfolio turnover rate		31	%		78	%		37	%		35	%		42	%		61	%
Net assets, end of period (000s omitted)		$115,569			$115,895			$103,195			$642			$362			$165

1.	Calculated based upon average shares outstanding

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

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


Financial highlights		Wells Fargo Advantage Large Company Value Fund			15

(For a share outstanding throughout each period)


	Six months ended January 31, 2014 (unaudited)			Year ended July 31
CLASS C	Six months ended January 31, 2014 (unaudited)			2013			2012			2011			2010			2009
Net asset value, beginning of period	$	16.70		$	13.21		$	12.81		$	11.26		$	10.03		$	14.66
Net investment income (loss)		(0.02	)		0.04			0.09			0.01			0.03			0.06	¹
Net realized and unrealized gains (losses) on investments		0.99			3.54			0.36			1.55			1.22			(3.40	)

Total from investment operations		0.97			3.58			0.45			1.56			1.25			(3.34	)
Distributions to shareholders from
Net investment income		0.00			(0.09	)		(0.05	)		(0.01	)		(0.02	)		(0.16	)
Net realized gains		(1.62	)		0.00			0.00			0.00			0.00			(1.13	)

Total distributions to shareholders		(1.62	)		(0.09	)		(0.05	)		(0.01	)		(0.02	)		(1.29	)
Net asset value, end of period	$	16.05		$	16.70		$	13.21		$	12.81		$	11.26		$	10.03
Total return²		5.71	%		27.17	%		3.49	%		13.85	%		12.47	%		(22.07	)%
Ratios to average net assets (annualized)
Gross expenses		2.03	%		2.03	%		2.02	%		2.08	%		2.17	%		2.23	%
Net expenses		1.85	%		1.85	%		1.85	%		2.00	%		2.00	%		1.97	%
Net investment income (loss)		(0.26	)%		0.25	%		0.54	%		0.04	%		0.02	%		0.69	%
Supplemental data
Portfolio turnover rate		31	%		78	%		37	%		35	%		42	%		61	%
Net assets, end of period (000s omitted)		$4,455			$4,543			$4,022			$513			$438			$274

1.	Calculated based upon average shares outstanding

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

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


16		Wells Fargo Advantage Large Company Value Fund		Financial highlights

(For a share outstanding throughout each period)


	Six months ended January 31, 2014 (unaudited)			Year ended July 31
ADMINISTRATOR CLASS	Six months ended January 31, 2014 (unaudited)			2013			2012				2011			2010			2009
Net asset value, beginning of period	$	16.47		$	13.02		$	12.68			$	11.08		$	9.87		$	14.43
Net investment income		0.06			0.21			0.19	¹			0.11			0.12	¹		0.31	¹
Net realized and unrealized gains (losses) on investments		0.98			3.46			0.36				1.56			1.22			(3.49	)
										��
Total from investment operations		1.04			3.67			0.55				1.67			1.34			(3.18	)
Distributions to shareholders from
Net investment income		(0.07	)		(0.22	)		(0.21	)			(0.07	)		(0.13	)		(0.25	)
Net realized gains		(1.62	)		0.00			0.00				0.00			0.00			(1.13	)

Total distributions to shareholders		(1.69	)		(0.22	)		(0.21	)			(0.07	)		(0.13	)		(1.38	)
Net asset value, end of period	$	15.82		$	16.47		$	13.02			$	12.68		$	11.08		$	9.87
Total return²		6.18	%		28.52	%		4.47	%			15.12	%		13.53	%		(21.20	)%
Ratios to average net assets (annualized)
Gross expenses		1.12	%		1.10	%		1.11	%			1.17	%		1.24	%		1.30	%
Net expenses		0.85	%		0.85	%		0.85	%			0.96	%		0.96	%		0.95	%
Net investment income		0.75	%		1.28	%		1.54	%			1.93	%		1.12	%		2.56	%
Supplemental data
Portfolio turnover rate		31	%		78	%		37	%			35	%		42	%		61	%
Net assets, end of period (000s omitted)		$35,811			$38,798			$176,623				$667			$289			$185

1.	Calculated based upon average shares outstanding

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

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


Financial highlights		Wells Fargo Advantage Large Company Value Fund			17

(For a share outstanding throughout each period)


	Six months ended January 31, 2014 (unaudited)			Year ended July 31
INSTITUTIONAL CLASS	Six months ended January 31, 2014 (unaudited)			2013			2012			2011			2010			2009
Net asset value, beginning of period	$	16.44		$	13.00		$	12.68		$	11.08		$	9.86		$	14.43
Net investment income		0.09	¹		0.26	¹		0.22			0.14			0.14			0.26	¹
Net realized and unrealized gains (losses) on investments		0.98			3.45			0.35			1.54			1.23			(3.42	)

Total from investment operations		1.07			3.71			0.57			1.68			1.37			(3.16	)
Distributions to shareholders from
Net investment income		(0.09	)		(0.27	)		(0.25	)		(0.08	)		(0.15	)		(0.28	)
Net realized gains		(1.62	)		0.00			0.00			0.00			0.00			(1.13	)

Total distributions to shareholders		(1.71	)		(0.27	)		(0.25	)		(0.08	)		(0.15	)		(1.41	)
Net asset value, end of period	$	15.80		$	16.44		$	13.00		$	12.68		$	11.08		$	9.86
Total return²		6.34	%		28.93	%		4.67	%		15.36	%		13.76	%		(21.07	)%
Ratios to average net assets (annualized)
Gross expenses		0.86	%		0.84	%		0.85	%		0.89	%		0.96	%		1.06	%
Net expenses		0.65	%		0.65	%		0.66	%		0.75	%		0.75	%		0.75	%
Net investment income		1.07	%		1.83	%		1.80	%		1.12	%		1.28	%		2.64	%
Supplemental data
Portfolio turnover rate		31	%		78	%		37	%		35	%		42	%		61	%
Net assets, end of period (000s omitted)		$727			$3,299			$15,924			$14,401			$9			$8

1.	Calculated based upon average shares outstanding

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

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


18		Wells Fargo Advantage Large Company Value Fund		Financial highlights

(For a share outstanding throughout each period)


	Six months ended January 31, 2014 (unaudited)			Year ended July 31
INVESTOR CLASS	Six months ended January 31, 2014 (unaudited)			2013			2012			2011			2010			2009
Net asset value, beginning of period	$	16.77		$	13.26		$	12.89		$	11.28		$	10.05		$	14.67
Net investment income		0.04			0.14			0.16			0.09			0.08			0.21	¹
Net realized and unrealized gains (losses) on investments		1.00			3.55			0.36			1.57			1.23			(3.48	)

Total from investment operations		1.04			3.69			0.52			1.66			1.31			(3.27	)
Distributions to shareholders from
Net investment income		(0.04	)		(0.18	)		(0.15	)		(0.05	)		(0.08	)		(0.22	)
Net realized gains		(1.62	)		0.00			0.00			0.00			0.00			(1.13	)

Total distributions to shareholders		(1.66	)		(0.18	)		(0.15	)		(0.05	)		(0.08	)		(1.35	)
Net asset value, end of period	$	16.15		$	16.77		$	13.26		$	12.89		$	11.28		$	10.05
Total return²		6.08	%		28.12	%		4.09	%		14.75	%		13.06	%		(21.53	)%
Ratios to average net assets (annualized)
Gross expenses		1.34	%		1.34	%		1.34	%		1.40	%		1.52	%		1.63	%
Net expenses		1.16	%		1.16	%		1.18	%		1.32	%		1.35	%		1.35	%
Net investment income		0.43	%		0.94	%		1.27	%		0.74	%		0.70	%		2.05	%
Supplemental data
Portfolio turnover rate		31	%		78	%		37	%		35	%		42	%		61	%
Net assets, end of period (000s omitted)		$140,137			$138,565			$123,774			$110,554			$108,703			$106,931

1.	Calculated based upon average shares outstanding

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

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


Notes to financial statements (unaudited)		Wells Fargo Advantage Large Company Value Fund			19

1. ORGANIZATION

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

2. SIGNIFICANT ACCOUNTING POLICIES

Securities valuation

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

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

Security loans


20		Wells Fargo Advantage Large Company Value Fund		Notes to financial statements (unaudited)

Security transactions and income recognition

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

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

Distributions to shareholders

Federal and other taxes

As of July 31, 2013, the Fund had capital loss carryforwards available to offset future net realized capital gains in the amount of $29,120,637 with $22,057,566 expiring in 2016 and $7,063,071 expiring in 2018.

Class allocations

3. FAIR VALUATION MEASUREMENTS

Level 1 – quoted prices in active markets for identical securities

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

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


Notes to financial statements (unaudited)		Wells Fargo Advantage Large Company Value Fund			21

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

As of January 31, 2014, the inputs used in valuing investments in securities were as follows:


Investments in securities	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Equity securities
Common stocks	$	287,583,126	$	0	$	0	$	287,583,126
Short-term investments
Investment companies		9,235,294		7,619,825		0		16,855,119
	$	296,818,420	$	7,619,825	$	0	$	304,438,245

4. TRANSACTIONS WITH AFFILIATES AND OTHER EXPENSES

Advisory fee

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Funds Management. Phocas Financial Corporation is the subadviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.29% and declining to 0.20% as the average daily net assets of the Fund increase.

Administration and transfer agent fees


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

Funds Management has contractually waived and/or reimbursed advisory and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. Waiver of fees and/or reimbursement of expenses by Funds Management were made first from fund level expenses on a proportionate basis and then from class specific expenses. Funds Management has committed through November 30, 2014 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.10% for Class A shares, 1.85% for Class C shares, 0.85% for Administrator Class shares, 0.65% for Institutional Class shares, and 1.16% for Investor Class shares.

Distribution fees


22		Wells Fargo Advantage Large Company Value Fund		Notes to financial statements (unaudited)

For the six months ended January 31, 2014, Wells Fargo Funds Distributor, LLC received $2,714 from the sale of Class A shares.

Shareholder servicing fees

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended January 31, 2014 were $91,096,499 and $114,724,070, respectively.

6. BANK BORROWINGS

For the six months ended January 31, 2014, there were no borrowings by the Fund under the agreement.

7. CONCENTRATION RISK

8. INDEMNIFICATION

9. SUBSEQUENT DISTRIBUTION

On March 25, 2014, the Fund declared distributions from net investment income to shareholders of record on March 24, 2014. The per share amounts payable on March 26, 2014 were as follows:


	Net investment income
Class A	$	0.03680
Class C		0.01083
Administrator Class		0.04532
Institutional Class		0.05154
Investor Class		0.03450

These distributions are not reflected in the accompanying financial statements. The final determination of the source of all distributions is subject to change and made after the Fund’s tax year-end.


Other information (unaudited)		Wells Fargo Advantage Large Company Value Fund			23

PROXY VOTING INFORMATION

PORTFOLIO HOLDINGS INFORMATION


24		Wells Fargo Advantage Large Company Value Fund		Other information (unaudited)

BOARD OF TRUSTEES AND OFFICERS

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 Harbor 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 50 portfolios as of 12/16/2013); 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 Large Company Value Fund			25


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

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

Officers


Name and year of birth	Position held and length of service	Principal occupations during past five years
Karla M. Rabusch (Born 1959)	President, since 2003	Executive Vice President of Wells Fargo Bank, N.A. and President of Wells Fargo Funds Management, LLC since 2003.
Jeremy DePalma¹ (Born 1974)	Treasurer, since 2012	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Vice President, Evergreen Investment Services, Inc. from 2004 to 2007. Head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.
C. David Messman (Born 1960)	Secretary, since 2000; Chief Legal Officer, since 2003	Senior Vice President and Secretary of Wells Fargo Funds Management, LLC since 2001. Vice President and Managing Counsel of Wells Fargo Bank, N.A. since 1996.
Debra Ann Early (Born 1964)	Chief Compliance Officer, since 2007	Chief Compliance Officer of Wells Fargo Funds Management, LLC since 2007. Chief Compliance Officer of Parnassus Investments from 2005 to 2007. Chief Financial Officer of Parnassus Investments from 2004 to 2007.
David Berardi (Born 1975)	Assistant Treasurer, since 2009	Vice President of Wells Fargo Funds Management, LLC since 2009. Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Assistant Vice President of Evergreen Investment Services, Inc. from 2004 to 2008. Manager of Fund Reporting and Control for Evergreen Investment Management Company, LLC from 2004 to 2010.

1.	Jeremy DePalma acts as Treasurer of 59 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 Large Company Value Fund		List of abbreviations

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

ACA	— ACA Financial Guaranty Corporation

ADR	— American depositary receipt

ADS	— American depositary shares

AGC	— Assured Guaranty Corporation

AGM	— Assured Guaranty Municipal

Ambac

— Ambac Financial Group Incorporated

AMT	— Alternative minimum tax

AUD	— Australian dollar

BAN	— Bond anticipation notes

BHAC	— Berkshire Hathaway Assurance Corporation

BRL	— Brazilian real

CAB	— Capital appreciation bond

CAD	— Canadian dollar

CCAB	— Convertible capital appreciation bond

CDA	— Community Development Authority

CDO	— Collateralized debt obligation

CHF	— Swiss franc

CLP	— Chilean peso

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

LLLP	— Limited liability limited partnership

LLP	— Limited liability partnership

LOC	— Letter of credit

LP	— Limited partnership

MBIA	— Municipal Bond Insurance Association

MFHR	— Multifamily housing revenue

MSTR	— Municipal securities trust receipts

MTN	— Medium-term note

MUD	— Municipal Utility District

MXN	— Mexican peso

MYR	— Malaysian ringgit

National

— National Public Finance Guarantee Corporation

NGN	— Nigerian naira

NOK	— Norwegian krone

NZD	— New Zealand dollar

PCFA	— Pollution Control Financing Authority

PCL	— Public Company Limited

PCR	— Pollution control revenue

PFA	— Public Finance Authority

PFFA	— Public Facilities Financing Authority

PFOTER

— Puttable floating option tax-exempt receipts

plc	— Public limited company

PLN	— Polish zloty

PUTTER

— Puttable tax-exempt receipts

R&D	— Research & development

Radian

— Radian Asset Assurance

RAN	— Revenue anticipation notes

RDA	— Redevelopment Authority

RDFA	— Redevelopment Finance Authority

REIT	— Real estate investment trust

ROC	— Reset option certificates

RON	— Romanian lei

RUB	— Russian ruble

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

THB	— Thai baht

TIPS	— Treasury inflation-protected securities

TRAN	— Tax revenue anticipation notes

TRY	— Turkish lira

TTFA	— Transportation Trust Fund Authority

TVA	— Tennessee Valley Authority

ZAR	— South African rand

This page is intentionally left blank.

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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

NOT FDIC INSURED ¡ NO BANK GUARANTEE ¡ MAY LOSE VALUE

222992 03-14

SA210/SAR210 1-14

Wells Fargo Advantage Omega Growth Fund

LOGO

Semi-Annual Report

January 31, 2014

LOGO

Reduce clutter. Save trees.

Contents


Letter to shareholders			2

Performance highlights			4

Fund expenses			6

Portfolio of investments			7

Financial statements
Statement of assets and liabilities			11
Statement of operations			12
Statement of changes in net assets			13
Financial highlights			14

Notes to financial statements			20

Other information			24

List of abbreviations			27

NOT FDIC INSURED ¡ NO BANK GUARANTEE ¡ MAY LOSE VALUE


2		Wells Fargo Advantage Omega Growth Fund		Letter to shareholders (unaudited)

LOGO

Karla M. Rabusch

President

Wells Fargo Advantage Funds

Major central banks continued to inject liquidity into the banks and the markets through various quantitative easing policies.

Dear Valued Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Advantage Omega Growth Fund for the six-month period that ended January 31, 2014. Much of the period was marked by monetary easing by global central banks. Entering the period, investors were concerned that the U.S. Federal Reserve (Fed) would end its bond-buying program, which initially led to higher interest rates and resulted in losses for bond indexes and volatility for global stock indexes. These fears dissipated in late September 2013 and ended altogether in mid-December 2013 when the Fed announced a tapering timeline that was far more moderate than some had feared. Growing confidence that the U.S. economy was staging a fragile recovery resulted in double-digit returns for domestic stock market indexes for the six-month reporting period.

Central banks continued to provide stimulus.

U.S. stock markets gained on relatively good news.


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

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

Sincerely,

LOGO

Karla M. Rabusch

President

Wells Fargo Advantage Funds

Despite political headwinds, the relatively positive outlook for the U.S. economy contributed to a strong domestic stock market for most of the reporting period.

Notice to shareholders

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


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

Investment objective

The Fund seeks long-term capital appreciation.

Adviser

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Thomas J. Pence, CFA

Michael T. Smith, CFA

Average annual total returns¹ (%) as of January 31, 2014


		Including sales charge						Excluding sales charge						Expense ratios² (%)
	Inception date	1 year		5 year		10 year		1 year		5 year		10 year		Gross		Net³
Class A (EKOAX)	4-29-1968		22.32		21.08		8.31		29.78		22.52		8.96		1.34		1.30
Class B (EKOBX)*	8-2-1993		23.80		21.42		8.40		28.80		21.60		8.40		2.09		2.05
Class C (EKOCX)	8-2-1993		27.79		21.60		8.16		28.79		21.60		8.16		2.09		2.05
Class R (EKORX)	10-10-2003		–		–		–		29.44		22.21		8.70		1.59		1.55
Administrator Class (EOMYX)	1-13-1997		–		–		–		30.11		22.82		9.25		1.18		1.05
Institutional Class (EKONX)	7-30-2010		–		–		–		30.41		23.04		9.34		0.91		0.80
Russell 3000^® Growth Index⁴	–		–		–		–		24.95		21.13		7.41		–		–

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

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

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

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

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

Please see footnotes on page 5.


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


Ten largest equity holdings⁵ (%) as of January 31, 2014
Google Incorporated Class A			4.21
Amazon.com Incorporated			2.91
Facebook Incorporated Class A			2.43
Visa Incorporated Class A			2.38
Gilead Sciences Incorporated			2.29
Constellation Brands Incorporated Class A			2.24
SBA Communications Corporation Class A			2.23
IntercontinentalExchange Group Incorporated			2.15
Alliance Data Systems Corporation			2.14
Alexion Pharmaceuticals Incorporated			2.14

Sector distribution⁶ as of January 31, 2014

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

4.	The Russell 3000^® Growth Index measures the performance of those Russell 3000 Index companies with higher price-to-book ratios and higher forecasted growth values. You cannot invest directly in an index.

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

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


6		Wells Fargo Advantage Omega Growth Fund		Fund expenses (unaudited)

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from August 1, 2013 to January 31, 2014.

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


	Beginning account value 8-1-2013		Ending account value 1-31-2014		Expenses paid during the period¹		Net annualized expense ratio
Class A
Actual	$	1,000.00	$	1,140.87	$	7.02		1.30	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.65	$	6.61		1.30	%
Class B
Actual	$	1,000.00	$	1,136.53	$	11.04		2.05	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,014.87	$	10.41		2.05	%
Class C
Actual	$	1,000.00	$	1,136.47	$	11.04		2.05	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,014.87	$	10.41		2.05	%
Class R
Actual	$	1,000.00	$	1,139.30	$	8.36		1.55	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.39	$	7.88		1.55	%
Administrator Class
Actual	$	1,000.00	$	1,142.38	$	5.67		1.05	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.91	$	5.35		1.05	%
Institutional Class
Actual	$	1,000.00	$	1,143.67	$	4.32		0.80	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.17	$	4.08		0.80	%

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


Portfolio of investments—January 31, 2014 (unaudited)		Wells Fargo Advantage Omega Growth Fund			7


Security name	Shares		Value


Common Stocks: 97.68%

Consumer Discretionary: 22.16%

Auto Components: 1.45%
Delphi Automotive plc		245,800	$	14,966,762


Distributors: 1.10%
LKQ Corporation †		418,600		11,331,502


Hotels, Restaurants & Leisure: 1.61%
Starbucks Corporation		234,530		16,679,774


Household Durables: 1.32%
Mohawk Industries Incorporated †		95,762		13,615,441


Internet & Catalog Retail: 6.37%
Amazon.com Incorporated †		83,700		30,022,353
Netflix Incorporated †		41,500		16,987,195
priceline.com Incorporated †		16,410		18,787,645

				65,797,193


Media: 4.21%
AMC Networks Incorporated Class A †		201,800		13,003,992
Liberty Global plc Class A †		74,559		5,959,501
Liberty Global plc Class C †		178,233		14,139,224
Twenty-First Century Fox Incorporated		328,100		10,440,142

				43,542,859


Specialty Retail: 4.38%
Advance Auto Parts Incorporated		55,400		6,360,474
AutoNation Incorporated †		222,700		10,999,153
DSW Incorporated Class A		142,400		5,361,360
Restoration Hardware Holdings Incorporated †		155,076		8,799,012
TJX Companies Incorporated		239,100		13,714,776

				45,234,775


Textiles, Apparel & Luxury Goods: 1.72%
Michael Kors Holdings Limited †		88,236		7,052,703
Under Armour Incorporated Class A †		99,100		10,713,701

				17,766,404


Consumer Staples: 2.24%

Beverages: 2.24%
Constellation Brands Incorporated Class A †		302,000		23,154,340


Energy: 3.93%

Oil, Gas & Consumable Fuels: 3.93%
Antero Resources Corporation †		140,885		8,275,585
Gulfport Energy Corporation †		130,600		7,960,070
Marathon Petroleum Corporation		88,400		7,695,220
Pioneer Natural Resources Company		98,186		16,624,854

				40,555,729

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


8		Wells Fargo Advantage Omega Growth Fund		Portfolio of investments—January 31, 2014 (unaudited)


Security name	Shares		Value


Financials: 7.24%

Capital Markets: 1.28%
Affiliated Managers Group Incorporated †		66,072	$	13,164,185


Commercial Banks: 1.01%
Texas Capital Bancshares Incorporated †		175,229		10,420,869


Consumer Finance: 1.95%
American Express Company		236,800		20,132,736


Diversified Financial Services: 2.15%
IntercontinentalExchange Group Incorporated		106,400		22,215,256


Insurance: 0.85%
eHealth Incorporated †		165,100		8,821,293


Health Care: 17.59%

Biotechnology: 7.48%
Alexion Pharmaceuticals Incorporated †		139,350		22,119,026
Biogen Idec Incorporated †		50,200		15,694,528
Celgene Corporation †		103,800		15,770,334
Gilead Sciences Incorporated †		293,280		23,653,032

				77,236,920


Health Care Equipment & Supplies: 1.45%
Boston Scientific Corporation †		1,110,500		15,025,065


Health Care Providers & Services: 4.06%
Cardinal Health Incorporated		107,100		7,284,942
DaVita HealthCare Partners Incorporated †		177,300		11,512,089
Envision Healthcare Holdings Incorporated †		285,253		9,430,464
McKesson Corporation		70,300		12,261,023
Team Health Holdings Incorporated †		34,400		1,484,704

				41,973,222


Pharmaceuticals: 4.60%
AbbVie Incorporated		213,300		10,500,759
Actavis plc †		81,000		15,307,380
Bristol-Myers Squibb Company		269,400		13,461,918
Shire plc ADR		55,300		8,273,986

				47,544,043


Industrials: 14.49%

Aerospace & Defense: 2.94%
B/E Aerospace Incorporated †		201,500		16,013,205
Precision Castparts Corporation		56,300		14,342,425

				30,355,630

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


Portfolio of investments—January 31, 2014 (unaudited)		Wells Fargo Advantage Omega Growth Fund			9


Security name	Shares		Value


Airlines: 3.59%
American Airlines Group Incorporated †		160,000	$	5,368,000
Copa Holdings SA Class A		98,400		12,860,880
Delta Air Lines Incorporated		616,700		18,877,187

				37,106,067


Building Products: 1.06%
Fortune Brands Home & Security Incorporated		242,159		10,911,685


Construction & Engineering: 0.76%
Quanta Services Incorporated †		253,800		7,910,946


Electrical Equipment: 1.47%
Eaton Corporation plc		208,300		15,224,647


Machinery: 0.01%
Proto Labs Incorporated †		1,242		98,565


Professional Services: 1.97%
IHS Incorporated Class A †		97,365		11,042,165
The Advisory Board Company †		147,300		9,325,563

				20,367,728


Road & Rail: 1.36%
Kansas City Southern		133,095		14,053,501


Trading Companies & Distributors: 1.33%
United Rentals Incorporated †		169,400		13,711,236


Information Technology: 26.05%

Computers & Peripherals: 2.94%
Apple Incorporated		40,100		20,074,060
Stratasys Limited †		85,148		10,265,443

				30,339,503


Electronic Equipment, Instruments & Components: 0.93%
Cognex Corporation †		244,000		9,625,800


Internet Software & Services: 7.94%
Facebook Incorporated Class A †		401,200		25,103,084
Google Incorporated Class A †		36,800		43,459,696
LinkedIn Corporation Class A †		60,900		13,106,289
Twitter Incorporated †«		6,480		417,960

				82,087,029


IT Services: 5.77%
Alliance Data Systems Corporation †		92,400		22,144,584
Vantiv Incorporated Class A †		423,674		12,854,269
Visa Incorporated Class A		114,201		24,602,321

				59,601,174

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


10		Wells Fargo Advantage Omega Growth Fund		Portfolio of investments—January 31, 2014 (unaudited)


Security name				Shares		Value


Semiconductors & Semiconductor Equipment: 2.44%
ARM Holdings plc					273,941	$	12,620,462
ASML Holding NV					148,200		12,542,166

							25,162,628


Software: 6.03%
CommVault Systems Incorporated †					150,600		10,401,942
Fleetmatics Group plc †					137,300		5,493,373
Guidewire Software Incorporated †					134,129		6,332,230
Salesforce.com Incorporated †					308,900		18,697,717
ServiceNow Incorporated †					210,900		13,377,387
Tableau Software Incorporated Class A †					99,000		8,001,180

							62,303,829


Materials: 1.75%

Chemicals: 1.75%
Monsanto Company					170,200		18,134,808


Telecommunication Services: 2.23%

Wireless Telecommunication Services: 2.23%
SBA Communications Corporation Class A †					248,302		23,030,011


Total Common Stocks (Cost $760,941,320)							1,009,203,155


	Yield

Short-Term Investments: 0.79%

Investment Companies: 0.79%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)		0.07	%		7,727,570		7,727,570
Wells Fargo Securities Lending Cash Investments, LLC (l)(u)(r)(v)		0.08			394,975		394,975

Total Short-Term Investments (Cost $8,122,545)							8,122,545


Total investments in securities
(Cost $769,063,865) *	98.47	%		1,017,325,700
Other assets and liabilities, net	1.53			15,806,422

Total net assets	100.00	%	$	1,033,132,122

†	Non-income-earning security

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

(l)	Investment in an affiliate

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

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

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

*	Cost for federal income tax purposes is $769,613,823 and unrealized appreciation (depreciation) consists of:


Gross unrealized appreciation	$	255,865,336
Gross unrealized depreciation		(8,153,459	)

Net unrealized appreciation	$	247,711,877

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


Statement of assets and liabilities—January 31, 2014 (unaudited)		Wells Fargo Advantage Omega Growth Fund			11




Assets
Investments
In unaffiliated securities (including securities on loan), at value (see cost below)	$	1,009,203,155
In affiliated securities, at value (see cost below)		8,122,545

Total investments, at value (see cost below)		1,017,325,700
Receivable for investments sold		29,172,102
Receivable for Fund shares sold		2,414,874
Receivable for dividends		223,512
Receivable for securities lending income		698
Prepaid expenses and other assets		54,091

Total assets		1,049,190,977


Liabilities
Payable for investments purchased		12,973,762
Payable for Fund shares redeemed		1,288,344
Payable upon receipt of securities loaned		394,975
Advisory fee payable		657,435
Distribution fees payable		89,803
Due to other related parties		277,187
Accrued expenses and other liabilities		377,349

Total liabilities		16,058,855

Total net assets	$	1,033,132,122


NET ASSETS CONSIST OF
Paid-in capital	$	745,557,563
Accumulated net investment loss		(4,668,660	)
Accumulated net realized gains on investments		43,981,384
Net unrealized gains on investments		248,261,835

Total net assets	$	1,033,132,122


COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE¹
Net assets – Class A	$	769,117,782
Shares outstanding – Class A		15,723,119
Net asset value per share – Class A		$48.92
Maximum offering price per share – Class A²		$51.90
Net assets – Class B	$	16,133,978
Shares outstanding – Class B		406,087
Net asset value per share – Class B		$39.73
Net assets – Class C	$	106,335,281
Shares outstanding – Class C		2,669,608
Net asset value per share – Class C		$39.83
Net assets – Class R	$	28,272,562
Shares outstanding – Class R		593,522
Net asset value per share – Class R		$47.64
Net assets – Administrator Class	$	100,253,619
Shares outstanding – Administrator Class		1,953,985
Net asset value per share – Administrator Class		$51.31
Net assets – Institutional Class	$	13,018,900
Shares outstanding – Institutional Class		251,237
Net asset value per share – Institutional Class		$51.82

Investments in unaffiliated securities (including securities on loan), at cost	$	760,941,320

Investments in affiliated securities, at cost	$	8,122,545

Total investments, at cost	$	769,063,865

Securities on loan, at value	$	387,167

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

2.	Maximum offering price is computed as 100/94.25 of net asset value. On investments of $50,000 or more, the offering price is reduced.

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


12		Wells Fargo Advantage Omega Growth Fund		Statement of operations—six months ended January 31, 2014 (unaudited)




Investment income
Dividends	$	2,074,511
Securities lending income, net		15,931
Income from affiliated securities		8,274

Total investment income		2,098,716


Expenses
Advisory fee		3,571,091
Administration fees
Fund level		246,179
Class A		968,849
Class B		22,618
Class C		127,437
Class R		35,613
Administrator Class		43,264
Institutional Class		4,038
Shareholder servicing fees
Class A		931,586
Class B		21,748
Class C		122,536
Class R		34,243
Administrator Class		103,088
Distribution fees
Class B		65,243
Class C		367,607
Class R		34,243
Custody and accounting fees		28,266
Professional fees		24,621
Registration fees		40,025
Shareholder report expenses		88,335
Trustees’ fees and expenses		4,812
Other fees and expenses		11,298

Total expenses		6,896,740
Less: Fee waivers and/or expense reimbursements		(162,413	)

Net expenses		6,734,327

Net investment loss		(4,635,611	)


REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on investments		79,276,071
Net change in unrealized gains (losses) on investments		48,380,386

Net realized and unrealized gains (losses) on investments		127,656,457

Net increase in net assets resulting from operations	$	123,020,846

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


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


	Six months ended January 31, 2014 (unaudited)						Year ended July 31, 2013

Operations
Net investment loss				$	(4,635,611	)				$	(1,230,294	)
Net realized gains on investments					79,276,071						99,889,570
Net change in unrealized gains (losses) on investments					48,380,386						84,234,481

Net increase in net assets resulting from operations					123,020,846						182,893,757


Distributions to shareholders from
Net realized gains
Class A					(79,931,223	)					(19,509,990	)
Class B					(2,146,719	)					(778,633	)
Class C					(13,032,342	)					(2,595,551	)
Class R					(3,057,781	)					(558,930	)
Administrator Class					(9,323,528	)					(1,813,617	)
Institutional Class					(1,312,052	)					(37,612	)

Total distributions to shareholders					(108,803,645	)					(25,294,333	)


Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		1,877,624			94,189,568			2,441,057			104,920,005
Class B		13,558			568,938			16,792			614,054
Class C		475,232			19,792,327			566,393			20,612,900
Class R		176,448			8,575,768			271,923			11,504,921
Administrator Class		659,585			34,742,991			672,754			30,573,612
Institutional Class		174,390			9,356,131			55,050			2,614,807

					167,225,723						170,840,299

Reinvestment of distributions
Class A		1,527,223			74,253,607			456,141			18,163,520
Class B		53,475			2,114,420			22,894			765,115
Class C		265,973			10,543,167			63,333			2,121,010
Class R		19,145			906,888			3,387			132,045
Administrator Class		147,977			7,543,849			33,510			1,388,644
Institutional Class		25,487			1,312,052			902			37,612

					96,673,983						22,607,946

Payment for shares redeemed
Class A		(1,627,575	)		(82,160,728	)		(3,039,206	)		(129,087,456	)
Class B		(97,122	)		(4,086,435	)		(276,032	)		(9,857,351	)
Class C		(143,799	)		(6,003,665	)		(350,073	)		(12,599,633	)
Class R		(108,313	)		(5,318,504	)		(170,843	)		(7,177,147	)
Administrator Class		(238,746	)		(12,639,792	)		(591,027	)		(26,140,182	)
Institutional Class		(18,229	)		(965,823	)		(5,455	)		(253,725	)

					(111,174,947	)					(185,115,494	)

Net increase in net assets resulting from capital share transactions					152,724,759						8,332,751

Total increase in net assets					166,941,960						165,932,175


Net assets
Beginning of period					866,190,162						700,257,987

End of period				$	1,033,132,122					$	866,190,162

Accumulated net investment loss				$	(4,668,660	)				$	(33,049	)

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


14		Wells Fargo Advantage Omega Growth Fund		Financial highlights

(For a share outstanding throughout each period)


	Six months ended January 31, 2014 (unaudited)			Year ended July 31												Year ended September 30
CLASS A	Six months ended January 31, 2014 (unaudited)			2013			2012			2011			2010^1,2			2009¹			2008¹
Net asset value, beginning of period	$	47.97		$	39.09		$	38.29		$	30.11		$	28.44		$	27.26		$	31.44
Net investment income (loss)		(0.22	)³		(0.02	)		(0.28	)³		(0.29	)		(0.10	)³		0.18	³		0.05	³
Net realized and unrealized gains (losses) on investments		6.94			10.31			1.08			8.47			1.96			1.00			(4.23	)

Total from investment operations		6.72			10.29			0.80			8.18			1.86			1.18			(4.18	)
Distributions to shareholders from
Net investment income		0.00			0.00			0.00			0.00			(0.19	)		0.00			0.00
Net realized gains		(5.77	)		(1.41	)		0.00			0.00			0.00			0.00			0.00

Total distributions to shareholders		(5.77	)		(1.41	)		0.00			0.00			(0.19	)		0.00			0.00
Net asset value, end of period		$48.92			$47.97			$39.09			$38.29			$30.11			$28.44			$27.26
Total return⁴		14.09	%		27.07	%		2.09	%		27.17	%		6.53	%		4.33	%		(13.30	)%
Ratios to average net assets (annualized)
Gross expenses		1.33	%		1.34	%		1.35	%		1.36	%		1.35	%		1.48	%		1.44	%
Net expenses		1.30	%		1.30	%		1.30	%		1.30	%		1.34	%		1.39	%		1.37	%
Net investment income (loss)		(0.87	)%		(0.08	)%		(0.75	)%		(0.80	)%		(0.40	)%		0.79	%		0.16	%
Supplemental data
Portfolio turnover rate		51	%		88	%		101	%		123	%		116	%		26	%		44	%
Net assets, end of period (000s omitted)		$769,118			$668,992			$550,758			$584,871			$460,187			$460,082			$465,952

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

2.	For the ten months ended July 31, 2010. The Fund changed its fiscal year end from September 30 to July 31, effective July 31, 2010.

3.	Calculated based upon average shares outstanding

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

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


Financial highlights		Wells Fargo Advantage Omega Growth Fund			15

(For a share outstanding throughout each period)


	Six months ended January 31, 2014 (unaudited)			Year ended July 31												Year ended September 30
CLASS B	Six months ended January 31, 2014 (unaudited)			2013			2012			2011			2010¹^,²			2009¹			2008¹
Net asset value, beginning of period	$	40.07		$	33.12		$	32.68		$	25.89		$	24.46		$	23.62		$	27.45
Net investment income (loss)		(0.34	)³		(0.28	)³		(0.47	)³		(0.48	)³		(0.25	)³		0.02	³		(0.15	)³
Net realized and unrealized gains (losses) on investments		5.77			8.64			0.91			7.27			1.68			0.82			(3.68	)

Total from investment operations		5.43			8.36			0.44			6.79			1.43			0.84			(3.83	)
Distributions to shareholders from
Net realized gains		(5.77	)		(1.41	)		0.00			0.00			0.00			0.00			0.00
Net asset value, end of period	$	39.73		$	40.07		$	33.12		$	32.68		$	25.89		$	24.46		$	23.62
Total return⁴		13.65	%		26.11	%		1.32	%		26.23	%		5.85	%		3.56	%		(13.95	)%
Ratios to average net assets (annualized)
Gross expenses		2.07	%		2.09	%		2.10	%		2.12	%		2.10	%		2.22	%		2.16	%
Net expenses		2.05	%		2.05	%		2.05	%		2.05	%		2.09	%		2.13	%		2.11	%
Net investment income (loss)		(1.61	)%		(0.78	)%		(1.51	)%		(1.55	)%		(1.14	)%		0.10	%		(0.61	)%
Supplemental data
Portfolio turnover rate		51	%		88	%		101	%		123	%		116	%		26	%		44	%
Net assets, end of period (000s omitted)		$16,134			$17,476			$22,271			$40,023			$46,434			$51,984			$85,008

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

2.	For the ten months ended July 31, 2010. The Fund changed its fiscal year end from September 30 to July 31, effective July 31, 2010.

3.	Calculated based upon average shares outstanding

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

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


16		Wells Fargo Advantage Omega Growth Fund		Financial highlights

(For a share outstanding throughout each period)


	Six months ended January 31, 2014 (unaudited)			Year ended July 31												Year ended September 30
CLASS C	Six months ended January 31, 2014 (unaudited)			2013			2012			2011			2010¹^,²			2009¹			2008¹
Net asset value, beginning of period	$	40.15		$	33.18		$	32.75		$	25.94		$	24.53		$	23.69		$	27.52
Net investment income (loss)		(0.35	)³		(0.31	)³		(0.47	)³		(0.49	)³		(0.25	)³		0.00	^3,⁴		(0.15	)³
Net realized and unrealized gains (losses) on investments		5.80			8.69			0.90			7.30			1.68			0.84			(3.68	)

Total from investment operations		5.45			8.38			0.43			6.81			1.43			0.84			(3.83	)
Distributions to shareholders from
Net investment income		0.00			0.00			0.00			0.00			(0.02	)		0.00			0.00
Net realized gains		(5.77	)		(1.41	)		0.00			0.00			0.00			0.00			0.00

Total distributions to shareholders		(5.77	)		(1.41	)		0.00			0.00			(0.02	)		0.00			0.00
Net asset value, end of period	$	39.83		$	40.15		$	33.18		$	32.75		$	25.94		$	24.53		$	23.69
Total return⁵		13.65	%		26.11	%		1.31	%		26.25	%		5.83	%		3.55	%		(13.92	)%
Ratios to average net assets (annualized)
Gross expenses		2.08	%		2.09	%		2.10	%		2.11	%		2.10	%		2.23	%		2.16	%
Net expenses		2.05	%		2.05	%		2.05	%		2.05	%		2.09	%		2.14	%		2.11	%
Net investment income (loss)		(1.63	)%		(0.85	)%		(1.49	)%		(1.55	)%		(1.15	)%		0.02	%		(0.58	)%
Supplemental data
Portfolio turnover rate		51	%		88	%		101	%		123	%		116	%		26	%		44	%
Net assets, end of period (000s omitted)		$106,335			$83,206			$59,481			$58,329			$44,892			$43,806			$40,829

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

2.	For the ten months ended July 31, 2010. The Fund changed its fiscal year end from September 30 to July 31, effective July 31, 2010.

3.	Calculated based upon average shares outstanding

4.	Amount is less than $0.005.

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

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


Financial highlights		Wells Fargo Advantage Omega Growth Fund			17

(For a share outstanding throughout each period)


	Six months ended January 31, 2014 (unaudited)			Year ended July 31												Year ended September 30
CLASS R	Six months ended January 31, 2014 (unaudited)			2013			2012			2011			2010¹^,²			2009¹			2008¹
Net asset value, beginning of period	$	46.90		$	38.35		$	37.66		$	29.69		$	28.09		$	26.99		$	31.20
Net investment income (loss)		(0.24	)		(0.09	)		(0.36	)³		(0.13	)		(0.16	)³		0.08	³		(0.02	)³
Net realized and unrealized gains (losses) on investments		6.75			10.05			1.05			8.10			1.94			1.02			(4.19	)

Total from investment operations		6.51			9.96			0.69			7.97			1.78			1.10			(4.21	)
Distributions to shareholders from
Net investment income		0.00			0.00			0.00			0.00			(0.18	)		0.00			0.00
Net realized gains		(5.77	)		(1.41	)		0.00			0.00			0.00			0.00			0.00

Total distributions to shareholders		(5.77	)		(1.41	)		0.00			0.00			(0.18	)		0.00			0.00
Net asset value, end of period	$	47.64		$	46.90		$	38.35		$	37.66		$	29.69		$	28.09		$	26.99
Total return⁴		13.93	%		26.73	%		1.83	%		26.89	%		6.29	%		4.08	%		(13.49	)%
Ratios to average net assets (annualized)
Gross expenses		1.58	%		1.59	%		1.60	%		1.59	%		1.60	%		1.76	%		1.66	%
Net expenses		1.55	%		1.55	%		1.55	%		1.55	%		1.59	%		1.67	%		1.61	%
Net investment income (loss)		(1.12	)%		(0.38	)%		(0.99	)%		(1.08	)%		(0.65	)%		0.35	%		(0.08	)%
Supplemental data
Portfolio turnover rate		51	%		88	%		101	%		123	%		116	%		26	%		44	%
Net assets, end of period (000s omitted)		$28,273			$23,745			$15,408			$6,515			$1,523			$838			$84

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

2.	For the ten months ended July 31, 2010. The Fund changed its fiscal year end from September 30 to July 31, effective July 31, 2010.

3.	Calculated based upon average shares outstanding

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

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


18		Wells Fargo Advantage Omega Growth Fund		Financial highlights

(For a share outstanding throughout each period)


	Six months ended January 31, 2014 (unaudited)			Year ended July 31												Year ended September 30
ADMINISTRATOR CLASS	Six months ended January 31, 2014 (unaudited)			2013			2012			2011			2010¹^,²			2009¹			2008¹
Net asset value, beginning of period	$	50.00		$	40.60		$	39.67		$	31.12		$	29.39		$	28.10		$	32.32
Net investment income (loss)		(0.17	)³		0.07	³		(0.19	)³		(0.21	)³		(0.04	)³		0.24	³		0.13	³
Net realized and unrealized gains (losses) on investments		7.25			10.74			1.12			8.76			2.02			1.05			(4.35	)

Total from investment operations		7.08			10.81			0.93			8.55			1.98			1.29			(4.22	)
Distributions to shareholders from
Net investment income		0.00			0.00			0.00			0.00			(0.25	)		0.00			0.00
Net realized gains		(5.77	)		(1.41	)		0.00			0.00			0.00			0.00			0.00

Total distributions to shareholders		(5.77	)		(1.41	)		0.00			0.00			(0.25	)		0.00			0.00
Net asset value, end of period	$	51.31		$	50.00		$	40.60		$	39.67		$	31.12		$	29.39		$	28.10
Total return⁴		14.24	%		27.35	%		2.34	%		27.47	%		6.75	%		4.59	%		(13.06	)%
Ratios to average net assets (annualized)
Gross expenses		1.16	%		1.17	%		1.17	%		1.18	%		1.11	%		1.23	%		1.17	%
Net expenses		1.05	%		1.05	%		1.05	%		1.05	%		1.09	%		1.14	%		1.12	%
Net investment income (loss)		(0.63	)%		0.16	%		(0.49	)%		(0.56	)%		(0.16	)%		1.00	%		0.42	%
Supplemental data
Portfolio turnover rate		51	%		88	%		101	%		123	%		116	%		26	%		44	%
Net assets, end of period (000s omitted)		$100,254			$69,264			$51,560			$41,242			$29,724			$32,437			$23,910

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

2.	For the ten months ended July 31, 2010. The Fund changed its fiscal year end from September 30 to July 31, effective July 31, 2010.

3.	Calculated based upon average shares outstanding

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

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


Financial highlights		Wells Fargo Advantage Omega Growth Fund			19

(For a share outstanding throughout each period)


	Six months ended January 31, 2014 (unaudited)			Year ended July 31
INSTITUTIONAL CLASS	Six months ended January 31, 2014 (unaudited)			2013			2012			2011			2010¹
Net asset value, beginning of period	$	50.40		$	40.81		$	39.77		$	31.12		$	31.12
Net investment income (loss)		(0.12	)²		0.11	²		(0.10	)		(0.03	)		0.00
Net realized and unrealized gains (losses) on investments		7.31			10.89			1.14			8.68			0.00
	��
Total from investment operations		7.19			11.00			1.04			8.65			0.00
Distributions to shareholders from
Net realized gains		(5.77	)		(1.41	)		0.00			0.00			0.00
Net asset value, end of period	$	51.82		$	50.40		$	40.81		$	39.77		$	31.12
Total return³		14.37	%		27.68	%		2.62	%		27.80	%		0.00	%
Ratios to average net assets (annualized)
Gross expenses		0.89	%		0.91	%		0.92	%		0.88	%		0.00	%
Net expenses		0.80	%		0.80	%		0.80	%		0.80	%		0.00	%
Net investment income (loss)		(0.44	)%		0.24	%		(0.24	)%		(0.34	)%		0.00	%
Supplemental data
Portfolio turnover rate		51	%		88	%		101	%		123	%		116	%
Net assets, end of period (000s omitted)		$13,019			$3,507			$779			$656			$10

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

2.	Calculated based upon average shares outstanding

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

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


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

1. ORGANIZATION

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

2. SIGNIFICANT ACCOUNTING POLICIES

Securities valuation

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

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

Security loans


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

Security transactions and income recognition

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

Dividend income is recognized on the ex-dividend date.

Distributions to shareholders

Federal and other taxes

Class allocations

3. FAIR VALUATION MEASUREMENTS

Level 1 – quoted prices in active markets for identical securities

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

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

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


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

As of January 31, 2014, the inputs used in valuing investments in securities were as follows:


Investments in securities	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Equity securities
Common stocks	$	1,009,203,155	$	0	$	0	$	1,009,203,155
Short-term investments
Investment companies		7,727,570		394,975		0		8,122,545
	$	1,016,930,725	$	394,975	$	0	$	1,017,325,700

4. TRANSACTIONS WITH AFFILIATES AND OTHER EXPENSES

Advisory fee

Pursuant to the contract, Funds Management is entitled to receive an annual advisory fee starting at 0.75% and declining to 0.55% as the average daily net assets of the Fund increase. Prior to December 1, 2013, Funds Management was entitled to receive an annual advisory fee which started at 0.75% and declined to 0.60% as the average daily net assets of the Fund increased. For the six months ended January 31, 2014, the advisory fee was equivalent to an annual rate of 0.73% of the Fund’s average daily net assets.

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Funds Management. WellsCap, an affiliate of Funds Management and an indirect, wholly owned subsidiary of Wells Fargo, is the subadviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.45% and declining to 0.30% as the average daily net assets of the Fund increase.

Administration and transfer agent fees


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

Funds Management has contractually waived and/or reimbursed advisory and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. Waiver of fees and/or reimbursement of expenses by Funds Management were made first from fund level expenses on a proportionate basis and then from class specific expenses. Funds Management has committed through November 30, 2014 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.30% for Class A shares, 2.05% for Class B shares, 2.05% for Class C shares, 1.55% for Class R shares, 1.05% for Administrator Class shares, and 0.80% for Institutional Class shares.

Distribution fees


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

For the six months ended January 31, 2014, Wells Fargo Funds Distributor, LLC received $50,757 from the sale of Class A shares and $259 and $180 in contingent deferred sales charges from redemptions of Class B and Class C shares, respectively.

Shareholder servicing fees

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended January 31, 2014 were $505,568,315 and $480,221,840, respectively.

6. BANK BORROWINGS

For the six months ended January 31, 2014, there were no borrowings by the Fund under the agreement.

7. CONCENTRATION RISK

8. INDEMNIFICATION


24		Wells Fargo Advantage Omega Growth Fund		Other information (unaudited)

PROXY VOTING INFORMATION

PORTFOLIO HOLDINGS INFORMATION


Other information (unaudited)		Wells Fargo Advantage Omega Growth Fund			25

BOARD OF TRUSTEES AND OFFICERS

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 Harbor 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 50 portfolios as of 12/16/2013); Asset Allocation Trust
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business, Stanford University, Morgan Stanley Director of the Center for Leadership Development and Research and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	Asset Allocation Trust
Olivia S. Mitchell (Born 1953)	Trustee, since 2006	International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993.	Asset Allocation Trust
Timothy J. Penny (Born 1951)	Trustee, since 1996	President and CEO of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007 and Senior Fellow at the Humphrey Institute Policy Forum at the University of Minnesota since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	Asset Allocation Trust


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


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

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

Officers


Name and year of birth	Position held and length of service	Principal occupations during past five years
Karla M. Rabusch (Born 1959)	President, since 2003	Executive Vice President of Wells Fargo Bank, N.A. and President of Wells Fargo Funds Management, LLC since 2003.
Jeremy DePalma¹ (Born 1974)	Treasurer, since 2012	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Vice President, Evergreen Investment Services, Inc. from 2004 to 2007. Head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.
C. David Messman (Born 1960)	Secretary, since 2000; Chief Legal Officer, since 2003	Senior Vice President and Secretary of Wells Fargo Funds Management, LLC since 2001. Vice President and Managing Counsel of Wells Fargo Bank, N.A. since 1996.
Debra Ann Early (Born 1964)	Chief Compliance Officer, since 2007	Chief Compliance Officer of Wells Fargo Funds Management, LLC since 2007. Chief Compliance Officer of Parnassus Investments from 2005 to 2007. Chief Financial Officer of Parnassus Investments from 2004 to 2007.
David Berardi (Born 1975)	Assistant Treasurer, since 2009	Vice President of Wells Fargo Funds Management, LLC since 2009. Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Assistant Vice President of Evergreen Investment Services, Inc. from 2004 to 2008. Manager of Fund Reporting and Control for Evergreen Investment Management Company, LLC from 2004 to 2010.

1.	Jeremy DePalma acts as Treasurer of 59 funds and Assistant Treasurer of 73 funds in the Fund Complex.

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


List of abbreviations		Wells Fargo Advantage Omega Growth Fund			27

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

ACA	— ACA Financial Guaranty Corporation

ADR	— American depositary receipt

ADS	— American depositary shares

AGC	— Assured Guaranty Corporation

AGM	— Assured Guaranty Municipal

Ambac

— Ambac Financial Group Incorporated

AMT	— Alternative minimum tax

AUD	— Australian dollar

BAN	— Bond anticipation notes

BHAC	— Berkshire Hathaway Assurance Corporation

BRL	— Brazilian real

CAB	— Capital appreciation bond

CAD	— Canadian dollar

CCAB	— Convertible capital appreciation bond

CDA	— Community Development Authority

CDO	— Collateralized debt obligation

CHF	— Swiss franc

CLP	— Chilean peso

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

LLLP	— Limited liability limited partnership

LLP	— Limited liability partnership

LOC	— Letter of credit

LP	— Limited partnership

MBIA	— Municipal Bond Insurance Association

MFHR	— Multifamily housing revenue

MSTR	— Municipal securities trust receipts

MTN	— Medium-term note

MUD	— Municipal Utility District

MXN	— Mexican peso

MYR	— Malaysian ringgit

National

— National Public Finance Guarantee Corporation

NGN	— Nigerian naira

NOK	— Norwegian krone

NZD	— New Zealand dollar

PCFA	— Pollution Control Financing Authority

PCL	— Public Company Limited

PCR	— Pollution control revenue

PFA	— Public Finance Authority

PFFA	— Public Facilities Financing Authority

PFOTER

— Puttable floating option tax-exempt receipts

plc	— Public limited company

PLN	— Polish zloty

PUTTER

— Puttable tax-exempt receipts

R&D	— Research & development

Radian

— Radian Asset Assurance

RAN	— Revenue anticipation notes

RDA	— Redevelopment Authority

RDFA	— Redevelopment Finance Authority

REIT	— Real estate investment trust

ROC	— Reset option certificates

RON	— Romanian lei

RUB	— Russian ruble

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

THB	— Thai baht

TIPS	— Treasury inflation-protected securities

TRAN	— Tax revenue anticipation notes

TRY	— Turkish lira

TTFA	— Transportation Trust Fund Authority

TVA	— Tennessee Valley Authority

ZAR	— South African rand

This page is intentionally left blank.

LOGO

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

NOT FDIC INSURED ¡ NO BANK GUARANTEE ¡ MAY LOSE VALUE

222993 03-14

SA211/SAR211 1-14

Wells Fargo Advantage

Premier Large Company Growth Fund

LOGO

Semi-Annual Report

January 31, 2014

LOGO

Reduce clutter. Save trees.

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			23

Other information			27

List of abbreviations			30

NOT FDIC INSURED ¡ NO BANK GUARANTEE ¡ MAY LOSE VALUE


2		Wells Fargo Advantage Premier Large Company Growth Fund		Letter to shareholders (unaudited)

LOGO

Karla M. Rabusch

President

Wells Fargo Advantage Funds

Major central banks continued to inject liquidity into the banks and the markets through various quantitative easing policies.

Dear Valued Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Advantage Premier Large Company Growth Fund for the six-month period that ended January 31, 2014. Much of the period was marked by monetary easing by global central banks. Entering the period, investors were concerned that the U.S. Federal Reserve (Fed) would end its bond-buying program, which initially led to higher interest rates and resulted in losses for bond indexes and volatility for global stock indexes. These fears dissipated in late September 2013 and ended altogether in mid-December 2013 when the Fed announced a tapering timeline that was far more moderate than some had feared. Growing confidence that the U.S. economy was staging a fragile recovery resulted in double-digit returns for domestic stock market indexes for the six-month reporting period.

Central banks continued to provide stimulus.

U.S. stock markets gained on relatively good news.


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

passed the Ryan–Murray budget agreement that funded the government through September 2015, lessening the near-term prospect of another shutdown.

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

Sincerely,

LOGO

Karla M. Rabusch

President

Wells Fargo Advantage Funds

Despite political headwinds, the relatively positive outlook for the U.S. economy contributed to a strong domestic stock market for most of the reporting period.

Notice to shareholders

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


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

Investment objective

The Fund seeks long-term capital appreciation.

Adviser

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Thomas C. Ognar, CFA

Bruce C. Olson, CFA

Joseph M. Eberhardy, CFA, CPA

Average annual total returns¹ (%) as of January 31, 2014


		Including sales charge						Excluding sales charge						Expense ratios² (%)
	Inception date	1 year		5 year		10 year		1 year		5 year		10 year		Gross		Net³
Class A (EKJAX)	1-20-1998		17.14		20.09		8.06		24.31		21.51		8.70		1.20		1.13
Class B (EKJBX)*	9-11-1935		18.34		20.42		8.16		23.34		20.61		8.16		1.95		1.88
Class C (EKJCX)	1-22-1998		22.29		20.60		7.90		23.29		20.60		7.90		1.95		1.88
Class R4 (EKJRX)	11-30-2012		–		–		–		24.60		21.90		9.03		0.87		0.81
Class R6 (EKJFX)	11-30-2012		–		–		–		24.69		21.93		9.05		0.72		0.66
Administrator Class (WFPDX)	7-16-2010		–		–		–		24.49		21.67		8.82		1.04		0.96
Institutional Class (EKJYX)	6-30-1999		–		–		–		24.80		21.93		9.05		0.77		0.71
Investor Class (WFPNX)	7-16-2010		–		–		–		24.09		21.41		8.62		1.26		1.19
Russell 1000^® Growth Index⁴	–		–		–		–		24.35		20.88		7.30		–		–

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

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

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

Please see footnotes on page 5.


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


Ten largest equity holdings⁵ (%) as of January 31, 2014
Google Incorporated Class A			4.81
Alexion Pharmaceuticals Incorporated			3.18
Dollar Tree Incorporated			2.32
Whole Foods Market Incorporated			2.31
Gilead Sciences Incorporated			2.22
Concho Resources Incorporated			2.08
Amazon.com Incorporated			2.06
CarMax Incorporated			2.05
eBay Incorporated			2.02
TD Ameritrade Holding Corporation			1.78


Sector distribution⁶ as of January 31, 2014

Historical performance shown for Class R4 shares prior to their inception reflects the performance of Institutional Class shares, adjusted to reflect the higher expenses applicable to Class R4 shares. Historical performance shown for Class R6 shares prior to their inception reflects the performance of Institutional Class shares, and includes the higher expenses applicable to Institutional Class shares. If these expenses had not been included, returns would be higher. Historical performance shown for 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 Investor Class shares prior to their inception reflects the performance of Class A shares, adjusted to reflect the higher expenses applicable to Investor Class shares. Historical performance shown for all classes of the Fund prior to July 19, 2010, is based on the performance of the Fund’s predecessor, Evergreen Large Company Growth Fund.

The Adviser has committed through November 30, 2014, to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waiver, excluding certain expenses, at 1.12% for Class A, 1.87% for Class B, 1.87% for Class C, 0.80% for Class R4, 0.65% for Class R6, 0.95% for Administrator Class, 0.70% for Institutional Class, and 1.18% for Investor Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses, and extraordinary expenses are excluded from the cap. Without this cap, the Fund’s returns would have been lower.

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

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

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


6		Wells Fargo Advantage Premier Large Company Growth Fund		Fund expenses (unaudited)

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from August 1, 2013 to January 31, 2014.

Actual expenses

Hypothetical example for comparison purposes


	Beginning account value 8-1-2013		Ending account value 1-31-2014		Expenses paid during the period¹		Net annualized expense ratio
Class A
Actual	$	1,000.00	$	1,114.56	$	5.97		1.12	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.56	$	5.70		1.12	%
Class B
Actual	$	1,000.00	$	1,110.42	$	9.95		1.87	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.78	$	9.50		1.87	%
Class C
Actual	$	1,000.00	$	1,110.71	$	9.95		1.87	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.78	$	9.50		1.87	%
Class R4
Actual	$	1,000.00	$	1,116.54	$	4.27		0.80	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.17	$	4.08		0.80	%
Class R6
Actual	$	1,000.00	$	1,116.44	$	3.47		0.65	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.93	$	3.31		0.65	%
Administrator Class
Actual	$	1,000.00	$	1,115.69	$	5.07		0.95	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.42	$	4.84		0.95	%
Institutional Class
Actual	$	1,000.00	$	1,116.44	$	3.73		0.70	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.68	$	3.57		0.70	%
Investor Class
Actual	$	1,000.00	$	1,114.13	$	6.29		1.18	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.26	$	6.01		1.18	%

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


Portfolio of investments—January 31, 2014 (unaudited)		Wells Fargo Advantage Premier Large Company Growth Fund			7


Security name	Shares		Value


Common Stocks: 98.56%

Consumer Discretionary: 19.58%

Auto Components: 0.43%
BorgWarner Incorporated		223,760	$	12,015,912
Delphi Automotive plc		159,990		9,741,791

				21,757,703


Distributors: 0.96%
LKQ Corporation †		1,786,020		48,347,561


Hotels, Restaurants & Leisure: 3.04%
Chipotle Mexican Grill Incorporated †		127,410		70,325,224
Starbucks Corporation		1,158,940		82,423,813

				152,749,037


Internet & Catalog Retail: 3.51%
Amazon.com Incorporated †		289,550		103,858,690
priceline.com Incorporated †		63,438		72,629,532

				176,488,222


Media: 0.72%
Walt Disney Company		498,500		36,196,085


Multiline Retail: 3.22%
Dollar General Corporation †		230,680		12,991,898
Dollar Tree Incorporated †		2,314,610		116,934,097
Nordstrom Incorporated		554,480		31,854,876

				161,780,871


Specialty Retail: 5.44%
Cabela’s Incorporated †		835,700		55,874,902
CarMax Incorporated †		2,288,190		103,220,251
GNC Holdings Incorporated Class A		345,200		17,643,172
TJX Companies Incorporated		115,000		6,607,417
Tractor Supply Company		931,380		61,946,084
Ulta Salon, Cosmetics & Fragrance Incorporated †		333,340		28,570,571

				273,862,397


Textiles, Apparel & Luxury Goods: 2.26%
lululemon athletica incorporated «†		209,810		9,586,219
Michael Kors Holdings Limited †		268,894		21,492,697
Nike Incorporated Class B		317,890		23,158,287
Under Armour Incorporated Class A †		551,360		59,607,530

				113,844,733


Consumer Staples: 4.96%

Beverages: 0.23%
The Coca-Cola Company		304,910		11,531,696

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


8		Wells Fargo Advantage Premier Large Company Growth Fund		Portfolio of investments—January 31, 2014 (unaudited)


Security name	Shares		Value


Food & Staples Retailing: 3.73%
Costco Wholesale Corporation		477,790	$	53,684,484
Sprouts Farmers Market Incorporated †		491,400		17,562,636
Whole Foods Market Incorporated		2,219,500		115,991,070

				187,238,190


Household Products: 0.37%
Colgate-Palmolive Company		305,500		18,705,765


Personal Products: 0.63%
Estee Lauder Companies Incorporated Class A		462,190		31,770,941


Energy: 4.72%

Energy Equipment & Services: 0.85%
National Oilwell Varco Incorporated		182,030		13,654,070
Schlumberger Limited		330,470		28,939,258

				42,593,328


Oil, Gas & Consumable Fuels: 3.87%
Concho Resources Incorporated †		1,070,710		104,704,731
EOG Resources Incorporated		56,500		9,336,060
Pioneer Natural Resources Company		476,570		80,692,832

				194,733,623


Financials: 6.20%

Capital Markets: 2.68%
Ameriprise Financial Incorporated		424,720		44,867,421
TD Ameritrade Holding Corporation		2,869,710		89,678,438

				134,545,859


Consumer Finance: 3.08%
American Express Company		971,200		82,571,424
Discover Financial Services		1,351,890		72,528,899

				155,100,323


REITs: 0.44%
American Tower Corporation		275,500		22,282,440


Health Care: 21.70%

Biotechnology: 12.06%
Alexion Pharmaceuticals Incorporated †		1,007,490		159,918,888
Biogen Idec Incorporated †		216,040		67,542,746
BioMarin Pharmaceutical Incorporated †		519,550		35,786,604
Celgene Corporation †		542,359		82,400,603
Gilead Sciences Incorporated †		1,385,630		111,751,060
Medivation Incorporated †		274,500		21,850,200

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


Portfolio of investments—January 31, 2014 (unaudited)		Wells Fargo Advantage Premier Large Company Growth Fund			9


Security name	Shares		Value


Biotechnology (continued)
Quintiles Transnational Holdings Incorporated †		731,000	$	34,817,530
Regeneron Pharmaceuticals Incorporated †		217,630		62,805,842
Vertex Pharmaceuticals Incorporated †		377,540		29,840,762

				606,714,235


Health Care Equipment & Supplies: 1.09%
Covidien plc		803,490		54,830,158


Health Care Providers & Services: 3.54%
AmerisourceBergen Corporation		679,900		45,702,878
Catamaran Corporation †		1,132,380		55,056,316
Envision Healthcare Holdings Incorporated †		299,833		9,912,479
Express Scripts Holding Company †		898,940		67,141,829

				177,813,502


Health Care Technology: 1.29%
Cerner Corporation †		1,142,640		65,004,790


Life Sciences Tools & Services: 0.79%
Mettler-Toledo International Incorporated †		162,220		39,954,786


Pharmaceuticals: 2.93%
Allergan Incorporated		3,340		382,764
Bristol-Myers Squibb Company		429,000		21,437,130
Mallinckrodt plc †		152,123		8,797,273
Merck & Company Incorporated		619,500		32,814,915
Mylan Laboratories Incorporated †		293,000		13,305,130
Perrigo Company plc		453,880		70,650,961

				147,388,173


Industrials: 12.19%

Aerospace & Defense: 3.17%
Precision Castparts Corporation		180,150		45,893,213
The Boeing Company		287,160		35,969,662
United Technologies Corporation		681,600		77,716,032

				159,578,907


Air Freight & Logistics: 0.88%
United Parcel Service Incorporated Class B		464,640		44,247,667


Airlines: 0.25%
Southwest Airlines Company		587,660		12,311,477


Building Products: 0.62%
Fortune Brands Home & Security Incorporated		686,140		30,917,468


Commercial Services & Supplies: 0.31%
Tyco International Limited		380,500		15,406,445

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


10		Wells Fargo Advantage Premier Large Company Growth Fund		Portfolio of investments—January 31, 2014 (unaudited)


Security name	Shares		Value


Industrial Conglomerates: 0.76%
Danaher Corporation		516,230	$	38,402,350


Machinery: 0.79%
Flowserve Corporation		423,550		30,635,372
Pentair Limited		125,500		9,328,415

				39,963,787


Professional Services: 0.39%
Verisk Analytics Incorporated Class A †		307,160		19,615,238


Road & Rail: 5.02%
CSX Corporation		1,904,000		51,236,640
Genesee & Wyoming Incorporated Class A †		324,000		29,270,160
J.B. Hunt Transport Services Incorporated		138,060		10,361,403
Kansas City Southern		584,900		61,759,591
Norfolk Southern Corporation		608,340		56,326,201
Union Pacific Corporation		250,070		43,572,197

				252,526,192


Information Technology: 26.28%

Communications Equipment: 2.07%
F5 Networks Incorporated †		307,000		32,849,000
QUALCOMM Incorporated		958,480		71,138,386

				103,987,386


Computers & Peripherals: 1.59%
Apple Incorporated		159,380		79,785,628


Electronic Equipment, Instruments & Components: 0.10%
Trimble Navigation Limited †		153,000		4,946,490


Internet Software & Services: 11.98%
Akamai Technologies Incorporated †		919,810		43,856,541
eBay Incorporated †		1,907,500		101,479,000
Facebook Incorporated Class A †		1,410,490		88,254,359
Google Incorporated Class A †		204,720		241,768,178
MercadoLibre Incorporated «		469,320		45,284,687
Pandora Media Incorporated †		885,500		31,939,985
Rackspace Hosting Incorporated †		1,377,870		50,168,247

				602,750,997


IT Services: 6.45%
Accenture plc		494,500		39,500,660
Alliance Data Systems Corporation †		275,780		66,093,435
Cognizant Technology Solutions Corporation Class A †		777,820		75,386,314
MasterCard Incorporated Class A		1,079,800		81,719,264
Visa Incorporated Class A		287,740		61,987,828

				324,687,501

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


Portfolio of investments—January 31, 2014 (unaudited)		Wells Fargo Advantage Premier Large Company Growth Fund			11


Security name				Shares		Value


Semiconductors & Semiconductor Equipment: 2.17%
Avago Technologies Limited					67,000	$	3,660,880
Linear Technology Corporation					200,160		8,915,126
Microchip Technology Incorporated «					1,715,670		76,964,956
Xilinx Incorporated					425,830		19,767,029

							109,307,991


Software: 1.92%
Fortinet Incorporated †					426,470		9,041,164
Salesforce.com Incorporated †					1,257,450		76,113,449
Splunk Incorporated †					148,000		11,400,440

							96,555,053


Materials: 2.93%

Chemicals: 2.93%
Airgas Incorporated					245,300		25,324,772
Monsanto Company					647,840		69,027,352
Praxair Incorporated					423,600		52,831,384

							147,183,508


Total Common Stocks (Cost $3,687,238,261)							4,957,408,503


	Yield
Short-Term Investments: 3.41%

Investment Companies: 3.41%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)		0.07	%		92,571,974		92,571,974
Wells Fargo Securities Lending Cash Investments, LLC (l)(u)(v)(r)		0.08			78,984,300		78,984,300

Total Short-Term Investments (Cost $171,556,274)							171,556,274


Total investments in securities
(Cost $3,858,794,535) *	101.97	%		5,128,964,777
Other assets and liabilities, net	(1.97	)		(99,147,485	)

Total net assets	100.00	%	$	5,029,817,292

†	Non-income-earning security

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

(l)	Investment in an affiliate

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

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

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

*	Cost for federal income tax purposes is $3,869,123,995 and unrealized appreciation (depreciation) consists of:


Gross unrealized appreciation	$	1,281,407,839
Gross unrealized depreciation		(21,567,057	)

Net unrealized appreciation	$	1,259,840,782

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


12		Wells Fargo Advantage Premier Large Company Growth Fund		Statement of assets and liabilities—January 31, 2014 (unaudited)




Assets
Investments
In unaffiliated securities (including securities on loan), at value (see cost below)	$	4,957,408,503
In affiliated securities, at value (see cost below)		171,556,274

Total investments, at value (see cost below)		5,128,964,777
Receivable for investments sold		16,603,875
Receivable for Fund shares sold		28,126,735
Receivable for dividends		865,160
Receivable for securities lending income		26,236
Prepaid expenses and other assets		241,062

Total assets		5,174,827,845


Liabilities
Payable for investments purchased		55,274,639
Payable for Fund shares redeemed		6,209,243
Payable upon receipt of securities loaned		78,984,300
Advisory fee payable		2,499,232
Distribution fees payable		242,211
Due to other related parties		1,000,061
Accrued expenses and other liabilities		800,867

Total liabilities		145,010,553

Total net assets	$	5,029,817,292


NET ASSETS CONSIST OF
Paid-in capital	$	3,841,723,868
Accumulated net investment loss		(10,859,581	)
Accumulated net realized losses on investments		(71,217,237	)
Net unrealized gains on investments		1,270,170,242

Total net assets	$	5,029,817,292


COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE¹
Net assets – Class A	$	1,856,709,418
Shares outstanding – Class A		132,563,430
Net asset value per share – Class A		$14.01
Maximum offering price per share – Class A²		$14.86
Net assets – Class B	$	5,222,726
Shares outstanding – Class B		418,847
Net asset value per share – Class B		$12.47
Net assets – Class C	$	351,442,989
Shares outstanding – Class C		28,253,972
Net asset value per share – Class C		$12.44
Net assets – Class R4	$	251,453
Share outstanding – Class R4		17,737
Net asset value per share – Class R4		$14.18
Net assets – Class R6	$	160,976,945
Share outstanding – Class R6		11,342,363
Net asset value per share – Class R6		$14.19
Net assets – Administrator Class	$	845,488,898
Shares outstanding – Administrator Class		60,048,615
Net asset value per share – Administrator Class		$14.08
Net assets – Institutional Class	$	1,622,453,466
Shares outstanding – Institutional Class		114,329,849
Net asset value per share – Institutional Class		$14.19
Net assets – Investor Class	$	187,271,397
Shares outstanding – Investor Class		13,411,907
Net asset value per share – Investor Class		$13.96
Investments in unaffiliated securities (including securities on loan), at cost	$	3,687,238,261

Investments in affiliated securities, at cost	$	171,556,274

Total investments, at cost	$	3,858,794,535

Securities on loan, at value	$	77,193,172

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

2.	Maximum offering price is computed as 100/94.25 of net asset value. On investments of $50,000 or more, the offering price is reduced.

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


Statement of operations—six months ended January 31, 2014 (unaudited)		Wells Fargo Advantage Premier Large Company Growth Fund			13




Investment income
Dividends*	$	17,552,153
Securities lending income, net		138,646
Income from affiliated securities		34,984

Total investment income		17,725,783


Expenses
Advisory fee		13,825,500
Administration fees
Fund level		1,169,587
Class A		2,258,153
Class B		7,419
Class C		423,491
Class R4		78
Class R6		16,907
Administrator Class		380,483
Institutional Class		625,188
Investor Class		279,800
Shareholder servicing fees
Class A		2,171,301
Class B		7,133
Class C		407,203
Class R4		97
Administrator Class		899,439
Investor Class		218,211
Distribution fees
Class B		21,399
Class C		1,221,610
Custody and accounting fees		104,637
Professional fees		30,270
Registration fees		96,156
Shareholder report expenses		121,583
Trustees’ fees and expenses		6,378
Other fees and expenses		44,546

Total expenses		24,336,569
Less: Fee waivers and/or expense reimbursements		(1,026,079	)

Net expenses		23,310,490

Net investment loss		(5,584,707	)


REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on investments		41,696,464
Net change in unrealized gains (losses) on investments		444,404,590

Net realized and unrealized gains (losses) on investments		486,101,054

Net increase in net assets resulting from operations	$	480,516,347


* Net of foreign dividend withholding taxes in the amount of		$4,706

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


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


	Six months ended January 31, 2014 (unaudited)						Year ended July 31, 2013

Operations
Net investment loss				$	(5,584,707	)				$	(3,217,694	)
Net realized gains (losses) on investments					41,696,464						(23,360,925	)
Net change in unrealized gains (losses) on investments					444,404,590						576,741,851

Net increase in net assets resulting from operations					480,516,347						550,163,232


		Shares						Shares
Capital share transactions
Proceeds from shares sold
Class A		23,323,103			316,672,001			49,335,147			553,272,236
Class B		22,025			265,001			62,609			628,941
Class C		5,197,836			62,579,433			13,893,047			138,936,604
Class R4		7,420			100,929			10,323	¹		118,563	¹
Class R6		11,854,454			159,251,801			389,039	¹		4,458,029	¹
Administrator Class		16,575,780			225,840,081			38,801,671			437,518,368
Institutional Class		18,752,389			253,684,156			93,560,023			1,099,346,660
Investor Class		2,339,228			31,718,774			4,558,094			51,317,595

					1,050,112,176						2,285,596,996

Payment for shares redeemed
Class A		(11,366,441	)		(153,949,470	)		(20,029,188	)		(225,190,548	)
Class B		(105,067	)		(1,273,779	)		(317,995	)		(3,178,971	)
Class C		(1,862,408	)		(22,405,390	)		(3,149,685	)		(31,843,465	)
Class R4		(6	)		(81	)		0	¹		0	¹
Class R6		(876,296	)		(12,201,526	)		(24,834	)¹		(290,259	)¹
Administrator Class		(7,263,507	)		(98,269,292	)		(12,658,949	)		(144,005,179	)
Institutional Class		(9,008,520	)		(125,323,620	)		(10,729,480	)		(123,281,356	)
Investor Class		(1,233,043	)		(16,575,950	)		(2,036,199	)		(22,879,772	)

					(429,999,108	)					(550,669,550	)

Net increase in net assets resulting from capital share transactions					620,113,068						1,734,927,446

Total increase in net assets					1,100,629,415						2,285,090,678


Net assets
Beginning of period					3,929,187,877						1,644,097,199

End of period				$	5,029,817,292					$	3,929,187,877

Accumulated net investment loss				$	(10,859,581	)				$	(5,274,874	)

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

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


Financial highlights		Wells Fargo Advantage Premier Large Company Growth Fund			15

(For a share outstanding throughout each period)


	Six months ended January 31, 2014 (unaudited)			Year ended July 31												Year ended September 30
CLASS A	Six months ended January 31, 2014 (unaudited)			2013			2012			2011			2010^1,2			2009¹			2008¹
Net asset value, beginning of period	$	12.57		$	10.21		$	9.89		$	7.75		$	7.23		$	7.20		$	8.50
Net investment income (loss)		(0.02	)		(0.02	)		(0.03	)³		(0.01	)		0.00	^3,4		0.05	³		0.03	³
Net realized and unrealized gains (losses) on investments		1.46			2.38			0.60			2.15			0.57			0.02			(1.33	)

Total from investment operations		1.44			2.36			0.57			2.14			0.57			0.07			(1.30	)
Distributions to shareholders from
Net investment income		0.00			0.00			0.00			(0.00	)⁴		(0.05	)		(0.04	)		(0.00	)⁴
Net realized gains		0.00			0.00			(0.25	)		0.00			0.00			0.00			0.00

Total distributions to shareholders		0.00			0.00			(0.25	)		(0.00	)⁴		(0.05	)		(0.04	)		(0.00	)⁴
Net asset value, end of period	$	14.01		$	12.57		$	10.21		$	9.89		$	7.75		$	7.23		$	7.20
Total return⁵		11.46	%		23.11	%		6.08	%		27.55	%		7.93	%		1.04	%		(15.25	)%
Ratios to average net assets (annualized)
Gross expenses		1.17	%		1.19	%		1.23	%		1.24	%		1.09	%		1.12	%		1.09	%
Net expenses		1.12	%		1.12	%		1.12	%		1.12	%		1.08	%		1.12	%		1.07	%
Net investment income (loss)		(0.36	)%		(0.15	)%		(0.30	)%		(0.13	)%		0.06	%		0.86	%		0.44	%
Supplemental data
Portfolio turnover rate		13	%		32	%		51	%		65	%		89	%		24	%		39	%
Net assets, end of period (000s omitted)		$1,856,709			$1,515,862			$932,106			$620,262			$491,290			$268,422			$276,771

After the close of business on July 16, 2010, the Fund acquired the net assets of Evergreen Large Company Growth Fund and Wells Fargo Advantage Large Company Growth Fund. Evergreen Large Company Growth Fund became the accounting and performance survivor in the transaction. The information for the periods prior to July 19, 2010 is that of Class A of Evergreen Large Company Growth Fund.

2.	For the ten months ended July 31, 2010. The Fund changed its fiscal year end from September 30 to July 31, effective July 31, 2010.

3.	Calculated based upon average shares outstanding

4.	Amount is less than $0.005.

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

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


16		Wells Fargo Advantage Premier Large Company Growth Fund		Financial highlights

(For a share outstanding throughout each period)


	Six months ended January 31, 2014 (unaudited)			Year ended July 31												Year ended September 30
CLASS B	Six months ended January 31, 2014 (unaudited)			2013			2012			2011			2010^1,2			2009¹			2008¹
Net asset value, beginning of period	$	11.23		$	9.19		$	8.99		$	7.10		$	6.62		$	6.60		$	7.85
Net investment income (loss)		(0.07	)³		(0.09	)³		(0.09	)³		(0.07	)³		(0.04	)³		0.01	³		(0.02	)³
Net realized and unrealized gains (losses) on investments		1.31			2.13			0.54			1.96			0.52			0.01			(1.23	)

Total from investment operations		1.24			2.04			0.45			1.89			0.48			0.02			(1.25	)
Distributions to shareholders from
Net realized gains		0.00			0.00			(0.25	)		0.00			0.00			0.00			0.00
Net asset value, end of period	$	12.47		$	11.23		$	9.19		$	8.99		$	7.10		$	6.62		$	6.60
Total return⁴		11.04	%		22.20	%		5.22	%		26.62	%		7.25	%		0.30	%		(15.92	)%
Ratios to average net assets (annualized)
Gross expenses		1.92	%		1.94	%		1.97	%		2.00	%		1.84	%		1.87	%		1.81	%
Net expenses		1.87	%		1.87	%		1.87	%		1.87	%		1.83	%		1.87	%		1.81	%
Net investment income (loss)		(1.09	)%		(0.87	)%		(1.04	)%		(0.85	)%		(0.69	)%		0.11	%		(0.31	)%
Supplemental data
Portfolio turnover rate		13	%		32	%		51	%		65	%		89	%		24	%		39	%
Net assets, end of period (000s omitted)	$	5,223		$	5,637		$	6,962		$	10,244		$	13,957		$	7,951		$	10,489

2.	For the ten months ended July 31, 2010. The Fund changed its fiscal year end from September 30 to July 31, effective July 31, 2010.

3.	Calculated based upon average shares outstanding

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

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


Financial highlights		Wells Fargo Advantage Premier Large Company Growth Fund			17

(For a share outstanding throughout each period)


	Six months ended January 31, 2014 (unaudited)			Year ended July 31												Year ended September 30
CLASS C	Six months ended January 31, 2014 (unaudited)			2013			2012			2011			2010^1,²			2009¹			2008¹
Net asset value, beginning of period	$	11.20		$	9.17		$	8.97		$	7.08		$	6.62		$	6.59		$	7.84
Net investment income (loss)		(0.07	)³		(0.09	)³		(0.10	)³		(0.08	)³		(0.04	)³		0.00	^3,⁴		(0.02	)³
Net realized and unrealized gains (losses) on investments		1.31			2.12			0.55			1.97			0.52			0.03			(1.23	)

Total from investment operations		1.24			2.03			0.45			1.89			0.48			0.03			(1.25	)
Distributions to shareholders from
Net investment income		0.00			0.00			0.00			0.00			(0.02	)		0.00			0.00
Net realized gains		0.00			0.00			(0.25	)		0.00			0.00			0.00			0.00

Total distributions to shareholders		0.00			0.00			(0.25	)		0.00			(0.02	)		0.00			0.00
Net asset value, end of period	$	12.44		$	11.20		$	9.17		$	8.97		$	7.08		$	6.62		$	6.59
Total return⁵		11.07	%		22.14	%		5.24	%		26.69	%		7.18	%		0.46	%		(15.94	)%
Ratios to average net assets (annualized)
Gross expenses		1.92	%		1.94	%		1.98	%		1.99	%		1.84	%		1.87	%		1.82	%
Net expenses		1.87	%		1.87	%		1.87	%		1.87	%		1.83	%		1.87	%		1.82	%
Net investment income (loss)		(1.11	)%		(0.91	)%		(1.07	)%		(0.90	)%		(0.68	)%		0.08	%		(0.30	)%
Supplemental data
Portfolio turnover rate		13	%		32	%		51	%		65	%		89	%		24	%		39	%
Net assets, end of period (000s omitted)		$351,443			$279,203			$129,980			$35,783			$22,246			$13,717			$10,046

2.	For the ten months ended July 31, 2010. The Fund changed its fiscal year end from September 30 to July 31, effective July 31, 2010.

3.	Calculated based upon average shares outstanding

4.	Amount is less than $0.005.

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

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


18		Wells Fargo Advantage Premier Large Company Growth Fund		Financial highlights

(For a share outstanding throughout each period)


	Six months ended January 31, 2014 (unaudited)			Year ended July 31, 2013¹
CLASS R4	Six months ended January 31, 2014 (unaudited)			Year ended July 31, 2013¹
Net asset value, beginning of period	$	12.70		$	10.81
Net investment income (loss)		(0.01	)		0.00	²
Net realized and unrealized gains (losses) on investments		1.49			1.89

Total from investment operations		1.48			1.89
Net asset value, end of period	$	14.18		$	12.70
Total return³		11.65	%		17.48	%
Ratios to average net assets (annualized)
Gross expenses		0.84	%		0.85	%
Net expenses		0.80	%		0.80	%
Net investment income (loss)		(0.10	)%		0.06	%
Supplemental data
Portfolio turnover rate		13	%		32	%
Net assets, end of period (000s omitted)		$251			$131

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

2.	Amount is less than $0.005.

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

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


Financial highlights		Wells Fargo Advantage Premier Large Company Growth Fund			19

(For a share outstanding throughout each period)


	Six months ended January 31, 2014 (unaudited)			Year ended July 31, 2013¹
CLASS R6	Six months ended January 31, 2014 (unaudited)			Year ended July 31, 2013¹
Net asset value, beginning of period	$	12.71		$	10.81
Net investment income		0.00	²^,³		0.00	²
Net realized and unrealized gains (losses) on investments		1.48			1.90

Total from investment operations		1.48			1.90
Net asset value, end of period	$	14.19		$	12.71
Total return⁴		11.64	%		17.58	%
Ratios to average net assets (annualized)
Gross expenses		0.69	%		0.71	%
Net expenses		0.65	%		0.65	%
Net investment income		0.06	%		0.05	%
Supplemental data
Portfolio turnover rate		13	%		32	%
Net assets, end of period (000s omitted)		$160,977			$4,629

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

2.	Amount is less than $0.005.

3.	Calculated based upon average shares outstanding

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

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


20		Wells Fargo Advantage Premier Large Company Growth Fund		Financial highlights

(For a share outstanding throughout each period)


	Six months ended January 31, 2014 (unaudited)			Year ended July 31
ADMINISTRATOR CLASS	Six months ended January 31, 2014 (unaudited)			2013			2012			2011			2010¹
Net asset value, beginning of period	$	12.62		$	10.24		$	9.90		$	7.75		$	7.53
Net investment income (loss)		(0.01	)		(0.00	)²		(0.02	)		0.00	²		(0.00	)²
Net realized and unrealized gains (losses) on investments		1.47			2.38			0.61			2.16			0.22

Total from investment operations		1.46			2.38			0.59			2.16			0.22
Distributions to shareholders from
Net investment income		0.00			0.00			0.00			(0.01	)		0.00
Net realized gains		0.00			0.00			(0.25	)		0.00			0.00

Total distributions to shareholders		0.00			0.00			(0.25	)		(0.01	)		0.00
Net asset value, end of period	$	14.08		$	12.62		$	10.24		$	9.90		$	7.75
Total return³		11.57	%		23.24	%		6.28	%		27.75	%		2.92	%
Ratios to average net assets (annualized)
Gross expenses		0.99	%		1.04	%		1.07	%		1.08	%		1.13	%
Net expenses		0.95	%		0.95	%		0.95	%		0.95	%		0.95	%
Net investment income (loss)		(0.19	)%		(0.01	)%		(0.16	)%		0.01	%		(0.34	)%
Supplemental data
Portfolio turnover rate		13	%		32	%		51	%		65	%		89	%
Net assets, end of period (000s omitted)	$	845,489		$	640,494		$	251,759		$	54,335		$	36,508

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

2.	Amount is less than $0.005.

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

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


Financial highlights		Wells Fargo Advantage Premier Large Company Growth Fund			21

(For a share outstanding throughout each period)


	Six months ended January 31, 2014 (unaudited)			Year ended July 31												Year ended September 30
INSTITUTIONAL CLASS	Six months ended January 31, 2014 (unaudited)			2013			2012			2011			2010^1,2			2009¹			2008¹
Net asset value, beginning of period	$	12.71		$	10.28		$	9.91		$	7.75		$	7.24		$	7.22		$	8.53
Net investment income		0.00	³		0.00	³		0.00	^3,4		0.02	⁴		0.02			0.06	⁴		0.05	⁴
Net realized and unrealized gains (losses) on investments		1.48			2.43			0.62			2.15			0.57			0.02			(1.33	)

Total from investment operations		1.48			2.43			0.62			2.17			0.59			0.08			(1.28	)
Distributions to shareholders from
Net investment income		0.00			0.00			0.00			(0.01	)		(0.08	)		(0.06	)		(0.03	)
Net realized gains		0.00			0.00			(0.25	)		0.00			0.00			0.00			0.00

Total distributions to shareholders		0.00			0.00			(0.25	)		(0.01	)		(0.08	)		(0.06	)		(0.03	)
Net asset value, end of period	$	14.19		$	12.71		$	10.28		$	9.91		$	7.75		$	7.24		$	7.22
Total return⁵		11.64	%		23.64	%		6.48	%		28.03	%		8.20	%		1.28	%		(15.07	)%
Ratios to average net assets (annualized)
Gross expenses		0.74	%		0.76	%		0.79	%		0.81	%		0.83	%		0.87	%		0.81	%
Net expenses		0.70	%		0.71	%		0.75	%		0.75	%		0.82	%		0.87	%		0.81	%
Net investment income		0.06	%		0.16	%		0.04	%		0.22	%		0.34	%		1.04	%		0.68	%
Supplemental data
Portfolio turnover rate		13	%		32	%		51	%		65	%		89	%		24	%		39	%
Net assets, end of period (000s omitted)		$1,622,453			$1,328,994			$223,616			$30,493			$18,841			$11,335			$6,321

2.	For the ten months ended July 31, 2010. The Fund changed its fiscal year end from September 30 to July 31, effective July 31, 2010.

3.	Amount is less than $0.005.

4.	Calculated based upon average shares outstanding

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

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


22		Wells Fargo Advantage Premier Large Company Growth Fund		Financial highlights

(For a share outstanding throughout each period)


	Six months ended January 31, 2014 (unaudited)			Year ended July 31
INVESTOR CLASS	Six months ended January 31, 2014 (unaudited)			2013			2012			2011			2010¹
Net asset value, beginning of period	$	12.53		$	10.19		$	9.87		$	7.75		$	7.54
Net investment loss		(0.02	)		(0.02	)		(0.03	)		(0.02	)		(0.00	)²
Net realized and unrealized gains (losses) on investments		1.45			2.36			0.60			2.15			0.21

Total from investment operations		1.43			2.34			0.57			2.13			0.21
Distributions to shareholders from
Net investment income		0.00			0.00			0.00			(0.01	)		0.00
Net realized gains		0.00			0.00			(0.25	)		0.00			0.00

Total distributions to shareholders		0.00			0.00			(0.25	)		(0.01	)		0.00
Net asset value, end of period	$	13.96		$	12.53		$	10.19		$	9.87		$	7.75
Total return³		11.41	%		22.96	%		5.99	%		27.48	%		2.79	%
Ratios to average net assets (annualized)
Gross expenses		1.23	%		1.25	%		1.29	%		1.31	%		1.36	%
Net expenses		1.18	%		1.18	%		1.19	%		1.19	%		1.19	%
Net investment loss		(0.42	)%		(0.21	)%		(0.37	)%		(0.20	)%		(0.59	)%
Supplemental data
Portfolio turnover rate		13	%		32	%		51	%		65	%		89	%
Net assets, end of period (000s omitted)		$187,271			$154,238			$99,675			$79,464			$64,781

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

2.	Amount is less than $0.005.

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

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


Notes to financial statements (unaudited)		Wells Fargo Advantage Premier Large Company Growth Fund			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 the Wells Fargo Advantage Premier Large Company Growth Fund (the “Fund”) which is a diversified series of the Trust.

2. SIGNIFICANT ACCOUNTING POLICIES

Securities valuation

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

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

Security loans


24		Wells Fargo Advantage Premier Large Company Growth Fund		Notes to financial statements (unaudited)

Security transactions and income recognition

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

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

Distributions to shareholders

Federal and other taxes

As of July 31, 2013, the Fund had capital loss carryforwards available to offset future net realized capital gains in the amount of $66,018,086 with $47,798,610 expiring in 2016 and $18,219,476 expiring in 2017.

As of July 31, 2013, the Fund had $34,368,610 of current year deferred post-October capital losses and a qualified late-year ordinary loss of $5,249,397 which were both recognized on the first day of the current fiscal year.

Class allocations

3. FAIR VALUATION MEASUREMENTS

Level 1 – quoted prices in active markets for identical securities

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


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

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

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

As of January 31, 2014, the inputs used in valuing investments in securities were as follows:


Investments in securities	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total

Equity securities
Common stocks	$	4,957,408,503	$	0	$	0	$	4,957,408,503

Short-term investments
Investment companies		92,571,974		78,984,300		0		171,556,274
	$	5,049,980,477	$	78,984,300	$	0	$	5,128,964,777

4. TRANSACTIONS WITH AFFILIATES AND OTHER EXPENSES

Advisory fee

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Funds Management. WellsCap, an affiliate of Funds Management and an indirect, wholly owned subsidiary of Wells Fargo, is the subadviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.35% and declining to 0.275% as the average daily net assets of the Fund increase.

Administration and transfer agent fees


	Class level administration fee
Class A, Class B, Class C		0.26	%
Class R4, Institutional Class		0.08
Class R6		0.03
Administrator Class		0.10
Investor Class		0.32

Funds Management has contractually waived and/or reimbursed advisory and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. Waiver of fees and/or reimbursement of expenses by Funds Management were made first from fund level expenses on a proportionate basis and then from class specific expenses. Funds Management has committed through November 30, 2014 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.12% for Class A shares, 1.87% for Class B shares, 1.87% for Class C shares, 0.80% for Class R4 shares, 0.65% for Class R6 shares, 0.95% for Administrator Class shares, 0.70% for Institutional Class shares, and 1.18% for Investor Class shares.


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

Distribution fees

For the six months ended January 31, 2014, Wells Fargo Funds Distributor, LLC received $135,738 from the sale of Class A shares and $1,227, $77 and $2,436 in contingent deferred sales charges from redemptions of Class A, Class B, and Class C shares, respectively.

Shareholder servicing fees

The Trust has entered into contracts with one or more shareholder servicing agents, whereby Class A, Class B, Class C, Administrator Class, and Investor Class of the Fund is charged a fee at an annual rate of 0.25% of the average daily net assets of each respective class. Class R4 shares are charged a fee at an annual rate of 0.10% of its average daily net assets.

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended January 31, 2014 were $1,200,465,259 and $602,568,974, respectively.

6. BANK BORROWINGS

For the six months ended January 31, 2014, there were no borrowings by the Fund under the agreement.

7. CONCENTRATION RISK

8. INDEMNIFICATION


Other information (unaudited)		Wells Fargo Advantage Premier Large Company Growth Fund			27

PROXY VOTING INFORMATION

PORTFOLIO HOLDINGS INFORMATION


28		Wells Fargo Advantage Premier Large Company Growth Fund		Other information (unaudited)

BOARD OF TRUSTEES AND OFFICERS

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 Harbor 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 50 portfolios as of 12/16/2013); 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 Premier Large Company Growth Fund			29


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

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

Officers


Name and year of birth	Position held and length of service	Principal occupations during past five years
Karla M. Rabusch (Born 1959)	President, since 2003	Executive Vice President of Wells Fargo Bank, N.A. and President of Wells Fargo Funds Management, LLC since 2003.
Jeremy DePalma¹ (Born 1974)	Treasurer, since 2012	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Vice President, Evergreen Investment Services, Inc. from 2004 to 2007. Head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.
C. David Messman (Born 1960)	Secretary, since 2000; Chief Legal Officer, since 2003	Senior Vice President and Secretary of Wells Fargo Funds Management, LLC since 2001. Vice President and Managing Counsel of Wells Fargo Bank, N.A. since 1996.
Debra Ann Early (Born 1964)	Chief Compliance Officer, since 2007	Chief Compliance Officer of Wells Fargo Funds Management, LLC since 2007. Chief Compliance Officer of Parnassus Investments from 2005 to 2007. Chief Financial Officer of Parnassus Investments from 2004 to 2007.
David Berardi (Born 1975)	Assistant Treasurer, since 2009	Vice President of Wells Fargo Funds Management, LLC since 2009. Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Assistant Vice President of Evergreen Investment Services, Inc. from 2004 to 2008. Manager of Fund Reporting and Control for Evergreen Investment Management Company, LLC from 2004 to 2010.

1.	Jeremy DePalma acts as Treasurer of 59 funds and Assistant Treasurer of 73 funds in the Fund Complex.

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


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

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

CLP	— Chilean peso

DKK	— Danish krone

DRIVER

— Derivative inverse tax-exempt receipts

DW&P	— Department of Water & Power

DWR	— Department of Water Resources

ECFA	— Educational & Cultural Facilities Authority

EDA	— Economic Development Authority

EDFA	— Economic Development Finance Authority

ETF	— Exchange-traded fund

EUR

— Euro

FDIC	— Federal Deposit Insurance Corporation

FFCB	— Federal Farm Credit Banks

FGIC	— Financial Guaranty Insurance Corporation

FHA	— Federal Housing Administration

FHLB	— Federal Home Loan Bank

FHLMC

— Federal Home Loan Mortgage Corporation

FICO	— The Financing Corporation

FNMA	— Federal National Mortgage Association

FSA	— Farm Service Agency

GBP	— Great British pound

GDR	— Global depositary receipt

GNMA	— Government National Mortgage Association

GO	— General obligation

HCFR	— Healthcare facilities revenue

HEFA	— Health & Educational Facilities Authority

HEFAR

— Higher education facilities authority revenue

HFA	— Housing Finance Authority

HFFA	— Health Facilities Financing Authority

HKD	— Hong Kong dollar

HUD	— Department of Housing and Urban Development

HUF	— Hungarian forint

IDA	— Industrial Development Authority

IDAG	— Industrial Development Agency

IDR	— 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

LLLP	— Limited liability limited partnership

LLP	— Limited liability partnership

LOC	— Letter of credit

LP	— Limited partnership

MBIA	— Municipal Bond Insurance Association

MFHR	— Multifamily housing revenue

MSTR	— Municipal securities trust receipts

MTN	— Medium-term note

MUD	— Municipal Utility District

MXN	— Mexican peso

MYR	— Malaysian ringgit

National

— National Public Finance Guarantee Corporation

NGN	— Nigerian naira

NOK	— Norwegian krone

NZD	— New Zealand dollar

PCFA	— Pollution Control Financing Authority

PCL	— Public Company Limited

PCR	— Pollution control revenue

PFA	— Public Finance Authority

PFFA	— Public Facilities Financing Authority

PFOTER

— Puttable floating option tax-exempt receipts

plc	— Public limited company

PLN	— Polish zloty

PUTTER

— Puttable tax-exempt receipts

R&D	— Research & development

Radian

— Radian Asset Assurance

RAN	— Revenue anticipation notes

RDA	— Redevelopment Authority

RDFA	— Redevelopment Finance Authority

REIT	— Real estate investment trust

ROC	— Reset option certificates

RON	— Romanian lei

RUB	— Russian ruble

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

THB	— Thai baht

TIPS	— Treasury inflation-protected securities

TRAN	— Tax revenue anticipation notes

TRY	— Turkish lira

TTFA	— Transportation Trust Fund Authority

TVA	— Tennessee Valley Authority

ZAR	— South African rand

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LOGO

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

NOT FDIC INSURED ¡ NO BANK GUARANTEE ¡ MAY LOSE VALUE

222994 03-14

SA212/SAR212 1-14

ITEM 2.

CODE OF ETHICS

Not applicable.

ITEM 3.

AUDIT COMMITTEE FINANCIAL EXPERT

Not applicable.

ITEM 4.

PRINCIPAL ACCOUNTANT FEES AND SERVICES

Not applicable.

ITEM 5.

AUDIT COMMITTEE OF LISTED REGISTRANTS

Not applicable.

ITEM 6.

INVESTMENTS

The Portfolio of investments is included as part of the report to shareholders filed under Item 1 of this Form.

ITEM 7.

DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES

Not applicable.

ITEM 8.

PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES

Not applicable.

ITEM 9.

PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMEENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS

Not applicable.

ITEM 10.

SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s board of trustees that have been implemented since the Registrant’s last provided disclosure in response to the requirements of this Item.

ITEM 11.

CONTROLS AND PROCEDURES

(a) The President and Treasurer have concluded that the Wells Fargo Funds Trust (the “Trust”) disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) provide reasonable assurances that material information relating to the Trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing of this report.

(b) There were no significant changes in the Trust’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the second fiscal quarter of the period covered by this report that materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

ITEM 12.

EXHIBITS

(a)(1) Not applicable.

(a)(2) Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.

(a)(3) Not applicable.

(b) Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is filed and attached hereto as Exhibit 99.906CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


Wells Fargo Funds Trust

By:		/s/ Karla M. Rabusch

		Karla M. Rabusch
		President

Date:		March 26, 2014

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:		March 26, 2014

By:		/s/ Jeremy DePalma

		Jeremy DePalma
		Treasurer

Date:		March 26, 2014

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